3 Jun 19:
The Apollo Asia Fund NAV fell 2.6% in May, to US$2,138.33; charts.
The 2018 report of income for UK Reporting Fund purposes is now available here; the page listing all reports (starting 2013) is www.apolloinvestment.com/UKreportingfund.html.
Given our harrowing losses in the squeeze-out delisting of Vard (documented in
'Forced and unfair delistings', April 2018,
and 'Vard saga continues', May-July 2018), I was happy
to read in The Edge that the CEO of Singapore Exchange Regulation is
"pleased with certain 'signature cases' and 'landmark policies'. For example, when Vard's controlling shareholders tried to buy out minorities on what were clearly unfair terms, SGX RegCo responded by revising rules, giving minorities better protection when similar circumstances arise in the future."- so I looked to see details of the rule change. I couldn't find them. A consultation was initiated in November, and closed in December. It's good to hear that there's an intention to protect Singapore's minorities in future - but when?
14 May 19:
Our screens are predominantly red again today - but there is one big macro development that should take your minds off the intensifying trade war and global politics. It relates to an area of breathtaking natural beauty, of extraordinary biodiversity, which I was fortunate to visit a long time ago. It could wreak economic and social as well as environmental havoc (again). A terrifying series of reports has been 'written at the urgent request of Chinese environmentalists... their only way of alerting the world'. It alleges that 'UNESCO staff, acutely aware that China is capturing an agency of the UN, are shocked but powerless'. The least we can do is to pay attention. Please read:
2 May 19:
The Apollo Asia Fund NAV rose 3.0% in April, to US$2,196.17; charts.
8 Apr 19:
The 1Q report considers prospects for Independent Thinking in the Co-Prosperity Sphere.
1 Apr 19:
The Apollo Asia Fund NAV rose 0.3% in March, to US$2,131.54; charts.
4 Mar 19:
The Apollo Asia Fund NAV rose 1.8% in February, to US$2,125.02; charts.
7 Feb 19:
China's clampdown on imports of waste plastics from January 2018 prompted diversion to other countries, political outcries, and announcements in several Southeast Asian countries about stemming the flow. The recent article 'Here’s what happens to our plastic recycling when it goes offshore' suggests that we don't currently know? as statistics are lagging or lacking? while George Monbiot's appropriately trenchant comments on 'Waste Colonialism' suggest that some exporting countries may prefer not to collect the info. Unless the countries of greatest consumption back the innovation-at-the-margin initiatives of companies and the waste-reduction efforts of individuals with coherent policy and an intelligently balanced regulatory framework of sticks and carrots, the waste may well be channelled to the countries with the least environmental protections, the remotest corners where supervision is least, or dumped in the oceans. The former might generate innovation and new winners in which we could consider investment; the latter may accelerate environmental apocalypse - the title of an article full of depressing anecdotes which ends with the very sound recommendation to enjoy the natural beauty of Asia while we can, and insider tips for ecotourism. If readers can shed light on effective policy initiatives or positive developments at scale, please let us know.
1 Feb 19:
The Apollo Asia Fund NAV rose 4.0% in January, to US$2,087.29; charts.
Amid the news flood, I draw to the attention of our readers two stories from Australia. Sarawak Report notes a 'Deafening Silence out of Australia over 1MDB's connection to top bank ANZ', which makes one wonder whether the regulator there is worthy of any taxpayer financing. Meanwhile, Australia's most valuable literary award has been won by Behrouz Boochani, still detained in Manus Prison after almost six years, chronicling the country's brutal treatment of refugees, and the extraordinary waste of human talent.
Melvin Gumal proposes Chinese New Year resolutions, explaining why we need to Save The Pigs. The commentator who tries to dismiss him as an armchair conservationist should try to keep up with his field trips in the jungle, and join him in braving the armed poachers. Melvin is one of my heroes, and first came to my attention when he won a Whitley Award.
24 Jan 19:
David Webb explains succinctly 'Why stock-plunges happen so often in HK'. The lack of interest in protecting investors from unnecessary risks is unhelpful to the social purpose of a stockmarket in promoting the efficient mobilisation and allocation of capital.
7 Jan 19:
The 4Q report has been posted: 'Flexible investments' - an aspiration, perhaps.
2 Jan 19:
The Apollo Asia Fund NAV fell 3.4% in December, to US$2,006.57; charts.
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