4 February 2020 UK SFO (Serious Fraud Office) had implicated AirAsia directors/staffs on 31 Jan 2019 for involvement in bribery allegations with Airbus. Below are the key points. You can also refer to the links below for further readings. SFO enters into €991m DPA (Deferred Prosecution Agreement) with Airbus. Improper payment consists of $50m to […]
A few things I learned over the past year. 1. Process first, analysis second, margin of safety last A robust process can prevent a poor analysis but a good analysis can still create silly mistakes. Let’s say a stock is an excellent buy for 10 reasons. That’s a good analysis; your judgment comes from facts […]
Law #1 – Business Return Determine Investor Return This goes back to the first principles of investing: a share in hand is the same as owning a fraction of the underlying business. When you own a company’s share for 10, 20, or 30 years, your return will be similar to the return of the business. […]
Bill Walsh was the head coach of the San Francisco 49ers back in the 1980s where the team won six division titles and three Super Bowls. Here is some wisdom from his philosophy of leadership—The Score Takes Care of Itself. Whether it is in sports or the market, things can unfold differently than we imagine. […]
“We are trying to prove ourselves wrong as quickly as possible, because only in that way can we find progress.” – Richard Feynman Investing is part art, part science. There’s no single formula for success as the future is uncertain, probabilistic, and constantly changing (our forecast changes the outcome). All of which rely on our […]
What does going into space and investing in the stock market have in common? Both activities engaged in a high risk, high uncertainty environment. Whereas astronauts have to deal with the risk of 526,000 gallons of propellant blowing up beside them during takeoff or the shuttle disintegrating during re-entry into Earth’s atmosphere at 7.8 km […]