THE RELENTLESS PURSUIT OF VALUE. (Article from Calvin’s Blog www.johorinvestment.com)
In Year 1949 Warren Buffet bought “THE INTELLIGENT INVESTOR” By Benjamin Graham. He called it the best investment he made in life. It was this relentless pursuit of Value Investment that made his Berkshire Hathaway so successful and those who invested in his shares became millionaires.
I Think There Are 8 Things About Value:-
1) Value Is Mispriced By The Market.
Benjamin Graham seeks for Shares With High NTA. NTA stands for High Net Tangible Asset as a Margin of Safety. Usually these Securities are In Some Form of Trouble with negative connotation. Or they are dull and uninteresting – so rejected by the Market.
I remember Mr. Liew of Helang Camar Used Car telling me how he searched for mispriced Auction of Repossessed Cars. He found a Proton Saga 1.5 labeled as 1.3 when it was displayed for Auction. How did he detected the difference? In the Displayed Notice The Proton was stated with 1.3c.c. engine. But when he checked with the RoadTax Disc he clearly saw that it has a 1.5c.c engine. And there is a price difference of RM3,000 between a 1.3 & a 1.5 liter Proton in those days. So he bid a higher price for a 1.3 Proton but got a Value Buy.
2) Value Is Misplaced.
One of my favourite past time is to look for good durians when they are in seasons. There are many classifications for Durians like D24, D12, D10, Hoong Har, Mai Sang Wong or just ordinary kampung ones.
Sometimes during collection and sorting and distribution one or two higher grade durians are misplaced into the lower end kampung pile. With training you can pick out these Value buys because they have been misplaced.
3) Value Is Overlooked.
In Year 1977 to 1980 Early Mitsubishi Sigma 1.6 was manufactured. For 4 years they did some cosmetic upgrades. But in Year 1980 End to 1983 Mitsubishi came out with a Completely New Model called Mitsubishi Galant 1.6GLS. One Day I went to submit a tender for a 1980 Mitsubishi Car advertised by a Finance Company. The Officer In Charge told me to view the Mitsubishi Sigma Car and submit a tender.
To my glad delight it was actually a MITSUBISHI GALANT 1.6GLS. So I submited a quotation. And as I was the sole tenderer I got it! You see, the Bank Officer did not bother to go to the Store Yard to check out the Model – Old or New. So Value is Overlooked.
4) Value Is Created
Singapore has overtaken London, New York & Tokyo to be the most expensive nation for expats. And by Year 2030 Singapore is purported to have the highest concentration of millionares in the world in relation to its population. Why?
Because Singapore Is A Nation of VALUE CREATION. 30 Years ago, a shop house in Holland Village rent for $1,500. Today a similar shop goes for S$30,000 or more a month. And the Spore Govt has Created An Underground MRT Station with 2 Well Positioned Entrances Right Beside the Entrance Walk Way of Holland Village. Amazing!
These Value Creations Are Found Every Where In Singapore:-
Transfomation of Pulau Belakang Mati to SENTOSA ISLAND
Shifting Payar Lebar Airport to Changi – Freeing Up Land For Sky High Developments
Shifting Keppel Harbour To Tuas West – Freeing Land For Water Front Master Pieces.
Crafting Changing Airport Into An Urban OASIS For Rest & Relaxation.
1St IN WORLD NIGHT SAFARI & RIVER SAFARI.
CREATION FIRST UNDERSEA MICE TUNNEL IN SOUTH EAST ASIA. FREEING UP LARGE SWATE OF PRIME, PRIME LAND FOR COMMERCIAL ENCLAVE.
And The List Goes On And On!
These Value Creation Upon Value Creation Has Made Singapore A Magnet For Millionares & Billionaires.
5) Value Is Enhanced.
Someone says,”A Bar of Iron costs $5.00; made into horse shoes its worth is $12, made into needles its worth is increased to $3500, made into balance springs for watches its worth is multiplied into $300,000!”
When Value Is Enhanced The GDP of A Nation Also Increases. The Swiss Army Knife is an example of the finest creation of the steel blade. Quality at its finest. So Swiss has One of The Highest Growth Story on Earth. Singapore is aiming to have the Swiss Standard of Living Some Day. I think Singapore is now near to Swiss’ Standard.
6) Wealth Is The Exchange of Value.
If you want to have wealth you must first create Value for Others. For wealth is the Exchange of Value. Seek to Give Value to The Whole World. And the World’s Wealth will be given back to you. How?
Bill Gates once said, “I want to put a personal computer in every home.” And he did just that. The entire world has Received Value. In exchange the World in turn made Bill Gates the Richest Man in The Whole World!
Jesus says, “GIVE, AND IT SHALL BE GIVEN UNTO YOU…”
Think of IKEA. IKEA has Given the Very Best To The World In Furniture:
IKEA Has Gone Into The Remotest Part of The World To Get The Best Price For Its Products. It Mass Produce Designer Furniture At The Lowest Possible Cost. And IKEA passed on the Savings To Millions.
To Facilitate Exchange IKEA’s Furniture Is Designed To Be Extremely User Friendly, You can pack the furniture into a box to fit any car. This saves cost of transportation & precious time. IKEA Also employ a group of designer to keep up with the latest in trend.
So Much Value Is Created By IKEA that the World has rewarded Igvar Kamprad, IKEA’a founder, Great Wealth and made him among top 10 Billionaires in the world.
So SEEK TO CREATE AND GIVE VALUE TO THE ENTIRE WORLD.
7) THE HIGHEST VALUE IN LIFE IS WISDOM.
Enoch Tan of Reality Creation Secrets says, “ Give time for learning, give life for love, give thanks for happiness and give gold for WISDOM.”
The highest Value on earth or heaven is not gold but WISDOM. If we have Gold without Wisdom we might lose the gold. But if we have Wisdom without gold, Wisdom will guide and lead us to find the gold.
Enoch Tan has a purpose in life. To create The Highest Value For As Many People On Earth As Possible. He started out in GIVING FREE VALUE To All In Initial Years Before He Charge a Fee For Access To His Valuable Website called “www.mindreality.com”‘
The Contents of the Mindreality Website is worth its value in gold – many times over!
8) The Most Successful Investors Are VALUE INVESTORS.
Benjamin Graham Is The Investment Guru of Warren Buffet. He advocates the INTRINSIC VALUE APPROACH TO PURCHASE OF SECURITIES.
A LIFE LONG PURSUIT OF DEEP VALUE SHARES OVERLOOKED BY THE MARKET WILL GIVE THE VERY BEST RESULTS. Warren Buffet is the embodiment of the Graham Net Net Value Investment Approach.
Some years ago Ms Teh Hooi Ling, CFA, did an experiment with the Singapore Stock Market. She selected 3 Groups of Shares From The Singapore SGX for a One Year Test.
1) The First Group Consists of Shares That Pay The Highest Dividends.
2) The Second Group Are Shares That Have The Lowest P/E
3) The Third Group Consists of Shares With The Highest NTA In Relation to Its Share Price.
Of the Three The Ones With The Highest Net Net Value Came Out The OVER ALL WINNER! This proves that the Timeless Wisdom of Benjamin Graham is Still True in Modern Day Singapore and anywhere on earth!
All Hail To “The Relentless Pursuit of Value”!
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