Newsletter Nuggets
What we said in our fund newsletters over the years …
2024 – Present
What can we conclude from the above? That our ship has got its own propulsion system, an engine that is strong and a rudder that works to overcome the winds, waves, tides, currents and gales that we encounter along the way. We are not just drifting at the mercy of the wind and waves (such as what our ETF and “passive” strategy colleagues might be doing), but we are charting our own course and making sure and steadfast headway.
(2025.Q4 Asia)
Please note that the beneficial effects of our Fund’s returns would only apply to the sums invested with us. The cash left untouched in bank accounts will not enjoy the benefits that accrue to funds that have been entrusted to us. People who sit on their hands, who fear market fluctuations but are not bothered by inflation tend to end up poorer without knowing or feeling it. Worse still, if after a period of inaction or boredom, they suddenly decide to jump big into an exciting scheme that has been whispered about in the cocktail circuit, they could get wiped out big time and never recover.
(2024.Q4 Asia)
We are different from other people – we look for and focus on stock markets that are out of favour and act on stocks that are out of favour. You surely won’t find “value” stocks in high flying markets. Buying undervalued stocks gives us investment returns over the future!
(2024.Q3 Asia)
Like the bargain hunter who scours the Great Singapore Sale with energy, focus and glee, we buy, hold and chuckle over our stock bargains with the same degree of satisfaction and pleasure. The only difference is that the sale items that you buy in the stores do not generate ROE and do not cough out dividends, seldom do you buy them at a discount to balance sheet book value as well. In most cases, unlike our stocks, their value also does not accrete over time.
(2024.Q1 Asia)
Shareholders of the Fund should be happy to note that we basically harness the value engine that taps the economics of each business that we choose to own. We are not troubled by the latest market fads, by what is going up and going down, by the latest announcements from political masters, policy makers or regulators. In a world that is obsessed with keeping up with the latest fads and what’s new, we stick with what works even if others may think it old.
(2024.Q1 Japan)