Showing posts from June, 2017

HPH Trust : 一只让人又爱又恨的蓝筹股

< Image  credit to> HPH Trust has been one of the worst performer blue chips within the STI Index component. It has created hype during IPO in 2011 where investors being attracted with high dividend yield and promising growth story of China’s export and full potential of containerization. But the reality was that, with the increasing and fierce competition from surrounding port along Pearl River Delta , couple with prolong slump in the shipping industry in its secular down cycles, the result is reflected in the current stock price of -60% down since the IPO.

Looking at Stock Market as A “Complex Adaptive System “

One of my favourite book other than “ Game and Chaos Theory “ is this called “ Complex Adaptive Systems : An Introduction to Computational Models of Social Life, by John H. Miller and Scott E. Page “. What is “ Complex Adaptive System “  and why is it so important to understand the stocks market? other than “ behavioural or psychological “ aspect of the market. We often look at the things or world as “ linear “ and has a very clear “cause and effect “ relationship . The bulk of economics studies is based on equilibrium systems: for example, a balance between supply and demand, risk and reward, price and quantity, this view stems from the idea that economics is a science similar to Newtonian physics , with an identifiable link between cause and effect and implied predictability. When the equilibrium system is hit by an exogenous shock, it absorbs the shock and returns to an equilibrium state.
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