With the US in quantitative tightening mode, EM countries suffered due to their all-time high debt levels issued in foreign currency. This resulted in a dislocation of valuations in the financial markets, which present exciting investment opportunities for long-term investors. We learned that we need to master our fear to be able to enjoy the excitement from the EM underperformance. In this quarter, we saw opportunities in live streaming and industrial gas sectors.
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Published: Aug 16 2018
With the US in quantitative tightening mode, EM countries suffered due to their all-time high debt levels issued in foreign currency. This resulted in a dislocation of valuations in the financial markets, which present exciting investment opportunities for long-term investors. We learned that we need to master our fear to be able to enjoy the excitement from the EM underperformance. In this quarter, we saw opportunities in live streaming and industrial gas sectors.
On a recent trip to Tibet, Heyokha team had the opportunity to see how things are in one of China’s most remote and desolated areas. It turned out reality was quite different from what we were expecting.
Hidden on the highest plateau in the world, Tibet is known as being the home of golden monasteries and imposing mountain ranges. For most visitors Tibet’s attractions will be of a spiritual nature: secluded sceneries, chanting monks in temples and local pilgrims whispering mantras while turning their prayer wheels and prostrating themselves. It is captivating, inspiring and boundlessly photogenetic.
Potala Palace in Lhasa, Tibet, once the residence of the Dalai Lama.
This is what people write about after their travels, what is posted on Instagram and it is also how Tibet is depicted in movies, etc. It is true, Tibet has such a level of piety and faith that it seems to belong to an earlier, almost ancient age. Yet, this is a one-sided view of the region that has shown double digit GDP growth (!) for the past 24 years .
Our own mystic and spiritual view of the country was eagerly satisfied by our Tibetan tour guide, who welcomed each of us with a Khata, the white Tibetan scarf that symbolises purity and compassion. We consumed all of the brochure-promised experiences, until we found ourselves dumbfounded by an otherwise perfectly mundane act. It was the sight of a monk flipping out his smartphone…
Tibetan monk taking a picture with his smartphone, while it looks like he is also carrying a tablet.
We came to realise it kind-of “troubled” us to find the supposedly traditional and spiritual Tibet being ‘polluted’ and made ‘inauthentic’ by such modernity. Of course, we realise such feelings are totally misplaced – after all, who are we to decide that Tibetans are to refrain themselves from the comforts of modern life? But experiencing that brief moment of discomfort – when reality bashes into misconception – is a valuable lesson.
Our reaction highlights that certain narratives perpetuate, even long after reality has changed. Apparently, this is a popular topic among anthropologists, some of whom are of the view that promotional efforts by both governments and the tourist industry capitalise on one-sided histories and imaginaries of countries and places, and thus keep such narratives alive.
As investors are only human, we are certainly not immune to these biased and outdated narratives in our investment decisions. The remedy for this is obviously to go see things for yourself – Heyokha style.
“You know nothing, John Snow…”
Wise words spoken by a barbarian lady to a future King.
One of the things that surprised us the most, is the extent to which Chinese tech companies managed to penetrate such remote area characterised by tradition and spirituality. Here is what caught our attention:
QR Code Stickers
Alipay and WeChat Pay QR codes everywhere, even in Buddhist monasteries in Tibet.
We saw many shops in Tibet accepting Alipay and WeChat Pay, even the shops located in monasteries. Extrapolating from our observation that QR codes have penetrated most corners of Tibet, we think that the penetration across other Chinese rural and suburban areas must be very high as well.
As such, we feel that while online payments still “only” make-up about 20% of all payments in China, it represents not a “work in progress” but rather the population racing to catch up to a technology that is here to stay.
Food delivery apps
Meituan-Dianping drivers in Tibet. The company provides on-demand delivery services such as food and grocery shopping, etc. They are a distant leader in the food delivery service.
With altitude-induced headaches making the thought of leaving our hotel rooms a herculean challenge, food-delivery apps such as Meituan proved to be one of the most useful apps during our stay in Lhasa and Shigatse. Not only did the app give us access to delicious food, it also secured our supply line to much needed painkillers and oxygen cylinders.
With such a strong footprint across the various regions in China and expected growth of China’s online food and grocery delivery market, we will be keeping a close eye on Meituan Dianping’s $ 60bn planned IPO.
Bike sharing apps
The yellow Ofo bikes spotted in Lhasa, Tibet.
2017 was the year of Bike Sharing in China. During our trip, the yellow bikes of bicycle sharing company ofo emerged everywhere, even in Tibet. To see how the company rolled out its operations to such remote areas is very impressive. The bikes are being used by all kinds of people ranging from kinds to grandpa’s and students to monks. Unfortunately, we didn’t dare to try to book and ride the bikes, anticipating further oxygen deficiencies…
Wrapping it up:
Our views will always be shaped by narratives. For us, our Tibet experience confirms that seeing things on the ground is essential in recognising what is usually not being told. While modernity in China may be associated with metropolitan cities like Shanghai and Beijing, it became clear to us that the reach of its tech giants goes all the way into the remote regions, albeit perhaps in part driven by Chinese tourism. With tech manifesting in Indonesia as well, we should not be mistaken to think that the tech revolution in Indonesia will be limited to its major cities.
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Published: Aug 13 2018
On a recent trip to Tibet, Heyokha team had the opportunity to see how things are in one of China’s most remote and desolated areas. It turned out reality was quite different from what we were expecting.
Hidden on the highest plateau in the world, Tibet is known as being the home of golden monasteries and imposing mountain ranges. For most visitors Tibet’s attractions will be of a spiritual nature: secluded sceneries, chanting monks in temples and local pilgrims whispering mantras while turning their prayer wheels and prostrating themselves. It is captivating, inspiring and boundlessly photogenetic.
Potala Palace in Lhasa, Tibet, once the residence of the Dalai Lama.
This is what people write about after their travels, what is posted on Instagram and it is also how Tibet is depicted in movies, etc. It is true, Tibet has such a level of piety and faith that it seems to belong to an earlier, almost ancient age. Yet, this is a one-sided view of the region that has shown double digit GDP growth (!) for the past 24 years .
Our own mystic and spiritual view of the country was eagerly satisfied by our Tibetan tour guide, who welcomed each of us with a Khata, the white Tibetan scarf that symbolises purity and compassion. We consumed all of the brochure-promised experiences, until we found ourselves dumbfounded by an otherwise perfectly mundane act. It was the sight of a monk flipping out his smartphone…
Tibetan monk taking a picture with his smartphone, while it looks like he is also carrying a tablet.
We came to realise it kind-of “troubled” us to find the supposedly traditional and spiritual Tibet being ‘polluted’ and made ‘inauthentic’ by such modernity. Of course, we realise such feelings are totally misplaced – after all, who are we to decide that Tibetans are to refrain themselves from the comforts of modern life? But experiencing that brief moment of discomfort – when reality bashes into misconception – is a valuable lesson.
Our reaction highlights that certain narratives perpetuate, even long after reality has changed. Apparently, this is a popular topic among anthropologists, some of whom are of the view that promotional efforts by both governments and the tourist industry capitalise on one-sided histories and imaginaries of countries and places, and thus keep such narratives alive.
As investors are only human, we are certainly not immune to these biased and outdated narratives in our investment decisions. The remedy for this is obviously to go see things for yourself – Heyokha style.
“You know nothing, John Snow…”
Wise words spoken by a barbarian lady to a future King.
One of the things that surprised us the most, is the extent to which Chinese tech companies managed to penetrate such remote area characterised by tradition and spirituality. Here is what caught our attention:
QR Code Stickers
Alipay and WeChat Pay QR codes everywhere, even in Buddhist monasteries in Tibet.
We saw many shops in Tibet accepting Alipay and WeChat Pay, even the shops located in monasteries. Extrapolating from our observation that QR codes have penetrated most corners of Tibet, we think that the penetration across other Chinese rural and suburban areas must be very high as well.
As such, we feel that while online payments still “only” make-up about 20% of all payments in China, it represents not a “work in progress” but rather the population racing to catch up to a technology that is here to stay.
Food delivery apps
Meituan-Dianping drivers in Tibet. The company provides on-demand delivery services such as food and grocery shopping, etc. They are a distant leader in the food delivery service.
With altitude-induced headaches making the thought of leaving our hotel rooms a herculean challenge, food-delivery apps such as Meituan proved to be one of the most useful apps during our stay in Lhasa and Shigatse. Not only did the app give us access to delicious food, it also secured our supply line to much needed painkillers and oxygen cylinders.
With such a strong footprint across the various regions in China and expected growth of China’s online food and grocery delivery market, we will be keeping a close eye on Meituan Dianping’s $ 60bn planned IPO.
Bike sharing apps
The yellow Ofo bikes spotted in Lhasa, Tibet.
2017 was the year of Bike Sharing in China. During our trip, the yellow bikes of bicycle sharing company ofo emerged everywhere, even in Tibet. To see how the company rolled out its operations to such remote areas is very impressive. The bikes are being used by all kinds of people ranging from kinds to grandpa’s and students to monks. Unfortunately, we didn’t dare to try to book and ride the bikes, anticipating further oxygen deficiencies…
Wrapping it up:
Our views will always be shaped by narratives. For us, our Tibet experience confirms that seeing things on the ground is essential in recognising what is usually not being told. While modernity in China may be associated with metropolitan cities like Shanghai and Beijing, it became clear to us that the reach of its tech giants goes all the way into the remote regions, albeit perhaps in part driven by Chinese tourism. With tech manifesting in Indonesia as well, we should not be mistaken to think that the tech revolution in Indonesia will be limited to its major cities.
Admin heyokha
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Recently, both the Indonesian Ministry of Agriculture and the Jakarta office of the US Department of Agriculture (USDA) reported on corn production and harvested area. While the numbers always show some differences due to the use of different methodologies, this time the gap widened significantly.
Corn harvested area 2014-2017: MoA vs. USDA data
Looking at the graph above, USDA data suggests a significantly lower growth of harvested area in the past four years. The gap with the Indonesian government’s data is big. In 2017, the Indoensian government reported 5.5mn ha corn harvested area, while the USDA reported 3.45mn ha. That is a gap of 2.05mn ha!
This highlights the difficulty of obtaining the right data in emerging markets, and leads us to wonder which data is more reliable in this case.
Since it would require a good amount of resources to verify the absolute levels agriculture output, we choose to focus on verifying the change in harvested area.
We believe that USDA data tend to understate the corn area expansion. Here is why.
Take a look at pesticide sales data, for example. We argued before that pesticides sales by commercial producers should be a fair proxy to indicate production trends in farming activities.
Unlike seed and fertiliser, pesticide is least prone to substitution effects. For example, commercial seed purchases can be substituted by seeds grown by farmers themselves, while commercial fertilisers can be substituted by organic waste.
For pesticides, however, there are hardly any substitutes. Homemade organic pesticides, for example, are barely scalable and too ineffective to save one’s farmland from becoming an all-you-can-eat buffet for insects and pests.
BISI reported +33% CAGR pesticide sales growth in the food crops area growth during the Jokowi agri reform (2014-2017) while its market share and average selling price did not change much. It is a significant acceleration from the 13% CAGR 2011-2014 before the reform kicked in.
Sanity check 2: forestry companies have added sizable intercropping area
Another set of data also indicates that USDA data is too conservative. If we look at data from SOE Forestry company Perhutani 2016 annual report, no less than 118k ha of their forestry area have been allocated for corn intercropping by the local farmers.
Separately, the SOE plantation company PTPN 2 has stated that approximately 73k ha of corn has been intercropped by local farmers in the PTPN’s palm oil areas. Young palm oil trees are not yet productive, thus planting corn as the intercrop makes sense.
The sum of 118k ha from Perhutani and 73k ha from PTPN 2 alone is 191k ha incremental corn harvested area. This is already bigger than the entire increase in corn harvested area from 2015 to 2017 based on USDA data!
Sanity check 3: conversion from other food crops
The increase in corn harvested area also could be explained by the shrinking harvested area of other food crops.
From 2014 to 2017, corn harvested areas have increased by 1.7mn ha. And the expansion is being compensated by other food crop areas shrinking by 0.7mn ha in the same period.
The explanation for the expansion in corn harvested area is mainly economics, as favourable domestic corn price has encouraged farmers to switch to corn farming.
Another reason is that some other crops have yields that are not competitive globally. For instance, Indonesian soybean production yield is only 1.5 ton/ha.
This is less than half of US yield of 3.4 ton/ha using GMO seed. In the end, soybean is more ideal for subtropical countries rather than tropical given that soybean is more drought sensitive relative to corn.
Incremental must be real
In summary, adding corn intercropping from young forest and CPO areas and conversion from other food crops already explains 0.9mn ha out of 1.7mn ha increase in corn harvested area.
The rest could easily be explained by recent village infrastructure build up. New dams, water basins, and better irrigation systems have increased the number of plantings per year.
To sum up, there is no way to know exactly which data is accurate. This gap of 2mn ha is so big that it needs closing. Simple approaches, however, suggest that the actual increase in harvested area should be closer to Indonesian government’s data.
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Published: Jun 26 2018
Recently, both the Indonesian Ministry of Agriculture and the Jakarta office of the US Department of Agriculture (USDA) reported on corn production and harvested area. While the numbers always show some differences due to the use of different methodologies, this time the gap widened significantly.
Corn harvested area 2014-2017: MoA vs. USDA data
Looking at the graph above, USDA data suggests a significantly lower growth of harvested area in the past four years. The gap with the Indonesian government’s data is big. In 2017, the Indoensian government reported 5.5mn ha corn harvested area, while the USDA reported 3.45mn ha. That is a gap of 2.05mn ha!
This highlights the difficulty of obtaining the right data in emerging markets, and leads us to wonder which data is more reliable in this case.
Since it would require a good amount of resources to verify the absolute levels agriculture output, we choose to focus on verifying the change in harvested area.
We believe that USDA data tend to understate the corn area expansion. Here is why.
Take a look at pesticide sales data, for example. We argued before that pesticides sales by commercial producers should be a fair proxy to indicate production trends in farming activities.
Unlike seed and fertiliser, pesticide is least prone to substitution effects. For example, commercial seed purchases can be substituted by seeds grown by farmers themselves, while commercial fertilisers can be substituted by organic waste.
For pesticides, however, there are hardly any substitutes. Homemade organic pesticides, for example, are barely scalable and too ineffective to save one’s farmland from becoming an all-you-can-eat buffet for insects and pests.
BISI reported +33% CAGR pesticide sales growth in the food crops area growth during the Jokowi agri reform (2014-2017) while its market share and average selling price did not change much. It is a significant acceleration from the 13% CAGR 2011-2014 before the reform kicked in.
Sanity check 2: forestry companies have added sizable intercropping area
Another set of data also indicates that USDA data is too conservative. If we look at data from SOE Forestry company Perhutani 2016 annual report, no less than 118k ha of their forestry area have been allocated for corn intercropping by the local farmers.
Separately, the SOE plantation company PTPN 2 has stated that approximately 73k ha of corn has been intercropped by local farmers in the PTPN’s palm oil areas. Young palm oil trees are not yet productive, thus planting corn as the intercrop makes sense.
The sum of 118k ha from Perhutani and 73k ha from PTPN 2 alone is 191k ha incremental corn harvested area. This is already bigger than the entire increase in corn harvested area from 2015 to 2017 based on USDA data!
Sanity check 3: conversion from other food crops
The increase in corn harvested area also could be explained by the shrinking harvested area of other food crops.
From 2014 to 2017, corn harvested areas have increased by 1.7mn ha. And the expansion is being compensated by other food crop areas shrinking by 0.7mn ha in the same period.
The explanation for the expansion in corn harvested area is mainly economics, as favourable domestic corn price has encouraged farmers to switch to corn farming.
Another reason is that some other crops have yields that are not competitive globally. For instance, Indonesian soybean production yield is only 1.5 ton/ha.
This is less than half of US yield of 3.4 ton/ha using GMO seed. In the end, soybean is more ideal for subtropical countries rather than tropical given that soybean is more drought sensitive relative to corn.
Incremental must be real
In summary, adding corn intercropping from young forest and CPO areas and conversion from other food crops already explains 0.9mn ha out of 1.7mn ha increase in corn harvested area.
The rest could easily be explained by recent village infrastructure build up. New dams, water basins, and better irrigation systems have increased the number of plantings per year.
To sum up, there is no way to know exactly which data is accurate. This gap of 2mn ha is so big that it needs closing. Simple approaches, however, suggest that the actual increase in harvested area should be closer to Indonesian government’s data.
Admin heyokha
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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 to read some tips on how to deal with New Year blues. Admittedly, I typed “How do you deal with loneliness on New Year’s Eve?” on Google, but then decided not to proceed. I suspected I would feel even more miserable after reading the tips.
Then, around 6 pm, someone knocked on my door. It was the lady who helps me with the laundry. Earlier today, she asked me if I wanted anything for New Year’s Eve. I told her that – me being Indonesian – nasi and mie goreng would do the trick. She didn’t respond…
Now there she was again. It didn’t take long before a familiar spicy aroma filled the room and gave away what was in her bag; nasi and mie goreng!
I asked her if she would join me for a bit and she gracefully accepted. I am sure her family was waiting for her. Yet, she was willing to spend about half an hour with me, so that I felt better. I tried to pay for the food, but the lady said she was happy to treat me. She declined the money.
Maybe all along I have been too busy, too absorbed by a demanding work schedule, to notice kind acts by strangers around me. Or maybe such kindness is rare. I really don’t know.
What I do know is this: what she did was sweet and generous, especially because she doesn’t know me. The kind act of a stranger is very contagious. I feel like being helpful to people around me, whether I know them or not. I want to “repay” the sincere kindness of this lady.
In other words, she made the world a better place, if only for a little bit, through a simple yet powerful act.
We actively look for the antidote for loneliness in our portfolio
The experience with the laundry lady inspired us and reminds us of what is really important in life. One area that we have been focusing on – and more so in the future – are investable solutions to one of the biggest endemic problems in today’s life: despair over loneliness.
Former Surgeon General Vivek Murthy summarised his experience as a doctor in an article in The Harvard Business Review: “During my years caring for patients, the most common pathology I saw was not heart disease or diabetes; it was loneliness.”
The irony is that despite technological progress and prosperity, more and more people are feeling lonely and alienated. While technology is not the only reason, it is clearly a key driver in feeding this epidemic of loneliness and social isolation. In many places, the urbanisation trend has contributed to forming a generation that is uprooted from their traditional ways.
We have been investing in what we believe are the antidotes for loneliness. One such investment is the Hong Kong based pet supply retailer Whiskers N Paws. This company has created an opportunity to get away from the hustle of Hong Kong’s busy city life and connect with others who share their love for animals.
Despite technological progress, more people are feeling lonely and alienated. Enhancing the richness of the companionship between both humans and animals brings back the sense of community, an antidote for loneliness and despair.
We trust that animals, like dogs, nurture empathy and will do a better job at that than even the most sophisticated AI aiming to simulate it. And empathy, we believe, is the ultimate antidote for loneliness and despair.
We will continue to look for more investment ideas in this area.
Admin heyokha
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Published: May 30 2018
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 to read some tips on how to deal with New Year blues. Admittedly, I typed “How do you deal with loneliness on New Year’s Eve?” on Google, but then decided not to proceed. I suspected I would feel even more miserable after reading the tips.
Then, around 6 pm, someone knocked on my door. It was the lady who helps me with the laundry. Earlier today, she asked me if I wanted anything for New Year’s Eve. I told her that – me being Indonesian – nasi and mie goreng would do the trick. She didn’t respond…
Now there she was again. It didn’t take long before a familiar spicy aroma filled the room and gave away what was in her bag; nasi and mie goreng!
I asked her if she would join me for a bit and she gracefully accepted. I am sure her family was waiting for her. Yet, she was willing to spend about half an hour with me, so that I felt better. I tried to pay for the food, but the lady said she was happy to treat me. She declined the money.
Maybe all along I have been too busy, too absorbed by a demanding work schedule, to notice kind acts by strangers around me. Or maybe such kindness is rare. I really don’t know.
What I do know is this: what she did was sweet and generous, especially because she doesn’t know me. The kind act of a stranger is very contagious. I feel like being helpful to people around me, whether I know them or not. I want to “repay” the sincere kindness of this lady.
In other words, she made the world a better place, if only for a little bit, through a simple yet powerful act.
We actively look for the antidote for loneliness in our portfolio
The experience with the laundry lady inspired us and reminds us of what is really important in life. One area that we have been focusing on – and more so in the future – are investable solutions to one of the biggest endemic problems in today’s life: despair over loneliness.
Former Surgeon General Vivek Murthy summarised his experience as a doctor in an article in The Harvard Business Review: “During my years caring for patients, the most common pathology I saw was not heart disease or diabetes; it was loneliness.”
The irony is that despite technological progress and prosperity, more and more people are feeling lonely and alienated. While technology is not the only reason, it is clearly a key driver in feeding this epidemic of loneliness and social isolation. In many places, the urbanisation trend has contributed to forming a generation that is uprooted from their traditional ways.
We have been investing in what we believe are the antidotes for loneliness. One such investment is the Hong Kong based pet supply retailer Whiskers N Paws. This company has created an opportunity to get away from the hustle of Hong Kong’s busy city life and connect with others who share their love for animals.
Despite technological progress, more people are feeling lonely and alienated. Enhancing the richness of the companionship between both humans and animals brings back the sense of community, an antidote for loneliness and despair.
We trust that animals, like dogs, nurture empathy and will do a better job at that than even the most sophisticated AI aiming to simulate it. And empathy, we believe, is the ultimate antidote for loneliness and despair.
We will continue to look for more investment ideas in this area.
Admin heyokha
Feedback for Us
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This report covers how to invest in an era where inflation is set to rise. First, we discuss four potential drivers of inflation, being quantitative tightening (surprisingly), higher production costs in China, higher oil prices, and food security issues. We then highlight what kind of companies should do well during a period of higher inflation and elaborate on BISI as an Indonesian specimen of such company. Finally, we provide an update on Indonesian agriculture, which showed signs of increased output.
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Published: May 28 2018
This report covers how to invest in an era where inflation is set to rise. First, we discuss four potential drivers of inflation, being quantitative tightening (surprisingly), higher production costs in China, higher oil prices, and food security issues. We then highlight what kind of companies should do well during a period of higher inflation and elaborate on BISI as an Indonesian specimen of such company. Finally, we provide an update on Indonesian agriculture, which showed signs of increased output.
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 in the known universe, is uniquely and ideally suited to be money in the physical world.
We can (rather painfully) recall the periodic table of the elements from high school chemistry class. A total of 118 elements are represented, from hydro-gen (atomic number 1) to ununoctium (# 118). Nothing physical in the known universe that is not made of one of these elements or a molecular combination. If we are looking for money, we will find it here.
Prof Sella quickly dismissed ten elements on the right-hand side of the table, including helium (He), argon (Ar), and neon (Ne). They are all gases at room temperature and would literally float away. Clearly not good as money.
Elements such as mercury (Hg) and bromine (Br) are liquid at room temperature, so they are all out. Arsenic (As) is rejected for a very obvious reason: because not everyone is convinced that money is poison. Turning to the left-hand side of the periodic table, we get twelve alkaline elements. The problem is that they dissolve or explode on contact with water. Saving money for a rainy day is a good idea, but not if the money dissolves when it rains.
The next elements to be discarded are those of Uranium (U), Plutonium (Pu), and Thorium (Th), for the simple reason that they are radioactive. Also included in this group are thirty radioactive ele-ments made only in labs that decompose moments after they are created.
Most other elements are also unsuitable as money. Iron (Fe), copper (Cu), and lead (Pb) don’t make the final cut because they rust or corrode. No one wants money that debases itself, we should leave the debasement business to the central bankers.
Aluminium (Al) is too flimsy and Titanium (Ti) is too hard to smelt. With this process of elimination, there are only eight candidates left for use as money: the noble metals. While all of them are rare, only gold and silver are available in sufficient quan-tities to make a practical money supply. The rest are too rare.
Thus, only two elements, silver and gold, left. Both are scarce but not impossibly rare. Both also have a relatively low melting point and are therefore easy to turn into coins, ingots, and jewellery. Out of these two, silver reacts with minute amounts of sulphur in the air.
Also, gold (Au) has one final attraction: it’s golden. All of the other metals are silvery in co-lour, except copper which turns green when exposed to air.
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Published: Apr 05 2018
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 in the known universe, is uniquely and ideally suited to be money in the physical world.
We can (rather painfully) recall the periodic table of the elements from high school chemistry class. A total of 118 elements are represented, from hydro-gen (atomic number 1) to ununoctium (# 118). Nothing physical in the known universe that is not made of one of these elements or a molecular combination. If we are looking for money, we will find it here.
Prof Sella quickly dismissed ten elements on the right-hand side of the table, including helium (He), argon (Ar), and neon (Ne). They are all gases at room temperature and would literally float away. Clearly not good as money.
Elements such as mercury (Hg) and bromine (Br) are liquid at room temperature, so they are all out. Arsenic (As) is rejected for a very obvious reason: because not everyone is convinced that money is poison. Turning to the left-hand side of the periodic table, we get twelve alkaline elements. The problem is that they dissolve or explode on contact with water. Saving money for a rainy day is a good idea, but not if the money dissolves when it rains.
The next elements to be discarded are those of Uranium (U), Plutonium (Pu), and Thorium (Th), for the simple reason that they are radioactive. Also included in this group are thirty radioactive ele-ments made only in labs that decompose moments after they are created.
Most other elements are also unsuitable as money. Iron (Fe), copper (Cu), and lead (Pb) don’t make the final cut because they rust or corrode. No one wants money that debases itself, we should leave the debasement business to the central bankers.
Aluminium (Al) is too flimsy and Titanium (Ti) is too hard to smelt. With this process of elimination, there are only eight candidates left for use as money: the noble metals. While all of them are rare, only gold and silver are available in sufficient quan-tities to make a practical money supply. The rest are too rare.
Thus, only two elements, silver and gold, left. Both are scarce but not impossibly rare. Both also have a relatively low melting point and are therefore easy to turn into coins, ingots, and jewellery. Out of these two, silver reacts with minute amounts of sulphur in the air.
Also, gold (Au) has one final attraction: it’s golden. All of the other metals are silvery in co-lour, except copper which turns green when exposed to air.
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Inspired by Netflix series Blackmirror and the book Homo Deus by Yuval Noah Harari, this report is about how technology is accelerating change and making the world less predictable for investors. Looking at China we try to see hints of the future. What we see there is the rise of fintech start-ups disrupting the banking industry, and that access to (partners with) offline presence is key to online companies that sell physical goods. We also make an introduction to blockchain technology and revisit the role of precious metals in this era of cryptocurrencies.
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Published: Mar 29 2018
Inspired by Netflix series Blackmirror and the book Homo Deus by Yuval Noah Harari, this report is about how technology is accelerating change and making the world less predictable for investors. Looking at China we try to see hints of the future. What we see there is the rise of fintech start-ups disrupting the banking industry, and that access to (partners with) offline presence is key to online companies that sell physical goods. We also make an introduction to blockchain technology and revisit the role of precious metals in this era of cryptocurrencies.
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 much more is at stake. And that is, the wellbeing of our young kids.
That is at least the message of a recent thought-provoking article written by Professor of psychology Jean M. Twenge, in which she describes unprecedented shifts in teen behaviour that are coinciding with the proliferation of smartphones (see graphs below for two examples).
In the piece, Twenge writes that it’s not an exaggeration to describe the post-millennial cohort – those born between 1995 and 2012 – as being on the brink of the worst mental health crisis in decades. Much of this deterioration can supposedly be traced to their phones.
Source: The Atlantic
Behaviour is indeed changing at an unprecedented pace and parents are probably as guilty in dealing with the “digital drugs” problem. We’ve disengaged ourselves since we’re too busy looking down at our screens. The painful reality is that we as parents are equally distracted.
In a world where kids are increasingly staying inside their semi-gilded cages and don’t have a proper chance to spread their wings, it is refreshing to share the following pictures from our extensive trip to the remote places of Indonesia.
Not a WA group for this family in Toraja South Sulawesi, but a real face to face communication.
Partly thanks to limited 3G network in the remote areas, family members are still communicating face to face and kids still have real (as opposed to digital) friends. They can’t just block each other over a disagreement.
The digital era will arrive there sooner or later, but for now, life in the remote areas is a timely reminder of the “good old days” where real contact and real friends bring joy. This is definitely one of Heyokha’s new year resolutions.
Kids in Blitar, East Java, are still playing real games outdoor instead of playing “League of Legends” in their smartphone. (right) Instead of sharing the baby picture on Instagram to harvest “likes”, this mother in Mahakam Ulu in deep Kalimantan forest brought the real baby to see relatives. (left)
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Published: Dec 22 2017
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 much more is at stake. And that is, the wellbeing of our young kids.
That is at least the message of a recent thought-provoking article written by Professor of psychology Jean M. Twenge, in which she describes unprecedented shifts in teen behaviour that are coinciding with the proliferation of smartphones (see graphs below for two examples).
In the piece, Twenge writes that it’s not an exaggeration to describe the post-millennial cohort – those born between 1995 and 2012 – as being on the brink of the worst mental health crisis in decades. Much of this deterioration can supposedly be traced to their phones.
Source: The Atlantic
Behaviour is indeed changing at an unprecedented pace and parents are probably as guilty in dealing with the “digital drugs” problem. We’ve disengaged ourselves since we’re too busy looking down at our screens. The painful reality is that we as parents are equally distracted.
In a world where kids are increasingly staying inside their semi-gilded cages and don’t have a proper chance to spread their wings, it is refreshing to share the following pictures from our extensive trip to the remote places of Indonesia.
Not a WA group for this family in Toraja South Sulawesi, but a real face to face communication.
Partly thanks to limited 3G network in the remote areas, family members are still communicating face to face and kids still have real (as opposed to digital) friends. They can’t just block each other over a disagreement.
The digital era will arrive there sooner or later, but for now, life in the remote areas is a timely reminder of the “good old days” where real contact and real friends bring joy. This is definitely one of Heyokha’s new year resolutions.
Kids in Blitar, East Java, are still playing real games outdoor instead of playing “League of Legends” in their smartphone. (right) Instead of sharing the baby picture on Instagram to harvest “likes”, this mother in Mahakam Ulu in deep Kalimantan forest brought the real baby to see relatives. (left)
Admin heyokha
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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labor.
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, they can maximize their selling price. Also, the agricultural reform of Indonesia’s current government has been running for about two years now. Many initiatives have been undertaken, but communicating these to the farmers is a challenge on its own.
We learned from our many trips across Indonesia that a big majority of the farmers are not really using smartphones. However, better network coverage and a big push in rural Indonesia from Chinese phone makers like OPPO is gradually changing the landscape.
We have witnessed how the Indonesian government has adapted and learned to use social media to broadcast the programs on agricultural reform. One example is the campaign to push a farmer insurance program designed to protect farmers from losses resulting from floods and pests (see add here).
There are anecdotes that this insurance program has been very effective this year since many farm-lands were affected by various kind of pests. The farmer insurance program helps to keep farmers’ planting appetite strong and helps to avoid farmers resorting to loan sharks for a “solution” to their financial woes.
What we would like to stress is that this insurance program is just one of the many components of the Indonesian agricultural reform aimed at improving farmers’ welfare. Except for rising production output and declining poverty levels in villages, new job data from The Central Statistics Agency (BPS) Indonesia also seem to indicate that the farming sector is benefitting.
Shift of workers from agri to service industry slowed down
As yet another indicator of the success of the program, we would like to point out a chart (see below) from Indonesian national labour force survey, Sakernas. The survey suggests that for the first time in a decade, workers’ shift from agriculture to service industry has slowed.
More jobs added in agri than in industry sector
Another chart (see below) from the same institution suggests that, in contrary to common belief, the number of employed workers in the agriculture sector has increased by 1mn in the period from Feb 2016 to Feb 2017. The addition is multiple times the size of addition in the manufacturing sector.
Unemployment rate in villages (=farmers) declined further
Based on data from the Indonesian statistics agency, the unemployment rate in the villages has been on the way down, from 4.35% in Feb 2016 to 4.01% in August 2017. During our trip to the villages, farmers informed us that it is generally difficult to find workers to help them during the harvest time.
We expect the trend of falling unemployment in Indonesian rural areas to continue given that various ministry-level proposals have been made aiming to incentivise people to stay and work in the villages.
No doubt that, reflecting the economic reality in the villages, a vast majority of these proposals will impact the farming area.
As the numbers are hard to argue with, we trust that investors should be more open-minded about the success of the Indonesian agricultural reform.
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Published: Dec 19 2017
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, they can maximize their selling price. Also, the agricultural reform of Indonesia’s current government has been running for about two years now. Many initiatives have been undertaken, but communicating these to the farmers is a challenge on its own.
We learned from our many trips across Indonesia that a big majority of the farmers are not really using smartphones. However, better network coverage and a big push in rural Indonesia from Chinese phone makers like OPPO is gradually changing the landscape.
We have witnessed how the Indonesian government has adapted and learned to use social media to broadcast the programs on agricultural reform. One example is the campaign to push a farmer insurance program designed to protect farmers from losses resulting from floods and pests (see add here).
There are anecdotes that this insurance program has been very effective this year since many farm-lands were affected by various kind of pests. The farmer insurance program helps to keep farmers’ planting appetite strong and helps to avoid farmers resorting to loan sharks for a “solution” to their financial woes.
What we would like to stress is that this insurance program is just one of the many components of the Indonesian agricultural reform aimed at improving farmers’ welfare. Except for rising production output and declining poverty levels in villages, new job data from The Central Statistics Agency (BPS) Indonesia also seem to indicate that the farming sector is benefitting.
Shift of workers from agri to service industry slowed down
As yet another indicator of the success of the program, we would like to point out a chart (see below) from Indonesian national labour force survey, Sakernas. The survey suggests that for the first time in a decade, workers’ shift from agriculture to service industry has slowed.
More jobs added in agri than in industry sector
Another chart (see below) from the same institution suggests that, in contrary to common belief, the number of employed workers in the agriculture sector has increased by 1mn in the period from Feb 2016 to Feb 2017. The addition is multiple times the size of addition in the manufacturing sector.
Unemployment rate in villages (=farmers) declined further
Based on data from the Indonesian statistics agency, the unemployment rate in the villages has been on the way down, from 4.35% in Feb 2016 to 4.01% in August 2017. During our trip to the villages, farmers informed us that it is generally difficult to find workers to help them during the harvest time.
We expect the trend of falling unemployment in Indonesian rural areas to continue given that various ministry-level proposals have been made aiming to incentivise people to stay and work in the villages.
No doubt that, reflecting the economic reality in the villages, a vast majority of these proposals will impact the farming area.
As the numbers are hard to argue with, we trust that investors should be more open-minded about the success of the Indonesian agricultural reform.
Admin heyokha
Feedback for Us
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We discuss how China is advancing in the tech race and how two Chinese tech giants built their ecosystems. With the growing influence of the Chinese tech giants in SE Asian markets, we expect that local incumbents with a strong franchise and large footprint could be beneficiaries as either a partner or acquisition target of such tech ecosystems. We name Go-Jek as a potential first true Indonesian ecosystem. We also point to warning signs that innovation can drive the rise of destructive monopolies and that governments may step in to curb their power.
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Published: Dec 16 2017
We discuss how China is advancing in the tech race and how two Chinese tech giants built their ecosystems. With the growing influence of the Chinese tech giants in SE Asian markets, we expect that local incumbents with a strong franchise and large footprint could be beneficiaries as either a partner or acquisition target of such tech ecosystems. We name Go-Jek as a potential first true Indonesian ecosystem. We also point to warning signs that innovation can drive the rise of destructive monopolies and that governments may step in to curb their power.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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.
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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.
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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.
