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 College London. Prof Sella provided an in-depth review of the periodic table of the elements to explain why gold, among all the atomic structures. Read More

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’s loss of creativity and inability to do “deep work” as a consequence of these addictive and distracting products, it seems. Read More

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 sector rather than disrupting it. With farmers having better access to information about prices of rice, corn, and chilli for example,. Read More

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 an intuitive one, it’s not necessarily the right one. This is because the terms of trade as calculated by the Indonesian Statistics Agency BPS. 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 represents a stand out is farmers. We believe that the farmers’ good mood has something to do with commitment. 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 where we pointed our flashlights could we anxiously try figure out what we were seeing. We heard cracking sounds in the dense vegetation. Read More

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 made available to the 10,000+ runners who attended this year. Oddly, however, we saw some of the portable toilets having very long queues while. Read More

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 in agriculture, this sector offers poor countries the most direct and immediate opportunity to increase economic output. Yet, (concentrated) land ownership by. Read More

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 sector, its management and financials. A good example is how much one can learn from reading the annual reports of Ramayana Lestari Sentosa.. Read More

One takeaway from the CIMB Indonesia Conference: An app alone is not a digital strategy

Heyokha team recently attended the CIMB 11th Indonesia Conference. Admittedly, the venue of the event in Bali is a big pull factor, for obvious reasons. Yet, we also found out that despite Bali’s distractions, the fact that we were being away from hectic Hong Kong or Jakarta helped us to focus and think better. This. 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.