To continue from part 1, I assume everyone has read the lengthy treatise that the MAS team painstakingly puts up each year. This year’s review carries the usual cautionary tones that went unheeded last year (or rather this year), as evidenced in the corporate bond issuance data (more junk) and they have become even more critical of the use of UMP (Unconventional Monetary Policies) as Japan and Europe up the ante on their record-breaking bond buying spree, suggesting growing vulnerabilities in all these policy uncertainties. Their concerns are more valid than ever and I did a word cloud to compare 2014 with 2013. 2014 Word Cloud 2013 Word Cloud This is, of course, inaccurate because of the additional studies on areas of interest but we note words like LIQUIDITY, CORPORATE, CREDIT, BOND, PROPERTY and RISKS have grown larger! Plus the inclusion of new words like S-REITs that ......