I think it’s very helpful to analyze an investment after one has divested, whether it’s been a successful or unsuccessful one. In fact, the unsuccessful ones are usually the most instructive ones. History of events I first initiated a position in Hock Lian Seng (HLS) about 3 years ago, at a price of between $0.24-$0.25, and continued adding till it reached $0.3. At the peak, I owned 1,000,000 shares of hock lian seng. I shan’t go into detail about why I had invested in HLS as the reasons are mostly stated in my HLS investing thesis post. But generally I like, in decreasing order of importance, their severe undervaluation then, management’s focus on margins, and the large gain on earnings recognised upon TOP of their 2 industrial projects. Severe undervaluation – I cant remember the exact figures but it was trading at around 60% of book ......