Investing

KC Chong and KYY must show proof of making profit

As much as I do not like to continue arguing with KC Chong, I must respond to his article which he posted on 23rd Dec to criticize my posting on 22nd Dec under the title “Super Investors’ Recipe” in which I said that if you want to be successful, you must have the qualities of optimism, confidence and critical thinking.

Wah! As soon as he read my article he posted the following article from which I have extracted the relevant part. As usual he uses a lot accounting jargon to impress you so that you would be tempted to buy his lecture notes. If he wants to sell his product, he does not have to run me down by writing the following article. You can read what he said.

Confidence, optimism and critcal thinking in the stock market kcchongnz

Author: kcchongnz   |  Publish date: Fri, 23 Dec 2016, 08:43 PM

The first 3 paragraphs refer my large holdings of Jayatiasa. Yes, I was one of the largest shareholders of Jayatiasa a few years ago when CPO price shot above Rm4,000 per ton. In fact, I was also the 2nd largest holder of Kulim warrants; the price of which shot from Rm 1.00 to above Rm 10,00 within one year which can be verified in Kulim’s 2012/13 annual report.

Surely I would not be holding plantation shares when the CPO price has been dropping from above Rm 4000 to current price level.

His 4th paragraph refers to my large holding of Xingquan shares in which he has quoted correctly that I had my relative as the auditors. Yes, I must admit that this was or is my worst investment in my life. In fact, one of the senior partners of the auditors, SJ Grant Thornton, was really my cousin. I was also misled by CIMB who was the underwriter for the IPO. The amount I lost in this investment is so small in comparison with all the profit I made from my many other profitable investment.

The best way to settle this problem created by KC Chong is to compare each other’s track record:

The best way to settle this argument is to show proof of each other’s track record of making money from the stock market. It is most important for KC Chong to show proof because he is selling his programme on share investment. Running me down is a disgraceful way to sell his product. You do not see Toyota’s advertisement running Mercedes down to sell Toyota cars.

My purpose of posting my articles is to teach people how to improve their investing skill to make more money, while KC Chong’s sole purpose is to blow his trumpet to sell his product.

My track record in brief: I started investing in the stock market in 1983 after my open heart operation in Harley Street Hospital, London. While recuperating, I read from the Finance Times that the Hong Kong stock market crashed because China gave notice to the British Government to recover the sovereignty of Hong Kong. All Hong Kong investors simply sold their shares because the communists were coming to govern HK.

The first share I bought was Hong Kong Realty and Trust (HKRT) at HK$3.00 while its cash value per share was more than HK$ 10.00. As my asset value increased I could increase my margin loan to buy more shares. After a few months when China gave 50 years extension for the British Government to govern, HKRT share rebounded up to HK$ 13.60 per share. Eventually after 3 years, I made enough money to buy 46% of a stock broking firm called Kaiser Stocks and Shares Co. Ltd.

Let me tell you about my recent success.

About 6 years ago during the H1N1 epidemic I was the 2nd largest shareholder of Supermax. The demand for rubber gloves far exceeded its supply. As a result, Supermax’s profit growth was phenomenal and its share price shot from 95 sen to Rm 6.30 within 18 months. At the peak, my wife and I held nearly 20 million Supermax shares as shown in its 2010 annual report.

My remisier, Ricky Kon of TA Securities sold all my 20 million Supermax shares within 2 weeks at the peak price of above Rm 6.00 each.

In the last few years, I became one of the largest shareholders of Latitude, VS Industry and Lii Hen. Latitude went up from Rm 1.00 to above Rm 8.00 within 30 months. VS and Lii Hen have each gone up about 550% within 24 months.

VS’s 2015 annual report shows that I was the 2nd largest shareholder, owning 102 million shares. Of course, I sold all my VS shares and made a kill. Unfortunately a few investors who bought VS at its peak, often criticize me for misleading them. I did not ask them to buy VS when it had already gone up 550% within such a short time.

Lii Hen’s 2015 annual report shows that I am one of the top 5 shareholders, holding 20.2 million shares.

Now readers must insist KC Chong writes out his track record or stop running me down.

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