Merry Xmas

Another year is just about gone.

As usual, there were many headline events over the year. The cumulative effect of these events on the trajectory of the good businesses that we hold will be virtually nil in the coming 5 to 10 years. On a portfolio level, I have had my share of good decisions and bad decisions, and fortunately, at this stage, the impact of my good decisions appear to outweigh the impact of the bad ones. There is always room for improvement, and I will be taking some time off during the Xmas and New Year to examine ways to minimise my unforced errors.

With a few trading days to go, we received an early Xmas gift from our indomitable UOS with an encouraging profit guidance for the full year. It is worthwhile noting that this guidance came in the face of a 10% slide in the MYR/AUD currency cross-rates. May we have many many more bountiful years with the Kongs.

The folks at DTL continue to kick goals. At the current trajectory rate of the business, I doubt many of the employees at DTL will get a decent break over Xmas. Many thanks from a happy and grateful shareholder.

Once again, another big thank you to Alf Mouffaridge of Servcorp, not the least for presenting another entertaining Annual Report. My message to you this year is that there is no shame in imitation. Many great business successes are based on imitation of best methods invented by others.

Finally, to Indy Singh of Fiducian. You have built a might fine business. Stick to what you believe, and do exactly what you say. The rest will follow.

To all readers, thank you for your patronage. I wish you a Merry Xmas and a Happy New Year!

Yours One-Legged