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Working Culture
Two guys in the value investing commodity gave very interesting insight that US offers the chance to work. One of them was Bruce Greenwald, who mentioned that in the Forbes interview in 2010. I cannot remember who is the other one.
Essentially, US has such culture that, according to Bruce, if you can screw up till 35 years old, given hard work and smart you will do well. This kind of culture does not happen in Europe and, according to the other guy, in Asia. In other words, in Europe or Asia, if you screw up by 19 years old and don't get into school, say, college, you are finished for life.
I think about that comment and fully agree with that. Good real life example is Li Lu, who used to be participant of Tiananmen Square student protests. When he was on the run, anyone would think that his life was gone, meaning he had no future. When he arrived America, restarting his life from student at Columbia Business School with worries of getting money (at that time, he had no money) to hedge fund manager today. Clearly, American culture has given him a second chance to do something he is comfortable with. This kind of chance is unlikely to be given to anyone, who is in the same shoes in Singapore.
Entrepreneurs
There are two entrepreneurs catching my attention upon reading two articles about them from local free-to-use newspaper and a venture capital oriented blog. One of two is Singaporean, Neo Kah Kiat, who quit secondary school after secondary 2 and request to have NS a year early. I thought," Woah, that is one hell move which no young man want to do so.". His rationale for doing this is that a diploma or degree will not guarantee riches and respect. I agree with him. It is spot-on. His success is an example of an outlier. He worked at his relative's economical rice stall. Learning this food trade and gaining experience about food industry, he started his business in the food industry, focusing on catering business. Today, he lives in Sentosa Cove. It tells much about his success within more than a decade.
The other one is Chamillionaire (stage name). I happen to know about him by reading an article about him in a blog written by venture capitalist. Before why I am impressed by him, I am adopting multi-disciplinary approach to improve my (equity) investing mind by learning from wide disciplines. Learning about venture capital industry, I can have a good picture of how start-ups operates and how their business value appreciates over time. Indeed, I have learnt a lot by reading the discussions about venture capital stuffs.
Back to this man, he exhibits enterpreneurship spirit, whereby he is using technology to market his music in very innovative way. He wants to market his music through this channel rather than the suggestion of his employer, Universal. His channel of marketing his music is through free-to-air stream method via ustream. It is because he knows that this location is where his fans are. Unfortunately, Universal prefers him to market in another site that has cutted deal with Universal because that is not where his fans are. There are interesting seven points he mentioned in the venture capital talk. You can learn more about that by reading this website.
After reading them, I suddenly thought of something. Today, I see some adults holding their children to somewhere at Raffles Place. I am wondering where they are taking their children to. Suppose that there is a nusery or child care centre at Raffles Place. Blimey. It will generate revenue but moat is needed to ensure constant stream of income as children grow up. Such moat can be created by building a reputation of nurturing children as a good role model or something else. Office space is expensive at Raffles Place, which means that the school fee should be more expensive than the ones at heartland areas. Who cares since many people who work in Raffles Place can afford for given salaries. Given my limited accounting exposure on childcare centre, it can be viable plan as long as there is a moat. I think it can be very attractive to single parent, who needs to work or working mother. Currently, I have no idea whether there is such childcare centres in CBD areas.
Books
Book Title: The Big Short: Inside the Doomsday Machine
Author: Michael Lewis
Rating:10/10
Remark:
It is interesting and engaging finance-related book. In this book, the author has joined few different successful money managers' stories that are involved with the bets against sub-prime crisis. These lives are truly connected to the point the readers can see invisible links in between them. There are moments, where I laugh out loud when there are few scenarios which seems to be amusing around one particular successful money manager.
Book Title: The Only Three Questions That Count: Investing by Knowing What Others Don't
Author: Kenneth Fisher
Rating:5/10
Remark:
Ken has showed some interesting insights when he burst the investing methodology myths. However, his discussion on macroeconomics is not apt at all. Overall, it is decent book. His father's books are much more objective and descriptive.
Book Title: Blink: The Power of Thinking Without Thinking
Author: Malcolm Gladwell
Rating:8/10
Remark: Very interesting book that describes very clearly about thin-slicing. It is something I never think of. He gives very interesting insights about Coke experiment with 'The New Coke' and expirement of Aeron chair.
Book Title: The Little Book of Value Investing
Author: Christopher H. Browne
Rating: 8/10
Remark: It is a book that simplifies basic concepts of value investing book. I learn a lot of insights from him, which I have not thought of them before. More interestingly, although I know the story of Buffett rejecting the partnership offer based on my reading on Buffett biography, I does not know that the main reason for this decision is that his wife wants to be at Omaha. I am somewhat surprised. That is what introduction chapter says.
Movies
Lake Placid 3 (Hollywood Movie 2010)
Synopsis:
A family - husband, wife, and a son- come back to a cabin, where it is near the lake. With the memory of crocodile attacks in the past, this family is trying to clean the cabin who belongs to their late aunt. The cop, who is in charge of the area, assure them that there is no more crocodiles. In few years later, they are crocodiles appearing and terrorising them and some members of the public. How shall they deal these hungry crocodiles?
Rating:5/10
Remark: Average story with little lewd motion pictures.
Trading Places (Hollywood Movie 1983)
Synopsis:
Duke brothers make a bet on the result of cruel experiment. The experiment is to put well-educated and well-to-do person, Louis into the shoes of penniless person and poor Negro, Valentine into the shoes of managing director of Duke brother's trading company. What is the result of that bet?
Rating:7/10
Remark: Very unique story. It clearly illustrates the madness of traders on the trading floor.
Tony Del Piero wrote and posted at at 12:43 am
