Greed is Bad ; Very Bad

Gordon Gecko with his infamous line : "Greed is Good"

Michael J Douglas didn't know it at that time but when the colossal hit movie "Wall Street" was released all over the world, it romanticised all the excesses of Wall Street and the rotten to the core bankers, as typified by Gordon Gecko ( the name was chosen with tongue definitely in cheek) who as an unscrupulous fund manager had 2 mottos in life :

a) Win at all (moral) costs

b) Greed is good

Fortunately, in the end, the young apprentice (played by Charlie Sheen who later went on to his own successful TV sitcom "2 and a half men" and ultimately spiralled downwards in life with drugs and an HIV infection) took revenge on Gecko and the "bad guy' was implicated in the end for market manipulation amongst other things and sent to jail. If only this was true in the real crash or Financial Crisis of 2008 ! 

My humble opinion, is that I have seen numerous friends and acquaintences, who in their ultimate quest for all things materialistic, fuelled by this stupid and totally unholy tagline "Greed is Good"  end up in massive money problems and ultimately, bankruptcy. Bankruptcy per se is not the end of everything, but the pursuit of wealth illegally and using any kind of means to 'get rich quick' is well, illegal for the first move and morally reprehensible for the second.

Bankrupcty, as if I need to say it again,sets you back financially. Your savings will be wiped out, and you will have to sell off any asset with value like a car, equities, bonds and all insurance policies.In addition, as a last resort, you may have to sell your single largest asset you have which is your house, condominium or HDB flat. Emotionally, you are mentally scarred by it. It ultimately makes many people stronger, but it is a  big deal. This is the 'school of hard knocks'. Everyone falls down from time to time, you just need to learn to pick yourself up, brush off the dust, ignore the pain and start again - just like in the cartoons.  

Managing your hard earned savings is really about risk mitigation, value investing and growing your wealth against inflation. It is totally not sexy, there are no wild swings and the mantra for everyone should be :

1. Live within your means

2. If you earn $1000, spend much less than you earn, invest some and save some. 

Its boring, humdrum, but as my good friend Frank Rigley told me many years ago, "save your pennies, the dollars will save themselves" meaning if you save even the small money, ultimately it adds up to big money. 

"Greed is good. " should be banished totally from the collective consciousness of all baby boomers like myself and millions of others born in the early 50s till the year 1980 (we are now in the ages of almost 70 right down to almost 40 years of age. Our prime time is right now, and we need to save, invest in value, personal health and prepare for our golden years. To pursue risky deals and gamble away our hard earned CPF (pension money) all in the name of making more is foolhardy.

Michael J Douglas' character did have a reprise in Wall Street II where he apparently learnt his lesson and he was on the flip side (the good guy) trying at all costs to prevent the major 2008 crisis. That financial crisis was fuelled by bankers' collective greed to sell CDOs - all kinds of collateralised DEBT, mortgage debt, credit card debt all bundled up nicely and repackaged and rate them as AAA or some ridiculous rating, all in the name of making more money at all costs ; bankers are truly the Gordon Geckos of this world . "Screw the ordinary house mortgagee, lend him the money, I dont care if he has no job or just migrated here, property prices are rising up and up !  I need to make my commission ! "

Unfortunately for many millions of Americans, and countless others worldwide, the Great Financial Crisis left the top 10% even richer and the middle class feeling very squeezed as each financial year went by. Many lost jobs which never came back to the US, and people were forced to work 2  maybe 3 jobs at inhumanely long hours just to earn perhaps 80% of what they could earn before they were retrenched. Structural Retrenchment affected many millions of people worldwide. In the USA alone there are easily 50 million people living in poverty and another 50 - 100 million living from paycheck to paycheck. 

The newly skilled were filled by people with the 'right' skill sets, younger, hungrier, many from foreign countries. Is it any wonder, the ordinary citizen feels squeezed out and pushed aside in his own country ?  Someone comes along and says the magic word, MAGA ! 

Make America Great Again ! Just like that ! and he is elected !   This is no more than populism at play just to win votes.

Globalization is here is stay, Artificial Intelligence is coming, Disruptive technology is also the buzzword, and the Internet of Things will empower people to be masters of their lives. 

Do not believe in the above marketing bullshit, work hard and smart, save, invest wisely, work with a common purpose and lead a balanced lifestyle.

Toss that notion " Greed is Good " into the Garbage Can and Shut it forever.  

     

Putien Lunch 1 Sept 2017 - 1 Michelin Star Restaurant ; My Experience

Steamed Crab with Tang Hoon - signature (in season) dish 

Yesterday was Hari Raya Haji, a religious holiday for Muslims around the world celebrating Eid Mubarak. So for us in Singapore, it was a holiday and a long weekend for us. I took the opportunity to go to ION Orchard Road to have lunch with my younger son, as my wife was away on business. We headed to the 4th floor, intending to dine at Paradise Group, as I had vouchers for that restaurant. As the queue and the wait was expected to be long ; this is Singapore and good food comes with a price and patience (I hadn't booked), I encouraged Andrew to try the neighbouring Putien Restaurant (Xin Hua cuisine) , which was less full - or having a much larger restaurant to fill. 

Try their tea 

I wasn't impressed by their booking counter, as there was some confusion as to where was the actual booking and reservation site, some mainland Chinese couple took their liberties and I almost ticked them off. Getting into the restaurant, it was full and we had to dine at the terrace, which was perfect given the early afternoon and mild weather. We decided to order 3 of their Signature dishes. The first was the steamed crab Tang Hoon (a glass noodle similar to Bee Hoon or Rice Vermicelli). The price was almost $14 per 100 g, so estimated size of 1 crab was 800g the price would be in the region of $72 thereabouts. 

The second was the Japanese scallop (at $13.60 per piece) and finally the Deep Fried Pigs Trotters (upper thigh) at $8 per trotter. 

The tea recommended was really good, I was impressed by the service staff, he was informative, polite, available when needed and proactive, cleaning the table and replenishing the plates even without prompting. 

Their chilli is quite something else

First to arrive was the scallop, it was fried, and with some flour added to give it a smooth taste. Andrew liked and so did I, as it was crunchy and flavourful. I added the chilli sauce which Putien was famous for (their restaurant at Kitchener Road has been given a 1 star rating by Michelin no less). Good starter, though pricey.  

The chilli sauce I must add is pretty potent. Its watery and with ingredients aplenty inside, you can buy it and take it home to try with your home cooking. 

The second dish, the pig's trotter was again deep fried, I had my reservations about the taste, but it was again very savoury, but fat filled, and nothing much else. I had ordered it out of curiosity, because of my Mother's obsession with eating Pig's trotter (braised) when she was alive. I was curious as to what enamoured her to eating such an unhealthy dish. My verdict, I find it too rich and fat filled, and will skip this altogether the next time I am there.  

Finally, the piece de resistance , the Steamer Crab with Tang Hoon. Finally, a dish worthy of a 1 Michelin star ! There was plenty of crab pieces, the meat was accessible and easy to take out from the shell and the tang hoon was savoury and flavourfull with scallop bits inside the dish.

The crab was laced with some gravy and had crab roe, which I avoided. The dish in my opinion was very flavourful and the tang hoon made up for the lack of 'carbo' and I had my fill. 

Finally, the waiter brought a fruit dessert on the house which was a nice end to a fine meal.

Total price for 2 ?  $ 140 all in. 

Pricey ? Yes

Tasty ?  Yes

Expected Value ?  Well Yes and No. 

Dining Experience ?  Good but not exceptional ; it is a 1 Michelin star restaurant after all. 

Worth the 1 Star ?  Frankly No. 

There are numerous eating restaurants and coffeeshops serving crab delicacies in Singapore, I can name a couple in Chinatown, Outram  (3Crab and Kampung Chicken Restaurant) as well as the Teochew restaurants (Quan Le Yuan) at Havelock Restaurant who give as flavourfull and cheaper options for dining. 

Try it for yourself and give me your reviews. You can google it and get their numbers or website. I am not paid to write or promote any restaurant.  

Putien ION Orchard
2 Orchard Turn
#04-12 ION Orchard
S'pore 238801

Focus focus on the work process - results will follow, with some luck

Flag flying high at Molineux Stadium, Wolverhampton

I am like many of the 99% of the population who only focus on results. Yes, results matter.However in the recent weeks I have had a rude awakening of sorts. Listening to many audio books on investing and managing money, I am shocked that for so long, I had only looked at results as the measurable ends while not really focussing on what matters most, the process.

The process of anything, be it  in your business, your hobby, your life, your relationships is so vital as to how you ought to live. Read, understand and value the fine print of everything. That 96 page purchase contract, the sale and purchase of your car or your house, the work employment contract, the insurance contract, the list goes on and on. It is so vital to every thing in your life, yet many a times you gloss over the fine print and look only at the big picture and putting up the signature on something regarding your life or how your hard earned money is going to be invested or used.  

I am guilty of this recently. I barely follow the recent SEA (South East Asian) games in Kuala Lumpur Malaysia and yes, as a proud Singaporean, would look up the medals tally and see where we stood in the region (57 golds as of time of writing 30 August 2017). I have totally overlooked the years and years of sacrifice, the pain, the effort, the sweat the tears and the mental anguish ALL these athletes must go through just to reach that podium finish.

Many end up injured, even more don't make the medals tally (there are 10 finalists and perhaps 20 plus who were knocked out in the heats and semis of the 400 meters for example). The process of these young men and women transforming their lives first from an ordinary runner, to one with some interest, to one who beat the others in school, then at the national sports meet, then regional meets, then SEA games. THAT process is an extremely long, lonely, full of blood sweat and tears and I must add, 99% fail, give up or drop out at their highest potential level. 

To reach the very top of your game, it all starts with a Plan, a bold plan. Followed by Process of clear vision, hard work, risk management, execution of the plan with expectance of perfection, accepting failures as learning exercises, bitter as they impact on the body, mind and resources. Resilience, dedication, and a fired up passion to be the best. In addition, a skin so thick that you need a jackhammer to knock you aside.  

Finally Luck. 

Champions were never made from paper thin egos, lazy and fragile bodies whinging about everything and anything. 

Then the Gold and the Rest should follow. 

     

Global Warming ; Doing our part

Ice Shelf Melting at an Unprecedented Rate 

This last weekend saw one of the most catastrophic Category 4 hurricanes ever to hit the USA ever since the 2005 Katrina storm which devastated New Orleans. Houston Texas is right now experiencing the worst of the winds and now the rains of more tnan 50 inches of water dumped over 3 days ! 

The fact that global warming has been with us for the last 100 years or so and escalating at a rapid pace these last 20 years is a dire warning to all countries, especially the industrialised ones that it is real. The trapping of greenhouse gases caused by massive deforestation (most recently Brazil has approved hundreds of thousands of hectares of tropical rainforest for mining puroses), rapid industrialization and general ignorance and apathy of our only home is causing the world to warm up, the ice shelf which has been there for centuries is melting like never before and as a result, the sea levels are rising. The seas on the whole are getting warmer too.

The confluence of factors of warm seas result in greater evaporation and hence more humidity in the air and the massive hurricane which hit Houston this last weekend is a foreboding and frightening sign. Human civilization and development is the root cause of global warming, no two ways about it.

That the US President can go to the 2017 Paris climate summit and threaten to pull out of such a massive agreement amongst all countries in the world is stupidity at the highest level. It is not deal making or taking care of one's country's interests over the entire planet.

We must all do our part, however small to reduce our carbon footprint, be it, taking the public transport, walking or not using too much air-conditioning at home and in the office. 

I am guilty of it - however miniscule it is in the grandest scheme of things - but every little bit does add up. 

Our poor planet is suffering and it is telling us to stop the abuse of our only home we have.

Are we listening ?? 

Still Running

Happy me posing for a selfie 

I'm pleased to report that I still can and will be doing runs of 10K or longer. Although I am months shy of 55 I think that age is a number and as long as I eat healthy I can try to maintain my running standard and pace. Today 26th August 2017 was the first time in a long while that I tried and completed a 10K, so I feel extremely satisfied. I started at the East Coast Park Ski Park and did 2 laps from Ski Park all the way to NSRCC and return back. I started at 10:45 am and finished at approximately 12:10pm in the afternoon. The weather was extremely hot and humid with little shade after 11 am. Just the kind of killer weather only mad dogs, Englishmen and myself would attempt to be out, let alone run 10K. 

My time of 1 hour 24 minutes is nothing to shout about, but as this was my first 10K in a long while, I will use this as a benchmark to improve on my time to reach my target of below 60 minutes per 10K. My immediate goal is to reduce 3 - 4 kg of body fat and attain a weight of about 73kg. I will give myself 3 months to attain that. My running goal would then be to race 1 marathon this year, most probably the Penang International in November.

Work-life balance is all important so I will aim to set aside time every day to exercise, in particular to start running at least 5K every day. No mean feat for a 55 y.o. but when I have a goal set, I aim to reach it.

Seize the Day ! 

No News is Good News

HDB Flat in the West

       We have a good thing going here. Today I drove to the Bukit Gombak estate and had my lunch at the coffeeshop there. Nothing unusual, but I opened my eyes and looked around me. People from all walks of life, some office staff, some students, many elderly and some middle aged people having their lunch and chatting. So what ? 

        It struck me that with all that is happening in the world, we have a good thing going right here in Singapore. Our waters are calm, we are blessed with a deep harbour, surrounded by large archipelago of Thailand, and the large expanse of land called Sumatra. We are in a peaceful region and there is harmony between the neighbours. ASEAN Governments should all be lauded for keeping the South East Asian region peaceful.   

      The walkways are clean, safe, and pothole free. The water management is excellent, the electricity is stable and for the most part, affordable. Many tourists all over the world are amazed at our country's orderliness, citizen's industry and remarkable development. A lot of this is thanks to the first generation of our country's leaders from 1950s till the late 1990s.

     We bitch and complain about everything and anything. Yes, there are valid points. However, if you look and compare Singapore to HK, we would come out better in many aspects - the most important being affordable public housing. My earlier post about the poor in Hong Kong living in abysmal and coffin like apartments subjugates the human being to nothing more than a body enclosed by 4 walls, which become like a furnace during the hot summer months.

     

Plenty of clean open spaces and void decks at the foot of the blocks

        The town management of the estate which I was in keeps the estate clean. All the food centres and most carparks of the newer housing estates have covered walkways for protection against the heavy rains during the rainy months of Nov - March each year. 

        Yes, there are complaints about the state of the MRT ; why the frequent breakdowns  leaving many commuters late for work and fuming. Costs of car park coupons have gone up a staggering 20%, water by 30% the list goes on.  

        The local economy is sputtering, having had 3 painful years of restructuring, many Singaporeans have lost their jobs to the disruptive world economy, the labour market while tight, is only looking for people with Fintech experience, and so there are a group of people who will have to downgrade and lower their expectations or try their careers in other countries. Uber, Grab and the food distribution service companies (Food Panda, Redmart, Honest Bee etc.) have been the biggest employers in the last 3 years, so its a massive shift in job performance expectations, and its impact has hit us hard.    

          But again, ours is a complaining society and I believe we will need to look beyond these failings and take everything in its proper perspective. On the whole, it is still pretty good living for almost everyone, rich, poor, and of all walks of life. 

           

   

Happiness can be ... a bit of many things,events, people. Today it is watching my boyhood team beat Premier League Southampton 2-0 in the Carabao (League Cup)

      There are small victories every single day. Securing orders big and small, managing the team with a fiery and concerted pitch on what to do, focus and the satisfaction of coming out of a bad downturn with each and every month. This is 'fighting in the trenches business Singapore style'. No one is going to pay for my retirement, for my old car's COE extension, for my daily expenses and for my children's education overseas. So many unpredictabilities in this world.

      Some things like the best things in life, are free. Like this period when my boyhood team Wolverhampton Wanderers are playing the best football in years, having won 3 League games and 2 Cup games so far this season. Only one loss last week to Cardiff at home.
I am back to when I was 14 - 16 years old, the romantic notion that life was filled with possibilities and knowing (or not knowing) what the future lies ahead, except that it would all be good.

     Today the feeling is like that ; when I watched the game played by the Wolves against Southampton. Something evoked the past memories of pure unbridled joy ; of watching a team some 3,000 km away in dreary England in the Midlands and enjoying each beautiful pass, great save from the 'keeper and 2 opportunistic goals.

     The manager Santos is a magician ; he has given the team something no one in the last 20 years has ; a fervent hope that Wolves will finally make it to the big Premier League next season. Its a long 10 months away. 

     Who knows ? I just am happy for their win on Wednesday 23rd.