Nine Dragons... lowest valuation play on e-commerce

SINGAPORE (Apr 30): Stocks in my Global Portfolio ended mostly lower in the past one week, mirroring weakness in global equity markets. Investors are nervous when it comes to equities, particularly as worries grow over rising interest rates.

Yields on 10-year US Treasuries rose above 3%, a level not breached since early 2014. While this is still at the lower end of the historical range, it is a marked shift from the years of ultra-low rates.  

Our best-performing stock for the week was DIP Corp, up 11% in local currency terms. Many read last week’s article as our attempt to find an excuse and justification for having chosen DIP in our portfolio — the stock fell more than 26% in a week. The fact is it did fall — market reacted badly to its latest quarterly results — but it is also a fact that in the week of April 23, we saw a remarkable recovery in its stock price.

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