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This is when loans turn bad and debtors are unable to make repayments.
Other assets can also turn bad and are unable to generate income required to make loan repayments.
We could see this playing out in the U.S. commercial real estate sector.
It also means it will be harder for certain borrowers to access credit.
Refinancing also becomes difficult as banks become more selective and risk averse.
Credit will tighten significantly as there will be heightened scrutiny of borrowers' credit worthiness.
Second is liquidity risk.
We might see withdrawals by depositors exceeding the available funds held by the banks.
This could lead to panic and runs on banks.
We saw this happened to Silicon Valley Bank in the U.S.A.
Later on, we also saw depositors withdrawing large amounts from First Republic Bank.
Even the $30 billion infusion provided by 11 big U.S. banks was insufficient.
Both S&P and Moody's downgraded First Republic Bank to junk.
Third is interest rate risk.
Rising interest rates reduce the value of long duration bonds held by banks.
This leads to weaker balance sheets.
In case many depositors need to make large withdrawals at the same time, banks might be forced to realize those losses by liquidating these long duration bonds.
Funding cost for banks can also rise further as they pay more to their depositors.
Funding cost could, in some instances, be higher than what banks receive in interest payments.
This could be the case if many long term loans on fixed rates were taken by the banks' customers before the interest rate hikes.
What is a systemic banking crisis?
A systemic banking crisis occurs when a large number of banks in a country have solvency or liquidity problems.
It could happen because of external shocks or because failure in one bank or a group of banks spreads to other banks in the system.
So, this explains why the U.S. regulators took over Silicon Valley Bank and Signature Bank very quickly.
It also explains why they moved to guarantee all deposits, even those larger than $250,000 insured under the F.D.I.C.
It was to prevent the failure of these two banks to spread to other banks in the system although in so doing, the U.S. regulators created a moral hazard as bad actors are not punished but bailed out.
Systemic banking crises are financial nightmares.
These crises often result in deep recessions for the countries concerned.
This is because banking crises usually affect consumer and business confidence.
Spending, investing and lending on all fronts reduce because of extreme fear.
Banking crises in major economies could also spread to other countries, resulting in a global banking crisis.
This is called a contagion.
This is why the Swiss authorities assigned partial blame for the collapse of Credit Suisse to the recent U.S. banking crisis.
After all, often, it is a crisis of confidence arising from heightened fear that is more damaging to the banking system and economy than any other crisis.
We could yet see Mr. Market going into another depression as an economic recession looks more likely now than ever to hit the U.S.A. in the not too distant future.
The week started with the shutting down of Silicon Valley Bank and Signature Bank by U.S. regulators.
The U.S. regulators announced measures which ultimately bailed out the banks.
Then, we saw Credit Suisse reporting "material weaknesses" and the Swiss National Bank stepping in to backstop the troubled bank.
Credit Suisse took a 50 billion Swiss Francs loan from the Swiss National Bank to strengthen liquidity.
Then, a consortium of 11 largest U.S. banks rescued First Republic Bank, the 13th largest bank in the U.S.A., by jointly depositing US$30 billion in the troubled bank.
After all that happened, Mr. Market ended the week with a dramatic down day in the U.S. stock market on Friday.
The Fed increased interest rate a year ago in March 2022 for the first time since 2018.
Since then, the rapid rate at which interest rates have been increased has caused a lot of pain for homeowners as well as investors in the real estate space.
The pain is most keenly felt in the high growth but negative earnings tech space and if you are a tech investor, you know this firsthand.
The people who said that something would break under the growing pressure of such rapid rate hikes are now looking rather prescient.
What would they say now?
Not surprisingly, that things will continue breaking as long as the Fed continues to hike interest rates.
With the ECB having hiked interest rates in the EU by another half a percentage point, the Fed is probably going to hike interest rates in the U.S. next week too as they stick to their plan to fight sticky inflation.
Mr. Market, already jittery, while initially assured by the show of solidarity in the U.S. banking industry, became depressed again on Friday when First Republic Bank suspended dividends.
In an environment where depositors could lose their savings and where investors in both stocks and bonds are losing money, heightened volatility in the stock market is unsurprising.
Fear is palpable.
It drives Mr. Market into self-preservation mode.
If the confidence deficit continues, then, more money could flow to the perceived safety of U.S. government bonds, and we could see yields lower.
During the COVID-19 pandemic, I blogged about how I was worried because my passive income was reduced due to my businesses either suspending or reducing dividends.
My relatively high level of CPF savings was the only "investment" that continued to pay what I expected it to pay, uninterrupted, which highlighted to me the importance of having an allocation to high quality fixed income in any portfolio.
So, I can understand Mr. Market's negative reaction to First Republic Banks's decision.
Many people depend on dividends for a living or to at least fund part of their expenses.
The still troubled bank saw its stock price recovering from a day ago on Thursday only to see it plunging 32% on Friday.
When the bear comes out of its cave, none is spared, and we saw the stock prices of large U.S. banks beaten down too as even JP Morgan saw a 3.78% decline in its stock price.
When Mr. Market is gripped by fear, he becomes irrational, and the baby gets thrown out with the bathwater.
As U.S.A. is still the largest economy in the world, what happens there often spreads to the global markets.
So, we could see Asian markets echoing that fear in the U.S. stock market.
I have said many times before that we cannot predict what will happen but if we are prepared, we need not worry and we could instead benefit.
Don't be overly pessimistic.
Don't be overly optimistic.
Be pragmatic.
This week, I was on steroids.
I have published too many blogs regarding the stock market and what my plan might be.
So, if this is your first visit in as long a time, you will have a lot to read.
So, if this blog feels a little incoherent, you know why.
I have so many things flying around in my mind now.
I just need to deposit them here in my blog, my Pensieve.
So, it seems that the U.S. banking crisis is contained once again with eleven big U.S. banks pledging $30billion to First Republic Bank.
This is a significant move to shore up confidence in the U.S. banking system as the individual sums of $1billion to $5billion in deposit are, obviously, uninsured by the F.D.I.C.
It is pretty impressive as it should be quite obvious to anyone that the U.S. Fed is unable to fight high inflation and to bail out the U.S. banking system at the same time.
Choosing to hike interest rate to fight inflation would increase the fallout risk in the banking system while not hiking interest rate might result in higher inflation.
The $30billion joint deposit made to First Republic Bank did not happen because the largest banks in U.S.A. decided all at once that it was in their industry's best interest.
The CEO of J.P. Morgan, the largest bank in U.S.A., Jamie Dimon, together with Jerome Powell and the Treasury secretary, Janet Yellen, seeded the idea.
Jamie Dimon approached his peers and the $30billion package was born.
So, with the banking crisis contained once more, the Fed will be able to hike interest rate next week with one less thing to worry about.
This move will follow the ECB, which just hiked interest rate by 0.5% to fight inflation in the EU.
Bond yields sank for many days in a row, because Mr. Market was betting on the Fed choosing to manage the risk of further fallout in the U.S. banking sector rather than to continue hiking interest rate to fight inflation.
There was also a flight to safety as Mr. Market moved money to the relative safety of treasuries.
With the Fed likely to hike interest rate as planned, investors in Singapore should see yield on the short end of the curve rising again.
So, we should see 6 months T-bill yield going higher from the relatively low cut-off yield of 3.65% per annum we saw in the 16th March auction.
As for DBS, OCBC and UOB, the Monetary Authority of Singapore has issued a statement to say that the exposure which DBS, OCBC and UOB have to troubled Credit Suisse is “insignificant”.
I am staying invested in DBS, OCBC and UOB for income as I expect them to continue to bring home the bacon.
With higher dividends declared, I look forward to getting bigger portions in future too.
What about REITs?
In the current environment, U.S. banks are going to be more selective and risk averse.
So, I believe that it could be harder to secure loans or to refinance for some commercial properties in U.S.A. now.
So, I would avoid those U.S. REITs which have very high gearing and which need to refinance in the next 12 to 18 months.
Digital Core REIT, which is a data centre REIT, saw its unit price crashing because one of its largest tenants, Cyxtera, which accounts for 22% of its income has not been able to refinance a revolving credit facility that matures in Nov 2023.
Moody's downgraded Cyxtera's credit rating to junk as it believes the possibility of default over the next few months is significant.
Only a couple of months ago, there was a chorus of BUY calls for Digital Core REIT by analysts and some finance social media influencers.
It pays to remember not to ask barbers if we need a haircut.
It pays to remember that no one cares more about our money than we do.
This is a reply to a regular reader and active commentator, Garudadri.
I thought I should publish it as a blog to issue a warning to all readers.
Here goes.
To be quite honest, I am not rubbing my hands in gleeful anticipation of a greater market crash.
Apart from being aware of what a market crash means for many people, I am also a very lazy investor who would very much prefer to do nothing instead of having to do something.
By my own standards, last year was a rather active year for me as an investor, too active for my liking, and I was looking forward to a year of relative inactivity in 2023.
I think Warren Buffett would approve since he famously said that "inactivity strikes us as intelligent behavior."
Nothing would please me more than to see my businesses chugging along nicely and paying me reasonably well, year after year.
I agree with you that if we have the ability to hold long term, barring earth shattering changes to the banking landscape, all three of our local lenders in Singapore should continue to do well even with all the speed bumps along the way.
So, if we have the resources and it is not difficult to find people with deeper pockets than mine, we could buy into DBS, OCBC and UOB now, especially if we don't have any exposure to them yet.
Especially so if we don't plan to look at stock prices regularly over the next few years.
"I would tell investors not to watch the market too closely." - Warren Buffett.
Of course, we have to remember that most of us don't have money gushing in all the time like Warren Buffett does.
He is in a class of his own.
As for the technical analyses (TA) on the stock prices of DBS, OCBC and UOB which I have shared recently in my blog, they are just something I enjoy doing from time to time.
I don't do as much TA as much as I used to many years ago when I was more active in the stock market as a trader.
So, I am probably pretty rusty.
This is why I decided to publish my reply to you as a blog to warn people to take their anti-tetanus jabs before looking at my TA.
AK is just talking to himself as usual.
Warning issued.
16 March 2023. 6 months T-bill cut-off yield lower at 3.65% p.a.
Just a few days ago, I talked to myself about DBS, OCBC and UOB.
Specifically, I talked to myself about their charts.
Although fundamental analysis tells us that DBS, OCBC and UOB make for relatively safe investments, Mr. Market is mental and does not care about fundamentals at times.
This is why I said I would wait for Mr. Market to go into a depression before I increase my investments in DBS, OCBC and UOB.
Over the weekend, I produced four YouTube videos on the ongoing U.S. banking crisis.
This morning, in addition to a video on SATS' rights issue, I produced another video on the U.S. banking crisis.
Although the U.S. regulators have taken steps in an attempt to calm the public, we are still seeing a sell off in banking stocks.
Obviously, Mr. Market is not convinced that all is well.
Although Mr. Market is mental, conventional wisdom tells us that Mr. Market is always right, even when he is being irrational.
The market can stay irrational longer than we can stay solvent.
Remember that?
Despite a statement from the Monetary Authority of Singapore declaring that Singapore's banks are well capitalized, DBS, OCBC and UOBs' share prices are plunging.
We could be seeing the proverbial blood in the streets as the common stocks of all three local lenders are now trading below their 200 days moving averages.
With the momentum oscillators negative and no sign of a positive divergence for DBS and UOB, I expect the stock prices of these two banks to suffer more than OCBC's.
OCBC is in a slightly better position as the MFI, a momentum oscillator which I favor, shows a higher low even as the stock price hits a lower low.
So, I placed an overnight BUY order for OCBC at under $12 a share and it was filled a few moments ago.
From a valuation perspective, OCBC is also a better buy than UOB or DBS as it trades at a very small premium of about 5% to its NAV.
Approximately, UOB trades at a 15% premium while DBS trades at a whopping 45% premium to NAV.
To be honest, I would not be surprised if stock prices continue falling from here.
Although I increased my investment in OCBC today, it is only a nibble and a very small one too.
The bearish sentiment is very strong right now and it is probably a bad idea to fight Mr. Market.
Too much dust in the air.
Still, the dust will settle at some point.
So, don't do a Chicken Little.
The sky is not falling.
I am staying invested in DBS, OCBC and UOB as they are unlikely to implode like Silicone Valley Bank did.
If the stock prices of DBS, OCBC and UOB continue to decline, better entry points should present themselves eventually.
I hope I would have the resources to add to my investments then.
T-bills and Singapore Savings Bonds are looking more attractive again.
I know you have always put money in your CPF account and, now, you are putting money in T-bills and Singapore Savings Bonds too.
I am now wondering if I should follow.
The Federal Reserve will continue to pursue their plan to keep increasing interest rates until stubbornly high inflation is under control.
We could see Fed Fund Rate at 6% or more.
This is going to impact earnings badly, crush equities and REITs, sending economies into recession.
I am worried about a hard landing and I am at a crossroads trying to decide if I should partially or wholly liquidate my US$300,000 portfolio or what is left of it in the US stock market which includes tech names.
I also have exposure to US commercial REITs listed on SGX.
(Sensitive details omitted.)
Put more money into fixed income like you?
What is the best way forward?
I know you would say you don't give advice but please talk to yourself on this.
AK says to reader:
Let me cut to the chase.
You have misunderstood what I have been doing or at least the purpose of my actions.
It is true that I have always done voluntary contributions to my CPF account even as a "young" retiree, maxing out the annual contribution limit.
If you remember, it is not only because I think of the CPF as a risk free and volatility free AAA bond which pays a relatively attractive coupon.
It is also because I have always believed that we need some high quality bonds in our investment portfolio.
An investment portfolio that is 100% in equities is probably going to be more volatile and not everybody has a strong enough situation to accept more volatility.
It is also about not putting all our eggs in one basket because we don't know what we don't know.
Watch (or listen) to new YouTube video on buying bonds or stocks in 2023 by AK Production House:
As for my increased activity in the Singapore Savings Bond space, it is just a replacement for my activity in the CPF space.
I am not increasing allocation to fixed income in this instance, therefore.
As for my increased activity in the T-bill space, I am mostly just locking up money which was locked up before.
If that sounds like money which I would never have put in the stock market anyway, it is exactly that.
I am still very much invested in the REITs and businesses which I blog about regularly.
I think you know this but you might have been thinking a bit too much and need to clear up the mind fog.
Of course, I must say that I do not invest in the US stock market, tech stocks or not, and I do not have any exposure to US office REITs.
So, the equities and REITs in my investment portfolio would look very different from what you have in yours.
However, I will say that if you are losing sleep because of your investments, you could have put in more money than you should have and, in such an instance, reducing exposure to a level which gives you some solace might be a good idea.
Watch (or listen) to new YouTube video on buying US office REITs by AK Production House:
If I were you, I would go back to basics, especially if you are 100% in equities and if you do not have CPF savings.
Do you have an adequate emergency fund?
If you do, that is the money you can put in T-bills and Singapore Savings Bonds.
Why?
Well, that is money which should never be put to work in equities anyway.
Quite simply, if you should ever need the money in an emergency, you don't want to be at the mercy of Mr. Market.
You don't want to be in a situation where you must accept whatever price Mr. Market should offer because you don't have a choice.
An emergency fund is insurance.
I know some investment "gurus" say we don't need an emergency fund but it really is necessary.
I know some people would use their emergency fund to buy stocks but that is so wrong.
An emergency fund is not an opportunity fund!
What if an emergency should come hot on the heels of a supposedly good opportunity?
Swans are not all white in color.
I am going to leave a link to a blog which you might or might not have read before as I think it will be helpful to you.
You might want to take a break from the stock market if things are freaking you out.
Peace of mind is priceless.
Watch (or listen) to new YouTube video on retirement income for life by AK Production House:
Not too long ago, I said that restarting my YouTube channel was a good thing and in more ways than one.
In response to my latest video on US office REITs, a reader left a very thoughtful comment which I am publishing here as a blog for the benefit of readers who do not follow my YouTube channel.
In case you are wondering, here is the video.
Reader says to AK:
Hi, yep, I agree. I sold out at a painful loss, and since then they have dropped further.
I misread it entirely, thinking that employees would be keen to get out of the house and back into the office cultures.
Well, that doesn't look like it will happen. This looks like it is a permanent shift in behaviour.
US Public transport is nowhere near the level of convenience in Europe and Asia, resulting in using private vehicles to commute. With no commute, it further adds to the attraction of WFH.
Also employees are able to move to states with lower taxes.
You mentioned that the vacancy rate was 14% (??). I think this is misleading, the physical occupancy level is more important, and I read this is in some buildings well below 60%.
Once the rental contracts expire over the next couple of years, they will renewed at a much lower space level.
Inflation is remaining very high in the US and Europe, interest rates, as you say, will almost certainly continue to rise throughout this year, all things being equal.
I also don't know if the office buildings can even be sold. They might turn into derelict blocks, reminiscent of the rust belt.
Maybe some can be repurposed into condos, but otherwise I can't think of a use for them.
Just my thoughts, FWIW.
AK replies to reader:
Working from homes (WFH) in the US instead of going back into offices does look like a structural shift and it is, therefore, more permanent than temporary.
You have also rightly pointed out that the public transport systems in the US are not well developed. I have tried them before on my yearly visits in my younger days and I was unimpressed with both buses and trains.
Nothing like Japan, Hong Kong or Singapore.
As for the vacancy rate I mentioned in the video, from my research, it is a national average.
I am inclined to agree with you that the number is probably much higher for some older office buildings which might not be as well positioned.
US office REITs are likely to continue struggling which is why if we want to invest in them for whatever reason, we want to look for those with strong balance sheets to see them to the end of the tunnel.
Thank you very much for sharing your experience and insights. Much appreciated.
The latest 6 months T-bill auction's numbers are in.
Cut-off yield: 3.98% p.a.
In a recent blog, I said that the US$ has strengthened against the S$ and yields have also moved higher on the front end of the curve.
My expectation was for a higher cut-off yield for the 6 months T-bill and the auction did not disappoint.
I applied for the T-bill, putting in a non-competitive bid with some SRS money raised from the sale of my investment in SATS in early February.
That was fully allotted.
I also put in a competitive bid with some CPF-OA money.
Why a competitive bid in that instance?
I did not want to tempt Murphy's Law with a non-competitive bid when the CPF-OA pays 2.5% p.a. risk free.
My bid yield was very close to 4% p.a. and, fortunately, my competitive bid was also fully allotted.
3.98% p.a. is only a bit higher than the 3.88% p.a. offered by OCBC's FD promotion using CPF-OA funds.
(That offer by OCBC ended on the 28th of February and their new offer of 3.55% p.a. for a 5 months tenure looks relatively unattractive.)
If we take into consideration that the "interest earned" is paid by T-bills at the beginning of the duration and not at the end, however, then, the cut-off yield for this T-bill looks more attractive.
The "effective interest rate" actually exceeds 4% p.a. and it is closer to 4.05% p.a. which, at face value, is even better than what the CPF-SA is paying.
We should also remember that the "interest earned" stays in the CPF-OA where it will continue to generate passive income for me at 2.5% p.a. for the T-bill's 6 months duration.
So, what's not to like?
To me, using CPF-OA money, it really is win and win again with this T-bill!
The T-bill will mature on 5 Sep 23 and I have made a note on my calendar so that I will remember to transfer the funds from my CPF-IA back into my CPF-OA when that happens.
This is so as not to lose interest income which would be paid by the CPF for the month of October.
There are two more 6 months T-bills on offer this month in March with auctions happening on the 16th and 30th.
The plan for me is to place non-competitive bids in both auctions with money in my SRS account.
Apart from applying with SRS money which I earmarked earlier, I could also apply with some of the dividends coming in this month which I have estimated in the blog before this one as possibly being under $40,000.
With yields at the front end of the curve still rising, it is quite possible to see cut-off yields exceeding 4% p.a. in the two upcoming auctions.
A greater exposure to 6 months T-bills using cash on hand would slightly strengthen my portfolio's passive income generation in the month of March.
Getting more T-bills also means staying consistent in my plan to maintain a meaningful exposure to fixed income.
It is probably a good idea to remember that fair weather doesn't last forever and that throwing some defensives into our portfolio isn't a terrible idea.
It is not just about making hay while the sun shines but also about stashing a good portion of that hay away.
This higher exposure to fixed income will generate more passive income in a risk free manner while reducing volatility in my investment portfolio.
Risk free and volatility free, T-bills fit the bill to a t.
I do very much enjoy a good pun.
Anyway, as interest rates are likely to remain higher for longer, this strategy is probably going to help my portfolio bring home the bacon for some time to come.
As an aside, you might want to eavesdrop on Warren Buffett and Charlie Munger in this video before continuing to eavesdrop on AK:
We would very likely appreciate having a meaningful exposure to fixed income a lot more if the world continues to grapple with sticky inflation and more than a handful of economies around the world sink into recession.
Singapore is a very open economy and we would probably take some collateral damage in such a scenario.
If such a scenario should materialize, having a meaningful exposure to fixed income is not only comforting but we could then redeploy the funds which were previously locked up in a gradual manner.
This is if we have laddered into T-bills and fixed deposits which, of course, is what I have been doing.
Source: MAS.
Using a laddering strategy, we ensure that the maturities of T-bills and fixed deposits are staggered.
If you think that this strategy allows us to have access to investible funds at multiple points in time over the next 12 months, you are right.
Long time regular readers have overheard me talking to myself many times before and would be familiar with what is coming.
Don't be overly pessimistic.
Don't be overly optimistic.
Be pragmatic which means staying invested in genuine income generating assets while preparing for when Mr. Market goes into a depression.
Yes, when and not if.
"There are worse situations than drowning in cash and sitting, sitting, sitting," Charlie Munger.
In my blog detailing changes made to my investment portfolio in January 2023, I said that I increased my exposure to ComfortDelgro.
In that blog, I said that ComfortDelgro's fundamentals looked to be stabilizing and, technically, it looked like ComfortDelgro's stock price was bottoming too.
ComfortDelgro has just reported an increase of 63% in 2H earnings, year on year.
Operating costs for the full year increased 6.3% while operating profit increased 35.1% which is pretty impressive, given the many challenges ComfortDelgro is facing.
Higher dividend income from ComfortDelgro is going to be pretty impactful as it is still one of my largest investments.
ComfortDelgro has declared a final dividend of 1.76c per share and a special dividend of 2.46c per share.
ComfortDelgro has a huge cash pile and, if they do not have better use for the money, paying more generous dividends to shareholders cannot be a bad idea.
Technically, ComfortDelgro is now testing immediate resistance at $1.20 which is provided by a declining 50 days moving average.
If this resistance should be broken, there is a chance that the declining 200 days exponential moving average which is currently at $1.30 could be tested next.
There are multiple resistance levels and although analysts covering ComfortDelgro seem to believe that the worst is over with most having mouth watering target prices for ComfortDelgro's common stock, it could take quite a while before we see those levels.
That is from a technical analysis perspective, of course.
Fundamentally, ComfortDelgro should see a gradual improvement in earnings as we continue to see a return to pre COVID-19 pandemic norms.
So, from this perspective, to expect a mean reversion to happen sometime in the future isn't unreasonable.
Still, we want to stay grounded in our expectations.
If we are investing for growth, at this point, it seems that ComfortDelgro is probably a poor choice but as an investment for income, ComfortDelgro is probably still able to pull its own weight in any investment portfolio.
I am not going to hold my breath if I am looking for massive capital gains here, for sure.
Instead, I will celebrate the higher than expected dividend for now.
This isn't too shabby since it is very close to a 50% payout ratio.
We can probably expect this to be the norm in future as it isn't a special dividend and, thus, unlikely to be a one off event.
As for OCBC, they hiked their final dividend by 12c!
While it is lower than UOB's 15c hike in absolute terms, it is much higher in percentage terms.
An increase of 12c from 28c to 40c is an almost 43% hike!
I am so stunned like vegetable!
OCBC is not only one of my largest investments.
OCBC is my largest investment in equities.
My investment in OCBC is much larger than my investment in UOB.
So, my passive income in the form of a final dividend from OCBC is going to be very much larger this year compared to last year.
This is especially when I increased the size of my investment in OCBC many times in 2H 2022.
Although my war chest was rather depleted, I was able to do this by reducing my investments in Centurion Corp. and ComfortDelgro which were both underperforming.
In my blog on Wilmar's record dividend, I said I was feeling a little giddy.
I think it just got worse.
Want evidence?
See the new photo of AK below.
Alamak!
I slapped myself hard and reminded myself that the higher dividends from our local lenders will go some way to filling shortfalls from Sabana REIT, CapitaLand China Trust and IREIT Global this year.
Still early days, to avoid possible disappointment, I am keeping expectations low with regards to full year passive income for 2023.
After all, I cannot dictate how much my investments should pay me.
I will continue to exercise prudence when it comes to expenses as, generally, this is something I have considerable control over.
However, to be honest, I am feeling more sanguine about this year's passive income now.
Whether the year would end on a high note for me as an investor for income should become clearer in another 6 months or so from now.
Till then, I just have to be patient and wait.
"Wall Street makes its money on activity. You make your money on inactivity."
- Warren Buffett
To fellow UOB and OCBC shareholders, congratulations! Huat ah!
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