ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

(14-02-2023, 04:53 PM)weijian Wrote: [ -> ]For all Lighthouse Advisors' fans (me inclusive),

The letters for 2022 have recently been publicly published. Enjoy.

https://www.lighthouse-advisors.com/

His commentary is always fascinating. One can learn a lot from there.

(15-02-2023, 02:11 PM)EnSabahNur Wrote: [ -> ]

(14-02-2023, 04:53 PM)weijian Wrote: [ -> ]For all Lighthouse Advisors' fans (me inclusive),

The letters for 2022 have recently been publicly published. Enjoy.

https://www.lighthouse-advisors.com/

His commentary is always fascinating. One can learn a lot from there.

It's equally as fascinating, or rather puzzling, to me that his CAGR since 2008 was about 3.8%.
Not criticizing or looking down but just curious to learn what's really happening and if it's due to the current low cycle of his investment style or bad luck?
But 15 years period is long term enough to assess an Investor?

Just playing evil advocate, if he didn't switch over from deep value to "better good quality" businesses (those high techies), would the result be far better?

(15-02-2023, 04:56 PM)ksir Wrote: [ -> ]..
Just playing evil advocate, if he didn't switch over from deep value to "better good quality" businesses (those high techies), would the result be far better?

Did he? I don't follow Mr Koh, what are some of the "high techies" that are/were in the portfolio?

Based on the Investor Presentation: https://www.lighthouse-advisors.com/Presentation.pdf

Some examples of "quality" businesses listed are: SIA Engineering, Dali Foods (3799 HK), and Kweichow Moutai (600519 CH).

Commentaries are definitely nice to read.
As for results, they just reinforce the fact where the average fund manager cannot beat the index.
If you are an investor in the fund, the record should start from mid 2013 and a rough calulation would show a cgar of negative 5%+.
If the fund had stuck to the original style, it may have fared better.
Moral of story - it's tough to be a fund manager.

I have nothing except gratitude.

I had learn a lot from him and I'm very grateful of his continuous sharing.

My investment style and journey won't be the same without him.

For a start, my early entry into MMH - my confidence to pick up a lot of MMH stocks many years ago was attributed to him (his advice).

We were having a tea break and I asked him on his view on MMH.
His asked me a few questions which I answered to his satisfaction (I think) was key to my subsequent decisions to go big and hold MMH forever. 

Gratitude.


Enjoy "Talk that Talk"

If one is to compare the portfolio of 2019-Q2:
https://www.lighthouse-advisors.com/LH_C...019_Q2.pdf

And the latest available portfolio of 2021-Q4:
https://www.lighthouse-advisors.com/LH_C...021_Q4.pdf

I believe except "cash", the reshuffle should be close to 100%?
From VTech, Greatview, Huayu, Goodbaby, Giordano and friends
To Tencent, Meituan, Microsoft, Alphabet, NetEase and friends

I guess the jury is still not out on how the changes would play out eventually.
Hopefully he managed to hold his portfolio during the darkest hours last year (Oct-2022).
Otherwise that would be another catching the top and pulling out close to bottom.

Again I'm not criticizing or being "hey friend, entertain us with your sad story", just puzzle why the switch in approach? Is it due to his Investors pressure after few years of underperforming the market?
I learnt tremendously from his simple filters which I'm still holding true till now with satisfactory result.
Quoted below:

RE: Old Investing Advice Gems from Wallstraits days
Satchmo Wrote:Here is a newbie question: How do u all pick ur initial selection of companies for
analysis? With the aid of publications? If so, do you mind listing a few?
Answer: The most effective way that I know of is to start with "A". There are only 700-odd companies on
the SGX so it won't take that long, a couple of months if you are devoting 1-2 hours a day. You
will get faster as you get more practice.
Learn to analyse by elimination: first remove companies that are losing money, heavily indebted,
very small etc. This will only take 1-2 minutes per company and should cut the list down by at
least 50%.
Of the remainder you can then try to understand what sort of business they are in. If you don't
understand their business or think it's a lousy one, cut them out too. That should leave you with
less than 10% of the initial list i.e. about 70 companies.
Now the real work begins. From these 70, after thorough analysis you should be able to pick 10-
20 that would be decent investments i.e. the business is OK, the management is OK, and the
price is also OK.
Ta-da! You just created your own investment portfolio.

Seems like he doesn't disclose holdings after 2021, interesting.

@w, I thought that's a usual practise? He stated very clearly since the launch of his newsletter - obligation to his client bah?

@k, agreed 100%.
In fact, I level up what he says by doing deeper analysis on all his holdings 

To be accurate, I actually did the same things to the posts by our valuebuddies too.

What ever you shared, I will take a quick look on whether it met my deeper analysis criteria.

I did this diligently and so I dare says that majority of good SGX stocks had been shared selflessly by our valuebuddies and I took advantage of all our vb.com (and it's predecessors) posts.

That's why I kept saying that I'm very grateful to you - and you might not know it.

Thank you very much.

In all my analysis, one particular valuebuddy stand out and worth special mentioned - karlmax.

I mean, most valuebuddies will share on their discovery of good SGX stocks.

K is different. He actually did the opposite - you  trace his posts. 

Until one day, one of our valuebuddies was so pissed off with his condemn (mmm... may be I use the wrong word but you know what I mean), that he challenged K to share a good SGX stocks.

Nothing happens until someone pointed that in the past, K did really shared a good SGX stock. And it's only one of the rare occasion that he did. 

Gratitude.


I had personally benefited from all your kind sharing and I'm forever in debt to everyone here.

Thank you very much and enjoy: 

I saw Mr Koh in one of MMH agm as well but I never see MMH in Lighthouse portfolio (CMIIW).
Maybe too small % or too short holding times?

I am one of those early "quiter" of MMH, sold out about 90% during its "invincible" days.

@wildreamz
Actual positions are disclosed after a year. So, the latest disclosure will be 4Q21. The next earliest available disclosure will be 1Q22 position when the 1Q23 letter is out.

@¯|_(ツ)_/¯,
The experience of karlmarx is fascinating isn't it? Most of us can recite Charlie Munger's teaching of "Always Invert" but how many people REALLY practise it? The first rule from Benjamin Graham is "Dont lose money" , not "Earn lots of money". Once we have understood what not to invest in, then we have finally found peace and know what to invest in. Regardless of style, value or growth investing, this is probably the best odds of how the average OPMI can best learn.

@ksir,
Lighthouse Advisors is a good reflection of halo (and anti halo) effects. Just because someone has been producing superb results, does it mean all he says is gospel? Conversely, just because someone hasn't been producing results, does it mean he has nothing we can learn from? In our current times, hero worship is obviously overrated, and learning from the man on the street is obviously underrated.