4 Dec 2021 | Value Investing Substack NEWS
Pangolin Asia Fund's Nov 2021 newsletter, MacroOps article about Bill Miller, Ray Dalio's new book, A Look Back at Enron, 1st woman appointed as Disney's chairman, Germany lockdowns its unvaccinated
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Stock Markets:
TikTok Will Soon Release its E-Commerce Platform (China - E-commerce)
Toyota partners with BYD to build affordable $30,000 electric car (Japan - Auto)
Disney appoints woman as chair for first time in 98-year history (USA - Media)
I remain excited about investing in ASEAN. The region, as always, for most investors remains on next year’s to-do list; as it was last year and the year before that. As long as this stays the case, we can continue to invest in companies at what I like to call the wrong price.
That’s the good news. The bad news is that Pangolin Investment Management’s AUM is now of a size that we have to upgrade our Singapore licence. Due to the flood of new applications, the MAS estimates that this will take 3-4 months. Singapore is rather a victim of its own success, with it now being Asia’s preferred domicile for fund management companies. If the choice was between Hong Kong and Singapore, it is Singapore that is now winning new business. And this is coupled with managers deciding to relocate from Hong Kong.
Anyway, three months is about long enough for those interested to conduct due diligence on the fund. In the meantime, we can take about US$8m before we hit our limit and have to close. If you’d like to subscribe or top up, drop me a line.
November is the fund’s year end and our 17 th birthday. As always, I’d like to thank my colleagues Vinchel, Irvan, Chiew Sia, Jalene, Mohshin and Zu for their hard work. And for the first time in two years, we’re all going to get together in KL next week (fingers crossed no new travel bans). Can’t wait.
Merry Christmas,
James Hay 3rd December 2021