Living Investment

I am less excited with the coming Chinese New Year. Maybe, it is an age thing. The older I get, the less I feel about CNY. Maybe, I do not go to places where there are CNY decorations, like Chinatown or Jurong Lake Chinese Garden. I avoid these places because of crowds. Maybe, I do not buy CNY goodies. Think of the calories of these items such as love letter snacks, pineapple tarts, bak kwa! Maybe I do not buy new clothes to wear during CNY. Red is not my colour.

I am not keeping up with some traditions. I am being pragmatic. A thorough spring cleaning of our home is not happening. I can only do minimum house cleaning because of my declining energy level. These are usually spread over several weeks before the actual CNY.

Having said all that, I continue to keep some traditions.

Reunion dinner on the eve of CNY and group lunch on the first day are events to look forward to. This is to re-connect with my three-generation family members. Some of them I only meet once a year.

Red packets (hongbao) for unmarried persons are important to wish them well.

Mandarin oranges (for good luck) are necessary to bring along when visiting relatives and others.

We buy Chinese leek 大蒜 and hang it up in the house. Chinese leek in Mandarin sounds like we have money to count for the rest of the year. Good fortune comes our way.

We have lohei 捞起, communal tossing of salad with abalone and saying all CNY greetings while tossing.

These are must-do to spread the cheers around. The most important thing is to meet up family members, relatives and friends to wish them good fortune in the coming Chinese New Year.

Gong Xi Gong Xi!

Copyright © 2026, limkimtong for Living Investment

I have completed three visits to my dentist to extract an infected molar tooth and replacing it with a 3-unit Bridge to plug the gap of the missing molar. Each visit to dentist required injections to numb the surrounding teeth.

Some 4 weeks ago, I had to extract a troublesome molar tooth as it was no longer possible to salvage it. Then I had to find a way to replace this molar tooth with a false one. My dentist recommended a 3-unit bridge procedure. This 3-unit bridge is to attach a false tooth in the centre of a “bridge” that is anchored on two good teeth forming a “bridge”.

It sounds simple enough. But to build a 3-unit bridge, my dentist had to shave off part of my two good teeth so that a “bridge” can be slotted onto two good teeth. It took about one and a half hours sitting on the dentist chair for the grinding/cutting of the teeth. Before that, injection and numbing of both teeth had to happen. Overall, it was not a pleasant experience. It took me close to two weeks to shake off the pain on the side of my mouth for the first visit.

The second visit to the dentist was for scanning procedure to create a mould. To do that, my dentist had to remove the temporary crowns.

The last visit happened today. This was a slightly better experience with the final 3-unit Bridge slotted into place.

Looking after our dental health is vital to our overall health. We need to be able to chew and eat our food properly. Another reason is that infection around gum area can occur and this can impact our nerves.

Copyright © 2026, limkimtong for Living Investment

You love life more than when you were younger
You know the end is not forever far

You felt that you have not done enough
to see through till the end

You are terrified that you may ask for A&E
racing heart beats and panic-stricken mind

You are worried that you cannot remember
the past and lost memories would rob your sanity

You wish not to burden your loved ones
when you require long-term medical care

You cannot bargain for a better end
when it comes. Have I been good?

You can treasure your little accomplishments
but this is just the past and not the future

You can hope that you done sufficient
to love and treasure people around you

Copyright © 2026, limkimtong for Living Investment

This year 2026 marks 20 years when I tendered my resignation as a full-time staff of Temasek Polytechnic. After serving 14 years in TP, I came to a crossroad in 2006 of my working life. I was 49 years old then.

Life is so unpredictable. I walked a path not knowing where it might lead me. I had this uncertainty of not knowing whether I did the right thing. Was I wrong in my action?

I continued to teach at TP and it was on a part-time basis. This carried on for 6 years before I left the workforce for good in 2012.

I made the best of past 20 years with more self-care and master of my daily life. Time passes and without me keeping track, so many years have passed.  I am thankful for the years. I think I navigated the ups and downs of life ok.

Copyright © 2026, limkimtong for Living Investment

Volatile Financial Markets in 2025

Donald J. Trump became the 47^th U.S. President taking over from Joe Biden (46^th U.S. President) on 20 January 2025. Donald J. Trump was the 45^th U.S. president from 2017 to January 2021 before Joe Biden took over.

On 2 April 2025 after US announced reciprocal import tariffs on countries, the financial markets have been volatile. Equities and bonds slumped immediately at beginning of April. But then they picked up in July erasing losses in equities seen in April. The stock markets powered ahead towards the end of 2025. Such is a crazy market.

Investors cannot be certain how financial markets would move. It all depends on policy news coming out of the United States. There were several dips throughout the year after April. But then they rose again even higher after each dip.

Artificial Intelligence (AI) Trades

The biggest buzzword in 2025 is Artificial Intelligence (AI). AI stock market trades were dominating news headlines. Stock prices of these tech companies were elevated to the extent that some fear an AI bubble.

Fed cut benchmark interest rates

The US Federal Reserve FOMC first cut interest rate in September 2025 and then again in October 2025 on account of weak employment data. In December, it cut another 25 basis points so that it was 75 basis points for whole of 2025. The federal funds rate is now at a target range of 3.50%–3.75%.

In Singapore, bank interest rates were down too. Singapore Treasury bills and Singapore Savings Bonds were also down. Some of my Singapore Treasury Bills and fixed deposits had matured. I could not deploy funds to new investments during the year because of uncertainties in financial markets.

Closing Supplementary Retirement Scheme (SRS) Account

Back in 2001, I opened a SRS account with DBS Bank when this scheme was first launched. After 24 years, I closed this SRS account. Before I did that, I sold off all my investments under this account. This is the end of my SRS and I have benefited under the scheme via tax relief over the years.

Keeping our financial matters in order

We were looking at our financial portfolio. We wanted to make our investments simple and clear-cut. We sold off those investments that were bought using personal CDP account when in fact they belonged to the family. We did that in the past to take advantage of good investment yields. Now is the time to drop these investments.

Investment Incomes in 2025 were comparable to 2024

Last year (2024) had been a year of high interest rates for Singapore Treasury Bills, fixed deposits and Singapore Savings Bonds. These rates were reduced substantially this year. Despite this, our Investment incomes for 2025 declined marginally by 0.36% when compared with last year.

Portfolio Performance

Return on Assets (ROA) for 2025 was 3.96% pa (2024: 3.68%) pa.

Total Shareholder Returns (TSR) for 2025 was +0.30% against -1.54% for 2024.

2025 performance was better than 2024.

Note: ROA shows total investment income received divided by ALL financial assets including un-invested cash.

SPDR STI ETF jumped 22.6% since the start of 2025

SPDR STI ETF on 31 December 2024 was $3.850.

31 December 2025 was $4.721. This is an increase of 22.6% for this year.

The Straits Times Index (STI) rose 22.7% between the same period.

STI on 31 December 2024 was 3,787.60 points. Now it is 4,646.21 points.

This was a spectacular performance.

Updating our Wills to reflect changed circumstances

Our Last Wills & Testaments were written in October 2003 when our child was still young. 22 years have passed. My child has grown up and some clauses in the Last Will are not relevant now. We engaged a lawyer to draft and refresh our Last Wills.

Our financial positions have changed and our child is independent. My child being an adult does not need trustees to be executor/executrix in respect of the Will. (This was relevant in the past when she was below 21 years old.)

Living Investment Volume 4 was published

I planned initially to publish only three volumes of Living Investment back in 2019. The years from July 2019 to October 2025 were impactful with Covid-19 pandemic affecting a big part of intervening years. In addition, there were two changes in presidential leadership in United States of America. Trade and investment climate changed as a result. The world witnessed two major wars, one between Russia and Ukraine and another between Israel and Hamas in the Gaza Strip. Because of these developments, Living Investment Volume 4 was published to capture moments in history.

Overseas travels – Taiwan

The last time we visited Taiwan was in 2023. This time, it was 13 days from 22 October to 3 November. We booked our SIA air tickets early to take advantage of SG60 promotions by SIA.

We focused on Northern and North-Eastern part of Taiwan, with accommodations in Yilan (5 nights) and Taipei (7 nights). Yilan and Taipei were our hubs, and we travelled out on daytrips to Miaoli, Yangmingshan, Luodong, Toucheng, Jiaoxi, Shifen, Jiufen, Jingguahshih.

Meditation Retreats

I attended three meditation retreats this year at Vipassana Meditation Centre (Singapore).

Reflections

The world is not peaceful. There were several wars between different countries. Most fight over territories or differing ideologies. There were citizen uprisings within nations with toppling of some sitting governments. Higher cost of living was one catalyst in these uprisings besides corruptions of politicians in power.

Several South-East Asian nations were impacted by several typhoons and severe tropical storms because of global warming according to scientists. Floods and landslides occurred through these episodes. Lives, homes and livelihoods were destroyed. This climate change requires the whole world to come together to address. This earth with its environment is shared by all nations without any physical boundary. It is imperative for us to act as one when tackling climate change.

The world economy was resilient when we thought that it might take a hit this year. Singapore economy is expected to grow around 4.0% despite tariffs imposed by the United States on many countries. Artificial Intelligence (AI) is driving up stock markets of U.S. Price of gold broke US$4,500 per ounce because of its safe-haven asset status. It is a relief that we have no recession in 2025.

At 68 years old, the reality of getting old hits home. This year I started a blog theme titled “Life after 65”. I begin to look at issues arising from reaching this phase of my life. Revising my Will & Testament and keeping my financial matters in order were some things I addressed this year. Staying healthy is increasingly important. I went for vaccinations of Shingrix and influenza this year. Pneumococcal vaccination was done earlier in 2022 and 2023.

Happy New Year! May the new year sees humanity fills with kindness and compassion.

Lim Kim Tong

31 December 2025

Footnotes

¹ Total Shareholder Return (TSR) in S$ term comprises dividend return (actual income received) and price return (resulting from changes in valuations of investments as at year-end using marked to market valuation).

² Return on Assets (ROA) ratio shows how the total portfolio (invested capital + cash) was providing income on investments. Income from investments comes from dividend/interest and gains/loss on sale of investments.

³ Marked to Market (%) shows the changes in valuation of financial assets from cost to market valuation at year-end.

Copyright © 2025, limkimtong for Living Investment