(24-09-2014, 03:12 PM)CityFarmer Wrote: [ -> ] (24-09-2014, 11:41 AM)kingpin9 Wrote: [ -> ]Most people, if not all, are just only good at talking or even posting good rules and disciplines here, but fails to follow strictly to what they think or write. They do not take action promptly, but words are just coming out from their big mouth.
They can have all 1001 theories, the most perfect analogy and no doubt, best investment minds of the centuries. But when it comes to the real action, all are boiled down to their hope, greed and fear. It distorts them. Then, they somehow miss the right time, the right moment to act quickly, and this is where they all fail badly. Moreover, they can't sit tight, and Emotions distorted their belief, their first stance on why they bought the stock in the first place.
So.... those with great theories and teachings, hope that you can spend more time on your own stock pickings, rather than posting useless all talks but no action articles here (and that said, it does includes my this posting here, I know it is a rubbish post, and I know surely it is a waste of my time to post this rubbish here anyway).
My story shall ends here.
We need both, talking and action. Talk only no action, is just a paper game. No talk but action only, is a waste of time. You never know what you are doing.
IMO, the right process is talking->action->review->refine the talk->action again, the cycle repeat...
I agree to disagree with "no talk but action only, is a waste of time".
For Peter Lim does not talk, but only have actions after his thought, and is never a waste of time, but accumulation of wealth through proper silence discipline. We should have too
(24-09-2014, 05:10 PM)kingpin9 Wrote: [ -> ] (24-09-2014, 03:12 PM)CityFarmer Wrote: [ -> ] (24-09-2014, 11:41 AM)kingpin9 Wrote: [ -> ]Most people, if not all, are just only good at talking or even posting good rules and disciplines here, but fails to follow strictly to what they think or write. They do not take action promptly, but words are just coming out from their big mouth.
They can have all 1001 theories, the most perfect analogy and no doubt, best investment minds of the centuries. But when it comes to the real action, all are boiled down to their hope, greed and fear. It distorts them. Then, they somehow miss the right time, the right moment to act quickly, and this is where they all fail badly. Moreover, they can't sit tight, and Emotions distorted their belief, their first stance on why they bought the stock in the first place.
So.... those with great theories and teachings, hope that you can spend more time on your own stock pickings, rather than posting useless all talks but no action articles here (and that said, it does includes my this posting here, I know it is a rubbish post, and I know surely it is a waste of my time to post this rubbish here anyway).
My story shall ends here.
We need both, talking and action. Talk only no action, is just a paper game. No talk but action only, is a waste of time. You never know what you are doing.
IMO, the right process is talking->action->review->refine the talk->action again, the cycle repeat...
I agree to disagree with "no talk but action only, is a waste of time".
For Peter Lim does not talk, but only have actions after his thought, and is never a waste of time, but accumulation of wealth through proper silence discipline. We should have too
How do you know Peter Lim doesn't talk? He might only talk to people from his league, rather than publicly
It is hard to imagine Peter Lim invest without a methodology. A methodology need to "talk" to crystallize.
(24-09-2014, 05:02 PM)greengiraffe Wrote: [ -> ] (24-09-2014, 11:41 AM)kingpin9 Wrote: [ -> ] (24-09-2014, 07:38 AM)specuvestor Wrote: [ -> ]Investment is not binary. The analysis can be on-going from new interesting short listed stock to catalyst exhausted ones
Neither is execution binary. You can start with 0.1% for new stocks to build eventually to top holdings if one gets comfy and familiar with the company. Sizing and asset allocation is just as important as stock pick. A good stock pick at 0.1% sizing that has doubled is only good for cocktail talk
Mr Market never required us to be binary. Only analysts and our greed/fear are forced to be binary
(23-09-2014, 08:55 PM)greengiraffe Wrote: [ -> ]Equity investment decisions are the easiest - its Binary - BUY (Stay Long) or Sell (Keep Avoiding).
Make yr decision just Nike... and cut out the noise...
BUY / SELL YMMV
GG
Most people, if not all, are just only good at talking or even posting good rules and disciplines here, but fails to follow strictly to what they think or write. They do not take action promptly, but words are just coming out from their big mouth.
They can have all 1001 theories, the most perfect analogy and no doubt, best investment minds of the centuries. But when it comes to the real action, all are boiled down to their hope, greed and fear. It distorts them. Then, they somehow miss the right time, the right moment to act quickly, and this is where they all fail badly. Moreover, they can't sit tight, and Emotions distorted their belief, their first stance on why they bought the stock in the first place.
So.... those with great theories and teachings, hope that you can spend more time on your own stock pickings, rather than posting useless all talks but no action articles here (and that said, it does includes my this posting here, I know it is a rubbish post, and I know surely it is a waste of my time to post this rubbish here anyway).
My story shall ends here.
I walked the talk... I m amongst TOP 10 if I m not wrong by now...
Vested
GG
1. EASTON OVERSEAS LIMITED 396,833,000 55.20
2. DBS NOMINEES (PRIVATE) LIMITED * 229,275,000 31.89
3. HSBC (SINGAPORE) NOMINEES PTE LTD 19,736,000 2.75
4. UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED 7,837,500 1.09
5. UOB KAY HIAN PRIVATE LIMITED 3,747,000 0.52
6. CITIBANK NOMINEES SINGAPORE PTE LTD 2,906,000 0.40
7. OCBC NOMINEES SINGAPORE PRIVATE LIMITED 2,366,500 0.33
8. MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD 2,254,000 0.31
9. RAFFLES NOMINEES (PTE) LIMITED 1,096,750 0.15
10. YAP LI JUN 1,080,000 0.15
11. MERRILL LYNCH (SINGAPORE) PTE LTD 952,000 0.13
12. OCBC SECURITIES PRIVATE LIMITED 877,000 0.12
13. PHILLIP SECURITIES PTE LTD 801,500 0.11
14. DBS VICKERS SECURITIES (SINGAPORE) PTE LTD 767,250 0.11
15. ZHOU RONGQIN 650,000 0.09
16. NG HOCK KON 600,000 0.08
17. GOH LAY HWA 576,000 0.08
18. CHNG BEE SUAN 573,000 0.08
19. CHONG TOW SAN 540,000 0.08
20. SINGAPORE REINSURANCE CORPORATION LTD – SIF GENERAL 500,000 0.07
Which one is GG??
(24-09-2014, 05:33 PM)desmondxyz Wrote: [ -> ] (24-09-2014, 05:02 PM)greengiraffe Wrote: [ -> ] (24-09-2014, 11:41 AM)kingpin9 Wrote: [ -> ] (24-09-2014, 07:38 AM)specuvestor Wrote: [ -> ]Investment is not binary. The analysis can be on-going from new interesting short listed stock to catalyst exhausted ones
Neither is execution binary. You can start with 0.1% for new stocks to build eventually to top holdings if one gets comfy and familiar with the company. Sizing and asset allocation is just as important as stock pick. A good stock pick at 0.1% sizing that has doubled is only good for cocktail talk
Mr Market never required us to be binary. Only analysts and our greed/fear are forced to be binary
(23-09-2014, 08:55 PM)greengiraffe Wrote: [ -> ]Equity investment decisions are the easiest - its Binary - BUY (Stay Long) or Sell (Keep Avoiding).
Make yr decision just Nike... and cut out the noise...
BUY / SELL YMMV
GG
Most people, if not all, are just only good at talking or even posting good rules and disciplines here, but fails to follow strictly to what they think or write. They do not take action promptly, but words are just coming out from their big mouth.
They can have all 1001 theories, the most perfect analogy and no doubt, best investment minds of the centuries. But when it comes to the real action, all are boiled down to their hope, greed and fear. It distorts them. Then, they somehow miss the right time, the right moment to act quickly, and this is where they all fail badly. Moreover, they can't sit tight, and Emotions distorted their belief, their first stance on why they bought the stock in the first place.
So.... those with great theories and teachings, hope that you can spend more time on your own stock pickings, rather than posting useless all talks but no action articles here (and that said, it does includes my this posting here, I know it is a rubbish post, and I know surely it is a waste of my time to post this rubbish here anyway).
My story shall ends here.
I walked the talk... I m amongst TOP 10 if I m not wrong by now...
Vested
GG
1. EASTON OVERSEAS LIMITED 396,833,000 55.20
2. DBS NOMINEES (PRIVATE) LIMITED * 229,275,000 31.89
3. HSBC (SINGAPORE) NOMINEES PTE LTD 19,736,000 2.75
4. UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED 7,837,500 1.09
5. UOB KAY HIAN PRIVATE LIMITED 3,747,000 0.52
6. CITIBANK NOMINEES SINGAPORE PTE LTD 2,906,000 0.40
7. OCBC NOMINEES SINGAPORE PRIVATE LIMITED 2,366,500 0.33
8. MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD 2,254,000 0.31
9. RAFFLES NOMINEES (PTE) LIMITED 1,096,750 0.15
10. YAP LI JUN 1,080,000 0.15
11. MERRILL LYNCH (SINGAPORE) PTE LTD 952,000 0.13
12. OCBC SECURITIES PRIVATE LIMITED 877,000 0.12
13. PHILLIP SECURITIES PTE LTD 801,500 0.11
14. DBS VICKERS SECURITIES (SINGAPORE) PTE LTD 767,250 0.11
15. ZHOU RONGQIN 650,000 0.09
16. NG HOCK KON 600,000 0.08
17. GOH LAY HWA 576,000 0.08
18. CHNG BEE SUAN 573,000 0.08
19. CHONG TOW SAN 540,000 0.08
20. SINGAPORE REINSURANCE CORPORATION LTD – SIF GENERAL 500,000 0.07
Which one is GG??
That is outdated liao... liu qiang is no 2 now... for me to know for u to guess...
Vested
GG
GG top 20?!!? :0
Anyway Another 33m cb converted. Fast and furious, more than the usual conversion. 919m more to go!
(24-09-2014, 06:09 PM)Jack31 Wrote: [ -> ]GG top 20?!!? :0
Anyway Another 33m cb converted. Fast and furious, more than the usual conversion. 919m more to go!
No worries... never at all worried since secret admirers is fearless against the professional bond arbitragers...
Its the intention of the buyers that I m more interested rather than that of the thin margined bond arbitragers.
In fact, if price is holding up well against the selling by known sources, in no time, the overhang from the outstanding CBs will disappear and CMP will be a larger market cap company with good trading liquidity - in line with CMP's mgt plans since it was first revealed by mgt in the 2011 The Edge Interview...
GG
http://infopub.sgx.com/FileOpen/Cancella...eID=315806
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$33,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 24 September 2014 is HK$919,000,000.
Arising from such conversion, 6,306,383 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.826 and the total number of issued and paid-up Shares of the Company has increased to 1,024,896,913.
Based on outstanding HK$919m worth of CBs, the potential shares to be converted at $0.826 is 175.623m.
Very resilience performance today following the massive conversion y'day.
Interestingly, professional arbitragers may have contributed to the selling in the last few weeks in anticipation of the conversion using borrowed scripts and are now returning the converted shares to the lenders.
Vested
GG
Related news for CMP - parent CMG appears to be the "preferred" SOE by the new leadership...
Vale signs new 25-year shipping deal
DOW JONES NEWSWIRES SEPTEMBER 26, 2014 11:00PM
Brazilian mining giant Vale SA said on Friday it signed a strategic iron-ore cooperative shipping agreement with China Merchants Group, one more step in its efforts to improve its iron-ore shipments to China.
"Vale and China Merchants agreed to enter a contract of affreightment for a period of 25 years which will be serviced by 10 very large ore carriers to be built by China Merchants for the transportation of Vale's iron ore from Brazil to China," the Brazilian company said.
Earlier this month, Vale signed a deal with state-owned China Ocean Shipping (Group) Co. to cooperate on iron-ore shipping.
As part of the deal, Vale agreed to transfer four existing very large ore carriers, each with a deadweight of 400,000 metric tons, to Cosco Group, the parent of Hong Kong-listed shipping firm China Cosco Holdings Ltd. (1919.HK). Vale will charter, or lease, the ships for 25 years. These vessels, known in the industry as Valemax ships, are the biggest dry-bulk ships ever built.
Patrick's next port of call: China
Michael Smith
1429 words
22 Sep 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Michael Smith
Patrick Ports is best known to many Australians as the former Chris Corrigan-run entity that was at the centre of the bitter 1998 waterfront dispute in Melbourne.
A lot has happened since then. Patrick was swallowed up by logistics giant Toll Holdings and was later spun off as part of the ports and rail outfit now known as Asciano.
Patrick is now on course for another ownership change, which is expected to put a significant stake of the stevedoring giant in foreign hands. Asciano has been in long-running talks with its suitor, state-owned conglomerate China Merchants, about selling off part of the business.
The cynics suggest the talks have gone on for too long without results and the two cannot agree on price because the Chinese firm prefers majority control, something Asciano is not willing to give up.
But Asciano remains confident a deal will be secured by the end of the year, giving it a powerful new ally in the increasingly competitive global shipping business and a potential entry point to expand offshore.
A sale also heralds another new entrant into an increasingly crowded stevedoring market, as Australia's ports sector heads for a major shake-up.
Governments are rushing to privatise the port infrastructure itself, generating billions of dollars in revenue, but the stevedores are under growing pressure to forge new alliances and deal with fresh competition for the first time in decades.
When containers were introduced more than four decades ago, the number of stevedores in Australia dropped off dramatically because the business was suddenly so capital-intensive.
A cosy duopoly has dominated the ¬Australian waterfront since the late 1990s – Asciano-owned Patrick and DP World ¬Australia. A new entrant, Hutchison Whampoa-owned Hutchison Ports, has the incumbents on the defensive, although its Australian plans have got off to a slow start.Mullen's strategy
There are two ways of looking at the potential transaction. Some see the desire to sell Patrick as chief executive John Mullen distancing the company from the port operations, or exiting the business altogether.
The obvious upside is a healthy injection to the balance sheet. Analysts have pegged Patrick's value at $2 billion to $2.5 billion.
But it should also be viewed as a step in the opposite direction, as Asciano is looking at whether forming a powerful alliance in Asia will bring global expansion opportunities.
Mullen knows Asia well, having run DHL Express Asia Pacific's operations there for several years. Finding a partner like China Merchants would have been tough under Asciano's former management, which took a more entrepreneurial approach to the business compared to Mullen, who has corporatised the company.
Mullen has not spoken much about it publicly, but Asciano management see international growth and expansion in stevedoring as a potential upside of a deal.
This could play out in a number of ways. The most likely scenario is a partial sale, which would give China Merchant a direct equity investment in Patrick below 50 per cent, allowing Asciano to retain control. Mullen is not ruling out a full sale for the right price – although this is seen as unlikely.
Interestingly, when Mullen first started in the job, investors were pushing for a sale or demerger of Patrick, which did not have obvious synergies with the rail business.
Asciano and China Merchants could also look at forming an alliance without any equity changing hands, but this is also seen as unlikely. The fourth scenario is that the two are unable to strike a deal and nothing happens. Asciano says it is also talking to several other parties.
The main attraction in a tie-up with China Merchants, which has other port joint ventures in Asia and Africa, is access to the customer relationships it has with global shipping lines. Ports and trade flows are increasingly becoming global businesses and Patrick's biggest competitors are international players.
Mullen has talked about making the ¬container ports business part of a "global network". Patrick has long-standing relat¬ionships with customers in Australia, but not offshore. There are also cost-saving opportunities around suppliers and equipment like cranes and saddles.Consolidation trend
Longer-term, though, Asciano wants to look at growth in containers and other parts of the group, and international expansion is a possibility, particularly if it has a platform to go offshore. On home soil, competition is stiff and some analysts say the Australian market is not big enough to support three or four global players. Volume growth has slipped and port operators are moving towards automation, which allows them to move bigger loads than before.
The good news for Asciano is that Hutchison has been battling delays but is now working on hurrying the development of new terminals in Sydney and Melbourne.
Part of Hutchison's problem has been trying to run the business out of Hong Kong, which it is seeking to fix by sending its south-east Asia boss, Mark Jack, to Australia.
Hutchison has less than 3 per cent of the container ports market, while both Asciano and DP World claim market share leadership. Asciano said at its full-year re¬sults in August that its market share over the fin¬ancial year was 48.5 per cent, compared to 47.5 per cent previously. But DP World claims a 50.4 per cent market share for the year to date.
Another new entrant, Filipino-owned International Container Terminal Services (ICTSI), has also arrived on the scene, while Corrigan-chaired Qube Logistics is also a player – although it is worried about rising cargo charges and over-capacity, which has diluted its appetite for terminal investments.
The potential Patrick-China Merchants tie-up is reflective of the consolidation and partnering going on elsewhere in the sector. Hutchison and ICTSI are expected to explore a tie-up on the east coast, which will further pressure the incumbents.
There is also some strategic sense in DP World tying up with Qube, but neither side is doing any work on that idea at the moment. Both sides are unlikely to agree on whose asset is the most valuable.DP World's push
DP World has been upping the ante since new chief executive Paul Scurrah was recruited last year to give the operator a local focus, after years of being run out of the Middle East, with mixed results.
Scurrah has capitalised on a period of ownership uncertainty at Patrick to poach a number of key staff – including former ¬Freemantle operations manager Bruce Guy and national landside logistics manager Greg Winstanley.
DP World Australia earlier this month announced an agreement to acquire a 50 per cent stake in AWH Pty Ltd from Elders.
What Patrick is trying to do with China Merchants is partly a response to the powerful partnerships DP World and Hutchison already have.
DP World has an Australian management team running the business locally while leveraging its international partnership. This is a different approach to running the business like a branch office, which is what happened previously.
Dubai-based DP World owns 25 per cent of the Australian ports business after selling a 75 per cent stake in the business to Citi Infrastructure Investors in 2010.
Port automation has been a significant factor in the consolidation story. The ability to move containers faster has made Hutchison's entry more problematic and means the industry needs fewer players rather than more.
Analysts have valued the Patrick assets at around nine to 11 times earnings. Asciano argues it doesn't need the capital and that is not what is driving the decision to partner with China Merchants.
Asciano is exiting a large capital investment phase as Mullen turns around the coal haulage and coal operations. UBS analysts except the container ports business to grow at 2 per cent to 3 per cent over market growth in the 2015 financial year. Still, a cash injection would be handy and could be used to pay down debt, be reinvested back into the business to make it more efficient, or look at international expansion opportunities.
Mullen does not want to rock the boat, though, now that a tough couple of years of restructuring and cost-cutting are starting to reap rewards. He and the board will not want to do a deal that does anything to increase debt or affect the current strategy of increasing dividends and cash flow.
Goldman Sachs and JPMorgan are advising on the deal.
michael.smith@afr.com.au
Fairfax Media Management Pty Limited
Hi GG,
Just wondering, where do you get Bloomberg terminal for the data? I wanted to try my hands on that. Unfortunately, i can't seems to be able to find any Bloomberg terminal that can allow me to try for free. I do use S&P Capital IQ to do a check like major shareholders but not for financial statements.
Hope you can share with me?
