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(05-08-2012, 07:12 PM)KopiKat Wrote: IMO, the risk of mid-to-small caps is, they may not survive a downturn / mismanagement as well as a large caps. So, we need to be extra stringent in our screening. In my case, I'm more fearful of high gearing and low margins. I'm also mentally prepared to "run" faster if anything goes wrong...
Same here, I have also switched quite a lot of my funds here (now >1/3 of invested $$) - I don't quite like the lower market yield of many of my No / Slow Growth large caps. Yes, my YTD performance is also quite unbelievable but I'm reminding myself that STI = +15% YTD is likely responsible and aiding me considerably. The real test would be when market becomes bearish...
Yes, i am fully agreed with you on the important of lowly gear and larger margin of safety for mid and small cap vs big cap stocks. But the effort is well rewarded with their higher yield
The fund turn-over is still reasonable at approx 15%, will expect it get higher when more switching opportunity arises 
The YTD performance is more than 10% above STI base on XIRR. Unbelievable?
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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Basically, till date, I will consider this is a bull year. If it is not, then I do not know how to classify it.
Well... probably lady luck is smiling at me.
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(05-08-2012, 08:31 PM)CityFarmer Wrote: The fund turn-over is still reasonable at approx 15%, will expect it get higher when more switching opportunity arises
The YTD performance is more than 10% above STI base on XIRR. Unbelievable?
My turnover is a lot higher, Buy = Sell = Portfolio ....
Decided not to use XIRR as it seems to be giving too good a value (maybe enhanced by high turnover). Using my own non-scientific method, also better than STI...
(05-08-2012, 09:32 PM)yeokiwi Wrote: Basically, till date, I will consider this is a bull year. If it is not, then I do not know how to classify it.
Well... probably lady luck is smiling at me.
Yup! But I think we may be having many similar stocks.
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If you think that transactions help to improve your XIRR then you may want to do it often because XIRR itself is not bias against fewer transactions.
You can test using same profit but mock it with 2 sets of data of different transactions and see for yourself.
What may have happen is we tend to use today date to value existing holding or just measuring a stock only. Not say the data is wrong but may not be meaningful to measure oneself investment performance.
Cory
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(05-08-2012, 10:14 PM)corydorus Wrote: If you think that transactions help to improve your XIRR then you may want to do it often because XIRR itself is not bias against fewer transactions.
You can test using same profit but mock it with 2 sets of data of different transactions and see for yourself.
What may have happen is we tend to use today date to value existing holding or just measuring a stock only. Not say the data is wrong but may not be meaningful to measure oneself investment performance.
Cory
Yes, i agreed that XIRR does not bias with fewer transactions. If it bring better performance with XIRR, it also mean better return in real $, both realized and in paper.
We should always avoid to inflate % return with annualized figure in shorter period. Best is to always include the last date i.e. 31 Dec in XIRR equation with CMV of holdings.
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Hi,
Pardon the newbie question, but how do we find the free cashflow in a financial report? "Cashflow from operations"?
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17-09-2012, 05:36 PM
(This post was last modified: 18-09-2012, 08:01 AM by CityFarmer.)
(17-09-2012, 04:38 PM)snowcap Wrote: Hi,
Pardon the newbie question, but how do we find the free cashflow in a financial report? "Cashflow from operations"?
Cash Flow from Operation - capital expense = Free Cash Flow
Capital expense might not readily available in FR. I normally just take "PPE enhancement" as CE, +/- base on common sense to derive my CE if not readily available
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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Hi all
I am posting up one more attachment for those who are interested in learning about financial statements.
Do understand that I will take it down if mods or admin request me to do so to prevent any 'incident".
Please share among members if this unfortunate thing happens.
Essentials of Financial Analysis.pdf (Size: 1.83 MB / Downloads: 215)
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(17-09-2012, 05:36 PM)CityFarmer Wrote: (17-09-2012, 04:38 PM)snowcap Wrote: Hi,
Pardon the newbie question, but how do we find the free cashflow in a financial report? "Cashflow from operations"?
Cash Flow from Operation - capital expense = Free Cash Flow
Capital expense might not readily available in FR. I normally just take "PPE enhancement" as CE, +/- base on common sense to derive my CE if not readily available
Purchase of PPE or capital expense if you like, is avaliable in cash flow statement. It is normally found just under the cash flow from operation.
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(17-09-2012, 09:27 PM)arthur Wrote: Hi all
I am posting up one more attachment for those who are interested in learning about financial statements.
Do understand that I will take it down if mods or admin request me to do so to prevent any 'incident".
Please share among members if this unfortunate thing happens.
Thanks for the sharing.
i like to share this extract from the book:-
{The Dick Davis Dividend}
"No matter how thoroughly you research, it still comes down to an informed guess. Even you know everything there is to know, there's no way you can predict how the market will react to what you know. This is why some investors simply satisfied themselves that a stock is selling at the low end of its historic price/earning multiple range, and let it go at that. Others want the guess as informed as possible and do more digging, while still others will just watch a stock for a long time, get to know it well, and develop a feel for the way it acts.
Wait for It to Come to You
Whatever the approach, whatever the efforts are made, it's a worthwhile endeavor because proper entry level is so crucial. There's an old Wall Street maxim: "A stock well bought is half sold" You must buy a stock in a reasonable buying range to avoid being involuntarily locked-in, long, long-term investor. if the stock doesn't come to you, if it doesn't enter your buying range, turn away. there's always another stock."
Unquote:
So for me that's why i believe "all animals in the market can make money except the PIGS". By the way, i am a "Rojak Investors". i make use of anything that i think can help me to make money. My apology to all "pure value investors", if there is really one in this world. Sorry
Amen.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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