Saturday, July 11, 2020

Interview of SillyInc CEO by Bi Sai Times

SillyInc is a small boutique investment two man show company. Recently the company has stepped out of Singapore markets and has been actively putting its cash to use. We are pleased to interview the CEO of SillyInc, Sillyinvestor in this maiden Issue of Bi Sai Times

First of all, to see the amount of actions taken, at the end of 2019, "Vested amount is 66K in cash account, SRS 9.3K and CPF 5.7K", but in 1H 2020, Vested amount in cash account is 117K, SRS 11.8 k  and CPF 20.4 K. There is a maiden venture into HK Ex of 5K

Q: Why the venture to Hong Kong Exchange, and why not US? 

A: We did look at US ETFs, but the reason why we went to HK at around Feb is because we find Strong free cash flow generating companies giving yield in excess of 7%, and after studying the companies, we find that there are certain growth drivers that might improve earnings, and the odds of big fall in earnings is very unlikely, and hence the safety of the yield. That assessment was in Feb, when Covid 19 has not infected the world. 

Q:I could see that your overall portfolio is still in the red (refer to appendix), for all your accounts, although the SIngapore Cash Equity seems to be relatively doing better than others. Given the V-shape recovery that has taken place, do you have anything to say about the poor performance of your investments

A: As the name of the company implied,we did make some silly mistakes. We start accumulating equity in late Febuary when the market start correcting and when the market has tanked more than 30% from the peak, we slowed down our purchases when the opposite should have happen. We should have accumulate a little less agressively when the correction started and continue to buy when the market tanks.

However, if we include dividends and trading gains, our total portfolio loss of 4% will be halved to 2%, given that STI is still about 20% off its peak, I think our portfolio did not do too badly

Q: What are some "Bi Sai" or "Dua Sai" investment that you regretted?

A: We are getting apprehensive about SAL, given it is about 15% of our Singapore portfolio. Although we still believed that it is too undervalued and growth should materialised when both Singapore and Malaysia start issuing digital bank liscenses, or as and when existing customers go for a overhual of their systems, which has been a few years overdue. SAL main market is in SEA, and it is one of the market leaders, and SEA is the place for digital growth in either e-commerce or Fintech. 

We are scratching our heads to why is the market undervaluing SAL by so much. So well, if this turn out badly, it will really cause our performance to "lao sa”

Q: Did you manage to dig out any "gold" then?

A:Nope. Our average is too high. SCI at one point of time rose 60% from its bottom, but even then it is just our average price of $2.1 -$2.2, but  it did allow us to sleep better at night. 

Q: I saw that you are divesting more than you are investing.

A: Indeed, we sold out First Reit, Pan United, pare down Areit, and CSE.

Q: What are some of your net buy then?

A: ST engineering, SIA engineering, Sembcorp Industries, Silverlake, DBS, SIngtel, Tai Sin, Hotung Investment, Diary Farm

Q: Many belived that the worst is behind us, and SIngapore Market is one of the laggards in the region, are you going to accumulate further. 

A: Nope, at least not as current level, Second Wave infections is already upon us, look at US, Brazil and Meixco. US in a day, has more COVID cases than WUHAN accumulated. 

Q: But many believed that even if cases increases, lock down is not going to happen again

A: That is true, but even the Republican States that initially refused to mandate the use of masks and is already back pedalling, I believe while a sync world-wide lockdown is very unlikely, the many restrictions that will be heightened will prolong the pain of restarting the economy and going forward, the earnings will get real ugly. 

Q: But many analysts are saying we should write off 2020 earnings, as that is priced in and we should look at the reovery that will come in 2021. 

A: Given that we are 70% vested, if really the markets goes into a bull run, I think we should be contented with the gains we should make with the tide rising. But the 30% insurance is necessary in view of the volality of the market with 2nd wave of infections. I believe COVID19, might not be the black swan anymore, it has already reared its ugly head. US and China enmity is more of a concern to me, as it could badly disrupted trade. That theme of "China-Plus" supply chain is one investment theme we are looking at, and we do want to have some ammunition to buy, when the time is right. So not, we do not plan to buy anymore if market just move sideways




  1. >We are scratching our heads to why is the market undervaluing SAL by so much.

    Isn't fears about related parties transaction the reason?

    Granted this news is 5 years old, but I remember that the stock price has yet to recover since the short report was released.

    1. I think the report effect is gone le. Not because of passage of time, but there is an independent audit that clear SAL of wrong doings, althought they make several recommendations, and most of them have been adopted le

  2. Hi SI

    I believe the market has not taken in much appreciation for news surrounding the digital banking license awarding in both Singapore and Malaysia. When they do, I'm sure the project will start to ramp up and that's when the share price will be going to move. Having said that, I do worry that there will be 2 more subsidiary in Malaysia in the next 1 year that will have their tax incentive privilege expired, which means bottomline margins are going to be affected and this will dent their eps.

    1. Hi B,
      Thanks for your link. If the overhual projects dun come, the tax will be a big problem, but it the projects come, should not be an issue.

      Also, given that GOH own so much of this, and its dirt cheap now, I hope he dun do a low ball offer when the contracts are streaming in

      My average price is quite high

  3. Hi SI, the redness is not good, but I see soreness more than infection. The redness will go away soon. :-)
    By the way, Sillyinc is nice. Bi Sai Times sounds awful.

    1. Hi Rolf,

      Ya... My eyes also red.see people portfolio I green with envy. Then see my sea of red, colours conflict.


      Bi sai nice ... Hahahahaha. Sorry for being crude.

  4. www.youngloancompany.weebly.comNatural herbs have cured so many illness that drugs and injection can’t cure. I've seen the great importance of natural herbs and the wonderful work they have done in people's lives. i read people's testimonies online on how they were cured of HERPES, HIV, diabetics etc by Dr Edes herbal medicine, so i decided to contact the doctor because i know nature has the power to heal anything. I was diagnosed with Herpes for the past 3 years but Dr Edes cured me with his herbs and i referred my aunt and her husband to him immediately because they were both suffering from Herpes but to God be the glory, they were cured too .I know is hard to believe but am a living testimony. There is no harm trying herbs, Thanks. Write him on WhatsApp on +2348151937428. @dr_edes_remedies deals with
    (1)Alzheimer virus
    (5)Genital warts
    (7)Virginal infection
    Email him on

  5. Getting cured from HSV 2 using herbal medicine was a dream come through after 6 year's of been diagnosed. I got contact with Dr ojieabu, who help me with natural root, you can email him via drojieabuherbalhome@gmail. com or WhatsApp him +2347087681025 or visit his page

  6. BITCOIN, BINARY OPTION: Please everyone should be careful and stop being a victim by all these brokers and account managers, they scammed me over $ 140,000 of my investment capital, they kept on requesting for extra funds before a withdrawal request can be accepted and processed, in the end, I lost all my money. All efforts to reach out to their customer support desk had declined, I found it very hard to move on. God so kind I followed a broadcast that teaches on how scammed victims can recover their fund, I contacted the email provided for consultation, I got feedback after some hours and I was asked to provide all legal details concerning my investment, I did exactly what they instructed me to do without delay, to my greatest surprise I was able to recover my money back including my profit which my capital generated. I said I will not hold this to myself but share it to the public so that all scammed victims can get their funds back,  Notice: If you are looking for a professional hacker to provide hacking solutions on Recovering Scammed funds, increase your Credit score and top up your Credit Card to any amount,  Bitcoin Lost funds recovery, Social media hacks  Bitcoin mining, DMV database and a lot more, search no further.  hire them now by 

    WhatsApp: +1 (385) 273 0329

    visit their website to read more about them:

  7. I have been a herpes carrier for 2 years and I tried every possible means of curing but all of no useful until I saw a health promotion on a herbalist from West Africa who prepares herbal medicines to cure all sorts of diseases including #HSV and many others sickness but look at me today am very much happy and healthy, I'm telling you today don't lose hope keep trying God is with you, If you needs Dr.Chala help contact him on his email or you can visit his website on or

  8. Do you need to increase your credit score?
    Do you intend to upgrade your school grade?
    Do you want to hack your cheating spouse Email, whatsapp, Facebook, instagram or any social network?
    Do you need any information concerning any database.
    Do you need to retrieve deleted files?
    Do you need to clear your criminal records or DMV?
    Do you want to remove any site or link from any blog?
    you should contact this hacker, he is reliable and good at the hack jobs..
    contact : cybergoldenhacker at gmail dot com


    Loan Offer Alert For Everyone! Are you financially down and you need an urgent credit/financial assistance? Or are you in need of a loan to start-up/increase your business or buy your dream house. GET YOUR INSTANT LOAN APPROVAL 100% GUARANTEED TODAY NO MATTER YOUR CREDIT SCORE. WhatsApp:+19292227023 Email: