Month of November 2025

An unexpected message came through one day from someone I have not seen since Covid. It was cousin J, a distant one considering our parents are cousins and our families had never hung out together before. Yet J and I had a rather special bond. We only knew of each other's existence when we were 17. It happened at an event and my dad recognized her. By coincidence, we enrolled into the same school and studied similar subjects. Our classrooms were side by side, so from that moment on, we interacted often. J was a jovial girl, fiercely independent and resilient, partly because her mother passed away at a young age. She would defend those close to her, step forward to lend a hand and yet maintained a low profile all the while. We confided our first loves, exchanged lecture notes and backed each other. After graduation, we kept in touch. She went to university while I had to serve national service. Later on, fate brought us back again in school as our faculties were adjacent, although this time she's the senior who helped me to settle in. Over two years, we held conversations at the school canteen or sometimes along the corridors on the way to class.

In our working lives, she chose the pharmaceutical industry while I went a different pathway. That didn't diminish our relationship as there's a feeling of kinship that cannot be broken. Over a decade, we caught up sporadically but the conversations were always unrestricted, maybe because of our easygoing characters. Then, I switched jobs and contact frequency increased slightly. Our workplace were ten minutes ride away which created lunch opportunities, much like the university days. This went on until Covid and before you know, we lost touch.

So when I received that message from J, it was over an issue that we discussed long ago and she just wanted to update me. I was curious to find out what she had been up to over the last few years. The first thing mentioned was she had retired and doing the things she love, especially travelling. She used to travel to a Scandinavian country every Christmas because her aunt worked in the national airline and got discounted tickets. I jokingly asked for her advice and her next reply was, "...but I don't know for how long." Something's amiss and I pointedly told her to spill the beans. Without hesitation, it was the big C and a really terrible one. Cancer of the thymus gland. A quick scroll of my biology knowledge came to nothing. J is classified as one of the tiny percentage and she proudly proclaimed to be in the top 10 patients of Singapore with this rare type, having "achieved" terminal stage. I met her a few days later, with a cap concealing hair loss but otherwise looking well, the usual cheerfulness and enjoying her food. It’s been months that she's on an experimental drug and chemotherapy. She’s become a treasured living specimen for research. Yet, we both know her compromised immune system cannot repel the persistent mutated growths in the organs. Costs had escalated since insurance did not cover her unapproved medication. She will have to stop eventually as savings are limited. Therefore, her funeral plans have been prepared, her will written and more travel trips are in the pipeline. As the only child, she worries for her dad who's immobile. In that moment, a quiet tear was shed for my brave cousin. Hope she gets her wish to outlive him.

Tip: Boksoondoga Sparkling Red, strawberry cream, fizzy burst of milky rice

Finance Investment Movement 63

Things are looking good, the improvement target increased to 7.2% and provided motivation that it could really get better by year end. This month was helped by positive stock movements, especially across Reits. There was zero leftover cash saving as it went towards SRS contribution and CPF housing refund. I have one last Tbill due to mature and that's it. Good yields are getting harder to find so I have adopted a new approach, that is to wait. Yet exactly what am I waiting for? Here's where I breakdown the thought sequence and current status.

Following the truce of the Israel Hamas war, there's a good amount of congratulations among world leaders. Various trade summits were held and the statements put out were rather positive, with the caveat of challenges still remaining. Meanwhile, global stock markets hovered around new highs, oblivious to the trade policies being in disarray. Against all odds, there are companies reporting strong financials. The Ukraine Russia conflict felt almost like a side note. Gold and precious metals are on a bull run which to me, is not a sign of fear but reallocation away from the USD. In Singapore, it's especially amazing to read high prices paid for big ticket items. The feel good factor is real. Money can be spent freely because there's loads floating around. In this regard, I have assessed my situation and decided on a spending diet. As I continue to buy small amounts of bonds, any leftover saving is put on standby for a market correction. I hope it comes within the next year. Time to be a contrarian.

Dividends as of September 2025: $8299.45 (avg $829.94 per month)

Tip: Jjangsu Brewed Jeong, pleasant chinese herbs, easy quaff, distinct floral after taste

Month of October 2025

What is the longest and loneliest marathon?

It starts with a gasp of air and ends with a last breath.

That's finite and expended in a living body where

There's joy, tears, exhilaration, heartbreaks and a bit more.

Some you remember, others you choose to forget.

Each moment is made up of decisions.

Whether it's to college or be married to a first love.

Because no two persons are the same.

There will always be different viewpoints that

Brings pain from being misunderstood.

Sometimes you strive hard to make things right.

Only to fall short in the end.

Perhaps it's better to give and take.

The mundane, chaos and stress are frenemies.

What matters is the experience learnt since

This is a journey of never ending dilemmas.

Till when the head is full of white.

Then it's time to let go.

For the curtains to come down on the marathon of life.

Tip: Tignanello 2019, cold nose, surprise flower petals upon decanting. Young but ready

Finance Investment Movement 62

As we head into the last quarter of the year, there's positive momentum building where my overall portfolio climbed higher to 6.2%. This month gained in terms of cash savings where a portion went to SRS and another to CPF housing refund. Investments practically stayed still and the highlight was a decent amount of dividends received.

Throughout this year, I had been evaluating areas where I could control expenses. So I'm writing this down as a record for future recap.

1) No gym membership: exercise is free in the open areas

2) Lesser bubble tea: home brewed tea is easy to make and healthier too

3) Dental service: it's available at half the price in JB

4) Await promotions: most things can wait, patience rewards

5) Walk around to compare: fruits are expensive nowadays, the same apple can be a dollar cheaper.

6) DIY repairs: door lock, grouting, light transistor, parquet wood chip etc can be learnt online

7) Haircut: subjective but some barbers offer pretty good deals

8) Pickup deals: some apps give discounts for self service eg ice cream at petrol stations

9) Bar soap: lasts longer and cheaper

10) Probiotics: essential spending, clinic issued ones are overly priced

Dividends as of September 2025: $7976.55 (avg $886.30 per month)

Tip: Ryoko The Base Junmai Ginjo, balanced dryness, watermelon with a kick of mineral

Month of September 2025

Have you seen AI generated videos or photos of ordinary people with celebrities? It's so real that it's almost impossible to determine its authenticity. That got me thinking how scary things could get with the continuous technology improvement. I imagine severe implications in law and order enforcement. How would a judge admit photo evidence and ensure proof of irrefutability? Similarly, immigration control's problem would be to discover identity fakes. In many other aspects, AI will change the way we see or value things. An AI persona can mimic a singer's style and create new songs, throwing musicians and copyrights out of the window. The interior designer probably needs to find a new role. Even the burger flipper might be out of job soon. Those affected naturally would feel threatened. Livelihoods are at stake. The resultant discord among people would lead to a less trusting world. The future horizon is more stress, ironically caused by a smart technology that was supposed to bring better quality of life.

During the one week school holiday, a few friends and I took off to Batam for a quick weekend trip. They had previously taken part in a local golf tournament and lauded its smooth organization. Reporting to the ferry terminal at 730am, storm clouds brewed overhead. The writing was on the wall. Expectedly, a heavy downpour accompanied our journey to the island. Tee off time was immediate upon arrival, around 930am. Amid a drizzle, we got dressed, took the customary group photo and proceeded to the first hole. The thing about golf is, you make merry regardless of the weather as everyone came with little expectations but just for an enjoyable game, mindless chatter and a good dinner afterwards. The course condition was water logged with soft ground and patchy grass areas. Our fortune turned for the better after the third hole as the weather eased off. The scorecard looked brutal even though the caddies were giving positive encouragement. We managed to complete the game, had a buffet lunch (bee hoon, stir fried vegetable, fried fish fillet and sambal chicken) before heading to the hotel for a rest. Since there was time before dinner, we decided to go nearby for spa. A good choice since I fell asleep barely twenty minutes in. The dinner spread was exactly the same as lunch, catering to about 250 golfers from Singapore, Indonesia and Malaysia. We sat with a group of older couples and they were repeat participants of this event. Everyone seemed to know what's coming as they waited patiently for the golf prizes to be given out, enjoyed a musical performance and finally the lucky draw started. Last year, there were electrical appliances, golf accessories and vouchers. This year, it was all cash, starting from about $50. I must say, the sponsors were generous, top prize was $1000. Amid the noise and anticipation, one name after another were called. My friend won $100 for a "consolation" prize. As the draw came to a close, there were tired faces, it's nearly 10pm. The evening ended on a high when I got picked for third prize, $500 gift! The next day's golf was as casual, ate the same lunch combination again and departed for home. Indeed, the entire program was well executed with expedited immigration, logistics and attractive prizes. We should be back next year.

Tip: Hyakumoku Junmain Daiginjo, delicate sweetness, clean undertone to have on its own

Finance Investment Movement 61

It was nerve wrecking to tabulate August's report as there was red ink spilt across the stock portfolio. I took the pain of cutting a loss making counter and subscribed to Astrea 9 bonds. This big negative will serve as a lesson in my approach to stock picking although it's mainly a fault attributed to wrong position sizing. The sunshine after fortunately came in the form of a bumper dividend collection. Add a bit of savings and the year to date portfolio improvement target rose slightly to 5.3% which indicates fair resilience. With four months left, there's room to add more investment assets hopefully.

If you have to look at the market price everyday, then you are not investing but gambling. Someone told me this recently and I beg to differ. When I was young, the thrill was to buy/sell for quick gains. Many years later, the total estimated profit was nearly zero. That was a shocking realization. What happened? I bought winners as much as losers even though I was supremely convinced before the action. Now, my perspective has changed in that I won't go for a hyped stock or IPO and instead focus on big caps only, or at least the bulk of funds are there. This applies to various asset classes. Even though that meant potentially missing out on good opportunities, I just have to look at a short list everyday and decide quickly if something is worth doing. This frees up time and brain space. Most importantly, I want to sleep well without worries.

Dividends as of August 2025: $6871.61 (avg $858.90 per month)

Tip: Opus Overture 2021, young berry jam, medium clean palate, slight underweight

Month of August 2025

Ever since I returned from the Bali trip in June, there had been few episodes of stomach upset. I could wake up in the middle of the night to clear the bowels, experience contractions in the daytime, feel bloated and nauseous. There wasn't a change in diet or lifestyle and these symptoms presented themselves every now and then, making it difficult to find a trigger point. The first trip to the clinic yielded slight improvement after a course of Pariet but that was the most the doctor could do when I still felt unwell. By then, I had reduced spicy food and alcohol intake. Thus, a specialist visit was the next step and antibiotics were prescribed. The diarrhea runs became lesser but I just didn't feel right. That discomfort hung around in the shadow, ready to pounce. Next, an endoscope and colonoscopy were performed. After waking up from the sedation, the first thing I asked was whether the doctor had found the problem source. Thankfully, he found nothing of significance except a slight inflamed stomach lining which is common among his usual patients. So the last part was to wait for lab results. Even a search through the internet yielded no clues. Meanwhile, the nausea feeling continued as if I was in a first trimester except no vomit. Interestingly, it can be suppressed by eating small portions which seemed to go against logic.

A friend commented I could have been under stress which then compromised the immune system. He suffered from acid reflux previously and led a much healthier lifestyle than me. The next consultation revealed there were traces of H Pylori, in scanty amount. Apparently, it was the number one stomach cancer causing agent and even in today’s advanced research, there’s no conclusive evidence of how a person could be infected. The guesswork pointed to a probable childhood episode, exposure to poor sanitation or maybe just an ingestion of unclean food. The doctor prescribed 14 days of medicine that included two types of antibiotics, likening it to a nuclear option to blast out everything in my gut. Unfortunately, I did get the side effects of mild diarrhea and stomach pains.

While still in the treatment cycle now, looking back, some things seem to connect. Since young, my gut has been a living litmus test of water hygiene. It is sensitive to changes in quality and proven time and again when overseas. Nearly every TCM I visited, the sinseh cautioned digestion issue as a case to resolve. So for example, as much as I like prata, it’s unlikely I’ll have it for consecutive days due to its oiliness and curry. Milo in the morning also usually lead to a toilet visit soon after. Till today, I prefer ketchup Bak Chor Mee. Perhaps the root cause has finally been found. But as I was informed, some people just have a hyper sensitive stomach that they got to live with, I am probably one of them.

Tip: Nichinichi Yamadanishiki, delicate rice expression, natural touch with fizz

Finance Investment Movement 60

So my portfolio chugged along to barely eke above the target at 5.05%, helped by rising values in Singapore stocks and crypto. Renovation expense has been fully paid so the cash account feels a little light, giving a slight uneasy feeling although there's still enough room for an opportunistic snag. I have also found an interim solution for SRS funds doing nothing i.e it's now invested into Fullerton SGD Income Fund. The expectation is for a close to 4% steady dividend yield. Let's see what the performance is like after six months.

My company decided not to give an increment this year, citing uncertain economic forces. It's now consecutive years where the employees got their hopes dashed. What were they expecting? Admittedly, the signs were clear. Revenue fell, margins squeezed and decreased forward orders. Thus, there could have been less disappointment if employees were realistic. In my conversation with some colleagues, what worries most is that they do not have much savings. I was also surprised to hear many of them do not invest, even in a simpler product like T-bill. Yet, some consoled themselves, saying they looked forward to the next round of CDC vouchers. That gave me an uncomfortable feeling. Cost of living issues are persistent and becoming entrenched. We risk getting caught in an inflationary cost environment along with stagnant wages. This is turning out to be a tough year.

Dividends as of July 2025: $5346.01 (avg $763.71 per month)

Tip: Santa Maria Valpolicelia 2019, pinot like, blueberries, a light lunch companion

Month of July 2025

Home was perpetually dusty as the renovation works continued. We walked around in slippers and stayed within the rooms that were untouched. After a month of eating takeaways, I craved for home cooked food. Finally that happened, after the kitchen was done and the refrigerator could be restored and restocked. Due to a lack of physical activities and unhealthy diet, I gained 2kg, undoing my efforts over the past year. A health check up is also due so I better go back to being disciplined on the workouts.

There's a disturbing trend that I noticed. More and more, I hear/read of seemingly healthy people falling seriously ill out of nowhere. For example, I'm sure most would have heard about people who suffered cardiac arrests while exercising. Within my second degree contacts, there were four occurrences over the past few months. They ranged from teens to early fifties. Some were unexpectedly diagnosed with cancer and three have since departed. Theories related to diet, vaccination and pollution had been suggested. How about climate change? The excessive use of earth's resources caused a vicious cycle of environmental degradation and now, we struggle to adapt. An unbalanced ecosystem creates new diseases, changes weather patterns and tweaks the unseen atmospheric conditions such that the human body can’t cope. Just look up the record breaking temperatures and its consequences. Even in clean Singapore, my nose is mostly irritated whatever time of the day. This month reminded me to stay focused on good financial outcomes so as to leave the working world before an unfortunate event strikes.

Tip: Saffredi 2015, purple ink, well rounded body, sleek execution

Finance Investment Movement 59

The portfolio is experiencing a big test of its resiliency at the half year mark. Markets had not been kind amid a growing unease and major battles occurring on the ground and online space. Something major appears to be gathering for a breakthrough but the question is whether it's going up or down. Investors are undecided. Hence, as the T-bill and SSB yields continued to decline, my cash hoard stayed idle while waiting for better investment opportunities. Little perks like credit card cashbacks and promotions also dried up as interest rates drift lower. Yet, cost of living issues persist. My expenses for the month increased with food spending being the main factor.

After waiting for so long, the URA Masterplan 2025 had finally been unveiled. One point stood out for me. There's a noticeable provision of land for residential use and quite evenly spread out across the island. That translates to more built up areas, more people and less nature. Is the 10 million population rumor becoming reality? Let's look at some trends. Birth rates are low and schools are merging in response. Life expectancy has improved, therefore more medical facilities are coming up. People are encouraged to work longer so the retirement age gets raised, thereby also instituting increased CPF contribution. COE prices are high and more MRT lines, cycling paths are being planned. Hawker centres and integrated community spaces are sprouting all over the place. By building amenities near residential units, the government hopes people can work from a convenient location, stay healthy and perhaps raise a small family. No coincidence that unit sizes are shrinking once it's accepted that births will not make a U-turn in time, so better to prepare for more immigrants by getting infrastructure in place. To support these, the government secured long term electricity supply deals and diversified food sources. With such good planning, fortunately or not, home prices will be propped up. These measures ensure sustained economic growth and make Singapore an attractive destination for tourists, businesses and migrants. In time to come, we can proclaim the little red dot to be a mega city state.

Dividends as of June 2025: $4744.89 (avg $790.82 per month)

Tip: Amabuki Tokubetsu Junmai, punchy dry, pairs well with heavy food

Month of June 2025

The first day of the month brought about the start of school holidays. It's also when home renovation started while my family flew off to escape the noise and dust. Our hideaway was two hours away, at the sunny paradise of Bali.

We went with no plan, only a broad idea of splitting the entire trip into three blocks. It began at Canggu where our temporary home was a three bedroom villa. The housekeeper waited for us even though it was almost 9pm when we arrived. Yet, our main concern was to tame growling stomachs. The cafes nearby typically close at 11pm and as we were to discover, most are like that throughout the island, probably to cater to tourist nightlife. It was the high season and crowds were visible everywhere. We took in a day trip to Ubud, hung around in Monkey Forest, visited rice plantation and a waterfall. Other activities included La Brisa, massages, haircut and lots of coffee. A highly recommended one is Baked. It's quite the life waking up at 10am, decide on a cafe and then do whatever you feel like.

That changed slightly when we moved to Nusa Dua. Here, the accommodation was an apartment within a hotel premise. Location wise, the roads are better paved and ideal for a quiet retreat, meaning not much within walking distance. The beach was average with lots of seagrass washed ashore, making it look rather dirty. The street outside had a number of restaurants but they were similarly priced like the hotel. Good thing that food delivery was easily available and certainly cheaper. An interesting bit is the delivery riders will message us to inform that they have received the order, thank us for being patient and then, some directly asked for a tip. If the distance was further, we gave 10 - 20k IDR. Most times were spent at the pool and gym. We also had a day at Tanjong Benoa to do watersports. Very importantly, the rooms were so comfortable that at the end of each day, I could lie in bed with a cocktail and just watch Netflix.

Our final stay was at Jimbaran where we had two hotel rooms on the same floor. The famed beach restaurants were right outside our doorstep and the main thing was to catch the sunset. By 4pm, tables were set as the tide receded. Horses appeared to give a ride for fee paying customers. The BBQ smoke was omnipresent no matter where one sat. Amid a man made fog and fading light, the evening view was worth the wait. Another enjoyable place was Waterbom Bali. The resort featured more than ten waterslides, each having a degree of thrill for different ages. The kids played for five hours straight. Other times, we lounged at the beach from late morning with a beer in hand and dipped into the sea which had the best sand and medium waves. Before you know, time just flew by.

This trip was blessed by excellent weather, wonderful cuisines, top notch service, convenient laundry shops, friendly street roaming dogs... the list goes on. Except for a short episode of Bali Belly, even the volcano eruption at Mount Lewotobi didn't matter, we just relaxed and went with the flow.

Tip: Torres Reserva Real 2018, punchy oak, graphite and dark mocha, ready to roll

Finance Investment Movement 58

It was a good resilient month as stocks held up, cryptos marched upwards and options trade went smoothly. Well everything but cash as a chunk was used to fully pay up the tax bill. A monkey off the back until next year. Hence, portfolio improvement target dipped to 4.8%, suggesting that I need to amp up returns. The big problem on hand is how to use idle SRS funds.

There's been a spate of company delisitings from the Singapore stock exchange, with a possibility of up to 16 and counting. It's a big jolt considering that the country prides itself as a financial hub. The optics were so bad till a task force at government level had to be setup. I recall prior to the 2000s, the stock market was a hot flurry of activities. Contra trading, explosive IPO debuts, penny stock intra day volatility etc were such common occurrences that had many people glued to the monitor. Stories of instant windfalls to the tune of few thousand dollars within minutes and lots of chatter even when walking on the streets. Trade orders were being placed over a phone call and lunch crowds gathered outside shops that had a TV display of stock prices. Those were exciting times. However, sentiments changed around mid 2000. Besides financial losses from market downturns, there were increasing issues with incompetent companies made worse by fraud findings. I think people could accept if a company loss is due to normal business operations. But issues such as opaque disclosures, safety compromise and sometimes non-existent sales contributed to an irreversible distrust mood. It happened to local and overseas companies especially from a certain jurisdiction. Personally, till today, that has put me off investing a single cent into those from a particular country on the SGX. Thus, I feel there’s a severe lack of confidence and better choices elsewhere. What Singapore lacks is the presence of big name local companies such as TSMC that could hold global investors’ attention. Once upon a time, Creative held that mantle but since then, there had been no notable ones. Add in some exciting startups and get the ball rolling. It can’t be just the banks and Reits doing the heavy lifting. How this is tackled and whether interest can be revived will be an uphill challenge. 

Dividends as of May 2025: $3735.99 (avg $747.20 per month)

Tip: Amabuki Tokubetsu Junmai, punchy dry, pairs well with heavy food