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11-06-2024, 03:49 PM
Not sure if I ever implied the 4% is guaranteed. If that is the assumption, I'd say NO.
As with any business (except those with wide moats), running them in real-world is darn tough.
As passive small investor, my expectation in my invested company is to accept all in a package (it came with good + bad).
It's a good visible long term revenue + reliance on a strong businessman (with his own style, for better or worse).
Most of times, you get 4%, a certain uncertain period you get 2%, + 10% of buyback so far, take & give, I'd say why not?
Then there is of course a question of why the man getting S$1.8-1.9M per year?
This is not the Daily Journal which Munger was running it for zero fee.
If SSC getting a sales personnel who can secure long term charter and with connection with the big shipping co, the cost might be more or less the same or less or even more, who is counting.
But again, it's a package, I invest in the co with eyes wide open and accept the package that comes with it.
I am not going to whine and complain why they not giving more dividend or telling the Management what to do.
If I were to do that, it's a fool's errant.
As with any business (except those with wide moats), running them in real-world is darn tough.
As passive small investor, my expectation in my invested company is to accept all in a package (it came with good + bad).
It's a good visible long term revenue + reliance on a strong businessman (with his own style, for better or worse).
Most of times, you get 4%, a certain uncertain period you get 2%, + 10% of buyback so far, take & give, I'd say why not?
Then there is of course a question of why the man getting S$1.8-1.9M per year?
This is not the Daily Journal which Munger was running it for zero fee.
If SSC getting a sales personnel who can secure long term charter and with connection with the big shipping co, the cost might be more or less the same or less or even more, who is counting.
But again, it's a package, I invest in the co with eyes wide open and accept the package that comes with it.
I am not going to whine and complain why they not giving more dividend or telling the Management what to do.
If I were to do that, it's a fool's errant.
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
"The flowers that bloom in the spring, have nothing to do with the case".