Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul><li>111, inc (YI) has run up to $3.25. For a spread of only about 11%.</li><li>Which is not all that attractive since there is no definitive agreement signed. So I am closing it with a quick 13% gain here.</li><li>These Chinese merger situations sometimes randomly spike up, and I think it is wise to trade around them when upside isn’t as juicy anymore.</li></ul>

111, inc (YI) has run up to $3.25. For a spread of only about 11%.Which is not all that attractive since there is no definitive agreement signed. So I am closing it with a quick 13% gain here.These Chinese merger situations sometimes randomly spike up, and I think it is wise to trade around them when upside isn’t as juicy anymore.

<ul><li>Early this year I was quite pessimistic on Hong Kong stocks.</li><li>But since then the Hang Seng is down another 20% or so. A lot of stocks with 9-10%+ dividend yields are laying around.</li><li>I should have been a bit quicker writing this up, but then you are getting it for free.</li></ul>

Early this year I was quite pessimistic on Hong Kong stocks.But since then the Hang Seng is down another 20% or so. A lot of stocks with 9-10%+ dividend yields are laying around.I should have been a bit quicker writing this up, but then you are getting it for free.

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


China

Consun Pharmaceutical Group Limited is a pharmaceutical company engaged in the research, manufacturing and sale of modern Chinese medicines and medical contrast medium in the People's Republic of China.

Consun Pharmaceutical (1681 HK)

Quick Idea's

These Chinese merger situations sometimes randomly spike up, and I think it is wise to trade around them when upside isn’t as juicy anymore.

Turtles all the way down

Back in Hong Kong stocks

Early this year I was quite pessimistic on Hong Kong stocks. But since then the Hang Seng is down another 20% or so. A lot of stocks with 9-10%+...

Turtles all the way down

Investing in HK Stocks

If you invest in Western markets this would be enough, but not in Asian markets where the trust factor is a lot lower, and where ownership is more...

Turtles all the way down