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Articles on
Markets
Opinions on the state of economy, financial markets and general business
Sep 5, 2024
Deriving an accurate discount rate is a fool's errand
Value sits with the beholder of cash in his pockets, who are you to say otherwise?
Aug 9, 2024
A unique window of opportunity for Singapore’s equities market
Much like how SIA had turned itself around, if we play our cards well today, Singapore’s equities market might have a fighting chance.
Jun 25, 2024
A great way to fly again
SIA ends an interesting chapter of its history with redemption of its last remaining MCBs.
Apr 3, 2024
Welcome to the world's largest gambling den
No one calls fraud when things are smooth sailing and the pie is large enough to be shared. It just takes one bad egg, one wilful misstep.
Mar 5, 2024
Hong Kong needs a “Taylor Swift event"
I love Shenzhen. I like its wide city roads that are peppered with electric taxis. There are virtually so many electric cars on the...
Feb 4, 2024
What the whales own matter to the fishes
It only takes one bad month, one wrongly sized bad trade.

May 18, 2023
Lessons from Singapore Airlines
When the world surprises the hell out of you and leaves you at the mercy of cash flows, anything and everything goes.

Mar 26, 2023
The changing narrative on China
"Do you know how big is a billion? Just imagine every person tossing a coin at you at the same time." This was how one of my flatmates...
Mar 21, 2023
The end of free market principles
For years, practitioners in the industry have understood, accepted and have been taught that equity holders stand behind debt holders...

Mar 9, 2023
Fair value vs high value
Curating and designing the short-term narrative towards a high value sometimes comes at a cost.
Dec 11, 2022
No such thing as fair value
I always have had interesting conversations around the assumption and concept of terminal value (TV) in my valuation and financial...
Nov 20, 2022
Not what it was used to be
HKIA isn't what it used to be in the old days. No crowds. Only a handful of shops open. Lounges are dead. HKIA used to be a humdrum of...
Nov 18, 2022
The great FTX blow up (part II)
I recently rewatched SBF being interviewed on the David Rubenstein show - "Why do so many young people seem so attracted to crypto... it...
Nov 13, 2022
The great FTX blow up
This is not a post about I told you so. It is about trying to understand how easily we can get carried away with mimetic desire and FOMO....
Oct 28, 2022
The slippery slope of irreversible change
In 2017, I flew to Riyadh for the first time ever to attend the Future Investment Initiative (FII) conference. This was Saudi Arabia’s...
Oct 23, 2022
"Uninvestable" is all about the perception of risk
“Soldiers all around the world behave in the same way once they put on their helmets and the uniform.”
Oct 6, 2022
Numbers and the narrative
Whenever I approached the close of my financial modelling course, I always did a simple roll-call to call for feedback from everyone in...
Sep 23, 2022
The rates curve has gone crazy
So, none of this makes sense anymore. For a long time, offshore financing - which was predominantly priced off the LIBOR or overnight...
Jun 18, 2022
Policy error?
If the Central Banks got it wrong on monetary policy, can we also assume that the valuation models that we have done and relied on for...
Jan 6, 2021
Is the Bitcoin a good store of value?
To understand and decide whether bitcoin is a good store of value, consider real estate, commodities and other asset classes. Real estate...
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