Quarterly Reports

Protected: Heyokha-Brothers-Investment-Report-1Q-2020

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Protected: Heyokha-Brothers-Investment-Report-4Q-2019

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Heyokha-Brothers-Investment-Report-3Q-2019

Knowledge is learning something every day. Wisdom is letting go of something every day.
-Zen Proverb-

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Heyokha-Brothers-Investment-Report-2Q-2019

“Some things are true whether we believe in them or not”
-The Angel Seth, in the movie City of Angels-

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Heyokha-Brothers-Investment-Report-1Q-2019

Philip of Macedonia in a message to Sparta: “You are advised to submit without further delay, for if I bring my
army into your land, I will destroy your farms, slay your people and raze your city.”
Sparta’s reply: “If”

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Heyokha-Brothers-Investment-Report-4Q-2018

“Man never made any material as resilient as the human spirit.”
-Bernard Williams-

“Adventure is out there.”
-Ellie Fredricksen, Up (2009) by Pixar

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Heyokha-Brothers-Investment-Report-3Q-2018

The most useful piece of learning for the uses of life is to unlearn what is untrue.
-Antisthenes-

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Heyokha-Brothers-Investment-Report-2Q-2018

It is very rare or almost impossible that an event can be negative from all points of view.
-Dalai Lama-

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Heyokha-Brothers-Investment-Report-1Q-2018

“We neglected the Noah principle: predicting rain doesn’t count, building arks does.”
– Berkshire Hathaway annual letter to shareholders 1981 –

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Heyokha-Brothers-Investment-Report-4Q-2017

What you cannot see in the world is far more powerful than anything you can see.
-T. Harv Eker-

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About Quartely Reports

The reports published on this page cover what we have learned in that period. The reports are written to clarify our thought process to investors in our funds, but they may be of interest to anybody else who is interested in ASEAN markets and the Indonesian market in particular.

The latest report is always password protected and exclusively available for our investors. Yet, the older reports are available to anyone.