That day, I strolled along the main road of Cikini around Menteng. Jakarta’s weather was neither too hot nor rainy. It seemed as if the capital was in a good mood.

Quietly, I admired the colonial architecture still present in the Cikini area. The cafe’s interior and the sidewalk were only separated by a glass window. I began to imagine how Dutch ladies in that era would leisurely drink tea, sip coffee, and exchange gossip, without the rush of work or the immediacy of WA messages or emails demanding immediate responses. Honestly, in that moment, a feeling of jealousy emerged within me.

Engrossed in my own thoughts, out of nowhere, an old man approached and said:

“Sir, I’m actually embarrassed to say… I need a little bit of money to go home by train from Gondangdia station. But my wallet is completely empty, sir. Please help me get home.”

I sensed a tone of despair from the man when he showed me his tattered, empty wallet.

Perhaps due to my preoccupied mind, I automatically mustered a “Sorry, sir…”, assuming it was another one of those frauds in my beloved Jakarta.

As if he could read my mind, the slight look of desperation on the man’s face immediately turned into one of disappointment as he apologised, “I’m sorry for disturbing you, sir… I really am.”

Just like that, the man shook his head and walked away. It was hard to guess why the man shook his head. What was he feeling? Who knows?

About five minutes later, a wave of regret slowly washed over me. I felt something odd, something unusual. The man didn’t force me. In fact, he apologised. A single glance at his eyes confirmed that he was embarrassed to do so. Or maybe he’s a great actor. Who knows?

Stricken with confusion and regret, I turned around to look for the man. But he had disappeared, as if he were a ninja.

So I let out a sigh, turned around again, and continued my journey. However, this time, I didn’t gaze at the beautiful Dutch-styled window displays along Cikini road. The only thing I could picture was the man’s gloomy face, which continued to resurface in my mind. I kept asking myself, “What if the man really couldn’t come home?”

I should have followed my heart more often. Occasionally, I ought to try listening to my inner voice and extend a helping hand to those suffering like the man. However, in my case, it was far too late now.

At times, the fast-paced lifestyle of being a “Jakarta person” can numb our conscience, credited to our frequent experiences of deception and dishonesty. The fear of being taken advantage of often compels us to shut ourselves off from our inner voice. I found myself in a moment of silence, deeply contemplative. However, this time, it wasn’t about the Dutch ladies.

This time, my thoughts shifted to a culture that we face daily. In an organisation whose culture focuses on office politics and backstabbing, members would be busy “building gates” to fortify themselves. In this survival mode, our inner voice often gets ignored. But so what?

On the other hand, in an organisation where members genuinely care for each other and sincerely communicate with each other, we become part of the lives of fellow members of the organisation- in other words, a true community. We all yearn to be part of something greater than ourselves, feel safe and happy, and dare to be ourselves.

This courage to “be ourselves” comes down to the desire to build bridges instead of gates. It involves listening to the whispers of the heart that keep us from becoming overly cautious “Jakarta people”. These whispers from the heart make us willing to be attentive listeners, opening ourselves to the stories of our neighbours.

I try to remind myself that listening with genuine attention and appreciation is the key to good social relationships. It is the foundation for building social bridges—pathways that lead us to happiness, success, good health, and the many joys life has to offer.

Written by Wuddy Warsono, CFA


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That day, I strolled along the main road of Cikini around Menteng. Jakarta’s weather was neither too hot nor rainy. It seemed as if the capital was in a good mood.

Quietly, I admired the colonial architecture still present in the Cikini area. The cafe’s interior and the sidewalk were only separated by a glass window. I began to imagine how Dutch ladies in that era would leisurely drink tea, sip coffee, and exchange gossip, without the rush of work or the immediacy of WA messages or emails demanding immediate responses. Honestly, in that moment, a feeling of jealousy emerged within me.

Engrossed in my own thoughts, out of nowhere, an old man approached and said:

“Sir, I’m actually embarrassed to say… I need a little bit of money to go home by train from Gondangdia station. But my wallet is completely empty, sir. Please help me get home.”

I sensed a tone of despair from the man when he showed me his tattered, empty wallet.

Perhaps due to my preoccupied mind, I automatically mustered a “Sorry, sir…”, assuming it was another one of those frauds in my beloved Jakarta.

As if he could read my mind, the slight look of desperation on the man’s face immediately turned into one of disappointment as he apologised, “I’m sorry for disturbing you, sir… I really am.”

Just like that, the man shook his head and walked away. It was hard to guess why the man shook his head. What was he feeling? Who knows?

About five minutes later, a wave of regret slowly washed over me. I felt something odd, something unusual. The man didn’t force me. In fact, he apologised. A single glance at his eyes confirmed that he was embarrassed to do so. Or maybe he’s a great actor. Who knows?

Stricken with confusion and regret, I turned around to look for the man. But he had disappeared, as if he were a ninja.

So I let out a sigh, turned around again, and continued my journey. However, this time, I didn’t gaze at the beautiful Dutch-styled window displays along Cikini road. The only thing I could picture was the man’s gloomy face, which continued to resurface in my mind. I kept asking myself, “What if the man really couldn’t come home?”

I should have followed my heart more often. Occasionally, I ought to try listening to my inner voice and extend a helping hand to those suffering like the man. However, in my case, it was far too late now.

At times, the fast-paced lifestyle of being a “Jakarta person” can numb our conscience, credited to our frequent experiences of deception and dishonesty. The fear of being taken advantage of often compels us to shut ourselves off from our inner voice. I found myself in a moment of silence, deeply contemplative. However, this time, it wasn’t about the Dutch ladies.

This time, my thoughts shifted to a culture that we face daily. In an organisation whose culture focuses on office politics and backstabbing, members would be busy “building gates” to fortify themselves. In this survival mode, our inner voice often gets ignored. But so what?

On the other hand, in an organisation where members genuinely care for each other and sincerely communicate with each other, we become part of the lives of fellow members of the organisation- in other words, a true community. We all yearn to be part of something greater than ourselves, feel safe and happy, and dare to be ourselves.

This courage to “be ourselves” comes down to the desire to build bridges instead of gates. It involves listening to the whispers of the heart that keep us from becoming overly cautious “Jakarta people”. These whispers from the heart make us willing to be attentive listeners, opening ourselves to the stories of our neighbours.

I try to remind myself that listening with genuine attention and appreciation is the key to good social relationships. It is the foundation for building social bridges—pathways that lead us to happiness, success, good health, and the many joys life has to offer.

Written by Wuddy Warsono, CFA


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During the holiday season, I spent Christmas playing golf with my old man and my not so little brother—a tradition we cherished back in my high school and college days, though less frequent now. Our family used to gather for dinner daily, but with everyone caught up in weekday and weekend commitments, those moments have become rare. My brother, pursuing a law degree at Universitas Indonesia, has followed my footsteps into the realm of competitions, while I delved into equity research, he opts for moot court competitions, filling his days sometimes even to weekends.

The scorching sun failed to deter over 50 golfers from joining us on the course that day, with more than four flights ahead of us, slowing our pace. Surprisingly, this delay allowed us to engage in more conversations, a silver lining despite the temperature reaching 35 degrees. Exhausted as we appeared, our caddies, Lydia and Sari, kindly offered us a taste of the variety of food they had on hand—a mini-market on wheels. Jackfruits, rujak, batagor, siomay, iced tea, and more – a tempting array. I couldn’t help but think, “Ah, the impulsive spender,” wondering if they were avid Shopee or TikTok users.

Thus, began my inquiry into the eCommerce habits of our caddies on the 7th hole. Lydia and Sari, Shopee enthusiasts, favoured it primarily for ShopeePayLater, aiding them in managing their monthly cash flow. Interestingly, when it came to TikTokShop (TTS) and Shopee, they leaned towards TTS. Their rationale? Spending 4-5 hours daily on TikTok, they appreciated influencers seamlessly incorporating product details in their videos, creating an impulsive consumer experience. These purchases vary from cute dresses, kitchen equipment, beauty products (make up, micellar water, eyelash and brow pencils), even food and snacks.

The financing aspect emerged as a significant factor. They revealed that paying in bulk at the end of the month suited them. Spending around IDR 1-2 million monthly, which accounted for a substantial portion of their assumed monthly income of IDR 6-8 million,  made up 10-30% of their earnings. When asked about credit cards, Lydia and Sari found the idea daunting, fearing hidden fees. According to Sari, the fees for their current Paylater service were minimal (which is probably not the case, as it accounts for 5-10% of loan taken). Interestingly, Paylater limit amount also acted as a status symbol – When Sari said that her Shopee Paylater limit was IDR 12 million, Lydia proudly stated  her IDR 17 million limit, emphasising her timely payments.

Curiosity led me to ask, “Are you eagerly awaiting a Paylater option for TikTok?” Their response was a resounding “Of course!” They believed it could be a game changer – a no brainer reason to change to TTS.

Wow I thought. Imagine potentially prompting a massive migration of Shopee and Lazada users to TTS. The prospect of doubling GMV to USD 12 billion suddenly seemed conservative. Perhaps GOTO had struck gold with this collaboration, I mused.

While I pondered these eCommerce dynamics, my dad achieved something equally remarkable – a Birdie! We are mere 20-30 handicap golfers, this is a big deal for us. Distracted momentarily, I returned my focus to the game.

But really, the GOTO and TikTok partnership was probably akin to an Albatross or, at the very least, an Eagle 🦅.

Danzel Aryo Soerjohadi

Investments at Heyokha Brothers


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During the holiday season, I spent Christmas playing golf with my old man and my not so little brother—a tradition we cherished back in my high school and college days, though less frequent now. Our family used to gather for dinner daily, but with everyone caught up in weekday and weekend commitments, those moments have become rare. My brother, pursuing a law degree at Universitas Indonesia, has followed my footsteps into the realm of competitions, while I delved into equity research, he opts for moot court competitions, filling his days sometimes even to weekends.

The scorching sun failed to deter over 50 golfers from joining us on the course that day, with more than four flights ahead of us, slowing our pace. Surprisingly, this delay allowed us to engage in more conversations, a silver lining despite the temperature reaching 35 degrees. Exhausted as we appeared, our caddies, Lydia and Sari, kindly offered us a taste of the variety of food they had on hand—a mini-market on wheels. Jackfruits, rujak, batagor, siomay, iced tea, and more – a tempting array. I couldn’t help but think, “Ah, the impulsive spender,” wondering if they were avid Shopee or TikTok users.

Thus, began my inquiry into the eCommerce habits of our caddies on the 7th hole. Lydia and Sari, Shopee enthusiasts, favoured it primarily for ShopeePayLater, aiding them in managing their monthly cash flow. Interestingly, when it came to TikTokShop (TTS) and Shopee, they leaned towards TTS. Their rationale? Spending 4-5 hours daily on TikTok, they appreciated influencers seamlessly incorporating product details in their videos, creating an impulsive consumer experience. These purchases vary from cute dresses, kitchen equipment, beauty products (make up, micellar water, eyelash and brow pencils), even food and snacks.

The financing aspect emerged as a significant factor. They revealed that paying in bulk at the end of the month suited them. Spending around IDR 1-2 million monthly, which accounted for a substantial portion of their assumed monthly income of IDR 6-8 million,  made up 10-30% of their earnings. When asked about credit cards, Lydia and Sari found the idea daunting, fearing hidden fees. According to Sari, the fees for their current Paylater service were minimal (which is probably not the case, as it accounts for 5-10% of loan taken). Interestingly, Paylater limit amount also acted as a status symbol – When Sari said that her Shopee Paylater limit was IDR 12 million, Lydia proudly stated  her IDR 17 million limit, emphasising her timely payments.

Curiosity led me to ask, “Are you eagerly awaiting a Paylater option for TikTok?” Their response was a resounding “Of course!” They believed it could be a game changer – a no brainer reason to change to TTS.

Wow I thought. Imagine potentially prompting a massive migration of Shopee and Lazada users to TTS. The prospect of doubling GMV to USD 12 billion suddenly seemed conservative. Perhaps GOTO had struck gold with this collaboration, I mused.

While I pondered these eCommerce dynamics, my dad achieved something equally remarkable – a Birdie! We are mere 20-30 handicap golfers, this is a big deal for us. Distracted momentarily, I returned my focus to the game.

But really, the GOTO and TikTok partnership was probably akin to an Albatross or, at the very least, an Eagle 🦅.

Danzel Aryo Soerjohadi

Investments at Heyokha Brothers


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When is the sunset most colourful? After a normal day with some clouds, the hottest day with scorching hot sun, or after a heavy storm by the beach the whole day?

I enjoyed my time in Bali reading a lot of books, some on investing, philosophy, and longevity. Slow times like this I like. In the fast-moving investment world, slow thinking is rare. At Heyokha, we take this very seriously. Speeding through at 100km/h to the wrong direction would just make things worse. We took one week to rethink our investment strategy, philosophy, and operations, to come back stronger than ever. 

One of the ideas that resonated with me as I sip my pina colada, reading The Most Important Thing by Howard Marks is that the highest return is made after the crisis. Howard Marks was notorious for investing USD 600mn per day for 10 days straight during the 2008 crisis, which made him one of the most profitable investments over his career. Superior investors are contrarians, second level thinkers, immutable by emotions – theirs and the markets, yet flexible thinkers. To invest during and after a crisis, when the outlook seems bleak or chaotic even usually turns out to provide the best return for investors. 

On my last day, Bali was hit with a heavy storm throughout the day. Just when the rain slowed down, I took a quick run to the beach while my friends and most of the population stayed tuck under their comfortable blanket cursing at the storm. I arrived just in time to see the most magnificent hues of yellow, orange, pink, and purple in the sky. As I sat down by the beach, I thought: Indeed, the most colourful sunset is right after a chaotic storm, my biggest return of the trip.

Danzel Aryo Soerjohadi

Investments at Heyokha Brothers


Share

When is the sunset most colourful? After a normal day with some clouds, the hottest day with scorching hot sun, or after a heavy storm by the beach the whole day?

I enjoyed my time in Bali reading a lot of books, some on investing, philosophy, and longevity. Slow times like this I like. In the fast-moving investment world, slow thinking is rare. At Heyokha, we take this very seriously. Speeding through at 100km/h to the wrong direction would just make things worse. We took one week to rethink our investment strategy, philosophy, and operations, to come back stronger than ever. 

One of the ideas that resonated with me as I sip my pina colada, reading The Most Important Thing by Howard Marks is that the highest return is made after the crisis. Howard Marks was notorious for investing USD 600mn per day for 10 days straight during the 2008 crisis, which made him one of the most profitable investments over his career. Superior investors are contrarians, second level thinkers, immutable by emotions – theirs and the markets, yet flexible thinkers. To invest during and after a crisis, when the outlook seems bleak or chaotic even usually turns out to provide the best return for investors. 

On my last day, Bali was hit with a heavy storm throughout the day. Just when the rain slowed down, I took a quick run to the beach while my friends and most of the population stayed tuck under their comfortable blanket cursing at the storm. I arrived just in time to see the most magnificent hues of yellow, orange, pink, and purple in the sky. As I sat down by the beach, I thought: Indeed, the most colourful sunset is right after a chaotic storm, my biggest return of the trip.

Danzel Aryo Soerjohadi

Investments at Heyokha Brothers


Share

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We drive our mission with an exceptional culture through applying a growth mindset where re-search.
re-learning and reflection is at our core.