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.

AIMS APAC REIT or IREIT Global?

This is a short blog in reply to a reader's comment in my last blog which was about my largest REIT investments. 

Read the reader's comment: HERE. 

My reply: 

When it comes to AA REIT's unit price, I can only say that Mr. Market will do what it wants to do. 

I do not know why the unit price is where it is but I do know that AA REIT should continue to generate stable income for me. 

If there is a dip in DPU, it is probably going to be temporary, everything else being equal. 

In the grand scheme of things, over a longer period of time, inflation should see prices including asking rent going up. 

As an investor for income, I do not usually invest in REITs for a few months only or even for just a couple of years unless I find out it was a mistake which has not been the case for AA REIT. 

Why did I add to my investment in IREIT Global and not AA REIT? 

You are right in your suggestion that it was due to IREIT Global's rights issues and the fact that my resources are limited. 

Also, I want to add that price is not the same as value. 

At $1.60 a unit, AA REIT was trading at a big premium to NAV but its unit price has retraced to a level that is closer to its NAV which means it is a better time to buy now than it was before. 

However, IREIT Global is still trading at a pretty big discount to its NAV which helps to make it a more compelling buy.

Warren Buffett famously said that whether socks or stocks, he likes buying quality merchandise when it is marked down.

Could be the case here.

Source: IREIT Global.

When we take into consideration that IREIT Global holds freehold assets while many of AA REIT's assets are in Singapore with relatively short land leases, the value that IREIT Global brings to the table now shines brighter. 

Having said this, it is important to bear in mind that AA REIT and IREIT Global might both own buildings but they are in different sectors. 

They are also in different parts of the world. 

Not putting all our eggs in one basket is probably a good idea.

Of course, AK is just talking to himself here and, depending on our motivations, it might or might not be relevant to us. 

Related post: 

Largest REIT investments updated, December 2021.

Largest REIT investments updated, December 2021.

The last time I had a blog on this topic was in April 2020.

Back then, Mr. Market suffered a dramatic breakdown and took quite a long time to recover.

After almost 2 years, it still looks like it will be a while more before we are out of the woods, no thanks to the new Omicron variant of COVID-19.

The world is the way it is because there are too many greedy people, too many selfish people, too many ignorant people and too many malicious people.

Very unfortunate but very often bad things happen because of irresponsible human behavior.

If we are not careful, we might see Singapore becoming a "true democracy" with people against vaccination marching in the streets which, of course, would give the virus opportunities to infect even more people and possibly mutate again.

I feel that having a choice is a good thing but social responsibility is more important because we live in a society.

If we are not part of any society, if we live all alone on an island, then, we are free from social responsibility.

Personal freedom of choice is plain rubbish if we choose to put everyone else at risk.

It is similar to what I said before in many blogs in the past about being financially responsible because we shouldn't be a burden to society.

Some readers might remember my blogs on those protestors in Hong Lim Park asking for their CPF money to be "returned" to them.

See:
CPF: So near and yet so far?

Anyway, before I digress further which I am inclined to do, here is the update.

Largest REIT investments (each $100,000 or larger in market value.)

My largest investment in a REIT used to be AIMS APAC REIT (formerly AIMS AMP Capital Industrial REIT.)

It has been overtaken by my investment in IREIT Global which used to be smaller in size.

IREIT Global is now my largest investment in a REIT as I added to my investment several times when Mr. Market went into a depression because of the COVID-19 pandemic and also due to rights issues to help the REIT fund acquisitions.

Just like AIMS APAC REIT, I believe IREIT Global to be well run.

Recently, for example, they were able to quickly fill up all 5 floors of a property which were being given up by an existing tenant. 

I also like that the REIT's insiders have a big stake in the REIT.

So, it is unlikely that they would do anything to hurt unitholders' interest.

See:
IREIT: Good time to buy now?

My second largest investment in a REIT and probably my oldest is AIMS APAC REIT.

Most institutional investors would gravitate towards bigger names with a pedigree such as Ascendas and Mapletree when it comes to industrial REITs.

However, I am a retiree and distribution yield is an important consideration as I am very much interested in cash flow but I try to be careful not to be blinded by high yields.

I have been invested in AIMS APAC REIT since the Global Financial Crisis and, looking back, it has been good to me as an investment for income.

Just like IREIT Global, insiders have a meaningful stake in AIMS APAC REIT and it is unlikely that Mr. George Wang would do anything to hurt unitholders' interest.

There is talk that ESR which has been gobbling up REITs in Singapore is planning to gobble up AIMS APAC REIT as well, having grown their stake in the REIT.

However, unlike ARA Logos, I doubt Mr. George Wang would consider a deal that is less than fair to AIMS APAC REIT if such a deal should ever be proposed.

See:

Should we invest in AIMS APAC REIT?

ESR-REIT gives ARA Logos short end of the stick?

My third largest investment in a REIT was Ascott REIT-BT and that was due to my earlier investment in Ascendas Hospitality Trust. 

As I expected the COVID-19 pandemic to have a rather long lasting impact on the hospitality sector, I decided to sell down my stake significantly some time back. 

For many months after that, I did not have a 3rd REIT which was greater than $100,000 in market value in my portfolio.

Of course, that changed when I significantly increased my investment in Sabana REIT after ESR's low ball offer to take over the REIT failed.

Sabana REIT is now my third largest investment in a REIT, making a comeback after many years of absence.

See:

Sabana REIT's lesson.

AA REIT, IREIT and Ascott REIT-BT.

AHT's investors getting a bad deal?

I do have investments in other REITs but my investments in IREIT Global, AIMS APAC REIT and Sabana REIT are my largest now, being the only ones which are above $100,000 in market value.

Together, I estimate that they generate a bit more than S$70,000 in passive income annually for me.

I have been saying for quite a while that I want a more resilient income generating portfolio and to be less reliant on REITs for income.

However, for income investors, REITs remain a relevant tool and this blog shows my continuing reliance on REITs for income.

Still, I like to think that I have a more resilient income generating portfolio now as I increased my investment in the local banks so that together they were at one time larger than my investments in IREIT Global and AIMS APAC REIT combined.

Since I increased my investment in IREIT Global due to its rights issues, my investment in the local banks together have become smaller than my investments in IREIT Global and AIMS APAC REIT combined but probably not by very much.

Anyway, I get the feeling that I could ramble on and, so, I should really end the blog.

Till the next blog, remember to stay vigilant and be socially responsible as we try not to give COVID-19 any room to grow.

Related posts:

1. Sabana and IREIT to the rescue.

2. Dividends from DBS, OCBC and UOB.

3. Largest REIT investments, April 2020.

Should I invest in Far East Hospitality Trust?

My last blog on ComfortDelgro attracted some very thoughtful comments from readers and if you are interested, read them: HERE.

I said in reply to a comment that I have been trying to build a more resilient investment portfolio for a few years by now. 

Most of this effort has been centered on increasing the size of my investment in the local banks.

I believe that I have strengthened my investment portfolio's resilience in the most recent bear market this way.

This short blog is in reply to the latest comment by a reader in the abovementioned blog.

The reader's comment was about Far East Hospitality Trust.

My reply:

Yes, just like SIA and even SIA Engineering, the hospitality sector has been hard hit by the COVID-19 pandemic.

With the latest Omicron variant, it doesn't look like things are going to improve by much anytime soon. 

Buying into hope might be just as painful as buying into hype if things go very wrong. 

I significantly reduced my investment in Ascott REIT-BT some time ago. 

However, I still retain a smallish position and that exposure to the hospitality sector is enough for me. 

Having a larger exposure to the hospitality sector might give outsized returns if the pandemic subsides soon, of course.

As the ongoing COVID-19 pandemic has shown, however, a larger exposure does not make for a more resilient portfolio especially if we are mostly investing for income.

This is especially the case when we are buying into REITs and business trusts which pay out almost all their operating cashflow to their investors. 

This is unlike businesses which pay out a fraction of their earnings as dividends to their investors.

With interest rates more likely to rise than not in future, we might want to invest in businesses that will benefit from rising interest rates instead.

As always, it is never my way or the highway.

Have our own plan and we should keep it grounded with realistic expectations or at least try.

Of course, even the most well thought out plan could go wrong.

If we must gamble, make sure the bet will not sink us financially and degrade our lifestyle if things do not go our way.

AK is just talking to himself and seems to have gone off topic.

Anyway, remember that the COVID-19 virus is still here in all its mutations.

Continue to be cautious and stay safe to keep all of us safe.

Omicron Covid variant spreads 'more than twice as fast' as Delta - BBC News

References: 

1. AA REIT, IREIT Global and Ascott REIT-BT.

2. How to size our more speculative positions?

3. Smart money exiting US hospitality sector?

ComfortDelgro: AK replies to comments.

After getting two comments from readers on ComfortDelgro, I feel that it might be a good idea to publish my second reply as a short blog. 

To read the comments as well as my reply to the first comment, please check the comments section of this blog: 

Daiwa House Logistics Trust: Good or not? 

This is my reply to the second comment: 

For sure, ComfortDelgro is facing headwinds. 

To stay invested or not, we will have to ask if the problems they are facing now are temporary or are they here to stay? 

I am inclined to believe that the problems will not be permanent. 

However, now we have the Omicron variant of COVID-19 that recently popped up. 

So, it could take longer before a sustained recovery happens.


In my analysis done a few years ago, I said that even if ComfortDelgro were to shut down its taxi business, it would still be able to pay an attractive dividend. 

That was partly how I made the decision to invest in ComfortDelgro as an investor for income. 

Shutting down a business if it is no longer viable is not a bad thing, generally speaking. 

I like to think that we will eventually conquer the COVID-19 virus. 

However, the slow rate of vaccination in many parts of the world as well as irresponsible behavior such as vaccine hesitancy is allowing the virus to mutate. 

These are some root causes for uneven recovery and a delay in sustained recovery. 

Still, I am staying invested in ComfortDelgro and getting paid while I wait for the eventual recovery. 

Selling now feels like it could be a mistake. 

Of course, I could be mistaken. 

Reference: 

An incomplete analysis of ComfortDelgro.

Daiwa House Logistics Trust: Good or not?

I woke up to not one, not two, not three but four comments from readers regarding Daiwa House Logistics Trust and I took that as a sign that I would have to take some time off from gaming to blog.

Daiwa House Logistics Trust's IPO ends this Wednesday (24th Nov.)

IPO? I usually avoid IPOs because they are usually priced well for the seller and not for the buyer.

IPO stands for "it's probably overpriced?"

Is it more of the same in this case?

Looking at the information available, as an investment for income, Daiwa House Logistics Trust is not overly attractive to me.

For someone who is new to investing for income and who is just starting to build a portfolio, this could have a place.

However, with a distribution yield of 6.3% to 6.5% which is similar to what my two largest investments in REITs, AIMS APAC REIT and IREIT Global, are offering, Daiwa House Logistics Trust just isn't that attractive to me.

If I do invest in Daiwa House Logistics Trust, it would probably be because I would like more diversification.

However, it would be just geographical diversification which is less meaningful than diversifying into non-REITs.

This is especially so since my wish is to build a more resilient income generating investment portfolio.

Increasing the size of my investments in the local banks, DBS, OCBC and UOB, I believe would be more meaningful and Singapore banks make decent investments for income too.

Bear in mind that the banks pay only a fraction of their earnings as dividends while REITs distribute 90% to 100% of their income to their investors.

In this light, we could even say that the banks are more attractive than Daiwa House Logistics Trust as investments for income as what would be their dividend yields if the banks were to pay 90% of their earnings as dividends? 

Banks also benefit from rising interest rates and while REITs can still perform well with higher interest rates when compared to bonds, they might experience some downward pressure.

Having said this, if Daiwa House Logistics Trust should see a significant decline in unit price, I might buy some.

The better investments I have made in REITs have almost always been post IPOs and that is saying something.

If I am wrong, it wouldn't be a tragedy as not making money is not the same as losing money.

Anyway, why am I not excited about this IPO other than the fact that I usually avoid IPOs?

After all, Daiwa House Logistics Trust is Japanese and some of my better investments were Saizen REIT, Croesus Retail Trust and Accordia Golf Trust.

The trio were all Japanese too and delisted subsequently, netting me some very nice gains.

I will continue to talk to myself.

1. Land lease.

Saizen REIT had only freehold Japanese residential buildings.

Croesus Retail Trust and Accordia Golf Trust had mostly freehold Japanese assets.

Daiwa House Logistics Trust will start with mostly leasehold Japanese assets.

Having more leasehold Japanese assets for their IPO helps to bump up their distribution yield as leasehold assets are usually cheaper while still commanding prevailing market rents.

This is especially the case for assets with much shorter remaining land leases.

VIVA Industrial Trust, anyone?

It helps to make the IPO look more attractive to investors.

Having mostly leasehold assets, the distribution yield really should be higher than the 6.3% at IPO.

The impression I get is that the IPO is probably priced more dearly.

If we look at past IPOs of S-REITs with mostly leasehold assets, most of their distribution yields were higher, if I remember correctly.

2. Japanese focus.

The Japanese focus of Daiwa House Logistics Trust might not last long since they have right of first refusal (ROFR) over 11 assets in Vietnam, Malaysia and Indonesia.

They market this as a good thing but one reason why I liked Saizen REIT, Croesus Retail Trust and Accordia Golf Trust was their focus on underappreciated and undervalued Japanese assets.

The Japanese market is probably more stable and less risky when compared to Vietnam, Malaysia and Indonesia.

3. Fund raising.

There are two things here.

We have been seeing some issuance of perpetual bonds by REITs to raise funds and the most notable is probably Lippo Mall Trust.

While perpetual bonds do not increase the gearing level of REITs, all else remaining equal, since they are treated as equity instead of debt, it is a form of financial engineering to make numbers look better.

Still, as long as the funds raised will help to improve performance and generate more income in a sustainable fashion for shareholders, it is a good thing.

I could be wrong but it is the first time I see a REIT having perpetual bonds issued at IPO and that makes me somewhat curious.

The second thing is that with the REIT being relatively small and with a relatively long list of ROFR assets, there could be more fund raising before long especially when the manager says they want to keep gearing below 40%.

Why start with only 14 Japanese assets and mostly leasehold ones with average remaining land lease of about 38 years?

Why not start with a larger portfolio and include most of these ROFR assets of which 17 are mostly Japanese freehold assets instead?

I have a couple of guesses but they are just guesses.

So, Daiwa House Logistics Trust, good or not?

As it is, Daiwa House Logistics Trust might seem decent enough for some as an investment for income but it isn't something I feel I must have in my portfolio.

It isn't screaming "BUY."

References:
1. VIVA Industrial Trust: 9% yield.

2. Saizen REIT.

3. Croesus Retail Trust.

4. Accordia Golf Trust.

5. Cutting losses in S-REITs.

6. Dividends from DBS, OCBC and UOB.

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?

CPF Amendment Bill 2021 and AK talks to himself.

Thanks to a nudge by Siew Mun, I went to read the CPF Amendment Bill 2021.

Some of my many blogs on the CPF have become outdated because of this Bill.

The changes which interest me most are the following and they will take effect from 1 January 2022:

1. Enjoy tax relief when we top up our loved ones' CPF MA.

I have always been curious why the recipient gets income tax relief and not the giver?

Well, this is now fixed.

2. Enjoy up to $16,000 income tax relief when topping up CPF MAs.

We can get up to $8,000 income tax relief for topping up our loved ones' CPF MAs.

We can also get up to $8,000 income tax relief for topping up our own CPF MA.

Take note that this income tax relief cap is shared by the RA, SA and MA.

So, previously, we would not say "Top Up" to MA but "Voluntary Contribution" to MA.

Now, when we inject money into the MA, it is a "Top Up" and it will share the annual income tax relief cap for the RA and SA.

This annual cap was $7,000.

3. Beefing up the MA is no longer part of the CPF Annual Contribution Limit.

This follows from the previous point that injection of money into the CPF MA will be considered a "Top Up" and not a "Voluntary Contribution."

What do all these changes mean for those of us who are actively using the CPF to have a strong foundation in retirement funding?

Would my strategy have changed because of these changes?

In the first 4 years of my life as a working adult, I transferred all my OA savings to my SA to give it a bigger base and more time for compound interest to work its magic.

I would still do that today if I just started my life as a working adult.

If I had extra funds, I would have pumped more money into my SA which would enjoy income tax relief at the same time.

Income tax relief will apply to the first $8,000 of Top Up from next year instead of $7,000.

Now, in my early retirement, I would continue to do yearly Voluntary Contribution to my CPF account up to the prevailing Annual Contribution Limit as I think of the CPF as a AAA rated sovereign bond with attractive coupons.

See:

$1.5 million in CPF savings by doing nothing henceforth.

The difference with this CPF Amendment Bill is that I will be able to inject a bit more money into my CPF account from next year because the MA is now under the "Top Up" scheme and not "Voluntary Contribution."

Since my CPF SA has already hit the prevailing FRS, I cannot do Top Up to my CPF SA anymore.

However, since the Basic Healthcare Sum increases yearly, there will be room for me to Top Up my CPF MA yearly.

I will provide links to this blog in some of my older blogs such as the following:

1. Ways to beef up our CPF savings.

2. Know how to grow our CPF savings?

Reference:
CPF Amendment Bill 2021 Highlights.

Read Siew Mun's comment in this blog's comments section:
Retiring by 40 is a fantasy.

Retiring by 40 is a fantasy for most and AK talks to himself.

Imagine a guy in Singapore who is in his 20s.

Imagine he is in love with a female and they decide to get married right after graduation.

Imagine they decide to buy a flat or a condo right away.

Imagine them having 2 or 3 children in the next three years.

Imagine the wife becoming a stay at home mom after having their first child.

Imagine them buying a family car.

Can they retire early?

Well, if they are born with silver spoons in their mouths, yes.

Otherwise, early retirement is highly unlikely unless they got very lucky.

The title of this blog might look familiar to some readers because part of it is taken from a much longer title from a recent article in Today.

Links to financial planning sites littered that article but I guess that is normal since Today isn't a hobbyist blogger like AK.

Anyway, if we want something and if we don't plan it right, we won't get that something.

So, if an early retirement is what we want, then, we must know what will help and what won't.

How to achieve early retirement?

In a nutshell:

Build wealth and avoid wealth destruction.

In more than a decade of blogging, this is something I have blogged about extensively.

I won't rehash since I am lazy.

Instead, I will point interested readers to some blogs here in ASSI which might provide food for thought.

1. A happy marriage is worth waiting for!

2. Do you want to be richer?

3. How to upsize CPF savings from $100K to $225K?

4. Good habits now for a comfortable retirement!

5. If we are not rich, don't act rich!

6. 3 good reasons to buy a car.

7. How to have children and a comfortable retirement?

Finally, we need insurance but know what is necessary and don't overpay.

See:

What is the purpose of insurance and are we overpaying?

To be fair, retiring by 40 was a fantasy for AK too.

AK only retired a few months before he turned 45.

See:

To retire by age 45, start with a plan.

There are so many blogs in ASSI and I might have missed some useful ones. 

However, the above blogs should be good enough to make many readers lose sleep for many nights.

Jokes aside, for an average person in Singapore who wants an early retirement, it isn't impossible.

It does need good planning and disciplined execution.

Now, why is an early retirement a fantasy for most in Singapore?

If AK can do it, so can you!

Believe it!

Gambatte!

Related posts:
1. Planning for retirement early made early retirement possible.

2. Why did AK want an early retirement?

If you are using the mobile version of ASSI and would like to read more related posts, go to the full web version of ASSI by scrolling to the bottom of this page and clicking on the link.

Links to more posts in the left and right sidebars can be found.

ESR-REIT gives ARA Logos the short end of the stick?

This is going to be a quick blog. 

My interest here is mostly academic. 

I have a big tub of popcorn ready and I hope the movie is a good one.

Talking about movies, recently, I dug out my Harry Potter books from almost 20 years ago and read them again. 

Thanks to the weekly screening of Harry Potter movies on TV recently, I felt like reading the books again.

The books are still as good as ever; they are definitely better than the movies, to be honest.

Really, I do solemnly swear.

Time does fly, doesn't it?

Fellow Harry Potter fans might remember this:

   

Anyway, isn't this an interesting article in The Business Times?

ESR-Reit, Ara Logos propose merger with pricing favouring ESR-Reit unitholders. 

Feeling of deja vu?

Hmm. 

Maybe, just a bit.

Familiar ESR REIT pattern? 

Hmm.

Maybe, just a bit.

Another interesting article in The Business Times.

ARA Logos unitholders must weigh pure-play logistics status against being part of a larger entity.

"Under the deal, for each ALOG unit, ESR-REIT will pay S$0.095 a unit in cash and 1.6765 new ESR-REIT units issued at S$0.51 each, for a total of S$0.95 a unit, the REITs said. 

"Units of ESR-REIT were trading up 2.15 percent at S$0.475 at 11:55 a.m. SGT Monday, while ALOG was at S$0.90, down 3.74 percent." 

 UOBKH advises ARA LOGOS unitholders to accept ESR-REIT takeover bid. 

Really?

Accept? 

Don't accept? 

Alamak, I blur. 

Remember, no one cares more about our money than we do and don't ask barbers if we need a haircut. 

ARA Logos unitholders have to take care of their interest because no one else will do it for them.

Remember this article which was published in The Business Times with regards to ESR REIT's offer for Sabana REIT? 

 Sabana Reit's dissident unitholders were right to fight its manager... 

 "If the proposed merger of Sabana Reit and ESR-Reit last year demonstrated anything, it is that IDs cannot always be relied upon to act in the interest of unitholders." 

IDs cannot be relied on? 

Can rely on brokerages or not? 

Alamak, I really blur lah. 

Sabana REIT was lucky to have activist investors leading the charge.

What about ARA Logos?

I also said something about the proposed merger in the comments section of this blog:

3Q 2021 passive income. 

Good luck to unitholders of ARA Logos.

The short end of the stick, anyone?

Reference: 

Sabana REIT's lesson...