Author: Financial Horse

Top Reads this Week (21 April)

Rounding up top reads from around the web, as shared by fellow investors and myself in the Financial Horse Facebook Group. The Importance Of Having A Circle Of Competence (Investing Nook) “You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.” – Warren Buffett Big Companies Thought Insurance Covered a Cyberattack. They May Be Wrong. (New York Times) Thought your insurance covers cyberattacks? Think again. A glimpse of EDEN, Swire...

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Top 5 Dividend Yield Stocks in Singapore (2019)

So I was looking around for great Singapore dividend stocks to put my SRS funds in the past week. And I must say, when you google “Top Dividend Yield Stock Singapore” or “Best Dividend Yield Stocks Singapore”, some of the top search results are actually borderline negligent. Not going to name names, but many of them went on to rank dividend yield stocks in Singapore by their dividend yield, without taking a deeper look at the business model, the dividend payout ratio, the cash flows etc. When I started Financial Horse, the goal was very simple. There was no...

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Q1 Debrief and Q2 2019 Outlook for Singapore Investors

As all Patrons will know, I publish a quarterly outlook for all Patron members, where I run through the top observations for the coming quarter, and discuss key recommendations for asset classes that may outperform. For the benefit of all readers, I’ve extracted the entire Q1 2019 outlook below, together with some follow up thoughts, in the hopes that we can all learn from this, and improve our investing insights in future. I’ve also set out a brief summary of my second quarter (Q2 2019) outlook below. The full article is available on Patron at only 2 bucks a...

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Giveaway + Top Reads this Week (14 April)

Rounding up top reads from around the web, as shared by fellow investors and myself in the Financial Horse Facebook Group. *Giveaway* alert, scroll to the end for details!  Annualized Returns By Asset Class From 1999 – 2018 (Financial Samurai) Of the following asset classes, the S&P 500, a 60/40 stock/bond portfolio, Bonds, a 40/60 stock/bond portfolio, REITs, Gold, Oil, EAFE (Europe, Asia, Far East), national real estate, which performed best? Are All Great Companies Great Investments? (Investing Nook) Many individuals fell into the trap of investing in these “winners” just because successful investors like Warren Buffett have invested...

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SingPost: Is this e-commerce play a good investment?

I’ve always been very interested in SingPost. As the only national mail operator in Singapore, coupled with the explosion in eCommerce volumes, and major shareholders being Alibaba and Singtel, you would have thought that SingPost would be the next big thing. Nothing could be further from the truth. The 10 year share price is set out below, and it’s been a disaster since 2015. What happened though? Could this change in the...

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Top Reads this Week (7 April)

Rounding up the top reads from around the web, as shared by fellow investors or myself in the Financial Horse Facebook Group. Five best-performing S-Reits average 20% return in Q1: SGX (Business Times) “The top five Reits by return in the first quarter are: Sasseur Reit (25.0 per cent), CapitaLand Retail China Trust (19.4 per cent), Keppel-KBS US Reit (18.2 per cent), Mapletree Logistics Trust (17.6 per cent) and Mapletree North Asia Commercial Trust (17.6 per cent).” In hindsight, I guess betting big on China would have been the right move back in Dec haha. Paying off your mortgage...

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Is the “Barbell” the best investment strategy for Singapore investors?

I was reading the DBS 2Q 2019 Investment Insights recently, and one of the points really caught my eye: “Barbell – the winning strategy Build barbell portfolios with exposures at two ends of the risk spectrum. Seek secular growth themes like Digitalisation and Millennial consumption on one end; income-generating assets like REITs and corporate bonds on the other. … Maintain a barbell strategy In 1Q19’s CIO Insights “Tug of War”, we advised investors to adopt a barbell strategy in the way a portfolio should be constructed. We reaffirm this approach. To recollect, a barbell strategy refers to being heavily-weighted...

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REITs Symposium 2019 – Is it worth going? + Promo Code

So ShareInvestor reached out to me recently on the REITs Symposium that they’re organising on Saturday, 18 May 2019. It the Saturday right before Vesak Day (which falls on the Monday), so it’s basically the first day of a 3 day long weekend. 🙂 Anyway, I’ve always been a huge supporter of local initiatives (I think there should be way more of such events), so I was more than happy to help. Basics: REITs Symposium 2019 I was at the REITs Symposium one or two years back. Very simply, it’s a full day event at Marina Bay Sands where...

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Hyflux – Temasek, Parliament, and Retail Investors

I’ve been following the Hyflux saga on and off since my original article a while back, but this last weekend, things really started exploding after the “protest” at Hong Lim Park. There are 3 key events that really caught my eye. 1. Clarification from Temasek. Earlier today, Temasek released a clarification that I’ve extracted it in full below (emphasis mine): Letter to Straits Times: Temasek and its unit have not had investments in Hyflux since 2006 01 APR 2019 We refer to the article which mentioned Temasek’s investment in Hyflux (Temasek invested, so couple did so too; March 31)....

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Top Reads this Week (31 March)

Rounding up the top reads from around the web, as shared by fellow investors or myself in the Financial Horse Facebook Group. The yield curve inverted – here are 5 things investors need to know (Market Watch) Now that the yield curve has inverted, is it time to be more cautious? The Lesson of Hyflux: What water and diversification have in common (Endowus) Another take on the lessons learnt from Hyflux. Nothing is safe (Of Dollars and Data) It can be surprisingly hard to preserve the value of money over time. No asset class is truly safe. Wisdom from...

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Yield curve inversion – should Singapore investors prepare for a recession?

As you’ve probably heard by now, the most notable event the past week in financial markets was the “inversion of the yield curve”. Basics: What is a Yield Curve Inversion? Very simply, a yield curve inversion happens when the interest rates of short term bonds (eg. 3 months bond, 1 year bonds, 2 year bonds) is higher than the interest rates of long term bonds (eg. 10 year bonds). What happened the past week, was that the yield curve for US treasuries (the 3s10s, which is the 3 month treasury yield against the 10 year treasury yield) inverted for...

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SIA Retail Bonds Balloting Results – And some quick thoughts

For those who missed it, the balloting results for the SIA 3.03% 5 year retail bonds are out. As expected, the offering was upsized from the original S$500 million to S$750 million (S$300 million public tranche upsized to S$450 million, S$200 million institutional tranche upsized to S$300 million). Weak Demand for SIA Retail Bonds? What was less expected though, was how weak the demand for these bonds...

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Top Reads this Week (24 March)

Rounding up the top reads from around the web, as shared by fellow investors or myself in the Financial Horse Facebook Group. Investment Conference (Saxo) So Saxo reached out to me regarding a new investment conference they’re having. It’s free, talks about finance, and is in a nice fancy hotel. You even get free snacks and coffee thrown in. What’s there not to like? Signup link below! PUB to Salim-Medco: Don’t use us as excuse to pull out of Hyflux deal (Business Times) So many twists in this Hyflux tale! Powell signals prolonged Fed pause as inflation lags, risks...

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SIA 5 year 3.03% Retail Bonds – The best thing since sliced bread?

I’m sure most of you guys have heard of the Singapore Airlines (SIA) Retail Bonds by now. It’s a 5 year bond yielding 3.03% per annum that is open to retail investors and that will be listed on the SGX. It’s really been covered to death by the popular media, but I’ll try my best to add something new to the discussion. Basics: SIA Retail Bonds The SIA Retail Bonds (fund docs available on their website) comes hot on the tails of the previous Astrea IV Retail Bonds and Temasek Retail Bonds. It definitely looks like like Temasek is...

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Top Reads this Week (17 March)

Rounding up the top reads from around the web, as shared by fellow investors or myself in the Financial Horse Facebook Group. Nothing happens, then everything happens (Of Dollars and Data) Investing is boring most of the time, except when it is not. REITs III: Exchange Rates (Reality Inversion) Gradual appreciation of the SGD over time is a problem for all investors with forex exposure. Will I be comfortable withdrawing from principal in early retirement? (Retire in Progress) One problem with the FIRE movement is that because you’ve been saving your whole life, it’s hard to suddenly switch and...

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