I don’t have perfect foresight but I believe that the net current asset value approach will continue to work in the foreseeable future. For one, I see that the advent of technology has deteriorated our Read more…
(Dear Walter, did I ever tell you that you truly are the man?) If there was one way to keep subjectivity at bay, that way would have been through the use of numbers and looking Read more…
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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…)
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…)