The tradition of the annual letter started just last year. This year I would like to share more about what we have accomplished in 2016 and also provide some updates on our plans for 2017. I will section the letter into 4 main parts – Investment Performance, Investor Education, Acquisition and Reflections. Investment Performance The CNAV Portfolio continued to perform well despite an overall lacklustre stock market in Singapore and Malaysia. The Portfolio gained 10.9% in 2016 (as of 30th Nov) while the STI ETF remained almost flat. This further validated our approach and justified our stock picks. We have included the KLCI as an additional benchmark because the Portfolio now consists of Malaysian CNAV counters. While they may not have done as well as we liked (and with the situation made worse by forex losses), we see the necessity in this move. Investing in Malaysian stocks allows us to diversify into other sectors and into another economy. We will not be ......