Dear Students of Batch 25, It’s been a great honour and privilege to conduct a 5-Day Early Retirement Workshop for you. The current economic situation is a precarious balance between the optimism of recovery from the Omicron strain. I expect the following week to be bullish for Singapore markets as we move from DORSCON Orange to DORSCON Yellow. This will be primarily for REIT counters related to office and retail spaces. However, there are dark clouds on the horizon. America is looking at PE ratios above 35 and an inverted yield curve. Interest rates are expected to rise and while this will benefit local banks, it would be detrimental to growth sectors like Tech. We are also in the middle of a conflict in Eastern Europe, and any form of escalation will not bode well for our investment portfolios. As China grapples with COVID-19 without an mRNA vaccine to call their own, we cannot rule out a technical recession in Singapore...