Author: Musicwhiz

Portfolio Construction & Management

Introduction Taking a break from the Kingsmen series, I decided to pen down my thoughts on portfolio construction and management, which is a topic which investment bloggers seldom (if ever) write about. During my time in the investment industry, I have had the privilege of speaking with (and some may say “interviewing”) many hedge funds in order to ascertain if they are worthy of investment into, and I have met many CIOs, CEOs and also Investor Relations personnel while doing due diligence on these Funds. Some of the questions would invariably revolve around the construction of their portfolio, the...

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Kingsmen Creatives – Revisiting The Thesis Part 2

Part 2 of this series exploring Kingsmen Creatives will focus on the Group’s financials, namely revenue trends, margins and the all-important cash flow. I shall do this from a practical standpoint – what an investor looks for is essentially cash which a Company generates, in order to justify the valuation paid for a business. While profits are the most looked-at number when investors open up a set of financial statements, ultimately it is the cash flow that you receive which you can spend – you cannot spend profits! So this analysis shall focus more on the cash flow generative...

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Kingsmen Creatives – Revisiting The Thesis Part 1

As readers of my blog way back from 2010-2012 would probably know, back then I performed a detailed 5-part analysis on Kingsmen Creatives and posted in on my blog. Of course, much has changed in the last 6.5 years and the Company has also evolved and changed during that time, some parts for the better, and other parts for the worse. My initial idea was to present the thesis to readers and then highlight the sections which had altered or changed significantly since then; but this would have been tough for those who are not familiar with the Company...

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August 2018 Portfolio Review

As was the style with my blog previously, I would always do a month-end review and summary of all portfolio positions. The display would only include my purchase price, market price and capital gain/(loss). Please note that the portfolio review is simply to catalogue all corporate announcements and associated news flow relating to my positions – it is NOT to be construed as an attempt to “brag” about portfolio size or to sound arrogant over specific security choices. If there is any indication of this occurring, then I apologize in advance. 1) Suntec REIT – There was no news...

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July 2018 Portfolio Snapshot

As promised, I present below my revamped portfolio after my six and a half year hiatus. I will not be using this post to go into details on each new position, but it is more to highlight how the portfolio has evolved over the years where I have added to existing positions, and also initiated on new positions to hold for the long-term. Note that the portfolio has also expanded from the six positions I held as at end-Jan 2012, to the current eleven (11) holdings that I now own. This is in line with my intention to diversify...

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A Long Hiatus……

And so, I am back. Blogging again once more after an absence of 6.5 years, but it feels good to be able to express myself through writing once more. Much has happened in the intervening time – I obviously got much older (I am in my 40s now, and in danger of suffering from the dreaded “mid-life crisis” which everyone talks about), fatter (a consequence, no doubt of being married and corpulent) and hopefully, much wiser. At least the years have been kind enough to leave me with most of my hair, seeing many of my compatriots and peers...

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January 2012 Portfolio Review and Final Post

It is with some bittersweet feeling that I pen this last and final post, along with my portfolio review for January 2012. As mentioned in my previous portfolio review for 2011, heavier work commitments and a desire to spend more time with family and friends has resulted in my decision to stop blogging after this final post. However, please be assured that all historical posts and information will be left intact, so readers can continue to browse and access sections of my blog for information and learning. For the month of January 2012, I added about $10,200 worth of...

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My Value Investing Journey

It has been about 4.5 years since I first started serious blogging about investing and investment, and since then it has been a very steep learning curve for me in terms of acquiring knowledge, improving my analysis and sharpening my focus on companies. At the same time, I had also acquired important character traits and temperament which also aided in my journey to compound and grow my money. I guess this second-last post is to summarize my journey so far, and to collate all that I had learnt. I will also be penning down my plans in the medium-term,...

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Value Investing Recap Part 2 – Psychology and Temperament

Part 2 of my investing recap will focus on the psychological, mental and emotional aspects of investing, which are arguably just as important (if not more) than the quantitative and qualitative aspects of analysis into a Company and its business model. This is because having the wrong psychology can often scuttle an investor’s best intentions, even if he is a certified expert in analysis. The inability to control and master destructive emotions can cause significant losses for an investor and result in him not being able to preserve capital. Behavioural Finance is a very new field which combines finance...

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Value Investing Recap Part 1 – Research and Analysis

As part of my concluding posts for this month, I shall be doing two major recaps on value investing and will be focusing on two major aspects which I feel are equally important if an investor wishes to obtain a successful, consistent and decent return on investment. These two sections shall be split into “Research and Analysis” which gives a revision on what one should focus on with regards to the numbers, financials and operating statistics; and “Behavioural Finance and Temperament” which sums up the emotional fortitude and attitude an investor should have when he approaches investing and the...

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December 2011 Portfolio Review and FY 2011 Year-End Review

For this year-end review, I will be doing a comprehensive review of various aspects of my portfolio, covering cost, yield and also benchmarking against the STI during various months of the year. The reason for this is to get a better understanding of how my portfolio has been growing to date and over a period of two years, and how my returns have been affected (if at all) by the recent crisis. Another aspect which I will be looking at is the benchmarking as it would indicate whether I should simply stick to index funds or whether I should...

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Boustead Singapore Limited – 1H FY 2012 Analysis Part 3

Part 3 will be interesting, as I delve into Boustead’s leasehold property portfolio and also its dividend history. I guess I had already mentioned quite a bit about Boustead’s prospects based on its divisions in prior reviews and analyses, therefore I shall not dwell too much on the same facts again in case I start putting readers to sleep! Basically, the underlying thrust of the Group’s strategy is still the same, though of course they are shifting their focus to earn more recurring income from their real-estate portfolio rather than endure the lumpiness from their Water and Oil and...

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Property Chilling Measures

Readers would know that I seldom blog about property (there are only five posts on this in the last four years!), as I am generally not very good in this area and am still experiencing my steep (and extended) learning curve. There are so many aspects to consider when it comes to investment property that it would take many years to really understand how things work, including the witnessing of the entire bull-bear cycle which is far more drawn out as compared to a full stock market cycle. My last post on property in June 2011 centred mainly on...

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Boustead Singapore Limited – 1H FY 2012 Analysis Part 2

Part 2 of this three-part analysis will focus mainly on divisional analysis, as Boustead has four very distinct divisions which make it one of the harder conglomerates to put a value to. The interesting thing about Boustead which has somehow eluded me all these years (but which has somehow perplexed many an analyst) is that it has four disparate divisions which makes it a very difficult company to classify. On one hand, it is not an oil and gas company even though it has a strong energy-related engineering division and has contracts in many countries around the world for...

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Personal Finance Part 26 – Wealth Cannot Last More Than 3 Generations

The above title represents a very intriguing concept which has been known to the Chinese for millennium, and there is even a Chinese Idiom which states so “Fu Bu Guo San Dai”. Interestingly, while reading “Millionaire Teacher” written by Andrew Hallam (a new book written on investing and personal finance, written by middle-class millionaire teacher Andrew Hallam), I also discovered that he had written about the exact same phrase, though he did not elaborate too much about it. Basically, this teaches us that wealth earned by the first generation can seldom, if ever, last past three generations. The reason...

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