You STILL dont get it do YOU?
First i am not trying to drive up anything OR affect anyone.
Next, the majority at your Agm does not move me one bit about the exorbitant fees.
Next, Its nothing to do with a scam or not......its all about your AGM majoority mentality. 60,000 consented
to a scam. Does it make their mentality RIGHT?
You are right about choices. Some Sheeple choose to be stupid.
Added on November 16, 2012, 1:43 pmTan Teng Boo made the following statement during the last AGM saga.
“My 18% growth which I have built up may be gone. Our NAV has gained 189% since listing or 18% per annum. At such a rate, in seven years time, it would be RM8.78. We give consistent long-term returns,”
how many people go deeper to analyze if TTB has really have done such a fantastic job for its shareholders as professed through the hero worshipping of shareholders and the ultra arrogant behaviour of TTB against the very people who employ and pay him his fees?
For the SHEEPle............
The gain of 18% pa of icap’s NAV over the 7 years period from inception to now (October 30 2012) outperformed KLCI of 12.0% (including dividend) by a wide margin of 4.8%. However, a closer look at its performance shows that all the outperformance was achieved in the initial period from inception up to 3 January 2008, when its NAV improved by 126% compared to 60% of KLCI.
Soon after that, in tandem with the decline of the world markets and KLCI, Icap’s NAV declined to its lowest at RM1.42 on 31st October 2008. After that NAV increased steadily again to RM2.96 on 2nd November 2012. However since the peak NAV on 3rd January 2008, the CAGR of icap NAV is only
5.9%, closely follows the total return of KLCI of 6%. Even from the low of the market on 5th March 2009, CAGR of NAV of icap to 2nd November 2012 of 21% doesn’t match up with the total return of KLCI of 22% per year. Where was the Sage TTB during this period? Was it just a temporary phenomenon happened by some luck factor in the early days?
Next, in terms of share price performance, Icap’s return of 12.6% per year for the entire period is not much better than that of the return of the market of about 12.0%. For those who bought athe peak price in 2008.....ahem....you have yet to see the price back at its High.. The share price on 2nd November 2012 is 10% below then, or at a
loss of 2% pa. During the same period, return of KLCI was 6% a year. This means the share price of icap underperformed the market by huge 8% per year.
Lets just say you were smarrt enough to have bought at the low price of Rm1.46. Your CAGR to date will be around 14%, no way near 18%! For the present price of Rm2.4 to get to TTB's holy grail of Rm8.78 in 7 years will require ........a CAGR............................drum roll...........oif......................................
20.4% !!!! 
So Can TTB be so cocksure of what he said above that the return is consistent, and that could continue to increase NAV consistently at 18% pa for the next 7 years for Icap share price to be RM8.78 in October 2019?
No, it's your concern about the exorbitant fees but I am looking at a bigger amount in long run which is well over to cover the fees by many times. So it's mutual opinion not only we are sheeple but you too.
If you are judging the fund base on the lower return happen these recent years and ignoring the out-performance that, so you are ignorance about fund management and have no idea what is Global Investment Performance Standard (GIPS) on how to judge a fund's performance base on their return since inception.
From a fund management point of view, we always look at the return since inception. While fund might perform well, it will always face trough period some other time and its performance may not up to market. However, it will eventually pick up base on the how consistent of the fund manager. As I have mentioned before, if ICAP has performed 50% better than you in the previous years, it will always be better than you even if you are outperfomring ICAP by 3% every year in the next 10 years. So it's you not getting it.
You also try to belittle the performance of ICAP base on share price, not its NAV is another joke. By the way, you are also so unintelligent to assume that investors will buy at ICAP at a very high price and eventually hold the share until today so they are making bad return in terms of share price, but you never consider if I am buying at discount and wait till I can get back NAV in 8 years later, I'll get a return that would even better than the return of CAGR 18% by the fund manager. No wonder you can't make money from simple investment like ICAP. HAHA:D, I just want to laugh at your face.
Nov 9 2012, 01:03 PM
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