A good day to take a walk.
“The good news is that the Italians make the pasta and the Swiss make the watches. But if we stop world trade and the Swiss have to make their own pasta and the Italians have to make their own watches, the world will probably... maybe arguably, people in both countries will be a little worse off.” - Howard Marks [1]
Value sits with the beholder of cash
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?
A unique window of opportunity
If we play our cards well today, Singapore’s equities market might have a fighting chance.
A great way to fly again
SIA ends an interesting chapter of its history with redemption of its last remaining MCBs.
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.
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...
What the whales own matter to the fishes
It only takes one bad month, one wrongly sized bad trade.
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.
The changing narrative on China
Embracing policy is a choice for investors offshore but a necessity for firms operating in China.
The end of free market principles
The market economy is now to a good extent, influenced by statecraft, driven by the common interests of various governments.
Fair value vs high value
Curating and designing the short-term narrative towards a high value sometimes comes at a cost.
No such thing as fair value
There are no formulas for the correct cost of capital. There are only astute decision makers and those who are afraid to get caught on the wrong side of the outcome.