Isetan Singapore

[ghchua]

There are many insights one can glean from WB's letters, actions, books on WB, etc - but fundamentally I think he invests only when he is sure(barring unforeseen circumstances) that he can make money. In this particular case, realizing value is a "difficult" process, i.e. not as straight fwd, albeit it could be just a matter of time.

I don't think there is any sure win kind of investments. Even there is, you won't be able to do it consistently. Fundamentally, a stock might give you a good outlook and prospects, but valuation might be expensive. You are paying for the good business outlook and future cash flow from those good businesses, unless you discover them very early. If you did, then most likely the stock is loss making or making very little profits and you must be able to have the foresight to buy then.

While it is indeed admirable for those investors holding on for decades, there are dangers of the value trap outliving the investor; opportunity costs to consider; "temperament/utility value" consideration like karlmarx mentioned in the Tesla thread. Unlike WB who enjoys watching his money grow, personally as an investor, I have real use for the pot of gold I earn from my investments. 

Isetan is not a value trap. For earlier investors, they would have gotten back most (if not all) of their capital from those special dividends to utilize those section 44 tax credits. Now, they are waiting for the next pot of gold, hopefully from selling Wisma Atria Podium Block.