Author: The Asia Report

What’s Next After 27 Months Of Investing & Writing?

In this letter, I thought I take a break from tradition and not talk about the performance of the fund. Instead, I like to share the experiences I had over the past 18 months, the conclusions I’ve drawn, and where I am personally taking my life in future. The two most fundamental things which exist for us are time and money. We study hard to get a degree, work hard to get a good job to help us attain the financial capability that we desire. In return, we exchange our time to achieve this goal. People with money have...

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Tay US Fund NAV Update March 2013

Accurate as of 17 March 2013 Initial Net Asset Value: $10.00 Net Asset Value as of  17 March 2013: $12.85 Hypothetical Growth of $10,000 invested since September 2011 (NAV at September 2011 was $9.71) * A total return index is an index that measures the performance of a group of components by assuming that all cash distributions (dividends) are reinvested, in addition to tracking the components’ price movements * I have changed the benchmark to the iShares S & P 500 TR Index to reflect the fees of a index fund. NAV is calculated net transaction costs and tax. *...

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Apple – A History Lesson in the Making

I have been following Apple for quite a while now, and its trading history for the past year reflects the fickle sentiments of the market. There was little doubt that under Steve Jobs, Apple was a fantastic company: a poster child of innovation, brilliance and cutting edge technology, combined with incredible returns on capital and a solid balance sheet to boot. I recommend reading Steve Jobs by Walter Isaacson to see the incredible amount of influence Jobs had on the corporate culture of Apple. 2012 was a challenging year for Apple. The emergence of Samsung as a dominant player...

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2012 in review

The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog. Here’s an excerpt: 4,329 films were submitted to the 2012 Cannes Film Festival. This blog had 19,000 views in 2012. If each view were a film, this blog would power 4 Film Festivals Click here to see the complete...

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Tay Fund Portfolio NAV Update Dec 2012

Accurate as of 22 December 2012 Initial Net Asset Value: $10.00 Net Asset Value as of  22 December 2012: $11.43 Hypothetical Growth of $10,000 invested since September 2011 (NAV at September 2011 was $9.71) * A total return index is an index that measures the performance of a group of components by assuming that all cash distributions (dividends) are reinvested, in addition to tracking the components’ price movements * I have changed the benchmark to the iShares S & P 500 TR Index to reflect the fees of a index fund. NAV is calculated net transaction costs and tax. *...

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Future Updates & Streamlining of Site

Dear Readers, Over the course of the next few weeks, I will be making some massive changes to to how the site operates. Firstly, I have been constrained in the discussion of the positions due to obligations to the fund. As a result, I intend to remove the monthly updates of the the Tay US Fund Portfolio specifically from this site. Accordingly, you will be able to find quarterly updates in a newly created site in due time. Moving away from that, I intend to create run a virtual portfolio on Marketocracy, which will make tracking the performance much...

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Tay Fund End of Year Annual Review

The Tay Fund Portfolio returned 10.69% for the Financial Year 2011, trailing the S&P 500 Total Return Index which returned 22.8%. The disparity in performance thus far is a result of our concentration on businesses that have most recently fallen out of favor and have yet to return to what we believe are their intrinsic values. The underlying motivation for our investments remains intact and we believe that in time, they will provide for a greater return than the market averages in the coming years. The current economic climate has improved significantly since the inception of the fund. Although...

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Tay Fund Portfolio NAV Update Sep 2012

Accurate as of 23 September 2012 Initial Net Asset Value: $10.00 Net Asset Value as of  23 September 2012: $10.75 Hypothetical Growth of $10,000 invested since September 2011 (NAV at September 2011 was $9.71) * A total return index is an index that measures the performance of a group of components by assuming that all cash distributions (dividends) are reinvested, in addition to tracking the components’ price movements ** Unfortunately my computer crashed and I lost the data for the 3rd Week on June. The month of June reflect the closing prices on the 5th July 2012. Portfolio Net Asset...

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Opportunities in Secondary or Little-Know Issues

This post is based on Chapter 50 of the Sixth Edition of Security Analysis – ‘Discrepancies between Price & Value’. It’s an invaluable chapter that provides a systematic method for investors to seek investment opportunities in the market, something that is not covered extensively in The Intelligent Investor. Most financial analysts and investors expend the greater part of their time and effort on determining the future prospects of selected companies; that much is a given. What most people fail to note is that Graham’s method was different. His focus was on the previous performance record of the business itself,...

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What Do You Want In Your Life?

For those who know me, I recently made the decision to switch courses from reading medicine to reading law. This decision was not made easily. However, I believe that it is one that puts my life in the right direction. When I started this site close to two years ago, I had no idea where this would lead to. What began as a curiosity and interest soon developed into a full blown passion. The ideas that Benjamin Graham introduced, curiosity, honesty, a wilful disregard for the conventional norms and his generosity reverberated with me, providing to me role model...

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Tay Fund Portfolio NAV Update August 2012

Accurate as of 17 August 2012 Initial Net Asset Value: $10.00 Net Asset Value as of  17 August 2012: $10.40 Hypothetical Growth of $10,000 invested since September 2011 (NAV at September 2011 was $9.71) * A total return index is an index that measures the performance of a group of components by assuming that all cash distributions (dividends) are reinvested, in addition to tracking the components’ price movements ** Unfortunately my computer crashed and I lost the data for the 3rd Week on June. The month of June reflect the closing prices on the 5th July 2012. Portfolio Net Asset...

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A Look At Popular Holdings

Popular Holdings is a common enough household name in Singapore and in this post, I will bring you through my thought process when I examine a business. I have attached the operations and financial review from their latest annual report, and for the sake of brevity, I will only be providing some financial ratios. My own view is that you should never look at the price of a business before deciding whether to invest in it. The price action (or market capitalization) reveals very little about a business, and that should be your last port of call. Price is...

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Value Investing From Graham To Buffett

Value investing is synonymous with investing in undervalued businesses. The central idea is to invest in companies selling at a discount to their intrinsic value, and with an appropriate margin of safety. While the main ideas of value investing are well codified, how individual investors apply the concepts vastly differ. Benjamin Graham: From Security Analysis to the Intelligent Investor Graham needs little introduction for his contributions in making investing a profitable enterprise for those who apply his principles. My own view is that Security Analysis has less relevance (beyond its principles) to the modern investor than the Intelligent Investor....

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Tay Fund Portfolio NAV Update July 2012

Accurate as of 20 July 2012 Initial Net Asset Value: $10.00 Net Asset Value as of  5 July 2012: $10.08 Hypothetical Growth of $10,000 invested since September 2011 (NAV at September 2011 was $9.71) * A total return index is an index that measures the performance of a group of components by assuming that all cash distributions (dividends) are reinvested, in addition to tracking the components’ price movements...

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Tay Fund Portfolio NAV Update June 2012

Accurate as of 5 July 2012 Initial Net Asset Value: $10.00 Net Asset Value as of  5 July 2012: $10.26 Hypothetical Growth of $10,000 invested since September 2011 (NAV at September 2011 was $9.71) * A total return index is an index that measures the performance of a group of components by assuming that all cash distributions (dividends) are reinvested, in addition to tracking the components’ price movements ** Unfortunately my computer crashed and I lost the data for the 3rd Week on June. This results reflect those at closing on the 5th July 2012. Portfolio Net Asset Value will...

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