Indonesia is breaking records, but not in the way you might think. It’s not about the hottest chili or the longest dance marathon—no, Indonesia has increased its number of holidays to the most it’s ever had in a year, clocking in at a whopping 23 days.

Now let’s toss that number next to the US stock market’s holiday calendar and the difference between are quite stark. The US has maintained its days off at an average of 9 days whereas Indonesia averages at 17.

Indonesia has more holidays than the US

Number of stock market holidays of the US vs Indonesia (in days)

The last half decade has been a tough time for investors in emerging markets, with the US equities returns often leaving Indonesia’s in its trail. But there was a glimmer of light in the dark tunnel: In 2022, Indonesia’s Jakarta Composite Index (JCI) outperformed the S&P 500 index with an impressive gain of over 15%.    

Indonesia’s JCI outperformed S&P500 when its holidays were the lowest

Source: Bloomberg

Coincidentally, 2022 was also the year where Indonesia had its lowest number of holidays, almost matching the US’s calendar with 10 and 9 days off respectively.

Perhaps holidays might not be the main driver for market’s outperformance and underperformance, but it does make you ponder: might the market’s ups and downs be tied to how many days traders get to kick back and relax?

Could decreasing the number of holidays be the low hanging fruit ready to be reaped to improve market performance?

Let’s ponder that as we plan our next holiday!

Tara Mulia


Share

Indonesia is breaking records, but not in the way you might think. It’s not about the hottest chili or the longest dance marathon—no, Indonesia has increased its number of holidays to the most it’s ever had in a year, clocking in at a whopping 23 days.

Now let’s toss that number next to the US stock market’s holiday calendar and the difference between are quite stark. The US has maintained its days off at an average of 9 days whereas Indonesia averages at 17.

Indonesia has more holidays than the US

Number of stock market holidays of the US vs Indonesia (in days)

The last half decade has been a tough time for investors in emerging markets, with the US equities returns often leaving Indonesia’s in its trail. But there was a glimmer of light in the dark tunnel: In 2022, Indonesia’s Jakarta Composite Index (JCI) outperformed the S&P 500 index with an impressive gain of over 15%.    

Indonesia’s JCI outperformed S&P500 when its holidays were the lowest

Source: Bloomberg

Coincidentally, 2022 was also the year where Indonesia had its lowest number of holidays, almost matching the US’s calendar with 10 and 9 days off respectively.

Perhaps holidays might not be the main driver for market’s outperformance and underperformance, but it does make you ponder: might the market’s ups and downs be tied to how many days traders get to kick back and relax?

Could decreasing the number of holidays be the low hanging fruit ready to be reaped to improve market performance?

Let’s ponder that as we plan our next holiday!

Tara Mulia


Share

In the span of a decade, the world has undergone transformative changes, some visible in the palm of our hand. The touchscreen technology that allows this blog to be accessed was not nearly as pervasive in 2014. Back then, many of us clung to our BlackBerrys—a brand that has since exited the smartphone market. Reflect on the 2014 FIFA World Cup, where Germany’s stunning 7-1 victory over host Brazil left fans around the globe in disbelief. These moments from ten years ago set the stage for another significant beginning: the presidency of Joko Widodo.

A lot can happen in ten years—technologies evolve, champions are crowned, and nations can be reshaped. Among these, the downstreaming project stands out as a monumental legacy, propelling substantial economic and industrial shifts across Indonesia. Today I look back at my trip to Morowali, a hub of the nickel down streaming project.

What I’ve witnessed firsthand compels belief, yet it surpasses imagination. Join me as we delve into the incredible progress of Indonesia within these 10 years, to help us imagine what the decades to come may hold.

Morowali, March 2024.

Jakarta – Morowali sky: a flight buddy

“Waiting for your turn to board the plane, Morowali style”

Despite rapid development in the past few years, Morowali is still not for the faint-hearted. Plane for example was pretty basic, a propeller plane. In particular, the air conditioning was not properly working, except for a brief few minutes during this 45-minute flight. Nonetheless, the opportunity for an interesting conversation with fellow passengers was more than enough to compensate for the lack of comfort during the flight.

Nandar

ZTE employee, travels to Morowali three times a year, witnessed the rapid economic development since the beginning

I met Nandar, who is originally from the city of Makassar, 400km from Morowali, connected by that 45-minute three times-a-day flight. He works for a Chinese telco network company ZTE and travels to Morowali three times a year. I learned from him that the mobile company Telkomsel (TLKM IJ) generates the biggest revenues in Sulawesi from their Morowali operation. Business-wise, Morowali is already bigger than the largest city in Sulawesi, Makassar. In Morowali, Telkomsel’s biggest competitor is XL Axiata (EXCL IJ).

Burgeoning wealth

Nandar shares his enthusiasm for the progress in Morowali. He said that a decade ago, everyone was poor. Even the head of the village. Nowadays, it is quite a norm for the head of the village to own and drive a Toyota Fortuner (costs c. US$ 35k, equal to 7.4x of Indonesia’s GDP per capita).

Wealth creation breeds a lot of wheelers

Number of cars in Central Sulawesi (thousands)

No. of motorcycles in Central Sulawesi (k units)

Central Sulawesi province GDP per Capita vs. Indonesia’s (US$)

Source: Government data

He said that boarding is not cheap, as the competition for a boarding room is intense. The population in Morowali has gone up from 167k last year to 176k in 2022, a 5% increase compared to 3% increase the year before. A simple room with a plywood wall will set him back by Rp700k (USD 50) per month. A more decent room with a concrete wall costs twice as much. This price matches Jakarta’s price despite the per capita income in Jakarta is quadruple Morowali’s level.

In terms of income, Nandar told us the monthly salary of Morowali workers was at least IDR 6 to 8 mn (US$ 387 to 516) with a median is somewhere between IDR 10 to 15 mn (US$ 645 to 967). This is much higher compared to Jakarta and Makassar’s minimum wage of IDR 4.9 mn (US$ 316) and IDR 3.6 mn (US$ 232) respectively.

But, with high income comes great demand for productivity:

Table: Typical working scheme at IMIP

CategoryWorking scheme
LocalsRp 13 mn (US$ 838) monthly salary 5 working days, 2 days leave\ Rp 15 – 18 mn (US$ 967 to 1,161) monthly salary 8 working days, 2 days leave  
Chinese expatsSalary Unknown 6 months working days (straight), 12 days leave

Nandar told me how the population of Morowali has grown by leaps and bounds.

The aircon was suddenly turned on and Nandar told me that it meant the plane was about to land. Cool air was flowing like the sounds of smooth jazz from a Basin Street bar. Suddenly I did not take the aircon for granted anymore and started to think that aircon was one of the best inventions of the human race. Nandar took it as a cue to end our conversation and got ready for landing. He planned to stay for a week in Morowali.

I used the opportunity before landing to ask him if he had any complaints about Morowali. He said everything was great. He wants his kids to do well in life, going to university and learning Chinese. Oh, actually one complaint, he added.

The food is great in the accommodation provided (the Wisma) in Morowali. Unfortunately, he could not really use chopsticks to eat. As a result, he typically loses quite a bit of weight during a business trip to Morowali. Other than that, for him, Morowali offers a great deal of opportunities. Nandar’s transport and meal allowance in Morowali is Rp100k (US$6.45)/day, twice his usual rate. That certainly incentivises him to love Morowali even more.

“Morowali Airport: somewhat chaotic but works”.

“The simple 10 years to build Morowali Airport”

The scorching heat of the Morowali plain was in complete contrast to the gorgeous sight in front of us. The new Morowali airport (budget was allocated in 2007, but only completed a decade later in 2017, not everything in Morowali is magical) failed to provide much sanctuary from the heat, as most air conditioners in the airport seemed to be already exhausted. Passengers’ bags were stuck in the airport, somewhat chaotic but overall, the airport miraculously worked.

The road to Morowali, the boom town

Next step was a four-hour car trip from Morowali airport to IMIP (Indonesia Morowali Industrial Park), an industrial park with a total area of 4,000 ha and 100,000 workers. To put it into context, the total number of employees was 75,000 when we visited the park in August 2022. The park boasts 54 NPI RKEFs line (8 of which are under construction) with 5 mtpa capacity. These RKEF facilities represent over 55% of such capacities in Indonesia! Not to mention new energy battery materials, 2 HPAL plants; one under construction.

Embarking on this 4-hour journey has unfolded a tapestry of gorgeous views, each moment was brushstroke painting memory of shared conversations. Entering Morowali boom town, the dusty roads echoed tales of frenetic energy, lined with hastily erected structures. The community is vibrant, with a heartbeat of its own. Shops open 24- hours, catering to the newfound prosperity. Not even in Jakarta we see such a crucible of ambition and industry.

“Petrol distribution, BRI Agent, and Smartphone shops open 24/7 hours mean serious business”

We also witnessed many small shops selling gasoline. In fact, it was like every 20 meters we would come across shops selling gasoline. The presence of numerous small shops selling gasoline may indicate a scarcity or distribution challenge in the supply chain. It could be a response to logistical disruption. The official system was somewhat broken.

A resting place for the weary

Before we knew it, we arrived at the famous Wisma IMIP, a five-star facility to host high-level management and IMIP investors.

Nestled in the heart of a remote location, our accommodation facility stands as a beacon of comfort amidst rugged terrain. The combination of comfortable rooms and hearty meals in the spacious dining halls caters to both relaxation and the unique needs of those working in the challenging environment. Thanks to the serene retreat, I was forgetting that I was in Morowali.

The luxury crafted in this guest house seems to reflect their sign of commitment.

Wisma IMIP’s Lobby – a “humble” welcoming

Backyard view: facing the port

Spacious and well-designed meeting room

Dining hall and delicate meals

Comfortable room. Everything inside is “Made in China”, except TOTO sanitary – sign of moat?

Visiting the powerhouse

We also had the opportunity to visit SCM nickel mining site, 40 km away from IMIP. This mining asset is 51% owned by Merdeka Battery (MBMA IJ). The remaining stake is held by Tsingshan.


“Inside Morowali Industirial Park – a testament to the power of perseverance and hard work”

 What’s really striking is the high-quality 40-km hauling road connecting industrial estate IMIP and mining site SCM. This road is clearly the crucial lifeline for efficient operations, unlocking value for the mining assets. Constructed with durability in mind, this road is designed to withstand the heavy road for a very long time. Its robust design incorporates advanced engineering techniques to ensure resilience against the challenging conditions of the mining environment. This road facilitates the smooth movement of heavy machinery and oreladen trucks.

“SCM Hauling Road – an engineering marvel

”The lush forest and the pristine environment is gentle reminder to practice sustainability”

Remarks from the trip

Reflecting on our journey to Morowali’s nickel processing hub, we witness a transformation fueled by perseverance and dedication. The pioneers of this industry, including the vibrant community and dedicated workers of IMIP, exemplify how dedication does not betray the effort invested. The development of infrastructure, like the hauling road and Wisma IMIP, alongside Nandar’s story, highlight growth and resilience. This story epitomizes the transformation of a remote area into an industrial hub. Morowali’s evolution signifies national progress and global market influence. It emphasizes the impact of visionary leadership and industry on growth and prosperity. Hard work betrays none, but dreams betray many…


Share

In the span of a decade, the world has undergone transformative changes, some visible in the palm of our hand. The touchscreen technology that allows this blog to be accessed was not nearly as pervasive in 2014. Back then, many of us clung to our BlackBerrys—a brand that has since exited the smartphone market. Reflect on the 2014 FIFA World Cup, where Germany’s stunning 7-1 victory over host Brazil left fans around the globe in disbelief. These moments from ten years ago set the stage for another significant beginning: the presidency of Joko Widodo.

A lot can happen in ten years—technologies evolve, champions are crowned, and nations can be reshaped. Among these, the downstreaming project stands out as a monumental legacy, propelling substantial economic and industrial shifts across Indonesia. Today I look back at my trip to Morowali, a hub of the nickel down streaming project.

What I’ve witnessed firsthand compels belief, yet it surpasses imagination. Join me as we delve into the incredible progress of Indonesia within these 10 years, to help us imagine what the decades to come may hold.

Morowali, March 2024.

Jakarta – Morowali sky: a flight buddy

“Waiting for your turn to board the plane, Morowali style”

Despite rapid development in the past few years, Morowali is still not for the faint-hearted. Plane for example was pretty basic, a propeller plane. In particular, the air conditioning was not properly working, except for a brief few minutes during this 45-minute flight. Nonetheless, the opportunity for an interesting conversation with fellow passengers was more than enough to compensate for the lack of comfort during the flight.

Nandar

ZTE employee, travels to Morowali three times a year, witnessed the rapid economic development since the beginning

I met Nandar, who is originally from the city of Makassar, 400km from Morowali, connected by that 45-minute three times-a-day flight. He works for a Chinese telco network company ZTE and travels to Morowali three times a year. I learned from him that the mobile company Telkomsel (TLKM IJ) generates the biggest revenues in Sulawesi from their Morowali operation. Business-wise, Morowali is already bigger than the largest city in Sulawesi, Makassar. In Morowali, Telkomsel’s biggest competitor is XL Axiata (EXCL IJ).

Burgeoning wealth

Nandar shares his enthusiasm for the progress in Morowali. He said that a decade ago, everyone was poor. Even the head of the village. Nowadays, it is quite a norm for the head of the village to own and drive a Toyota Fortuner (costs c. US$ 35k, equal to 7.4x of Indonesia’s GDP per capita).

Wealth creation breeds a lot of wheelers

Number of cars in Central Sulawesi (thousands)

No. of motorcycles in Central Sulawesi (k units)

Central Sulawesi province GDP per Capita vs. Indonesia’s (US$)

Source: Government data

He said that boarding is not cheap, as the competition for a boarding room is intense. The population in Morowali has gone up from 167k last year to 176k in 2022, a 5% increase compared to 3% increase the year before. A simple room with a plywood wall will set him back by Rp700k (USD 50) per month. A more decent room with a concrete wall costs twice as much. This price matches Jakarta’s price despite the per capita income in Jakarta is quadruple Morowali’s level.

In terms of income, Nandar told us the monthly salary of Morowali workers was at least IDR 6 to 8 mn (US$ 387 to 516) with a median is somewhere between IDR 10 to 15 mn (US$ 645 to 967). This is much higher compared to Jakarta and Makassar’s minimum wage of IDR 4.9 mn (US$ 316) and IDR 3.6 mn (US$ 232) respectively.

But, with high income comes great demand for productivity:

Table: Typical working scheme at IMIP

CategoryWorking scheme
LocalsRp 13 mn (US$ 838) monthly salary 5 working days, 2 days leave\ Rp 15 – 18 mn (US$ 967 to 1,161) monthly salary 8 working days, 2 days leave  
Chinese expatsSalary Unknown 6 months working days (straight), 12 days leave

Nandar told me how the population of Morowali has grown by leaps and bounds.

The aircon was suddenly turned on and Nandar told me that it meant the plane was about to land. Cool air was flowing like the sounds of smooth jazz from a Basin Street bar. Suddenly I did not take the aircon for granted anymore and started to think that aircon was one of the best inventions of the human race. Nandar took it as a cue to end our conversation and got ready for landing. He planned to stay for a week in Morowali.

I used the opportunity before landing to ask him if he had any complaints about Morowali. He said everything was great. He wants his kids to do well in life, going to university and learning Chinese. Oh, actually one complaint, he added.

The food is great in the accommodation provided (the Wisma) in Morowali. Unfortunately, he could not really use chopsticks to eat. As a result, he typically loses quite a bit of weight during a business trip to Morowali. Other than that, for him, Morowali offers a great deal of opportunities. Nandar’s transport and meal allowance in Morowali is Rp100k (US$6.45)/day, twice his usual rate. That certainly incentivises him to love Morowali even more.

“Morowali Airport: somewhat chaotic but works”.

“The simple 10 years to build Morowali Airport”

The scorching heat of the Morowali plain was in complete contrast to the gorgeous sight in front of us. The new Morowali airport (budget was allocated in 2007, but only completed a decade later in 2017, not everything in Morowali is magical) failed to provide much sanctuary from the heat, as most air conditioners in the airport seemed to be already exhausted. Passengers’ bags were stuck in the airport, somewhat chaotic but overall, the airport miraculously worked.

The road to Morowali, the boom town

Next step was a four-hour car trip from Morowali airport to IMIP (Indonesia Morowali Industrial Park), an industrial park with a total area of 4,000 ha and 100,000 workers. To put it into context, the total number of employees was 75,000 when we visited the park in August 2022. The park boasts 54 NPI RKEFs line (8 of which are under construction) with 5 mtpa capacity. These RKEF facilities represent over 55% of such capacities in Indonesia! Not to mention new energy battery materials, 2 HPAL plants; one under construction.

Embarking on this 4-hour journey has unfolded a tapestry of gorgeous views, each moment was brushstroke painting memory of shared conversations. Entering Morowali boom town, the dusty roads echoed tales of frenetic energy, lined with hastily erected structures. The community is vibrant, with a heartbeat of its own. Shops open 24- hours, catering to the newfound prosperity. Not even in Jakarta we see such a crucible of ambition and industry.

“Petrol distribution, BRI Agent, and Smartphone shops open 24/7 hours mean serious business”

We also witnessed many small shops selling gasoline. In fact, it was like every 20 meters we would come across shops selling gasoline. The presence of numerous small shops selling gasoline may indicate a scarcity or distribution challenge in the supply chain. It could be a response to logistical disruption. The official system was somewhat broken.

A resting place for the weary

Before we knew it, we arrived at the famous Wisma IMIP, a five-star facility to host high-level management and IMIP investors.

Nestled in the heart of a remote location, our accommodation facility stands as a beacon of comfort amidst rugged terrain. The combination of comfortable rooms and hearty meals in the spacious dining halls caters to both relaxation and the unique needs of those working in the challenging environment. Thanks to the serene retreat, I was forgetting that I was in Morowali.

The luxury crafted in this guest house seems to reflect their sign of commitment.

Wisma IMIP’s Lobby – a “humble” welcoming

Backyard view: facing the port

Spacious and well-designed meeting room

Dining hall and delicate meals

Comfortable room. Everything inside is “Made in China”, except TOTO sanitary – sign of moat?

Visiting the powerhouse

We also had the opportunity to visit SCM nickel mining site, 40 km away from IMIP. This mining asset is 51% owned by Merdeka Battery (MBMA IJ). The remaining stake is held by Tsingshan.


“Inside Morowali Industirial Park – a testament to the power of perseverance and hard work”

 What’s really striking is the high-quality 40-km hauling road connecting industrial estate IMIP and mining site SCM. This road is clearly the crucial lifeline for efficient operations, unlocking value for the mining assets. Constructed with durability in mind, this road is designed to withstand the heavy road for a very long time. Its robust design incorporates advanced engineering techniques to ensure resilience against the challenging conditions of the mining environment. This road facilitates the smooth movement of heavy machinery and oreladen trucks.

“SCM Hauling Road – an engineering marvel

”The lush forest and the pristine environment is gentle reminder to practice sustainability”

Remarks from the trip

Reflecting on our journey to Morowali’s nickel processing hub, we witness a transformation fueled by perseverance and dedication. The pioneers of this industry, including the vibrant community and dedicated workers of IMIP, exemplify how dedication does not betray the effort invested. The development of infrastructure, like the hauling road and Wisma IMIP, alongside Nandar’s story, highlight growth and resilience. This story epitomizes the transformation of a remote area into an industrial hub. Morowali’s evolution signifies national progress and global market influence. It emphasizes the impact of visionary leadership and industry on growth and prosperity. Hard work betrays none, but dreams betray many…


Share

Dive into this special report and you’ll find yourself on an informative journey through Indonesia’s green ambitions. Indonesia is not just an archipelago of stunning landscapes but a rising star in the global decarbonization effort.


From the buzzing industrial hive of Morowali, where nickel is king, to the cutting-edge forays into renewable energy, this report is your ticket to understanding Indonesia’s eco-journey. It’s a story of how Indonesia, armed with strategic savvy and a treasure trove of critical minerals, is sprinting towards a future where electric vehicles (EVs) abound, powered by Indonesian nickel.


Amid complex interplay of global politics and economic aspirations, Indonesia stands firm, charting its own course towards a sustainable and electrified future. This is a story of innovation, strategic gambles, and green dreams, as Indonesia aims to prove that being eco-friendly isn’t just good for the planet—it’s a pathway to prosperity.


Share

Dive into this special report and you’ll find yourself on an informative journey through Indonesia’s green ambitions. Indonesia is not just an archipelago of stunning landscapes but a rising star in the global decarbonization effort.


From the buzzing industrial hive of Morowali, where nickel is king, to the cutting-edge forays into renewable energy, this report is your ticket to understanding Indonesia’s eco-journey. It’s a story of how Indonesia, armed with strategic savvy and a treasure trove of critical minerals, is sprinting towards a future where electric vehicles (EVs) abound, powered by Indonesian nickel.


Amid complex interplay of global politics and economic aspirations, Indonesia stands firm, charting its own course towards a sustainable and electrified future. This is a story of innovation, strategic gambles, and green dreams, as Indonesia aims to prove that being eco-friendly isn’t just good for the planet—it’s a pathway to prosperity.


Share

“I wanted to be a doctor, but my dad wants me to be a TikTok influencer”– the generation after Gen Z

Me back in 2020 at @pikbakinghouse store, trying to sell Hawaiian Papaya Ci Mehong Style.

In recent months, commodities like nickel, bauxite, and even seaweed have dominated headlines and filled the election debate, but one commodity stands out among the rest, and it’s not what you might expect: followers.

The realization hit home when President Joko Widodo began engaging influencers during the 2019 election. Suddenly, it became clear that social media followers were a valuable commodity, perhaps one of the most crucial in today’s digital age.

Fast forward to now, and the importance of followers has reached unprecedented heights. This trend is especially evident in the lead-up to the 2024 election, with many candidates incorporating follower count into their campaign strategies. Some are even going so far as to recruit celebrities and their spouses as legislative candidates, leveraging their massive social media followings.

What’s intriguing is how this trend extends to unexpected individuals, like my friend’s mom, Tjioe Nofia Handayani, affectionately known as Ci Mehong. Despite her seemingly niche market of selling high-end goods like geoduck and abalone, her years of dedication and countless social media posts have amassed her nearly 400,000 Instagram followers and over 420,000 on TikTok. For once, this might just be the best way to capitalize on the massive followers that she has.

This phenomenon has prompted some to reconsider traditional paths to influence and power. While I have other friends of which many have grown up in families entrenched in politics, the allure of social media influence may signal a new era in politics and beyond.

Interestingly, this shift in focus towards digital influence might explain why consumer industries, typically buoyed by election cycles, haven’t seen the expected boost. Instead, much of the campaign funds are likely being funneled into digital marketing and endorsements, capitalizing on the power of this new hot commodity.

So, perhaps the next time a member of Gen Z expresses aspirations to own a nickel or gold mine, they might consider the potential of becoming an influencer instead. After all, in this digital age, followers aren’t just numbers; they’re pure currency, paving the way to fame, fortune, and influence. It’s a whole new frontier where likes and shares hold more power than gold nuggets.

Danzel Aryo Soerjohadi

Investments at Heyokha Brother


Share

“I wanted to be a doctor, but my dad wants me to be a TikTok influencer”– the generation after Gen Z

Me back in 2020 at @pikbakinghouse store, trying to sell Hawaiian Papaya Ci Mehong Style.

In recent months, commodities like nickel, bauxite, and even seaweed have dominated headlines and filled the election debate, but one commodity stands out among the rest, and it’s not what you might expect: followers.

The realization hit home when President Joko Widodo began engaging influencers during the 2019 election. Suddenly, it became clear that social media followers were a valuable commodity, perhaps one of the most crucial in today’s digital age.

Fast forward to now, and the importance of followers has reached unprecedented heights. This trend is especially evident in the lead-up to the 2024 election, with many candidates incorporating follower count into their campaign strategies. Some are even going so far as to recruit celebrities and their spouses as legislative candidates, leveraging their massive social media followings.

What’s intriguing is how this trend extends to unexpected individuals, like my friend’s mom, Tjioe Nofia Handayani, affectionately known as Ci Mehong. Despite her seemingly niche market of selling high-end goods like geoduck and abalone, her years of dedication and countless social media posts have amassed her nearly 400,000 Instagram followers and over 420,000 on TikTok. For once, this might just be the best way to capitalize on the massive followers that she has.

This phenomenon has prompted some to reconsider traditional paths to influence and power. While I have other friends of which many have grown up in families entrenched in politics, the allure of social media influence may signal a new era in politics and beyond.

Interestingly, this shift in focus towards digital influence might explain why consumer industries, typically buoyed by election cycles, haven’t seen the expected boost. Instead, much of the campaign funds are likely being funneled into digital marketing and endorsements, capitalizing on the power of this new hot commodity.

So, perhaps the next time a member of Gen Z expresses aspirations to own a nickel or gold mine, they might consider the potential of becoming an influencer instead. After all, in this digital age, followers aren’t just numbers; they’re pure currency, paving the way to fame, fortune, and influence. It’s a whole new frontier where likes and shares hold more power than gold nuggets.

Danzel Aryo Soerjohadi

Investments at Heyokha Brother


Share

That day, I strolled along the main road of Cikini around Menteng. Jakarta’s weather was neither too hot nor rainy. It seemed as if the capital was in a good mood.

Quietly, I admired the colonial architecture still present in the Cikini area. The cafe’s interior and the sidewalk were only separated by a glass window. I began to imagine how Dutch ladies in that era would leisurely drink tea, sip coffee, and exchange gossip, without the rush of work or the immediacy of WA messages or emails demanding immediate responses. Honestly, in that moment, a feeling of jealousy emerged within me.

Engrossed in my own thoughts, out of nowhere, an old man approached and said:

“Sir, I’m actually embarrassed to say… I need a little bit of money to go home by train from Gondangdia station. But my wallet is completely empty, sir. Please help me get home.”

I sensed a tone of despair from the man when he showed me his tattered, empty wallet.

Perhaps due to my preoccupied mind, I automatically mustered a “Sorry, sir…”, assuming it was another one of those frauds in my beloved Jakarta.

As if he could read my mind, the slight look of desperation on the man’s face immediately turned into one of disappointment as he apologised, “I’m sorry for disturbing you, sir… I really am.”

Just like that, the man shook his head and walked away. It was hard to guess why the man shook his head. What was he feeling? Who knows?

About five minutes later, a wave of regret slowly washed over me. I felt something odd, something unusual. The man didn’t force me. In fact, he apologised. A single glance at his eyes confirmed that he was embarrassed to do so. Or maybe he’s a great actor. Who knows?

Stricken with confusion and regret, I turned around to look for the man. But he had disappeared, as if he were a ninja.

So I let out a sigh, turned around again, and continued my journey. However, this time, I didn’t gaze at the beautiful Dutch-styled window displays along Cikini road. The only thing I could picture was the man’s gloomy face, which continued to resurface in my mind. I kept asking myself, “What if the man really couldn’t come home?”

I should have followed my heart more often. Occasionally, I ought to try listening to my inner voice and extend a helping hand to those suffering like the man. However, in my case, it was far too late now.

At times, the fast-paced lifestyle of being a “Jakarta person” can numb our conscience, credited to our frequent experiences of deception and dishonesty. The fear of being taken advantage of often compels us to shut ourselves off from our inner voice. I found myself in a moment of silence, deeply contemplative. However, this time, it wasn’t about the Dutch ladies.

This time, my thoughts shifted to a culture that we face daily. In an organisation whose culture focuses on office politics and backstabbing, members would be busy “building gates” to fortify themselves. In this survival mode, our inner voice often gets ignored. But so what?

On the other hand, in an organisation where members genuinely care for each other and sincerely communicate with each other, we become part of the lives of fellow members of the organisation- in other words, a true community. We all yearn to be part of something greater than ourselves, feel safe and happy, and dare to be ourselves.

This courage to “be ourselves” comes down to the desire to build bridges instead of gates. It involves listening to the whispers of the heart that keep us from becoming overly cautious “Jakarta people”. These whispers from the heart make us willing to be attentive listeners, opening ourselves to the stories of our neighbours.

I try to remind myself that listening with genuine attention and appreciation is the key to good social relationships. It is the foundation for building social bridges—pathways that lead us to happiness, success, good health, and the many joys life has to offer.

Written by Wuddy Warsono, CFA


Share

That day, I strolled along the main road of Cikini around Menteng. Jakarta’s weather was neither too hot nor rainy. It seemed as if the capital was in a good mood.

Quietly, I admired the colonial architecture still present in the Cikini area. The cafe’s interior and the sidewalk were only separated by a glass window. I began to imagine how Dutch ladies in that era would leisurely drink tea, sip coffee, and exchange gossip, without the rush of work or the immediacy of WA messages or emails demanding immediate responses. Honestly, in that moment, a feeling of jealousy emerged within me.

Engrossed in my own thoughts, out of nowhere, an old man approached and said:

“Sir, I’m actually embarrassed to say… I need a little bit of money to go home by train from Gondangdia station. But my wallet is completely empty, sir. Please help me get home.”

I sensed a tone of despair from the man when he showed me his tattered, empty wallet.

Perhaps due to my preoccupied mind, I automatically mustered a “Sorry, sir…”, assuming it was another one of those frauds in my beloved Jakarta.

As if he could read my mind, the slight look of desperation on the man’s face immediately turned into one of disappointment as he apologised, “I’m sorry for disturbing you, sir… I really am.”

Just like that, the man shook his head and walked away. It was hard to guess why the man shook his head. What was he feeling? Who knows?

About five minutes later, a wave of regret slowly washed over me. I felt something odd, something unusual. The man didn’t force me. In fact, he apologised. A single glance at his eyes confirmed that he was embarrassed to do so. Or maybe he’s a great actor. Who knows?

Stricken with confusion and regret, I turned around to look for the man. But he had disappeared, as if he were a ninja.

So I let out a sigh, turned around again, and continued my journey. However, this time, I didn’t gaze at the beautiful Dutch-styled window displays along Cikini road. The only thing I could picture was the man’s gloomy face, which continued to resurface in my mind. I kept asking myself, “What if the man really couldn’t come home?”

I should have followed my heart more often. Occasionally, I ought to try listening to my inner voice and extend a helping hand to those suffering like the man. However, in my case, it was far too late now.

At times, the fast-paced lifestyle of being a “Jakarta person” can numb our conscience, credited to our frequent experiences of deception and dishonesty. The fear of being taken advantage of often compels us to shut ourselves off from our inner voice. I found myself in a moment of silence, deeply contemplative. However, this time, it wasn’t about the Dutch ladies.

This time, my thoughts shifted to a culture that we face daily. In an organisation whose culture focuses on office politics and backstabbing, members would be busy “building gates” to fortify themselves. In this survival mode, our inner voice often gets ignored. But so what?

On the other hand, in an organisation where members genuinely care for each other and sincerely communicate with each other, we become part of the lives of fellow members of the organisation- in other words, a true community. We all yearn to be part of something greater than ourselves, feel safe and happy, and dare to be ourselves.

This courage to “be ourselves” comes down to the desire to build bridges instead of gates. It involves listening to the whispers of the heart that keep us from becoming overly cautious “Jakarta people”. These whispers from the heart make us willing to be attentive listeners, opening ourselves to the stories of our neighbours.

I try to remind myself that listening with genuine attention and appreciation is the key to good social relationships. It is the foundation for building social bridges—pathways that lead us to happiness, success, good health, and the many joys life has to offer.

Written by Wuddy Warsono, CFA


Share

Heyokha Footer Logo

We drive our mission with an exceptional culture through applying a growth mindset where re-search, re-learning and reflection is at our core.


Terms & Conditions Privacy Policy Disclaimer


We drive our mission with an exceptional culture through applying a growth mindset where re-search.
re-learning and reflection is at our core.