Wolf Money(portfolio update for end Jan 2023) Part 1
Portfolio as at end of Jan
1.) Cash
2.) Bank of China(3988.HKG)
5.) Lendlease Global Commercial Trust
Commentary
Finding your niche
I realised very early during my schooling years, I am not cut out to be an academically successful individual. Hours of hardwork and countless burning of midnight oil only resulted in score of C and D. One was put into greater misery when your classmate who proudly proclaimed he didn’t study, lamenting his own downfall, came in with straight As(silence muggers). You know who you are! 😬 I am sure everyone will have an image that person in your schooling years. In Singapore, to be fair to the book smart the ability to study and passed exam well is a skill very much desired and valued. One can get a scholarship from the government and join a paved career path leading to a top job in a governmental organisation which come with a comfortable MX 9 superscale salary($200k-$260k annually). Having good academy achievement from an Ivy League education open doors to good employment opportunities. In recent years, the yearly cohort of President scholars are increasing which used to be given to the privilege few, book smarts are having their fair share of competition too. It call into question the future for the rest of us which like myself who are not particularly bright academically or enterprising or been dealt with a deck of prerogative life cards. Some of us seek employment and start the arduous climb of the corporate ladder hopefully one day to get rewarded for our tenacity. Some of us will start a business, hopefully to make it big in the business world. Some lucky few jumped onto auto pilot mode with a hand me down family business empire. Some of us will be salesperson in real estate or financial products like insurance to earn a good living. Finding ones niche in an ever competitive world is upmost importance for survival. There are only a handful of profession which doesn’t require much paper qualification for example a professional horse jockey, one has to be as good as Frankie Dettori to make a nice earning. It is getting difficult in paper chasing Singapore even Chef graduated from the fame Le Cordon Bleu gets a higher chance of working in a top restaurant. No matter which categories of academic success you belong, managing personal finance and the ability to invest well is a lifelong skill worth acquiring. I have the privilege of speaking to some very successful individuals in the world of business and art. One common trait of a successful individual is to stay focus. A quote by Bruce Lee described it perfectly “I fear no man who has practiced 10,000 kungfu kicks once but I fear the man who has practiced one kungfu kick 10,000 times”, having laser like focus is essential to achieving success in any field. Remember let the mind be the master of your body.🙏
Welcome to the new investment year of 2023, so far the market had been kind to me in Jan. LWF is up 4% for the month of Jan, a pleasing start nevertheless. Base on historical stats, the market has a 70% chance of finishing the year with a positive gain if Jan happened to be a positive month. I hope market wisdom will have its way “what happens in Jan, goes for the rest of the year”. Another statistic which I chanced upon during my research. There is a 81% chance of a positive market if the previous year was a bear market. S&P 500 drop 19.5% last year which more or less be classified as a bear market(20% or more). Given the favourable statistics one can still lose money buying the wrong stocks in an up market. The Chinese and HK market continue to roar ahead with a vengeance as China reopening sparked optimism. The only small addition this month to Lone Wolf Fund was Lendlease Global Reit. I did a write up on it. I had sold Starhill Global for some profit to start the year with some realised profit in the bag.(detail in part 2)
For many years till end 2021, growth stocks in US had outperformed value stocks by a mile. One main reason was the readily available of cheap money. Interest rate then was close to zero, one could literally make money just by investing in any growth stock with some sexy story. Now that the free money is gone as cash rate has climbed to 4%. Capital will be selective and in short supply, only finding its ways into investment that at least generate a decent yield above the risk free or exhibit deep undervalued . Once every few years, the market switched from growth to value and back from value to growth stocks. Value investing in my view will be making a comeback in a big way for at least the next few years due to high hurdle rate. It is best described the current investment theme similar to the world of fast fashion, skinny or baggy jeans? Both had its days, as the world catch on what was trendy.
Part 2 to be continue......
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