Playmates: An Update

Shares of Playmates are down ~8% since my recent write-up. The biggest move in the shares came yesterday, following the release of a profit warning from the company. In my experience, it is not unusual for the share price of a company to decline right after initiating a position – in fact, I almost expect it. I always struggle with […]

Readings For The Week (19/2)

This week’s readings include an Economist article on the Asian “model” of migration, the 2016 full year review from Lumiere Capital, a short interview with James Hay of the Pangolin fund and an approach to valuing Snap ahead of its IPO. Waiting to make their move: Asia’s looming labour shortage. Arisaig Partners: Fund updates for January 2017. Includes commentary on a […]

Arisaig Buys Stake in Dabur

Arisaig’s letter for January is now available on their website. Their Asia Consumer Fund reported a new stake in Dabur. The company is India’s largest manufacturer of branded Ayurvedic medicine & related products. The fund actually owned Dabur shares previously but exited its stake in 2007 due to valuation concerns at the time – since then, shares are […]

New Website Sections

Just a quick note to highlight to readers two new sections recently added to the website. The links to both sections / pages can be found on the main menu bar. Library: Unlike the more “timely” weekly reading series, I intend for this page to become a repository of “timeless” articles and resources that have been helpful […]

Playmates Toys: Cheap, Cash Rich

Playmates Toys Limited (“Playmates”) is a HK-listed toy manufacturer and marketer. Since its inception in 1966, the company has brought to market a number of toy brands including the Teenage Mutant Ninja Turtles, Waterbabies, Space Jam, Nano and the Amazing Amy dolls. The company is a subsidiary of Playmates Holdings, a larger conglomerate that is also listed on the Hong […]

Readings For The Week (12/2)

Lots of really great content this week, so this is a bumper edition. Highlights include investor updates from the Panah and Pangolin funds, a whirlwind tour through trends in China, an interview with Ed Thorp and a WSJ profile of Yayoi Kusama. Letter to investors Q4 2016: Andrew Limond of the Panah Fund discusses capital allocators (vs. capital […]

FSS Asia Investor Update (Jan ’17)

First State Stewart (FSS) Asia is an independent investment management team within First State Investments. The team manages ~US$21bn across a range of Asia Pacific equity strategies on behalf of both institutional and wholesale clients. One of their fund offerings is the listed Scottish Oriental Smaller Companies Trust, which I have profiled previously. The group recently published a […]

Readings For The Week (5/2)

This week’s readings include Seafarer Overseas Value Fund’s 4Q 2016 portfolio review, Ashmore’s Jan Dehn on why America’s strong dollar policy has outlived its purpose and Yuen Yuen Ang on how China’s development story can be an alternative to the Western model. Portfolio review, fourth quarter 2016: Seafarer’s Paul Espinosa discusses recent changes to the portfolio and shares his outlook […]

Readings For The Week (29/1)

This week’s readings include a detailed investor update from Scottish Oriental, an interview with Kyle Bass of Hayman Capital Management and a wide-ranging conversation with Warren Buffett and Bill Gates at Columbia University. Investor note: Scottish Oriental’s semi-annual letter. Update on current thoughts and views, insights about existing holdings and changes to the portfolio. Short China, Long Russia a […]