The month of September 2022 has ended. Let me give an update on my investment portfolios. My SGX Income Portfolio value falls to $266.2k from $283.5k last month mainly due to the crash of REITs from factoring in the impact of a potential high interest rate of up to 4.5% by end 2022. The share price of REITs need to be compressed to maintain the same risk premium from the higher risk free rate. It is a short-term pain to swallow huge paper losses in just two weeks but nonetheless affirms that my conservative portfolio allocation of 17% cash in bank fixed deposits relative to 32% in Reits and stocks (invested by cash and SRS funds) provides balance and consolation in a high interest rate environment. My US/HK Growth Portfolio value drops to US$16.9k from US$19.3k last month due to further weakness of tech growth stocks in the portfolios amidst immense recession and inflation fears....