General Q3 2022 is dominated by macroeconomic headlines. The followings jump out: Needless to say, the macroeconomic headlines point to something that looks like a paradigm shift, in a very abrupt manner. The discount rate is going up! That said, one of my portfolio’s companies have reiterated their views that long term, interest rate will… Continue reading Q3 2022

  Portfolio   My portfolio went down 28% in the first half of 2022, which is 17% more than the S&P 500 (Total return, GBP index).   The performance on a relative basis looks very poor. A big part of the underperformance came from the 50% decline in Meta Platform (formerly Facebook) share price. Rest of my… Continue reading Q2 2022

General First quarter of 2022 saw major geopolitical event, with the Russian military invading the country of Ukraine. Like many have said, it is a tragedy. I continue to watch the developments there with my heart going out to the Ukrainian people. As Russia invaded Ukraine and sanctions have been imposed on the Russian government,… Continue reading Q1 2022

Benchmarks I added 3 benchmarks to the track record above. At my age, late 20s, the most popular asset to own is a house/flat. And not only that, the most popular way to own this asset is to leverage up. Given the merit of this asset, being its popularity, I have added them to the… Continue reading FY2021

After some years of investing, upon reflection, I thought I would summarise below the criteria for an investment idea. Must be within my circle of understanding “Know what you don’t know” – Unknown I must continuously work to define/refine my circle of understanding. An investment idea that falls inside the circle should be prioritised than… Continue reading Investment criteria

General During the quarter, the yield curve continues to remain at around 1.48%, or an earning ratio of 67x. The yield curve remains very low when compared to its history. This is shown below. Source: https://www.multpl.com/10-year-treasury-rate In fact, it is the second lowest point since 1870, or more than 150 years ago. In real terms,… Continue reading Q3 2021

General Q2 2021 has been relatively quiet. I continue to put capital to work into “old” ideas. These are the companies that have already been in the portfolio for quite some time. Government bond yield, a key driver of valuation, continues to be low. Shortly after the end of Q2, the 10-year Treasury yield dived… Continue reading Q2 2021

General market “The biggest risk of all is the possibility of rising interest rates. The downward trend in rates is over (if we can believe the Fed’s assurance that it won’t take nominal rates into negative territory). Thus, while interest rates can rise from here, they can’t decline. This creates a negatively asymmetrical proposition. Can… Continue reading Q1 2021

General From a health perspective, we are happy with the progress of widely distributed testing, enforced social distancing, mass mask wearing and the latest, strong vaccine pipeline with some major ones currently being used to inoculate front line workers and people who are in the key risked category. For those who are interested in a… Continue reading FY2020