Investing

green plant in clear glass vase

green plant in clear glass vase

cash wing: CPF WinG

counters in bold are held in higher proportions. as at Apr 19 2026.

History: A job security scare in 2023 led me to selling my small weekend condo and using the profits to begin investing. As I gained experience, i poured more cash into it. Finally, i activated CPF into the portfolio, which is now divided into two wings: Cash and CPF. as there are more restrictions on the use of CPF, investments there are heavily centred on the Amova ETF, which is one of the few that has no investment restrictions, and the highest dividend yield at over 5%. My overall dividend yield in 2025 was 6.9%.

personality: not every person has the right personality for investing. It requires discipline, objectivity and lots of courage. Before I make a purchase, I pour over reports and statistics before making a decision. I prefer to manage and make my own call, even as I am open to opinions. I did various personality tests and even had AI engines to check my bazi / astrology to complete a very elaborate self-evaluation exercise (don't laugh. hahaha). Those who are not willing to put in the work (its, ok), or comfortable to make the call should avoid investing. Those who are faint hearted or believe everything their 'friends' tell them should keep away too!

purpose: self reflecting before investing is a very critical exercise as it will determine the type and form which the investment will materialise. as a result of the job insecurity scare and my legacy plans, i am clear that i am investing largely for income. that led me to sg- reits and other dividend stocks. your purpose may lead you to other forms of investing such as capital investing and even property. Purpose gave me clarity in knowing what to give and take, which is essential in any investment exercise. I priortise stability and dividend returns over capital gains. It helps me to focus, especially when the market turns choppy.

alternative: You don't have to do it on your own. Go to a good bank and talk to a professional. let them do the work with you and for you. Of course they will charge a fair bit, but you get some freebies like miles or an exclusive credit card, and its way better than sitting on capital. Depending on a professional is also helpful when the investment amount is or becomes very large. They could have more advanced or exclusive investment vehicles that are not available on the open market. managing a few million on your own can be more than a full time job!

investing notebook

march 19 2026:

<the oddity of current interest rates>

One of the most useful subjects to investing that I learnt must be Macroeconomic, especially topics on money, interest rates, and monetary policy. When interest rates are set high, usually to curb inflation, it absorbs current liquidity and restricts new liquidity into the market. REITS, which runs on debt to fuel expansion, would be squeezed by higher borrowing costs, which in turn affects their performance. Retail buyers have other high interest rate vehicles to choose from, and demand slips, leading to prices falling. The opposite happens during a low interest cycle. When I began building my portfolio in 2023, I was in the second half of a high interest rate cycle, where Reits prices were depressed.

We are currently now in an odd cycle where the transition from high to lower interest rate cycle is affected by Mr Trump's trade wars and the current war in Iran, both pushing up costs and inflation, maintaining the higher interest rates which should have receded over 2025 into 2026. I managed to add some counters on the cheap during the first few days of the war. With time needed for higher fuel costs to work its way through the economy, I do not expect the Fed to bring down rates quickly even if the Iran War hopefully ends very soon. This means that 2026 might be one of the last period in a while where it is possible to build a portfolio on the cheap. For the more restrictive CPF wing, my attention is always on CFA.SI. I have put a top price limit of $0.85 on the counter. I would expect it to quickly exceed that when geopolitical matters calms. It has already breached $0.85 at the end of last year and gotten close to it just before the outbreak of the Iran War.

<unventured grounds: low interest rate cycle>

I am very lucky to have reached about two-thirds of my portfolio targeted size for retirement during this cycle. It is likely that the portfolio might reach about three-quarters before the market fully enters into a low interest rate cycle. I am sure that there will be counters to add but maintaining the same yields would be a challenge. in theory, a good course of action in a low interest rate environment is to deploy leverage. There are of course risks to that. But done sensibly, it might be a good time to pick up undervalued properties or refinance current leverage. Otherwise, over the very long term, low interest rate cycle could be a time to amass cash, placed in highly liquid vehicles such as saving bonds or accounts, awaiting deployment time. Investment requires discipline like a sports person: When to buy, how much to buy and when not to buy each occupies specific time and place in a tight script.

April 19 2026:

<The reverse Pivot>

Most people I know buy their first property before they invest. property is traditionally a store of wealth and guard against inflation. I don't dispute these roles of property in essence but they do come with caveats, sometimes serious ones. As someone driven by circumstances to invest, 'losing' my property in 2023 has resulted in a perpetual missing arm, not so much financially, but int he form of personal agency. of course I know that letting go in 2023 was the right thing to do: I needed the funds, and the property was not a suitable place to see to my retirement and end life. I had bought it when it was launched in 2012. I was only 34 then. The portfolio is returning dividends about 80% of my net monthly pay, and way more than my usual expenses (including the car), so I shouldn't have anything to complain about. But the CPF Wing remains inaccessible until I turn 55 in 2033.

So while I am waiting, I am now eyeing a new suitable place for my post retirement life, and that place should be launched next year. Beyond the down payment, I intend to let CPF Wing bear the mortgage, while The cash wing can continue to accumulate. As the war in the middle east comes to an end, we continue our shaky progress towards the lower interest rate cycle. That could coincide with the use of leverage. The growth of the portfolio will slow down as I execute a reverse pivot back to property.

Because beyond the numbers, life is also about living gently, with ourselves.