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A life lesson from a laundry lady

By Wuddy Warsono Okay, by now I had fully accepted that I would be spending Chinese New Year’s Eve alone, in my hospital room in New York. Since this was my first time doing so, I was tempted ... Read More


The Alchemy of Gold

Reading The New Case for Gold, we came across one very interesting chapter where the author James Rickards discussed a BBC interview with Andrea Sella, a professor of chemistry at University Colle... Read More

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Digital drugs and teens, lessons from remote areas

In our 1Q 2017 report, we discussed how tech companies design their products to activate pleasure centres in our brain so that we get hooked. Digital drugs, so to speak. While we worried about people... Read More

Feature image - farmer on bike

Job data signals improving conditions for Indonesian farmers

In our reports, we have been arguing that one area that’s less prone to digital disruption is the farming sector. In one of our key markets, Indonesia, the digital revolution has actually helped the... Read More

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The Mystery of Farmers' Term of Trade

According to the critics, a decline in terms of trade would indicate that farmers’ economic position is deteriorating and thus that the reform program is ineffective. While such conclusion might be... Read More


Let Farmers be The Judge

Are farmers in Indonesia a happy lot? In the past few years, Heyokha team has been traveling to many provinces in Indonesia to meet and talk to people from different walk of life. One group that re... Read More


Into The Wild

Jungle night trekking, from anxiety to serenity Mud-drenched clothes, legs covered by leeches, it didn’t seem to matter anymore after the darkness fell in the jungle. It was pitch black, and only w... Read More

The very adorable local kids cheering the runners

EMH, real life case

We recently attended the Maybank Bali Marathon and couldn’t help but noticing an interesting and recurring phenomenon. To the credit of the event organiser, a good number of portable toilets was ... Read More

Farmers working in the fields

No title no glory

In our fourth quarter 2015 report, we referred to a book titled “How Asia Works” by Joe Studwell. In this insightful book, the author pointed out that with most resources often being concentrated ... Read More

Ramayana AR2016 & 2015

Better late than never

What we learned from Ramayana’s 2016 annual report A passionate fundamental investor would devour annual reports like warm pastries, as it is a great way to get to understand the company, its sec... Read More

About Our Blog

This blog covers observations made by our team. It can touch on any subject that we deem relevant for investors in Asean markets.