Get Smart: Are You Investing, or Just Chasing?

The Smart Investor06-24

The market is running hot again. Stocks that might have looked uninteresting a few months ago are suddenly back on everyone’s radar. And when that happens, investing starts to feel urgent. You feel...

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It is a test.","collect":0,"end_time":0,"defaultTopTitle":"thesmartinvestor.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","SGXZ43160589.SGD":"UNITED SG DYNAMIC INCOME FUND \"A\" (SGD) ACC","SG9999002406.SGD":"利安新加坡信托基金","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","S63.SI":"新科工程","SG9999002950.SGD":"United Asian Growth Opportunities SGD","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","SGXZ51708014.SGD":"AMOVA SINGAPORE EQUITY \"A\" (SGD) ACC","SGXZ24219693.SGD":"UNITED SG DYNAMIC INCOME FUND \"A\" (SGD) INC","SG9999002620.SGD":"LionGlobal South East Asia SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","BK6052":"资产管理与托管银行","SG9999005177.SGD":"Legg Mason Martin Currie - Southeast Asia Trust A Acc SGD","SG9999001051.SGD":"United Asia Fund SGD","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","SG9999002414.USD":"LIONGLOBAL SINGAPORE TRUST (USD) ACC","LU1839390173.USD":"JPM ASEAN EQUITY \"A\" (USD) INC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","BK6504":"工业制品概念","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","SG9999014492.USD":"NIKKO AM ASEAN EQUITY \"A\" (USD) ACC","IE00BKZH1Z71.USD":"BNY MELLON ASIAN INCOME \"B\" (USD) ACC","LU0348744763.USD":"ALLIANZ ASIA PACIFIC INCOME \"A\" (USD) INC","LU0441851309.USD":"JPM ASEAN EQUITY \"A\" ACC","SG9999014484.SGD":"Nikko AM ASEAN Equity Fund A SGD","SG9999001127.SGD":"United Singapore Growth Fund SGD","HK0000107257.USD":"BEA UNION INVESTMENT ASIA PACIFIC MULTI INCOME \"A\" (USD) INC A","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","BK6523":"ESG概念","AIY.SI":"奕丰集团","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","SG9999002604.SGD":"LionGlobal Singapore/Malaysia SGD","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","SG9999008742.SGD":"Eastspring Investments Unit Trusts - Singapore ASEAN Equity SGD","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0532188223.SGD":"JPMorgan Funds - ASEAN Equity A (acc) SGD","BK6503":"金融科技概念","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","SGXZ27511609.SGD":"NIKKO AM SINGAPORE DIVIDEND EQUITY \"SGD\" (SGD) ACC","SG9999014302.SGD":"RHB Singapore Income Fund SGD","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","BK6094":"航天航空与国防","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD"},"translate_title":"变聪明：你是在投资，还是只是在追逐？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"S63.SI":1.91,"AIY.SI":1.88},"content_text":"The market is running hot again.\n\nStocks that might have looked uninteresting a few months ago are suddenly back on everyone’s radar.\n\nAnd when that happens, investing starts to feel urgent.\n\nYou feel like you need to act. Before prices run even higher. Before everyone else gets ahead. Before you miss the boat.\n\nBut before you act, you need to ask yourself this question:\n\nAm I investing right now… or am I just chasing?\n\nIt is worth asking. Because in a hot market, the two can feel identical.\n\nThey look the same. They are not.\nBoth involve buying a stock. Both feel decisive. Both involve real money.\n\nThe difference is what drove you there.\n\nInvesting starts with the business. Chasing starts with the price chart.\n\nInvesting asks: Do I understand what I own? Chasing asks: How much higher can this go?\n\nInvesting is patient. Chasing feels urgent.\n\nAnd when markets are rising fast, chasing can feel like the smarter move.\n\nWhy hot markets make us feel safer, when we should feel more careful\nThere is a strange thing that happens when prices go up.\n\nMost people feel less risk, not more.\n\nThe portfolio is green. The news is positive. Everyone seems to be winning. It starts to feel like the right time to act.\n\nBut a stock that has already run significantly leaves less room for error. If the business disappoints, or if sentiment shifts, the fall can be quick. And the investors who tend to get hurt are the ones who bought late, on excitement, without a clear reason.\n\nThis does not mean entering a rising market is always wrong.\n\nA company hitting a new high is not automatically overvalued. Strong businesses can keep growing. But the reason for buying matters.\n\nHow to tell if you are chasing\nBefore you act, ask yourself honestly.\n\nWould I still want to own this if the price fell 20%?\n\nDo I understand how this business actually makes money?\n\nAm I buying because of the fundamentals, or because everyone is talking about it?\n\nDoes this fit my portfolio, or am I just afraid of being left out?\n\nIf any of those gave you pause, sit with it. It does not mean the stock is a bad one. It might just mean you need more clarity before you act.\n\n\nTwo Singapore examples worth thinking about\nConsider two Singapore stocks that have attracted attention after strong share price runs: ST Engineering (SGX: S63) and iFAST Corporation (SGX: AIY).\n\nAs of 3 June, ST Engineering’s share price stands at S$11.16 after rising around 206.6% over the past three years. Over 10 years, the stock was up around 250.9%, with a 10-year compound annual growth rate of 13.4%.\n\nThat longer-term view matters. It shows that much of the move has happened more recently.\n\nThat does not make ST Engineering a bad investment. But after such a strong run, the price may already reflect a lot of optimism. Investors need to ask whether the business can still grow enough to justify that optimism.\n\niFAST tells a different story.\n\nAs of 3 June, its share price stands at S$9.05 after rising around 108.5% over the past three years. Over the longer term period of 10 years, the chart shows an even more dramatic rise, from around S$1.11 in December 2014 to about S$9.05 at time of writing.\n\nBut the journey was not smooth. The stock spent years moving sideways, surged sharply, corrected, recovered, and pulled back again along the way.\n\nBoth examples teach the same thing.\n\nA rising share price is not a reason to buy. Neither is it a reason to stay away.\n\nThe question is whether the business, the valuation, and the fit still make sense for you, at this price, today.\n\nIf yes, it might still be investing.\n\nIf the honest answer is “I just don’t want to miss it”. That is probably chasing.\n\nGet Smart: Know why you are buying\nBefore you act, ask what job this investment is meant to do.\n\nIs it there for income? For growth? For stability?\n\nIf you cannot answer that clearly, it might be worth waiting until you can.\n\nA rising price is not a reason. A falling price is not a reason either. The reason has to come from the business.\n\nA hot market is not a signal to rush in. It is a reminder to be clear about your process.\n\nThe goal is not to buy what everyone else is rushing into. It is to own good businesses, at sensible prices, for long enough to let them work for you.\n\nThat is investing.\n\nEverything else may just be chasing.\n\nTired of articles that just say “do your own research”? Get Smart, our weekly investing newsletter shows you how. You’ll learn simple ways to size up a stock, like what signs to look for and how to know if it’s worth your money. These are tools our team uses, and you can use them too. Sign up here for free and start investing with more confidence.\n\nFollow us on Facebook, Instagram and Telegram for the latest investing news and analyses!\n\nDisclosure: Joanna Sng owns shares of ST Engineering and iFAST.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2645594869","isCrawlerRequest":true}