Bel exemple d'investissement en chine.

eddyc

Il y a eu des discusions sur les cie chinoises ici dernièrement. Voiçi un exemple que même les plus avisés se font avoir. Comment un petit investisseur peux s'en tirer?

http://www.choufunds.com/pdf/SemiR12p.pdf

Investing in China a Conundrum We made a mistake investing in Qiao Xing Mobile Communication (QXMCF) for Chou Asia Fund. We were aware of some of the negatives and in the 2011 annual report, we wrote, "The negatives are not as obvious, but deserving of caution. Key among them:
1) The founder and CEO has taken some questionable actions. Since China’s business environment is a bit like the Wild West, it is difficult to find companies and/or management with a totally pristine reputation. Moreover, a lot of businesses, including Qiao Xing’s, are intertwined.
2) Most of the cash is held in China. Cash may not be accurately stated or it cannot be repatriated to North America in an economically efficient manner.
3) Most revenue numbers cannot be verified.
4) Accounting for receipts is not a common practice in China.
5) You cannot verify the company’s numbers even though it retains a well known accounting firm, is listed on NYSE, and thus must adhere to strict compliance and accounting standards."
Unfortunately, our reservations were proven correct and there is a strong possibility that fraud was committed by the founder and CEO. It is unlikely that we will recover all the money we invested in QXMCF. Essentially, we made an unforced error like they say in tennis, or took an unnecessary penalty that would send us to the penalty box if it were hockey.

philrancourt

En effet, bel exemple et belle humilité de Francis Chou.

"Reconnaître qu'on ne sait rien est le début de la sagesse " -Socrate

Sergio

Francis Chou mérite le plus grand respect. Puissions-nous tous apprendre de lui.

Le summum de l'intelligence consiste à apprendre des erreurs des autres, et Chou nous permet de le faire en communiquant avec transparence sur les siennes.