Investment Philosophy
Investment Process
Portfolio Construction
Risk Management
Investment Process


Disciplined Investment Process
Guideline                                 Example(hypothetical)                                  
What trends do you see that others do not ? PM identified the trend that LED TV will gradually replace LCD TV based on thinner form factor and lower power consumption
What stocks, parallel or vertically linked, are affected by the theme / 1 List potential beneficiaries such as panel makers, TV OEMs and LED supply chain and compare to MMA coverage universe (120+ core names)
  2 Decide where to conduct scenario tests of existing models(panel makers and TV OEMs within core coverage) and where to expand coverage (LED BLU and glass makers ~150 linked coverage names)
Guideline                                 Example(hypothetical)                                  
What are the difference between MMA's earnings estimate and market expectations? Talk to leading analysts to figure out market expectation of penetration rate :

what are the reasons for this difference?  What is our level of confidence with regards to our analysis?

1 Weak macro data, outdated model, etc.
2 study comparable example such as LED NB
What is the counter-argument to our earnings? What are Mr. Market's views and how can on justify the validity of those views? 1 Size of subsidy program as a swing factor
2 Market has low expectation as LCD industry in oversupply and most sell side reports are bearish
How is the market generally positioned with regards to this stock? What is 'Priced-in" to the stock? MMA operation team to present study of investor positioning
What is the percentage upside/downside for the stock(based on the valuation)? MMA research team to present upside/downside for each stock


Guideline                                          Example(hypothetical)                                     

What are the upcoming catalysts to trigger a move in the price

Collaboration between fundamental and tactical trading


Research analyst comes up with a forecasted stock  chart (3-6 months time horizon) based on upcoming
by events

What is our optimal position size taking into account the valuation, estimated upside/downside, liquidity, correlation to other names in the portfolio ?


Deep analysis on Index & investor ownership exposure


local buyers, foreign buyers and mutual funds


Short interests, custodian levels and stock borrow analysis


Trackiing key technical levels for markekt and hedge fund stop/loss and buy program trigger points



Monitoring the historical correlations for each securities momentum and exhaustion levels

Guideline                                          Example(hypothetical)                                    

Tom's personal War Chest on Asia Markets



Over 15 years covering Asian markets and Asia/US Technology and industrial companies


Everything begins at a theme leval and followed by thorough fundamental modelling and stock level analysis of the potential securities and supply chain linked universe

Depth of coverage in product life cycles,product launches, seasonal and cyclical aspects and market share winners and losers in prior periods


MMA carefully examines the positioning and liquidity levels for portfolio entry and exit using our internal upside/downside pricing discipline

knowledge of the Asia companies and Management Teams that dates back to their IPO


The key is to remain agnostic, contrarian, opportunistic and price disciplined versus a one directional investment strategy that follows the crowd.

Thorough analysis of the upstream/downstream dynamics of the Asia supply chain



Porprietary Consumer Spending Models












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