The US Federal Reserve raised interest rates by 0.25 percentage points this week, yet the STI continued to climb, while oil prices above US$100 added another source of uncertainty for investors. Against that backdrop, the question is not simply whether markets are high or volatile, but where the underlying businesses are still getting stronger. This week’s Smart Reads digs into those fundamentals. We look at three Singapore stocks that remain interesting even with the STI at record levels, and go back through a decade of ST Engineering’s results to understand what has driven its remarkable rise in value. We also examine another way companies can reward shareholders: share buybacks. Six Temasek-backed stocks have been particularly active, but investors should understand what those repurchases actually mean for long-term returns. And beyond Singapore, we tackle a bigger portfolio question: STI or S&P 500? With volatility creating uncertainty in US markets, we explore why owning quality companies across both markets can play different roles in building long-term wealth....