Finding Your Edge in an Irrational Market: Insight from Jos Parengkuan & Bernad88
Indonesia's capital market has recently been full of dynamics. Conglomerate stocks have surged to control a third of market capitalisation, while the narrative "value investing is outdated" is becoming increasingly loud. In such conditions, how can investors remain relevant and find their edge? This big question is discussed by Jos Parengkuan (Founder & President Commissioner Syailendra Capital) and Bernad Mahardika Sandjojo aka Bernad88 (Capital Market Enthusiast & Educator), together with host Syanne Gracetine, in the latest episode of SPOD.
Value vs Growth: Two Paths, One Market
Pak Jos asserts that it is too naive to say value investing is outdated. However, it is equally naive to ignore conglomerate stocks that are currently hyped. Value investing and growth investing are two different styles—one focuses on low PER, low PBV, and stable cash flow, while the other relies on expectations of exponential growth over the next 3–5 years. The key is not to choose one or the other, but to understand when and how both work.
EQ, Not Just IQ
One interesting highlight is the importance of EQ (Emotional Quotient) in investing. According to Pak Jos, 60–70% of investment success is determined by the ability to control emotions. Are we brave enough to buy when others panic sell? Or brave enough to take profits when the market is in euphoria? Rationality comes not only from numbers, but also from mental discipline.
From Goalkeeper to Striker
Bernad adds a macro perspective: Indonesia has been guarded for years with strict fiscal discipline like a goalkeeper, Sri Mulyani. However, if we want to escape the "5% growth trap", we need a striker like Purbaya who dares to propose new ideas. This football analogy illustrates the need for balance between maintaining stability and driving growth.
Retail, Hustling, and Real Business Challenges
The discussion also touches on low retail participation compared to total households in Indonesia. Although access to the capital market is increasingly open, participation is still segmented. Many people actually enter the capital market for "hustling", seeking additional income because real business is slowing. According to Bernad, this is a yellow light for our macro conditions—capital market growth should go hand in hand with the health of the real economy.
Adaptation as Edge
Both Pak Jos and Bernad agree: there is no single investment strategy that always succeeds. Investors need to be adaptive to market changes. Whether value or growth, disciplined or aggressive, all can be relevant in their time. What makes the difference is only how quickly we read the signs of a change in direction.
You can listen to the full episode on Syailendra Capital's YouTube channel!
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