As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

Welcome to Ministry of Wealth and Gifts for your loved ones!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

It is here where I share with you how I did it! FREE Education in stock market wisdom.

Think Investing as Tug of War - Read more? Click and scroll down


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Important Notice and Attention: If you are looking for such ideas; here is the wrong blog to visit.

Value Investing
Dividend/Income Investing
Technical Analysis and Charting
Stock Tips

Thursday, 25 December 2014

DBS


Likely No STI Bear in 2014???




Wednesday, 24 December 2014

Golar signs Heads of Agreement for the development of a Floating Liquefaction export project in Cameroon



Golar LNG Ltd ("Golar") today announced the signing of a Heads of Agreement (the "HOA") with Societe Nationale de Hydrocarbures ("SNH") and Perenco Cameroon ("Perenco") for the development of a floating liquefied natural gas export project (the "Project") located 20km off the coast of Cameroon and utilizing Golar's floating liquefaction technology (GoFLNG). 

The HOA is premised on the allocation of 500 bcf of natural gas reserves from offshore Kribi fields, which will be exported to global markets via the GoFLNG facility Golar HIlli, now under construction at the Keppel Shipyard in Singapore. 

Golar will provide the liquefaction facilities and services under a tolling agreement to SNH and Perenco as owners of the upstream joint venture who also intend to produce LPG's for the local market in association with the Project.   It is anticipated that the allocated reserves will be produced at the rate of some 1.2 million tonnes of LNG per annum over an approximate eight year period. 

It is expected that during the first half of 2015 definitive commercial agreements will be executed and necessary licenses and approvals secured for the production, liquefaction, and export of the reserves, and that production will commence in the first half of 2017.   The Project will be the first floating LNG export project in Africa and will see Cameroon joining the small number of LNG exporting nations.  

Golar is one of the world's largest independent owners and operators of LNG carriers with over 40 years of industry experience. Golar's innovation delivered the world's first Floating Storage and Regasification Units (FSRU) based on the conversion of existing LNG carriers. The project in Cameroon now demonstrates Golar's latest strategic move to extend its business model further upstream by deploying its floating liquefaction technology (GoFLNG). The objective is to become the industry's leading integrated midstream LNG services provider, supporting resource owners, gas producers and gas consumers.


US stocks soar to new record as growth accelerates

NEW YORK: The Dow stock index closed above 18,000 for the first time ever on Tuesday (Dec 23) after government data estimated third-quarter US economic growth at a spectacular five per cent.

The blue-chip index crossed its latest threshold within moments of the market opening and stayed above 18,000 the rest of the session, continuing a so-called "Santa Claus rally" that began after last week's US Federal Reserve meeting.

The Dow Jones Industrial Average finished at 18,024.17, up 64.73 points (0.36 per cent). The broad-based S&P 500 also notched a fresh record, gaining 3.63 points (0.17 per cent) to 2,082.17, while the tech-rich Nasdaq Composite Index dropped 16.00 (0.33 per cent) to 4,765.42.

At five per cent, US growth for the third quarter was the best since 2003. The figure, described as "mind-blowing" by one analyst, was also better than the 3.9 per cent previously estimated by the government and the 4.3 per cent projected by analysts.

Spending for consumption rose 3.2 per cent, the biggest jump since the end of 2013. Analysts also cited strong growth in defence spending and exports.

The US growth figures showed "an economy firing on all cylinders for the first time in many quarters," said Chris Low, chief economist at FTN Financial.

However, the good cheer was offset somewhat by US durable goods orders - an indicator of business investment - which fell 0.7 per cent in November.

Low said the durable goods orders implies that fourth-quarter capital spending will decline, perhaps sharply, "suggesting blockbuster growth in the third quarter will be followed by a distinctly slower Q4."

Tuesday's record was the Dow's 36th in 2014, according to S&P Dow Jones Indices. The latest spate of equity records follow Wednesday's Fed meeting, at which the US central bank kept interest rates low, gave a fairly upbeat assessment of the economy and said it would be "patient" before raising rates.


Tuesday, 23 December 2014

Powerful Compounding Machine At Work???


Your CPF Investment Account may be your best compounding machine at work. Think about it?

Uncle8888 rarely touches his CPF Investment Account. When he touches it; there should be already plenty of blood in the street.



Uncle8888 used his CPF Investment Account to hold his multi-baggers: Kep Corp, Semb Corp and DBS.

Together with his monthly CPF Employee and Employer contribution plus yearly dividends received from Kep Corp, Semb Corp, and DBS; his total CPF wealth has grown at 15.3% compound rate p.a. from Jan 2002 to 23 Dec 2014.

Powerful compounding machine at work. Right?


Uncle8888 hopes that you may like to seriously think it again if you are at ease of deploying your CPF investment account anytime as you like. 


Close to risk free compounding machine at work as long as PAP is still the Government!



Merry Christmas to you!





























Wish for Santa Rally to end 2014. Ho Ho!


What did the headline in this news tell us about investing???











































Monday, 22 December 2014

What is your Greatest Investment Return???



Your XX% CAGR on your investment portfolio?



Do we count ourselves among the world best money masters?


No?

Then our greatest investment return is from our human asset.  Our human asset will generate earned investment return. It is earned and it is for us to keep. 

Our financial assets will just generate earning investment return. It is earning and Mr. Market at his own time and own Will can take it back without letting us know in advance. Some can hide; but most can't escape!





Sunday, 21 December 2014

DBS


Saturday, 20 December 2014

Don't Smoke. Don't Drink. Don't Drive. Don't Casino. Don't Gamble 4D. Don't Call Chicken??? (2)


Read? Don't Smoke. Don't Drink. Don't Drive. Don't Casino. Don't Gamble 4D. Don't Call Chicken???


Next ...

How to reduce your expenses farther?


Living one or two level below what you can afford then you can save enough investing capital as your war chest.

Some examples on how Uncle8888 has more money to invest for his war chest by doing these.


He could afford 5-room HDB flat; but he bought a 4-room.

He could afford 4-room HDB flat in Toa Payoh but he rather live in ulu Hougang (previously known as Punggol Rd. It was later renamed to Hougang to sound not so ulu)

He could afford a car but he took bus and taxi. In fact, in his office he is one of very few oldies who don't drive. A car as convenience is not an excuse to drive and not even having three kids. Taxi service is not that bad.


Oh! For convenience and save time?


Ask why are we always in hurry to save more time. 

Why others got so much time and we are seem always short of it? 

How come like that? Something is not right? 


He could afford expensive toys for his three kids; but he rather brought his kids to playgrounds, parks and beaches.


Those are some of things he has done to reduce expenses.








Knowledge is not power, execution is!


Just For Thinking ...


Remember that knowledge is not power, execution is. Execution trumps knowledge every day of the week. Just make a little bit of progress each day or each week and before you know it, your path to financial freedom will be realized.-  Mary Callahan Erdoes



CW8888:

There are plenty of finance and investment books to borrow from our NLB.   It will take us months to read most of them.


There are more than enough finance and investment blogs, forums, cboxes to follow and keep us busy for hours reading them.

There are plenty of free and independent detailed company analysis and stock views put up by our favorite writers for us to read and digest and then to agree, accept and follow through based on their views and "recommendations".

  

So are we still lack of knowledge?





 

The most important thing from Paul Tudor Jones


"The most important thing for me from that is that defense is ten times more important than offense. The wealth you have can be so ephemeral; you have to be very focused on the downside at all times.

"When you have a good position in something, you don't need to look at it, it will take care of itself. Where you need to be focused is where you're losing money, and that's actually when people generally don't want to look: "My account's going down. I don't even want to open it." So I've created a process overtime whereby risk control is the number one single most important focus that I have, every day walking in. I want to know I'm not losing it.

 

" If you lose 50%, it takes 100% to get back to where you started-and that takes something you can never get back: time." 




Investing in our Human Asset still generate better investment return???



Disagree?

Not for you?

Return on Human Asset is earned and for us to keep!

Investment Return is always just earning.


Know the big difference!







Friday, 19 December 2014

$60,000 profit in 4 days!!!


Just For Laugh ....



He has showed it to you publicly with full disclosure.


$60,000 profit in 4 days!


He bought Kep Corp @ $7.97, 100 lots on 15 Dec 2014

Today, 19 Dec 2014, Kep Corp closed @ $8.60



Who is he?











Keppel Corp's CEO. Mr. Loh!
















DBS Said to Consider SocGen Tie-Up for Coutts International Bid




DBS Group Holdings Ltd. (DBS) is in talks to team up with Societe Generale SA in its bid for Royal Bank of Scotland Group Plc’s international private-banking operations, people with knowledge of the matter said.

DBS was among banks that submitted first-round offers for Coutts International this month, the people said, asking not to be named as the details are private. A potential bid with Societe Generale, if successful, would see the Singapore lender take over Coutts International’s Asian operations while the French bank would assume the rest of the business, one person said.

Southeast Asia’s biggest lender has been pursuing acquisitions to expand in private banking as the ranks of wealthy in the region increase. DBS completed the $220 million purchase of Societe Generale SA (GLE)’s Asian wealth-management business in October, boosting its assets under management to S$88 billion ($67 billion).

Coutts International could fetch $600 million to $900 million, a person with knowledge of the matter said this month. DBS spokeswoman Edna Koh and Jolyon Barthorpe, a spokesman for Societe Generale in Paris, declined to comment.

RBS said in a memo in August that it was examining options including a sale of Coutts’s overseas business, as it shifts its focus to wealthy clients in the U.K. Chief Executive Ross McEwan is eliminating thousands of jobs and cutting about 1 billion pounds ($1.6 billion) in costs as he seeks to reverse six straight annual losses.

Coutts International had 32.6 billion Swiss francs ($33.2 billion) of assets under management at the end of 2013. RBS isn’t selling the U.K. arm of Coutts, which counts Queen Elizabeth II among its customers. The private bank has roots in 1692, before the Bank of England was founded.


Hyflux consortium awarded S$328m project in Oman


SINGAPORE: A consortium, comprising Hyflux and National Power and Water Co, has been awarded an international tender to design, build, own and operate an independent water project in Qurayyat, Oman.

The project, worth an estimated US$250 million (S$328 million), was awarded by the government-owned Oman Power and Water Procurement Co (OPWP), Hyflux said in a news release issued on Friday (Dec 19).

It involves a seawater reverse osmosis desalination plant with a designed capacity of 200,000 cubic metres per day. Under the letter of award, the consortium will need to further finalise details of the project with OPWP, and the award is contingent upon satisfying certain conditions precedent.

The project is scheduled to commence commercial operation by May 2017 under a 20-year water purchase agreement with OPWP.

Hyflux’s role includes turnkey engineering, procurement and construction (EPC) – a contract valued at US$210 million – as well as operations and maintenance of the plant. Hyflux said the project is not expected to have a material financial impact on the company for the financial year ending Dec 31, 2014.

Your Road To Financial Independence is no different from Jugglers???



The least difficult way is to juggle only three balls which is the most basic to achieve and to impress at your social gathering and parties.
















3 Balls equivalent is like staying Single or DINK (Dual Income No Kids) to achieve financial independence. 

You are likely to be able to perform and achieve with more practices and coaching.




When you add kid, more kids and a housewife to your juggling performance with Single Household Income , when you can still perform and achieve. 


You are Superstar like this man!
























Your road to financial independence can be least difficult or extremely challenging. 

It is your personal choice! How many balls you want to juggle?

But, don't worry!

The good news is many have attempted more than three balls and they also made it great.


BTW, we will all reap what we sow

The last phase of our life will NOT be like everyday counting how much money we have achieved over our lifetime.  We can open our eyes wide by looking at our parents, grandparent and grand relatives. What did you really observe?

How about visiting Tan Tock Seng Eye Clinic? What did you really observe? 

No escape, most and if not all old people will be visiting one of the eye clinics in Singapore. This is long consultation and long waiting time in between. 



How about more money?

Unfortunately, Uncle8888 knew it first hand, when we are dementia, we don't even know this thing called ....









Sometime, we DON'T even know the way home after living in the area for XX years. We need our caregivers to bring us home. Scary! Right?



The most important thing at this stage of our life. 

Who is our caregiver? Godson or Goddaughter?












Thursday, 18 December 2014

Can you put a $ value FOR a good night's sleep???



We need to know ourselves what keep us awake at nights?


After close to 60 years of sleeping across economics, financial and market cycles, Uncle8888 knows well enough what will keep him awake at nights?


1. Lack of money to pay bills.

2. The thought of being retrenched and out of job for a long time.

3. The thought of having to sell his stocks at market low to fund his family living expenses



That is why he tracks his family living expenses of five and forecast what is the likely future living expenses for two unemployed @ 2.5% inflationary rate for reasonable cash flow to fund his lifelong living expenses and put a $ value FOR a good night sleep.
















  








If you have a worry problem, do these three things: 

1. Ask yourself: “What is the worst that can possibly happen?” 

2. Prepare to accept it if you have to. 

3. Then calmly proceed to improve on the worst.” 

(Carnegie 49)



Just do it!

We will regret on things we didn't do them rather on things that we have done to keep us sleeping at nights.


Wednesday, 17 December 2014

SCI


Tuesday, 16 December 2014

Future Cash Flow For Retirement Life???



Uncle8888 strongly agreed with  Focus less on Net Worth. Think more in terms of Cash Flow


Read? It’s safe to invest entire life savings in stocks. But it can be safer!!! (3)


"When we are in heaven, our money will still be in the bank."

"We don't seem to have enough money to spend; but, when we are gone; there's still lots of money not spent.

 


He is planning in terms of future Cash Flow for his retirement life without leaving lots of money not spent.


The sources of his future cash flow will come from:

1) An investment portfolio generating just 4% yield p.a. at flat rate and non compounding.

2) Yearly partial asset drawn on CPF OA and cash FDs till the last withdrawal on 2036

3) CPF RA, SA and MA as self insured fund for medical and health care and also covered by enhanced medical shield. Assume zero growth.



Using actuarial present value of his future cash flow (excluding the asset value of investment portfolio) and total liabilities @ 2.5% year inflationary rate.





































Now, he can reduce his tensions and worries over future market cycles.












Monday, 15 December 2014

CPF Contribution and Allocation Rates from 1 January 2015


From 1 January 2015, the CPF contribution rates for all employees will be increased to help them save more for retirement and healthcare needs. The following will apply to wages earned from 1 January 2015:


Increase in Employer’s CPF Contribution Rates

For employees aged below 50 or above 65 years, the employer contribution rates will be increased by 1 percentage point. The increase in CPF contribution will be allocated to the Medisave Account.


For employees aged above 50 to 55 years or above 55 to 65 years, the employer contribution rates will be increased by 2 and 1.5 percentage points respectively. The increase in CPF contribution will be allocated to the Medisave and Special Accounts.


Increase in Employee’s CPF Contribution Rates

For employees aged above 50 to 55 years, the employee contribution rates will be increased by 0.5 percentage point. For those earning wages of >$500 to <$750, the contribution rates will continue to be phased-in. The increase in CPF contribution will be allocated to the Ordinary Account.


From 2015, the CPF Annual Limit will be increased to $31,450


The Ordinary Wage Ceiling remains unchanged.



Age Group
Before 1 Jan 2015
Wef 1 Jan 2015
35 and below
16%
17%
35-45
16%
17%
45-50
16%
17%
50-55
14%
16%
55-60
10.5%
12%
60-65
7%
8.5%
Above 65
6.5%
7.5%




Kep Corp: Catching falling knife. Not fun. Right?





























Round 95: Fell -17% to $8


Round 94 fell even more @ -28% to $7.10

Does it mean more pain coming?

Next time, Uncle8888 bought; you go ahead and short it! Okay?






Don't Smoke. Don't Drink. Don't Drive. Don't Casino. Don't Gamble 4D. Don't Call Chicken???



Uncle8888 has already saved so much by reducing high expenses!


Sunday, 14 December 2014

Crude Oil WTI and US Net Import


































Crude oil futures tumbled Friday after a new government report suggested energy company could increase production in 2015 over current levels despite the 40% decline for West Texas Intermediate since its June peak. Crude oil for January delivery settled $2.14 lower at $57.81 per barrel but January natural gas got a boost today following several days of below-average cold in the northeast U.S., rising 16 cents to $3.80 per 1 million BTU.






Here Is A Simple Way Of Seeing Who Gets Screwed Most As Oil Tumbles


Read? Here Is A Simple Way Of Seeing Who Gets Screwed Most As Oil Tumbles


Oil is crashing. On Thursday, WTI crude oil was falling again, moving back below $61 a barrel. 
Much has been made of the "breakeven" oil price for the world's drilling projects. This is the level at which the price of oil covers the cost of extracting the oil.

A simpler way to look at when the biggest oil players will start feeling the squeeze from lower prices is the "cash cost."

"Without OPEC action, an outage, or other response, cash cost is the only true floor," Morgan Stanley analyst Adam Longson said.

Cash cost is basically what it takes to keep oil production going, not what it takes to make oil production profitable or for a government to hit its budget projection. If you drop below your cash cost on a project, you've got to turn out the lights.

As you can see on the far right, the Canadian oil sands and the US shale basins are very expensive to tap. Meanwhile in the Middle East, the Saudis, the Iraqis, and the Iranians basically stick a straw in the ground, and oil comes out.



morgan stanley cash costs Morgan Stanley 





The recent story in the market has been that a supply glut has pressured oil prices, and in response some expected OPEC to announce a production cut at its Thanksgiving meeting. That didn't happen, and  Longson notes that it isn't as simple as slashing production to combat low prices.

"Simply slowing supply growth is usually not enough to balance an oversupplied market in the short run," Longson writes. "In commodities without a cartel, existing production must be shut-in. If true, marginal cost of investment is not the relevant metrics, it's variable operating cost, which is closer to $35-$40/bbl on the high end."

Longson's mention of a commodity without a cartel also comes as Saudi oil minister Ali Al-Naimi said on Wednesday that the market — not the OPEC cartel – was in control of the oil market.

And these comments imply that this chart from Morgan Stanley, showing cash costs for oil projects around the world, might be the place to find out when things will really ugly in the oil market.


Book : The Top Five Regrets of the Dying by Bronnie Ware



Uncle8888 saw this book on New Arrival shelf this morning at Cheng San NLB.


Grab it without even thinking or browsing!
























Why?

He didn't know she actually proceeded to write a book on it.

Read? Top Five Regrets of the Dying


In his Retirement Income For Life sharing session for some of his closer colleagues and friends ....


































Slide No 5:



 











Refining Wealth Formula (2)


Read? Refining Wealth Formula

To add more conclusion to the definition of net worth and its component parts to compute net worth that most people already know.













Uncle8888 got the idea from Rich Dad. Poor Dad i.e. Assets and Cash Flow.


Wealth = Asset value + Cash flow!

Where Cash flow = Active Income + Investment Income



Asset value is NOT within our control and likely to be volatile when we are holding risky asset class like stocks which are marked to market value on daily basis. 

It will affect our emotions. So it is for us to find our own ways and means to reduce our tension and pressure over future financial, economic and market cycles.

For ordinary employees with no great or special talents to climb corporate ladder to reach the top few levels, investing in risky asset class like stocks is potentially the single biggest way of building wealth over the long run. 

Uncle8888 has personally witnessed several retired senior ex-colleagues in his office achieved their retirement goals. He realized and strongly believe that one way he will be like one of them but not the one at the high office.


Our senior colleagues who are currently in the same office with us is mostly likely to be our Future Me when we are unable to climb up in the corporate ladder.


 
Asset Value

Uncle8888's Asset Value is NOT within his control; but he still have to find his own way and mean to reduce tension and pressure to survive future financial, economic and market cycles.

He did survive the past cycles and strongly believe he will survive again!





















Cash Flow (Investment Income)


It is a fact that Uncle8888 can still manage the level of expected investment income from risky asset class like stocks in form of expected dividend incomes and/or by part selling of stocks to realize cash flow (asset draw down). The way of deploying our limited War Chest is the tool for us to manage our own expected or desired level of investment income. 


The good news is that our level of investment income from stocks is NOT directly affected by the volatility of the stock market but most likely to be determined by the way we manage our portfolio and deploy our limited war chest. 


How many of us who are average or above average employees with kids have huge war chest?


2014 is ending soon and Uncle8888 is going to miss his yearly goal for the third time.

Year 1: - 2.9%

Year 2: - 1.5%

Year 3: - 2.7%
























In fact, it is not difficult for him to meet his third year goal with his current level of War Chest but he has decided not. Probably, the mind of fisherman is at work. 


Be patient!

Low tide. No big fish!




 

Saturday, 13 December 2014

Panadols not good enough. Need morphine???



Uncle8888's Top 3 holding in his portfolio:

Kep Corp, Semb Corp and DBS.

It is all about pain if he thinks about it.


Want to escape pain?

Don't play in the market or be better at market timing.



 

Portfolio Stress Test: What is the worst that can possibly happen?





If you have a worry problem, do these three things: 

1. Ask yourself: “What is the worst that can possibly happen?” 

2. Prepare to accept it if you have to. 

3. Then calmly proceed to improve on the worst.” 

(Carnegie 49)



















Sun Tzu said:

Much computation brings triumph.
Little computation brings defeat.
How much more so with no computation.

The general who wins the battle makes many calculations in his temple before the battle is fought.

 

Those who understand these fundamentals will win.
Those who don't will be defeated.




























Some of you may laugh at him now. Planning got use meh?

Let see who laughs last when the War is over.







Dow drops 300 points as US stocks tumble


NEW YORK: The Dow tumbled more than 300 points on Friday (Dec 12) as US stocks took cues from a rout in European equities following another big drop in oil prices.

The Dow Jones Industrial Average tumbled 315.51 points (1.79 per cent) to 17,280.83. The broad-based S&P 500 sank 33.00 points (1.62 per cent) to 2,002.33 in its worst week since May 2012. The tech-rich Nasdaq Composite Index slumped 54.57 points (1.16 per cent) to 4,653.60.

Losses in European markets were even deeper. Britain's FTSE 100 index fell about 2.5 per cent and equity markets in France and Germany each lost more than 2.7 per cent.

US equities were in the red all day, but the selling accelerated near the end of the session. The S&P 500 racked up more than half its losses in the final 60 minutes of trade. US oil prices fell to a fresh five-year low of US$57.81 a barrel after the International Energy Agency cut its oil-demand forecast for 2015.

Michael James, managing director of Wedbush Securities, said lower oil prices benefit consumers, but traders have been unnerved by the speed of the free-fall in crude prices. "Projects might be put on hold in the oil sector and there are questions for the companies that bring financing," he said. "That creates uncertainty and that creates selling."

But Alan Skrainka, chief investment officer at Cornerstone Wealth Management, dismissed the worries. "Falling oil prices is an enormous stimulus to the global economy," said Skrainka, who believes this week's market carnage is due to selling by investors who had to quickly raise funds to cover bad bets on the oil market.

Most oil-related equities continued to sink, including Dow member ExxonMobil (-2.9 per cent), oil-services giant Schlumberger (-3.6 per cent) and pipeline company Williams (-3.1 per cent).

Banking stocks also suffered, including Dow members JPMorgan Chase (-1.8 per cent) and Goldman Sachs (-2.4 per cent) and Bank of America (-2.0 per cent).

But many retail stocks outperformed the broader market on expectations that lower gasoline prices will boost sales during the critical holiday shopping season.

Macy's gained 1.9 per cent and Best Buy rose 0.6 per cent. Wal-Mart Stores, Gap and TJX, which owns Marshall's and other chains, were all flat. Williams-Sonoma slipped 0.6 per cent.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.10 per cent from 2.18 per cent on Thursday, while the 30-year declined to 2.77 per cent from 2.83 per cent. Bond yields and prices move inversely.



Friday, 12 December 2014

I can save, invest and retire with $1M



Ah Boi's best friend is going to Hong Kong Disneyland.

Ah Boi: Pa pa, can we go to Hong Kong Disneyland?

Ah Pa: Ah Boi, listen here!

Ah Pa: Papa needs to save 70% of this year bonus to invest and retire as millionaire. We can go to JB Legoland. Same same. When Papa becomes millionaire we can go to Disney World with my passive income. Actually, Hong Kong Disneyland is small. Legoland is bigger and more fun. Okay?



Ah Boi 







 

Greatest Investing Mistake!!!



Read? Multi-baggers (2)

Uncle8888's greatest investing mistake is NOT picking up two ZERO baggers and 18 Bleeding Hearts!


It is NOT having enough cash to see him through the few last months of 2009 Bear.


Four scary words in Investing.

"This Time is Different!"







 


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