12-10-2016, 10:20 AM
(This post was last modified: 12-10-2016, 02:50 PM by CityFarmer.)
I recalled two statements, which are at two extreme ends of spectrum.
"When the facts change, I change my mind" - John Maynard Keynes
"刻舟求剑“ - 呂氏春秋 (please google to get translation)
We should always change, along with facts, and credible observations.
I believed, the credibility of iceberg's report when published. If you looked at 10-year history of balance sheet then, you saw "wonders". The fixed asset (Non-current-asset) "inflated" to 3.5x in 2013 vs 2008's. The equity "inflated" 2.5x over the same period. These were done without equity raising, but debts. There were seriously wrongs there.
What are the facts changed during these period?
- Mr. Chairman has openly acknowledged the issue, and solved it without the burden of his ego.
- Impairment of assets, to bring back the reality. The fixed asset is less than half of the peak in 2013
- Practical plans and executions, to bring back the liquidity of the company.
- Reversed the "grand-idea" of ex-CEO Leiman, to an asset-light CT company, with concrete actions.
How useful are the actions, at least to Mr. Market? I am using two rough indicators to gauge
- Markit's short level of Noble. The trend is down-trend. We have not seen it, in the latest issue of The Edge.
- Iceberg update. The last update was May 2016. Consistent with the short level trend.
https://iceberg-research.com/
I might be wrong, but higher chance of right, with support from facts and credible observations, rather than "burden" by outdated views.
(vested)
"When the facts change, I change my mind" - John Maynard Keynes
"刻舟求剑“ - 呂氏春秋 (please google to get translation)
We should always change, along with facts, and credible observations.
I believed, the credibility of iceberg's report when published. If you looked at 10-year history of balance sheet then, you saw "wonders". The fixed asset (Non-current-asset) "inflated" to 3.5x in 2013 vs 2008's. The equity "inflated" 2.5x over the same period. These were done without equity raising, but debts. There were seriously wrongs there.
What are the facts changed during these period?
- Mr. Chairman has openly acknowledged the issue, and solved it without the burden of his ego.
- Impairment of assets, to bring back the reality. The fixed asset is less than half of the peak in 2013
- Practical plans and executions, to bring back the liquidity of the company.
- Reversed the "grand-idea" of ex-CEO Leiman, to an asset-light CT company, with concrete actions.
How useful are the actions, at least to Mr. Market? I am using two rough indicators to gauge
- Markit's short level of Noble. The trend is down-trend. We have not seen it, in the latest issue of The Edge.
- Iceberg update. The last update was May 2016. Consistent with the short level trend.
https://iceberg-research.com/
I might be wrong, but higher chance of right, with support from facts and credible observations, rather than "burden" by outdated views.
(vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡