Investing Ponderables

 

Stamp Duty Hike from 0.1% to 0.15%  

That was not a smart proposal. It already makes an "expensive" small Asian bourse even more so, and it's not like our bourse offers something highly significant or unique compared to other regional markets. If you want to collect more tax revenues, use the GST, that's more effective. What some people do not appreciate is that a small move has leveraged effects. The approximate value of stamp duty charged last year was around RM500m. So we are looking at an extra RM250m ... but is anyone calculating the dampening effect of that move, which will surely bring the trading volumes down. Net net, we all lose.

Do you know what the big foreign brokers are paying in commission for local stocks? 0.05%-0.1%, that's it... hence the hike in stamp duty is a big thing for them. 

It is a smallish sum but it affects the most vulnerable traders. Needless for me to say, they make up a substantive portion of daily volume. They provide the grease and liquidity for volumes to move. Now its a dead market, no more lubricant, big sellers cannot sell, big buyers cannot buy, small day traders avoiding the market as no liquidity means cannot make money.

Just a small move can pull the markets back substantially. Markets are all about sentiment. This move is backfiring on us. 

JUST REVERSE THE MOVE.

Sophisticated Investors

The LEAP market is only available to sophisticated investors. Herein lies the issue why some companies are throwing in the towel by exiting LEAP. Volume and liquidity are critical for any markets to function properly. The current rules set up are too cumbersome and restrictive.

• Why are LEAP Market investors limited to Sophisticated Investors?

  As one of the guiding principles for this market to have facilitative rules and regulations, this market will only be available to Sophisticated Investors who are deemed to have better knowledge on the potential risk and return of this market.

  I think it is RM5 million before you are termed as sophisticated investors. RM5 million does not qualify anyone as sophisticated investor. Some of the most qualified investors are worth a lot less than that. That is like getting a Masters from Stanford because you have RM5 million.

  Is it because they have RM5 million to lose? Or is it they have to better understand the risks of investing?

  Cause if you are talking of risks in investing ... the normal stocks listed on Bursa are already RISKY. Sure on Bursa there are blue chips but look at the top 20 volume stocks everyday, most of those are some of the riskiest stocks you can come across ... and played by many who cannot afford to lose much.

  There is a big discord here in reasoning. Name me any company on LEAP and I can name you 20 stocks on Bursa more risky.

  RECONSIDER.

First Out Best Dressed

This may or may not be a right or wrong issue (read that line again). The recent debacle surrounding ATAIMS - thanks to pressure exerted by a lobbyist on labour issues. When ATAIMS finally caved with two or three rounds of limit downs, the activist say there may be other "targets". What was giving a bitter after taste was that KWAP and EPF sold some of their substantive stakes in other related counters.

Now, lobbyists may or may not be "good" but certainly they shouldn't be allowed to run roughshod over any listed companies without proper due process. Imagine being at the mercy of foreign NGOs, and we shit ourselves before putting up proper "checks and balances ourselves". Why leave ourselves at their mercy?

It is absolutely the right of an institutional investor to sell or buy to rebalance their risk, but doesn't it leave an awful taste in your mouth when our pre-eminent institutional investors sell first and ask questions later?

I am not saying all foreign lobbyists are evil. I am saying why don't our institutional investors ENGAGE with these companies first. Find out and see if the claims or whispers have credence. If the claims are without basis, then our collective institutional investors can come up and say so and not be at the mercy of unsubstantiated claims.

We saw nothing of that. We only saw "first out best dressed".

Easily The Best New Japanese Restaurant 2021

 

When we talk of Japanese restaurant, we have to categorise them properly. What I am referring to is the usual sushi/sashimi outlet. KL has been inundated with many high end Japanese restaurants per the last 3 years in particular. Sadly, most of them were respectable but had no soul. The offerings were premium but usual run of the mill. 

(Chef with the flying fish which we had for sashimi and the bones for soup at the end)

A proper sushi/sashimi place has nothing much to work with except the ingredients, and even then you only need to tweak it lightly to bring out the flavours. Sourcing usual fine ingredients is a given, added to that, effort must be made to source out seasonal stuff and even imaginative ways of sourcing produce.

(the absolute beauty of the shark's heart sashimi, crisp and clear ... I has chicken liver and heart sashimi before, they were good but had a tinge of metallic aftertaste, the shark's heart was wonderful on the palate)

This new place more than fulfils those requirements. As in any "labour of love" establishments, you cannot be BIG. This place can only take 8 pax max at the counter (the place to be), plus a couple of tables. Thus we are looking at 10-16 pax max for lunch or dinner. Reservations a MUST.

Helmed by all Malaysians... led by the effervescent Mister Foo (having done his rounds in various places in Japan for over 30 years). 

(very young botanical with uni ... chef uses two types, ottawa and anabi uni for different dishes, this was their attention to detail, aftertaste and how well the uni meshes with different seafood)

The setting is modest but stylishly minimal. Reminiscent of the usual small 2-3 star Michelin places in Tokyo. Solid sake and shochu but feel free to bring your own premium alcohol. Must offer your drinks to Mister Foo as he is a mighty purveyor of alcohol.

Its almost a pure OMAKASE place. Prices starts at RM400pp, RM600pp to RM800pp. Let me assure you that their RM400 menu beats the XXXX out of paces in KL that price their menu at RM900-1,200pp.

(this the dish of the night, it is ONDEN, the cut behind the head of bluefin tuna, small area, lightly seared to release the oils... nowhere are jelly as the toro or chutoro cuts, its mild but very pleasing)

Freshness of ingredients is a given. Its the sauces and the cuts that highlight the natural taste or enhances them. Below was the tamagotchi's, my least favoured thing from a sushi place, but I had to show them here, its the best piece I have ever eaten. Its eggy but oh so light and not sweet, the essence of the egg was the star here.

I won't go into all the things I had, have a look at the pictures. Then you will discover the world of: Sekko Kani, Wakasaki, Onden, Madai, Ohaji, Ogawa uni and Anabi uni ..... you will still get great cuts of kampachi and shima aji, and a delicate crab broth flavoured chawanmushi.

HINOIRI Japanese Omakase

F-5-1 Pusat Perdagangan Bandar, Jalan Persiaran Jalil 1, Bukit Jalil, 57000 Kuala Lumpur 57000 Kuala Lumpur, Malaysia

Reservations: 016-3279516