Passive Income. Alibaba. CPF. Bitcoin. Semi-retirement.

Time for another update.

First, on the personal front, I have been spending more time on other stuff in life as I have been feeling that too much time spent on social media is probably unhealthy for me unless I am doing it for a living, of course.

If it was a livelihood, then, rain or shine, I would have no choice but to do it, of course.

In my last YouTube video in the middle of June, I said I was taking the rest of June off from social media and I feel it has done me a ton of good.

I have spent so much of my time on social media since 2009 and although I have taken breaks from time to time, I always came back.

I think it is time I take a very long break or even retire from social media as it feels like an unhealthy addiction.

I know it is an unhealthy addiction because I could feel it feeding my ego and I am old enough to know I shouldn't like it.

Like I said, I am not doing this for a living and I do have a choice. 

I should choose better mental health.

Staying away from social media in the last two weeks has helped to clear my mind and I know what to do now.

More details on this at the end of the blog.

Now, for an update on money matters.

For readers who have been following my blog for many years, this year thus far probably looks very atypical as I not only invested in Alibaba, I increased my investment in Alibaba substantially.

Alibaba is now approximately 6.5% of my portfolio.

Strictly speaking, it didn't start this year as my first purchase was in December last year.

Anyway, for someone who is known for investing for income, Alibaba is an odd choice since its dividend yield is around 1% only.

However, if you are following me in my YouTube channel where I have been sharing my thoughts more regularly, you would know why.

I already have a relatively large portfolio of income producing stocks.

The passive income generated exceeds what I need in life by a big margin.

There is no urgency to further grow my exposure to these stocks, logically.

I also made videos about money in my CPF account and how that is going to generate passive income for me soon.

Although we earn interest income in our CPF account, realistically, we cannot count that as passive income until we turn 55 as that is when we can withdraw the interest earned from our OA annually.

I am going for the Enhanced Retirement Sum which would generate $3,400 in monthly income for me when I turn 65.

And the rest of the money in my CPF OA would generate about $20,000 annually in interest income which I can withdraw from age 55.

I turn 55 next year.

So, making further investments for income at this stage is really not a priority for me.

With policy risk in China largely gone, investing in an undervalued and growing AI and cloud computing infrastructure company like Alibaba is attractive to me.

Of course, most of Alibaba's business is still in e-commerce but that is what generates the cash for them to invest in the fast growing cloud computing infrastructure business.

I have talked about this many times in my YouTube channel.

So, I won't rehash.

The next thing I am going to talk to myself about might shock some readers but for those with better memory, it would not be all that shocking.

I have been buying more bitcoin.

About 3 years ago, I said that I changed my mind and bought bitcoin.

I was convinced that bitcoin was digital gold after doing some research.

Just like physical gold and silver, I think having some bitcoin as insurance against flawed fiat currencies is prudent.

It is a good insurance against monetary debasement as the world print more of fiat currencies non stop.

Bitcoin is a harder money than even gold and silver.

Hard as in hard to produce versus easy money like fiat money which can be printed infinitely.

Just like Alibaba, I have shared my thoughts on bitcoin in my YouTube channel regularly.

So, if you are interested, please search "bitcoin" in my YouTube channel and you will see those videos.

In one of the videos, I said I have become more comfortable with bitcoin after doing more research and decided to increase my exposure to it.

In that video, I said I would like to increase my exposure to 5%.

However, I have since then decided it should be 10% to 15% in order for it to be adequate.

Why?

Since I look at bitcoin as insurance, the way I decided that I was "under-insured" was to see how much coverage I had in traditional insurance.

In traditional insurance, I had to die for the benefits to be paid out to my family and the amount far exceeded my exposure to bitcoin.

So, I used that as a yardstick to accumulate more bitcoin and one advantage of bitcoin as insurance is that I don't have to die to enjoy the benefits.

Not something which matters too much to me but it is a plus.

I am very far from my newly set goal.

Since my last video on bitcoin, therefore, there has been a stronger will to accumulate more bitcoin.

Ever since Russia invaded Ukraine, we have seen more violence erupting in the world.

The Israel and Iran situation was the last straw for me and I bought more bitcoin when the price dipped below US$100K per coin like I said I would in one of my videos.

Military conflicts could become international, if not more commonplace.

Economic crisis could become global.

Ray Dalio said recently that we could be looking at something worse than a global recession and more intelligent people are thinking that way.

I think that it isn't as risky investing in Alibaba and holding bitcoin today.

Policy is very supportive now of tech companies in China.

Bitcoin is the hardest form of money known to mankind and it is, in many ways, better than gold and silver.

It is harder, cheaper to transfer and more portable.

To me, there is no risk in owning some bitcoin but it could be risky not to own it if we care about the value of our money and fighting constant inflation.

To fund my purchases of Alibaba shares and bitcoin, I have been dismantling my T-bill ladder which I have talked about frequently in the last two years.

Yes, that's my war chest.

This way gives me the funds to accumulate bitcoin every two weeks as the ladder matures but it will only last for a total of 6 months.

Lacking an earned income, I would have to rely on my passive income to further grow my exposure to bitcoin.

That would be a very gradual process as I consume a large part of my passive income.

What to do?

If bitcoin's price should decline significantly for some reason, I might sell some of my loss making or underperforming investments to buy more of it to hit my new target of 15%.

These are investments which I have not sold even though they have underperformed as they look undervalued to me at the prevailing market prices.

However, like I have said many times before, undervalued can stay undervalued for a long time and redeploying some of the resources to assets I am more concerned with currently is not a bad idea to me.

The investments I have shortlisted at the moment are IREIT Global, CLCT and Wilmar International.

Of course, if you have been following me for a long time, you would know that I have not found REITs attractive in recent years and much preferred putting more money to work by investing in our banks.

So, when I think about raising cash, it shouldn't be surprising that some REITs in my portfolio are considered likely candidates.

As for Wilmar International, the recent graft case in Indonesia which caused it to give up some 60% of its annual profit is, hopefully, a one-off event which means a correspondingly lower dividend for one year.

It isn't a structural issue and it doesn't change the view that Wilmar International remains deeply undervalued but it has been undervalued for many years and could stay undervalued for many more.

So, I decided that it is also a good candidate for a partial divestment in case I need more cash.

A side benefit in doing so is that I wouldn't have as many businesses to monitor and this frees up time for me.

However, it is not a given that I would do it.

Like I have always said, we must all have a plan, our own plan.

Over time, we could make changes but we should not stray too far from the original plan, especially if it is a good one which means not touching my rather substantial investments in DBS, OCBC and UOB, for the most part.

Let our winners run is the idea.

I have my own plan which I make changes to whenever necessary, eavesdropping on myself and eating my own pudding here.

Investing for income has worked well for me over the years and it is likely to continue chugging along.

Like I said in an interview with The Fifth Person, there are always big investment themes and my portfolio has morphed over the years.

I feel that the future is going to be very different and investing for income alone might be insufficient for regular folks.

If I were to go into hibernation today and wake up 5 to 10 years later, the changes I see in the world might shock me.

I am taking steps to help ensure that the shock would not be too nasty for me in such a hypothetical situation.

AI is part of the future and will bring more changes, both good and bad.

I suspect that many people will lose their jobs within the next decade or two, both white and blue collar, or have trouble finding jobs as AI and advanced robotics take over.

They need insurance as unemployment is likely to become a bigger problem.

Some businesses will struggle and some will fail in the face of such changes.

They need insurance as the business environment becomes even more competitive.

Then, there is the cost of living crisis which will only get worse especially for the common people as inflation is not going away.

Very flawed fiat currencies devalues our time and energy which means for most people, they would have to work much harder for money and might not be better for it as everything becomes much more expensive.

Job insecurity plus cost of living crisis.

It is a double whammy.

The world has not been peaceful for some time now and it is likely to be even less peaceful in future.

It would be a mistake to think that Singapore can stay insulated.

We need insurance.

Bitcoin is a good insurance in such difficult times.

It is pretty much future proof as it is the future of money.

What about the insane price volatility of bitcoin?

Like I said in one of my videos on bitcoin, when we buy a life insurance product, it is for the long term and it is the same for me when it comes to bitcoin because I view it as insurance.

Short term price fluctuations should be ignored and price declines are simply buying opportunities.

Of course, I am going to remind myself of the importance of doing our own due diligence before making any decision.

Please remember that I am not telling people what to do.

I am just talking to myself.

OK, now, the numbers.

Passive income for 2Q 2025 came in at 

S$95,974.56

This is almost 18% higher then passive income received in 2Q 2024 which came in at $81,339.05.

DBS, OCBC and UOB did most of the heavy lifting.

This year, looking ahead at 3Q and 4Q, in total, I should still receive more than enough passive income for my needs.

The higher dividends from DBS, OCBC and UOB will compensate for the reduced contribution from IREIT Global as their Berlin property is being redeveloped in the next two years.

2026 might not be as comfortable as OCBC and UOB are paying special dividends for one year only.

Take a deep breath.

I still have my CPF savings.

Always the worrier, I know.

Finally, I am announcing my semi-retirement from social media.

It is really for my mental health.

What does semi-retirement mean?

No daily, monthly or even quarterly updates.

I might produce 2 or 3 blogs and videos a year because I know that there are people who are still interested in following my journey because they find it entertaining.

Yes, no financial advice here.

Just entertainment.

Till the next one, stay safe.

If AK can talk to himself, so can you.

My YouTube channel: AK71SG.

Sold Alibaba For 51% Gain.

This morning, I sold half of my investment in Alibaba for a 51% capital gain.

It has been a long time since I last did any trading and this was a pretty nice one.

A 51% gain in less than 2 months was not something I was expecting.

However, this is what Mr. Market does.

We get surprises, pleasant ones and also nasty ones.

It is like opening a box of chocolates, someone said.

All we can do is to identify what we think are good entries and the rest is up to Mr. Market.

No one really knows what Mr. Market is going to do in the next few weeks, months or years.

I thought the downside was pretty limited.

I thought the numbers looked decent.

I got in when the chart said there was some long term support.

And I left the rest to Mr. Market.

If the price had gone lower, I had a plan as to where to buy more.

If the price should move higher, I had a plan on where to sell.

Alibaba wasn't a large investment for me and it has become a smaller investment now.

As it doesn't pay a meaningful dividend, the way to get more cash flow out of this is to trade.

This reminds me of the time when I was trading the Hang Seng Tech ETF and I think some of you might remember that.

So, what is my plan for Alibaba now?

My eventual target price for Alibaba is still HK$160 per share or so.

I talked about this before and in case you missed it, see:

Why sell now?

The rapid move higher in price does not seem sustainable to me and there is a chance we could see a pullback.

A pullback to HK$100 per share is possible.

A nice round number is an intuitive support level.

The SDR equivalent would be $3.40 per unit.

I could get in again then.

In case Mr. Market turns very pessimistic again, we could see price retracing all the way to the 200 days moving average once more.

This was at HK$80.00 but has moved higher and is now at HK$87.00 or so.

Naturally, with prices higher, this moving average is rising and we could see HK$90.00 soon.

That is just 10% lower than HK$100.

So, buying some at HK$100 looks OK to me and if price should sink another 10%, I might buy more as the uptrend would still be intact.

Anyway, just a short update.

If AK can do it, so can you!

Wilmar at $3.00 per share. More on Alibaba.

Quite a few readers and viewers have been asking me on and off this year whether I was adding to my investment in Wilmar.

I think more people asked me when Wilmar's stock price went down to $3.20 and $3.10 per share.

I kept saying that I was waiting for $3.00 per share.

Briefly in August, I thought I might get it but it didn't happen.

Well, it finally happened.

My overnight BUY order at $3.00 per share was filled.

Wilmar International is very undervalued if we were to look at the sum of its parts.

Its majority held YKA in China has a larger market cap than Wilmar in Singapore.

So, buying Wilmar today, we are getting the rest of its businesses for free.

This is something I have said for a long time.

Of course, a stock could stay undervalued for a long time too.

Those of us who track the counter know that insiders are consistently adding to their positions.

Historically, at $3.00 per share or lower, we have seen even more insider buying.

Wilmar's business in China is not performing as well as before as the Chinese economy is still suffering from the meltdown of its property sector.

Consumers are still cautious and are not spending as freely as before.

Historically, Wilmar also did share buybacks during times of lower earnings as its share price got punished as a result.

At current prices, downside is probably limited.

I also like that Wilmar has been consistent in paying dividends through good and bad times.

They did not suspend dividends during the pandemic, for example.

The dividend per share of 17c isn't demanding as expectation is for earnings per share to be about 30c in 2025.

Buying at $3.00 per share gives me a dividend yield of 5.66% and an earnings yield of about 10%.

Of course, readers who have been watching my  YouTube videos on the banks would be familiar with the concept of earnings yield. 

Wilmar is still one of my larger investments and it fits my primary strategy to invest in bona fide income generating assets which will pay me through good and bad times.

I thought I would end 2024 without buying any equities but after initiating a position in Alibaba Group last week, I have added to my position in Wilmar today.

Many regular readers were curious why I invested in Alibaba Group last week.

I have made videos about Alibaba and how I thought it was trading like a value stock.

Despite that, I wasn't ready to jump on the bandwagon because of policy risk in China.

Alibaba also didn't use to pay a dividend but not too long ago, they started to pay dividends, very little in dividends.

The dividend yield is less than 2% with a payout ratio of about 20%.

So, it is a very sustainable dividend.

Alibaba has very healthy cashflow and very strong balance sheet.

Instead of paying more dividends, Alibaba has decided to do share buybacks.

I must agree that doing share buybacks at such depressed valuations is probably a good idea.

Alibaba has already bought back some 10% of its outstanding shares, if I remember correctly.

All else being equal, share buybacks will lead to earnings accretion and we should see a lower PE ratio.

Paying HK$80 per share today is a better deal than paying HK$80 per share two years ago.

Having said this, Alibaba is a small position in my portfolio and although I could add to my position if the stock price declines another 5%, it will probably remain small.

Why 5%?

There is some support for a mild uptrend if we connect all the lows in its stock price seen this year.

Even if there is another 5% decline in its stock price, this mild uptrend would still be intact.

If the support holds, the worst could indeed be over for Alibaba.

When a viewer asked what the stock price for Alibaba is going to be like in future, I said I didn't know how the price is going to move.

However, I know that the 13 years median PE ratio is about 30x which means that if Mr. Market decides to like Alibaba again, all else being equal, its stock price could double from here.

Well, I wouldn't hold my breath.

Undervalued can stay undervalued for a long time and it certainly seems to be the case for Alibaba.

Whether stocks or socks, just like Warren Buffett, I like to buy when they are marked down.

Merry Christmas!

Related post:
Wilmar: Free stuff!

AK is buying Alibaba shares!

I didn't think there would be another blog post until the new year but I did something just now which would have surprised myself a few months ago.

I bought some Alibaba shares.

If you are rubbing your eyes to read that again, I know how you feel.

However, if you have been following my YouTube channel, you would have heard me talking to myself about how Alibaba at HK$80 a share looked attractive even to value investors.

I just didn't like the policy risks in China and I also didn't like that they paid so little in dividends.

Well, better than no dividends, I guess.

Alibaba is fully capable of paying higher dividends given their healthy cash flow and balance sheet.

They have instead decided to buy back shares which, of course, increased the value of the outstanding shares.

Alibaba isn't dreadfully overvalued like Tesla.

Some readers might remember I made a video comparing the two.

I said that if I had to choose, I would invest in Alibaba and not Tesla.

Well, Mr. Market has gone on a Tesla buying spree and ended its brief fling with Alibaba.

Anyway, what made me change my mind?

More accurately, who made me changed my mind.

I had a chat with a friend who is invested in Alibaba.

He knows my stand on Alibaba and he agrees that there are policy risks.

China is not a free market economy.

The many ways we use to value stocks conventionally are not able to put a numerical or monetary value to these risks.

Yet, he is willing to take the risk because Alibaba just looks relatively cheap, a point which I am in agreement with.

When he saw me smiling, he asked,

"Do you think I am kum gong?"

I laughed at that because he obviously watched the video I produced on how a fellow YouTuber called me that for buying shares of DBS at higher prices.

He went on to say that if I was willing to buy Bitcoin after being convinced that the digital currency had value, why not buy some shares of Alibaba?

The important thing is to invest an amount of money that's similar to what I used to buy Bitcoin.

Or do not invest more than what I feel I am OK to lose if Alibaba gets shut down by the CCP.

I came home and I gave it some thought. 

Alibaba isn't something I must buy but I do like the idea of investing in a fundamentally strong company which Mr. Market dislikes.

Like what Warren Buffett said before,

"Be greedy when others are fearful."

Well, I am not going to be greedy here but I don't mind having a sampler.

So, thanks to my friend, I am a newly minted Alibaba shareholder now that Alibaba is back at HK$80 a share.

It helps that we can buy Alibaba shares in the form of SDRs or Singapore Depository Receipts in SGX now.

I like to keep things simple.

I think this will be the last video for the year but, of course, never say never. 

If AK can do it, so can you!

Invest in Alibaba or Tesla?

Someone asked me recently would I consider investing in Alibaba or Tesla now that their stock prices are much lower.

Of course, for long time readers of my blog, it is probably easy to guess my answer. 

Singapore has sufficient opportunities for me and investing in Singapore suits my purpose.

I am also at an age where I am less interested in excitement and more interested in stability. 

Yes, AK is a young senior, as coined by PM Lee.

Still, from time to time, the mind forgets the body's age.

So, I bought into Hang Seng Tech ETF a few years ago and I blogged about it too. 

I was quite clear that I was trading the ETF since the ETF did not pay a dividend. 

After a few rounds of trading, my current smallish position is at such a low price that I am OK with holding on to it as a speculative position. 

Of course, by holding on to the ETF, I have an exposure to Alibaba too. 

To be quite honest, if I must choose, I would invest in Alibaba and not Tesla.

From a valuation perspective, well, conventional valuation perspective, Alibaba is fairly valued and some might even say it is undervalued.

It is pretty easy to make a case to invest in Alibaba now if not for policy risk in China.

As for Tesla, I blogged about it before a year ago when its stock price plunged 10% to $163 per share in a day.

At the time, Tesla was trading at a PE ratio of some 45x even after the price plunge.

To me, it wasn't mouth watering but it was eye watering.

I said back then that if Tesla was the growth company people said it was, then, perhaps a 45x PE ratio was acceptable.

However, at a PE ratio of 45x, Tesla would have to grow its earnings at 45% a year to have a PEG ratio of 1x which would make it fairly valued.

To be fair, looking at industry peers, a PEG ratio of 1.5x might be more reasonable which meant that Tesla should grow at 30% a year to make a PE ratio of 45x acceptable.

Was Tesla growing its earnings at 30% a year? No.

At the time, I said a more reasonable price for the stock would be around $80 a share.

With its stock price at $147 now which is much lower than where it was a year ago, Mr Market could be slowly waking up to the reality.

Alibaba might have to face policy risk but Tesla has personality risk amongst many other risks.

Personality risk?

The erratic and hubristic Elon Musk.

I remember someone asking him about BYD a few years ago in an interview and if he was concerned with the competition.

Elon sniggered and said, "Have you seen their cars?"

Well, see who is laughing now?

If AK can laugh to himself, so can you.

Related post:
Tesla's results and valuation.

Cut loss on Alibaba or buy more for a Merry Christmas?

I did not plan on blogging again until the new year when I would share my 4Q 2021 results.

I would also probably have blogs about the CPF sometime in January.

However, the reader who wrote to me about his purchase of Alibaba shares at $220 a share after reading blogs by a local blogger left me another comment.

For those who are clueless as to what I am talking about, read:

Invest in Alibaba Group? High risk, high reward?

Anyway, after reading the reader's latest comment, the blogging bug bit me and the result is this blog.

Alibaba's share price continues its slide and the downtrend is pretty much intact.

It should be obvious even to those who are not technically inclined that the downtrend is pretty persistent.

Many have been cut very badly by falling knives and some have had their fingers or hands cut off.

There are many who are still holding on in the hope of a reversal so that they could make a lot of money eventually.

However, they should bear in mind that there are many stale bulls who are waiting for a lift in prices so that they could sell to break even or to reduce their losses.

It is only reasonable to expect some strong resistance or those holding on could be setting themselves up for more disappointment.

So, investing in Alibaba Group now is to invest in a downtrend and to hope for a reversal that is likely to be full of obstacles.

It is definitely not for the faint hearted and those who do not have deep pockets.

This is especially the case when Alibaba does not pay dividends.

So, to say nothing of the capital loss, the opportunity cost for investing in Alibaba is pretty high.

Alibaba's investors are not being paid to wait for things to get better.

What to do?

If the ever widening paper loss is making us lose sleep, it is probably a good idea to reduce exposure.

Using money we cannot afford to lose or borrowing money to invest in such a situation is probably a sure way to get insomnia.

Those with anger management issues could even see familial and social ties affected.

What about those who have used money they can afford to lose?

Well, they are more fortunate because they only have to ask if they are willing to lose the money invested in the worst case scenario? 

Now, to answer the reader's question in his latest comment, whether to cut loss now or to hold on, is there another question he should ask?

Yes, there is one more.

If he did not invest in Alibaba Group at $220 a share so many months ago, would he invest in Alibaba Group at $117 a share today?

Why should he cut loss now if the answer is "yes?"

Of course, in such a case, it would mean that the time to cut loss has come and gone for him.

If he wouldn't invest in Alibaba Group even at $117 today, it probably means that his opinion of the investment has shifted so much that a much lower price is needed to entice him.

In such a case, cutting loss and buying again when a reversal is in place might be a better idea than simply holding on and possibly losing his mind.

We should bear in mind that share prices flow down a river of hope in a downtrend.

Low could go lower.

The time to buy is probably when share prices move lower in an uptrend (i.e. buying the dips) or even when share prices test supports in a rangebound situation.

Investing in Alibaba Group now is to buy the downtrend but if you are a billionaire like Charlie Munger or if you are investing with only a small fraction of the money you can afford to lose, you probably don't have much to worry about.

Having said this, we can never make all the money in the world and there are more important things in life than money.

Peace of mind is priceless.

I will end this blog with a screenshot of my house in Black Desert Online which has been nicely decorated for Christmas.

Merry Christmas!

Related post:
Investing with some common sense.

Invest in Alibaba Group? High risk, high reward? (Updated on 3 Dec 21.)

A reader left me a comment asking me to talk to myself on Alibaba as an investment but requested that I do not publish the comment.

Apparently, he followed the advice of a local blogger and got it at a share price of $220 and is now very worried especially after reading in the news that Temasek Holdings has started trimming their stake.

Article from The Business Times: HERE. 

The reader told me the name of the blog and because I know the blogger he mentioned, I went and took a look. 

I had to ascertain if the blogger indeed advised his readers to buy into Alibaba.

After looking at the blogs, I do not think the blogger meant to push readers to buy shares of Alibaba but one blog title went "If you have not bought a position in Alibaba, NOW is the right time to do so."

Yes, all 3 letters of the word "now" are in caps.

That was back in July this year and I see why it could easily be interpreted as investment advice to his readers.

I haven't blogged about Alibaba because I don't really have an interest in Chinese companies.

OK, I did mention Alibaba in a blog a couple of months ago in September and if you are interested, read: 

"Investing with some common sense for peace of mind."

I haven't invested in a Chinese company since China Minzhong and readers who have been following my blog for a long time might remember the name.

Newer readers might be interested in this blog: 

"How to make recovering from investment losses easier?"

The blog isn't just about China Minzhong and, so, it should be an interesting read for most.

To the reader who wrote to me about following the blogger and investing in Alibaba, I can only say that all of us should have our own plan and not just ride on someone else's coattail.

The blogger could have vastly different circumstances, risk appetite and even goals compared to his readers.

Without a thorough understanding of the blogger and checking to see that we are wearing the same shoes as him, it would be very hard to stomach paper losses especially big ones.

Why is this so?

Well, it is because we would be going in with only the thought (or dream) of making money.

So, when we lose money instead, we get hit and it could hit very hard for some.

For example, another reader followed a famous local trader and bought into Noble Group a few years ago.

What happened?

See: 

Noble Group will be worth $7.00 a share.

In that blog, I said that if we wanted to own a zhi char store, we must know how to handle a wok.

Rely on someone else to do the work and we are at his mercy.

So, how do we prevent ourselves from getting into a situation like the reader who wrote to me about Alibaba has found himself in?

Of course, some might also be interested on when might be a better time to invest in Alibaba?

Read the blogs which I have linked earlier in this blog and you will have an idea.

Peace of mind is priceless and it is not something to gamble away.

When people say "high risk, high reward," we have to pay more attention to "high risk" and what it means if things go wrong.

Focus on "high reward" instead and money might not be the only thing we lose.

Of course, AK is only talking to himself like the crazy fellow that he is, as usual.

-------

UPDATE: 3rd December 2021.

For those inclined towards Technical Analysis, remember that the trend is our friend.

Don't fight the trend.

I waited for the dust to settle during the last bear market and for share prices to find a bottom before increasing my investment in the local banks.

If I were interested in investing in Alibaba, I would do the same.

Related posts:

1. To retire by 45, have a plan.

2. Investors eat crusty bread with ink slowly for peace of mind.
3. My investment portfolio or investment philosophy?