Quarterly Reports

Protected: Heyokha-Brothers-Investment-Report-1Q-2021

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Protected: Heyokha-Brothers-Investment-Report-4Q-2020

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On if there is going to be the next economic stimulus:

“There is no first attack in Karate”
-Gichin Funakoshi, founder of Karate-

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“When the wall starts collapsing, 10,000 people rush to push It down”

-Chinese Proverb-

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Four years after the atomic bombing in Hiroshima the writer Norman Cousins found the city had been almost completely rebuilt on a temporary basis and that its people were “alive” and “vital”:

“As you stand you wonder why people would ever come back to the city again, to this place of compressed agony. The answer is all around you. You could see it in the brisk, life-loving walk of the young people. You hear it in the full laughter of children. The answer you found was that there are deeper resources of courage and regeneration in human beings than any of the philosophers had dared to dream. The answer you found was that the greatest force on this earth-greater than any device yet conjured up in the laboratories-is the will to live and the will to hope (1949:31).”

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Not till we are lost…do we begin to find ourselves.
-Henry David Thoreau-

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

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

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

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

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

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About Quarterly Reports

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

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