To The Moon

In Feb 28- Mar 3, the Straits Times Index lost 50 points week-on-week to end at 3,232, a level that is near the support area provided by the 100- and 200-day moving averages. In addition, short-term RSI is near the low-end of its range. As the market becomes increasingly oversold, a respite from the decline of the past 10 trading days could materialise. Yields on 10-year US treasuries rose to 4.06% on Mar 2, the highest level this year. Similarly, yields on 10-year Singapore Government Securities ended the week of Feb 27-Mar 3 at 3.4%, marginally off the high of 3.44% on Mar 2. The one year high was at 3.61% in Oct 2022. The rebound in yields on 10-year SGS, which is the equivalent of local risk-free rates is negative for equities as higher risk-free rates cause cost of capital to rise. To

Warren Buffett's annual letters to Berkshire Hathaway investors are never short of lessons for stock investors. This year was no different, as Buffett wrote in details about how one needs only a few winners to do wonders, why one should try to identify pieces of wonderful businesses at wonderful prices and why one should be a business-picker and not a stock-picker. Buffett has one more advice for investors: "Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says." This, he said, in the context of his long-time partner Charlie Munger, who is Vice Chairman at Berkshire Hathaway.