Stewardship of a Value Investor

2014 in Review: What is the price of our soul?

If 2013 was a good year, then 2014 can be described as total disappointment. We realize that this is a not a good opening for a letter. It does sound depressing. However, that is the reality of how we are doing in 2014. On brighter note, it is a year that teaches us about contentment, gratitude and humility. Read More…

WINS: Solid Ship with Solid Captain on Rough Sea

Those who have been talking to me for the last 2 years will be familiar with this company. Even my wife (at that time my girlfriend/fiancee), my father, and my father-in-law are tired listening to me about this company. As you will read later, there are a lot of learning for myself in this company; along with CPGT, WINS has been the highlight of my 2014 journey.

WINS is a shipping company that mainly serves offshore market. It is like a contractor company such as TOTL and heavy-equipment operator, only it operates on water, not on ground. Its main income can be derived by two sources: charter income from owned ship and brokerage. For the past few years, WINS has been focusing on purchasing its own ships and moving up to operate bigger and specialized vessels. This will expand the company’s margin.

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