Howard Marks latest Memo

Howard Marks of Oaktree Capital Management has come out with another must read
memo, here he covers the role of luck, the effort of a team, and looking at
inefficient markets, see below for excerpt and a link to the pdf

At that point, an uncle pulled him aside and doled out some advice. “Jim, I wouldn’t spend my time getting better,” he advised, “I’d spend my time finding weak games.”.

Source: ValueWalk

Construction firm building a better future

Christiani & Nielsen (Thai) Plc (CNT) is a listed construction company operating in Thailand for 82 years, with more than 1,500 projects. Managing director Khushroo Kali Wadia discusses the company’s strategy and outlook.

What is CNT’s business model? 

We are a pure construction company offering a wide range of services including the design and construction of buildings, civil engineering projects, the design, fabrication and erection of steel structures and finally mechanical and electrical installations. We expect our backlog will show 10 billion baht as of the end of 2013.

Does CNT plan to expand its offerings?

Our goal is to expand towards higher-level projects and more design and build services, as generally within the local industry we see each client has his own consultants providing designs and specifications, which may not be tailored to the client or the specific location where the client’s project is located. This may lead to a disconnect between the designer and the construction firm, as the designer works in isolation and issues may arise during the construction phase. And while these issues can be resolved, time is lost and costs increase. Thus, what we would like to offer in the near future is the ability for a customer to approach us with his land and say, for example, that the client wants to build a factory. Then CNT makes the design based upon the requirements, ensures the right specifications are specified, that the right standard of materials are used and then hands over a completed project to the client within the time required. This makes sense, because as a construction company we’re able fully to control the process from design to completion and pass on our industry knowledge to our clients.  Continue reading Construction firm building a better future

What happened this week 13/01 – 17/01

Thai Economy

  • Kittiratt warns of stifled 2014 growth, As ‘shutdown’ wreaks economic havoc, MPC to meet as scheduled next week – The Finance Ministry expects the prolonged political protest to drag down economic growth to only 3.1% this year, while the Bank of Thailand insists its Monetary Policy Committee will meet on January 22 as scheduled. (The Nation, 17/01/14)
  • December Producer Confidence Index lowest in 2+ years — The chairman of the Thai Industrial Federation reports Dec 2013 Producer Confidence Index at 88.3, the lowest level in 25 months. Fears of prolonged protests plague producers and distributers alike. (Post Today, 17/01/14) Continue reading What happened this week 13/01 – 17/01

Stocks in the news (amata, cpf, csl, mono, tuf) 17.01.14


Setting up REIT — AMATA’s board has given the green light for the company to set up a REIT worth Bt4.750bn. AMATA aims to inject 76 factories with a total leasable area of 136,434.52 sqm, along with 12 new factories with 24.144 sqm that is currently under construction. (Khao Hoon, 17/01/14)

Comment: Finally AMATA is doing this, they are in desperate need of actually having some recurring income  Continue reading Stocks in the news (amata, cpf, csl, mono, tuf) 17.01.14

Stocks in the news (AOT, bigc, ptt, pylon, rml, rs, SIRI, spali) 16.01.14


Passengers down in January. AOT reports that January 13 saw a drop in passengers at Suvarnabhumi to 133,000 or 12.6% from January 12, with the average for January 1-12 at 152,000. On January 14, passengers declined 15% from the average to 129,000.(Post Today, 16/01/14)

Comment: a 15% decline thankfully isn’t the end of the world, Thailand has been lucky that the number of visitors normally rebounds very quickly after each crisis 


Big C partners up for e-commerce site. Big C Supercenter Plc, the operator of Big C hypermarkets, is diversifying into e-commerce and is due to provide service within ASEAN in the coming weeks. The company has formed a partnership with Cdiscount, an e-commerce operator in France, and Casino Vietnam. It has spent Bt110mn on an e-commerce website to be launched in Thailand and Vietnam under the Cdiscount brand.(Bangkok Post, 16/01/14)

Comment: well it won’t have a strong impact on their numbers and they are essentially following Tesco on this  Continue reading Stocks in the news (AOT, bigc, ptt, pylon, rml, rs, SIRI, spali) 16.01.14