Author: Financial Horse

Temasek’s T2023 five-year retail bonds: Are they a buy?

Hot on the tails of the recent Astrea IV private equity bonds, comes the latest Temasek T2023 5 year Retail Bonds with a 2.7% coupon. In my recent Astrea article, I advanced the argument that Temasek (and Ho Ching) are trying to open up the retail bond scene, and I hate to say I told you so, but you know… I did write it a few months back. But let’s not take anything away from them, huge kudos to them for taking this upon themself. Basics: T2023-S$ Temasek Bond Offer These bonds are not the most complex things on...

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Top Reads this Week (14 October)

1. Guide to the Markets (JP Morgan Asset Management) There’s a ton of really great charts in this latest report by JP Morgan. Presented without commentary, it really shows how you can spin the data to fit any narrative you want. 2. Why the Best Predictor of Future Stock Market Returns is Useless (Of Dollars and Data) I think the author got it spot on with this one. The best trading models in the world fail because of the human element. It’s incredibly hard to trust that your model works when it results in you underperforming for more than...

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Is the Hang Seng the best way to bet on China?

Source: Fortune The thing about being a financial blogger, is that through reader questions, you can get a good idea what the flavour of the month trade is. And the past month or two, without a doubt, it has been the China trade. The most common questions I have received are (1) Is xx China stock worth buying at the current price, and (2) Which ETF should I buy if I want exposure to China ETFs. The second question is a really interesting one for me, because personally I think the long term prospects of China are out of...

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Distribution Reinvestment Plans for Singapore REITs: Why I skip them

I recently received this question from a reader: Hi Financial Horse, What is your take on Distribution Reinvestment Plan? I have the option to receive either cash or shares on Mapletree Logistics. Thank you. And today, this arrived on my mail: The coincidence tickled me so much that I felt I had to do a short post on it. Basics: What is DRP and why are they useful? Very simply, a distribution reinvestment plan (DRP) allows you to choose between either receiving your distribution in cash or in units (shares). To illustrate very simply, imagine you have 1000 units...

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Top Reads this Week (6 Oct)

I’m on the road this week, so it’s a quick weekly round up from me today. Ray Dalio’s book (link 1) is absolutely the best read this week. So if you’ve got some down time this weekend, do check it out. 1. A Template for Understanding Big Debt Crises (Ray Dalio) Ray Dalio has written an amazing book that describes every single debt cycle known to man. It’s a fantastic template for understanding how credit cycles work, and how this impacts the equity markets. You can download it for free off his website, but I’ve uploaded a copy on the Facebook...

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Top Reads this Week

1. Why you don’t know the price until you sell (Of Dollars and Data) Interesting analogy that selling an asset in low liquidity conditions is like Schrödinger’s cat. You don’t know if you can, until you actually do it. 2. Keppel and SPH to buy the rest of M1; Keppel to privatise Keppel T&T (Business Times) In my earlier article on M1, I wrote that a buyout was always a possibility given that it’s the smallest telco, and Keppel held a large stake. But I truly did not expect it to come so soon, when TPG telco hasn’t even...

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[Ask FH] How to build a balanced stock portfolio for all ages

I’ve recently received a number of really great questions on how to build a stock portfolio. I decided to address them all at one go in this article, in the hopes that it would be helpful for other readers out there. As always, if you have any questions on investing at all, drop me an email at admin@financialhorse.com with the subject title [Ask FH], and I’ll respond to you personally via an article. Note: I’ve tweaked/omitted some of the information below to protect the privacy of the readers. Accordingly, any resemblance with a person you know is purely coincidental....

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Top Reads this Week

1. Is buying experiences better than buying things? Not for everyone (Big Think) This is a great rebuke to the idea that its more worthwhile to spend money on experiences rather than objects. As it turns out, the original study was flawed because it was performed on affluent college students. Brilliant. “When money is tight, buying material things makes us happier than buying experiences. When we’re rolling in cash, it’s the other way around.” 2. Personal Lessons Learned Since the 2008 Financial Crisis (Financial Samurai) Another great take on lessons learnt from Lehman, from the perspective of an invesment...

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Top 5 REITs to buy now (2018)

Source: Motley Fool REITs have been getting a lot of bad flak recently. I like to think that this is down to 2 reasons. Firstly, because REITs are yield instruments traded on the public capital markets, the market tends to value them together with fixed income products. Accordingly, when interest rates goes up, the price of REITs tends to drop in tandem with other fixed income products, as investors now expect a higher yield from their investments. Secondly, because REITs are essentially a leveraged property investment (you buy property, gear up to 30-40% permanently, and collect the yield), a...

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REITs Screener 2018

Facebook Twitter WhatsApp Email Members of the Financial Horse Facebook Group will know that earlier this week, a fellow reader by the name of “Terry Ng” shared a photo of an absolutely amazing REIT Screener that he came up with to keep track of blue chip REITs. I was so impressed with the table that I reached out to him to ask if he would be keen to share it with other readers of Financial Horse. I knew it took a massive amount of effort on his part to compile this table, so the fact that he said yes without hesitation,...

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[Ask FH] When should you use a Robo Advisor? And some thoughts about day trading…

I love hearing from readers. My readers mean everything to me, and if any reader is prepared to take the time to write me an email, I will always respond personally (although sometimes life does get in the way, so please forgive me if I take some time in responding to you). I’ve recently received a number of really fantastic questions, and I think that my responses to them can benefit other readers out there. If you have anything about investing you want to ask at all, no matter how silly, drop me an email at admin@financialhorse.com with the...

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Top Reads this Week

A couple of readers have commented that the previous layout of “The Weekly Horse” wasn’t sufficiently intuitive, as it was a mixture of my thoughts, and the top weekly links seemed like a bit of an afterthought. Having read a couple of the posts myself, I have to agree that it’s a fair point. Going forward, the Sunday weekly link article will be kept purely to the top financial articles that I enjoyed for the week. If there is anything that I want to share for the week, I’ll cover that in a separate post. If you have any...

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Which is the Best Robo Advisor in Singapore? Review Royale!

Source: Wealthmastery.sg Following my previous articles on StashAway and Autowealth, a number of readers have asked me to do a review on Smartly and OCBC RoboInvest. My response was always the same: I’ve said my piece on robo advisors. If you’re picking between active managed funds such as unit trusts or investment linked products, robo advisors are a great choice. But if you’re able to enter a couple of buy orders every quarter and invest yourself, then you could easily pocket the fees charged (around 0.5% to 1.0% AUM per annum), and achieve about the same returns as a...

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Questions from a Budding Young Investor

Hi there! I wanted to drop you a note to let you know that your articles have been invaluable to someone like me who is only now looking to invest. Really appreciate the time and effort in explaining your thought process in your pieces. I was also hoping to get your thoughts on my current investing journey.  A little background about myself. I’m [Name redacted for privacy reasons] and am 32 years old. My wife and I maintain a joint account for expenses/savings, in addition to our personal savings. I started thinking seriously about investing our monies earlier this...

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Why I will not invest in Silverlake Axis Ltd

To be really honest, I actually never heard of Silverlake Axis Ltd (5CP.SI) until a couple months ago. At the recent Financial Horse giveaway, I invited readers to suggest companies they wanted Financial Horse to review, and surprisingly, Silverlake Axis Ltd beat the runner up SingTel by quite a fair margin. This got me really intrigued, and over the past few weeks, I have been reading up on every single material I could get my hands on that talked about Silverlake Axis Ltd. Basics: What is Silverlake Axis Silverlake Axis describes themselves as: Silverlake Axis Ltd (SAL) provides technology...

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