With one and half trading days to go, and most people either in holiday mood or in “sian” mood (with the thoughts of going back to work), I think its time to wrap up my investment efforts for the year.

From the macro angle, 2019 has been a fine investment year for global markets in general.

The irony in all these is that the US and China stock markets are major winners this year. They made huge gains in the midst of their “trade-war”. S&P 500 gained 30% to reach new record level in the last few years. Shanghai CSi300 gained about the same % too. Major European markets and Japan Nikkei 225 are also no pushover, gaining ~ 20% and even the troubled Hong Kong gained 10%.

In contrast, the performance of our STI was a lackluster.

It managed to eke out a 6% gain, which was