Thursday, January 01, 2009

Wang Off


wang has left a new comment on your post "Portfolios According To Outlook For 2009":

it seems dali has no idea what is happening to KNM.. I wonder why he still recommends this counter among his top picks... You know what they say? share price never lies... dali, quickly retract ur call before its too late... hahaha... anyway, its a typical fund manager's blind favorite...sigh...

wang has left a new comment on your post "Portfolios According To Outlook For 2009":

check KNM account please... a fraud is brewing... dali...

Wang, if there is something you like to share, please do, but do not make statements without any elaboration. If there is a fraud brewing, please at least hint what it is all about. I could say that your mother is not a woman, and stop at that. That would surely piss you off, but if I offer some proof or logical deduction, you may thank me for it. Right now, I cannot thank you but feel a bit pissed off. Hope you understand, looking forward to your elaboration or deduction. Life is not always one smart person and the rest are idiots, so don't try to make yourself out as the one smart person. If someone wants to rip us off, we can only guard ourselves with publicly available information. We cannot be going around to their rigs and check that they are actually drilling, or pore through the books and confirm with their auditors, rig managers, technology officer, etc... that they are doing their job. Your comment about fund managers being typical idiots is also uncalled for, unless you justify or elaborate why buying this stock makes them a typical idiot fund manger. I will write about why I like KNM a bit later. Look forward to hearing from you.

p/s photo: Vivian Hsu

5 comments:

invest_klse said...

I think you will get some idea here.

Salvatore_Dali said...

investklse,

that is a very common and normal disclaimer as subsidiaries are not under the purview of the company's auditors... pls have a look at the top ten companies on the independent auditors opinion... you will be surprised how often that statement is repeated... often subsidiaries esp overseas types will get audited by others

invest_klse said...

Dali,

there's an older post on that blog, which discuss some skeptical items in KNM financial statements. Though I think that some of them are not true, it's still worth to do a double-check.

But there's one thing I'm sure about KNM, its HQ is just a small office located at the shoplot opposite The Mines. I've been there before, when my friend was called by KNM for an interviewed. My common sense told me that it can't be a billion-dollar-company.

That's what I feel. you pay a visit there, you'll understand what I mean.

Butt said...

I think its not accurate to use the size and condition of the office to determine the quality of the company. In fact there's a lot of very good companies have old and small offices and this also demonstrates how the mgmt/controlling shareholders manages the company's cashflow.

But I do have my concerns esp the way knm has expanded and how much value they can extract from borsig.

Yue Kwong said...

YTL Corp has a multi-billion dollar cash reserve and yet its HQ is only a very modest medium rise building. Hence it is not necessarily true to judge the quality of a company by the size of its HQ building.