Howard Marks, the chairman of Oaktree Capital Management, has published his latest memo to clients of the firm. In the note, Marks writes that “this is a time for caution” and recommends clients move into lower-risk investments due to “lofty” market valuations. He also shared his view on digital currencies, saying they are “nothing but […]
Author: offpisteblog
GMO Adds To China Machinery Engineering
Grantham, Mayo, Van Otterloo & Co. LLC (GMO) recently added to its stake in HK-listed China Machinery Engineering Corporation (CMEC). According to a filing submitted to the Hong Kong Stock Exchange on July 18th, 2017, the firm bought 2,780,000 shares on the exchange on July 14th at an average price of HKD 5.574 per share […]
British Empire Trust’s June Newsletter
British Empire Trust (British Empire) recently published their June 2017 letter, which is available for download from their website. The company is a closed-end investment trust with shares listed on the London Stock Exchange. It is managed by Asset Value Investors Limited. As per their website, the trust’s investment objective is to achieve the creation […]
Readings For The Week (23/7)
A longer than usual reading list this week. Enjoy! Why did all the 7-Elevens in Jakarta suddenly disappear?: Competition, regulations and a sluggish economy created a perfect storm that the convenience-store chain could not withstand. Interview with Nicholas Cator: Verlinvest Asia’s executive director on why India remains a key geography for his firm. In urban China, […]
Waverton Southeast Asian Fund: June Update
Waverton Southeast Asian Fund recently published their June 2017 letter, which is available for download from their website. The fund’s investment objective is to generate capital growth by investing in a concentrated portfolio of no more than 30 listed Southeast Asian equities. They look, in particular, for growth companies at a reasonable price. The fund was […]
Lazard Trims Stake In First Pacific
Lazard Asset Management LLC (Lazard) recently reduced their stake in HK-listed First Pacific Company Limited (First Pacific). According to a filing submitted to the Hong Kong Stock Exchange on July 19th, 2017, the firm sold 496,000 shares on the exchange at an average price of HKD 5.78 per share on July 13th (total consideration was […]
Marathon Raises Stake In Esprit
Marathon Asset Management LLP (Marathon) recently added to its stake in HK-listed Esprit Holdings (Esprit). According to a filing submitted to the Hong Kong Stock Exchange on July 17th, 2017, the firm bought 3,708,800 shares on the exchange on July 14th at an average price of HKD 4.2731 per share (the total consideration was ~US$2.03m). Following the purchase, Marathon’s stake in […]
Kerr Neilson: A Matrix Of Facts Vs. Feelings
Kerr Neilson, the CEO & managing director of Platinum Asset Management, recently published an excellent piece titled “Facts, Feelings and the Importance of Composition.” The article is available on the company’s website (link here, highly recommended). Neilson writes about the importance of checking whether your “feelings” are backed by facts when investing. He also ask […]
David Webb Adds To Ming Fai
David Webb recently added to his stake in HK-listed company Ming Fai International Holdings (Ming Fai). According to a filing submitted to the Hong Kong Stock Exchange on July 13th, 2017, he purchased 68,667 shares on the exchange at an average price of HKD 1.22 per share on July 10th (total consideration was ~US$10,740). Following the purchase, Webb’s stake in Ming Fai […]
Readings For The Week (16/7)
This week’s readings include a conversation with Japanese economist Eisuke Sakakibara, thoughts on what the MSCI inclusion of China A-shares means for investors, Stephen Roach on the lessons policymakers should learn from Japan’s experience since the early 1990s, an interview with Bob Rodriguez (formerly of FPA) and a look at the history of Air India. […]