Sold off Matrix

Earlier blog post I purchased Matrix at average price less than RM3, now I sold them all off at slightly over RM4. (small number of lots)

Reason:

Recently read an article and have a new understanding that most of its land bank are actually not owned by Matrix but rather by its JV partners.  With that understanding I opine that its RNAV is thus much lower than RM5 as I previously believed (hard to figure out exact value as they build the houses on someone's else land, they own the houses but not the land? mind boggling for a novice investor like me).  I conclude this is not an asset play.  I am also coming to have some doubts over the sustainability of its current level of earnings in the long term.

I am sticking to one of Warren Buffet's rule, invest within your circle of competence.  I originally thought it to be a simple asset play, now that it is not, that its business model is beyond my level of comprehension means it has fallen way out of my circle of competence.  Being risk averse, I decided to sell them even though it seems like to be continuing on an uptrend.  To have made some pocket money on this stock was solely due to luck, I am grateful for that and will not try to push my luck further.  To be able to sleep peacefully at night is very important to me =)