It has been a very difficult month personally.
Her venous ulcer got worse-- she used to have just one 0.5cm open ulcer, but in October, 2-3 additional ulcers appeared. This prompted the doctor to suggest that she retire immediately. The prolonged standing from her job would exacerbate the wound.
Shortly, she developed dermatitis, which we consulted 3-4 GP, including a specialist at Ponggol Clinic. It culminated at National Skin Centre, who affirm the dermatitis diagnosis and given us some medication. It affected her sleep.
My mum have (still has) high glucose level. After a visit to polyclinic (for her venous ulcer), the doctor suggest that she visit A&E for suspected DKA. Basically it means the glucose level became so high that protein in the blood get broken down and organs could failed. She was admitted and warded for 3 days. Doctors could not ascertain what was wrong and attribute it to the oral antihistamines given by one of the clinics.
It was doctors after doctors after doctors.
Another two weeks of Continuous Glucose Monitoring, we are still unable to get her glucose level down....... not too sure what to do from here.
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YTD returns: 135.9%, XIRR: 24.9%
STI returns: 25%
HK: 30.5%
S&P 500: 12%
Notable transactions:
Purchase a modest amount of crocs and use selling ATM Puts to possible increase position.
Purchase a huge amount of Haidilao for Income Portfolio. Haidilao is now my biggest position, cost price wise. I realize this irony that the amount invested in Haidilao will for all likelihood, surpass my lifetime amount of spending in this restaurant. I live a very frugal life and have no idea why most people like it so much.
A modest amount of Anta Sports was also purchase for Income Portfolio purposes.
Aoxin Q&M Rights Issue
A modest amount of Aoxin Q&M is also vested, and will likely oversubscribe to rights. I think it is still probable that Q&M would take it private sometime in the future. Looking at Aoxin Q&M balance sheet, it doesn't look like it require cash inflows, and it looks like it don't have any grand plans in the near future, which make this cash call puzzling.
The share price of Aoxin had been volatile in recent days.
Assuming that all 511,522,048 shares were subscribed, at 0.030, that would inject 15.34m into its books.
It has, presently:
66.8m (Renminbi) in cash
42m in receivables.
23m in payables
No debt.
Assuming that 25% of its receivables are bad, it is still about 8m in "net receivables". Add 66.8m (or 12m in SGD) in cash to 15.3m of rights issue into the books. That sums to 27.3m
If every single rights is subscribed, that double the share count to 1023,044096 shares. The eventual cash/share will result to 0.026$ per share. Therefore it would make a ton of sense to subscribe, and to oversubscribe, to as many rights as you could.
While the company's cash inflows has been spotty, there was only 1 year which it sees 30+m in outflows. The last three years has been cashflow positive.
Recent months of share price depression had likely result from China's lethargic economy, the issues with its ex-CEO, and a sizable, and forceful acquisition of shares by its parent Q&M at 0.038 per share from the ex-CEO, which trigger a mandatory offer.
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After reading Mr. Buffett's last letter, it felt like an era has closed. His exploits in his Buffett Partnership years, where he worked with small sums of money, has a huge influence in the way I look at investing. I made most of my money from very simple items, and find his means required too much access to management. Still, he is a genius of his time.Who is next? Paul Singer? Carl Icahn? Howard Marks?
I prefer the approach of Walter Schloss, which is quantitative, and simple. I like his way of dealing with his shareholders. I would never get to meet Mr. Schloss, and I don't think his son is in the news these days. Looking at the way most people invest (and make money), I think my approach is both geriatric and perhaps ineffective.
Indeed no one was ever victorious against Father Time, and man will always struggle to find the reason of his existence.
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