Today, you have to choose between a decent return and total safety

Wonderful interview with Howard Marks who runs Oaktree Capital stateside, its a great read and the key points I gather from it are:

  • The level of economic activity, anecdotal as you describe, is not an indication of health in the future. It is an indication of health in the present. The question is, what are the implications for the future?
  • So, what that says to me is that even the Fed and the central banks with all their powers can’t create inflation when they want to.
  • With interest rates as low as they are, if you stick to totally safe investments you can’t make any money. So they are not thinking bullish but they are acting bullish.

Source: Business Outlook

SET Opportunity Day

Its that time of the year again when companies on both the SET and MAI present themselves to investors/analysts, we’re sitting here most days listening to each and every company to see if there is something interesting. This quarter there are some 100+ companies over the next 1.5 months, See the link for the times or video link of their presentations.

Stocks in the news (bts, ccp, cpall, gold, intuch, seafco) – 21.02.13


BTS group infrastructure fund on — BTS Group Holdings looks to have cleared the way for a brighter future, with the green light to go ahead with its infrastructure fund and a possible rise in skytrain fares. (The Nation, 21/02/13)

Comment: Looks like there’s been some sell on the news, we all know that this DSI investigation was rubbish.


CCP expects new high for earnings this year — CCP expects earnings for 2012 to be strong and better than for other years. It says 4Q12 earnings were strong, supported by price adjustments and demand increase and better cost controls. The company expects growth of 15-20% next year. Its subsidiary company, SMC, is also expected to be listed, which will push its profits up by Bt150mn. It expects 2012 profits to grow by almost 500%. (Khao Hoon, 21/02/13)


Expects 30% growth in catalog business — CPALL targets its 7-Catalog business to grow by 30% by adding new product lines and expanding its market. Moreover, the company will invest Bt120mn in two warehouses in Sriracha and upgrade its software. It also aims to increase the number of warehouses in Khon Kaen in the next 1-2 years. (Khao Hoon, 21/02/13) Continue reading Stocks in the news (bts, ccp, cpall, gold, intuch, seafco) – 21.02.13