Dear Smart Investor, Times flies and it’s already the middle of May. Companies continue to report their first-quarter earnings, providing us with insights on how businesses are doing. From what we observe, the news has so far been good. Companies have reported a recovery in business compared to a year ago. Many REITs have reported higher year on year DPU while businesses are seeing higher demand for their products and services. Thus far, there is nothing to suggest that this growth may be derailed. Investors need to be watchful, though, as local business conditions could head south if the number of COVID-19 community cases in Singapore increases. In the US, the NASDAQ index witnessed a fall of 8.3% from its peak, with tech stocks leading the fall. Despite the fall in share prices, technology businesses in the US continue to post strong year on year revenue growth. In the long run, remember that stocks move together...