I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!


Click to email CW8888 or Email ID : jacobng1@gmail.com



Welcome to Ministry of Wealth!

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



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

Saturday 31 August 2019

Walk for data

StepUp is a one-of-its kind rewards programme. Activate StepUp via My Singtel app and start walking to earn free data and more. Plus, stand to win a smartwatch!


10,000 steps or more per days and 10 days for 1 GB free data.

Total 4 GB free data as of today!




The Laws of Investing


Read? The Laws of Investing

Law #11: The most persuasive evidence is what you want to be true and/or have experienced personally.

A good investor turns over many rocks in a quest to find something special. But special is subjective. What you think is amazing may bore me, and vice versa. The special things we discover usually aren’t like nuggets of gold, with a specific quantifiable market value. Special is in the eye of the beholder, and because of Law #10, the trick is getting others to eventually behold it. Take value stocks. They are loved by many and, by definition, hated by others. Your story vs. mine.

“Special” is defined by a story, and the undefeated Pulitzer Prize-winning storyteller inside your own head is always yourself. The story that sounds the best is typically:

What you want to be true. The incentives for being right in investing are so big that it’s hard to think clearly about your analysis without getting distracted by the potential rewards. Predict the right weather and you get to wear the right clothes. Predict the right investments and you get to retire on the beach. High stakes cause fuzzy thinking because they push you to desperately want something to be true even if it’s not.

What you’ve personally experienced. Familiarity is a doppelganger of accuracy in your brain. The two can be hard to tell apart. Stuff you’ve experienced personally is way more realistic than what you merely read about, and two equally smart investors with the same data can come to opposite conclusions, swayed only by the differences in their unique life experiences.


Evidence you don’t want to be true and haven’t experienced can be persuasive, of course. But the amount of reinforcement you get when you do, and have, is easy to underestimate.


Read more? Other Laws


Thursday 29 August 2019

Is Your 99 Years Leasehold Property HDB Flat An Investment???


Hmm ... 

Simple and quick answer is ...

Your 99 years leasehold property HDB flat is you lottery TOTO ticket.

If you are damn lucky you strike ToTo Jackpot as sole winner and becomes millionaire or multi-millionaire.

If you are not so lucky like Uncle8888; it is like tio ToTo Group 2! 

Group 1 and Group 2 is hell of difference!

:-(

All HDB flat owners have their winning ticket; but if they forgot to claim their winning ticket by 99 years; it will expire worthless.





Tuesday 27 August 2019

Over the last 20 years; what has changed in training courses for "passive" income for early retirement or retirement income???


In those days; it was option trading for "passive" income for early retirement or retirement income. The famous and most popular school of option trading kena sued and now the "Guru" is changed man! Lesson learnt or crash got sound! LOL!

Another one tio reprimanded by MAS and also disappeared. 

A blogging world friend also started option trading but quietly switched gear to teach investing as trading is harder!


You can't be wrong with option trading as most options will expire worthless. Collecting premiums is passive income. Right?

Hmm .. in those days. FIRE is not invented yet!

Recent years; new movement for FIRE or early retirement or retirement income; it is dividend income from S-REITs.

Capital not enough to generate your desired level of income stream. 

Don't worry. Just leverage up with your margin account!

Nothing to scare!

Margin calls are manageable. There ways to make it safe! Won't bankrupt one!


Those were days is option trading. This time is different!

It is income from S-REITs. 

Look at the number of different "school" teaching this popular method of income for FIRE, early retirement or retirement income.








Monday 26 August 2019

STI ETF


STI : Swee swee rebound???



Sunday 25 August 2019

Now I Am NOT Climbing To The Next Peak Of MT Stupid In Investing World!


Read? The Dunning-Kruger Effect



























Hmm ... 20 years in the stock market and of course Uncle8888 has been there before -  climbing The Peak of MT Stupid in investing and thinking he was Great!

To be honest; you and you alone have to climb this peak to realize how to achieve sustainability for future decades.

This time is different - It is about sustainability and next market crash is likely less emotionally and financially impacted!


















































Saturday 24 August 2019

When the pursuit of wealth does not bring happiness


When the pursuit of wealth does not bring happiness

The original goal of a happy retirement free from financial worry is replaced with a host of other concerns

IN almost three decades of managing money, all our clients had targets to grow their wealth by multiples. Clients with $2 million targeted about hitting $10 million and retiring. The ones with $10 million had ambitions of retiring with $200 million. The ones with $200 million wanted to become...

Read? Dementia : Financial Planning???

Now we as investors or traders ....





















When we become dementia ...













The question is for us to think ...

Can we voluntarily "dementia" and stop checking the market?


No more mental or emotional stress over falling portfolio value.























































Friday 23 August 2019

Wednesday 21 August 2019

Walk and Walk (2)

Thursday, 4 July 2019

Read? Walk and Walk

Crossed 2,500 KM




























SGX (6) : Tug of War Between Institution and Retail


Read? Think of Investing in Stock Market as Game of Tug of War

Read? SGX (5) : New 52WH

Hmm .. who is right? Follow buyers or sellers???








































Tuesday 20 August 2019

From Earned Income To Passive Income For Life


Now you can retire at 65 and then transit from earned income to passive income for life with your CPF Life.

Hmm .. top up CPF RA to ERS and enjoy maximum monthly passive income from CPF Life!


Monday 19 August 2019

The Tale Of Three Old Men In The Same Office Space (True Story) - 3


Thursday, 7 July 2016

Read? The Tale Of Three Old Men In The Same Office Space (True Story) - 2



NDR 2019: New retirement, re-employment ages of 65 and 70 by 2030; higher CPF contributions for older workers.



















What can happen on ground regarding re-employment is NOT within the control of Government. Re-employment is NOT mandatory. Your job can anytime be "redesigned" by your bosses to test your tolerance level.

Uncle8888 was 60 yrs old man who has retired on 30 Sep 2016.

61 yrs old man who was re-employed on 2017 after 62 on yearly contract basis and his boss added value to his job by "redesigning" i.e. add more job roles! Hmm .. 

He "voluntarily" retired last year!


The Moral of Story!

Always plan for your own retirement well in advance i.e. at least one decade away from 65, the new retirement age!






Sunday 18 August 2019

NDR 2019: New retirement, re-employment ages of 65 and 70 by 2030; higher CPF contributions for older workers

SINGAPORE: Singapore will raise the retirement age and re-employment age to 65 and 70 respectively by 2030, alongside increases in the Central Provident Fund (CPF) contribution rates for older workers.

This, announced by Prime Minister Lee Hsien Loong on Sunday (Aug 18), comes after the Government accepted "in full" the recommendations put forward by a tripartite workgroup studying the country’s ageing workforce.

---------------------------------------------------------------------------------------------------------

You can make withdrawals from your SRS account over ten years from the date of your first penalty-free withdrawal. Withdrawals are penalty-free only if they take place after the statutory retirement age that was prevailing at the time of your first SRS contribution. The statutory retirement age is currently at 62


Hmm .. SRS at 65!

It will affect retirement income planning for those who wish to retire early than 65!

Bom pi pi!

More people can now FIRE before 65!







I Leverage On Market Timing And Patience


There is no free lunch in the market. When we leverage or indirectly "leverage" we have to pay premiums or interests.

Premiums or interests have been paid and every year these options have expired worthless for more than a decade and still counting.

When we are wrong; we lost the cost of premiums; but when we are right when time comes. Hmm ... next batch of Golden geese that lay eggs for next decade or more!

How much do these premiums add up?







Saturday 17 August 2019

Leverage on S-Reits to boost ROC???


Hmm .. interesting!

Is there something with Maths below?

Powerful ROC from leveraging?

For example; if one has $110K capital to invest.


Without margin account:

One can fully invest $110K for e.g. 7% dividend yield



Leverage on margin account :

1. One can invest $100K for e.g. 7% dividend yield.

2. Leverage $40K on margin account at net 3.5% dividend yield after offsetting 3.5% interests payable to broker.

3. $10K as cash reserve to top up margin call when necessary











Does leveraging on margin account to improve yield on own capital look fantastic?

Really?

Or something wrong with the Maths?


Thursday 15 August 2019

What is actually market timing???

Often we are hearing FAs or vested interest telling us not to time the market but stay invested for long term.

1. What is actually market timing? 

2. What is stay invested for long term?

Uncle8888 has been staying invested for 20 years and definitely qualified to be classified as long term investor. No meh???


Why long-term investor cannot be timing the market? Wrong meh?


Is this long-term investing and timing the market mutually exclusive?

You believe in FAs and Vested interest selling investment products?

You don't time the market but stay invested for long term.  

Hmm .. they worry about redemption if you time the market???


Time the market and stay invested for long term is like this. No?








Dow tanks 800 points in worst day of 2019 after bond market sends recession warning

Stocks plunged Wednesday in the Dow Jones Industrial Average’s worst performance of 2019 after the bond market flashed a troubling signal about the U.S. economy.

The Dow dropped 800.49 points or 3.05% to 2,5479.42, its worst percentage drop of the year and fourth-largest point drop of all time. The S&P 500 fell 85.72 points or 2.93% to 2,840.6, while Nasdaq Composite declined 3.02% to 7,773.94. The Dow gave up the entire rebound from a sell-off earlier in August and fell to a two-month low.

The yield on the benchmark 10-year Treasury note on Wednesday briefly broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator of economic recessions. Investors, worried about the state of the economy, rushed to long-term safe haven assets, pushing the yield on the benchmark 30-year Treasury bond to a new record low on Wednesday.


How about STI immediate reaction to DOW?

SINGAPORE shares skidded when trading began on Thursday, with the Straits Times Index plunging 1.7 per cent, or 54.85 points to 3,092.75 as at 9am. 

By 9.13am, the benchmark index had slipped even further, losing almost 2 per cent, or more than 60 points. 

This comes after Wall Street stocks sold off sharply overnight as recession fears gripped the market. All three major US indexes closed down about 3 per cent on Wednesday, with the blue-chip Dow posting its biggest one-day point drop since October, after two-year Treasury yields surpassed those of 10-year bonds, a widely-viewed US recession warning. 


On the Singapore bourse, decliners outnumbered advancers 131 to 18, after about 46 million shares worth S$64 million changed hands. 


Let see how STI closes today?








Tuesday 13 August 2019

SGX (5) : New 52WH


Read? SGX (4) : New 52WH (2)

Why so bullish when the market is down?




Monday 12 August 2019

Lump Sum Investing

What is a lump sum investment?

Definition of 'Lumpsum' Definition: A lump sum amount is defined as a single complete sum of money. A lump sum investment is of the entire amount at one go. For example, if an investor is willing to invest the entire amount available with him in a mutual fund, it will refer to as lump sum mutual fund investment.


Who is most likely to advise that you do lump sum investing? 

FAs. No?


Unlikely your close friend or relatives who are active investors themselves won't dare to suggest that you go and do lump sum investing?


Why they don't?






Sunday 11 August 2019

Book : How to Make a Million Slowly: My Guiding Principles from a Lifetime of Successful Investing (Financial Times Series) - Refresh!


Read? Book : How to Make a Million Slowly: My Guiding Principles from a Lifetime of Successful Investing (Financial Times Series)

Read? As Retail Investor; The Only Reason Why We Need To Pick As Many Stocks As Our Account Size Permits Across Market Cycles Of Bulls And Bears

Remember Rule 12




SGX (4) : New 52WH (2)


Read? SGX (4) : New 52WH

Follow the Bees???

That was week of July 29, 2019. Let see where were the Bees heading last week leading to SG at new 52WH?






As Retail Investor; The Only Reason Why We Need To Pick As Many Stocks As Our Account Size Permits Across Market Cycles Of Bulls And Bears


Real retail. Real outcome. Real DIY. Real losses!

Lynch provides insight on how to achieve exceptional results

In an interview he gave to PBS, Peter Lynch discussed what is needed to achieve a track record similar to his. Even though the answer seems simple on the surface, it has many insights that are worth commenting on.

Q: Was that your secret?


A: Well, I think the secret is, if you have a lot of stocks, some will do mediocre, some will do OK, and if one or two of 'em go up big time, you produce a fabulous result. And I think that's the promise to some people. Some stocks go up 20% to 30%, and they get rid of it, and they hold on to the dogs. And it's sort of like watering the weeds and cutting out the flowers. You want to let the winners run. When the fun ones get better, add to 'em, and that one winner, you basically see a few stocks in your lifetime, that's all you need. I mean stocks are out there. When I ran Magellan, I wrote a book. I think I listed over 100 stocks that went up over tenfold when I ran Magellan, and I owned thousands of stocks. I owned none of these stocks. I missed every one of these stocks that went up over tenfold. I didn't own a share of them. And I still managed to do well with Magellan. So there's lots of stocks out there and all you need is a few of 'em. So that's been my philosophy. You have to let the big ones make up for your mistakes.


Read more on Peter Lynch? http://createwealth8888.blogspot.com/search?q=peter+lynch


20 years as retail in SGX getting his hands dirty on the ground!













Friday 9 August 2019

Play To Win


Yes!

Sometime we will play to win and also very determine to win!

This is play to win : Retired As Pokemon Trainer Too! (2)

Nowadays; he plays to pass time!

Stuck at this level for a long long time and also don't bother anymore!




















Market Timing, Cash Drag And Past Performance

Cash: "Cash drag" is a common source of performance drag in a portfolio. It refers to holding a portion of a portfolio in cash rather than investing this portion in the market.

How bad is cash drag?




















Should he be guided by his past performance to look forward?

 Best  : 12% CAGR
 Worse : 1.6% CAGR

Does cash drag and market timing a serious hit in his performance over the next 10 years?

Current with cash drag : 6% CAGR

Let see what happened when he looks back few years down the road.

Let the data and the Maths do the talking!
















Thursday 8 August 2019

Why I No Need To Open Margin Account To Improve My ROC???



Straight talk answer on margin account!

Those who got enough won't be easily hoodwinked by snake oils...

Its those who have little or not enough capital and have hole-in-the-heart that are more pliable...

Not enough? Just use share-financing or margin account so you can double or triple your capital! 



SGX (4) : New 52WH


Read? SGX (3)


Read? Singapore Exchange Q4 profit up 24% on record derivatives revenue

At a results briefing on Wednesday, chief executive Loh Boon Chye called 2019 "a year of records" for SGX.

"The results validate our position as an international multi-asset exchange providing a single point of access into Asia," he said.

Derivatives now account for 51 per cent of group revenue, up from 40 per cent in the 2018 financial year.






Tuesday 6 August 2019

How Bad?


Probably, not that bad!

Giving back 7.2% from the peak in Jan 2018!

Any wealth exposed in the stock market is just an illusion!






One Uncommon Act Of Kindness! (5)


Friday, 11 August 2017

Read? One Uncommon Act Of Kindness! (4)

Wah. The last kindness act has been long time since 11 Aug 2017!

Gift for you!

Thank you! Thank you!


Sunday 4 August 2019

How Much Money Is Enough For Our Retirement??? (Refresh)


Read? How Much Money Is Enough For Our Retirement???

Step 4: Other fixed income for your emergency and medical contingency fund on top of whatever medical insurance you deem to be sufficient and practical for your personal medial lifestyle. 

People can be very damn funny. They may swear to be frugal and live their daily life in Ward C and choose the cheapest option available to prove that they are frugal; but they fall sick and thinking that they are going to die soon; then they want to choose the best and willing to pay for the best at high costs at Ward A. 

Strange!



Saturday 3 August 2019

Skin In The Game (3)


Read ? Skin In The Game (2)

When someone is telling you that he or she has a skin in the game and tell you to trust and believe!


Do you understand the moral of story below?


The Hen & the Pig Go To Breakfast


A Hen and a Pig were sauntering down the main street of an Indiana town (yes, this is another shaggy dog story!) when they passed a restaurant that advertised “Delicious ham and eggs: 75 cents.” “Sounds like a bargain,” approved the Hen. “That owner obviously know how to run his business. “It’s all very well for you to be so pleased about the dish in question,” observed the Pig with some resentment. “For you it is all in the day’s work (Hen just sacrifices today's egg and tomorrow another egg coming). Let me point out, however, that on my part it represents a genuine sacrifice.” 

Get it?

Are you losing an arm or a leg when you are wrong?





Friday 2 August 2019

Investors Turned $100k into $375k by Investing in This Blue-Chip Stock


Read? Investors Turned $100k into $375k by Investing in This Blue-Chip Stock

Uncle8888 smiled when he realized it is DBS!

Classic hindsight wisdom investment article!

Like that; he can also write like this . LOL!

One uncle from Hougang HDB heartland turned $100K into $507K by investing in DBS during SARS period in Apr 2003. His purchase price is $7.53. Total dividends received per share is $11.93 and capital gains per share at today closing price is $18.72


No lah. That is just half truth on the real battle ground in the stock market!

Theory is just theory! We are controlled by our own emotions. 

Real people. Real outcome!

Real DBS investing stories!

No 1 : Read? Market Cycles of What???

You can see that Uncle8888's lampar also dropped during 2009!

No 2 : Read? On why sound investing principles will always work??? and  On why sound investing principles will always work???

No 3 and 4 The Secret Behind Buy And Hold And Then Laughing To The Bank Revealed! (2)








Thursday 1 August 2019

Newbies Do Not Earn The Right To Average Down. Never!!! (Refresh)



Read? Newbies Do Not Earn The Right To Average Down. Never!!!

Wa Ka Li Kong!

Never average down. Only for the learned ones or big fat purse!

"You don't need to win back in the same manner as you have lost it." - Createwealth8888


Once you have fully understood Uncle8888's quote. 

Do you still want to average down to 40-60% of your portfolio or capital in a single stock as you can't believe you are wrong? 


Read? Investing Made Simple by Uncle8888 (18)




Almost all retirees make this mistake

When Uncle8888 saw this article popping up as FB notification; his eyes opened wide!

Walau! Mistake by retirees! He doesn't want to make this mistake too!

Read? Almost all retirees make this mistake


Portfolio rebalancing is universally practiced — and rarely examined

Beware the conventional wisdom.
Author photo
By

MARK
HULBERT
COLUMNIST

Retirees (and soon-to-be retirees) should regularly rebalance their portfolios, right?

That advice seems unobjectionable, of course. It certainly is repeated often enough.

But Humphrey Neill, the father of contrarian analysis, advised us to be skeptical of any advice that is almost universally repeated. He famously insisted: “When everyone thinks alike, everyone is likely to be wrong.”


CW8888:

Hmm .. so Uncle8888 re-balanced his portfolio based on 2 to 3 years forecast ahead of the market based on  Investment Portfolio Management : Know enough, Know your yield, Know your risk and  How I likely to avoid sequence-of-returns risk from my investment portfolio



This will help to reduce the likelihood of bad draw-down on volatile assets during market low and greatly reduce the chance of asset price recovery.


The occasion to take a second look at rebalancing was my recent Retirement Weekly column, in which I reported on the long-term performance of numerous hypothetical retirement portfolios that involve regular rebalancing. Many of those portfolios performed far worse than expected, and rebalancing was the likely culprit.

My re-examination led me to a new study that exhaustively analyzed rebalancing. It found that rebalancing improves performance only if the markets behaving in certain specific ways. And they don’t always do so.

The study, “Strategic Rebalancing,” was written by Campbell Harvey, a finance professor at Duke University and a consultant to Man Group, the U.K.-based investment management firm, along with three employees of that firm: Nicolas Granger and Sandy Rattray, chief investment officers, and Otto Van Hemert, head of macro research.


The traditional promise of rebalancing, of course, is that it boosts returns. By constantly selling marginal portions of assets that have outperformed, and buying more of positions that have underperformed, you in effect are buying low and selling high. In the process you also are reducing your risk.

Notice carefully, however, the implicit assumption behind these promises: An asset that has underperformed in one period is likely to perform better in the next, and vice versa — reversion to the mean, in other words. That is not always the case.

Consider the 2007-2009 financial crisis. The stock market fell for six calendar quarters in a row, with its losses getting progressively larger as the crisis unfolded. A strategy of frequent rebalancing would have magnified losses rather than reduced them. (See accompanying chart.)

Notice further that even when you’re right about reversion to the mean you can still lose money when rebalancing. You also have to get the right rebalancing frequency. If you rebalance quarterly, for example, you implicitly are assuming that one quarter’s outperformer will be the subsequent quarter’s underperformer. If you rebalance at a yearly frequency, in contrast, you’re assuming that reversion occurs at that longer frequency.

Unfortunately, there is no consistency to when reversals occur. Sometimes they occur at monthly frequency, but other times not. The same is true for quarterly and yearly time horizons.

To illustrate the inconstancy of reversal frequency, I turn to a statistic known as the correlation coefficient. It ranges from a theoretically maximum 1.0 (which is what it would be if the market’s direction in one period was always the same as its direction in the subsequent one) to a minimum of minus 1.0 (which would be the case if the market’s direction in one period was always the opposite of its direction in the subsequent one). The table below shows what I found upon calculating this coefficient over every 10-year period since 1896 for the Dow Jones Industrial Average DJIA, -1.23%  :

Highest 10-year trailing coefficient since 1896 Lowest 10-year trailing coefficient since 1896
Month-to-month correlation 0.19 -0.32
Quarter-to-quarter correlation 0.27 -0.28
Year-to-year correlation 0.76 -0.53
No wonder rebalancing doesn’t always improve performance.

Now, the researchers found that in most cases an incorrect rebalancing assumption leads to only a modest drag on portfolio performance. Where regular and frequent rebalancing really costs you is an extended bear market, such as the 2007-2009 financial crisis.

Fortunately, the researchers identify a solution: Combine rebalancing with a momentum strategy. Such a combination works because the assumptions behind a momentum strategy are the opposite of those underlying rebalancing: Momentum works to the extent that trends persist, in contrast to the trend reversals assumed by rebalancing.

You might think that it’s impossible to combine the two approaches, but the researchers came up with several ways. One, which is relatively sophisticated, allocates 10% of the money otherwise invested in a rebalancing strategy to a futures-based momentum strategy. (Interested readers are directed to their study for details of this 10% momentum/90% rebalancing strategy.)

Another rebalancing-momentum combination strategy that is more easily implemented uses a momentum signal to delay when rebalancing takes place. This is what the researchers call “strategic rebalancing.”

Otto Van Hemert, one of the study’s authors, described this approach in an interview: You simply delay any rebalancing transactions so long as the stock market is trending downward. It matters relatively little whether you define the trend by looking at the trailing month, quarter or year; the idea is that “you sit out the negative trends” by not rebalancing. Once the trend reverses, you then rebalance.

How much benefit do you derive by following these modified rebalancing strategies? Van Hemert says that the options- or futures-based momentum-plus-rebalancing strategy reduced portfolio drawdown by an average of 5 percentage points during major bear markets. Strategic rebalancing—the strategy of using momentum to delay rebalancing—didn’t perform quite as well historically, but still reduced drawdowns by 2 to 3 percentage points.

The only bear market over the last six decades in which these modified rebalancing strategies didn’t reduce drawdowns, Van Hemert said, was the 1987 crash. That’s because it was over almost as soon as it started. That’s not been the case for most bear markets, he added, which is why these modified strategies reduced drawdowns in the other major bear markets of the last six decades.

While acknowledging that bear markets in the future could all end up being like the 1987 crash, Van Hemert said he has his doubts. That’s because, in the event of a black swan event, it is unlikely the market can “digest all the pain right away.” Far more likely is that “unimagined bad effects keep popping up.” This is what happened in the subprime mortgage crisis, Van Hemert reminded us, when its adverse consequences “rippled throughout different sectors of the economy one by one.”

And, just to repeat, to the extent future bear markets are more extended and drawn-out affairs, delaying rebalancing will markedly reduce your drawdowns.

This new research would be important to bear in mind at any time, but especially now if you think there’s an above-average chance of an imminent major bear market. If so, then it would especially behoove you to put in place now a modified rebalancing strategy.




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