Summary of transactions for June 2022

Continued to DCA into QUAL (avg. $121) and IQLT (avg. $33). Sold MCT as I was against the merger with MNACT. Proceeds from the sale remain in cash as I am slightly bearish on Reits – further explained below.

Portfolio allocation as of June 2022

SG Shares: DBS, SGX, Valuetronics

SG Reits: Syfe Reit+

US Growth: BABA, INMD, PINS, PYPL, SHOP, TDOC, TTD, UPST

On Inflation and Recession fears

I think it is key to understand that these two issues can be self-fulfilling.

Demand-side inflation is driven by expected inflation, that is, if you expect prices to be higher in a year’s time, then you would be more likely to spend now (on non-perishables), before prices are higher in the future. Which in turn results in actual inflation if everyone thinks and acts the same way.

Concurrently, if employees expect inflation to be high, then they are more likely to ask for a pay raise,