As mentioned in earlier posts, I think it’s a human tendency to focus on our successes, but often it’s the failures that are more instructive. To be fair and balanced, this post will be about one of my failures. Flyke International is one of my failed investments. I first initiated a position in Flyke in 2011, ultimately putting about $30k of capital into the company. Flyke International is a HK listed, shoe soles making company. They also manufacture their own line of apparel and shoes, and own retail shops selling apparels such as the lower margin sportswear and a higher margin casual wear. They also help other brands to manufacture shoe soles, which they then export. Income statement By all metrics, Flyke was a value investor’s dream when I first initiated a position… well if you look strictly and only at the financials. The PER was <4, price to book ......