Dear Students of Batch 31, It's been a great honour and privilege to conduct a 5-Day Early Retirement Workshop for you. First, I would like to apologise to the class for the lack of energy for my delivery. Batch 31 concludes possibly one of the most challenging classes I ever taught. I started getting muscle aches and a sore throat from Day 1 of the class. I even visited the doctor that morning, but despite every medical precaution, my throat and cough kept progressively worsening. On the last day of training, I was literally on over ten kinds of drugs to mitigate my cold symptoms, my diabetic control and my hyperactive thyroid. Despite all this, we could still build a reasonably attractive portfolio that generated about 6.5% yields. And to do this when our equity risk premium is over 6%. This portends well for the portfolio's future – but you need holding power....