I reckon this post will be a continuation of my previous post on 13 Jan 2024, titled “Thoughts on Portfolio: Questions I ask myself“. I like the metaphor that Howard Marks used for tailwinds for stocks due to the 40 years of declining interest rates – the moving walkway (or some would call it the moving travellator). To quote his memo. “In Sea Change, I likened the effect of low interest rates to the moving walkway at the airport.  If you walk while on it, you move ahead faster than you would on solid ground.  But you mustn’t attribute this rapid pace to your physical fitness and overlook the contribution from the walkway.” Unfortunately, for most of my dividend stocks (Reits) in my portfolio, the past 2 to 3 years seem to me like I am walking in the opposite direction of the moving walkway. I am walking, but getting nowhere (staying at the same spot). For my Singapore Portfolio, the Time-Weighted Returns and Portfolio...