Skip to main content
No. of Recommendations: 1
Perusing the board it seems most are investing on the basis of income and growth.

Do any look on the basis of share price discount to net asset value with strong balance sheets?

I start to get interested when the prices are at a >50%+ discount.

Hence my interest in Hong Kong listed securities atm.
Print the post Back To Top
No. of Recommendations: 2
I tend to not invest in companies that are in countries that the rule of law can change.
Print the post Back To Top
No. of Recommendations: 2
I share and second 4thebird's concern. I want to invest where the rule of law protects property owner's rights, especially foreign owners.

The CCP's recent treatment of Chinese business man Jack Ma is just another example of why I do not want to invest in China. If they treat their own that way, should I expect them to treat me better?
Print the post Back To Top
No. of Recommendations: 1
Funnily enough this was being discussed on Berkshire board re Alibaba ADR following Charlie Mungers decision to invest. Personally globalisation is here to stay and I think it'll all work out.
Print the post Back To Top
No. of Recommendations: 2
Berkshire board is very different from REIT. There, their views are more shaped by Berkshire Primaries (WEB and Charlies) pronouncement and action.

Here the focus is to earn a stable income, avoid risks. Most people here have already made their money, and some to many are looking for a reliable income. For Berkshire board members dividend is very bad, it triggers tax, here dividend is the most important thing, etc.

Berkshire board has a very heavy emphasis on GAAP profits we don't care about GAAP profits but FCF.

Very different board, very different philosophies, outlook.

Oh BTW, China doesn't allow property ownership. For REIT investing, one of the cornerstone principle is, while the FCF derived from leasing has a big component of depreciation, depreciation is a real economic cost, so if the underlying property doesn't appreciate, then it is basically REIT's returning capital back to us. Without underlying land rights, which is a significant driver of property value going up over time, there is no firm thesis for REIT's.

It is just a speculative vehicle.
Print the post Back To Top
No. of Recommendations: 0
Noted re REITs.

There's only one REIT I'm looking at the others are developer / investment companies or diversified property and infrastructure holding companies.

Eg CK Asset as previously mentioned being the most well known.
Print the post Back To Top