How to Invest in the Stock Market in 2026 with Boon Tee

[snorts] All right, welcome everybody to the first live stream of the year from Honey Money SG and today I am live with Bunti and I'm sure some of you already know

Bunty from his channel. Um if not you also know him from backholder pot. He's

also one of the host that is very active on investing and I shall let Bunty um introduce himself for the great new year of 2026. Happy new year By. How are you

of 2026. Happy new year By. How are you doing?

Happy new year, Chris. Uh, and happy new year to everyone here. Actually, how

many people here? I can't I can't see.

[laughter] >> Yeah, me sometime. But yeah,

>> so yes, just uh quick intro. So, my name is Puntis. Um, I'm working full-time.

is Puntis. Um, I'm working full-time.

So, I think in one of the interview when I was asked to introduce myself uh and I said that okay from financial and then people tend to say that okay, bunty is uh already fired. So I want to clarify

that actually I don't really call myself as already somewhat already fired. So

I'm still working full-time saving investing but I like to do sharing on my YouTube channel on beholder port really enjoy discussion related to investing

personal finance uh maybe not so much on stuff that Chris covered for example like credit card stuff I totally like clueless on on those areas. So, so I think in terms of the topic coverage

with with my topic and your topics didn't overlap that much but but really uh enjoy this kind of like topics discussion.

>> Very nice. And and what I like about monty is um fun fact I actually watch bunty before I even started YouTube.

>> So bonty is considered my senior in YouTube.

>> Really?

>> Yeah. Yeah. Yeah. That is shocking right because I I start like quite long already but actually bunty started earlier than me you know and the reason why why is because like I my investment knowledge is not that high level I do

very basic stuff that's why I so look to learn from people who are stronger in this kind of aspect just like bunty he may not be so familiar with the credit card stuff that's where I come in right so everyone has their own level of

expertise and meanwhile just say hi to the audience hey JJ you're online JJ next time I must get you on JJ okay hi Happy new year Jet 6. All right. So

yeah, very happy to have all of you here. It's a new year and I know yeah

here. It's a new year and I know yeah today market not open but we are here to make it happen. All right. So I think today's discussion is really focused on stock stock investing right because

recently I just watched a video from Bundy's channel. Yeah I promote him a

Bundy's channel. Yeah I promote him a bit because he just published his portfolio returns for 2025. Very

impressive, right? Just crossed like um seven figures. Yall can go and watch the

seven figures. Yall can go and watch the channel. I I I won't I won't spoil it

channel. I I I won't I won't spoil it but I really want to know right bundy because I am a very different investment approach from you and from what I watch

in the video right um I I think you are quite a familiar person with stock picking right stock picking and I'm more prominent in index funds okay and I

think it is very important in this day and age that people are you know kind of undecided especially when they start investing should they really go index funds or should they go stop picking.

Okay. I I'll let you set up your argument first because like maybe you share with us your journey like how did you get started on investing then how it progressed to where you are right now.

I think okay let me talk about my journey first because I think when I started investing which is quite long ago actually before I set up all these IBKR and then invest in let's say like

US stocks right I invested in Singapore stocks even when I was in Malaysia working I also started investing in Malaysia stocks so for for Singapore and

Malaysia these two markets right uh I think most people who say that they are investing they don't really buy ETF because ETF back then wasn't that popular. I think most people they say

popular. I think most people they say okay I invest in stocks means that you buy stocks. So that how you choose your

buy stocks. So that how you choose your stocks is like everyone do their own thing. I think that is the like let's

thing. I think that is the like let's say if you survey someone who invested longer than 10 years right I think that that is the default answer. So let's say I I started working I I started working

2009 so already started investing. So

really it comes naturally like I will just pick stocks because like we we got no options like I don't know like US stocks exist. I don't know how to open

stocks exist. I don't know how to open US account. That was the time around

US account. That was the time around let's say like 2009 to let's say early 20110 2010s. So that that was how I get

20110 2010s. So that that was how I get started. Uh but if you ask me now let's

started. Uh but if you ask me now let's say if someone who is new let's say you are 25 years old you just graduated you have money you want to invest you you save and invest right? I mean standing from personal finance point of view of

course I think the easy answer is that don't don't stop pick you should just index I think that is a lot easier because you don't have to deal with a lot of difficult things to learn for

example like how to um how to learn about uh analyzing stocks this kind of things is not that easy you know because someone who is totally new they just like okay financial statements I also don't know how to read you ask me to

study then I will just like find too difficult then I will delay the the entire process. I think that that will

entire process. I think that that will be the risk if you say okay you have to start from stock picking. So I would say that from personal finance point of view right you should start indexing that

that's my view >> indexing. Yeah, I I have I have actually

>> indexing. Yeah, I I have I have actually when when I started my IBKR portfolio, right? I also started with ETF like

right? I also started with ETF like heavy ETF portfolio, it just like one stock I got headway that is like very small proportion. uh it's just that I I

small proportion. uh it's just that I I can also argue the other way around like like why someone should not 100% indexing because I think if you just

100% indexing right there's something that uh you don't gain which is the knowledge of the market because I personally feel right let's say for someone who is just like indexing then

your your your engagement with the market right there's only one thing right because you're already indexing you don't have to do individual stock analysis basically what you have to If you are interested with what happened to

the market then you just read financial news right that that's the just a like a easier way for you to to understand what happened say say for example let's say entire market your index right down by

10% 15%. you also curious you like okay

10% 15%. you also curious you like okay why why these things happen then you check financial news but I I find that let's say if you just uh understand the market through all these financial news

right you you don't uh you don't learn the deep stuff because I think in order to understand the big market right you have to go down to companies level then

when you understand things what what is happening at the individual companies level right then you have better appreciations of what's happening uh throughout the entire economies because you have something like uh uh in-depth

knowledge on certain companies and from there you can triangulate so so I think the learning part is that once you go into individual stocks right it's like your your learning space become like so

much bigger >> you basically can learn about the company the business model u from there you can learn about the economies so and so forth there's a lot of things to learns when you go into got in into that

uh individual company's level but if you stay at high level right everything is like okay package really every time you look at it's just a basket, right? Then

I think it's just like not many things that you can learn from there, you know.

>> Okay. [laughter]

>> Yeah.

>> Yeah. I I mean that's that that's an interesting take because I have you know like first year after I started investing I got into my full-time job.

Then they have this employee share purchase plan, right? So that's where [clears throat] you contribute a little bit of your salary and then you get to purchase your company stock at a discount >> and that's where actually you start to

once you have the money the skin in the game that's where you actually start to listen to what your CEO is trying to say the earnings transcript all that and since you your work is really part of it >> you kind of understand the different

functions of the business and that's where I kind of get started or got started with stock picking >> or because it's my it's my company stock education so So it's like forced to do

stock picking right and you you know the thing is that I studied accounting before and we learn how to do uh read up financial statements and analyze all that but sometimes you you just realize

that hey you really don't have an interest in this and I believe that a lot of people who have not done any financial um education or you know uh professional qualification they may not

also be uh interested in all these financial news as well. So like like bunt you're very interested like what got you so interested in investing because I myself has financial

background but I'm I'm okay only like I'm I wouldn't say like I will go and read all the financial statements like okay I'll read some of it those that interest me but it really takes a bit

like a lot of effort to go through so many company reports right because it may sound very foreign to you.

Yeah actually when it comes to financial statements all these things right actually my knowledge is also quite surface only I I don't really have like a accounting degree I don't know how to prepare all these financial statements

so so to me it's also very kind of like surface uh knowledge the part that I enjoy most is not reading financial statement is not reading about like you know the from the revenue how you derive

gross profit and then how you derive free cash flow those those are the stuff that yes sometimes we really need to know uh But that's not something that I'm passionate about. I I'm more passionate about the business model part,

>> right?

>> So yeah, business model is like how the company make monies, right? How how they grow, how they make monies. Say say for example, let's say like just watching the movie uh the social network, right?

The movie that talk about Facebook. So

you also have Have you watched that movie before?

>> No.

>> It's quite a quite a great film. So it's

quite old already. I think that that firm is quite quite a number of years ago. So that that that firm basically

ago. So that that that firm basically talk about Mark Zuckerberg in university how he started his um you know Facebook and then when Facebook they just grow

the user then they still talk about like how how can they monetize so so it's like you you look at it not from like individual person like the founder but

as the business how they grow how they attract user the the the mode that kick in once you have the flywheel right because more user uh attract more users to the social platforms. This kind of

thing is like if you see it from the business model perspective I find it very interesting. So actually that's the

very interesting. So actually that's the part that I I like to study a lot. The

the other the other companies that I can mention is that uh I think in my initial years of like doing individual stock investment I invest in Apple and you know most people they engage with a

brand with a company with a product is like you are the user. You don't see it from the point of view of the company and the shareholder. And then as you read the the story of how Steve Jobs

started the company, what are they focusing on? And then all all those

focusing on? And then all all those stories come together with the business itself, right? Like why so many people

itself, right? Like why so many people they are so know uh like support Apple so much so passionate about the brand and so on, right? So I think the the business model part is quite interesting

like how they built the iOS uh ecosystem and so on. So, so those are the part that I I think is very interesting because when you look at things from business uh model perspective, right?

Every companies is different like how they position what segment that they try to target and then uh the company even if you follow one company it's not like

one company one product stay on for many many years right they they also pivot because say for example before uh internet and after internet they might have to pivot now before AI to after AI some companies will have to pivot right

so these are things I think is very very interesting like look at their competitions yeah >> I I remember I watched a movie on McDonald's like how he started.

>> Yeah, that one is also quite good.

>> I really like the movie right how he even originated and it's not even an original idea. He just stole the

original idea. He just stole the business great crop.

>> Yeah.

>> Impressive.

>> Yeah. And he started quite late, right?

I think he's in don't know what 50 or 60s, right? He's not young.

60s, right? He's not young.

>> He was not doing well in life. Then he

just upon an opportunity and he just >> leveraged the hell out of it.

>> Yeah. But the McDonald is another good example, right? Because I think this one

example, right? Because I think this one is already many people talk about it already. They say that oh you thought

already. They say that oh you thought that McDonald the business model is selling burgers uh French fries but actually it's not right their business model is actually real estate. So I

think that that was also covered by the firm which I think is quite interesting all these things.

>> If you only engage from a consumer perspective you you only see one part of the company you you need to see from the other part which is the owner part the management part. So then then you get a

management part. So then then you get a fuller story right and al also at the same time we are still engaging with them from user perspective like for example I use the phone iPhone then you also like you are what you are their

customers right then you get to feel like the tradeoff that they made uh the you know like their strategy so all these things I think is quite interesting

>> w can really hear the passion from bunty when he explain all this stuff because I know that when sometimes I read all this I may get turned off a But different [laughter] people have different

interests, right? Like if I read credit

interests, right? Like if I read credit card, if I read CPF, if I read SRS, all that won't bore me. But maybe [laughter] >> haven't started already. Stop really.

>> Yeah. Because because it's really quite boring government stuff and then it's always the same. It's just that sometimes they have to change the way they present and then budget 2026 is coming up. That's why I get busy and and

coming up. That's why I get busy and and see how it benefit my audience and explain in a simple way. And that's

exactly what Bonti does in his channel and why why I like watching him now because all these news and all these um stories all these models they are sometimes may be quite difficult to comprehend for normal people. Yeah.

>> But true content creators we kind of like digest all the information and then we present to you in a simple way that people can understand. I think that's where the value is.

>> Yeah. And yeah, speaking of that, right, are there people who really are should not go into stock picking like they should just 100% go index funds because it's definitely not for everyone on stock picking. What was your view on

stock picking. What was your view on that?

>> I would say that let's say out of 10 people right maybe only at most one or two people they they are suitable to do this countings. I I would say that 80%

this countings. I I would say that 80% of the population, right? they should

just do indexing and then the purpose of the indexing is that you get the exposure to like broad-based uh broadbased market right like let's say the entire global stock markets going up

over a long period of time then you get to enjoy then you just participate and and imagine I think the the the the point of like doing indexing is very simple right you just tell people that

okay you imagine that you just don't have to spend a lot of effort like essentially it's like zero effort right you do the uh automatic transfer to your brokerage account and then just

automatic buy right and you are getting average result out of like so many professional investors right so you you are you know it is structured such uh such that you are getting the market

returns I think this is quite unique is like these kind of things only appear in investing because let's say imagine that I go and play sport right play right

imagine I day one uh like enter the tournament then now I'm at the media already. Yeah. Impossible, right? I I

already. Yeah. Impossible, right? I I

will be the last. It's like the last whatever that I get into. Let's say I start learning about cooking, right? I I

enjoy enjoy the game to learn about cooking. I'm the last already. All these

cooking. I'm the last already. All these

games, right? It's like in terms of the result, you are getting the last. Only

when it comes to investing because ETF exist, you just buy the entire market then you get the average market returns, right? I think that why it's like it's a

right? I think that why it's like it's a steal, you know? So I I think for most people from personal finance perspective you should start with that and you shouldn't wait uh like the best time to invest is always like 10 years ago right

second best time is today right so you should start early I think that one is very clear it's just that there are small group people who are very passionate about this kind of things like we talked about and then they they

just you know enjoy doing that so as long as you don't concentrate too much so that you do a lot of work then still underperform then that that's fine right that's why I advise let's say even if If you enjoy stock picking, right, you

should still have a portions of your money in uh ETF. So that because we don't know one, you thought that you are so good at at stock picking, right? It's

very possible that you underperform and all this is backed by studies. It's like

you when even if you know how to do individual stock investing, even you do the right thing, right? There's still

good chance that you underperform. Not

to not to say that you you sucks at picking stocks. It's more like uh we are

picking stocks. It's more like uh we are in terms of how much time that we can spend on uh analyzing stocks right because just in Singapore's stock market I think there's maybe around 6 or 700

companies just Singapore you know and then when you talk about the entire uh global right probably there's about like 10,000 companies you you don't have time

to to spend to study 1% of the companies because out of 10,000 1% is what uh 10 10,000 is like 100 companies For for me it's like to study to follow

20 companies is already like too much.

So So that's why when you underperform it's not about like you pick the wrong stocks. It's more about like there's one

stocks. It's more about like there's one stock or or five stocks out there that just outperform so many other companies and then you just overlook like you

didn't cover that that area. So you just miss it and and by just missing that right then you you are you know like underperform. So it's not like you do

underperform. So it's not like you do the wrong things you know. So that's why I think just just do the passive ETF. I

think that's still the right things to do and and that's still my default advice when when I have these kind of conversations with friends and and let's say my audience.

>> Yeah. And I just want to point out there because when you just start out investing right maybe you don't even know what is suitable to you and then you kind of try either indexing or you try to do stock picking >> at one point in time you will realize

that there is one that is more suitable for you. So you will need to try out

for you. So you will need to try out okay you try maybe half and half you see which one suits your temperament better and we always say right behavior and emotions and your heart matter more than

the brain and whatever you think you are good in the theory because when the real crash comes right when the tide goes away you will see >> who is swimming naked that that is a famous thing in investments

>> okay and and with that right I also want to move on to the second point on dollar cost average versus fresh buying because I think I think we are currently still in a boom market and

>> this crash buying phenomenon is getting louder and louder because I remember back in our times right 2022 when the market was so bad and so poor every day is bad news on nobody is talking about

crash buying everyone is talking about survival high interest rate how to secure a job in the layoff right then now we start to see all this crash buying stuff coming up and this CA is

getting less and less sexy because this year is very generic advice which which works for a lot of people but crash buying crash buying sounds very exciting

like you are trying to you know like you can win other people in that okay so I want to ask bunt like what what is your approach towards your investing framework do you support or I would say

support do you practice more of crash buying or do you practice more of DCA and why okay I I would say that from for most people right by default right uh it

will be DCA uh not so much about like which is better it's more most of us I mean maybe it's like 0.1% of the people investing is like suddenly you got an inheritance and then you

suddenly got let's say like few hundred thousands you need to deploy right then you need to think about like should I DCA or should I uh like you know just uh straight away buy one off or should I

wait for crash right but most of us we are working and then we are saving and then our we deploy our saving into investment right so if if you just

follow your cash flow right you you have saving and then you deploy you have saving you deploy the natural way to invest is DCA not not to say that you have to invest in uh like a fixed amount

every month it's more like you gradually get into the market okay so I would say that that is the natural way to start and I would argue that that is the right way to do it I I think there are many

benefits of like doing DCA first thing is that when you do DCA and I think the best way to to carry out that is to use some sort some sort of like platforms that they will automate for you so that

you can just look away and let the whole thing automate right then you don't have don't have to look at the market at all right you just like whole things is automate and then you don't have to look at the market so so you are not getting

emotional for the money that you just deployed because I think psychologically speaking I think for those especially for those who are new right they invest it can be very small amount let's say

like $1,000 yeah like you just put that $1,000 into the market right then the next day you keep checking your your investment and that $1,000 let's say just dropped to 970

right then you are like w I lost money already and that kind of like like you know check feeling right it's not about how much is the amount it's more like you have this anchor because you

anchor to the amount that you put in $1,000 I put in I lost $30 $30 still pain so if you do all this DCA automate away then you don't have to suffer this

kind of like emotional kind of like damage to to your uh well-being. You can

just let it run on itself, right? So, I

think this is the the good part about BCA. It comes natural and then you don't

BCA. It comes natural and then you don't have to make yourself feel bad because of the timing. And then let's say if the market comes down and then you can tell yourself it's better because now with

the same amount of money, I can buy more units. Say for example, let's say you

units. Say for example, let's say you buy some S&P 500 ETF, right? Then you

can you say, okay, now I buy more, right? If the share price comes comes

right? If the share price comes comes down. So I think there are many benefits

down. So I think there are many benefits and that's why I say that is the recommended way to invest. So two things wrong one is that just index second thing is DCA.

>> Okay. [snorts] But what is the recommended your way? [laughter]

>> So then then talk about my way right actually my way I would say that it doesn't really matter that much because when because my portfolio is already

quite uh decent amount already. So if

you look at my DCA amount right, it's very small relative to my portfolio. So

whether I'm DCA or whether I'm like wait for crash right it it won't affect that much because the exposure is there already. Basically whatever market

already. Basically whatever market returns is right then that's my P&L. So

so it doesn't matter that much for me but I would say that for those who say okay let's wait for market crash then I buy right there's also some benefits of

doing that. So I I like I said sometime

doing that. So I I like I said sometime some sometimes it's like the DCA versus the um like like should you invest one off right sometimes it's like the the right answer is not the extreme end is

it's more like you need to have a balanced approach right so the DCA part yes you should do that regardless that one I think if as long as you are saving then you should continue to do it right

but you also need to keep some money to deploy during crashes why because if you already have some money allocate ated somewhere right and you tell yourself

that okay I'm going to deploy this money when market experience some sort of draw down right then this kind of draw down is like every once every year you will experience something

one like small one it will be like 10 15% bigger one will be like 20 30 plus percents kind of drop right this is very normal it will happen almost every year it will happen right when it happen right then your focus right it's more

like oh wow okay now I get to deploy this amount of money so when when that happen you kind of like psycho yourself to tell yourself that I need to focus about buying because when you are not

focused about buying right actually when market drop like you you will be distracted to focus on like what should I manage the risk uh should I hedge should I uh sell a bit and then wait it

drop a a little bit more then buy back you you will be distracted by this kind of things but you already have the money then then now your focus is more like just focus on the buying right and that

help you stay invested on the part that is like the DCA part.

>> So it's more like uh uh emotional kind of like management not so much about like you know quantitatively which is better because quantitatively speaking

DCA uh is definitely better like you don't keep so much money uh aside as the dry powder because all this cash that you set aside right to say okay I'm going to save cash and then I deploy

when market experience draw down right that cash right actually will create a lot of drag to your portfolio. Let's say

let's say if you say okay I keep um like 90% still invested 5 to 10% in cash I think that's fine that that is like you won't have a big problem but let's say this amount of cash right you say okay I

am going to wait for 30% draw down and then that 30% draw down never come for two or three years suddenly that 10% become 40% become 60% then that drag right can be very serious one you know

so and you will have better appreciation of these kind of things when you are investing for like longer if you ask around right Let's say our audience here watching right if you have friends uh

who is like investing for like let's say like more than 5 years you you can survey like what what is the cash percentage that is like putting in bond

or like fixedd uh like waiting for market crash then only start to invest right you can ask I'm sure all of us right will have friends who have like

don't know 70 80 90% invested in fixed income because they they were waiting for crash maybe 5 years ago you know 7 years ago but market just just keep on rallying then very hard for them to

deploy because they they say for example when S&P 500 was 4,000 you didn't invest now it's as it's is like much higher it's very hard for you to convince yourself to to deploy now so they they

kind of like stuck into those cash and then become like a 80 90% uh cash allocation right then then your entire portfolio your entire personal finance kind of like you know screw up ready so

I I think that that is something to watch out for for those who say, "Oh, I want to wait for market crash."

>> Yeah.

>> But here's here's the thing, right?

Because I you and I have been in Telegram groups and YouTube for quite some while. So here's the thing I always

some while. So here's the thing I always noticed. So um as we are right now

noticed. So um as we are right now approaching alltime high in the market or we have already hit alltime high. So

people would say that markets are too overvalued. So they waiting for an

overvalued. So they waiting for an opportunity to go in and when the opportunity comes maybe like a 10% drop which may be quite quite severe to some people already >> and then they say this is not the end

yet so they'll keep waiting waiting yeah >> and then it comes right 20% maybe liberation day 20%. They say this is not the end. Then okay then bounce back 15

the end. Then okay then bounce back 15 become from negative 20 become negative 15 or this is a cap bounce you will drop again >> this is [clears throat] then then after

that run >> run back to positive that that's exactly what happened in liberation day so then they will become >> hey I miss ready I wait for the next

crash so what what what do you think of this kind of psychology because because I will feel that if you never even dip your toes or never even started a position you are in this constant cycle

of trash chasing I would feel that it it is very difficult to break out this cycle. So bunty how how do you think we

cycle. So bunty how how do you think we should assess this situation >> of you know always thinking about market's alltime high then I shouldn't enter. Yeah, I think the the easy way is

enter. Yeah, I think the the easy way is just to stay invested and and let's say if you have DCA, you just continue to DCA, right? Then you you don't have to

DCA, right? Then you you don't have to worry about all these crash buying because if you look at market, right, especially over short-term, we're talking about like weeks and months, right? If you study the dynamics of the

right? If you study the dynamics of the market, right? It's very interesting

market, right? It's very interesting actually uh market over short term, right? They exhibit [laughter] this kind

right? They exhibit [laughter] this kind of like momentum behavior. M

>> momentum means that if the market is going down right most likely it will continue to go down and then when it is going up right it will most likely it will tend to continue to go up and and

because of that right that's why market is very volatile on the way down and on the way up so let's say like the example that you just given right let's say market just you know for whatever reason

just dropped like 10 or or 12% right I would say that if you at that snapshot you ask me like what what do you think do you think that now we already dropped drop 12% do you think we will rebound here or do you think that we will go

down if that happen I will tell you that it will likely continue to go down because of momentum effect right that's why very hard to time it usually those kind of drop is very sharp and then when it rebound back also like kind of like

very sharp one and you the problem is that you don't know which point they will start to rebound right so there's many many questions that very very hard to navigate this kind of things if you

talk is easy but to to to execute is the hardest part and that's why I would say that it's fun to do this kind of like timing. It's fun. I I'll admit that

timing. It's fun. I I'll admit that right let's say you already have regardless of your portfolio size let's say you have 100k 200k doesn't matter right if if you have that money set

aside let's say 500k and then you have your like 80k sitting around as cash dry powder ready to deploy right I I think it's fun to do this kind of like timing

and if you really caught the bottom I mean then then you can like very short tell people that I caught the bottom I I think that one to to play a bit on these kind of things I I think it's it's fine

not to say this kind of is is wrong investment because that 80k cash sitting aside you tell yourself that you are going to deploy when market experience draw down and then market experience draw down then you invest to me that is

just like part of your strategy so so I think that that's fine but to execute it well right you need to you know better to write it down say for example you you say okay draw down how many% I I will

deploy 10,000 draw down how many% I deploy 10,000 or or you can set some you know like those good uh good kill cancel GTC order right you can you can set that kind of order so that it will

automatically trigger if you if you hit that threshold I think that is also like good way to execute it but that is that should be like small percentage of your

portfolio like the the 80% or 90% of portfolio should be something that is like automatic and then just stay invested don't touch long-term investing because my my channel right I always talk about like you know stay invested

just stay invested don't don't have to do this kind of like wow market time in and out in out because other part right staying invested everybody itchy finger >> yeah you can have itchy finger yeah you

but keep it small I think that that's the thing >> yeah okay yeah I I remember in your TFC episode the podcast right you >> uh you were asked about USD

dollarization and also the the falling devaluation of USD like because [clears throat] >> we we are both US market majority investors and people will keep asking us

What if the USD one day pair with SGD one is to one one and then you lose all the USD value and all that stuff. I

think people have a misconception or maybe there's a little bit of misinformation of how this US dollar kind of crisis is to them, right? The

impact. Maybe maybe walk us through like your your thoughts on this USD dollarization and devaluation thing. H I

think people are worried about USD because this year US dollar versus sing dollar dropped by about I think 6% right so for those who invest in US market and

then you let's say let's say S&P give you let's call it like what 18% right then you have to minus that 6% when when your portfolio is

S&P 500 was 17% YTD right >> my exact return is only 11% in terms so that I underperformed the market in the sense because of USD depreciation. Yeah.

Carry on.

>> Yeah. So that that is like you look at one year like every every one year you look at these kind of things right a currency exchange right definitely affect our returns. And just to give you

some idea right let's let's say we talk about like S&P 500 I forgot let's say the volatility is about 16 18%s right then the currency roughly speaking right is about half of that. So let's call it

like 9%, right? It's still very high because if you look at let's say like if you park your money in some money market funds or short uh short-term bond funds, your volatility is not going to be like

this kind of volatility. So FX

volatility is quite high one and then like 2025 is a year when US dollar really take a hit partly also because of the liberation announcement and then

there's uh all these fiscal issues. So,

so the US when when you talk about the fiscal definitely they have their challenges right. So that's why market

challenges right. So that's why market or let's say um basically the entire market is kind of like worried about us that's why we have this kind of

devaluations. So I think that is like

devaluations. So I think that is like quite kind of like have a sizable impact if you look at it on year-on-year basis.

But if you study all these uh currencies right and any pair like it could be like US dollar versus euro, euro versus Japanese yen versus R&B versus sing

versus ringit everything. You just look at all these pair right unlikely you will see that the currency just go in one direction for many many years. One

usually they will uh mean revert. So we

we can see like 2026 will US dollar continue to depreciate against sing dollar right I think most likely I I won't say that the mean revert will come the next year but but you won't see that

okay continuously uh kind of like experienced this kind of like bad performance for US dollar the reason is very simple because if I understand like all this the relationship between all

these currencies right last time right US dollar they are pack to go right and then after that they depack after depack uh it's not like every currencies they do their own thing. It's not like that

one. Actually, most currencies in the

one. Actually, most currencies in the world, right? They are managed against

world, right? They are managed against US dollar. Okay. For Singapore, I think

US dollar. Okay. For Singapore, I think Singapore is a bit unique because Singapore uh uh Singapore dollars is managed against a basket of currencies and then that basket is not known. But I

think uh the market has they have some idea on what's inside. Say for example, I think US dollar is also quite a big one. R&B also quite big one because of

one. R&B also quite big one because of the trade uh volume sorry trade amount.

So but if imagine that USD is like the dominant currency the other currency they all pack to USD not not like a explicit pack it's more like they are all affected because US dollar is still

the the trade currencies right so so they will be impacted one so say for example let's say one one country they um their foreign exchange reserve is

mainly in US dollar that's how they support their own currency right that means their their currency itself also depends on US dollar to certain extent right so so then when Singapore basket

of currencies contain this kind of like currencies they all go back to US dollar again that's why it's very unlikely to to say for example US dollar versus sing

dollar they they experience say for example like 6% devaluations on average over the next let's say like 10 years I I don't expect that when you talk about like 2% I think that's quite normal because that is just if you look at the

interest rate differential it work out to be like let's pay two to 3%. So the

2% deviations against sing dollar you should expect that you should put that in in your assumption. But if you say okay are we going to experience this kind of like 6% every year for the next

10 years I I don't think so just because like you know our currency also you know the strength also depends on US dollar.

So, so that's like there like a circular loop there, you know. So, that's why you don't have to worry too much about that now. And, and I would say that instead

now. And, and I would say that instead of worrying too much about the all this uh currency, right, like specifically talking about USD versus Sing dollar, right? You should ask yourself if you

right? You should ask yourself if you are worried about USD devaluations because USD devaluations this topic right is actually linked to inflation because devaluations means that okay,

they have their fiscal problem now. They

have to print more money to serve their interest interest cost and then their fiscal is harder to support. They have

to issue more bonds. What happen is that this money expansions will continue. As

money expansion continue more than the productivity right then you will have inflation. Then your you the question

inflation. Then your you the question that you need to ask yourself is that if I want to hedge against all this right which asset class I should invest. Okay.

I think that is a much better questions instead of like thinking oh if I invest in US stocks I need to worry about the US currency actually that is not something that you should worried about

over the long period of time. So then

which curren which asset class to invest right to keep it very simple just invest in real assets very simple assets.

>> Uh real assets could be like stocks it could be real estate it could be commodities this kind of like real real assets.

>> Yeah.

>> Okay. what is not real assets. For

example, your money market funds is not real assets because this is really tied to the fiat the the the strength of the currency, right? Because let's say if

currency, right? Because let's say if you put your money in money market funds earn 2% and then inflation is 4% then you actually lose 2%, right? So, so if you invest in all these like fixed

income um like uh fixed fixed deposit money market funds it it is safe in in the sense of like on nominal basis you

are protected but over long period of time if inflation stay high then really will screw up on so so I think that that's the the way to get out of that

not so much about like okay I should invest in S Singapore stocks because I am scared of USD devaluations I think that is like you you focus on the wrong thing. Yeah. And many people they they

thing. Yeah. And many people they they are misinformed on on this this this topics. Yeah.

topics. Yeah.

>> Yeah. I I need to rewatch this because say a lot already but I can only absorb so much when the live later I'll watch back this recording and try to digest what he say. But but I really appreciate his sharing you know because he can

really talk very deep into these topics.

So my my other question on this USD is that because in the past when people invest in S&P 500 is mainly US companies with a US market, US denominated revenue

but now the the top companies in S&P 500 it is quite different really. They are

global markets. So they sell a lot of their products and services outside of US which also means that the foreign currency also has impact to them. Right?

So if you sell it higher in Chinese yen or sing dollars converts back to SGD that is also another >> another kind of foreign currency impact.

So a lot of people they may be um misinformed or mis misconception that US companies can only sell to US domestic market >> and unless you have been working at MNC

right then then you kind of realize hey even all those headquarter in US companies they are so diversifying their revenues outside of US and in fact outside of the world. So it is very different from what people tend to

assume that S&P 500 means only US domestic market and anything outside of US >> is not S&P 500.

>> Yeah, it's also very interesting to me.

But >> yeah, what are your thoughts about globalization and also a changing world order? Your thoughts on that?

order? Your thoughts on that?

>> Yeah, on this >> on this topic about the all these US companies deriving revenue outside of US, right? I think that's also the

US, right? I think that's also the reason why you know when people talk about market is overvalued they they quote this uh buffer indicators right so

buffer indicators is basically the total market cap uh of US companies divided by the GDP of US basically US country GDP

and and because because the market cap depends on the valuations of these company and many of these companies they sell to global they sell everywhere right say for example or like Meta they

also derive u revenues from the entire world and then Apple also sell to us.

Basically anything that we can spend on which is US companies that that one actually is the revenue they derive from Singapore right and and when they can sell to Singapore likely they also sell to other countries as well. So that's

why this but buffer indicator I think is somewhat uh not so useful anymore because your numerator and your denominators they are measuring different thing because when when they

sell let's say for example Apple sell iPhone to uh buyer in Singapore right they don't record that as a GDP for US but that earnings and the multiple actually is recorded in Apple market cap

right so that's why I think that's also one reason when when you look at market indicator is kind of like going upwards so much then everyone say that market is overvalued but I I I I think that

indicator is kind of like overstating the the market valuations. So so okay that that's on the on the globalizations uh part. So, so I think yeah, I think

uh part. So, so I think yeah, I think that's the things right if you invest in many of these US companies actually you already get some sort of diversification

uh because of the revenue generating uh globally but I think the other things which is still US- ccentric is that let's say if you invest in S&P 500 all

these companies they are headquarter or or they are based in US uh based in US right meaning that in terms of the rule of law they are subject to US

regulations accounting is US accounting so there's still the US- ccentric part that you you can't get away and sometimes this kind of things is like that there's good and bad to it so let's focus on the good one first okay the

good one I would say that for US companies right when it comes to disclosure they are a lot better as compared to many other countries >> so let's say like the financial reporting the stuff that they need to

file to SEC I think there's a lot of disclosure that is very useful there's That's why I think there are many people who who once they go into US market they don't like to get out already to to them it's like okay I know how to operate I

know how to read all this SEC disclosure but for some other uh countries they they just don't know how to navigate so so I have friends like that they just focus on one one uh country I I think

let's say if you talk about China similar things so China companies let's say like listed in Hong Kong they also have their own you know like accounting their own rules regulations so for those

who know how to navigate they they they know but you know there are things that will be like country specific because they subject to different rules

>> right interestingly yeah because some I I don't think that deep one [laughter] that's why I don't need to learn from expert like you or professional like you okay yeah okay I I think we we move on

to Q&A thank you for sharing first we move on to Q&A because I think the audience may have some uh very spicy questions for us >> wow come come >> okay I answer this one first I got

promote for SRS account. Uh I think have have later I send in my group chat.

Okay. I think now it's a new year already. For those of you who last

already. For those of you who last December they contribute SRS, this year they also want to contribute SRS. Yeah,

I'll do more SRS content because people they put in SRS but they also don't know where to invest. So it's not a form of recommendation but it's more of like okay you know what your options are.

Speaking of that, do you do you contribute and invest your SRS? Yeah,

actually I just wanted to ask you where where do you invest uh your SRS money?

>> Okay, so I've been quite transparent about this, right? I'm currently

investing through poems because poems have the Monday funds then they don't have the management fee, platform fee and sales charge and all. So yeah, that that is my main portfolio but I'm

currently also exploring another option with sesway ETF explorer that's a new new boy. So, and people may have some,

new boy. So, and people may have some, you know, last time stash away got some bad story. I'm sure you know about it.

bad story. I'm sure you know about it.

So, I also want to go and go and research on that the product and the offering and then once I have a better idea on it, then yeah, I will do a video to update that way.

>> Yep. Then my turn to answer. Yes, I I have uh SRS and then my SRS is with endow but by the way not sponsor and I know that there are some people who told

me that if you compare endows versus uh let's say like po poems right SRS got platform fee so let's say endows if you are watching you have to do something about it if not you're going to lose me

as your customers [laughter] already but I'm kind of videos of that >> watch it sometimes I actually know these kind of things right I it's not like I

am totally ignorant it's just that sometimes you know we have inertia like I don't like to keep switching my money around once I set out already I just leave it let it run it's not a big

portfolio for my SRS it's not all of my SRS because some of my SRS is still in T bill so I I still roll a bit in T bills so and a portion is in uh and I was

investing in S&P 500 so so uh yeah so if they don't they have to do something about it if not I will seriously consider >> [laughter] >> to s up shop. Yeah,

>> I I know what they are doing about it but I cannot share here.

>> Okay, >> good.

>> Okay, that's the best thing, right?

>> No cash.

>> Ah, sorry. Sorry. Can you repeat again?

>> Uh the question are you 100% in equities with no bonds and no cash?

>> No, not not 100%. Actually, I mentioned to my audience that I started to save a bit of cash. I mentioned that for I think longer than a year already. In

fact, I have been building my cash used to be really 0% no cash. Used to be on margin some.

>> Yeah. On margin [laughter] before.

>> Yes. Yes. So that was I think 2022 I I think I was still on leverage. But then

after that since the interest rate went up, right? I cut that leverage down to

up, right? I cut that leverage down to zero. No leverage. I think that's like

zero. No leverage. I think that's like quite some time already. And then now I have built up my cash positions. So the

cash positions not not I don't know how to express it like let's call it like maybe slightly above 100 thousands right in terms of the amount I think it's sizable but in terms of the percentage

relative to my portfolio is is like not super significant I I I didn't screw up in a sense of like having 50% 40% kind of you know allocations into cash and

then after that I still have my mortgage so I don't know like the mortgage can renew next year then maybe let's say let's say if by by next year I might put

more money into mortgage just to settle it earlier. So so that's also part of my

it earlier. So so that's also part of my considerations. So in terms of cash yeah

considerations. So in terms of cash yeah yeah it's it's like it's like not small not big you know small big I don't know how it depends like you look at the amount is like not small it's not like 10,000 it's not small but but in terms

of percentage is not significant. Yeah.

So >> okay but definitely not 100% you are saving up to pay up the home mortgage.

>> Yeah. Yeah.

>> Okay. And is there a particular reason of it like you just want to reduce the debt level and whatnot?

>> I just don't know. I think just to keep the the overall financial like simpler >> just just don't want to have too many things. It's not like big because the

things. It's not like big because the the okay the place that I I'm I'm staying. But by by the way this is uh

staying. But by by the way this is uh fake uh background. Don't don't think that this is my [laughter] actual place that I'm staying my HTV.

>> Yeah. I I bought my place at about 300,000 plus. So in terms of mortgage, I

300,000 plus. So in terms of mortgage, I think right now it's about like 200k. So

So it's not like I I think let's say if I save up a bit of cash, then it's not I can immediately pay off everything. But

but I can if that cash is not used right, I will just pay off sooner. Maybe

I Yeah, I expect within the next three years probably can pay off already.

>> Yeah. I I mean that is interesting, right? because you are you are good in

right? because you are you are good in investing but you are also like uh you know people say that mortgage is a good debt so they want to leverage as long and as big as possible so so you're not

in that maximalist scam for mortgage >> no no I I tell you in terms of optimizing everything I I'm not that kind of people like I I know these are

not optimized decisions but one thing I think this one right probably only those who are maybe if you are above 40 then you can understand more uh in in the

sense of let's say if you have your mortgage you pay it off right your level of stress right will be a lot lower this one I I I I'm sharing from my own

perspective and also from those who are around me >> okay maybe I I will understand it when I get there [laughter] >> because I I think that the the thing is like let's say like you mentioned right

you have you save up you build your portfolio you have certain net worth but let's say if you say okay I'm totally like fire now stop generating any active income and if you take a snapshot

usually you are looking at okay how much money that I can generate like the the so-called passive income the other thing that you are looking at is your commitment right commitment meaning that okay do you have kids to feed do you do

you have do you have mortgage to to to serve do you like what kind of like lifestyle that that you are having these kind of things is like part of the commitment right so let's say if you remove that installment like my current

installment is about I think 1,000 something like If that 103 is gone from my, you know, monthly commitment, right?

Then it's like it's kind of like a something that can help me distress a lot.

>> Yeah. Okay. I get it already. It's like

one less thing you need to settle in your life so you can focus on other 99 stuff.

>> Yes. Yes. And and also financially like you don't have to worry about like oh I still need to generate 1,000 just for this and and once it's settled right it's like you know permanently settled you know. Okay. Okay. So, so, so

I think that's like a bit liberating once once I achieve that. So, probably

over the next 3 years.

>> Okay.

>> But I don't know. But now I heard that the mortgage rate is very very low like one 1%ish 1.5 >> or even less.

>> Yeah. So, so you know, I might change my mind. I don't want to overcommit now

mind. I don't want to overcommit now [laughter] because let's say if really by the time it's up for renewal, let's say I can refinance at 1%. And then if I mean to

generate more than 1% is so so easy, right? So, so maybe maybe I will just,

right? So, so maybe maybe I will just, you know, wait a bit more. I don't know.

Let's wait. That will be a topic for next year.

>> Yeah. But but you need to do so above 200K. Less than 200K. They they probably

200K. Less than 200K. They they probably won't take you in.

>> Yeah. Yeah. That that's my consideration also. Like I can't get a good deal uh

also. Like I can't get a good deal uh because the amount is too too small.

>> Yeah. These are some home mortgage loans that only home owners will know once they they in the game.

>> Yes.

>> Okay. How about investment in Do you have exposure to go first? Uh this

one I I think we have one episode for backholder and then we we discuss about gold investment right by by the way why why gold why not just talk about silver right silver up what 150% right

[laughter] >> I actually have one friend who is like super bullish on silver it's like like two years ago already tell me like why silver I tell you keep on yeah [laughter]

>> and I asked him like your in terms of your allocations like do you have sizable he said yes very sizable Then wow I was like wow what already so so

come back to the questions like do I I I have some goal but I don't see as investment I see as collection like like I collect for fun one >> more like my bitcoin also you know it's

like collections it's like very so small like in terms of percentage not not like you know we're talking about like single digit percentage right in terms of my total net worth so very small but I I

have some like you know for fun >> physical for collections yeah yeah Okay.

Yeah. So, so my myself I invest in paper gold like I have a allocation to it because it's part of my asset allocation.

>> It's like when when I started reading all the war news I know this is it already this is the time already because >> Bitcoin at that time I know that it follow the tech stock market quite

closely. Bitcoin cannot be dependent on

closely. Bitcoin cannot be dependent on >> war despite how they how they say then turns out hey go gold go is still the answer. Then in 2025, silver overtook

answer. Then in 2025, silver overtook gold as the [laughter] first rising.

>> Yeah.

>> Never saw that coming.

>> Yes. It's like I think most of the gain actually came in over the past one or two months.

>> It's not one straight one. It's is like very steep exponential up. Quite crazy.

>> Yeah. But by the way, I also have a bit of silver a bit.

>> Oh, you do?

>> Yeah.

>> So So it's like same. It's like you I buy those coin, right? Like physical

coin. Very shiny coin. But but the the bad thing about silver is that the shiny coin once once you keep for a while right it will become what you call it right it's no longer shiny >> and you are not supposed to polish it if

you polish it right then actually it might affect the resale price.

>> Yeah.

>> So so so that's something about silver collection.

>> Yeah.

>> There's an oxidation layer on top of it.

>> Yeah. Oxidation layer. But you are not supposed to polish. Not to say that once you polish the the silver content will will be gone. It's not like that. The

silver is still there. It's just that once you polish already people look at it it is like w this one how many years 10 years 15 years silver why it is so shiny right then the price is like lower

very strange because those who collect silver they they want that you know the old look the oxidation layer they want to see that [laughter] so so yeah might yeah not recommended to polish it but

but I have the bar I have the bar >> oh you have the bar one kilo [laughter] >> yeah heavier than 1 kilo >> heavier okay nice But it's not that expensive when I

bought it. Yeah. Now, now slightly more

bought it. Yeah. Now, now slightly more expensive. Maybe

expensive. Maybe >> by the way we are not silver salesman.

Suddenly now become like silver salesman. I should we should get some

salesman. I should we should get some sponsorship sponsorship >> way knowledge. Okay. [laughter]

We got we got a question direct to you already. So

already. So >> is assuming too much in the that the past will be a reflection of the future.

In other words, past performance indicator of future performance.

Unfortunately the the world order is changing. So will fortunes what do you

changing. So will fortunes what do you have to say about this? M yeah I think this one is a bit like um you know it's also tied to my profession because uh

yeah don't don't talk about the work maybe talk talk about like my my uh educations right I I study statistics so so when when you study statistics right

then try to understand like how I process all these like market knowledge uh all these things right the first thing that I look at is definitely the the history first and then we are not

saying that the history uh the the future will be the same as history but the history right when you don't know anything at all right the the history is your first indicator say for example

let's say we talk about S&P 500 people ask like oh S&P 500 uh like what kind of returns can I get you you are not supposed to say wow I have no idea it could be any number like totally random it's it's not that kind of things

because when we talk about like okay if I stay invested for 20 years uh some year you have good returns some year you have bad returns average out it should be what number Right? That is the question and and that question is uh

it's kind of like a quantitative scientific kind of questions. You can

logically analyze you can come up with some sensible approach to estimate and usually the first thing that you look at is like okay um like historically it is

for example like 10%. You want to bet that it's going to be 20% for the next 20 years. You want to do that kind of

20 years. You want to do that kind of bet. Yeah. It's like it is sensible to

bet. Yeah. It's like it is sensible to say that okay if we just assume they are same as the past. So you come up with some number right and then you can say that oh no no no no uh last time it used

to be 10% because if you invest 100 years ago the P is only let's say like 15 now the P is 22 then you should account for that then you can do another analysis to say that okay when the P is

high what is the prospective returns then you can do this kind of research and then you might want to take one or two% down then you can end up with 8%.

these kind of things to me is more like logical kind of assessment but you shouldn't say that okay for sure you're going to hit that you know

>> yeah so it's just it's just a guide not not so much about like uh predictive power you ask me like how long I'm going to live I will tell you probably I'm I

will live to like you know between 80 to 90 years old average talking about average right the range could be 70 to maybe 100 >> but you say okay how do you do this.

Okay, I look at mortality table, right?

So there are studies done before on average lifespan is uh how long then you just take average you know so so this kind of is like sensible approach not to

say that you you you know for sure no one know for sure right nobody can predict the future one from an accounting background when we do forecast and analysis our forecast is based on a set of set assumptions that

if we have these assumptions and if the assumptions are accurate then this set number of outcome would occur. So that's

always the basis and the assumptions could change in the future >> based on outcome then you have a future forecast. So

forecast. So >> the the outcome of the actual is not a prediction. It is it's more like on a

prediction. It is it's more like on a set basis how how you calculate and if that calculation is sound >> then outcome will happen. No. So we are not trying to predict the market because nobody can predict the market.

>> Okay. Even though there are a lot of people who you know sort of seem like what they talking know what they talking and then they make all this call or be

call uh even like Tom Lee you know Tom the very famous I don't now he's like a TV personality more than a YouTuber [laughter]

>> he's very famous he's very famous I call him perma >> yeah we have Michael Bur on the other hand yeah >> perma bear >> yeah [laughter] his fun house or something so we will

never know how to how to predict the market.

>> I I tell you you have you just named two names, right? Michael Bur and uh Tom

names, right? Michael Bur and uh Tom Lee, right? Very easy one. When the

Lee, right? Very easy one. When the

market is going like red, right? Like

you are scared, right? Then you you go and CNBC, you type Tom Lee. You only

watch Tom Lee when the market is red.

Then when the market is up, right, like wow, very green alltime high, right?

Then you should go and listen uh to to Michael Bur. That's how you try to, you

Michael Bur. That's how you try to, you know, steer you to like, you know, >> Yeah. That's the the way

>> Yeah. That's the the way >> challenge your confirmation bias.

>> Yes. Yes.

>> That's the right way to do.

>> We have two millionaire financial YouTuber on podcast. Yeah. Bunty just

announced his portfolio. You can go and watch his channel. I strongly advise or recommend youall to watch his latest video. Yeah. Very good. You have been

video. Yeah. Very good. You have been documenting this returns. I watch his yearly review every year. That's why we are now here talking >> talk. I I always recommend people go and

>> talk. I I always recommend people go and watch the 2022 video. Not not fun to watch the 2025. Watch the 2022.

>> I remember 2022 because my returns was also like I watch. Oh, [laughter]

actually my not so bad.

>> But you look at where he come now. Yeah.

He already survived the lows. That's why

he cannot enjoy the highs. Yeah, that

that's the fun part, right? And don't

watch the words, watch the the face.

It's like depressed depressed face.

>> Very funny.

>> Okay, our next review asks, would you invest more in the US or Singapore market for equity for 2026? I I think this question stems from the fact that last year 2025, STI actually

outperformed the STI uh S&P 500. So a

lot of people who are big on SDI be on res or banks like they are very euphoric. So now maybe 2026 not really

euphoric. So now maybe 2026 not really sure how the market is going to outlook because SDI alltime high as well. So

your take on this US versus SG market who will really emerge if you believe in like those global ETF right and you just buy global ETF you already have 1% in Singapore. So you already invested you

Singapore. So you already invested you don't need another one. I mean if you are like big believer of those who invest in like VW uh the VT I mean the global ETF SWI this

kind of like no world index right we already have Singapore insight no need to steal one more portfolio for Singapore but talking about Singapore I think long-term wise I would say that

yeah I I do believe like the global ETF is the way to go like we talk about all this passive ETF indexing right you should be passive on stock and then you should also passive on country

allocations, right? So you keep it very

allocations, right? So you keep it very simple. One ETF is enough. I I I'm a

simple. One ETF is enough. I I I'm a believer of that. So so it's fine to do that. But when people ask like then why

that. But when people ask like then why some people still want to invest in Singapore market? I would say that for

Singapore market? I would say that for few reasons, right? Number one is that let's say if you you are not just like someone who is building uh your portfolio but you are someone who are

thinking about how to drive or how to derive cash flow from your portfolio and you heard of these things called dividend investing although some people say that okay dividend investing is just like your left pocket go to right pocket

you can also sell your shares right but selling selling shares is is like is subject to >> yeah different feeling yes definitely the other thing is that it's subject to the market prices at the time right So

dividend for for many people that there's a there's always a pocket for dividend investing and if you do dividend investing you shouldn't do it on US uh portfolio because of the withholding tax. So let's say if you

withholding tax. So let's say if you just buy those high dividend uh names for US market right then you are paying a lot especially for those who are outside of US. So then then I mean for

this group of investor uh they they they can you know allocate a portions to Singapore market right so it makes sense to have allocations depending on your

situations uh that that's the the investor uh situations right personal situations right the other thing is that I think for Singapore probably and I mean over

short-term quite like let's say over the next one to two years it might continue to outperform the market the reason is because I think there's a lot effort um to by the government to try to push up

the market by SGX also. So there's

recently there's this partnership with NASDAQ, right? They try to have some

NASDAQ, right? They try to have some partnership. So I think that that is

partnership. So I think that that is also something that will help uh Singapore market. Then the other thing

Singapore market. Then the other thing is the don't know how many billions allocated. I also forgot is allocated by

allocated. I also forgot is allocated by who? Maybe you can educate me on this

who? Maybe you can educate me on this [laughter] one.

Right.

>> Yeah. Yeah. In billions, right? So all

this money once deployed uh is going to have like at least short term, right?

That is going to be helpful uh for Singapore markets. So, so I think

Singapore markets. So, so I think there's some some short-term reasons to to invest in Singapore market. But if

you ask me like to me it's like I maybe the the short-term one I don't focus too much on that. But in terms of the dividend one, yes, I I have some very small dividend portfolio that I'm

building very slowly. So I will continue to do that but very slow.

>> Okay. So overall still positive for Singapore 2026.

>> Yeah. Yeah. I when I invest in Singapore market, I don't expect to earn as much as um US market. I for example, let's say if I buy a RES, right? And I look at the R the R is paying for example, I

actually have haven't so closely. Let's

say I look at the dividend is 6%, right?

My my expected return is just 6%. As

long as the price don't drop so much, I'm okay already. I just think think that okay, the capital is there and then the dividend is my returns.

>> The price is okay to stay flat. So, so I kind of like having a lower return expectations but sometimes all these things is like okay that you have another pocket elsewhere then I think

it's good from devastation point of view also. Yeah. And and the most importantly

also. Yeah. And and the most importantly is the cash flow part because I don't want to I I remember contra he mentioned right he said okay I'm going to build this what 5.4 millions once I achieve

that 5.4 4 millions then I will move >> correction >> 4.5 sorry 4.5 millions forgot the number move move to dividend right so for me it's like I also plan to do that but I

don't plan to do one off right so it's it's more like as my age continue to you know get closer to retirement age then probably I will allocate more to dividend portfolio

>> yeah I I think that's just a natural process like when we are young we can afford to >> take more volatility see the market go up and down and then when We're retirement age. We just want more cash

retirement age. We just want more cash flow and income investing. That's why we start to shift.

>> Yes. Yes.

>> That's just a natural way of progression.

>> Yeah. And I'm not young anymore, you know. So many people they don't know.

know. So many people they don't know.

Look at my face. They thought that okay, maybe [laughter] >> this year this year already joined the new club. We already, you know, he's

new club. We already, you know, he's already joining 40 years for start the first digit is four. Oh no, I'm still processing this.

>> That's all right. Uh I mean as long as your heart your heart young ready. Okay.

Speaking about that [clears throat] right I want to ask you because someone asked about when when should we start topping up CPF to avoid tax? Maybe this

question more directed to me but I want to ask you when do you start like have you do you top up CPF and when do you start >> top up CPF? You mean the special account right?

>> Yeah. Or

>> so I Okay. I this one I did it the I would say the wrong way because I top up too early. So I I made my um what do you

too early. So I I made my um what do you call it the basic retirement s forgot the name already?

>> Uh no no healthare s already top up already full already special account also already full retirement s also full already but I I did it like a bit too early so now I cannot top up a lot

already. So that's why I haven't really

already. So that's why I haven't really optimized that too much. So, so I would say that maybe this kind of things while let's say before you are 30 years old maybe don't need to top up so early you

can you can leave it when you are earning more money than you top up right >> okay I think it's not an age thing it's more of an income thing more than young maybe they earn 200k a year [laughter]

>> yeah that's true that's true >> it's true you know it's true just that it's outside of our realm that so we don't know such people exist but such people do exist so it's more of an income thing uh some people say that the

benchmark is maybe with double digit income tax bracket that's when you should start looking at no right or wrong answer because if you if you if I look at myself right I started doing at

7%. But now, but now I don't do really

7%. But now, but now I don't do really because I can, you know, I I pay myself through the company. I have my own company tax incentives. So, um, all these you you never know when you're a

young one. Like when I got older there,

young one. Like when I got older there, I start to pay. There are other tax incentives, tax avoidance schemes that the government is pushing out that you can take advantage of. So, life will

change. So,

change. So, >> uh, when you're younger, focus on your income first, right? Like Punty always say, focus on your active income first.

Once you have active income then you can really think about how you want to deploy your money be it investment savings or experiences. Yeah don't um tax this thing you you watch my video

can already but [laughter] you want to go deeper right then yeah I think we can have a discussion on that you come and talk to me. Yeah. Okay

next one this question I don't really know what what is asking silver prices between Shanghai market and CME prices.

Do you do you feel it's worth holding silver paper contracts?

>> This one?

>> No, I don't know about all these details.

>> Yeah, I so don't know. Sorry. Because we

if we don't know then we really don't know. Okay.

know. Okay.

>> I would say the easier part is that if you can find an ETF, right? And the ETF you look at the AUM is big enough, right? Let's say there's like billions

right? Let's say there's like billions of money within the ETF and if you look at the fee is that reasonable, then I mean use ETF easier.

>> Yeah. Why

ETF >> because I don't want to go and vault it or you know put a physical safe and then one day lost my password or key >> ETF.

Do you have exposure to crypto?

>> Like collections of very small >> collections as in what kind of collection you mean like the real >> or you digital? I I store I store in my

hot wallet hot wallet I maybe I can't find already maybe I don't know whether it's still here or not [laughter] you always go off ram offra off until forget password or [laughter]

>> yeah actually I thought about this before I was okay initially when I get into crypto right it's more about learning about this space because to me right it's like what what's the meaning of all this self- custody if you don't

do the self- custody yourself right so it's more like for me to learn about this space to know how to navigate to to understand what is the the selling point of crypto. Many people still don't know

of crypto. Many people still don't know all these thing. They thought that all this crypto is just speculation only. So

so I really enjoy that entire process of like you know open brokerage account have hardware wallet understand like what is the meaning of all this public key private key. So I enjoy that. Then

after that I kind of like okay think of like when I look at this crypto asset class is it something that I want to build like you know like 10 15 20% allocations the answer is no. So, so I

keep it like very small like like single digit percentage just keep it uh but I store it in hardware wallet because I don't want to take all these platform risk. Then my my question is more like

risk. Then my my question is more like okay now I let's say if I write my wheel right then do I need to write down the password or or tell people where I store my my wallet right so so this kind of

thing is like wow it's a bit of mess so I've thought about it maybe maybe it's like need to sell and then just move to ETF crypto ETF maybe it's easier so I

don't know like but anyway it's not not significant so just kind of like put it aside that's why I call it collections it's like zero transactions for don't know how years already. I I don't I don't touch it though.

>> Oh, collection.

>> Yeah. Collection.

>> Collect only.

>> Yeah. Yeah. No, collection means like let's say if you have a a drawing, right? You just a painting, right? You

right? You just a painting, right? You

just collect then don't put inside store room.

>> There are some people who backhold their stocks and they never recover [laughter] one. So, is there a collection?

one. So, is there a collection?

>> Yeah. Yeah. Yeah. also collection

>> because you can never back the price [laughter and gasps] keep >> okay JL say thanks for the session good sharing yeah he's a he's a I remember this guy he always go to your video and

comment a very positive guy >> oh so let me see the name but let me check can't see the name >> JJL

or JJ is also creators >> ah okay nice >> ah Yeah, but he Jay very shy one never show his face one but I just met him >> now a lot of people never show face one

YouTube not like not like our [laughter] show face nowadays all never show face but but >> yeah yeah

>> okay would you crash by using SRS and CPF OA or SA would you do it or >> no my okay my SRS is is on autopilot So

it's really DCA. I can I can share the the you know the chart provided right.

So it's like okay this is the money this is how much I contribute. So it's just zigzagging up and it's automatic one.

That's that's the only one that is automatic. Yeah.

automatic. Yeah.

>> Yeah. That's the that's the one that's truly automatic for me. So even for my main portfolio I I I call it like I sometimes I don't know should I call it DCA because I kind of like buy almost

every month but uh it's not like fixed amount. It's not like fixed day. So, so

amount. It's not like fixed day. So, so

sometimes call DCA also is like technically not right because DCA is automated the computer.

>> Yeah. So,

>> correct. The DCA one, the true DCA is my ends. Yeah.

ends. Yeah.

>> Okay. Okay. Nice. Okay. Uh but if you ask me why crash buy, I I think SRS and CPF is not the way to crash by because there's time lag one. crash buy is when [clears throat] you really want to go in

time your cash is ready you enter the market then at your speculated time because CPF and SRS if you invest through unit trust uh assuming not stocks or ETF right there are processing

time and sometimes when you realize the time is up you already miss the swing up already >> so it's quite dangerous to time the market okay not say dangerous but it's not as

>> it's good as cash >> okay we enterain the last few questions because it's getting >> can >> okay US market can be roller coaster the fifth person podcast mentioned about

Kasu and Kia mindset investing should be safe and steady so I think trying to say that um US is not suitable for those people who are quite scared of looking at their portfolios which I tend to

agree >> but >> um you don't have to look at >> individual stocks because individual stocks can be scary but the index funds itself is much more muted I would say

the the up and down. How about a human being?

>> I don't focus too much on price. So I to to say, you know, like um to to how to say to take care of my emotional well-being, I don't focus too much on the price. Although I still look at the

the price. Although I still look at the price, but every time let's say there's a draw down roller coaster, right? Then

I just look at the the companies that I own. actually quite often they their how

own. actually quite often they their how to say the the business the revenue the the financials they don't swing as much they also swing let's say if you have

some recession let's say you talk about 2022 right if you go back to 2022 and look at the companies even those that are invested in right some companies actually they drop in their revenue

profit and some profit drop quite a fair bit one but let's say if you talk about like liberation day right because the the thing is like almost like you don't see the deep in terms of their financial financial number all looks good one. So

if you look at their fundamentals is like still solid then why are why are you concerned right? So when the price dip is like okay the thing is on discount let's buy. Yeah, I remember

right because um 2022 it was quite weird when when the company post bad news it can go up when the company post good news it can go down but it just go against all your

>> all your knowledge about the market and then liberation day is another one the company no matter to how good the next day Trump go and say something ah the market [laughter] >> yes

>> you really challenge your your favor or your knowledge in investing that there are so many things outside of your control >> that You thought if a set of requirements happen right the outcome will be like that

>> but turns out it will not be like that >> and that's how the market will play with your mind >> because over the short term they are all driven by sentiment and when you try to apply your logical thinking on the

sentiment right then it's like a that end right it's very difficult like you try to analyze like why why why but actually there's no logic to it it's all sentiment within those you know short short period of time you're talking

about days and weeks right but over long period times definitely they all follow fundamentals on >> yeah which is why I like the point you mentioned that there is a lot of noise in this financial space even all the

mainstream media they are creating news based on high-side bias so it's very important that you you know what you're investing in rather than you listen to what other people are telling you about it >> yeah and you need to understand the

their incentive say for example we talk about uh understanding the business model right so if you think of it like okay let's say if you own say for example CNBC Then how would you manage the business,

right? Would you try to give the best

right? Would you try to give the best educations to your f? The answer is no.

Because it will be so boring, [laughter] >> right? I want to make

>> right? I want to make >> Yes. Yes. Because because from their

>> Yes. Yes. Because because from their from the business model is like the more eyeball, the more advertisement and then the more revenue you are going to generate. Right. So it's a very plain

generate. Right. So it's a very plain business model. So if I'm the CEO, then

business model. So if I'm the CEO, then I will make sure they run as what how how they are being run now. meaning that

just just throw all the sheets to the to the customer just create all this emotional uh roller coaster to your viewer so that you get their attention right so so you understand their incentive you understand their business

model then you you see the other part right and and this is the part that let's say if you if you don't do the like you don't see things from business perspective you don't you don't see things from incentive perspective right

you you are just being how to say influenced by others >> so I think the incentive part is very important to to figure the incentive and I'll show you the outcome.

>> Yes.

>> Very great quote.

>> Yes.

>> Okay. Do do you have an opinion on cover cost ETF? Like do you think they are,

cost ETF? Like do you think they are, you know, a good source of income?

>> No, I think I think this >> no I think for for ETF let's keep it simple, right? Because when we talk

simple, right? Because when we talk about ETF usually we are referring to broadbased uh stock only like without leverage because once you get out from those like the simplest ETF right you

you say oh uh should I buy a triple X on NASDAQ this kind of like leverage ETF right there's many many things that you don't know one say for example like how it will affect that there's implicit

cost attached to this kind of ETF then when you you have all this covered call it's like those those covered call that you sell right is not free money, you know, like yes, you are getting the

premium, but it's not free money because say for example, let's say if you look at the let's call the S&P 500, right?

You just study this index over the last like 20 years, right? What what is where's the source of the returns? It's

not like this uh this uh index that give you consistent 4% return every uh let's say like uh every year, right? It's not

like that. Actually, if you study the index, you'll notice that the returns, right? like so-called the average 10%

right? like so-called the average 10% right actually they rely a lot on those days when they perform like 10% 11% so you need that upside to support your

average return but let's say if you sell away this upside and in return you get this premium right are you sure that this premium that you receive is able to compensate the upside that you you have

given out the the sell call part so I'm not too sure about it you know and you layer that with all sorts of fees. I'm

not sure is is is a good idea or not. So

I I would suggest that for most people when they when you invest in like ETF, you should keep it very simple. Just get

the market exposure. That is enough already. But but when I say uh simple,

already. But but when I say uh simple, it's not like 100% all you should have one ETF one and then maybe some investment into like those safe assets

like like fixed income, money market funds, uh fixed whatever it is then you have a balance, right? depends on your asset allocation really.

>> Yes. Brings to this question. Someone

asked if you top few companies carry the whole S&P 500, right? Then why don't we just go for the top few?

[laughter] >> Why can't we just invest in the MAC 7 or maybe even Mac 10 and then the 490 we don't even care?

>> Also, good good question this one because actually if you look at index right S&P 500 is considered the big one already because it's only 500 companies.

M >> so if you say I invest in VT right that is not like just it's a lot broader it's like thousands of stocks inside then you can also ask like why S&P and why not VT

right so so the question is like okay do you want to bet on all companies like those like VT ETF or do you want to bet on the big cap and S&P 500 can can be

seen as like big cap because it's like 500 companies or Nest 100 but Nesta is more like okay a bit more concentrated into tech and then no financials and only 100 companies, right? Or you

there's also like mega cap ETF. So, so

the question is like okay, if you look at you list down like this 10,000 companies, right? And then you just chop

companies, right? And then you just chop them out, right? Like this is the small cap, this is the midcap, this is the the me uh big cap, then this is the mega cap. So, you chop it out, right? Then I

cap. So, you chop it out, right? Then I

ask you like after you chop it out already, let's say over the next 10 years, which one do you think the return is highest? If you ask me that question,

is highest? If you ask me that question, I will tell you I don't know. Like how

do I know, right? Because if you compare the big cap versus the midcap versus the small cap, sometimes the small cap outperforms, sometimes the big cap outperform, sometimes the mega cap outperform. The question is that you

outperform. The question is that you don't know when, right?

>> So then if you don't know when do you want to bet only on a a specific segment. So if you don't want to bet on

segment. So if you don't want to bet on like a specific small segment, small segment when you talk about like only the top 10, right? That is like very very small segment, you know? So you

should go for those that like broader ones that should be the default uh choice choice right that's why if if possible just go for the world ETF broadbased I think that's it you are

done with it already anyway that is not that different as compared to S&P 500 because if you look at US versus global ETF right US is probably 60 plus% already

>> yeah so it's like two3 is already US then then by invest in global you you invest one third into non US so so you you kind of like cover all of them already. What else do you want? Right?

already. What else do you want? Right?

>> You want you want further concentration, it's fine. You have a good reason. You

it's fine. You have a good reason. You

have a good thesis. You want to go for it. Then I think it's fine. It's let's

it. Then I think it's fine. It's let's

say you you say, "Okay, I'm going to invest in like the so-al like the large cap ETF." I I I forgot large cap ETF how

cap ETF." I I I forgot large cap ETF how many companies inside, right? You you

ask me is it a bad idea? To me, it's like it won't be that different compared to S&P 500. And it won't be that different compared to like the world ETF. It's still okay. It's still

ETF. It's still okay. It's still

diversify. is still very different as compared to you doing stock pick and choose 10 10 companies. It will be very different because large cap ETF is still very diversified. You look at the top

very diversified. You look at the top names right is still like small percentage one. It's not going to be

percentage one. It's not going to be like oh 20% in five companies. It's not

like that one. So so as long as it's like good enough devastations I think it's it's like good to go.

>> Nice. Okay. I think we are done with most of the question. Now now we ask some lightarted one from >> like come come.

>> Okay. to end off the session right because yeah we we I've seen your videos and your interviews right you you are quite big on this thing like against lifestyle inflation okay I don't know against but

>> okay because after I achieve some kind of financial milestone like last time lifestyle inflation is not something I would never consider but now as I grew older I realized that hey money really cannot take to grave you know since

sometimes I I now am less prudent in spending my money I'm okay to spend on experiences So I know in this financial space we always go against like lifestyle inflation thing like we will

never get a condo we'll never get a car we never get all these other high-end upgrades or things that enhances our life. So h have you ever come across

life. So h have you ever come across cross a point where you you think you will start to indulge in some form of lifestyle inflation not necessarily car or condo

>> your take on it >> actually lifestyle inflation I think this is very interesting because actually I don't think you have to plan for it one like like for example you you

don't need to say okay now I I spend x amount and then um when I'm 40 years old then I spend more you don't have to plan for all these things Because lifestyle inflation is like effortless one. You

just you just don't pay attention right then your lifestyle will will slowly inflate one. It's very simple because we

inflate one. It's very simple because we all like convenience right convenience right you once you get something which is like convenient you like quality naturally you you are drifting towards

like spending more and more over time >> then then and it is easier if your income also go up over time. So income

go up then you just a bit like you know don't control a bit like naturally speaking right you will spend more so it will it will come naturally you don't have to to plan too much about it one

but in terms of like how much you need to spend I I think >> there this one is really very personal because like like no none of us can give advice to people like oh you should strike for this kind of lifestyle even

if you talk to advisor they will try to understand your the lifestyle that you want and then they structure your personal finance to meet that lifestyle.

It's not the other way around because lifestyle it should come from you yourself. Okay. But I I will say that

yourself. Okay. But I I will say that for me right if you ask me whether my lifestyle have inflated over the years I I can tell you definitely yes one I my

my lifestyle in the past right is even lower. Say for example, let's say when I

lower. Say for example, let's say when I travel back and forth between Singapore and Malaysia, I I just take bus because to me, right, I can't take flight because it's just too expensive and I travel very frequently. Nowadays, right,

I almost never take bus already. I

always fly one and I fly my family of four, right? We just travel and then we we travel like two or three times uh a year to Malaysia. So that's like four tickets really. Recently I went to

tickets really. Recently I went to China, four tickets. So this kind of money, right? I just spend and and I do

money, right? I just spend and and I do I I spend almost like without thinking what to me it's like okay I I want to go I I go so so I don't plan like well I need to calculate a lot need to make sure it's properly budgeted I don't do

that kind of like uh you know like calculations so to me it's like the inflation is there already is but I I will still be careful on like big ticket items say for example like the condo and

the car definitely these are the big ticket items to me first thing is I don't need second thing is to me it's like still crazy expensive I really not interested to get into that and I'm I'm

good with that. I also I'm not someone who enjoy driving even [laughter] in Malaysia. I also like if possible I also

Malaysia. I also like if possible I also don't drive you know so so I don't enjoy that part very much. So I'm I'm fine with that. I I think all this right like

with that. I I think all this right like whoever watching right let's say if you look at your income earning power you think you can afford to spend more to me

it's is okay just just spend more you don't want to live a a life where you restrict yourself too much right so so I think that one is is fine >> the part that I think is not fine right

is that let's say when you spend you don't spend because you want to spend but you spend because you want to benchmark to others I think that is something no go. I think that is very

very dangerous. Let's say for example,

very dangerous. Let's say for example, right? If I travel to Taiwan, I'm I

right? If I travel to Taiwan, I'm I think it's fine. It's it's like okay very nice place. It's Taiwan. It's

Taiwan, right? So I can get some fun.

I'm feeling happy. But then if my friend tell me uh he just went to Europe, then I suddenly feel down, right? Then if you have that kind of feeling, right? And

you need to really, you know, think of a way of how to get out of that kind of thinking because whenever you try to benchmark, whenever you compare against your peer, you you you drive a

secondhand car, you think not good enough because you see your your colleague or your friends is like upgrading to a newer car. When when you try to do this kind of comparison and just want to win, right? Then you you

you are deriving joy not from the activity and not from the stuff that you bought. You know you are deriving

bought. You know you are deriving happiness from that comparison right and that one is super super unhealthy that one right regardless of how rich you are right you can be you know having a net

worth of 10 millions 15 millions right still not enough one because your your your circle of friends will be those who have like 50 100 millions right then you look at their spending it's like you try to match them match them match them

right then then from there you cannot have any happiness one so so I think that is the part that if you you notice yourself comparing too much right and you you are deriving utility from like

winning against your peer against your friends right w that one you probably need to maybe I don't know how to how to get out from there you know probably do

some reading probably talk to your priest or whoever I I think you need some things outside of you to bring you up if you sense that you you you have this tendency so so that's the only

things so so lifestyle wise I'm I'm okay with that >> yeah nice I appreciate your sharing you What do you think? Because

>> people have been seeking external validation. The entire thing we just

validation. The entire thing we just said is about seeking external.

>> Sorry. I think the the line is there.

>> Sorry.

Are we good? No. Anyway, I think if they can hear me then okay already. So the

thing about seeking external validation is that the thing about seeking external validation is that you can only get your happiness from outside.

So yeah anyway is offline anyway we can the thing about any office so wherever you're listening from um

don't seek external validation and then don't try to you know go go on the things that you cannot afford or h getting late then we can end this

session really because next time if you enjoy puty talk we will come hey can hear they can hear they can hear me.

They so yall can hear me. Cannot hear Bunty.

Oh no, it's okay. Anyway,

okay. No problem. I will do this myself.

Right. Anyway, you can look at him. Uh

anyway, yeah. The thing is that Yeah.

Stop seeking validation from external people. You got you got to go your own

people. You got you got to go your own way and lifestyle is okay one as long as you can afford it but if you cannot afford it and you keep trying to impress others that's where you will

fall down the rabbit hole of you know keep trying to buy more things go and be other people be better than other people and then you'll go and compare online

yeah I'm going to have an episode on lifestyle inflation because I myself will experience some sort of it >> I think sorry you're saying >> okay thank you so much

>> okay okay yeah they can hear you wunti but it's all right >> the problem is that I can't hear what's Chris is saying that that's why >> ah okay that's that's okay so never mind

we I think our sharing for today is quite good already with bunty in the house I think he answered almost all my investment questions so I'm very grateful to have him um investment

professional answer all my questions next time you all want to learn youall can subscribe to him also backholder port. We listen to his input. Okay. And

port. We listen to his input. Okay. And

with that, we'll catch you in the next live stream and thank you for supporting our Wednesday uh today's new year live stream. All right. See you all. Happy

stream. All right. See you all. Happy

New Year 2026. Bye-bye.