Singapore
13.8% p.a. 5-year CAGR vs S&P500’s 11.4% p.a. 13.0% standard deviation. I share my ideas on my Substack (Angsana Anderson). Link in “Visit my website” above. Top 5 books: - The Intelligent Investor (Benjamin Graham) - Berkshire Hathaway Letter to Shareholders (Warren Buffett) - Poor Charlie’s Almanack (Charlie Munger) - The Singapore Story (Lee Kuan Yew) - Meditations (Marcus Aurelius)
1. Long-only; generalist 2. Search for opportunities in global public equities using stock screeners, 13Fs, etc 3. Analyse annual reports, earnings presentations; Identify any accounting red flags 4. Interview management, competitors, customers, industry experts; Conduct on-site inspections 5. Model free cash flows and perform DCF valuation
1. Analysed industry reports, annual reports of US and CN public equities 2. Result: Built up in-house knowledge of semiconductor and software sectors - Memory chips are commodities. The memory cycle mirrors a commodity cycle: During a shortage, producers re-invest profits to expand capacity. Eventually, new capacity causes oversupply. Profits disappear. Producers stop expanding capacity. When demand eventually absorbs the excess capacity, another shortage begins. - I track the memory cycle and forecast inflection points. This can be done accurately by analysing memory chip prices and costs. This protects us from overestimating the normal FCF of semiconductor companies.
1. Promoted to an audit senior responsible for NASDAQ-listed solar company - Assessed the appropriateness of tax provisions and disclosures with the support of tax specialists - Tested the reasonableness of warranty provisions by industry benchmarking, reviewing models, etc - Result: Completed the audit earlier than prior year’s deadline 2. Proficient in IFRS, SFRS and US GAAP
1. As junior auditor, I stepped up to the role of a senior auditor and completed audits of SMEs - Detected accounting misstatements and proposed audit adjustments
1. Assisted in statutory audits and quarterly review of Bursa-listed national telecommunication company
1. Manage produce department on evenings and weekends 2. Perform weekly stocktakes 3. Promoted to stand-in duty manager for the entire store during Dec 2018