Month of March 2025

There were lots of golfing done with four rounds played and a walkabout for the Liv event. The latter was the first time I watched live. Along with two friends, we gathered for the Saturday tee-off at Sentosa Golf Club. The heat started at 9am and stayed throughout. But the golf on display was even hotter. I witnessed from three feet away how a professional player could block out crowd ogling and launched one beautiful shot after another. Some of the plays were so ridiculously good that for the rest of us, it's only in our imagination. The margins are so fine at this level that you could also feel a player's pain at missing a crucial putt. The scenic course was transformed into a carnival atmosphere with music and screens placed all over. This enjoyable day was made even better when we ate a fine seafood lunch along with a cooling Chablis. My sunburnt neck and face were the only downers of a marvelous outing.

The weather's been playing games recently. One moment it's pouring heavily over days, then later switching to searing heat. This upsets my rhythm of a running routine as I couldn't slot in good intervals of rest. So to compensate for missing a run, I tried to go longer distance by 20% more. The consequence was immediate. Besides the usual tiredness, my calves cramped up and needed around two days for that feeling to subside. Shoes could be a contributing factor too. My current pair had been in service for three years so I thought to check out those suitable for 5-10km. Hope to find a cheap one over the next few months.

The youngest son suggested Haidilao for dinner over a weekend. Without reservation, we arrived early but were made to wait two hours. Good thing that we were not in a rush. While waiting, my second son completed a Rubik cube challenge and the reward was a free fried mantou dish. We were munching on freshly cooked french fries when our turn was called. The place was lively with many birthday celebrations and performances. I noticed there were several new food items and the soup base was cheaper. Final bill came up to 10% less than our usual spending.

Tip: Louis Jadot Macon Villages Blanc 2022, dry medium body, straight up day drink

Finance Investment Movement 55

The company earnings season largely met expectations and many raised dividends presumably for SG60 celebration. My overall portfolio value climbed to 4.2%, underpinned by CPF contributions and lower expenses. The Reits stayed resilient and will provide nice payouts in the coming quarter. I'm thinking to add CICT and FCT if prices are attractive. Options trading contributed a nice amount. Throughout the month, I ate at home mostly and cooked as much as possible over the weekends. I hope to emulate this for March.

Going by the recent Budget announcement, Singapore's economy is swimmingly doing well. It grew 4.4% last year and achieved surplus in excess of $6b! Forecasts say that we can expect 2025 to be positive with around 2% growth, another surplus bonanza and an array of handouts eg CDC, U-save vouchers, SG60 gifts etc. It's like Christmas arrived early with presents. While I won't mind the government's generosity, there are some areas that can be better addressed. One, the fertility rate stayed at a historic low of 0.97, meaning that citizens aren't persuaded enough in spite of the better economic mood, support measures and a Dragon year. Cost pressures are surely one of many considerations. Perhaps the government can be bold and provide free textbooks at $200 per child (Singapore citizens only). Assuming 300000 per cohort of primary and secondary school students, that would incur $60m annually. A further boost would be to fully subsidize school fees which require another $108m (assume $30 per month). Two, the corporate income tax rebate will help a little for SMEs. Even if they are not profitable, $2000 cash grant would be given. In my view, this extra $2000 ain't moving any needle. What's needed is an ecosystem of local companies collaborating and preserving jobs. The government identified arts as an industry in need with the Culture pass, give them the funds instead. Or they could do a broad scheme for certain trades and direct those funds towards an insurance for retrenchment or job loss. Three, the $200 cap for personal income tax rebate is a token amount. I rather this be allocated to the lower tiered earners and none for those in the higher tax brackets. Four, not much was mentioned on housing except HDB flats will continue to remain affordable and there would be adequate supply. I propose a special tax for owners who specifically have HDB and private housing (they number around 3%). This group of people enjoy HDB flat subsidy/assessment benefits/rental income. The HDB flat is a public good and should stick to the concept of home for stay and not as an investment asset. Since the government disallowed private home owners from buying a HDB flat, then the same should apply vice versa or at the very least be taxed (heavily) for this unbalanced privilege. If anyone wants to invest in property, the private market is available. Leave the HDB out, period. Election is nearby so let’s see what other policies appear later.

Dividends as of February 2025: $1114.75 (avg $557.38 per month)

Tip: Kavalan Reserve Single Malt Madeira Cask, toffee, nutty, a great mouthful with an added spice yet smooth and inviting