Stewardship of a Value Investor

Mid Year Update 2014 and some Macro views

It has been a while since the beginning of 2014. This is a year of surprises. Despite the muted outlook that we had in the beginning of the year, IHSG actually turned out quite well.

Jokowi and the Other Guy

 

There were two big rallies that marked the first half of the year. The first one happened when Jokowi announced that he would run for presidency. The second one happened when Jokowi was expected to win the election. So much euphoria that the market seemed not to care about the true fundamental of the reality. Was this euphoria warranted?

 
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HRUM: Running Out of Time and Rock

I posted this in the mailing list in May 2013. Almost a year passed since then.

 

My thought on HRUM.
Sekadar pemikiran saya dari sisi investor long term.

Saya dulu berpikir bahwa HRUM adalah value-buy, tapi setelah mengecek lebih dalam awal tahun ini, berikut ringkasan pemikiran saya:

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