It is time again for a personal update. a) Impact of COVID-19 The impact of COVID-19 has been very small in many retail investor portfolios. The STI ETF was down 1.21% so far in 2020. The ERM portfolio is actually positive territory at 1.62%. Defensive investors have avoided the worst so far. Sadly the same cannot be said about the real economy. I was trying to help a friend move on with his career by consulting a headhunter yesterday only to find the headhunter out of a job ! The combination of bad news flying around this virus season totally ruined my Friday. I suspect us full-time investors are living in a bubble protected by dividend payouts. We don't see the reality of how bad things are. Is it something we can foresee ? Thomas Piketty spoke about inequality being represented by an equation (r>g). The rate of return of capital always exceeds growth...