The Straits Times Index (SGX: ^STI) ended two weeks ago at around 2,520 points. That’s the same level the index has been since, well, the beginning of April. While Singapore’s broad market index has not changed much, the underlying businesses are adjusting to the new reality imposed by COVID-19. The impact has been uneven, to say the least. Many stocks, both large and small, remain down in the doldrums. Against this dire backdrop, we are pleased with how our Smart Dividend Portfolio is doing so far. As of last Friday, the portfolio is showing a gain of 6.5%, despite the STI falling over 20% since we started buying our 15 stocks. Given our gain, it is tempting to declare victory and move on. But it would be a mistake to do so. In August, we did a full review of all the companies in the dividend portfolio. Our purpose was simple:...