How I identify 5 SGX­listed small­cap stock calls that surge >30% in 6 months

Ernest Lim

CFA, CA Singapore

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Is there a typo in my title? It seems like many retail traders and investors have given up on trading Singapore small caps as they keep losing money most of the time. Over my past 10 years of trading, I have developed my own methodology which has enabled me to be profitable when trading Singapore small caps most of the time. Interested to find out more? Read on! Why should you listen to me? I am a CFA® charterholder, as well as, a Chartered Accountant of Singapore. Since my work as a remisier five years ago, I have met various companies on an exclusive basis and have joined numerous overseas and local visits to listed companies. My write­ups and comments have been published by the various media such as Bloomberg, Business Times, the Edge, Lianhe Zaobao and Sharesinvestment. Before embracing my lifelong passion as a remisier and full­time investor, I worked at GIC Special Investment and subsequently, I was with Legacy Capital Group Pte Ltd, a boutique asset management and private equity firm, as an investment manager for high net worth clients. Thereafter, I went to work as a fixed income securities investment manager. I graduated with honours from Nanyang Technological University with a Bachelor of Accountancy. I have started my investing journey since 1999, and through extensive reading on fundamental and technical analysis to implementation of these strategies in real time trading and investing, I firmly believe that picking small cap out­performers on SGX is possible. To illustrate my track record, in this Ebook I will share some recent examples of companies which I have spotted before they surged 30% and more importantly, the commonalities that they share which will enable you to spot your own small­cap out­performers! Why do most small cap investors and traders lose money? Before I explain how to pick small cap out­performers, we should first understand why many people lose money trading in small caps. Trading in the small cap stock has become increasingly challenging over time. From 2004 – 2007, one can literally “close eye and buy” any small cap stock and the probability of super normal returns is high. Since 2007, notwithstanding the global financial crisis (which arguably affects all stocks), the S chip debacle, and the penny stock crash in Oct 2013 have made trading in small cap stocks difficult. The word “difficult” is a euphemism as most retail investors have given up trading in small caps after being burnt by the aforementioned events. Some commonly cited ‘excuses’ by under­performing small­ cap investors and traders Singapore market is NOT a level playing field Most retail players complain that our Singapore market is rigged and plagued with insider knowledge and insider trading. Some allege that even the large market cap stocks such as Keppel Land and Olam exhibit such patterns. They point out that Keppel Land surge 13.7% from the intraday low of $3.21 on 17 Dec 2014 to close $3.65 on 20 Jan 2015. Keppel Land’s price appreciation has outshone the STI’s 4.2% gain over the comparable period. In view of the above examples, some retail players have alluded that the small caps may be worse than that of the large caps.

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Numerous corporate debacles There seem to be numerous pitfalls in trading SGX listed stocks, especially small caps. S chips, or China stocks listed on SGX have their fair share of companies being suspended (starting around 2008) due to fraud. Next comes the Blumont, Asiasons and Liongold saga in 2013 where 80 ­ 90% of their market capitalisation were wiped out within 2 months from their record highs. Since it is difficult to make money, most retail players reckon the best way is to stay away from Singapore market. Lack of corporate access Retail investors and traders find they are handicapped in trading small cap stocks. Firstly, the trading and investing style in small caps differ from that of the big blue chips. (I will elaborate this point later). Secondly, small caps typically have less analyst and media coverage, thus retail investors and traders have less avenues to obtain information on these companies. Consequently, some resort to listen to “hot tips” or “insider information” from their remisiers and friends. Unfortunately, most “hot tips” or “insider information” are typically inaccurate. Even when they are true, retail investors and traders are likely to be the “last” in the receiving end. In other words, they are the last buyers of the stock. Once the news comes out, selling escalates and they lose money. Algo trading tips the scale against retail traders Algo trading uses technology to enter trades based on pre set trading instructions. Such trading instructions incorporate a host of variables such as volume, price etc and they typically digest information, react and execute trades faster than retail traders. Most retail traders have given up as they find it unprofitable to trade against algo trading. Illiquid and difficult to trade Illiquidity arises from two fronts. Firstly, due to the aforementioned factors, retail traders and investors have gradually reduced their trading activity or totally stopped. According to statistics, the total trading volume conducted on our SGX bourse dropped 25% in 2014 on a year on year basis. Secondly, some small caps have little trading activity as the bulk of the shares is owned by the top twenty shareholders. Other small caps (even if they are profitable with a good business model) may prefer to be low profile. As a result, these small caps will also suffer low trading activity as the investment community may not be aware of them. Why bother with small caps then? Despite the above problems, there are four main reasons why I have continued to trade (successfully and profitably) in small caps. Access to management Contrary to popular belief where most investors believe that small cap companies have low profile management who do not like to meet investors, I find most small cap companies are willing to meet investors as long as we show genuine interest in the company. Knowing and having a sense of the key people running the business are very important for us to form a holistic view of the investment. Affordability Similar to the man on the streets, I am a retail investor and trader. I started to look at small cap stocks in 2000. However, I only managed to open my first brokerage account after I turned 21 in 2002. Being a university student, the stocks which I could afford were naturally the small cap stocks as they were more affordable. Thus, this was logically the space where I started researching. After a decade plus of investing / trading in small caps, I have not regretted my initial step in researching the small cap space. Small cap investing / trading will continue to form an integral part of my portfolio.

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Easy to understand Small cap companies usually have niche products, or specific business segments which are easier to understand than conglomerates. As Peter Lynch once said “Know what you own, and know why you own it.” If I do not understand the company’s business / growth drivers / prospects after much research, I will rather ignore the company and invest my time and resources on another company. Upside potential is higher As time is limited, I would choose to research on the investments which I believe they can generate the “best bang for the buck” (i.e. a higher potential return.) Small caps offer such potential opportunity as they are typically under researched and due to their low price, every tick generates a higher potential return than that of the large caps. 6 must­have characteristics of small cap out­performers Typically, the usual small cap out­performers have the following 6 prerequisites. These prerequisites are simple, easy to learn and implement. In short, they are pretty “common sense”. The 6 must have characteristics which I outline in the subsequent few pages are supported with succinct examples. Most of these examples satisfy most, if not all of the criteria, in order to be out­performers. 1. Presence of near term catalysts with clear significance and time frames In our Singapore market, for those veteran traders, you would have probably noticed that the small cap stocks typically move in anticipation of certain potential catalysts. Some investors dismiss such near term catalysts as “inside news” of which they are / will not be privy to. However, this is NOT true. Below are some examples on stocks which have near term catalysts with a horizon of 1 – 3 months and they have outperformed over 1 month and 3 month periods. These near term catalysts can range from a unique factor; potential turnaround story; or discovery by the investment community through road show / site visit / analyst coverage. Unique factor: Guocoleisure – revaluation report is the near term catalyst Let’s use Guocoleisure to illustrate this unique factor. Mr Quek Leng Chan announced on Dec 2012 that he has offered to take Guoco Group Limited private. This is a near term catalyst for those investors who understand Guocoleisure. This potential near term catalyst inspires me to take a closer look on Guocoleisure as I believe that such exercise will involve an independent financial adviser who has to evaluate whether the offer by Mr Quek Leng Chan is fair. Thus there is likely to be a revaluation report done on Guocoleisure as it is part of Guoco Group Limited. Given the market conditions at that time and the nature of Guocoleisure’s assets which are carried on Guocoleisure’s books at cost, the revaluation exercise is likely to be positive for Guocoleisure. I posted a write­up on Guocoleisure citing the above point and other company developments on 19 Feb 2013. Before my write­ups, there was no rated report on Guocoleisure (according to Bloomberg). After my write­up in Feb 2013, Lim & Tan, DMG and UOB Kayhian initiated rated reports in Mar 2013. CIMB Securities had an unrated report in Mar 2013. The Edge also had an article on Guocoleisure in Mar 2013. Here are the returns generated over the periods of 1 month, 3 month and the peak price from the date of my article. Over a 3 month period, Guocoleisure reaped a return of 17% vis­à­vis 5% and 3% for STI and FTSE ST Small Cap Index (“FSTS”) respectively. If we compare the peak returns during the 3 month period, Guocoleisure would have generated 36% return against 5% and 3% for STI and FSTS respectively.

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Table 1: Guocoleisure returns vis­à­vis STI and FTSE ST Small Cap Index

Source: Ernest’s compilation (Guocoleisure’s peak price refers to the price on 24 Apr 2013) Please refer to http://ernest15percent.com/index.php/2013/02/19/guocoleisure­portfolio­of­undervalued/ for more information. Near term catalysts should be easy to understand with an indicative near term time frame. The above example on Guocoleisure is easy to understand. It is known that Guocoleisure’s assets are recorded on their books at historical cost. Even at historical cost, Guocoleisure trades at 0.68x P/BV (NAV / share: $1.075) with a historical dividend yield of 2.7%. If its assets are valued at market rates, the valuation discount will be starker. Thus, it is highly likely that the stock may move higher in anticipation of the independent valuation report. Turnaround / discovery play: China Sunsine – Turnaround & site visit I have first written on China Sunsine (“Sunsine”) on 21 Feb 2014 and posted my write­up on 23 Feb 2014. (See link here http://ernest15percent.com/index.php/2014/02/23/china­sunsine­small­market­cap­ye/) It seemed to be a turnaround play as evidenced by the increasing revenue and net profit sequentially for three consecutive quarters. (See Table 2 below) Table 2: Sunsine’s quarterly results since 1QFY12 3QFY13 2QFY13 1QFY13 4QFY12 3QFY12 2QFY12 1QFY12 Revenue (RMB m) 440.3 426.5 384.0 361.0 368.9 363.3 324.0 Gross Profit (RMB m)

84.4 79.3 56.0 51.1 62.4 72.7 57.5

Net Profit (RMB m)

27.1 20.5 11.7 ­0.9 5.7 11.2 15.9

Source: Company & Ernest’s compilations Sunsine traded at $0.255 on 21 Feb 2014 with no analyst coverage. With reference to Table 3 below, it surged 22% from 21 Feb 2014 – 29 Aug 2014 as compared to 7% and 3% for STI and FSTS respectively over the same period. Table 3: Sunsine’s share price performance from Feb 2014 – Sep 2014

Source: Ernest’s compilation (Sunsine’s peak price refers to the price on 7 Aug 2014) *Note that Sunsine went ex dividend of $0.01 / share on 30 Apr 2014 and this dividend was not included in the above calculation of the return. In Sep 2014, after doing more research and hearing that Sunsine was organising a site visit for analysts and shareholders to their China factories around mid Sep 2014, I decided to publish another write­up on 1 Sep 2014 (See http://ernest15percent.com/index.php/2014/09/01/china­sunsine­recovery­in­play/). As there

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have been no rated analyst coverage reports and this was the first time (after some time) that Sunsine was hosting a site visit, this fulfilled the “discovery” criteria. In line with expectations, the stock surged before and after the site visit with analyst reports released after the site visit. Amfraser published a rated report and CIMB Securities released an unrated report. Below is the tabulation of Sunsine’s returns vis­à­vis STI and FTSE ST Small Cap Index over a 1 month and 3 month returns. Based on Table 4 below, Sunsine’s share price jumped 35% and 40% vis­à­vis STI’s ­2% & 0% and FSTS’ ­4% & ­9% over a 1 month and 3 month period respectively. Table 4: Sunsine’s share price performance after site visit

Source: Ernest’s compilation (Sunsine’s peak price refers to the price on 5 Nov 2014) To know the approximate dates of the site visit is not difficult. This was indicated here http://www.nextinsight.net/index.php/story­archive­mainmenu­60/924­2014/9033­heading­up­to­china­to­visit­china­sunsine. Readers can also check with the company’s investor relation to know such details. Some catalysts may not be catalysts to me However, there are some widely touted developments which are termed as catalysts but are not easy to understand or to quantify. For example, some announcements involve mind boggling numbers which seem “too positive”. Below is an example of deals with mind boggling numbers but are eventually scrapped. JES, a Chinese shipbuilder announced on 5 Nov 2013 that it was acquiring a 30% stake in Mineriver for S$127m. On 14 Jan 2014, JES followed up with a JORC report which reportedly mentioned that the Mineriver’s mining assets might be worth half a trillion of U.S. dollars. JES subsequently entered into another deal to acquire 51% of SCIBOIS CO. LTD. SCIBOIS’ forestry concession reportedly amounted to be at least US$3b. Although both deals involved astronomical numbers and supposedly positive benefits, it was difficult to quantify the impact and the timing of such impact to JES. Besides it raised several questions such as whether JES has the funds and the capability for such ventures, especially when it was not their core business. Furthermore, if the investees have such solid assets, they will be likely highly sought after by other bidders. All in, the “mind boggling” numbers seemed too good to be true. As I have my doubts on the success of the acquisitions, I did not buy into JES after it announced the deals. In the end, JES scrapped both acquisitions and at the time of writing this Ebook, it has been suspended since 27 Feb 2015. JES has tumbled 83% from an intraday high of $0.149 on 5 Nov 2013 to close at $0.026 on 27 Feb 2015. (See Chart 1 below)

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Chart 1: JES’ roller coaster ride since 5 Nov 2013

Source: CIMB Securities’ chart 2. Understand the company and the basis of owning the stock Peter Lynch once said “Know what you own, and know why you own it.” This is important as some of my clients like to ask whether they should continue to hold / buy more / sell their stocks. I will usually inform them that one of the key considerations to the above question is to evaluate their initial basis of buying the stock. Generally speaking, if we just view the stock as one sole investment without considering macro and portfolio aspects, if the basis is still valid, they can consider holding or buying more. If the basis is no longer valid, they can consider taking profit or cutting loss. Guocoleisure – should sell before and latest immediately after revaluation report Let’s refer back to the Guocoleisure’s example above. My basis in Guocoleisure stems mainly from the revaluation report. Thus, I should sell once the revaluation report is out. (My preferred method is to sell some before the event and some immediately after the event). Guoco Group Limited halted trading on 23 Apr 2013 which fuelled speculation that the independent valuation report would be out soon. On 29 Apr 2013, Guocoleisure released the independent valuation report and on 30 Apr 2013, Guocoleisure opened at $0.945 but suffered a bout of profit taking which caused it to drop 7.4% to close at $0.875. It dropped 15% more in the next three months to close at $0.740 on 28 Aug 2013. For traders / investors who are clear on the basis of their trade, they would have sold latest on 30 Apr 2013 and would have easily generated superior returns vis­à­vis the indices. For those who are prudent and sold some on 24 Apr and the balance on 30 Apr, they should easily have generated >30% for this trade in less than three months. For those who sold everything on 30 Apr, they should have obtained >25% return (if I take the median price of $0.910 as the exit price on 30 Apr). Please refer to Table 1 below for the returns. (I have re­copied here below for your ease of reference.) Table 1: Guocoleisure returns vis­à­vis STI and FTSE ST Small Cap Index

Source: Ernest’s compilation (Guocoleisure’s peak price refers to the price on 24 Apr 2013)

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3. Access to management Similar to any other retail investor, whenever I read company financial results, prospectus, annual reports, industry reports, analyst reports, I usually end up with more questions. Access to company management or at the very least, investor relation from the company is extremely useful as I can verify my queries with them. In my opinion, it is important to know the management that is running the companies which you are investing in. For retail investors, you can consider to attend the AGMs to have a “feel” on the management. If possible, it would be good to connect with the management during the AGMs’ tea break. You can also contact the investor relations of the companies and verify the queries that you may have. ISOTeam – Met the management three times on an exclusive basis I started to take a look in ISOTeam after I saw they have posted a couple of contract wins in Aug 2013 & Oct 2013. I found their business extremely interesting and defensive. As only UOB Kayhian covered it at that time, there was insufficient information and I arranged to meet the ISOTeam’s management on an exclusive basis. ISOTeam’s CEO (Anthony), General Manager (Richard) and CFO (Tan Wei) met me on an exclusive basis. Through my research in ISOTeam, I met all three of them together on an exclusive basis three times. I was impressed with the management as they are candid people and clarified my numerous queries. I felt comfortable after meeting them as I have a better understanding of the company and most importantly a sense on the management. I first posted a write­up on 20 Jan 2014. (See http://ernest15percent.com/index.php/2014/01/20/isoteam­defensive­recurring­business/) ISOTeam has soared 51% from $0.390 on 17 Jan 2014 to $0.590 on 27 Feb 2015. Inclusive of the dividend of S$0.01 / share payable on 14 Nov 2014, ISOTeam has appreciated a total of 54%. Table 5: ISOTeam’s returns vis­à­vis STI and FTSE ST Small Cap Index

Source: Ernest’s compilation (ISOTeam’s peak price refers to the price on 18 Feb 2015) *Note that ISOTeam went ex dividend of $0.01 / share on 31 Oct 2014 and this return was not included in the above calculation. Since my write­up post on 20 Jan 2014, ISOTeam has produced good results, strong order wins momentum and increased analyst / media coverage. I am not the only one who has a good impression on ISOTeam. After my write­up, there is a greater following from the media and analysts. In addition, some reputable names have subsequently emerged as substantial shareholders of ISOTeam. For example, Nippon Paint (Singapore) has increased their stake from 2.6% to 5.9% in Dec 2014. It is noteworthy that ISOTeam is the exclusive applicator for Nippon Paint (Singapore). (You may have read that Mr Goh Cheng Liang, founder of Nippon Paint South­East Asia Group (Nipsea), is Singapore’s richest man with a US$8.2b fortune, ahead of Mr Wee Cho Yaw, second richest man in Singapore with a US$6.9b fortune.) Besides Nippon Paint (Singapore), Singapore Tong Teik (Private) Limited has taken a 6.4% stake in 1

ISOTeam in May 2014. For those readers who have followed the news on UE E&C, a construction / property developer, they should be familiar with Singapore Tong Teik (Private) Limited which had previously acquired a significant stake in UE E&C.

1 Tong Teik ceased to be a substantial shareholder of ISOTeam in May 2015.

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In Feb 2015, after reviewing ISOTeam, I was satisfied and impressed with its above developments and have done another write­up http://ernest15percent.com/index.php/2015/03/01/isoteam­surged­55­since­my­last­writeup/). Time will tell whether ISOTeam can continue to move higher. 4. Industry – An important factor The industry is an important point to note on three aspects. 4A) Most industries have business cycles which take time to pan out Firstly, it is noteworthy that most industries have business cycles which range from start up → growth → maturity → decline. Each stage takes time to pan out. If you are investing in a small cap company which is at the early stage of an industry decline, even if the company is doing very well at this time, it may not be able to sustain its competitive edge over time as the industry decline gains traction. This is because other larger firms in the same industry are likely to encroach into the small cap niche in order to get more business. Dukang Distiller ­ eventually succumbed to China’s curb on government public spending Dukang Distiller is a case in point. In its 2QFY13 financial results press release on 7 Feb 2013, Dukang mentioned that it was a 2nd tier brand which could potentially benefit from the government curbs on 1st tier brands. However, in its 1QFY14 financial results press release on 14 Nov 2013, Dukang mentioned that the impact of the curb on Chinese government public spending on 1st tier baijiu brands had affected them. At the time of writing this Ebook, Dukang has not recovered yet. In a nutshell: I would ignore companies in 4A unless I am dead certain that the company has sustainable competitive advantage over its peers. 4B) It’s easier to find a GOOD company in a GOOD industry ISOTeam ­ in a Good industry Let’s take ISOTeam as an illustration for point 4B. ISOTeam’s Repair and Redecoration Works are recurring in nature and growing at double digits due to increasing number of buildings which require re painting and other works as the buildings mature. (You can refer to my two articles on ISOTeam – see the links below for more details http://ernest15percent.com/index.php/2014/01/20/isoteam­defensive­recurring­business/ & http://ernest15percent.com/index.php/2015/03/01/isoteam­surged­55­since­my­last­writeup/) As a rising tide lifts all boats, it is logical that that there is a higher probability of finding a GOOD company in a GOOD industry. 4C) Business cycles should recover over time Most business cycles occur in cycles. At the late stage of an industry decline, if we can still find companies whose business is becoming better in terms of results and company developments, it may be worth a closer look. Resources Prima ­ potential turnaround in a challenging industry An example is Resources Prima Group (“RPG”) which is in the challenging coal industry. It is a well known fact that the coal industry has been in the doldrums for several years. According to the World Bank, coal prices may reach a bottom in 2015. Despite the challenging coal industry, RPG seemed to be turning around with a positive set of 4QFY15 for the period ended Mar 2015. (It has largely cleaned out its balance sheet in its 3QFY15 results).

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Besides my view on the coal industry which i suspect should be near the tail end of the industry decline (probably another year), I also noted that RPG would be coming to Singapore on the week of 6 Apr 2015 to host some luncheon talks at brokerage houses. This fits both of my criteria of 4C and “discovery criteria”, thus I decided to do a write­up on RPG and posted on my blog on 30 Mar 2015. Please refer to my write­up http://ernest15percent.com/index.php/2015/03/30/resources­prima­group­what­attracts­me/ for more details. With reference to Table 6 below, RPG registered a significant 45% and 58% over 1 month and peak returns vs. 2% & 3% for STI and 5% & 5% for FSTS respectively. Table 6: RPG’s returns vis­à­vis STI and FTSE ST Small Cap Index

Source: Ernest’s compilation (RPG’s peak price refers to the price on 17 Apr 2015) *It is noteworthy that I have done a technical write­up on RPG citing the potential base formation when it was trading at $0.083 on 20 Mar 2015. 5. Valuation Guocoleisure – valuation cheap on a historical basis; even cheaper on revalued basis Using information from my article on Guocoleisure dated Feb 2013, its assets were recorded on their books at historical cost. Even at historical cost, Guocoleisure traded at 0.68x P/BV (NAV / share: $1.075) with a historical dividend yield of 2.7%. If its assets were valued at market rates, the valuation discount would be more significant. Thus, it was highly likely that the stock may move higher in anticipation of the independent valuation report. Sunsine – stark discount to the smaller peer Using information from my second article on Sunsine dated Sep 2014, Sunsine traded at 0.8x P/BV and annualised 2014F PE of around 4.3x. Net asset value per share was around $0.380. On a historical basis, Sunsine traded at an average P/BV and P/E of around 1.0x and 7.3x respectively. Its smaller peer Shandong Yanggu Huatai Chemical (“YGHT”) traded at 35x FY14F PE and 4.6x FY14F P/BV. Furthermore, YGHT’s estimated FY14F revenue and net profit were lower than Sunsine’s 1HFY14 figures. Buying at low valuations offers a larger margin of safety (i.e. reduce the probability of making significant losses). 6. Chart should support the thesis above Sunsine – Chart with a potential flag breakout supports outlook With reference to Chart 2 below, Sunsine seemed to have staged a flag breakout on the upside at the time of writing my 2nd article on Sunsine. This is in line with my expectation that Sunsine may re rate on the upside due to the site visit held in mid Sep 2014.

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Chart 2: Seems to have staged a flag breakout on the upside

Source: CIMB Securities’ chart as of 28 Aug 2014 RPG – Upside breakout to base formation With reference to Chart 3 below, RPG’s upside breakout to its chart formation was in line with my expectations of an up move and coincided near or around the time of my write­up. Chart 3: Base formation completed, on the verge of a potential uptrend

Source: CIMB Securities’ chart as of 27 Mar 15 It is noteworthy that charts should support your own fundamental views of a company. If the chart and your fundamental outlook do not agree, you will have to make a conscious decision to decide which one you place emphasis on.

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So what’s next after the 6 must have characteristics? Now you know the 6 must­have characteristics of small cap out­performers, I will like to share with you some bonus points to improve your probability of finding the small cap out­performers. 1. Do adhere to the criteria There is no Holy Grail, period. Some people switch from method to method, as they hope to find a holy grail where they will win 100% of the time. In my opinion, we should choose a set of criteria for our stock selection in line with our risk profile, returns’ expectation, time constraints and expertise. For myself, I find the 6 must have characteristics work well for me. Nevertheless there will still be occasional unprofitable trades. Such unprofitable trades spur me to fine tune my strategy so as to make it more likely to be profitable the next time. 2. Good to invest / collaborate with a group of like minded individuals For beginners or working professionals who have no time to go through each criterion in detail, they should form a like minded working group so as to split out the stock selection work according to the individuals’ circle of competence. Conclusion – “An investment in knowledge pays the best interest” The above 6 points serve as a general guide to anybody who wishes to find out – performers. Trading and investing involve your own personal hard earned money. As Benjamin Franklin once said “An investment in knowledge pays the best interest”. In other words, it is imperative to educate yourself and form your own independent opinion after your research. WHAT YOU CAN DO NOW You can join the email list on my blog where you will be notified of my selected write­ups after I post them on my website. It is noteworthy that my clients receive more materials and write­ups with more details and in a timelier manner. For those who are keen to find out more about my services, please fill up a simple contact form here http://ernest15percent.com/index.php/about­me/ All the best in your trading and investing! I hope we have a chance of walking the journey of trading and investing together. Ernest Lim, CFA, CA Singapore Remisier

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Disclaimer: The information contained herein is the writer's personal opinion and provided to you for information only, and is not intended to, or nor will it create/induce the creation of any binding legal relations. The information or opinions provided herein do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or invest in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein are suitable for you. The writer will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials appended herein. The information and/or materials are provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials. CFA Institute does not endorse, promote or warrant the accuracy or quality of ernest@ernest15percent.com. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

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