Thesis log
Every thesis is recorded when it is written, with the price at the time. When a thesis closes, the outcome and the reason are added here — including when we were wrong.
PNJ
Accounting profit without cash; the buy-back policy is an unlimited liability.
Action: Avoid
Price then: ₫18,200–18,800
Waiting on: Actual provisions vs the 80% assumption · terms of the 550m-share issue · legal outcome
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PNJ
PNJ reached the price range I once said I would buy at. I still have not bought.
Action: Not buying yet
Price then: —
Waiting on: Re-testing the old assumptions
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CLX
CLX: ₫1,264bn buys a portfolio worth ₫1,648bn
Action: Watching
Price then: —
Waiting on: A catalyst for asset value to be recognised
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Nothing is edited or deleted. A thesis closes only when its assumptions are confirmed or disproven.