Mohnish Pabrai, managing partner of the Pabrai Investment Funds, recently spoke at Google about how intensive stock research can be injurious to one’s financial health. In the talk, he explains the concept of commitment bias and why it is an important reason most fund managers struggle to beat the index. He also discusses other biases that […]
Author: offpisteblog
Lone Pine Exits Esprit Position
Lone Pine Capital (Lone Pine) recently exited its position in HK-listed Esprit Holdings (Esprit). According to a filing submitted to the Hong Kong Stock Exchange on June 20th, 2017, the firm sold its existing position of 195,644,005 shares on the exchange at an average price of HKD 4.68 per share on June 15th, 2017. Before […]
Coupland Cardiff: May Updates
Below are some portfolio highlights and commentary from the Coupland Cardiff funds for May: CC Asia Focus TK Group: After tracking sideways for 18 months, the share price of TK Group rose 30% in the month following the issuance of a positive profit warning. Remains a long term holding of the fund on account of […]
2017 Sohn India Conference Notes
Summary notes from the recently concluded Sohn India Conference are available here. They were written up on Market Folly as a guest post by Alpha Ideas. Some of the ideas presented at the conference include PNB Housing Finance, DCB Bank, Persistent Systems and Entertainment Network (India). Info Edge, the online classifieds company founded in the early […]
Marathon Adds To Li Ning Stake
Marathon Asset Management LLP (Marathon) recently added to its stake in HK-listed Li Ning Company Limited (Li Ning). According to a filing submitted to the Hong Kong Stock Exchange on June 16th, 2017, the firm bought 3,079,500 shares on the exchange on June 15th at an average price of HKD 5.979 per share (the total consideration was ~US$2.36m). Following the […]
Arisaig Trims Convenience Retail Stake
Arisaig Partners (Arisaig) recently reduced their stake in HK-listed Convenience Retail Asia Ltd. (Convenience Retail). According to a filing made to the Hong Kong Stock Exchange on June 16th, 2017, the firm sold 10,000,000 shares on the exchange at an average price of HKD 4.05 per share on June 16th (total consideration was ~US$5.2m). Following the sale, Arisaig’s stake […]
Pangolin Discusses Wing Tai Malaysia
The Pangolin Asia Fund’s letter for May is now available for download from their website. The fund is currently about 78% invested and the investment team remains cautious in their outlook, although they do see economic activity in ASEAN picking up. In the letter, James Hay also discusses one of their portfolio holdings, Wing Tai Malaysia. […]
David Webb: Rebuilding Free Markets In HK
David Webb, founder and editor of the Webb-site.com, recently made a presentation at Project Chambers on how Hong Kong’s free markets have eroded in the twenty years since handover and what the city can do to recover its dynamism. The presentation covers a wide range of topics including stamp duty, central planning in land use, […]
Readings For The Week (18/6)
This week’s readings include a look at how some Chinese companies are encouraging employee share purchase programs by guaranteeing them against losses, a review of “One Nation Under Gold” by James Grant, a recap of the Anbang story, Peter Tasker on how labour shortages will change Japan and a spotlight on tiger farms in Southeast […]
Jon Winkelried At Bloomberg Invest Summit
Jon Winkelried, the co-CEO of TPG, recently spoke with Jason Kelly at Bloomberg Invest New York about the evolving nature of the private equity business, how TPG is positioning itself and his outlook for the market. You can watch the 20 minute interview here. Some notes / highlights below: On his decision to work at […]