Robert Kuok, Malaysian billionaire entrepreneur, in the commodities world, nicknamed the “King of Sugar”, but better known as the man behind the Shangri-La Asia Hotel Group. The 91 year old tycoon is also the uncle of Wilmar co-founder and Chief Executive Kuok Khoon Hong.
Here are some of his pearls of wisdom which he shared with Joanthan Kingsman, founder of Kingsman sugar consultancy, which recently published a book titled “The Sugar Casino”:
- Always take profits promptly – “Not knowing when to take a profit is the Achilles heel for a trader. Take profits! Don’t wait. If you have a profit you have to take it. If you wait it will be your downfall.”
- The sugar market is prone to over supply – “In the sugar market, there is always over production. There is no point hoarding sugar. There is always a bumper crop coming up.”
- Don’t be arrogant when trading – “You have to be humble because you are never always right. You don’t need to convince anyone. You can trade as a very humble man.”
- You’re either a trader or you’re not – “Traders are born, not taught.”
- Cut your losses and walk away if someone abuses your trust – “If you want, you can keep that person as a friend but do so at arm’s length; no more business dealings. But it is better to just cut the cord and part company. If you bear a grudge you are just hurting yourself; you are not hurting the other person. It is like throwing good money after bad. Keep your wits, keep your humour and if you are a good man, luck will come your way again. You will see another opportunity and you will grasp it.”
- Always adhere to moral practices – “If someone asks you for a bribe you should say that neither you nor your company could do that. But stay polite. Don’t stand on your high horse and preach morality at that moment.”
- There is nothing that can’t be traded – “I have a simple motto in life: every single material thing that I have in life can be traded. It is for sale. It is a question of, when, where, to whom and price. The first three are more important. If you like a person the price becomes unimportant.”
Reference:
Financial Times, Emiko Terazono, 2015-09-25, “King of Sugar Shares Pearls of Wisdom”
