A Christmas collection of charts.

Hello Kitty Christmas Tree!
Minneapolis - St. Paul International Airport

It is now the evening of Christmas and I have spent Christmas Eve and the whole of Christmas Day at home. I slept a lot and drank a lot of herbal tea. I ate mostly porridge. You guessed it. I am ill.

Here are some charts and my gut feel. Not much rigour but in the spirit of Christmas, I hope readers would be a bit more forgiving.

Target: 28c.

Target: 42c.

Target: $1.10

Target: $3.90

Target: 62.5c

Target: 83c

Take note that these are weekly charts and I am not expecting to make any fast money.

Ho, ho, ho! Merry Christmas!

Second Chance Properties Ltd.

In reply to a comment from Desmond: here.

Some have said that Second Chance Properties Ltd is a company that is REIT like. This perception could be due to the fact that much of its success stems from its timely investments in real estate at depressed prices.

They announced an annual dividend of 3.3c and a special dividend of 0.5c this year. NAV/share is 35.72c. So, buying some shares closer to the NAV/share would give an attractive dividend yield, discounting the special dividend. At the last closing price of 40c/share, a 3.3c dividend would be a nice 8.25% dividend yield if the payout should be repeated next year. Seems like a decent proposition.

However, I would draw attention to its earnings per share (EPS) which has declined year on year. For 12 months ended June 2011, EPS was 7.2c. For the 14 months ended August 2012, EPS was 5.62c. 2 more months of earnings and EPS was actually 22% lower? Has its earnings declined? Although not comparable, for want of any available alternative, its net profit actually improved 1.37% for the period reported.

So, it could only mean that the number of shares in issue has increased significantly. As the founding family of the company has 81% of its shares and routinely accept dividends in scrip plus the fact that there are many outstanding warrants (expiring in 2013 and 2017), further dilution of EPS is to be expected, all else remaining equal.

Valuation of a company's shares could be based on many things. However, let us look at P/E ratio which is used more during good times compared to NAV/share. At its highest in June 2011, it was 39c/share and with an EPS of 7.2c then, its P/E ratio was 5.42x. Share price went to a high of 45c as punters chased its shares after the dividend announcement. With EPS at 5.62c, its P/E ratio was 8x then.

Now, closing at 40c/share in the last session, using the EPS of 5.62c, its P/E ratio is 7.12x. With a P/E ratio of 8x or lower, shares of Second Chance Properties Ltd. do not seem expensive. Why does Mr. Market not ascribe a higher value to the company then? Ah, good question.

They always say that the market is forward looking. If I were to hazard a guess, I would say that Mr. Market is concerned about the potential dilution to the EPS of the company which could, of course, lower dividend payout per share in future. With an increasing number of shares in issue, it is also hard to expect greater upside in share price as valuation per share finds little improvement.

Would I buy shares of Second Chance Properties Ltd.? I would, as usual, question my motivation for thinking about investing in a stock. Am I after income or growth? As an investment for income, with the company's track record, it is likely that they would continue to pay dividends. However, unlike S-REITs, there is less certainty. Also, with declining EPS, it is possible that dividend per share could reduce in future.

As an investment for growth, we have to be prepared for some headwind as real estate prices have very likely peaked. With more supply coming on stream, rental rates and property values could face downward pressure in the coming years. This coupled with economic malaise that is expected in the near future could also see retail businesses affected negatively.

All in all, I would say that Second Chance Properties Ltd. is in a position of strength and should be able to weather the economic malaise ahead.

If we are able to accept the potential dilution of EPS and its possible effect on dividend payout per share, and if we are not overly concerned about the probable lack of meaningful appreciation in future share price, this seems like a good company to invest in.

See financial report: here.

Related posts:
1. Don't be a yield pig. Be a hardy pig.
2. Be cautious as we accept higher risks.
3. Good debt is always good?
4. Mr Market is always right.
5. Never lose money in real estate and REITs?

ASSI celebrates third birthday!

On the Christmas Eve of 2009, ASSI was born. ASSI turns 3 today!

Blogs take a lot of energy and time to maintain. Of course, everyone has only so much energy and time. So, it is not surprising that with changes in one's priorities and interests, the amount of energy and time allocated to different activities in one's life would change.

Some bloggers have become very sporadic in their blogging efforts while others have stopped updating their blogs altogether. Of those who stopped, most just faded away quietly without any announcement or fanfare. Some of these blogs were updated for a few years while some for a few months.

Personally, I have been spending relatively less time blogging compared to when I first started. At various points in time, I also entertained thoughts of taking a long break from blogging for various reasons. Unless blogging is a livelihood, there is really no harm in taking a break from blogging. The fear is how a break could become a permanent leave of absence.

By some accounts, personal blogs which are still actively updated 3 years on are much rarer. ASSI now joins the ranks of these blogs.

This was taken in Shinjuku, Japan, last December.

MERRY CHRISTMAS!

Related posts:
1. ASSI celebrates second birthday!
2. A sabbatical.
3. Happiness in 2012.
4. Top 1,000 websites in Singapore.
5. My tickets to Value Investing Summit 2013.

Change to become richer. A need or a want?

Much of my writing is geared towards having people making positive changes in their lives. I also blogged about how some people told me that I should have good debt in life and how I have been described by some to have a peasant mentality towards wealth building. Are these people also trying to encourage me to make positive changes in my life?

There are so many types of people in this world all with their own ideas on how things should be. They have their own realities which are very much conditioned by their own beliefs. While it is true that what works for some might not work for others, we do not want to be dismissive. Why? What if it could work for us? We should keep an open mind, shouldn't we?

People often say, "If you don't try, you won't know."

There is a second half to this which is often not said, "Some things, you should not try."

So, we should not blindly adopt ideas and hope that they work for us. Then, how do we know which ideas to try out? There are so many ways to approach this but I feel that "self" is the most important consideration.

Sun Tzu said, "Know thy enemies and know thyself and be victorious in every battle."

We might have also heard the saying, "We are our greatest enemy." So, knowing thyself is more important than knowing thy enemies.

At the very basic level, we have to question our ability to see something through. This is, however, not enough. We also have to question whether we have the temperament to make an idea work for us. If we do not have the right temperament, it would be hard to have a strong will.

So, for example, I keep saying that one should take risk to protect and grow one's wealth but should a risk averse person do this? His temperament is clearly against this. Even if he had the ability to do this, he might not have the will to do so. He would worry too much and could suffer from anxiety.

Now, I have a preference not to have debt in my life, given a choice. I like the peace of mind that comes from being debt free.

To anyone who is thinking of taking on more risk, a pertinent question to ask is, therefore, how much risk would our temperament allow us to take on comfortably. Then, ask if we are willing to push beyond the limits of our comfort zones.

All of us would like to be comfortable in life. Is there any reasonable person who would rather be uncomfortable? However, sometimes, we cannot afford the comfort and that is when we would have to go out of our comfort zones. Sometimes, we are forced to make changes.

So, some need to change to become richer while some do not need to change to become richer although they might want to change to become richer. To change or not to change? This could be a question of necessity for some and a question of desire for others.

Related posts:
1. Good debt is always good?
2. To be a happy peasant.
3. Money making.
4. Three point turn.
5. A good cat.

Seeking Alpha.

In my early days as a blogger, I was much more active in commenting on other platforms.

Just now, I visited "Seeking Alpha" and found an old Instablog I did for them and some comments which I wrote as well. I think these must be at least 2 years old.

See the Instablog:
http://seekingalpha.com/user/736173/instablog

See the comments I wrote:
http://seekingalpha.com/user/736173/comments

I am giving in to nostalgia today. Hahaha... The good old days.

Related post:
REITs: When to buy?

A reader won a hamper from Yomeishu!

I make a modest amount of money from ads in my blog. Most of the ads are pay per click in nature and if readers should be interested in the ads and click on them, I get some pocket money (e.g. 20c per click from Nuffnang).

I particularly like ads from companies which offer good deals to consumers, are socially and environmentally responsible and give my readers a chance to get something for free. This way, the ads which appear on my blog are win-win-win in nature. A win for the advertisers. A win for my blog. A win for my readers.

A few days ago, a reader sent me an email to say that she won a hamper by clicking on one of the ads which appeared in my blog. She was so happy that she took a photo of the hamper and emailed to me. Here it is:

Very nice!

To the lucky reader, thank you for sharing this happy news with me and, once again, congratulations!

There will be 20 winners each week and I believe that the last round of the contest (5th week) ends 26 December 2012. You might want to try your luck and see if you could win a hamper too at: Yomeishu Guess & Win!

Would be a nice Christmas present, wouldn't it? :)

Related post:
Yomeishu: Win Megumi and a beverage mixer!

Old Chang Kee: Special interim dividend.

Shares of Old Chang Kee are trading higher today at 42c a share. A special interim dividend for the half year ended September 2012 has been declared. The amount? 5c per share.

Incidentally, I bought some Old Chang Kee curry puffs just yesterday! Yummy curry puffs! So is this special dividend.

This certainly brightens up the holiday season for all shareholders.

Read announcement: here.

Related post:
Old Chang Kee: Initiated long position at 26c.

Unhappy Singaporeans.

Apparently, Singaporeans are the unhappiest people in the world if we believe a recent survey.

People here were less “upbeat” than those living in war-torn places like Iraq, Armenia and Afghanistan, Gallup suggested, based on a poll of 1000 respondents in each of 148 countries.

Nearly 150,000 respondents were posed five questions on whether they experienced a lot of enjoyment the day before the survey and whether they felt respected, well-rested, laughed and smiled a lot, and did or learned something interesting. While about 50 per cent of people in Armenia and Iraq did, only 46 per cent of Singaporeans could say the same.

Singapore came in first, ahead of Armenia, Iraq, Georgia, Yemen and Serbia, for being the least positive.

This led Gallup partner Joe Clifton to suggest that “higher income does not necessarily mean higher wellbeing,” given Singapore’s poor faring even though it ranks fifth in the world in terms of GDP per capita.

Personally, I am rather sceptical. Why?

1. To me, the sample size of 1,000 respondents from each country is too small.

2. I would also ask how were the respondents chosen? Are the 1,000 respondents representative of the national population of the country?

3. Are the questions posed sufficiently exhaustive to conclude that Singaporeans are a unhappy lot?

While I agree that making more money might not make a person happier, I find it hard to believe that Singaporeans feel less positive compared to the nationals of war-torn countries like Iraq and Afghanistan! Of course, this represents my personal opinion.

Read: Singaporeans unhappiest people in the world.

Recommended books for FA and TA.

I used to have a little widget in my blog which listed the books I would recommend to anyone who might be interested in learning about Technical Analysis and Fundamental Analysis through self-study. 

Unfortunately, that widget from Amazon slowed down the speed at which my blog was loaded and, so, I removed it.

Since then, I would have to list the books for readers who might email me for a book list. 

So, I have decided to provide the book list here in a blog post. 

This would make it easier for both readers and me. This is, perhaps, long overdue.







For fundamental analysis (FA):

1. Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage.
See:
Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage


2. Fundamental Analysis For Dummies.
See:
Fundamental Analysis for Dummies
What's the key to multibillionaire Warren Buffett's five-decade run as the most successful investor in history? Fundamental analysis. Now, "Fundamental Analysis For Dummies" puts this tried and true method for gauging any company's true underlying value into sensible and handy step-by-step instructions.

For those who prefer e-books:
Fundamental Analysis For Dummies

For technical analysis (TA):

1. Technical Analysis Plain and Simple: Charting the Markets in Your Language (3rd Edition).
See:
Technical Analysis Plain and Simple: Charting the Markets in Your Language

For those who prefer e-books:
Technical Analysis Plain and Simple


2. Technical Analysis For Dummies, 2nd Edition.
See:
Technical Analysis for Dummies

For those who prefer e-books:
Technical Analysis For Dummies


3. Candlestick Charting for Dummies.
See:
Candlestick Charting for Dummies


You could possibly borrow these books from the local libraries. 

If you would like to buy the books instead, please consider buying them from BetterWorldBooks to help save the environment and fund literacy for the less fortunate. They ship free globally.

Visit BetterWorldBooks here:


Find out more about BetterWorldBooks at:
ASSI is an affiliate of BetterWorldBooks.

Related post:
Why is Warren Buffet the world's greatest money maker?

Saizen REIT: Daily share buy backs.

A friend told me he is waiting for Saizen REIT's unit price to weaken before he buys some. I informed him that Saizen REIT has been buying back units from Mr. Market. So, there could be some support for its unit price in such a situation.

Daily share buy backs:
14 Dec 12 - 330,000 units @ 17.2 c
13 Dec 12 - 310,000 units @ 17.332 c
12 Dec 12 - 310,000 units @ 17.36 c
16 Nov 12 - 360,000 units @ 16.78 c
12 Nov 12 - 400,000 units @ 17.2 c
9 Nov 12 - 400,000 units @ 17.3 c
16 Oct 12 - 350,000 units @ 16.73 c
15 Oct 12 - 900,000 units @ 16.6 c
12 Oct 12 - 350,000 units @ 16.6 c
8 Oct 12 - 900,000 units @ 16.6 c
3 Oct 12 - 330,000 units @ 16.48 c
25 Sep 12 - 680,000 units @ 16.4 c

Although Saizen REIT's unit price has advanced since hitting a low in the middle of this year, I feel that it is still rather undervalued.

Fundamentally, the only negative I see for unit holders now is the weakening JPY which is probably going to decline further in value against the S$.

In a recent blog post, I made some assumptions which could be useful for anyone thinking of parking some funds in this REIT. See: REITs: When to buy?

It is, perhaps, also worth taking note that the units bought back from the open market were cancelled instead of being held as treasury stock (for possible re-issue in future). With less units in issue, the expected lower DPU in S$ terms due to a weakening JPY, everything else remaining constant, could be less of a concern.

Technically, the rising 100d MA should provide some support at 16.7c. Failing to hold could see price testing the 200d MA for support which is rising and approximates 15.5c now. If unit price should go that low, I could possibly add to my long position.

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Related post:
Save money with low prices and free shipping globally!

MIIF: Realising value.

The last time I blogged about MIIF was more than two years ago although I would reply to readers' comments or emails about the counter from time to time since. I have a long history with MIIF. It was recommended to me by a friend and I got in at a unit price of $1.00. Yes, no kidding.

See the elusive Mt. Fuji?
It seems that MIIF's value will elude unit holders no more.

Through the GFC, MIIF's unit price sank and the lowest unit price I bought some at was 29.5c on 6 January 2009, if my records are accurate. I bought more over a 6 months period from then as its unit price rose to 35.5c. Coming out of the GFC, MIIF strengthened its balance sheet through certain divestments, rationalised its portfolio and concentrated on Asian assets. Its DPU also improved.

As I was convinced that S-REITs were deeply undervalued and, for me, they are also easier businesses to understand, my investment in MIIF was not nurtured further.

By middle of this year, undervalued S-REITs were hard to find except for a small window of opportunity when Saizen REIT's unit price sank 15% in May/June. As regular readers know, I was also putting money into stocks looking for possible capital gains by then since it was harder to expect that from S-REITs going into the future.

It was around the same time that I increased my investment in MIIF at 51c/unit. Relatively strong balance sheet, NAV/unit at about 70c and a DPU of 5.5c per annum. Frankly, if not for the lack of options in S-REITs, I would probably not have increased my investment in MIIF as the fund owns myriad businesses in various countries and it is not as easy to understand as the S-REITs in my portfolio.

Today, I received an email from MIIF:

The Board of Macquarie International Infrastructure Fund Limited (MIIF) today announced the completion of the Strategic Review which was initiated in June 2012.

The Strategic Review, which included an assessment by CIMB Bank Berhad, Singapore Branch (CIMB) and consultation with a cross section of shareholders, generated a number of key observations. After considering these observations and assessing the alternatives available to MIIF, the Board has concluded that in order to maximise value for MIIF’s shareholders the strategy for MIIF should change.

As a result, the Board has decided to undertake the following initiatives:

• Distribute existing excess cash to shareholders as a one-off special dividend;
• Commence a joint process with Macquarie Korea Opportunities Fund (MKOF), MIIF’s TBC co-shareholder, to realise maximum value for their investment in TBC;
• Pursue the orderly divestments of MIIF’s interests in HNE, CXP and Miaoli Wind;
• Distribute proceeds from any divestment to shareholders as soon as practicable; and
• Allow MIIF’s corporate-level debt facility to lapse upon maturity.

These initiatives have been formulated with a focus on maximising and returning value to MIIF shareholders. The Board will endeavour to execute these initiatives in a timely manner; however, these initiatives involve complex processes which will require active management and prudent actions to safeguard the interests of MIIF shareholders.

Good news for unitholders. Well, Mr. Market seems to like it anyway.

Related post:
MIIF: Seeing value.

Never lose money in real estate and REITs?

I have cautioned people that we are likely to see a decline in prices of residential properties in the next few years. Unless we are sure that we are looking at an undervalued property, we should think again about passing that cheque to the agent. After all, it is a big financial commitment.

The government continues to make more land available for new residential developments. Already, there is a rising vacancy rate in non-landed private residential properties. This would likely worsen as more developments are completed in the next two years. We could have the perfect cocktail for a deep correction in the market if interest rates should head north come 2015.

We retain our negative view on the Singapore residential sector as we continue to see a rising threat of vacancy with an acceleration in physical completions in 2013-15.

Vacancy rates for non-landed private units had increased from 5.9% to 6.1% qoq in 3Q12 as take-up continued to lag physical completions. URA estimates that completions will rise from 16.1k units in 2013 to 23.1k units in 2015, 2-3x more than the historical average occupancy rate of 8k units per year.

We forecast that physical residential prices will fall by 5% by end-FY13, with vacancy rates for private units up from 6.1% currently to 7.2%. (CIMB, 11 Dec 12)

With industrial properties, the government has also made more land available in order to keep the cost of doing business down in Singapore. With investors channelling their funds into commercial and industrial properties due to cooling measures imposed on residential properties, prices of commercial and industrial spaces have sky rocketed.

In all areas, how much of the demand is, therefore, user demand? How much of the demand is from property investors and speculators? The end result is the same. Prices are pushed up which leads to more building. We don't need a degree in Economics to know that oversupply will bring down prices. People who bought at high prices should have deep pockets to avoid foreclosure.

So, how will my investments in industrial S-REITs be affected? They will not escape unscathed, for sure. This is where the quality of the management will be called into question. Quality of management?

For example, Saizen REIT has been able to maintain occupancy of 90% or so for their properties in Japan despite the difficult conditions and much lower occupancy levels of competing properties. I believe in their management's quality.

So, if the management is up to scratch, we could see above average occupancy levels even as more supply comes on stream. However, in a situation where there are many alternative offerings, to retain tenants, rental rates would probably come under pressure.

Although we could continue to see some yield compression in 2013 as money seeks out higher returns in industrial S-REITs, I would be surprised to see unit prices rising by more than 10 or 15% next year. If people ask me if this is still a good time to invest in industrial S-REITs, I would say it is still good if we are investing for income but, perhaps, not so good if we are looking for capital appreciation.

My two largest investments in industrial S-REITs are:
1. AIMS AMP Capital Industrial REIT
2. Sabana REIT

Of the two, I am more impressed with the former's management quality. AIMS AMP Capital Industrial REIT's management have renewed many tenancies ahead of time while Sabana REIT which has almost 48% of its tenancies expiring next year is slow to show results.

So, do we press the panic button? I think not. Sabana REIT would probably be able to renew most, if not all, of its expiring tenancies as the full impact of the new supply coming on stream would not be felt in the very short term. Nonetheless, the impression I get of a management that seem to be dragging their feet nags at me.

I have stayed positive on S-REITs for quite a while now. It is now prudent to turn more cautious on S-REITs although it is too early to turn negative.

Supported by lower than average completion of new industrial space over the past few years, vacancy levels for all industrial segments (Business Parks, Multi-User Factories and Warehouses) have hit record lows. This had led to a strong surge in industrial capital values and rents by 6-26% since the start of 2012. Looking ahead, we see market dynamics turning given that close to 49.7msqft of industrial space currently under construction will be completed over 2013-2015. This, on an annualised basis, represents more than twice the annual supply over the past decade.
(DBS Group Research, 6 Dec 12)

Related posts:
1. AIMS AMP Capital Industrial REIT: 2Q 2013.
2. Sabana REIT: 3Q 2012 DPU 2.34c.
3. Staying positive on S-REITs.
4. AK71's simple strategy.
5. REITs: When to buy?

A letter from a 66-year-old retiree.

I have received many emails in my three years as a blogger. Of course, there were some unpleasant ones but, fortunately, most of them are not. Many are questions which I would try to answer to the best of my knowledge. As I am not a trained financial adviser, however, I am not allowed to give advisories and I have refrained from doing so.

 

 

Sometimes, I would share readers' emails here in my blog, especially those which I think are inspirational or those which I think readers might find beneficial in some way. Today, I received a bracing email from a 66-year-old retiree. 

 

Blogging is a very time and energy consuming activity but if I have been able to make a positive difference in the lives of people through my blogs, then, it is definitely worthwhile.

 

hi AK,

i am a 66 yr old retiree who came upon your blogpost ASSI about a year ago quite by chance.

i had dabbled in shares many many years ago and having been burnt i swore i wont touch the SGX ever again.

However, after selling off my apartment and cutting off the rental income last year i was in a bind

as there was no more income and saddled with cash earning practically nothing and being retired....

until i came upon your blogs on the REITS and especially AIMS and SABANA. i have vested in both since end of last year and have been comfortable with the passive income without the hassle of tenants , repairs , maintenance fees and taxes.

i do not think you fully realize how your intelligent, knowledgeable, and objective views have helped

people like me who previously only depended on tips and rumours with disastrous results.

not only have i benefited from your analysis but i have also learned alot from your gems

like 'i have begun not to be bothered with price movements and be more focused on passive income (something to that effect)'

most of all you come across to me as very sincere in wanting to help those who want it.

therefore i urge you to ignore those who are critical of you and yet devoid of any alternative views. (like those comments of your recent yahoo finance reprints)

.....

yours gratefully,

.......

Related posts:

1. A letter from a reader in his early 20s.

2. Article published in Yahoo! Finance Singapore (2).
3. To be richer, be comfortable with being invested.

Unrelated post:
See photos of my staycation in MBS: here.

Request for sponsorship.

"Astonished, we were."

Recently, I received what I thought to be a rather bizarre email.

As someone who is blogging for fun and making a bit of pocket money from ad placements etc, I never would have thought that I would be asked for a monetary sponsorship. Well, I was recently asked!

Apparently, the event will have:

1000 delegates:

• Age between 28 to 55
• Annual income more than $40,000
• Professionals, Managers, Executives and Businessmen (PMEBs)
• Entrepreneurs
• High Net Worth individuals

"There would be abundant opportunity to gain exposure for your site during the event."

The proposal listed various levels of sponsors. A monetary sponsorship of $500 would qualify for the Bronze Level while $10,000, the highest, would qualify for the Platinum Level.

 

At the Bronze Level, ASSI will get our "corporate logo" into the event and will be eligible to insert a "voucher" into the 3,000 goodie bags.

 

I was truly flabbergasted.

 

ASSI doesn't have any logo, let alone a corporate one and I would have to provide 3,000 vouchers on top of the $500 monetary sponsorship? Wow!

 

A friend told me in jest that I should be happy because it means that my blog has moved to a higher level. What higher level? People actually think that I am making serious money from blogging now? That is the higher level? I almost fell off my chair laughing.

 

Gaining more exposure for my blog would be good. If I am able to reach out to more people, sharing my ideas on financial freedom and my methods, why not?

 

If every reader would share my blog on Facebook, Twitter etc, I think it would be more than enough.

 

After all, I blog for free. Should I pay to promote my blog? I think not.

Where to buy silver bullion coins?

I have been asked by many people where to buy silver bullion coins in Singapore. My standard reply has always been for them to perform a search online with the same words as the title of this blog post and they will have a list of companies which sell the coins here.

Recently, a reader asked me not where to buy the coins but whether it is cheaper to buy the coins online than buying the coins from a seller in Singapore. I thought I should share my reply to him here with anyone who might have a similar question.

Email from reader:

I'm your blog new follower about 1 month, thanks for sharing all the great info.
Regarding the canadian maple leaf silver, can I get it in Singapore for a cheaper price or I have to buy it online?

1.  (SG company)
2.  (Online overseas company)

Please advise me the above 2 sites or your own views to get a cheaper price.

My reply on 01 December 2012:

I buy from Singapore sellers because I do not buy in large enough quantity to make any cost savings from buying online significant.

For example, if we buy a tube of 25 1oz silver bullion coins from (SG company) today, price is S$1,187 or S$47.50 an oz.

Spot silver is at US$33 an oz or about S$41. (SG company) brings in the coins in bulk and by ocean freight. So, their cost of freight is quite low. If we were to buy only 25 coins from Canada, we would have to use DHL Express Worldwide or Federal Express which would be expensive and could easily cost S$80 to S$100 for a 1kg parcel.

Anyway, (SG company) probably makes some S$6.00 per coin or 15% gross profit. I feel that it is fair. The biggest advantage for buyers is being able to bring the coins home with us immediately after making payment.

Note: I have replaced the names of the two companies the reader mentioned in his email with generics so as not to appear partial to any party.

Related posts:
1. Silver bullion coins.
2. Buy gold and silver as insurance.

Dungeons & Dragons: Druid/Wizard.

I used to play Advanced Dungeons & Dragons, never mind the claims by some religious groups that it was Satanic. Those were the days when we had to have a Dungeon Master (the guy who would tell the story and throw monsters and puzzles our way) in order to play. The rest of us players would role play certain characters and try to stay alive and complete the quests. We had to be imaginative, attentive and co-operative to succeed in the game.

These days, things have gone digital and the visuals could be quite stunning, leaving little to the imagination.

You know, I still have my 20 sided, 12 sided, 10 sided, 6 sided and 4 sided dice.

20 sided die.

Anyway, the blogmaster of Bully the Bear told me about this site which is a must visit for die hard D&D fans. Go try it out for yourself: What Kind of D&D Character Would You Be?

In the fantasy world of AD&D, I played a Chaotic Good Human Cleric. In real life, it seems that I am a True Neutral Human Druid/Wizard (3rd/2nd Level).

Ability Scores:
Strength-10
Dexterity-9
Constitution-12
Intelligence-13
Wisdom-13
Charisma-13

Alignment:
True Neutral A true neutral character does what seems to be a good idea. He doesn't feel strongly one way or the other when it comes to good vs. evil or law vs. chaos. Most true neutral characters exhibit a lack of conviction or bias rather than a commitment to neutrality. Such a character thinks of good as better than evil after all, he would rather have good neighbors and rulers than evil ones. Still, he's not personally committed to upholding good in any abstract or universal way. Some true neutral characters, on the other hand, commit themselves philosophically to neutrality. They see good, evil, law, and chaos as prejudices and dangerous extremes. They advocate the middle way of neutrality as the best, most balanced road in the long run. True neutral is the best alignment you can be because it means you act naturally, without prejudice or compulsion. However, true neutral can be a dangerous alignment when it represents apathy, indifference, and a lack of conviction.

Race:
Humans are the most adaptable of the common races. Short generations and a penchant for migration and conquest have made them physically diverse as well. Humans are often unorthodox in their dress, sporting unusual hairstyles, fanciful clothes, tattoos, and the like.

Primary Class:
Druids gain power not by ruling nature but by being at one with it. They hate the unnatural, including aberrations or undead, and destroy them where possible. Druids receive divine spells from nature, not the gods, and can gain an array of powers as they gain experience, including the ability to take the shapes of animals. The weapons and armor of a druid are restricted by their traditional oaths, not simply training. A druid's Wisdom score should be high, as this determines the maximum spell level that they can cast.

Secondary Class:
Wizards are arcane spellcasters who depend on intensive study to create their magic. To wizards, magic is not a talent but a difficult, rewarding art. When they are prepared for battle, wizards can use their spells to devastating effect. When caught by surprise, they are vulnerable. The wizard's strength is her spells, everything else is secondary. She learns new spells as she experiments and grows in experience, and she can also learn them from other wizards. In addition, over time a wizard learns to manipulate her spells so they go farther, work better, or are improved in some other way. A wizard can call a familiar- a small, magical, animal companion that serves her. With a high Intelligence, wizards are capable of casting very high levels of spells.

Detailed Results:
Alignment:
Lawful Good ----- XXXXXXXXXXXXXXXXXXXXXXX (23)
Neutral Good ---- XXXXXXXXXXXXXXXXXXXXXXX (23)
Chaotic Good ---- XXXXXXXXXXXXXXXXXX (18)
Lawful Neutral -- XXXXXXXXXXXXXXXXXXXXXXXX (24)
True Neutral ---- XXXXXXXXXXXXXXXXXXXXXXXX (24)
Chaotic Neutral - XXXXXXXXXXXXXXXXXXX (19)
Lawful Evil ----- XXXXXXXXXXX (11)
Neutral Evil ---- XXXXXXXXXXX (11)
Chaotic Evil ---- XXXXXX (6)

Law & Chaos:
Law ----- XXXXXXXXXX (10)
Neutral - XXXXXXXXXX (10)
Chaos --- XXXXX (5)

Good & Evil:
Good ---- XXXXXXXXXXXXX (13)
Neutral - XXXXXXXXXXXXXX (14)
Evil ---- X (1)

Race:
Human ---- XXXXXXXXXXXXX (13)
Dwarf ---- XXXXXX (6)
Elf ------ XXXXXXXXXX (10)
Gnome ---- XXXXXXXX (8)
Halfling - XXXXXXXXXXXX (12)
Half-Elf - XXXXXXXXXXX (11)
Half-Orc - XXXX (4)

Class:
Barbarian - (-4)
Bard ------ (-8)
Cleric ---- (-2)
Druid ----- XXXX (4)
Fighter --- (-2)
Monk ------ (-17)
Paladin --- (-19)
Ranger ---- (0)
Rogue ----- (0)
Sorcerer -- XX (2)
Wizard ---- XXXX (4)

Article published in Yahoo! Finance Singapore (2).

Each one of us will have to find our own way to cross the Eastern Sea. As long as we get across safely, who can say we are wrong in our methods?

Another old blog post of mine has been edited and published in Yahoo! Finance Singapore.

Link here: http://sg.finance.yahoo.com/news/debt-always-bad-071329360--sector.html

The original blog post (unedited):
Good debt is always good?

For sure, my way is not the only way and, indeed, it could even be unsuitable for some. I have always said that there is room for diversity in this world. As long as people are taking action to improve their financial health in a legitimate and effective way, can we say that they are wrong? No but we could possibly say they are not doing enough which becomes more subjective an exercise.

I only find those who wallow in self pity and entrap themselves in holes of their own making, blaming everyone else for their problems, unforgiveable. Worse, they might find comfort in the company of their own kind, going in a downward spiral. Could they help themselves? Yes, I believe.

I like to help myself by keeping an open mind and listening to what others have to say before I draw my own conclusions about things although I cannot guarantee that my personal bias would not color my decisions. This is probably as good as it gets.

Still, dare I hope that the response to this article would be more positive and civil than the last one?

Related post:
Article published in Yahoo! Finance Singapore.

Yongnam: EXPIRY OF WARRANTS - W121214.

Warrant Holders are reminded that in accordance with the terms and conditions of the Warrants, the rights to subscribe for new ordinary shares in the capital of the Company (the "New Shares") comprised in the Warrants will expire at 5:00 p.m. on Friday, 14 December 2012, after which time, any subscription rights comprised in the Warrants which have not been exercised will lapse and the Warrants will cease to be valid for any purpose whatsoever.

Read the full notice: here.

I wonder if anyone would actually bother to go through with this.

See my blog post of 14 July 2012:
Yongnam: Worried about warrants?

See photos of Marina Bay Sands which Yongnam had a big part in building. Photos were taken during my recent "staycation":
Singapore: Marina Bay Sands.