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Capital Dynamics Sdn Bhd is the first independent investment adviser in Malaysia. It has been described as "one of the country's most iconoclastic and critical research outfits".

In February 2004, Capital Dynamics Sdn Bhd launched icapital education.

Since our inception in 1988, we have remained totally independent and have been providing objective advice on Stockmarkets and Economies through iCapital.

The iCapital newsletter is its flagship product. It has been around since 1989.

In 2002, icapital.biz, the online version of iCapital was launched.


Home > About Us > An Overview > A Short History

A Short History

On 28 October 1929, the New York Stock Exchange (NYSE) fell 12.8% in a single day. This crash lasted until 8 July 1932 and eventually wiped out 89% of the value of the companies listed on the NYSE. It was the beginning of the Great Depression and a period where those who have lived through it vowed never to go through such an experience again. The world was subsequently led to think that such an event would never be allowed to happen again.

On 19 October 1987, the NYSE performed the unexpected - its bellwether index, the Dow Jones Industrial Average - crashed 508 points or 22.6% in a single day. Stock markets worldwide were similarly affected. The Kuala Lumpur Stock Exchange experienced a crash of 28% in two days. It is not easy to fully comprehend a crash of such gigantic proportions. The worst single day in 1929 fell only 12.8%. The natural question in the aftermath of October 1987 was: "Was it the beginning of another Great Depression?" It was surely the fear of many and the whole world literally waited in great suspense for what many had thought was the inevitable: The Second Depression!

Putting Our Money Where Our Mouth Is

However, at around the same time, someone disagreed with prevailing pessimistic view. In fact, he viewed the whole situation as one that represented a marvellous investment opportunity. As we subsequently know with hindsight, the Second Depression did not happen.

So, it all began in early 1988, when Tan Teng Boo, founder and managing director of Capital Dynamics Sdn Bhd, submitted the necessary applications to the Malaysian regulators to set up an investment advisery company.