As long not sold, the losses cannot be charged out...    not only parkson, but tong herr also, he slowly selll and offset the losses.

Anyway interest received  can cover liao....

What Are Impairment Losses?
http://www.wisegeek.com/what-are-impairment-losses.htm

Lol impairment on a stock is gonna be messy... if the price improve later, they have add it back in as other income. 

Many have tried and fail.. TTB.. have many macai to support him. 

The bulk of the NAV – about 66.52% or RM260mil – is in the form of cash because the fund has not been able to find “value stocks” and has had a bearish view of the markets more than a year ago.

icapital.biz’s portfolio comprises Boustead Holdings Bhd, Padini Holdings Bhd, PI Industrial Bhd, Suria Capital Holdings Bhd, Fraser & Neave Holdings Bhd, Malaysian Smelting Corp Bhd, Tong Herr Resources Bhd, Vitrox Corp Bhd and Wellcall Holdings Bhd.

In response, the fund had said that a share buyback would destroy value for a close-end fund like icapital.biz. “Cash is raw material for icapital.biz. The more the shares repurchased, the lesser the capital or assets available for investments to generate capital appreciation which would lead to higher NAV growth,” said Tan Teng Boo, the designated person for icapital.biz.

Over the years, I have met with many investors, locally and abroad, young and old, retail and institutional, students
and CEOs, salaried and very wealthy, educated and uneducated and more. In the course of meeting these people,
I have often been asked what my investment philosophy is as a fund manager. When I answered that it is value
investing, I get an interesting variety of response.

Some seem to understand this time-proven investing style and after a short elaboration, they get it. After lengthy
explanations, many, including the educated professionals, the CEOs, and the institutional type, do not seem able to
grasp the idea of value. After lengthy explanations on value investing, many would still ask me when is a good time
to buy or sell. Short of fainting, I would then patiently find all sorts of examples to make the simple notion of value
investing even simpler. After all these efforts, and explaining that Warren Buffett uses value investing, many would
still ask apparently innocently, when the next bear market will start or why are you holding so much cash or worse
still, accuse me of lacking investment ideas.

The concept of value investing is really simple. However, understanding and applying this time-proven investing
style consistently is another story altogether. Value investing is about finding the intrinsic value or sustainable
earning power of a stock, a business or an asset and then buying it at an attractive price, which is always below the
intrinsic value of the stock, business or asset. Doing so provides the buyer a margin of safety, one of the central
concepts in value investing.

What is margin of safety ? If value investing is hard to understand for some people, margin of safety is even more
difficult for them. In this commentary, I hope I can make this key concept clearer.

At the time of writing this, icapital.biz Berhad still has a high cash level. The high cash level is a result of the
“Bamboo” eclectic value investing philosophy of Capital Dynamics. With the rich valuation of the stock market, it
has been difficult to find sound investment ideas at attractive prices. We have plenty of investment ideas but are
they at prices that are attractive ? An attractive price would mean that there is built in a margin of safety.
This brings us to the central principle that makes value investing such a time-tested and successful investing
method. Many of us would have read about the recent cruise ship disaster in the Yangtze River in China where
hundreds of passengers died. As a value investor, this tragedy offers precious insights and lessons about margin of
safety and risk management. While investigations are being conducted in the capsizing of MV Dong Fang Zhi Xing
(Eastern Star), a few points stand out.

At around the same time as the Eastern Star capsized, the captains of at least two other ships on the same section
of the Yangtze River chose to anchor their ships on that night after the local maritime bureau sent warnings to
expect heavy rain and thunderstorms. The passenger vessel, Yangtze Sightseer No. 6, anchored at around 9:10
pm, six miles away from the disaster. The car carrier, Changhang Jiangning, dropped anchor in order to wait out
the storm.

It was clear that the weather conditions in the Yangtze River were rough and dangerous. A safe approach, that is,
an approach with a margin of safety, was to anchor and wait for the adverse weather conditions to pass. The same
principle applies when investing in the stock markets. Like the captains of the two other ships, we know that the
prevailing economic and investment landscape is stormy. With the valuations of the stock market high and based
on forever zero interest rate, and the US monetary policy badly handled, investing now would be like the tragic
Eastern Star that did not anchor. In not anchoring, the captain of Eastern Star made the ship vulnerable to nasty
surprises as he ignored the safety margin principle. Holding a high level of cash is like anchoring our ship and
patiently waiting. We do not know when the weather conditions will get better but what we know is that sailing in
such adverse weather conditions is dangerous. A highly valued stock market, like a ship in turbulent weather
conditions, can be easily capsized by any adverse event.

+1

then he should not claim 1.5% management fee based on NAV, gaji buta.

Dont jelly lah.. 

His Ferrari needs high maintenance OK! 

Also his Lotus Elise...

And his other nice cars...

No few Million a year how to survive? Malaysia's WB wor..? 

Give face lah.. 

Total fees for 2009 is 3,495,212
Total fees for 2010 is 4,037,100
Total fees for 2012 is 5,789,726
Total fees for 2013 is 6,179,782
Total fees for 2014 is 6,218,982
Total fees for 2015 is 6,318,354

Current total of all fees collected since 2009:32,095,510.

just collected fees without work, 1 day money will kosong and all go to his pocket. hidup icap, hidup TTB. mati investors.

fuh total rm 32mil fee collected by TTB for doing minimal work (issuing statement saying stock is overvalue) 

I want to be in TTB position.. can get "free" income 

seriously what the shareholder thinking? they should at least make some noise or reject all the board members re-appointments.

I heard 75% supported 

This is cos they see him as grandmaster sifu....

Sifu never do no wrong one ....
If one looks and studies the portfolio....
One can clearly see that his success lied on 'perfect timing'...
The fund started in a period where stocks were simply cheap all across the board.
There was nothing special.....

Also two of his mega losses...
One was Axiata...
Tent Boo did not want to subscribe to the rights issue...
Fund ended up with a 12 million loss (if not mistaken)....
Irony...if he had subscribed to the rights issue, Icap would have a mega winner....at least a four bagger!!!!

Next....Parkson....last I saw...
Unrealised losses were more than 10 million....

Based on these 2 examples....
Would I rate Teng Boo as a smart fund manager?
Would you?

“Cash is the most precious call option. There is a report done by Harvard that share buybacks are not good for the market and the economy,” he said.

Total fees for 2009 is 3,495,212
Total fees for 2010 is 4,037,100
Total fees for 2012 is 5,789,726
Total fees for 2013 is 6,179,782
Total fees for 2014 is 6,218,982
Total fees for 2015 is 6,318,354

Current total of all fees collected since 2009:32,095,510.

PETALING JAYA: Fund manager Tan Teng Boo believes that the FBM KLCI will stay muted for the rest of the year due to the lack of a clear direction on the future interest rate hike by the US Federal Reserve.

And more the record: http://www.thestar.com.my/business/busines...kl-market-seen/

Despite media reports and financial pundits’ analyses on the possible downturn awaiting the Chinese economy, Tan believes otherwise. China, which enjoys commendable political stability and strong policies, is expected to weather the impact of global economic sluggishness and maintain its performance.

“I am bullish on China’s performance even for the next 50 to 70 years to come.[U]

As far as I understand, of the total fees, half is management and half is consultancy fees. I would like to ask is this the first fund in the world where the fund needs to pay the fund manager research and consultancy fees on top of management fees?