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Showing posts from January, 2010

Ex-post answers

Here, I shall provide answers to two issues I have raised two years ago.

First, in my Dec 2007 book review, I have asked given the similarity of subprime crisis to the 1907 bank crisis, would the subprime crisis lead to liquidity crisis?

The answer, as we all know, is yes. And to add, I do not know the answer at Dec 2007, and I did not expect that the subprime crisis will lead to a global economic contraction.

I suppose that the lesson here is that one should not be fully invested if one is suspecting an incoming crisis.

Next, in my Mar 2008 post, I have mentioned about investing the first 20K of CPFOA in 3 possible stocks: Orchard Parade, Singapore Land and Hotel Grand Central

And, I have done what I have written at that time. I have bought Orchard Parade at around $1.05 using CPFOA funds. Well, if you look at the price Orchard Parade on Friday, you can derive my returns (around 13%).

This return is higher than CPFOA two years' return. However, on hindsight, I have invested at the wors…

Portfolio as at end Dec 2009

This is a post on my portfolio holdings as at end Dec 2009.

My portfolio, as at end Dec 2009, contains the following stocks:

Broadway
Fabchem
Fujian Zhenyun (FZ) Plastics
Guocoleisure
Metro
Techcomp
Tuan Sing
UOA

Sold: China Eratat, Valutronics, UOA (sell a little proportion of my total holdings)

China Eratat is sold to realise the declining profit, as price is falling from a mini-peak. In addition, China Eratat is bought as a short-term play in the first place.

Valutronics and UOA are sold to raise cash so as to buy other stocks.

Bought and sold: Hongfok

Bought Hong Fok. After some evaluation, I sold Hong Fok to raise cash for other stock (i.e. Tuan Sing and Broadway)

Bought: Tuan Sing, Broadway, Guocoleisure, Techcomp, Metro

Tuan Sing is bought at a P/NTA of around 0.5, with the additional consideration that its debt will be significantly reduced after its Katong mall sale.

Broadway is bought at slightly lower price when I sold it earlier. Broadway is cheap at 4.x PER and it is in a near-oligopoly i…