Chip Eng Seng

[Teletubby]

In my opinion, two possibilities come to my mind. You are either not patient enough, or the stock (presumably an asset play) that you bought wasn't of decent quality. On average, decent asset play stocks tend to approach their NAV in the long run. Money is made by acquiring these stocks at a significant discount from their RNAV.

A stock like CES would rank highly in the asset play assessment checklist. Proactive and shareholder-friendly management with regards to maximizing and unlocking value for shareholders, check. High dividend yield with a sustainable dividend so you can get paid while waiting, check. Proven track record in growing NAV, check. And finally, substantial discount to RNAV, check.

From my relatively short 5 years of investing experience, some serious money were made from this class of stocks. I am confident that more money lies in store in the next 5.

“The stock market is a highly efficient mechanism for the transfer of wealth from the impatient to the patient.” -Warren Buffett

I know there are many loyal supporters for CES. However, after reading CCUV's point of view and my own personal experience, I am inclined to accept CCUV's view as the rational view. I was delusional about a stock that would eventually trade to its NAV and I thought, that was a gem. In the end, it was a horrible wait. I immediately exited into my position and plowed it back into a company that is generating consistent profits. I made considerable gains subsequently.

Again, I am not here to "shoot" any stocks down.