Khinwai's Investing Journey
KW PORTFOLIO Track Record (Personal)
TOTAL RETURNS: 49.93%
ANNUALIZED RETURNS: 12.31% (3.49 years till date)
**The above portfolio performance chart is extracted from Bloomberg LP.
CAPS Track Record (The Motley Fool)
"Khin50 is outperforming 52.46% of all CAPS players."
**The above portfolio performance chart is extracted from my profile at The Motley Fool CAPS.
My Portfolio Management Strategy
The above two portfolios are constructed based on my personal risk profile and a deep concentration into Equities. I follow the Focused, Unconstrained Portfolio Strategy (Focus Investing). This indicates that I am unconstrained by asset class (although I have a strong preference for equities and REITs), country, sector and short-term portfolio goals (I do not subscribe to any statistically-based portfolio optimization method like All-Weather or Risk-Parity).
Adopting an unconstrained approach also means that there is no appropriate relative benchmark index to compare returns. For instance, my portfolio might include higher currency risks or lower interest rate risk not commensurate to the returns of any particular benchmark. Thus, the preference for long-term absolute returns irregardless of any index's performance.
"We don’t try to be anyone’s best performing manager in a given year because such an attempt would almost certainly fail. It would distract us from our focus on risk-aversion and the pursuit of excellent long-term results, while shifting our attention toward quick gains, short-term trades and market momentum."
Seth Klarman, CEO/PM, Baupost Group
Khinwai's Investment Philosophy
Conservatism & Prudence is Key
Being conservative and prudent is one of the key tenets I follow in all my investment analysis. Warren Buffett once said, "Rule #1: Don't lose money. Rule #2: Don't forget Rule #1."
Be Appropriate With Your Margin of Safety
Following the first tenet, applying an appropriate amount of Safety Margin in my analysis is essential to picking out stocks at undervalued prices, while still being open to opportunities that arises.
Don't Pay Too Much For Growth
Many growth investors get burned because they are over-optimistic about a growth narrative of a company. In determining growth, my strategy has always been to lay out existing advantages and values before evaluating any excess value in growth opportunities.
It's The Non-Quantitative Factors That Matters Most
Most analysts are about the numbers. Increasingly, we see that successful investment analysis leans toward a rational and specialized judgement on intangible qualities of the business. This is how I can value-add in the research process.
Actively Avoid Investor Biases
As human investors, we are subject to numerous psychological biases. It is the role of a good money manager to actively identify and avoid falling prey to such biases, so as to keep in line with Tenet #1 and protect investors' monies.
Have Strong Opinions, Loosely Held
By doing Long-Term investing, we inherently assume the dynamic characteristics of businesses, the investment landscape, and of consumer behavior. Therefore, we should never hesitate to change an opinion or conviction when new facts present themselves.
Let me help your company pick winning long-term stocks!
Available for employment for buy-side AM firms/funds with a strong value focus.
Why Should You Hire Me?
- Able to break down complex ideas & understand value drivers, and convey them simply
- Takes a prudent 3-pronged (fundamental-value, bottom-up, contrarian) approach to looking for market-beating ideas
- Have been honing this skillset for 6 years & Has a solid personal & virtual investment track record
- Able to apply value investing principles + modern growth indicators to find the next big idea
- Well-versed in conducting multiple seminars & workshops teaching long-term, prudent investing
- Unique Edge in identifying & analyzing intangible value drivers in potential investments
- Well-versed in equity research and writing for both short-form and long-form analyses (was a former student journalist)
- Has an entrepreneurial streak and growth mindset (who reads a lot!)
- Has a unique combination of prudent equity research + digital marketing/copywriting skillsets (2-for-1 Value!)
- You can utilize Singapore's Research Talent Development Grant that will co-fund 70% of my salary
MAS' Research Talent Development Grant
Extracted from the Monetary Authority of Singapore (MAS):
The research talent development grant is designed to groom a pipeline of equity research analysts and retain experienced research talent to initiate research coverage primarily of listed mid and small-cap enterprises. The grant will co-fund locals in the following areas:
a. 70% of the salaries for fresh graduates hired as equity research analysts
b. 50% of the salaries for re-employed experienced equity research analysts.
The grants will take effect from 14 February 2019. Please visit this link for more info.
PS: The GEMS Research Talent & Development Grant is in partnership with SGX, only for financial institutions (FIs) based in Singapore with equity research capabilities (e.g. brokers, fund managers, venture capital firms, private banks, credit rating agencies).