MECHCalvin Fund 9th Anniversary Report 九周年紀念報告 - The Good, The Bad and the Ugly 獨行俠決鬥地獄門

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Jan Fund Price/ 1月基金價格: $2.0046
Feb Fund Price/ 2月基金價格: $2.0035
Mar Fund Price/ 3月基金價格: $1.9963
Apr Fund Price/ 4月基金價格: $1.9965

May (Latest) Fund Price/ 5月(最新)基金價格: $2.0210
Total Market Value/ 市場總值: $2,243,912.79
Total Units 基金單位總數: 1,110,292.1752 Units

親愛的投資者, 

這個基金在6月已經成立了9年，因為我的生活愈來愈多責任，我已經決定了未來每年我只會發佈兩份基金報告：6月的周年紀念報告和1月的年度報告。不過我還是會每個月公佈基金價格，也計劃為這個基金建立一個網站，它將有兩個目的：以更透明的方式顯示資訊，同時它還將嵌入一個數據庫系統供投資者（你們）登入，這樣你就可以隨時查看你所擁有的基金單位數量以及它們的現值，設置一個系統將會長遠為我節省大量時間。 

無論如何，基金價格在9年內增加了102.1%，年複合增長率為8.13%，雖然大幅打敗市場的64.67%（年複合增長率5.69%），而且高於大部分的香港基金回報，但我還是有點失望，因為我預計回報應該會在9-11%左右。在這份週年紀念報告中，我將使用經典西部牛仔電影「獨行俠決鬥地獄門 (直譯：好人、壞人、小人)」來區分在過去9年中做出的三種投資決策，以及它們如何影響我的基金績效。 

《獨行俠決鬥地獄門》是1966年意大利西部史詩式電影「獨行俠三部曲」的第三部，也是最後一部，故事講述三個人物， 

金髮仔（由奇連·伊士活飾演）：好人，一個柔和，自信的賞金獵人 

天使眼（由李·雲·奇里夫飾演）：壞人，一個無情，無情，反社會的僱傭兵 

圖科（由伊萊·沃勒克扮演）：小人，一個滑稽狡猾，但又謹慎適應性強，口沒遮攔的墨西哥強盜 

他們必須共同合作去找一個隱藏的寶藏，同時又互相爭奪希望得到所有財寶。 

我覺得這是真實金融世界的戲劇性版本，所有上市公司都在市場上進行「淘金」之旅，唯一不同的是他們是否想與你分享利潤（好人），騙你的錢（壞人）和永遠把自己的利益放在首位（小人）。 在9年的經驗中，我已經經歷一切，而且整體取得了良好成果; 其中大多數都是平庸的，所以你必須從好人身上獲得最多，從壞人身上極速減少損失，並對小人保持耐性。現實不是理想中的遊樂場只有好人存在，實際上市場是一個瘋狂的西部，你必須學會並擅長生存。以下內容中我將向你展示過去9年投資生涯中，３種投資分類中的佼佼者。 

1. 好人：優秀的投資和良好的業績記錄等於令人難以置信的利潤 

PLUS 500 

這是我投資唯一一間在英國上市的公司，它是一家在英國的另類投資市場（AIM）上市的以色列公司，提供相對較新稱為差價合約（CFDs）的金融衍生工具，這種衍生工具允許客戶使用高槓桿買入和賣出世界上基本上任何有價值的東西，其簡單機制讓投機者從市場波動中賺錢，令公司從合約獲得利潤每年幾乎翻一倍，自2013年7月上市以來，其股價已經上漲了1700%！這是非常凶狠但它不止於此，它平均每年釋放10%的股息收益，令其收益能力近乎不真實，即使過去5年內兩次下跌50%，但並沒有阻止我抱著它的決心，早知我就把所有的錢都投入這只股票。它剛被批准在倫敦證券交易所的主要市場上市; 我相信它會保持這種勢頭。 

1373 國際家居零售 

日本城是香港最知名的日常商品零售連鎖店之一，其股價被嚴重低估，但其每年7%的股息是和味的，公司的財務狀況良好，有大量現金，只要它的價值被市場認可，我們也將從其股價中獲利。這是彼得。林區所說的教科書例子：「它越簡單，我就越喜歡。」人們喜歡複雜和火箭科學，但往往是「簡單無聊的公司」給你最好的回報。 

945 宏利金融－Ｓ 

在2008年金融危機期間，對財務一無所知的我進入了保險業，宏利是我選擇的第一間的保險公司（仍然在這裡工作），2009年我通過投資宏利的共同基金開始了這個基金，我注意到管理費並不便宜於是我決定自己學習如何交易股票，而宏利正是我人生中買入的第一隻股票（代這個基金買入）。香港宏利的股價從2008年金融危機前的$350高位大幅下跌到$62，2009年又回升至$200左右，但在2011年再次受到打擊跌到$82左右，當時我知道它超賣而且跌得太多，有一天我在辦公室內，無意中聽到身後來自其他地區的區域經理（他的辦公室離我的辦公桌非常近）在電話裡說了些甚麼：「我不確定我應該現在買它（宏利的股票）還是再等！」這個對話立刻告訴我，我現在就應該採取行動，我在網上買了1000股，因為我知道他是一個投資白痴，我的直覺告訴我，當群眾猶疑時我就應該採取行動，而這位經理的猶疑讓我有信心買下我人生中的第一股。它的價格再也沒有下降，並且提供每年4-5%極端穩定的股息（每年支付4次），唯一的缺點是加拿大政府會向你收取25%的股息稅（如果你能證明你不是加拿大公民的話，可以減少到15%，但你需要做大量的文書工作而我不想煩。） 

2. 壞人：希望從未做過的垃圾投資 

PLUS 500 

他們說：「你必須經歷失敗才能獲得成功。」在PLSU500在上市之前很久我已知它的存在，實際上我是它的客戶，試圖投機並輸了很多，這就是我理解為甚麼他們有如此強大的收益，許多像我這樣失敗的投機者就是他們成功的原因。毫無疑問，很少人可以在高槓桿衍生工具方面取得長期成功，而我就像大多數在投機中失敗的人一樣獲得了寶貴教訓。他們說：「如果你不能打敗他們，就加入他們」，衍生工具就像賭博一樣，獲勝的最佳途徑是停止賭博並投資最大贏家 - 賭場。這就是為甚麼我後來投資他們的股票而不是繼續成為愚蠢「賭徒」的原因。 

借貸 

在2013年，我的一個朋友參與了一個需要資金的商業項目，他來找我希望獲得一筆3個月共10萬的短期貸款，後來再額外加多10萬，而他自己已投入50萬資本，當時我一直認為我的投資組合中風險最高的是股票，結果？5年後貸款尚未歸還，我們同意在2020年前可以回收第二筆十萬，不幸的是頭十萬可能永遠取不回來，更糟糕的是，我賣掉了當時手持的宏利股票去借出這筆貸款。從那時起，隨著我對股票投資的信心增加，而投資組合中的商業貸款成份變得愈來愈小。

  

91 標準資源控股 

在2015年我有一些現金但沒有投資點子，有一個名叫周顯的金融「演員」在香港有點知名度，因為他會在報紙和雜誌上寫稿，我關注了他的facebook幾年但他不是那種你可以十分信任的人，但有時他會給你幾個驚喜的股票貼士。論壇上對他的評論很參差不齊，很多人批評他實際上是在使用一種名為「拉高出貨」的財技為仙股工作。 

如果你看過那套荷里活電影《華爾街狼人》，很多上市公司都是百分百的垃圾，它們上市的目的就是欺騙投資者，例如：要求那些半知名人士在報紙上談論或者利用媒體曝光，當股票受到關注時，它的價格會上漲（拉高）並導致更多人相信，因為多數持股者都是騙局背後的老闆，一但股票價格達到對早期持有者有利可圖的水平，他們就會開始拋售它們（出貨），導致股票價格股價暴跌，留下了許多震驚的投資者，他們永遠無法收回他們的資金。我對他很懷疑，所以我決定用一些錢來測試。 2015年他不停推薦一只名為標準資源的股票，聲稱其極具潛力，在最高峰時他每週都會談到這只股票。 

我閱讀了有關這家公司的一些數據，財務報告中有些可疑地方，但我很想測試最終我投資了（咳嗽......投機了）２萬５到這只股票，因為我知道即使它是垃圾我應該可以在「拉高階段」時退出。它迅速從$0.3上漲到$1.3，然後迅速回落到$0.5，我遲了加入派對但他在雜誌上非常肯定它會達到$2，所以我跳了進去，這真是非常糟糕的決定..... 後來它又反彈回到$1左右但是我並沒有把它賣掉，因為我太貪心那$2了，事實證明這家公司只是我們所謂的「老千股」，它從$1自由下跌到$0.3，慢慢再跌到到$0.1（對，是$0.1），現在只有$0.019，損失達98.1%！我沒有憤怒，因為它的價格圖表是一個完美的金融泡沫的教科書範例。我永遠不會出售這股作為我是一個白痴的提醒，至於那位作家我最近很少看到他寫股票，但是我們都知道「豹子不能改變它的斑點」，所以我仍然追蹤他（作為一種興趣），好的一面是這個教訓的成本十分低。 

3. 小人：暫時表現糟糕但正在等待它轉好，或過去表現很好但最後變壞了的投資 

3.1 過去表現很好但最後變壞了的投資 

1246 毅信控股 

到目前為止我最大的勝利，雖然我從這只股票中賺了很多錢，但同時也感到非常可惜，這家公司在打樁行業有正當業務，在我買了相當大的金額之前我做了很多關於這家公司的研究，股票在2013年上市後，它離開了其骨幹業務並將公司變成了一個金融騙局，價格從$0.5炒到$11！由於我在很早的階段已經買入了所以賺了很多錢，但我感到很遺憾管理層決定將高於平均水平的業務，變成一些由於貪婪和短視主導的金融騙局，坦白說我不介意等 10至15年才升10倍，因為這意味著它是可持續的，當一個企業可持續時，它可以走20倍30倍甚至100倍，現在價格已經下跌了99%到$0.09，公司更名為保集健康（為遠離過去及再吸引更多潛在受害者的典型伎倆）。 

3.2 暫時表現糟糕但正在等待它轉好的投資 

1431原生態牧業 

自2013年開始我就開始關注這隻股票，乳製品行業當時處於高峰期，大量農民因擁有乳牛而變得富裕，我發現這個行業為時已晚，我知道已經錯過了行業周期。我決定不在市場炙手可熱時買，而是等待行業周期下跌。在2014年我看到了機會（至少我以為是）買入了一些股票，通常乳業的周期為2 - 3年，所以我覺得我很安全，我預計行情會在2016-2017復甦。我錯了，由於某種原因乳業需要更長的時間來恢復，由於中央政府允許更多的進口奶粉，曾經富裕的農民突然發現他們的生意處於極端低迷的狀態，中國的牛奶變得便宜到農民寧願將牛奶倒在地上，因為根本沒有買家，牛的價格急劇下降，最終股價也是如此。如果他們的報告是正確的（財務報表中的欺騙行為在中國非常普遍），該公司應該價值45億，但其市值目前低於10億。很多人聲稱這家公司是老千公司，但是我看不到任何證據表明它是（或者不是），所以我仍然是50/50，我不會買入更多它的股票，但也不會出售已買入的，直到該行業回到正常水平，我們才會得到一個公平的估價。

  

1314 翠華 

翠華是香港一家著名的連鎖餐廳，類似於大快活和大家樂，我投資翠華的原因是因為我發現大快活和大家樂都已經在香港取得了成功，但在中國發展不了。翠華的品牌在中國大陸很受歡迎，但看起來它的股價並沒有真正反映出它的雄心，它從$6跌到$1，因為管理層有一些可疑的行為（一如既往），而且「自由行」限制令利潤率長期以來都不是太好看，而且在中國的擴張一直都進行得很慢，我不確定現實是否真的如此苛刻或只是管理層找藉口，但不管哪個情況我已經長期下注，有時需要10到20年才能建立一個品牌，明年我會再次審查。比較好的是，當股票在2013年從$3飆升至$6時，我已經賺了一筆。 

CellOS Pre-IPO 

我在2014年被邀請參加一個私人IPO，這是一家當時與IBM合作名為CellOS的公司。CellOS是一間通信行業的軟件解決方案公司，其客戶包括一些龐大的移動網絡運營商。2014年他們準備在美國上市，並宣稱其IPO規模將大於facebook（2014年），我的朋友有些聯繫，並被邀請購買一些上市前的股份，他也想分給我一些當時看起來將會變成不錯利潤的股票。你現在可能已經猜到的結果並不好，他們捲入了一些醜聞，有少數股東為公司的控制權而鬥爭，這筆交易變得糟透了，他們未能在美國上市，後來搬到新加坡經營而最新消息是，在2017年2月被報導問題是如此嚴重，公司可能無法生存，結果他們在2017年8月任命了一位新CEO，而現在2018年中期仍然沒有死掉。好的一面是，我和我的朋友實際上得到了股份，但是除非他們在世界某個公開市場上到市，否則我們永遠不會知道這些股票價值多少或可以賣出它們。這是一個幾乎每一天都會發生的典型投創風險故事，要麼你有幸中獎，要麼你的現金變成灰塵，在我的情況下，我仍然希望最終能夠獲得獎金。 

這是一份很長的報告，我想我最好停在這裡，如果你竟然看到尾我希望你喜歡我的故事（在某種程度上有趣？），在操作這個基金的9年裡其實還有很多故事可以講，但是我要把他們留到下次繼續，也許有一天我會出本書，誰知道呢？感謝您的耐心和信任，我將在2019年再次同您見面。 

最好的問候， 

Calvin 

p.s. 當然你可以用whatsapp及email: investment@mechcalvin.com隨時聯絡我關於你的投資

Dear Investors, 

This fund have reached 9 years of running in June, I have decided as my life are filled up with more responsibilities, I will only release two fund reports a year in the future: Anniversary report in June and Annual report in January. However I will still announce the fund price each month, also I am planning to build a website for this fund that will fulfill two purposes, to show information in a much transparent way, also it will embed with a database system for you guys to login, so that you can always check how much units you own and roughly how much it worth now, setting up a system will save me a lot of time in long run. 

Anyway, the fund price has increased 102.1% in 9 years, it translate to 8.13% compound annual growth rate, even though it beats the market of 64.67% (compound annual growth rate of 5.69%) by a large margin, it is also above par than most of the HK fund performance, I am a little bit disappointed because I was expected the return should be around 9-11%. 

In this anniversary report, I will use the cowboy classic film “the good, the bad and the ugly” to separate three categories of investment decisions I made in the last 9 years and how they have affected my fund performance. 

The good, the bad and the ugly is the third and final installment in the epic Italian Western “Man with no name” Trilogy in 1966, the story is about three characters, 

"Blondie" (played by Clint Eastwood): The Good, a subdued, confident bounty hunter 

"Angel Eyes" (played by Lee Van Cleef): The Bad, a ruthless, unfeeling, and sociopathic mercenary 

"Tuco" (played by Eli Wallach): The Ugly, a comical and oafish but cagey and resilient, fast-talking Mexican bandit 

Must work together to find a hidden treasure while battle each other to take them all. 

I feel this movie is a dramatic version of the real financial world, all listed companies are on a “gold-hunting” journey in the market, the only different is whether they want to share the profit with you (the good), trick your money (the bad) and those who put their own benefit on top (the ugly). In 9 years of experience, I think I have experienced them all in order to achieve a good overall result; since most of them are mediocre, you must gain most from the goods, cut loss quickly from the bad, and be patient with the ugly. Reality is not an ideal playground where only good people around, the market is in fact a wild wild west that you must learn to survive, and get good at it. In the following sections I will show you the best of these three categories in the 9 years of investment. 

1. The Good: Excellent investments with good track records equal unbelievable profits 

PLUS 500 

This is the only company I invested it that is listed in UK, it is a Israel based and listed on the Alternative Investment Market (AIM) in UK, providing a relative new financial derivatives called contracts for difference (CFDs), this derivatives allow clients to use high leverage to buy and sell basically anything with price in this world, its simplicity to let speculator earn money from the volatility on the market allow the company profit from the contracts almost double every year, its share price has increased 1700% since it is listed on July 2013! This is relentless but it doesn’t stop here, it released average 10% of dividend yield each year, its earning capability is unreal, even though it dropped 50% twice in the last 5 years, but it doesn’t stop me to keep holding it, and I wish I have dumped all my money into this stock. It has just been approved to be listed on the London Stock Exchange plc's main market; I believe it will keep the momentum 

1373 International Housewares Retail Co Ltd 

Japan Home Centre is one of the most well-known retail chain stores for daily commodities in Hong Kong, its shares price is heavily undervalued but its 7% dividend is delicious, the company financial status is in good shape with a lot of cash, and if only its value is recognized by the market, we will profit from its share price as well. This is the text book example of what Peter Lynch has said: “The simpler it is, the better I like it.” People like complication and rocket science, however usually it is the “boring companies” that give you the best return. 

945 Manulife-S 

Back in 2008 in the middle of the financial crisis I have entered the insurance industrial knowing nothing about finance, Manulife is the first insurance company I choose (still working here), in 2009 I started this fund by investing in Manulife’s mutual fund, as I notice the management fee isn’t cheap I decide to learn how to trade stocks myself, and Manulife is the first stock I bought in my life (on behave of this fund). Manulife in HK has took a big hit from around $350 before the crisis to $62 in 2008, it bounced back close to $200 in 2009, yet took another hit in 2011 sitting at around $82, I knew it was oversold and dropped too far, one day I was in the office, and I overheard the district manager from other district (his office is very close to my desk) said something on the phone: “I am not sure whether I should buy it (Manulife’s shares) now or what!” It immediately tell me I should act now and I bought 1000 shares online because I knew he is an investment idiot, my instinct tell me I should act when the mass are in doubt, and this manager’s doubt gave me confident to buy my first stock. Its price never went down again, and provided an extreme stable annual dividend of 4-5% (4 times a year), the only downside is Canada charge you 25% dividend tax (You can reduce to 15% if you can proof you are not a Canadian citizen but you need to do a lot of paper work and I can’t be bothered). 

2. The Bad: Rubbish investments I wished I have never made 

PLUS 500 

“You must experience failure to appreciate success”, they say, I discovered PLSU500 long before it is listed, in fact I was its customer, trying to speculate and lose bad, this is how I understand why they have such a strong earning, because many speculators like myself have failed is the reason why they succeed. There is no doubt few might have succeed in high leverage derivatives, but I am like the majority who fail big time in speculation and learnt a valuable lesson. “If you can’t beat them, join them”, they say, derivatives is like gambling, the best way to win is stop gambling and invest in the biggest winner – the Casino. That’s the reason why I later invested in their stock instead of continue to be a foolish “gambler”. 

Loan 

Back in 2013, a friend of mine involved in a project that required funding, he came to me for a 3 months 100k short loan, and later another extra 100k, on the other hand he himself have invested 500k, back then I always thought stocks has the highest risk in my portfolio, guess what? After 5 years the loan still haven’t been returned, we have planned on settle the second 100k in 2020, unfortunately I might never able to get the first 100k back, and even worse, I sold my Manulife stocks for this loan. Since then I have minimized the business loans in my portfolio as my confident in stocks investment have grown. 

91 International Standard Resources Holdings Limited 

Back in 2015 I had some cash but I ran out of investment idea, there is a financial “actor” named Micro Chow whom is quite popular in Hong Kong because he wrote random stuffs in newspaper and magazine, I have been following his facebook page for couple years but he is the kind of person you can’t fully trust, however sometimes it will give you few surprises in stock pickings. Many people on the forum had mix reviews about him, many criticize he is actually working for the penny stocks using a technic called “pump and dump”. 

If you have watched the Hollywood movie “wolf of wall street”, many listed companies are 100% rubbish, the only reason why they are listed is to fool investors into believing, e.g. asking those semi-famous people talk about them on the newspaper or using media for exposure, when the stocks got attention its price will go up (pump) and lead to more people into believing, since the majority holdings are the bosses behind the scam, once the stock price reached to the level that is profitable to the early holders, they will start selling them (dump) causing the stock price stock price to pummel, leaving a lot of shocked investors that can never get their money back. I was quite skeptical about him, so I decide to use some money to test out. In 2015 he kept writing about a stock named International Standard Resources Holdings Limited, claiming its extreme potential, at peak he talked about this stock once a week. 

I have read some information about this company and there is something fishy in the financial reports, yet I was so temped to test out I have finally invested (cough… speculated) 25k into this stock he recommended, because I knew even it is rubbish I can exit at the “pump stage”. It quickly rise from $0.3 to 1.3$, then quickly dropped back to $0.5, I joined the party pretty late but he was so sure it will reach $2 so I jumped in, very bad move… later it bounced back to around $1 but I didn’t sell it because I was too greedy for that $2, it turns out this company is just another what we called “fraud stock”, it free fell from $1 to $0.3, slowly drop to $0.1 (that’s right $0.1), now sitting at $0.019, that’s 98.1% loss! I was not even mad, because its price chart has shown a textbook example of a perfect financial bubble. I will never sell this stock as a reminder how much an idiot I was, as for the writer I seldom see him write about stock lately, however we all know leopard cannot change its spots, so I am still following him (as an act of interest), the bright side is that the cost for this lesson is negligible. 

3. The Ugly: Investments perform badly waiting for it to be good or investments used to be good but turned bad 

3.1 Investments used to be good but turned bad 

1246 Ngai Shun 

My biggest win so far, although I have made a lot of money from this stocks, I also felt very sorry for it, this company had some legit business in piling industry, I did a lot of research on this company before I bought fairly big amount of shares back in 2013, after it is listed, it left its backbone business and turned the company into a financial scam, the price was pumped from $0.5 to $11! Since I bought them at very early stage so I have made a huge profit, I just felt it was a shame the management decided to turn an above average business into some financial scam due to greed and short sighted, frankly I didn’t mind it takes 10-15 years to rise 10 times because it means it is sustainable, when a business is sustainable it could go 20 times 30 times even 100 times, now the price has dropped 99% to $0.09 and the company has changed its name to Boill Healthcare Holdings Limited (typical trick to get away from the past in order to lurk more victim in). 

3.2 Investments perform badly waiting for it to be good 

1431 YuanShengTai Dairy Farm Ltd 

I started paying attention to this stock since 2013, the dairy industry was at peak, and tons of farmers are becoming rich from owning cows, I discovered this sector too late and knew I had missed the industry cycle. I decided not to buy in when the market was hot and waited until the sector cycle come down. I saw the opportunity (at least I thought it was) and brought some shares in 2014, usually dairy sector has a cycle of 2-3 years so I felt I was pretty safe, I predicted I will get something back in 2016-2017. I was wrong, for some reason the sector took much longer to recover than expected, due to the central government allow more import milk powder, the once rich farmers suddenly found their business in extreme condition, the milk in China got so cheap that tons of milk are poured on the ground because there were no buyers, the price of the cow dropped sharply, at the end of the day, so does the stock price. If their reports are correct (cheating in financial statements are very common in China), the company should worth 4 -5 billion, however its market value is currently below 1 billion. Many people claim this company is a fraud but I cannot see any evidence say it is (or it is not), so I am still 50/50 on this one, I will not add more position nor sell any shares until the industry back to normal, then we will all have a fair evaluation. 

1314 Tsui Wah Holdings Ltd 

Tsui Wah is a well-known HK chain restaurant, similar to Fairwood and Café De Coral, the reason I invested in Tsui Wah is because I found both Fairwood and Café De Coral has been successful in Hong Kong but not in China, the brand of Tsui Wah is quite popular among mainland Chinese, however it seems their stock price doesn’t really reflect its ambition, it has dropped from $6 to $1, because there are some fishy acts by the managements (as always), also the limited amount of “individual visit scheme” the profit margin hasn’t been great for a long time, and the expansion in China has been sloooooow, I am not sure whether the reality is really that harsh or the managements are making excuses, either way I have placed my bet for long term, sometimes it will take 10-20 years to build up a brand, I will review it again next year. The bright side is I have made some profit when the stock surged from $3 to $6 back in 2013. 

CellOS 

I was invited to a private IPO back in 2014, a company called CellOS which was under a partnership program with IBM. CellOS is a software solution company in communication industry, their customers include some mega huge mobile network operators. In 2014 they were planning to be listed in USA, and claimed the IPO size would be bigger than facebook (in 2014), my friend got some connection and get invited to buy some pre-IPO shares, he wanted to get me some too that we both believe it would bring us some nice solid profit. As you might guess now it didn’t turn out great, they got involved in some scandal about few shareholders fought over the control of the company, the deal turned into shit, they failed to be listed in USA, later moved to Singapore for operation, the latest news is that their problem was so deep the company might not survival in Feb 2017, they have appointed a new CEO in Aug, 2017, but now here we are in the middle of 2018 and it is still not dead. The bright side is that me and my friend actually got the shares, however unless they are listed on an open market somewhere in the world, we will never know how much they worth or able to sell them. Here is a typical story of venture risk happens almost every single day, either you are lucky enough to hit the jackpot, or your cash turns into dust, in my case I am still hoping to hit that jackpot. 

This is a long report and I think I better stop here, I hope you like my stories (funny in some way?) if you have made it this far, there are many more stories to tell in the 9 years of operation, however I might need to leave them for another day, maybe I will write a book somedays, who knows! Thank you for your patient and trust and I will see you again in 2019. 

Regards, 

Calvin 

p.s. of course you can also contact me anytime regarding to your investment by whatsapp or email: investment@mechcalvin.com