Quarterly Reports

Heyokha Brothers-Investment Report-3Q 2015

” What motivates [radical groups] and the millions who support them? The answer, many
believe, is stories – about injustice, outrages, ancestors, coreligionists, nonbelievers, stories from
the past and present.”

– Geoff Colvin –

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Heyokha Brothers-Investment Report-2Q 2015

“You must be shapeless, formless, like water. When you pour water in a cup, it becomes the cup.
When you pour water in a bottle, it becomes the bottle. When you pour water in a teapot, it
becomes the teapot.Water can drip and it can crash. Become like water my friend.”

– Bruce Lee –

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Heyokha Brothers-Investment Report-1Q 2015

“Just because you love the mountains doesn’t mean the mountains love you”
– Lou Whittaker
“Mountains are not conquered: they simply do or do not allow us to climb them”
– Ed Viesturs

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Heyokha Brothers-Investment Report-4Q 2014

” When you get older it is hard to have heroes, but it is sort of necessary. ”
– Ernest Hemingway –

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Heyokha Brothers-Investment Report-3Q 2014

“Courage is not the absence of fear, but rather the judgment
that something else is more important than fear.”

– Ambrose Redmoon

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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.