Its in essence a loan, and that is their opportunity cost.

I'm alot better than them at investment, and have a much wider view of the opportunities at hand.

My opportunity cost is therefore much higher. If i want 8%, i can just buy SPB tmr. That is 10% d.

Or even certain REITS in SG, selling below book, yielding 7% in SGD. Which is very different than RM.

Or buy a watch and sell it 3 weeks later for 10% gain.

Or borrow some money at fund societies.

This is not an investment for you or me. This is a bet. And i have to bear the risk of you disappearing. Anything can happen. I trust you, but i'm not stupid.

Which reminds me, 15% interest to be paid upfront. Haha

I will sign an agreement to hold for a minimum of a year, unless instructed to sell by you. You can close the investment anytime you want.

So if it shoots up 50% and you want close then, i'm ok.

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Posted by CharlesT > Oct 28, 2018 10:29 PM | Report Abuse

15% guarantee? U only guarantee yr good friends 4.5% return a year woh...r u too mean to yr friends?

Warren still made unbelievable amounts of money on % and actual basis though.

How skillful one must be, for a "mistake" to still be so profitable!

And how many people don't even have a chance to make this mistake!

At the trough of 2008, cash percentage of portfolio is at all time high. Everybody wants to hold cash, nobody wants to buy stock despite how cheap everything was.

I understand that i cannot predict where market is going to go. I may have some opinion, but i do not allow it to affect my investing in a material way.

All i know is. If it think as an investment, its cheap enough, i will buy. If the price drop i should buy more, after checking my research again and seeing if anything have changed.

Do i actually buy more? Well depends on a few factors
1) Do i have cash?

2) What investment is it? Good net asset plays (my limit is 3%), Extremely cheap stuff (2%), Wonderful companies (3-30%).

3) What other opportunities are in the market? For example, RCECAP was fantastic when everything was overpriced. Now, its still pretty good, but i didn't buy more, because it is 30% already, and many other things have fallen to a price where its as good as an investment.

An argument could even be said that i should sell and buy others, when
i think the other is a better investment. But this is a quirk of mine.

I used to be very agile, but i found that every action i took was more emotional than logical, especially when prices fell or went up afterwards. And i couldn't really tell if it was an emotional or logical decision until a long time after the decision was made. Which makes it even more suspect.

So i decided, i will be even more careful when buying, requiring high discounts to fair value. And after i buy, i cannot sell unless there is a material detrimental change in fundamentals, or prices have gone up to a level where i don't think its as attractive as an investment.

Maybe one day, when my thinking is clearer and more experienced, i'll start selling cheap investments for even cheaper investments. But not yet i think.

So yeah. For example, MNRB, if it was this price at the start of the year, yeah, i would buy some. But this price when everything is cheap, does not look as attractive, unless CharlesT agree to guarantee capital and 15% return, with us splitting 50/50 any profit above 15%.

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Posted by KLCI Going Holland > Oct 28, 2018 10:18 PM | Report Abuse

Jon ah, I ask you lah, when you identified a stock to be undervalued, how much more it fall only you buy more ah?

Warren buffet also say in 2008 he bought in a bit too early liao before it bottom out, so how are you going to prevent yourself from making master Warren's mistake?

Say for example a counter way way below it's fair value liao... but still keep falling lah

I have a relatively steady recession proof job. Should not be a problem.

I have credit lines ready, which is so far unused.

Probabilities are, i would be able to buy more and i would like that.

But most important, is the ability to hold. Everything is cheap now to begin with, and i paid low prices for most of my investments. The profit is already made. I just cannot count it yet.

If you look at bond indices during the 2008 crisis and just a year after. The net effect is a 3% gain. It just happened to drop 50% and then gain like 102% after that.

A crash is just an opportunity for me to make even more money through additional purchases. If your investment is bought right before and after the crash.

If my thinking turn out to be stupid beyond compare, everything go in tong sampah d.

Which is why i rather people criticize me now. If they convince me i'm stupid and wrong, can sell now straight and save money!


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KLCI Going Holland Jon ah, if really crash, will you still have cash to buy more?
28/10/2018 21:43

I very proud of my results this year, compared to my previous year hahaha. My thinking is much clearer and more logical.

I don't give tips. I give research. And i think they are of good enough value. Nobody have paid for it yet (of course, lol!), but its also because they have found a better way of getting the information from me.

Demonstrate you have very clear critical thinking processes to me via messenger on fb, if we click, i'll usually try and meet the person. And when we meet for coffee and talk investments, its inevitable that we will talk about these research. As long as you ask the right questions, you will get all the answers from me.

Better yet, if i think you're really sharp or experienced, i'll get naked and explain everything to you, and my thinking process. Because i really want someone to pick holes and disagree with me.

Some people after sitting down with me for a 1 hour coffee that turns into 5 hours, and multiple meetings, decided to put some money with me.

Talk about inefficient sales process! Haha. But alot more fun though!

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CharlesT Is a young boy with no track record (ok ok one year made 10%+ n the second year loss more than 15%) in stock mkt but writes long essay with good england charging rm5k per tips considered sane or insane?

For those (anyone here?) Paying rm5k to his tips sane or insane?

Just wonder....
28/10/2018 14:51

It looks cheap ish.

What is the percentage of revenue and income from middle east and african markets?

====
probability i bought datasonic last Friday...dividend yield is too good..

if malaysian government completely isolate them...they can still capture middle east and african market like they had planned..

current order booking already cover half of it market cap...

meaning you are buying at less than 20 cents per share!

anyone have any comments on this corrupted baby?
28/10/2018 15:37

If what is a stupid right issue what is a good right issue?

That is a very interesting question.

I guess, what is a good or bad right issue, often depends on the outcome a few years from now! Hahaha

However, bad outcomes can come from good decisions. And good outcome can come from bad decisions.

The only thing we can do is to improve our decision making process and let the outcome land where they may. Over a large sample size, this should do well.

Same goes for this right issue. I think we need to study why they did this right issue.

I like rights issues that are done, not because the management have fucked up, but because they are genuinely expanding the business, and see great opportunities for outstanding profit.

I don't think this is the case or MNRB. This is a credit crunch for them, not because they looking for new opportunity.

They fucked up, as simple as that.

If the management changes, along with the right issue, i think it may be a better idea.

On your offer. Haha. I cannot say if MNRB will be up or down 1 year from now. I only know over the next 10 years, the probability of MNRB being a great business is slim.

You may make some profit due to the bear ending, them potentially giving a 1 sen dividend etc, but they are so many other opportunities in the market now. That have much better prospects and are selling in same cases cheaper.

If KLSE wasn't so bearish now, with so many cheap deals. I may very well have bought some, but not when so many other companies are so cheap as well.

Some may now say the future is bright, PNB is planning to transform the company. But do note PNB does not have a track record of turning rubbish companies into top tier companies. The only thing they do, is financial engineering. Splitting up the groups etc etc in the name of shareholder value. Which is absolutely stupid to be.

If the company does not perform well as a group, why would it perform well individually, after incurring millions of consulting fees, and now having 3 BOD instead of one?

The answer, it does not. It is probably even detrimental to the company. But they do it, because they need market to tell them how rich they are. Because organisations like PNB etc have almost a ponzi like characteristic, where they have to pay out say 6% regardless of market conditions.

But if you're still keen on the bet, find me on FB or email me at meatboneteafriend@gmail.com. But given the opportunities in the market today. I'll need 15% guaranteed as well as capital protected in exchange for my opportunity cost.

We can talk more over drinks.

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CharlesT Jon, fyi takaful also had an insane rights issues of 7 for 5 at rm1.00 in 2003...n till now takaful is still around...posting more n more profit?

Btw how u define a rights issue is sane or insane?
28/10/2018 14:47

Should be profit?

Not interested in working with water fish.

Bring me sharks as investors. Extremely smart ones who will argue back and keep me on my toes.

Then don't pay loh :)

You bring me RM1m, i hoot for you lah, no problem. Same terms. 4.5%, 40% of profit above that. Capital guaranteed.

But since you want give so much, 10 year lock!

Do that, i be nice to you. No need the research fee, tell you for free! Hahaha


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Alex™ aiya, no track record, want collect RM5k fee?

Like this la, you hoot RM1m for me on that 3 companies, when success liao, u take 10%, i take 90%. More than your desired RM5k fee.

Then you got track record, alex can help u promote get more water fish come in also

That is due to strong bnm regulation and tariff based pricing. This ensures there is not stupid competition.

Do not let these exogenous factors have you mistake insurance for a safe business.


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Posted by value_invest > Oct 28, 2018 11:54 AM | Report Abuse

Life insurance is more stable & low risk than general insurance. I think MNRB is the only Malaysia Reinsurace lisenced by BMN, if I m not wrong. Insurance industry in Malaysia is highly regulated, & stable business with constant dividend. I didn’t see any life insurance making bankrupt in Malaysia so far...

So many fools here. I hope you guys lose enough money this round to permanently turn you off the klse market and stocks.

You guys are better off in fd.

Haha. The only place where i may make money from others is the fund.

And the fund remuneration structure is incentivized such that i can ONLY make money if my clients make money.

If they lose money, i lose money, and i need to compensate.

This shovel seller only collects money if you find gold. No gold, no need pay him! Hahaha

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Posted by teareader818 > Oct 28, 2018 10:57 AM | Report Abuse

Jon selling shovels in Bursa goldmine?

Every insurer sells life insurance.

Thats the competition.



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Posted by CharlesT > Oct 28, 2018 10:13 AM | Report Abuse

What kind of competition? More people die at young age lately?

Of course. Many can talk about investing well, few can actually do well.

The thing about track record, is that they take time. If you want a 5 year track record, you need 5 years in market.

We'll see i guess. If you're around in 5 years, you'll see my record i suppose. And we'll find out together if im rubbish or if im good.


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Posted by CharlesT > Oct 28, 2018 10:04 AM | Report Abuse

Jon eventually still the track records counts...fm my obversation on i3 since 2012/2013 very few can prove so..otb is one of them..

Many so called sifu or young ciku come n go n disappear..

Even kyy turns fm superinvestor into laughing stock

Lets c....

Do you know who made the most money during the 19th century gold rush in california?

Not the people who searched for gold, but the ones who sold the shovels.

Who makes the most money in the stock market? Not the investors. But the fund managers, the unit trust providers, the people who sell useless advice, insurance companies, unit trust agents, investment bankers.

Everyone but the average investors.
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Posted by Fantastico > Oct 28, 2018 10:24 AM | Report Abuse

hahaha good business in malaysia nowadays to teach people fiddling in the stock market. All charge few thousands, really lah I also know if so easy to earn from Bursa why open classes ah? Why not just earn in Bursa and enough lah...


Posted by Fantastico > Oct 28, 2018 10:27 AM | Report Abuse

sadly many younger people think Bursa easy make money, and go pay these jokers.... end up sama sama go Holland in Bursa. worse still is lose the so called "tuition fees" wakakaka... Maybe Security Commission or Bursa really need to do something to curb these kind of shitty business

Say that to LPI, they make 15% on float for general insurance.

Life insurance is one of the worst ones, because competition is so tight. Everyone losses money on the insurance premiums and makes it back via the investment income.

WB favorite is reinsurance. And GEICO, a car insurance which has un beatable const structure and scale. An incredible moat.

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Posted by CharlesT > Oct 28, 2018 09:56 AM | Report Abuse

General insurance not so profitable


Posted by CharlesT > Oct 28, 2018 09:55 AM | Report Abuse

Life insurance is the most profitable one...recurring free cash flow every year...WB's favourite

Jon Choivo I'll show you 3 years from now, if you're still around! Good or bad, i cannot promise!


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Alex™ Ah Jon track record mana?
28/10/2018 08:54

It under BIMB. Alot of cross selling. Takaful is also one of the most leveraged insurance assets wise.

Growth in life etc is mainly due to them having a stronger foothold in the malay market, where the majority does not have insurance.


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Posted by CharlesT > Oct 28, 2018 09:47 AM | Report Abuse

Hv to study takaful's case...starting fm 2012 to now...dunno what is the turning point..

There are 2-3 insurance companies now selling for quite interesting valuations.

Should i tell you which? Can, give me RM5k :) Hahaha

Oh well, if you got money for US stocks, look at Brighthouse Financial. Its interesting.


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Posted by Alex™ > Oct 28, 2018 08:55 AM | Report Abuse

This kind of outcome bias... Article too late. Should publish 20 years ago

The management expenses is not the problem, its roughly in line considering the revenue.

The problem, is i think in the management not being competent. Reinsurance is a global business. MNRB does reinsurance for risks in china etc.

Their average cost of float for the last 10 years is 6.5%. If you take out the big losses, its about 3.5%.

But the nature of the insurance business is, you should have predicted and priced correctly the big losses to begin.

I'm still studying it, but it does not look that good to begin with. I'm not that comfortable with it.

Insurance companies, if possible, need a strong private owner, who will look and price is the risk correctly since its their own company.

This is clearly not the case for MNRB which is essentially a state owned company.

thanks 3iii

Interesting, but a touch of a stretch.

The worry is you get stuck with a business you're not interested in, when most companies in bursa seem to having a fire sale.

Read properly. I am not celebrating their death.

I am celebrating giant discounts for me. While other are jumping off buildings due to whatever reason.

Do not make inferences where they do not exist.


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Posted by John_Lee > Oct 28, 2018 01:40 AM | Report Abuse

Jon Choivo,

Shame on you for such a comment. If you intended for it to be a joke, it is of extreme poor taste.

I cherish the day i get to buy PetronM at 1PE instead of 5PE.

I tell you, that day come, i will extend credit lines and go celebrate. People go KLCC to jump, i'll be singing as bodies fall from the twin towers!

I'm probably just as inexperienced as you, but lets try and learn together.

Alot of it depends on the market sentiment i guess. If its a bull market, it could be that people expect the price of the mother to further go up.

If its a bear market, the mother may have fallen too fast for the warrant to catch up, or the mother have fallen below conversion price.

If there's a discount, chances is its overvalued. But some warrants, if you got the time, you can go and buy it, convert it and sell the shares. The process however takes sometime and cost a certain amount, so, it may not tighten as fast.

But alot of time, if there's a discount, its often because its not within the general radar as well. GAMUDA-WR back in the day fell in that category, before OTB and some others raised attention to it.


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Posted by Unlevered > Oct 27, 2018 05:14 PM | Report Abuse

If a warrant has high premium, does that mean the market expect the mother share to have high probability of going up. My thought on warrants trading at discount is that mother share might be overvalued. What do u think Jon?

Depends if you're investing or trading i guess.

Layhong warrant for example, i really like it, so as it falls, ill buy more, but in stages and not more than 3-4% of portfolio.

waiting for 10 or so before i top up i guess.
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Posted by newbie911 > Oct 27, 2018 03:30 PM | Report Abuse

When u will conaider cut loss? Or will hold until out of value?

Probability,

My number one stock is 33%. Number 2 is 20%. Then a few is 3-10%.

Top 3 is 60% of portfolio.

Those below 3% or 2% or less.

Is those where i think its a good buy, but i'm not as confident, and still thinking, or building up position.

Or one of the great net asset plays. Were i usually buy 1% to start, than average down up to another 2% in stages, say 0.5%, 0.5% etc. Usually i keep a maximum of 2-3% in one individual net asset play, unless its fantastic, than maybe abit more.

There are like 10 or so of them, which make up more than 25% of portfolio.

These days, don't average down so much, because everything is so cheap. Too many other options.

Here is an extract on diversification i really like.

https://klse.i3investor.com/blogs/PilosopoCapital/163383.jsp

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Posted by probability > Oct 27, 2018 03:17 PM | Report Abuse

Jon, one suggestion as a topic for your next article.....

try to explain what is your justification for having portfolios with 2% capital on a particular stock?

you have almost 2% on every stock...thats like a portfolio consisting 50 stocks!

and if you have 2% on stock X and 2% on stock Y...does that mean your confidence/knowledge or mismatch between your IV calculated vs Price (safety margins) the same on each?

how do you measure your confidence?

Dear Sslee,

Correct. I am thinking of some TM at this price.

I wrote something on timecom, which should answer your question on why i prefer TIMECOM, mostly then anyway.

With TM at this price, should be more interesting.

https://klse.i3investor.com/blogs/PilosopoCapital/142735.jsp

Mr Lee, I moved back to KL. I'd like to meet you one day. Search for me on facebook!

Hahahahah.

You are giving me second thoughts on the line! Hahaha

Going to be extra careful! Backed by FD and every month topup!

You convert to rupiah is it? hahahahaha

Aiya, i don't like bullying children. Even if they're lying.

I think you need to take medicine. Now you're not just stupid, but siao like khatu d!

Dun later think 10million rupiah is 10million usd and put deposit for felali ooo.

Sure burn deposit d!

Let me know if you need borrow money for medicine. I very kind one.


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Learner King Haha just say whatever u want stupid jon.... i making few millions profit this year and i have sold out waiting for market to crashes. So i got time to play u this con man. Kakaka
26/10/2018 15:26

Learner king,

Really rare for inherently stupid people like you to still be in the market. Most retailers are stupid, but you're in a class all of your own.

I think its because you know you're stupid, so you hang on to your betters, like myself, instead of thinking for yourself. Not a bad way i guess.

In the end, the most important thing in the market, is to know your limits and how stupid you are.

When you want to be learner god? Then you can be promoted to just being stupid!

I'm really looking forward to that day!

Your failure to see the structuring of the incentives and what they drive is just astounding hahaha.



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Posted by Learner King > Oct 26, 2018 12:24 PM | Report Abuse

Haha this joker is just a tin kosong in investment beside he got a really good writing skill. In the end he just want to promoted himself and waited for water fish give him all their life saving. Hahaha

I feel bad for you. But i think you may have overpaid somewhat at RM2.

But at this price, its so cheap. My cost is now 0.945. I started at RM1.02, topped up at 0.8. And i think around 0.6 plus i will top up again.

I think you have to decide now whether to buy more or to sell. Eitherway, you will learn something i guess.

Its only 2.4% of portfolio on a cost basis, and 2% on a market basis for me now.


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novice77 I don't know if I should run. Three years with this counter. Falling from RM2 to 60 plus cents. Put in a lifesaving and now collecting peanuts. While the directors enjoy luxurious life and reap profits, small investors are paying the price.
23/10/2018 16:04

Wah... this kind of price. very tempting.

Correct. The greatest risk is i run away with the money. Which is why they are close friends and they know my family.

The second greatest, is i am unable to pay back. Which is why i limited to 50% of my equity. And why it has long tenures. Usually 3-5 month before, i will check with them if they intend to withdraw or rollover, so i can better plan the cashflow.

On the low expectations, i dont make promises i cannot fulfil, even if it gets me more money. Money is just numbers on a screen for me anyway.

Some are not investors, who would have put in FD anyway. But they trust me, and think i may make them more money. So they put it with me.

Some are value investors like me, and having studied properly, they decided they don't want put in the effort required to be good enough.
So they put with me.

All consider the probability of satisfactory outperformance to be adequate.

It would be a disservice to consider it as low expectations.

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Posted by CharlesT > Oct 25, 2018 10:21 PM | Report Abuse

He has good friends n his friends has low expectation of 4.5% per annum

Posted by CharlesT > Oct 25, 2018 10:14 PM | Report Abuse

Jon if i were yr friend i see the greatest risk as you n not the stock mkt

Myself.

Fund is closed for guaranteed. As i only gurantee up to 50% of my equity.

Ill only manage new ones if its unguranteed in the fund, or in your own account. In this case. FOC. All gain and all loss you keep.


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Posted by Pewuf > Oct 26, 2018 10:53 AM | Report Abuse

the blog started really nicely but ended up with the writer promoting himself as a fund manager...apalah...working for which fund house ?

Yes i agreed to buy at a predetermined price per unit.

The structure is highest FD rate in msia (4.5% in this case). Capital guaranteed. Any gain above 4.5%, 60% is mine, 40% is yours.

Well, they dont have somewhere much better to put. Im offering higher than FD (a little) and they think im worth putting money on.

One guy rolled his forward (even though i offered to buy him out), as he was the first, and only a year in that case.

He also tripled his investment, even as prices fell.

Yeah, they are great people. Hard to find such friends.

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CharlesT 3 years lock? Meaning to say 4.5%×3 years= 13.5% by end of 3 years?

If yr funds made short of 13.5% by then u hv to break yr piggy bank n pay to yr friend investor?
25/10/2018 18:03

CharlesT U hv good friends....
25/10/2018 18:04

calvin, i also itchyyyy.

So cheap wow. buy small also not a bad idea at this price.

zz damn depressed. I was looking at this for sometime, but didnt buy even a small position due to lack of cash and cheaper offers elsewhere.

3 year lock unker! With bullet structure.

Roughly 2 more years to go. Its like margin finance, but cheaper and more secure!

My parents are in their own account, where i manage for zero fees, all gain and loss they keep. The money is too big for me to guarantee. Im very careful with theirs, and its somewhat more diversified with low concentration caps.

I dont take money from extended family.

Guranteed is only friends.

===========


CharlesT Jon this year hv to break yr piggy bank to pay yr guaranteed profit of 4.5% to yr parent n uncle auntie ah?
25/10/2018 16:07

I don't judge by portfolio. But by thinking and thought process.

Yours is very lacking and weak.

I KYY also fire not a problem.

While a friend with less than 20k portfolio, when he talk, ill listen and discuss with him.

Your brain really is muddled honestly. You need to go do something else.

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Posted by qqq3 > Oct 25, 2018 02:24 PM | Report Abuse

choivo, so u think I write rubbish because I say my portfolio is small?

well, I rather prefer everyone here think I am a small guy.....less pressure on me.....


I am not looking for business after all....

qqq3,

Price is not value. If you don't get this, i suggest you get out and put in FD.

Your age, cannot afford to lose the only few hundred k you got.

Posted by TheContrarian > Oct 25, 2018 05:04 AM | Report Abuse

Aklobi, the overall market is in a bear phase since start of last week. A bear phase is where most counters record a new low almost daily due to continuous forced selling. It's not a good idea to buy at the beginning of a bear phase. Need to have patience to wait it out and bargain hunt only when the market finally hits bottom.

=======

"I buy when the majority are selling, I watch when the majority are buying, I sell when the majority are getting excited"

Everybody also waiting to buy bottom. Whats the contrarian move.

Haha no matter how bad markets get.

I think calvin and kc will always be here.

PE 3? PE 2? PE 1?

Haha you dare buy all the way down anot? Lai Lai

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Posted by Lukesharewalker > Oct 25, 2018 11:19 AM | Report Abuse

Pe 6 now...how cheap can it get?

Probably below SMA200 sell.

You dont know what you buy ah? Need OTB to tell you and teach you how to pee ah?

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Posted by Hotrod > Oct 25, 2018 09:09 AM | Report Abuse

What did OTB say ?

Dear KC,

I think you're probably correct.

Having said that, my current thinking process is, i've only lined up 30%. Lets say my portfolio is 300k. I only lined up credit lines of 90k. This is my limit.

By my calculation, the portfolio needs to drop about 70% before i get margin called. And by my calculation, if i do get margin called, ill only require less than 2 month salary to bring the MOF to 54%. And less than 4 month salary to bring the MOF to 32%. Which my savings definitely suffice.

Also, i only intend to spend a cap of 2% every 2-3 weeks. With no more than 20% margin used, unless special deals occur. And the special deals must be paid off as soon as possible.

I'll only increase an absolute maximum cap of 100%, if the portfolio drops by 40% or more, with FD supports. Although i think the increase in margin then, won't be as much, if the portfolio is really down 40%.

Having said that, i am wholly aware of the risk of using more once you've tried, and i'd like your advice on this one.

https://klse.i3investor.com/blogs/PilosopoCapital/177950.jsp

https://docs.google.com/spreadsheets/d/1RbxBuvY3h70giCbJPwN6P7tY_MnIyyBSY0XXUgGGMXI/edit?usp=sharing


Here is an article i wrote on it, and the calculation i use to count my MOF, do let me know your perspective, especially if you still think i am mistaken despite my reasoning above.


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Posted by kcchongnz > Oct 24, 2018 11:01 PM | Report Abuse

I am an individual investor, and not a fund manager. I am a kiasi individual investor who would never put his money in the stock market which he needs to use for the next at least 5 years. Market at its low can go lower, and even crashes and collapses. Margin investors would have no way to run except go kabut.

If this q cube did as he propagates all the time in i3investor when he told everyone sailang and margin on Sendai and Jaks at RM1.20 and RM1.50, he would have been bankrupted already, unless of course he said one thing to scam, and did another to cheat the public. I think he did the latter.

By the way, I do not need to do all the above.

So young man, it may be good for you to listen to me; never use margin.

qqq3,

I am all in. I also lined up some financing (still conservative).

I am fairly certain kc is also quite aggressively in.

Actually no idea why i'm responding to you. Now i understand why kc responds to you even though he considers you to be brainless haha.

Hahaha I like how you used no eye see. Very cute, hahaha.

Nice to know your picks is up 2%. Haha on a fund unit basis, I'm down 16% from peak this year. Ok lah. Still happy with what I bought.

My I know which stocks did you pick?

its starting to look interesting.

haha, you guys cute lah.