Thursday, March 9, 2017

數據不會“說謊”,白銀值得持有的三大理由

匯金網訊: 白銀市場的需求正在回升,儘管目前水平與2016年7月觸及的高點仍相距甚遠。美國白銀期貨市場顯示白銀受到投資者熱捧,自2015年中期以來,中國持有白銀的數量也迅速攀升。此外,摩根大通也在積極囤積白銀。
【理由一、生產商持有的白銀凈空頭頭寸攀升】
美國白銀期貨市場顯示白銀受到投資者熱捧,生產商持有的白銀期貨的總頭寸達到了19.76萬手合約,而去年八月觸及的記錄高位是22.45萬手合約。
數據不會“說謊”,白銀值得持有的三大理由
(生產商持有白銀凈頭寸)
截至2017年2月28日,生產商持有的白銀凈空頭頭寸達到了54.7%,這是自2016年初開始的白銀上漲周期中最大的比例。生產商持有大量的凈空頭頭寸相當於投機者持有大量的凈多頭頭寸,這推高了白銀價格。
而有趣的是,白銀價格較2016年8月初下跌了11.4%,現貨白銀目前交投於17.81美元/盎司。
但是兩個跡象顯示了投資者對白銀的需求正在升溫:生產商持有的凈空頭頭寸較去年八月高(54.7% VS 48.6%),投機者持有的凈多頭頭寸高於去年八月(48.3% VS 44.5%)。
數據不會“說謊”,白銀值得持有的三大理由
(投機者持有的凈多頭頭寸)
四家最大的生產商持有的白銀期貨凈空頭頭寸自2014年底以來一直處於上升趨勢,而目前幾乎接近這一周期中的觸及的最高水平。
數據不會“說謊”,白銀值得持有的三大理由
(四家最大的生產商持有的白銀期貨凈空頭頭寸)
【理由二:中國持有白銀的庫存迅速攀升】
自2015年中期以來,中國持有白銀的數據迅速攀升。截至2017年1月底,上海期貨交易所持有的白銀庫存達到紀錄水平6410萬盎司,而這一數據自那時起持續增加,目前已經攀升至6870萬盎司。
數據不會“說謊”,白銀值得持有的三大理由
(上海期貨交易所白銀庫存)
【理由三:國際大投行摩根大通積極囤積白銀】
此外,摩根大通也在積極囤積白銀。自2016年底以來,摩根大通增持了940萬盎司白銀。這對白銀走勢發出更加積極的信號。
數據不會“說謊”,白銀值得持有的三大理由
不過北美的投資者似乎對白銀的熱情減弱。iShares白銀信託基金,世界上最大的私人白銀持有者,其公布的報告顯示,自2017年初以來,白銀持有量下降了860萬盎司。
 來源: 匯金網

Thursday, February 9, 2017

[Sponsored Infographic] The Berkshire of Malaysia - Insas Berhad

[Sponsored Infographic] The Berkshire of Malaysia - Insas Berhad
http://klse.i3investor.com/blogs/donkeystocks/115492.jsp


Insas Berhad, which is the parent company of several notable industry key players, such as Inari Amertron, Ho Hup Construction, SYF Resources and Omesti Berhad. Insas is arguably the mini Berkshire in Malaysia.

Monday, January 2, 2017

The building of EKOVEST & What are the plans ahead for Ekovest

Making strides: Lim with the KL River City project, which he envisions to turn into a thriving community like Yarra of Melbourne.
Making strides: Lim with the KL River City project, which he envisions to turn into a thriving community like Yarra of Melbourne.
Datuk Seri Lim Keng Cheng has been working alongside his uncle, the billionaire Tan Sri Lim Kang Hoo, for decades. But this active businessman is drawing attention on his own now.
DATUK Seri Lim Keng Cheng was born in Jalan Gombak and studied at Setapak High School. Now, he has his eyes set on transforming the Sentul-Gombak-Setapak area, which he says is still underdeveloped. He aims to make the area into a liveable place like Melbourne.
This 54-year-old Sentul homeboy (who goes by the initials KC), the managing director of Ekovest Bhd, has rebuilt a Chinese primary school and a high school there.
Until recently, KC has not made himself distinctively known to the corporate world. His name did not pop into view when the media wrote about Ekovest and Iskandar Waterfront City Bhd (IWC). Only Tan Sri Lim Kang Hoo, the Ekovest executive chairman and KC’s uncle, was mentioned.
Yet, KC is the driving force behind Ekovest, which is Kuala Lumpur City Hall’s project delivery partner for the River of Life project and DUKE highways.

Early victory: Lim with a picture of a project he undertook in his early years in Sabah. He says he and his uncle Tan Sri Lim Kang Hoo made their first RM100mil while they were in Sabah.
Early victory: Lim with a picture of a project he undertook in his early years in Sabah. He says he and his uncle Tan Sri Lim Kang Hoo made their first RM100mil while they were in Sabah.
He had also helped to build up Johor-based Tebrau Teguh Bhd (its name was changed to IWC in August 2014), which is in property development, construction and property management services.
Indeed, KC has been in the construction, property and infrastructure line for more than 30 years.
“I am a business partner of Tan Sri Lim Kang Hoo. Before Ekovest, we were already doing business together,” declares KC.
“But since he is my uncle and executive chairman of Ekovest, and holds 32% stake in the company, while I have only 6.12%, I should give him due respects,” adds KC at the outset of a recent interview with Sunday Star.
Yes, for too long, this trilingual and energetic man who has worked alongside Kang Hoo quietly to jointly build up their companies, including Ekovest and IWC. However, many are not aware of this fact.

KC’s role in Ekovest

Acknowledgement of KC’s role in Ekovest is stated in its latest company profile. Under the section Capable Management Team, the company writes: “Executive chairman Tan Sri Datuk Lim Kang Hoo and managing director Datuk Seri Lim Keng Cheng have been managing the company since (its) inception”.
Venturing into Sabah together with his uncle while he was 25 in the early 1980s, this neat-looking man proudly claims he was responsible for the building infrastructure in Felda Sahabat, twice the size of Singapore.
“We made our first RM100mil in Sabah,” says KC, as he shows photographs of the Sabah projects in his office that carry his footprint.
“I was born here, in Batu 4, Jalan Gombak, in a house with number 229A. However, there was no road linking my old house to the main road then. Kang Hoo also lived there then.
“The Sentul-Gombak-Setapak area is still an underdeveloped area. I want to transform this into a liveable place. This is why I want to do a lot of development and CSR work here,” says KC in Ekovest’s office, which stands obliquely opposite the area where he was born.
“The old house is still there. We – including Kang Hoo – still celebrate Chinese New Year there. But now, we have already built a road to connect with the main road,” adds KC as he flashes his handphone to show the location of his old house.
Due to his humble background and vast experience in infrastructure, KC says he could plan cost efficient and workable highways.
In this regard, he has contributed significantly to the success of the Duta-Ulu Kelang Expressway (DUKE). He is also instrumental in convincing Kuala Lumpur City Hall (DBKL) to grant further concessions to Ekovest to extend the DUKE expressways, named as DUKE-3.
DUKE-1 and DUKE-2 are providing alternative routes for road users and have served as an efficient traffic dispersal system in and around Kuala Lumpur to relief traffic congestion.
Toll collection and recent sale of a 40% stake in DUKE-1 and DUKE-2 have boosted the earnings of Ekovest and this is reflected in the rise of its share price. On Thursday, Ekovest share closed at RM2.35 – which was at a six years’ high.
Another of KC’s passionate project is the River of Life project, which involves the improvement of water quality and beautification works along the river from Gombak to the Kuala Lumpur city centre.
Ekovest, which has land-bank and property development projects such as EkoRiver Centre and Ekovst Tower along the river, has on its plate a total GDV of RM7.8bil when all the planned projects are completed.
“My vision is to convert the entire run-down area into a river city with waterfront property development and leisure activities. It will be a place for people to work, live, jog and cycle, cruise in water taxi like the Yarra River of Melbourne.
“Our vision of creating a world class river front development along Gombak River is gaining momentum and we are looking to deliver some of the most vibrant commercial and residential properties in this area.”
According to KC, multi-billionaire Kang Hoo – ranked as one of the top 30 tycoons in Malaysia by Forbes Asia in 2014 – is focussing his attention on IWC and the development of Bandar Malaysia.
KC is charged with taking care of Ekovest.
In a two-hour interview, KC talks enthusiastically about Ekovest projects, his vision and education. Below are excerpts:
Q: What is the latest on DUKE highways? Why are these highways so successful?
A: We have a DUKE Master Plan, with a total of ten functional and cost-effective highways. We are developing the third one. Our planning team will keep submitting proposals on future DUKE projects as and when the need arises.
Within this plan, we provide one tolled road system on top of an existing council road to give an alternative route for drivers who are willing to pay to avoid traffic jams.
We have studied the benefits to be enjoyed by road users and planned according to their needs. This is the success story of our DUKE.
The DUKE concept was based on a study done by JICA (Japan International Cooperation Agency) in the 1980s to fill in the gap in highway connectivity. We submitted our plan to DBKL and got the approval.

There are many highways all over Kuala Lumpur, but they are not connected. We fill in this gap and build “highway connectors”.
But we also innovate to add value to our highways. For example, we are building DUKE-2’s integrated park-and-ride facility at the Segambut Toll Plaza that will allow DUKE’s users to park their cars and hitch a KTM ride at a brand new KTM (train) station, which is two stops away from KL Sentral.
Known as Segambut Rest and Service Area, this park-and-ride complex will be able to house 4,000 cars. This will ensure fewer cars move into and out of the city centre. Hence, it will reduce traffic congestion. (The new KTM train station is expected to be completed in 2018)
Your property development projects appear to concentrate in the Sentul area.
I was born here. My original home is still here. There was no access road from Jalan Gombak to my old house, yet the postman could find it.
My father passed away when I was 14 years old. My study was funded by Lee Foundation. For this reason, I have rebuilt the Lee Rubber primary school building in this area. From road construction and property development to the River of Life project, I hope to create a liveable Sentul-Gombak-Setapak region The whole city will be like Melbourne and Vancouver.
All these years, you have been overshadowed by Tan Sri Lim Kang Hoo, although you are a property man in your own right. Is this observation accurate?
Ekovest, with total staff of 2,000, is managed by a committee. No single person makes the decision.
My uncle Kang Hoo holds a 32% stake in the company while I have 6.12%. As he is my uncle and the company’s executive chairman, I should give him due respects. When my father died, the small family construction outfit run by him was taken over by Kang Hoo. I started helping him when I was in high school.
When I was 25, we went to Sabah together and worked on the infrastructure of Felda Sahabat. In Lahad Datu, we provided 2,500 jobs to the gun-wielding unemployed and helped solve the social problems there.
While in Sabah, we took over a RM2 company called Ekovest. That’s where we made our first RM100mil for Ekovest. After that, we went to Labuan to build the offshore financial centre. Kang Hoo and I were business partners before Ekovest, and are still partners.
Now, Kang Hoo places his focus on IWC and Bandar Malaysia investment, while I take charge of Ekovest projects.

What are the plans ahead for Ekovest?
We will keep inviting institutional funds, such as EPF (Employees’ Provident Fund), to be our investors and strategic partners. These partners will stay and grow with the company. They will become our strong pillars.
Recently, we let go of a 40% stake in Duke-1 and Duke-2 to EPF for RM1.13bil. This will pave way for future partnerships.
We will do the same for future DUKEs and KL River City project. The funds obtained will be used to reward shareholders in the form of special dividend and finance new ventures.
(Ekovest has announced that it is distributing a special dividend to shareholders from the proceeds of its sale to EPF).
We have also set the target to become the top 30 listed companies on Bursa Malaysia within five years. This means that our market capitalisation has to hit RM10bil within five years, from the current RM2bil. It is achievable based on our growth.
But while doing so, we must maintain our policy to give out dividends every year. Since 1993, we have been profitable. This is something we are proud of.
We also believe in doing CSR work. We have given Chong Hwa Independent High School a total of RM2mil and next year another RM1mil. For the Government’s SM Chong Hwa, we have given RM3mil.
How do you see Ekovest’s future financial performance?
We are doing very well. Our order book is very healthy, with total outstanding external order book of RM4.89bil as at November 2016.
For the current financial year, we won the biggest-ever project (DUKE-3) worth RM3.74bil, with a 50-year concession to collect tolls. That means our construction segment will be busy for the next three and a half years.
In November 2016, we have also been awarded two contracts to improve and beautify the Klang and Gombak rivers.
The results for the year ending June 2017 will be much better. You can see from our revenue growth. It’s almost doubled in 2016. There is also vast improvement in net profit. (Ekovest posted a revenue of RM794mil and net profit of RM155.4mil for the year ending June 2016, compared to a revenue of RM438mil and net profit of RM18.5mil in previous year).

Does the high-level connection of Tan Sri Lim help in any way to obtain projects?
Ekovest is run professionally.
Based on our technical expertise and our ability to see what people need, we won these public transport projects. There is no objection from people when our projects are displayed to gauge the public reaction. This is because our projects fill in the gap and we collect toll to help future projects.
It is not political connections that help us get jobs. We think out of the box using blue ocean strategy, hence, we came out with the master plan for DUKE highways.
If it was political link, we would have risen sky high long ago.
We will self-create and generate income. In DUKE, we carry out the planning and infrastructure for the government, create income for future highways.
Nowadays, it is impossible for you to bulldoze through projects. You need to do surveys and carry out public engagement. No one has objected to our DUKE highway projects so far.

What is your vision for Ekovest?
I want to create a sustainable city, not just high-rise only. I want to innovate to create value. I also want other people to learn from us when I give media interviews.

2017 stock picks

Reshuffle my portfolio to match 2017 picks soon.

Stock Name

 
Last Price
Change
Shares
Market Value
%
Average Cost
Per Share
Unrealized Gain
%
Day Gain
%
What If Analysis   AEONCR MYR 14.36 -0.02 1,000 14,360.00 14.40% 14,394.79 14.394 -34.79 -0.24% -20.00 -0.14%
What If Analysis   BORNOIL MYR 0.18 0.00 38,000 6,840.00 6.86% 6,857.65 0.180 -17.65 -0.26% 0.00 0.00%
What If Analysis   DATAPRP MYR 0.135 0.00 40,000 5,400.00 5.41% 5,416.20 0.135 -16.20 -0.30% 0.00 0.00%
What If Analysis   EKOVEST MYR 2.38 +0.03 6,000 14,280.00 14.32% 14,314.68 2.385 -34.68 -0.24% +180.00 1.28%
What If Analysis   FLBHD MYR 1.60 -0.01 6,000 9,600.00 9.62% 9,623.23 1.603 -23.23 -0.24% -60.00 -0.62%
What If Analysis   HEXZA MYR 0.925 +0.005 5,500 5,087.50 5.10% 5,103.60 0.927 -16.10 -0.32% +27.50 0.54%
What If Analysis   JCBNEXT MYR 1.70 0.00 3,000 5,100.00 5.11% 5,116.10 1.705 -16.10 -0.31% 0.00 0.00%
What If Analysis   MMCCORP MYR 2.33 +0.02 2,000 4,660.00 4.67% 4,674.96 2.337 -14.96 -0.32% +40.00 0.87%
What If Analysis   MSC MYR 3.93 -0.01 7,500 29,475.00 29.55% 29,545.62 3.939 -70.62 -0.24% -75.00 -0.25%
What If Analysis   TIENWAH MYR 1.76 -0.03 2,800 4,928.00 4.94% 4,943.05 1.765 -15.05 -0.30% -84.00 -1.68%
$CASH
10.120.01%
Total
99,740.62100.00%
+8.500.01%

My stock pick results 2016

As per closing 2016, hopefully another good year on 2017.
I target 25% and above every year in order to double my money every 4 years
Stock Name

 
Last Price
Change
Shares
Market Value
%
Average Cost
Per Share
Unrealized Gain
%
Day Gain
%
What If Analysis   AIRASIA MYR 2.29 +0.01 10,000 22,900.00 17.36% 12,930.79 1.293 +9,969.21 77.10% +100.00 0.44%
What If Analysis   FAVCO MYR 2.38 -0.01 1,900 4,522.00 3.43% 5,222.13 2.748 -700.13 -13.41% -19.00 -0.42%
What If Analysis   GKENT MYR 3.04 -0.01 6,250 19,000.00 14.41% 8,170.24 1.307 +10,829.76 132.55% -62.50 -0.33%
What If Analysis   IWCITY MYR 0.805 -0.02 10,000 8,050.00 6.10% 10,124.93 1.012 -2,074.93 -20.49% -200.00 -2.42%
What If Analysis   KESM MYR 9.85 +0.02 5,000 49,250.00 37.34% 26,011.77 5.202 +23,238.23 89.34% +100.00 0.20%
What If Analysis   MJPERAK MYR 0.26 0.00 27,000 7,020.00 5.32% 8,931.30 0.330 -1,911.30 -21.40% 0.00 0.00%
What If Analysis   MUDAJYA MYR 0.91 +0.005 5,000 4,550.00 3.45% 5,916.36 1.183 -1,366.36 -23.09% +25.00 0.55%
What If Analysis   PRKCORP MYR 1.67 0.00 6,000 10,020.00 7.60% 15,998.00 2.666 -5,978.00 -37.37% 0.00 0.00%
What If Analysis   WTK MYR 0.995 +0.005 5,000 4,975.00 3.77% 6,617.58 1.323 -1,642.58 -24.82% +25.00 0.51%
$CASH
1,605.501.22%
Total
131,892.50100.00%
-31.50-0.03%

Wednesday, December 28, 2016

Returns from investing in Bursa, my experience kcchongnz

I have written many articles in i3investor in the last 3 years ago, a total of 257 articles with 3.2m views, and 8604 comments as at today on 28th December 2016. I only talk about investment issues, and deliberate issues with reasoning, logics. I don’t talk about personality, even though I have, I am talking about their philosophies, principles and methodologies such as those of Warren Buffett, Walter Schloss, Joel Greenblatt, Howard Marks, Mohnish Pabarai, Seth Klarman etc. I don’t expect everyone to agree with me, the same as I am against many issues raised by others. I have covered a wide range of investing issues as shown in my last article here, “2016 Christmas Reflection in i3investor”.
http://klse.i3investor.com/blogs/kcchongnz/112453.jsp
I was very happy when I saw this comment in the thread from a senior of mine in MU Engineering Faculty, and my senior in Drainage and Irrigation Department about 20+ years ago, and also an active member of Institution of Engineers, Malaysia, whom I haven’t met for decades.
[Posted by ccmeow > Dec 26, 2016 03:20 AM | Report Abuse http://cdn1.i3investor.com/cm/icon/trans16.gif
Thanks kc for your great effort in the compilation of articles related to investment. I came across your blog a month ago,and was very impressed by your articles. I will take my time, slowly, to read through all the articles you have posted in i3 and also your own blog. I wish you a very happy and prosperous, Christmas and 2017 New Year. From: Ir. Chong Chin Meow 26/12/2016 03.19am.]

So, what is this blah blah blah about finding good companies selling at cheap prices, ROE, ROIC, PE, EY, DY, Coldeye, Magic Formula, dividend yield, Graham net net investing strategies, avoiding margin finance, retirement planning etc.? No use, too academic, jargons, can’t make money? Show me the money!
Okay, I am going to show documented proof, proof that the fundamental value investing (FVI) works. Let’s forget about all those educational mumbo jumbos and get down to the real stuff.
I have shown numerous time, that FVI works, that it works overseas as shown in the link here, which shows the phenomenon long-term returns of the disciples of FVI of Benjamin Graham.
http://klse.i3investor.com/blogs/kcchongnz/105247.jsp
I am going to show you again that it also works in Bursa, with my own experience.
First, I must clarify that in my context, showing proof that a certain investing strategy works is a proven, clear process of investing which is logical and plausible, backed by research and traceable with published records showing returns of portfolio of stocks chosen in advance and compared with the outcomes, which anyone can check if he wishes to. Otherwise, it is pure speculating and here-say. Again, I do not expect you to agree with me. That is okay with me.

I started visiting i3investor about four years ago. I did talk a lot about individual stocks then, using the FVI principles, well before I started my own blog within i3investor at the end of 2013, but more of giving my opinion if certain stocks were good for investment. One such link before I have my own blog within i3investor was, “Stocks less than 50 sen but not bad as investments” which was posted on 23 December 2012 as appended here,
http://klse.i3investor.com/servlets/discuss/167643.jsp
I am proud to say that most of those stocks mentioned which were considered as good investments in the thread, are no longer 50 sen and below, but more than RM1.00, or even many of them, their adjusted prices are a few Ringgit now.

Cold Eye 5 yardsticks investing strategy
My next writeup was about this topic, “The 5 Rules of Investing of Coldeye” written on 17th March 2013 in the link as appended here,
http://klse.i3investor.com/servlets/forum/900214344.jsp
Scores of comments and questions were posed to me whether which company fit the Coldeye 5 yardsticks for investment. I spent hours trying to comb through the financial reports and compute some FVI metrics to make decisions and form opinions. The results of stocks passing my requirement were compiled by a third party, Tan Kian Wei, a regular contributor in i3investor as shown in the link below,
http://klse.i3investor.com/blogs/5_rules_cold_eye_kcchongnz/34595.jsp
The portfolio of 9 stocks meeting the 5 yardsticks returned an average and median of 278.6% and 108% respectively, including dividends, in less than four years as at end of 2016, beating the return of the broad market of just 9.8% by a tremendous wide margin as shown in Table 1 in the Appendix. The excess return, alpha, was a whopping 290%. The portfolio has a compounded annual return (CAR) of 43.3%.
There was only one loser, and the sole under-performer in APM at a negative return of just 18.6%. The success rate was 90%. There were 5 multi-baggers of more than 100% in Lii Hen (+1225%), Latitude Tree (+583%), Prolexus (+379%), Willow (+132.8%) and Johor Tin (+108%).
“Heads I win big; Tails I don’t lose much”. That is the very first principle of FVI.

In Search of Excellence; Investing in good companies
Shortly after that in 25th May 2013, I wrote another thread, “In Search of Excellence: Investing in good companies” in the thread here:
http://klse.i3investor.com/servlets/forum/900255072.jsp
Again, many stocks were discussed. I used some simple FVI metrics such as return on capitals, ROE and ROIC, to identify good companies, and some simple P/E and P/B to estimate their values. Again, Tan KW, compiled a list of my stocks meeting those criteria in the link below,
http://klse.i3investor.com/servlets/pfs/19821.jsp
As on 28th December 2016, the portfolio of stocks meeting the criteria of good companies returned an average of 102% in 3 and a half years, with a median return of 64.2%, compared to the return of the broad market of just 4.8%, including dividends, as shown in Table 2 in the Appendix. The excess return, Alpha, is 97%. This return is equivalent of a CAR of 22.2%.
There are 13 winners and 3 losers, or a success rate of 80%. The losses were tolerable with the highest for the plantation stocks in SOP (-31.7%), and TDM (-11.3%). Perak Corp, a failed privatization candidate, has a negative return of 13.5%. There were 5 multi-baggers; Thong Guan (+301%), HLI (+184%), Magni (+295%), Gadang (+271.5%), and EForce (+271%).
Again, this outcome of FVI strategy meets the basic principle of,
“Heads I win big; Tails I don’t lose much”.
Although I did not buy every one of them, and hold them until now, I did buy some when I saw value, just a few, some of them I still keep, but some I have sold off. One of the aims of that thread was to get some ideas of investing too. However, those who asked me about those stocks and had investing in them would have made good return.
I do acknowledge that some people in i3investors have made better return, or much better returns. I also acknowledge there may be other better methods of investing. The point is that I am happy of my way of investing, and as I have said, I have no issue if you do not agree with me.

Avoiding lemons in Bursa

In investing, avoiding losses is equally important, if not more important than trying to make big.
Investing is not easy; anyone thinks it is easy is stupid”  Charles Munger
4 years ago, some people in i3investors asked me if some stocks were worth investing, or rather punting. I have documented them and have written a few articles on them and here is one.
http://klse.i3investor.com/blogs/kcchongnz/67199.jsp
Table 3 in the Appendix shows that the portfolio lost a whopping 57% over the years. The median return was even worse at a negative return of 79%! All the nine lemon stocks, except one which managed to make a small gain, lost money like crazy! The stock, Smartrack, was even suspended now.
If one had invested in such a portfolio, it will require him to make a return of more than 100% in the future to make back his money, notwithstanding the opportunity costs.
“Take care of the downside, and the upside will take care of itself”            Mark Sellers
The above is my guiding principle in FVI.

But that is not what your investment that you made money”. I hear that.
Well, that is true. Whatever principles, methodologies, and process in investing, there is no point talking about it if one can’t make some extra-ordinary return from it, in the long-term.
I will share with you more evidences that FVI works in Bursa later. It works very well too.

Conclusions
Any investing strategy which claims to work must be logical, plausible, backed by research, and traceable with documented evidences. Otherwise, it is just here-say, and spurious at best.
Also, bear in mind that positive return is just part of the equation of an outcome. Avoiding losses is equally, if not, more important.

Happy New Year, and happy investing.

KC Chong

Appendix
Table 1: Return of Coldeye 5 yardsticks investing strategy            


Table 2: Return of good companies


Table 3: Return of Lemons