Friday, July 28, 2017

[SGX Portfolio] Viva La Résistance!

Is P/B really too simplistic?

I'm struggling to try and structure my defense on something more complicated and sophisticated to make seem like I am a savvy investor, but alas, I am but a simple commoner with a simple commoner brain.

P/NAV is 1.17, based on their NAV of 79c and current price of 92.5c.

Occupancy is normal. Debt ratio is normal. Actually everything to me feels very normal.

They are holding a premium because they have business parks? Meh, someone else can take that risk. I'm fine exiting at these prices. Don't get me wrong, I don't think that they are outright over-valued. I just think that these levels are above fair valuation, and I'm willing to de-risk at these levels.

Sell price: $0.925
Total dividends collected: $0.12373
Average price: $0.795

Capital Gains: 15.5%
Yield Gains: 16.4%
Total Gains: 31.9%

After taking into account transaction costs, total nett returns would be about 31% over the past 2 years. About 14% annualized, nothing too much to toot my horn about. Nothing like the fat 75% gainz in Croesus. Similar to CDLHT at 38%, though the annualized rate of CDLHT is much higher.

Personally, after buying into Viva, I've always kind of second guessed my decision-making back then. Letting go of them now with these returns is really good for me mentally. I have exited a position that I have less confidence about, but at a higher price than I paid.

As you might have noticed, I have been pruning down my SGX portfolio as of late, especially recent stocks that have made huge gains. On a cost basis, I have pulled out 10% of my initial capital.

As always, I remain skeptical of most asset classes. The US stock markets still defy logic and gravity, but I doubt that it can continue to do so for long. But as I wait for things to get attractive, I am spending my time focusing on other investment opportunities and ideas. That said, even while waiting I still make my money across all asset classes work for me, though my emphasis is focused on minimizing risk while seeking returns as a secondary objective, not the other way around.

In times of ever levitating markets, I think it is prudent to be more conservative than risk-taking. When (not if) the markets are crashing, you can be rest assured that your GMGH is gonna be busting down the doors with both guns blazing away. For now, playing in the cryptomarkets is definitely honing my knife catching skills.

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