Nam Cheong : A Painful Experience For Bondholders

It was just another day for me but to the bondholders of Nam Cheong, they must be having a bad day.  Yet again, another company within the marine sector hit by financial woes. Now, if I may say so in a way that does not mock, the problem with most investors is that they chase yield without looking at the underlying issuer's finances. And to tell you truthfully, my heart goes out  to those affected by Nam Cheong's Bonds.  I think, maybe, this is one of those instances that I could talk about as I have some ideas regarding the analysis of bonds. Do note that this is just a "back of the envelope" sort of analysis and we won't be going into a full on in depth credit analysis here. In fact, these sorts of "rough" calculations do shed some light on these matters. (more…)

Benjamin Graham

Our Problem With Benjamin Graham

Ben was by all accounts a genius from the day he was born. Born into a Jewish family, he exhibited intelligence beyond his peers and his years. Not surprisingly, he was to become a pioneer of value investing, the  art of buying assets at a price less than its intrinsic value. The volumes of codified knowledge on investing as written painstakingly down in the consecutive versions of the security analysis, if you will read them, if you will digest them,  if you will reflect on them, just would make one a better investor without a doubt. But Ben Graham had a problem. He was not a good story teller. (more…)

Deep Value Investing

Leader Electronics Corporation Stock Code : 6867

  It has been a long time since I actually had the time to sit down and write. I would like to keep this article short and sweet. Perhaps, maybe this article will allow me to portray the "contrarian" in me.  And by the way, I am invested in Leader Electronics Corporation. So first and foremost, a little profile of Leader Electronics Corporation. About Leader Electronics Corporation Leader Electronics Corporation is in the business of developing measuring instruments and it is a small company  with only 79 employees. Its headquarters is in Japan. Some of the instruments which it develops are: (more…)