I used to ponder about whether we can learn something from how some entities manage their investment portfolios so that the portfolios provide income for their spending needs. If I want to make sure that my strategy is more well thought out, we can get some clues from people with more on the line. So, I studied what strategy university endowments use to provide income for their budget needs. (Read Could we Model Our Retirement Spending like Endowment Funds?) Turns out some endowments would rely on a returns-based spending strategy or a very generic 5% of the portfolio value spending strategy. However, I think the endowments now may have more well-thought-out income strategies. Somewhere in the middle of the year, I realised that the Singapore government also needed their investments to generate income for our budget. They eventually settled upon a spending strategy called Net Investment Returns Contribution for NIRC for short....