Loading Image


As we find ourselves at a critical juncture, where economic and political systems can be overturned, we turned to nature  for inspiration and learned what “species” of investors are most likely to thrive in this rapidly changing environment.

Lessons from nature

From: Essentials of Ecology, 5e, G. Tyler Millers and Scott E. Spoolman. (Brooks/Cole)

Scientists use the niches (pattern of living) of species to classify them broadly as generalists or specialists.

Generalist species have broad niches. They can live in many different places, eat a variety of foods, and often tolerate a wide range of environmental conditions. For example, mice, rats, and raccoons are generalist species. In contrast, specialist species occupy narrow niches. They may be able to live in only one type of habitat, use one or a few types of food, or tolerate a narrow range of climatic and other environmental conditions. This makes specialists more prone to extinction when environmental conditions change.

For example, tiger salamanders breed only in fishless ponds where their larvae will not be eaten. China’s giant panda is highly endangered because of a combination of habitat loss, low birth rate, and its specialised diet consisting mostly of bamboo.

Is it better to be a generalist or a specialist? It depends. When environmental conditions are fairly constant, as in a tropical rain forest, specialists have an advantage because they have fewer competitors. However, under rapidly changing environmental conditions, the generalist usually is better off than the specialist.

Kung Fu Panda vs. Rocket Raccoon
Double trouble: not only does Kung Fu panda Po belong to a specialist species at the brink of extinction, he is also a fanatic follower of a closed-minded martial art doctrine. Rocket Raccoon on the other hand is a fine example of a generalist survivor. The message? Don’t be like Po…
Source: Kapanlagi.com, Greenscene.co.id

How to invest? Diversify while maintaining flexibility
Just as generalist species are better able to adapt to sudden changes in their environment due to their diversified diet, we figure that generalist investors with a diversified investment diet should also be better positioned to adapt and thrive in the current socio-economic climate – as compared to their specialised counterparts.

For us, this means that diversification is now more important than ever. Second key success factor – in our opinion – is flexibility. The flexibility to move “habitats”, i.e., update your investment strategy if it is no longer working.




Admin heyokha




Share




As we find ourselves at a critical juncture, where economic and political systems can be overturned, we turned to nature  for inspiration and learned what “species” of investors are most likely to thrive in this rapidly changing environment.

Lessons from nature

From: Essentials of Ecology, 5e, G. Tyler Millers and Scott E. Spoolman. (Brooks/Cole)

Scientists use the niches (pattern of living) of species to classify them broadly as generalists or specialists.

Generalist species have broad niches. They can live in many different places, eat a variety of foods, and often tolerate a wide range of environmental conditions. For example, mice, rats, and raccoons are generalist species. In contrast, specialist species occupy narrow niches. They may be able to live in only one type of habitat, use one or a few types of food, or tolerate a narrow range of climatic and other environmental conditions. This makes specialists more prone to extinction when environmental conditions change.

For example, tiger salamanders breed only in fishless ponds where their larvae will not be eaten. China’s giant panda is highly endangered because of a combination of habitat loss, low birth rate, and its specialised diet consisting mostly of bamboo.

Is it better to be a generalist or a specialist? It depends. When environmental conditions are fairly constant, as in a tropical rain forest, specialists have an advantage because they have fewer competitors. However, under rapidly changing environmental conditions, the generalist usually is better off than the specialist.

Kung Fu Panda vs. Rocket Raccoon
Double trouble: not only does Kung Fu panda Po belong to a specialist species at the brink of extinction, he is also a fanatic follower of a closed-minded martial art doctrine. Rocket Raccoon on the other hand is a fine example of a generalist survivor. The message? Don’t be like Po…
Source: Kapanlagi.com, Greenscene.co.id

How to invest? Diversify while maintaining flexibility
Just as generalist species are better able to adapt to sudden changes in their environment due to their diversified diet, we figure that generalist investors with a diversified investment diet should also be better positioned to adapt and thrive in the current socio-economic climate – as compared to their specialised counterparts.

For us, this means that diversification is now more important than ever. Second key success factor – in our opinion – is flexibility. The flexibility to move “habitats”, i.e., update your investment strategy if it is no longer working.




Admin heyokha




Share




What makes a better forecaster of future events? Well, if somebody can answer that question, it is Professor Philip Tetlock of the University of Pennsylvania.
Tetlock co-created The Good Judgement Project (GJP) which participated in a forecasting tournament held by IARPA, a U.S. government organisation.
IARPA supports research that has the potential to revolutionise intelligence analysis. The GJP won the tournament and its forecasters were 30% better than intelligence officers with access to classified info.
In his book “Superforecasting: the art and science of prediction”, he describes the portrait and methods of those top forecasters.
Besides concluding that foresight is real, Tetlock found that the key to forecasting is not what we think, but how we think:
  • Foresight demands thinking that is open-minded, careful, curious, and—above all—self-critical;
  • Good forecasters show a high degree of active open-mindedness, meaning that they are not merely open to reasons why a favoured possibility might be wrong but also actively look for them;
  • The strongest predictor of rising into the ranks of forecasters is the degree to which one is committed to belief updating and self-improvement.
Factors most associated with foresight
  • Belief updating
  • Intelligence
  • Knowledge
  • Deliberation time
  • Actively open minded
  • Teams
  • Training
Interestingly, Tetlock also noted in an earlier study that “subject matter expertise does not give a big boost to performance” and that “we reach the point of diminishing marginal predictive returns for knowledge disconcertingly quickly”. Investors can improve their forecasting skills by being actively open-minded and committed to self-improvement.



Admin heyokha




Share




What makes a better forecaster of future events? Well, if somebody can answer that question, it is Professor Philip Tetlock of the University of Pennsylvania.
Tetlock co-created The Good Judgement Project (GJP) which participated in a forecasting tournament held by IARPA, a U.S. government organisation.
IARPA supports research that has the potential to revolutionise intelligence analysis. The GJP won the tournament and its forecasters were 30% better than intelligence officers with access to classified info.
In his book “Superforecasting: the art and science of prediction”, he describes the portrait and methods of those top forecasters.
Besides concluding that foresight is real, Tetlock found that the key to forecasting is not what we think, but how we think:
  • Foresight demands thinking that is open-minded, careful, curious, and—above all—self-critical;
  • Good forecasters show a high degree of active open-mindedness, meaning that they are not merely open to reasons why a favoured possibility might be wrong but also actively look for them;
  • The strongest predictor of rising into the ranks of forecasters is the degree to which one is committed to belief updating and self-improvement.
Factors most associated with foresight
  • Belief updating
  • Intelligence
  • Knowledge
  • Deliberation time
  • Actively open minded
  • Teams
  • Training
Interestingly, Tetlock also noted in an earlier study that “subject matter expertise does not give a big boost to performance” and that “we reach the point of diminishing marginal predictive returns for knowledge disconcertingly quickly”. Investors can improve their forecasting skills by being actively open-minded and committed to self-improvement.



Admin heyokha




Share




In light of the outbreak of Covid-19, we turned to disaster research and learned that larger crises and disasters can be threshold events leading to meaningful change. To help our readers, we share how investors can be resilient in these stressful times. We also identify the COVID-19 pandemic induced accelerating adoption of modern monetary theory, which we feel could lead to high inflation. Finally, we make case for investing in gold during these times.




Admin heyokha




Share




In light of the outbreak of Covid-19, we turned to disaster research and learned that larger crises and disasters can be threshold events leading to meaningful change. To help our readers, we share how investors can be resilient in these stressful times. We also identify the COVID-19 pandemic induced accelerating adoption of modern monetary theory, which we feel could lead to high inflation. Finally, we make case for investing in gold during these times.




Admin heyokha




Share




This report covers the current status of artificial intelligence, which is gaining more prominence and triggering debates about whether AI will benefit humanity or mark its demise. We provide several cases on how narrow AI, the early stage of AI, is currently improving life in emerging markets.

 




Admin heyokha




Share




This report covers the current status of artificial intelligence, which is gaining more prominence and triggering debates about whether AI will benefit humanity or mark its demise. We provide several cases on how narrow AI, the early stage of AI, is currently improving life in emerging markets.

 




Admin heyokha




Share




Most of us are surprisingly wrong about the world. We must have a correct world view in order to make a judgment about where the world is headed. Unfortunately, this is where most of us already go wrong.

 

We are wrong! This, we found out while reading the eye-opening book Factfullness, in which author Hans Rosling exposes that when we are asked simple questions about global trends e.g., “where does the majority of the world population live?”, we systematically get the answers wrong.

So wrong that chimps choosing answers at random would consistently outguess teachers, journalists, Nobel laureates, and investment bankers. In particular: 12 multiple-choice questions with three options were asked to around 12,000 people in 14 countries. The results? About 80% scored worse than chimps would have.

Only 10% scored better. Rosling writes that most people think they are getting it kind of right – until they get tested (click here to test yourself). However, the contrary is true. In respect of some matters, it even seems that the more educated you are, the more ignorant you are.

 

Why? Rosling points to 10 human instincts (like fear and generalisation) that impact our “information filter” and judgement to explain why we are so ignorant.

At the same time, the media is exacerbating matters by painting a distorted and dramatised picture as their coverage is dominated by the negative and the exceptional. As such, positive changes don’t find you. You need to find them (in statistics or by traveling, for example).

To see the world as it is, we need to refresh our knowledge more regularly and change our attitude.

Rosling closes his book with some suggestions to obtain a more fact-based world view which have much to do with our attitude:

1. be humble enough to recognise that (1) knowledge does not have an unlimited shelf-life and needs to be updated regularly, (2) our instincts impact our information filter and judgement, (3) we should be prepared to change our opinion, and

2. be curious enough to (1) be open to new information and actively seek it out, (2) embrace facts that do not fit our world view and (3) let our mistakes trigger curiosity instead of embarrassment.

In short, by being actively open-minded and committed to self-improvement, investors will have a more factual view of the world, which will help them make better decisions.




Admin heyokha




Share




Most of us are surprisingly wrong about the world. We must have a correct world view in order to make a judgment about where the world is headed. Unfortunately, this is where most of us already go wrong.

 

We are wrong! This, we found out while reading the eye-opening book Factfullness, in which author Hans Rosling exposes that when we are asked simple questions about global trends e.g., “where does the majority of the world population live?”, we systematically get the answers wrong.

So wrong that chimps choosing answers at random would consistently outguess teachers, journalists, Nobel laureates, and investment bankers. In particular: 12 multiple-choice questions with three options were asked to around 12,000 people in 14 countries. The results? About 80% scored worse than chimps would have.

Only 10% scored better. Rosling writes that most people think they are getting it kind of right – until they get tested (click here to test yourself). However, the contrary is true. In respect of some matters, it even seems that the more educated you are, the more ignorant you are.

 

Why? Rosling points to 10 human instincts (like fear and generalisation) that impact our “information filter” and judgement to explain why we are so ignorant.

At the same time, the media is exacerbating matters by painting a distorted and dramatised picture as their coverage is dominated by the negative and the exceptional. As such, positive changes don’t find you. You need to find them (in statistics or by traveling, for example).

To see the world as it is, we need to refresh our knowledge more regularly and change our attitude.

Rosling closes his book with some suggestions to obtain a more fact-based world view which have much to do with our attitude:

1. be humble enough to recognise that (1) knowledge does not have an unlimited shelf-life and needs to be updated regularly, (2) our instincts impact our information filter and judgement, (3) we should be prepared to change our opinion, and

2. be curious enough to (1) be open to new information and actively seek it out, (2) embrace facts that do not fit our world view and (3) let our mistakes trigger curiosity instead of embarrassment.

In short, by being actively open-minded and committed to self-improvement, investors will have a more factual view of the world, which will help them make better decisions.




Admin heyokha




Share




Investors are at a critical juncture where various issues are reaching the tipping point and could impact their investment outcomes. We discuss the advent of modern monetary theory (MMT) policy, rising unrest to reverse wealth inequality, high-velocity tech disruptions, the verge of deglobalisation, profound impacts of the upcoming demographic trends, and conflicting interest in environmental action. Faced with all vicissitudes, we also share our learning on how investors could regain control and thrive in a fast-changing world.




Admin heyokha




Share




Investors are at a critical juncture where various issues are reaching the tipping point and could impact their investment outcomes. We discuss the advent of modern monetary theory (MMT) policy, rising unrest to reverse wealth inequality, high-velocity tech disruptions, the verge of deglobalisation, profound impacts of the upcoming demographic trends, and conflicting interest in environmental action. Faced with all vicissitudes, we also share our learning on how investors could regain control and thrive in a fast-changing world.




Admin heyokha




Share




We establish that the ongoing US-China trade war is part of a much larger geopolitical rivalry that can have profound consequences to the investment world. This could include a disruption of the flow of goods and capital, the de-pegging of the Chinese yuan, global inflation, and countries being forced to pick a side in this conflict. We see opportunities in Indonesia resulting from shifts in global supply chains and precious metals as a play on higher inflation in the coming years.




Admin heyokha




Share




We establish that the ongoing US-China trade war is part of a much larger geopolitical rivalry that can have profound consequences to the investment world. This could include a disruption of the flow of goods and capital, the de-pegging of the Chinese yuan, global inflation, and countries being forced to pick a side in this conflict. We see opportunities in Indonesia resulting from shifts in global supply chains and precious metals as a play on higher inflation in the coming years.




Admin heyokha




Share




With the growing global internet penetration rate, the proliferation of smart devices, and the democratisation of knowledge, long-established barriers to business are lowering across industries around the globe. This is especially prevalent in developing markets, like Indonesia, where access to knowledge, skills, markets and funding have been limited. Let’s dive deeper into how this has improved.

Access to Knowledge

Technology has significantly improved the accessibility and affordability of information through (free) online content, ranging from simple how-to video’s on YouTube to courses on advanced topics like Machine Learning on platforms like Coursera, Audacity and Edx. Companies are opening up, too, with some sharing their learnings both online and offline, and even contribute to the coding community by publishing coding projects on online platforms like GitHub.

 

Indonesian ride-hailing firm Go-Jek publishes numerous videos on Youtube, covering a variety of topics from learning data science to surviving in the workplace.

Access to Talent

The rise of gig platforms like Upwork and GetCraft provide entrepreneurs access to highly skilled talents that may otherwise not be available to them locally, or for which they would not have a budget to hire on a full-time basis.

Large share of freelance work through platforms comprises higher-level skills
Source: BCG Future of Work 2018 worker survey.

Access to Markets Across the Globe

Tech has also levelled the playing field for small businesses by giving access to markets through online sales channels. Not only does online direct access to consumers reduce the dependency on distributors and retailers, but it also allows the seller to retain significantly higher margins.

Having an online presence has become very cheap nowadays – if not for free. Shopify, for instance, enables merchants to set-up and run their own customisable e-commerce platforms for only US$29 per month with no coding skills required.

Access to Business Infrastructure Without Capital

Major online marketplaces are evolving their ecosystems towards infrastructure-as-a-service, offering additional business services to their merchants such as logistics, fulfilment, payment and financial services. Examples are China’s Alibaba and Indonesia’s Tokopedia. These services cover areas that are normally capital intensive to perform in-house, lowering the barriers to doing business for many entrepreneurs.

Alibaba’s long-term vision is not to increase the number of merchants, but to make them more profitable.

Access to Funding

Limited access to funding has also been a critical barrier to growth for small businesses. In Indonesia for example there are estimates that about 51% of the adult population has now access to bank credit, resulting in a huge SME funding gap of $165 billion, according to SME Finance Forum.

But things are changing thanks to fintech ventures offering options for funding. Currently, Indonesia’s fintech industry has 88 registered platforms. In 2018, total loans allocated by Indonesia’s fintech industry in 2018 reached US$ 1.6 billion according to Indonesian Financial Services Authority.  It’s a small, but fast-growing number.

Welcome to the golden era of entrepreneurship

We at Heyokha are convinced that due to technology, we now live in a golden era of entrepreneurship. A time where anybody has the chance to pursue an idea and challenge the status quo. We can’t wait to see this creative potential be unleashed and are convinced that this Zeitgeist of entrepreneurship will drastically speed up innovation, especially in developing countries like Indonesia.




Admin heyokha




Share




With the growing global internet penetration rate, the proliferation of smart devices, and the democratisation of knowledge, long-established barriers to business are lowering across industries around the globe. This is especially prevalent in developing markets, like Indonesia, where access to knowledge, skills, markets and funding have been limited. Let’s dive deeper into how this has improved.

Access to Knowledge

Technology has significantly improved the accessibility and affordability of information through (free) online content, ranging from simple how-to video’s on YouTube to courses on advanced topics like Machine Learning on platforms like Coursera, Audacity and Edx. Companies are opening up, too, with some sharing their learnings both online and offline, and even contribute to the coding community by publishing coding projects on online platforms like GitHub.

 

Indonesian ride-hailing firm Go-Jek publishes numerous videos on Youtube, covering a variety of topics from learning data science to surviving in the workplace.

Access to Talent

The rise of gig platforms like Upwork and GetCraft provide entrepreneurs access to highly skilled talents that may otherwise not be available to them locally, or for which they would not have a budget to hire on a full-time basis.

Large share of freelance work through platforms comprises higher-level skills
Source: BCG Future of Work 2018 worker survey.

Access to Markets Across the Globe

Tech has also levelled the playing field for small businesses by giving access to markets through online sales channels. Not only does online direct access to consumers reduce the dependency on distributors and retailers, but it also allows the seller to retain significantly higher margins.

Having an online presence has become very cheap nowadays – if not for free. Shopify, for instance, enables merchants to set-up and run their own customisable e-commerce platforms for only US$29 per month with no coding skills required.

Access to Business Infrastructure Without Capital

Major online marketplaces are evolving their ecosystems towards infrastructure-as-a-service, offering additional business services to their merchants such as logistics, fulfilment, payment and financial services. Examples are China’s Alibaba and Indonesia’s Tokopedia. These services cover areas that are normally capital intensive to perform in-house, lowering the barriers to doing business for many entrepreneurs.

Alibaba’s long-term vision is not to increase the number of merchants, but to make them more profitable.

Access to Funding

Limited access to funding has also been a critical barrier to growth for small businesses. In Indonesia for example there are estimates that about 51% of the adult population has now access to bank credit, resulting in a huge SME funding gap of $165 billion, according to SME Finance Forum.

But things are changing thanks to fintech ventures offering options for funding. Currently, Indonesia’s fintech industry has 88 registered platforms. In 2018, total loans allocated by Indonesia’s fintech industry in 2018 reached US$ 1.6 billion according to Indonesian Financial Services Authority.  It’s a small, but fast-growing number.

Welcome to the golden era of entrepreneurship

We at Heyokha are convinced that due to technology, we now live in a golden era of entrepreneurship. A time where anybody has the chance to pursue an idea and challenge the status quo. We can’t wait to see this creative potential be unleashed and are convinced that this Zeitgeist of entrepreneurship will drastically speed up innovation, especially in developing countries like Indonesia.




Admin heyokha




Share




Influenced by watching the tv-show Shark Tank every day, we have recently been writing a lot about “tech enabled” entrepreneurship and how we believe tech is lowering the barriers to doing business. However, we did not really substantiate the importance that entrepreneurship has. In this article we dig deeper.

Academics see entrepreneurs as the innovators, driving productivity and economic growth
Economic studies from around the world have linked entrepreneurship with rapid job creation, GDP growth, and long-term productivity increases. Indeed, in the academic explanation of modern growth – the period in which the per capita wealth generation went ballistic in the West after the 1700s – much weight is placed on the innovating role of the entrepreneur as the agent of “creative destruction” and “organiser” of capital and labour.

Many academics believe that such innovation on the back of entrepreneurship becomes especially more important as economies move from being resource-intensive to knowledge-intensive – a stage many developing markets currently find themselves in.

SME’s as vessel of entrepreneurial activity, play a major role in employment and productivity
In the study of economic development, SMEs are seen as the vessels for entrepreneurship. While their label may not signify great magnitude or prestige, one cannot overemphasize the importance that small and medium-sized enterprises (SMEs) play in the global economy.

They contribute up to 60% of total employment and up to 40% of national income (GDP) in emerging economies, according the World Bank. Seeing the essential role of SMEs in a nation’s development, the World Bank approved more than US$ 10 billion in SME support programmes over the period of 1998-2003.

The above stresses the important role entrepreneurs play in contributing to employment and adding to the greater well-being of society, especially in developing countries.

Emerging Markets Leapfrogging into the Future
In the book Why Nations Fail, the M.I.T. economist Daron Acemoglu and the Harvard political scientist James A. Robinson make a strong case for entrepreneurship. However, they also argue that in many developing countries, entry barriers are playing a crucial role for aspiring entrepreneurs. Powerful groups often stand against economic progress, in fear that their economic privileges will be lost.

With their history characterized by authoritarianism and cronyism, developing countries can benefit enormously from the equalizing power of entrepreneurship.

These nations are in an advantageous position to innovate. For example, leapfrogging – using the lack of existing infrastructure as an opportunity to adopt the most advanced methods – has been an effective approach for developing markets. Instead of developing their own technology from scratch, they can adopt technologies created elsewhere.

Often used examples are how low-income countries that never established a telecommunications landline infrastructure or a retail banking system, bypassed those development stages with the use of mobile phones and the innovative financial services now made readily available.
Some examples of technologies that are expected to be used in emerging markets to leapfrog are blockchain, cloud computing, and solar power.

Empower the entrepreneurs
History has shown that countries that allow the whole entrepreneurship process to happen – from having an idea, starting a firm, and getting a loan – tend to see more rapid growth. Emerging markets are well positioned to let technology drive their economies forward. In Indonesia we see things are starting to take off. We are excited to see how things will play out.




Admin heyokha




Share




Influenced by watching the tv-show Shark Tank every day, we have recently been writing a lot about “tech enabled” entrepreneurship and how we believe tech is lowering the barriers to doing business. However, we did not really substantiate the importance that entrepreneurship has. In this article we dig deeper.

Academics see entrepreneurs as the innovators, driving productivity and economic growth
Economic studies from around the world have linked entrepreneurship with rapid job creation, GDP growth, and long-term productivity increases. Indeed, in the academic explanation of modern growth – the period in which the per capita wealth generation went ballistic in the West after the 1700s – much weight is placed on the innovating role of the entrepreneur as the agent of “creative destruction” and “organiser” of capital and labour.

Many academics believe that such innovation on the back of entrepreneurship becomes especially more important as economies move from being resource-intensive to knowledge-intensive – a stage many developing markets currently find themselves in.

SME’s as vessel of entrepreneurial activity, play a major role in employment and productivity
In the study of economic development, SMEs are seen as the vessels for entrepreneurship. While their label may not signify great magnitude or prestige, one cannot overemphasize the importance that small and medium-sized enterprises (SMEs) play in the global economy.

They contribute up to 60% of total employment and up to 40% of national income (GDP) in emerging economies, according the World Bank. Seeing the essential role of SMEs in a nation’s development, the World Bank approved more than US$ 10 billion in SME support programmes over the period of 1998-2003.

The above stresses the important role entrepreneurs play in contributing to employment and adding to the greater well-being of society, especially in developing countries.

Emerging Markets Leapfrogging into the Future
In the book Why Nations Fail, the M.I.T. economist Daron Acemoglu and the Harvard political scientist James A. Robinson make a strong case for entrepreneurship. However, they also argue that in many developing countries, entry barriers are playing a crucial role for aspiring entrepreneurs. Powerful groups often stand against economic progress, in fear that their economic privileges will be lost.

With their history characterized by authoritarianism and cronyism, developing countries can benefit enormously from the equalizing power of entrepreneurship.

These nations are in an advantageous position to innovate. For example, leapfrogging – using the lack of existing infrastructure as an opportunity to adopt the most advanced methods – has been an effective approach for developing markets. Instead of developing their own technology from scratch, they can adopt technologies created elsewhere.

Often used examples are how low-income countries that never established a telecommunications landline infrastructure or a retail banking system, bypassed those development stages with the use of mobile phones and the innovative financial services now made readily available.
Some examples of technologies that are expected to be used in emerging markets to leapfrog are blockchain, cloud computing, and solar power.

Empower the entrepreneurs
History has shown that countries that allow the whole entrepreneurship process to happen – from having an idea, starting a firm, and getting a loan – tend to see more rapid growth. Emerging markets are well positioned to let technology drive their economies forward. In Indonesia we see things are starting to take off. We are excited to see how things will play out.




Admin heyokha




Share




This report covers our road trip in which we tried out Indonesia’s newly built trans Java toll road. Aside from reduced traveling time, we also noted other economic benefits of the new road, such as flourishing local shops and restaurants, improved product availability, booming ‘road trip’ hospitality, and much better movement of goods. Our observations convinced us that it is no longer the question if Indonesia is improving infrastructure, and are excited to see how President Jokowi will copy-paste the success stories across the country during his second term.




Admin heyokha




Share




This report covers our road trip in which we tried out Indonesia’s newly built trans Java toll road. Aside from reduced traveling time, we also noted other economic benefits of the new road, such as flourishing local shops and restaurants, improved product availability, booming ‘road trip’ hospitality, and much better movement of goods. Our observations convinced us that it is no longer the question if Indonesia is improving infrastructure, and are excited to see how President Jokowi will copy-paste the success stories across the country during his second term.




Admin heyokha




Share




Heyokha Footer Logo

We drive our mission with an exceptional culture through applying a growth mindset where holistic and on the ground research is at our core.

Help
×

Terms & Conditions

You must read the following information before proceeding. By accessing this website and any pages thereof, you acknowledge that you have read the following information and accept the terms and conditions set out below and agree to be bound by such terms and conditions. If you do not agree to such terms and conditions, please do not access this website or any pages thereof.

The website has been prepared by Heyokha Brothers Limited and is solely intended for informational purposes and should not be construed as an inducement to purchase or sell any security, product, service, or investment. The Site does not solicit an offer to buy or sell any financial instrument or enter into any agreement. It is important to note that the opinions expressed on the Site are not considered investment advice, and it is recommended that individuals seek independent advice as needed to address their specific objectives, financial situation, or needs. It is the responsibility of the persons who access this website to observe all applicable laws and regulations.

The Site offers general information exclusively and does not consider the individual circumstances of any person. The data, opinions, and estimates presented on the Site are current as of the publication date and are subject to changes without notice. Additionally, it is possible that such information may become obsolete with time.

Intended Users

The content presented on this website is exclusively intended for authorized intermediaries and qualified investors within Hong Kong, such as institutional investors, professional investors, and accredited investors (as defined under the SFO). It is not intended for retail investors or individuals located outside of Hong Kong.

The products and services mentioned on this website may or may not be authorized or registered for distribution in a particular jurisdiction and may not be suitable for all investor types. It is important to note that this website is not intended to constitute an offer or solicitation, nor is it directed toward individuals if the provider of the information is prohibited by any law of any jurisdiction from making the information available. Moreover, the website is not intended for any use that would violate local laws or regulations. The provider of the information is not permitted to promote any products or services mentioned on this website in jurisdictions where such promotion would be prohibited.

If you are not a qualified investor or licensed intermediary in Hong Kong, you should not proceed any further.

No Investment Advice

The information provided on this Website is for informational purposes only and should not be considered as investment advice or a recommendation to buy, sell, hold, or transact in any investment. It is strongly recommended that individuals seek professional investment advice before making any investment decisions.

The information presented on this Website does not consider the investment objectives, specific needs, or financial situations of any investor. It is important to note that nothing on this Website is intended to constitute financial, legal, accounting, or tax advice.

Before making any investment decision, individuals should carefully consider whether an investment aligns with their investment objectives, specific needs, and financial situation. This should also include informing oneself of any potential tax implications, legal requirements, foreign exchange restrictions, or exchange control requirements that may be relevant to an investment based on the laws of one’s citizenship, residence, or domicile. If there is any doubt regarding the information on this Website, it is recommended that individuals seek independent professional financial advice.

It is important to note that any opinion, comment, article, financial analysis, market forecast, market commentary, or other information published on the Website is not binding on Heyokha or its affiliates, and they are not responsible for the information, opinions, or ideas presented.

Obligations and Resposibilities of Users

Users are solely responsible for protecting and backing up their data and equipment, as well as taking reasonable precautions against any computer virus or other destructive elements. Additionally, users must ensure that their access to the Site is adequately secured against unauthorized access.

Users are prohibited from using the Site for any unlawful, defamatory, offensive, abusive, indecent, menacing, or threatening purposes, or in any way that infringes upon intellectual property rights or confidentiality obligations. Furthermore, users may not use the Site to cause annoyance, inconvenience, or anxiety to others, or in any way that violates any applicable laws or regulations.

Users must comply with any terms notified to them by third-party suppliers of data or services to the Site. This may include entering into a direct agreement with such third parties in respect of their use of the dat

Third-Party Content

This website may contain Third Party Content or links to websites maintained by third parties that are not affiliated with Heyokha. Heyokha does not participate in the preparation, adoption, or editing of such third-party materials and does not endorse or approve such content, either explicitly or implicitly. Any opinions or recommendations expressed on third party materials are solely those of the independent providers and not of Heyokha. Heyokha is not responsible for any errors or omissions relating to specific information provided by any third party.

Although Heyokha aims to provide accurate and timely information to users, neither Heyokha nor the Third-Party Content providers guarantee on the accuracy, timeliness, completeness, usefulness, or any other aspect of the information presented. Heyokha is not responsible or liable for any content, including advertising, products, or other materials on or available from third party sites. Users access and use Third Party content is at their own risk, and it is provided for informational purposes only. Both Heyokha and the Third-Party shall not be liable for any loss or damage arising from users’ reliance upon such information.

Intellectual Property Rights

The content of this website is subject to copyright and other intellectual property laws. All trademarks, service marks, logos, and brand features displayed on the website are owned by their respective owners, except as explicitly noted. Users may use the information on this website and reproduce it for personal reference only. However, reproduction, distribution, transmission, incorporation in any other database, document, or material, and sale or distribution of any part of the contents of the website is strictly prohibited. Users may download or print individual sections of the website for personal use and information only, provided they are legally entitled to access the material and retain all copyright and other proprietary notices.

Any unauthorized use of the content, trademarks, service marks, or logos displayed on the website may violate copyright, trademark, or other intellectual property laws, as well as laws of privacy and publicity and communications. Any reference or link to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favouring by our company.

We provide such references or links solely for the convenience of our users and to provide additional information. Our company is not responsible for the accuracy, legality, or content of any external website or resource linked to or referenced from our website. Users are solely responsible for complying with the terms and conditions of any external websites or resources.

Cookies

In order to enhance user experience and simplify future visits, this website may utilize cookies to track your activity. However, if you do not want to store cookies on your device, you can disable them by adjusting your browser’s security settings.

Data Privacy

Please read our Privacy Statement before providing Heyokha with any personal information on this website. By providing any personal information on this website, you will be deemed to have read and accepted our Privacy Statement.

Use of Website

The information contained on the website is accurate only as of the date of publication and does not constitute investment advice or recommendations. While certain tools available on the website may provide general investment or financial analyses based upon personalized input, such results are for information purposes only, and users should refer to the assumptions and limitations relevant to the use of such tools as set out on the website. Users are solely responsible for determining whether any investment, security or strategy, or any other product or service is appropriate or suitable for them based on their investment objectives and personal and financial situation. Users should consult their independent professional advisers if they have any questions. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment.

Disclaimer of Liability Heyokha makes no warranty as to the accuracy, completeness, security, and confidentiality of information available through the website. Heyokha, its affiliates, directors, officers, or employees accept no liability for any errors or omissions relating to information available through the website or for any damages, losses or expenses arising in connection with the website, whether direct or indirect, arising from the use of the website or its contents. Heyokha also reserves the right to modify, suspend, or discontinue the website at any time without notice. Heyokha shall not be liable for any such modification, suspension, or discontinuance.

×

Data Privacy Terms and Conditions

Personal Information Collection Statement:

Pursuant to the Personal Data (Privacy) Ordinance (the ‘Ordinance’), Heyokha Brothers Limited is fully committed to safeguarding the privacy and security of personal information in compliance with all relevant laws and regulations. This statement outlines how we collect, use, and protect personal information provided to us.

Collection of Personal Information:

We collect and maintain personal information, in a manner consistent with all relevant laws and regulations. We take necessary measures to ensure that personal information is correct and up to date. Personal information will only be used for the purpose of utilization and will not be disclosed to third parties (except our related parties e.g.: Administrators) without consent from the individual, except for justifiable grounds as required by laws and regulations.

We may collect various types of personal data from or about you, including:

  • Your name
  • Your user names and passwords
  • Contact information, including address, email address and/or telephone number
  • Information relating to your engagement with material that we publish or otherwise provide to you
  • Records of our interactions with you, including any messages you send us, your comments and questions and any other information you choose to provide.

The Company may automatically collect information about you from computer or internet browser through the use of cookies, pixel tags, and other similar technologies to enhance the user experience on its websites. Third parties may be used to collect personal data and information indirectly through monitoring activities conducted by the Company or on its behalf.

Company does not knowingly collect personal data from anyone under the age of 18 and does not seek to collect or process sensitive information unless required or permitted by law and with express consent.

Uses of your Personal Data:

We may use your personal data for the purposes it was provided and in connection with our services as described below:

  • Provide products/services or info as requested or expected.
  • Fulfill agreements and facilitate business dealings.
  • Manage relationships, analyse websites and communications, and merge personal data for relevance.
  • Support and improve existing products/services, and plan/develop new ones.
  • Count/recognize website visitors and analyse usage.
  • To comply with and assess compliance with applicable laws, rules and regulations and internal policies and procedures.
  • Use information for any other purpose with consent.

Protection of Personal Information:

We provide thorough training to our officers and employees to prevent the leakage or inappropriate use of personal information and provide information on a need-to-know basis. Managers in charge for controls and inspections are appointed, and appropriate control systems are established to ensure the privacy and security of personal information.

In the event that personal information is provided to an external contractor (e.g.: Administrator), we take responsibility for ensuring that the external contractor has proper systems in place to protect the privacy of personal information.

Third parties disclosure of Personal Information:

Personal information held by us relating to an individual will be kept confidential but may be provided to third parties the following purpose:

  • Comply with applicable laws or legal processes.
  • Investigate and prevent illegal activity, fraud, or violations of terms and conditions.
  • Protect and defend legal rights or defend against legal claims.
  • Facilitate business or asset transactions, such as financing, mergers, acquisitions, or bankruptcy.
  • With our related parties (e.g.: administrators) that are subject to appropriate data protection obligations
  • Representatives, agents or custodians appointed by the client (e.g.: Auditors, accountant)

Retention of Personal Information:

Disclosure, correction and termination of usage shall be carried out upon request of an individual in accordance with relevant laws and regulations.

Personal information collected will be retained for no longer than is necessary for the fulfilment of the purposes for which it was collected as per applicable laws and regulations.

Rights of the Individual:

Under relevant laws and regulations, any individual has the right to request access to any of the personal data that we hold by submitting a written request. Individuals are also entitled to request to correct, cancel or delete any of the personal data we hold if they believe such information is inaccurate, out of date or we no longer have a legitimate interest or lawful justification to retain or process.

×

Disclaimer

Heyokha Brothers Limited is the issuer of this website and holds Type 4 (advising on securities) and Type 9 (asset management) licenses issued by the Securities and Futures Commission in Hong Kong.

The information provided on this website has been prepared solely for licensed intermediaries and qualified investors in Hong Kong, including professional investors, institutional investors, and accredited investors (as defined under the Securities and Futures Ordinance). The information provided on this website is for informational purposes only and should not be construed as investment advice, nor an offer to sell or a solicitation of an offer to buy any security, investment product, or service.

Investment involves risk and investors may lose their entire investment. Investors are advised to seek professional advice before making any investment decisions. Past performance is not indicative of future performance and the value of investments may fluctuate. Please refer to the offering document(s) for
details, including the investment objectives, risk factors, and fees and charges.

Heyokha Brothers Limited reserves the right to amend, update, or remove any information on this website at any time without notice. By accessing and using this website, you agree to be bound by the above terms and conditions.

Heyokha Footer Logo

We drive our mission with an exceptional culture through applying a growth mindset where holistic and on the ground research is at our core.

Publications
Help