Quarterly Reports


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

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

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

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

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“Do you mean to tell me that you are thinking seriously of building that way, when and if you are an architect?”
“My dear fellow, who will let you?”
“That is not the point. The point is, who will stop me?”
-Ayn Rand, The Fountainhead-

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Heyokha Brothers-Investment Report-2Q 2017

“He’s on me.” – Collins
“I’m on him.” – Farrier

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Heyokha Brothers-Investment Report-1Q 2017

“Successful investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.”

-Warren Buffett-

“Wait for that wisest of all counsellors, Time.”


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Heyokha Brothers-Investment Report-4Q 2016

“When you close your eyes at night, what is important? You’ve spent the day taking risks. You’ve made some people very happy. Each day, that’s my challenge.”
-Alain Passard, chef and owner of three star Michelin restaurant L’Arpège-

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Heyokha Brothers-Investment Report-3Q 2016

“What you wanna do is follow the EAC, that’s the East Australian Current. Big current, can’t miss it.”
-Finding Nemo-

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Heyokha Brothers-Investment Report-2Q 2016

“Facts do not cease to exist because they are ignored.”
-Aldous Huxley-

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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.