Wolf Money(portfolio update end May 2025)part 1
Mission Impossible?
Tom Cruise’s final installment of MI8 is out. It has been an amazing run for Tom Cruise since he shot to stardom for his role as Captain Pete Mitchell in the movie Top Gun. At the age of 62, most Hollywood A-listed will have to contend with a more senior role of playing second fiddle to someone’s father or granddad. A role as a leading hot shot for his age is more like an exception than a norm. Very rarely will you see actors in an action movie doing their own stunts.
Most people who have done extraordinarily well in life are driven not solely by the tangible benefits. Passion has always been the more powerful motivation. Warren Buffett, who has been doing what he has done for the past 60 years is another extraordinary individual who has achieved great things in his field. In our life, passing the many examinations, securing our dream job to work for a Fortune 500 company. What we deem as Mission Impossible, many overcame their challenges with distinction.
Our stock market is losing listings at higher frequencies. Currently, there are 17 listed companies in the process of getting themselves out of our market. The stock market taskforce needs to double up its efforts. After the initial announcement of the MAS 5b fund. Very few details on the implementation were communicated. Communication needs to be constant and clear. When can we expect the fund deployment by MAS into our market? What are the mechanisms to qualify for the fund? Has the increase in inquiries to list in the market translated into tangible actions by the IPO aspirants? If not, what is stopping them? When can we expect the rest of the initiatives to be announced? There are many questions unanswered. I hope the authorities can be more proactive. The problem in our market wouldn’t magically disappeared without strong intervention from the authorities. Better communication is needed.
Our stock market is such an important ecosystem of the financial market. Many financial jobs that rely on the stock market are at stake. We have one of the largest foreign exchange markets in the world. We are the leading country in the field of wealth management. We have one of the largest sovereign wealth funds. Many family offices call Singapore home. Those achievements didn’t come by chance. It came when we turn the impossible to I’m possible. If Lee Kwan Yew had given up on his life mission to turn the country better, we wouldn’t be what we are. The “can-do spirit” is our driving force towards our success.
During one of my many conversations with my son. I always encourage him to do his best. Set a higher expectation for himself. For example, when he set his goal of achieving 70 marks for his math paper. I encouraged him to set it higher at 90. When we set a goal, that target becomes a mental resistance to do better. Sometimes we fall short on our goal. Don’t limit our approach to make our market better. If the companies aren’t coming forward for a listing. Why don’t SGX approach those companies to sell the benefits of having a listing on SGX? If foreign funds are lukewarm about investing in our market, why not bring our listed companies for an overseas roadshow to showcase them to the funds. If young local investors are not interested in our market, why not engage them in investment clubs at our universities? If our brokers are not promoting our market to their clients, why not incentivise them to put out a nice word for our listed companies? There are plenty of things we can do to promote our market. A more robust effort from the authorities would be appreciated. It is time to set our market free from its shackles.
I hope the authorities are not giving up on our stock market. Even though we are losing listings at breakneck speed, we shouldn’t give up. The Singapore miracle wouldn’t have happened if we had chosen to give up. We get down to work and solve the problem head on. It has always been the Singapore way. As Captain Maverick’s quote in the movie Top Gun puts it, “Don’t think, just do it”. Who could forget Ethan Hunt’s quote in Mission Impossible-Rogue Nation “Desperate Times, Desperate Measures” and finally Charlie in Rain Man “He’s capable of a lot more things than you know”. I always believe our market can do a lot better than we could ever imagine. Is this the final reckoning? Captain Maverick in Top Gun believes,“ It is not the plane, it is the pilot”. God bless.
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