Markets have always shown an ability to defy logic, but unless one lives in a different world, the force of gravity will eventually reassert itself.
And with the recent troubles in the high yield junk bond space, this illogical myth perpetuated by the denizens of the financial business that high returns need not be equated to the need to take high risks is coming home to roost.
Is this chillingly similar to the onset of the subprime crisis where many continue to deny reality much as the foundations of greed built on unreal low interest rates are crumbling away?
The collapsing bond markets might provide the fireworks, but a bigger show to come will be the forced sale of many properties used as collateral to fund such misguided purchases.
There is no fire without fuel and providentially, the continued depressed oil prices, will stoke the rate of defaults of the issuers of these toxic high yield bonds, a significant number of which are in the oil space.
NOTE
Events since this sharing
https://www.bloomberg.com/news/articles/2016-08-07/singapore-seen-at-risk-of-cascading-oil-service-bond-defaults
Tuesday, December 15, 2015
Friday, November 13, 2015
MoneySense#11 Full circle (13 Nov 2015)
Melbourne and Singapore seem to be leading the race to be amongst the highest cost of living cities globally. How things have gone one full circle. For back in the mid 1990s, the "unlucky country" that was Australia, for she was still reeling from the after effects of the hangover days ago of the once roaring commodity boom. And literally, properties were on sale cheap with few takers, and on first impressions, Australia seemed like a 3rd World country then.
Today, prices are up 4 to 5 times from those depressed days. And the wealth is s palpable.
Singapore was no different then, albeit it needed a full blown Asian crisis in 1998 to bring the euphoria to a grinding halt. And today we are a prosperous global city.
Today, with asset prices not just in Australia and Singapore but in many major cities near their all time high, what would the picture be like a decade from now? Is the lost decades of a once mighty Japan a harbinger of greed gone overboard?
Will real estate, long treasured to be an investment be reclassified as a consumable, as in the case of present day Japan?
What goes up must come down. This old adage seems passé in the present very indulgent world of our Central Bankers. But man plans, God directs.
Today, prices are up 4 to 5 times from those depressed days. And the wealth is s palpable.
Singapore was no different then, albeit it needed a full blown Asian crisis in 1998 to bring the euphoria to a grinding halt. And today we are a prosperous global city.
Today, with asset prices not just in Australia and Singapore but in many major cities near their all time high, what would the picture be like a decade from now? Is the lost decades of a once mighty Japan a harbinger of greed gone overboard?
Will real estate, long treasured to be an investment be reclassified as a consumable, as in the case of present day Japan?
What goes up must come down. This old adage seems passé in the present very indulgent world of our Central Bankers. But man plans, God directs.
Monday, October 12, 2015
MoneySense#10 Canary in the coal mine (12 Oct 2015)
Glencore, the once poster child of the roaring commodity boom gone awry, was recently in the news for the wrong reason. Bloated with massive debts, a result of over bullishness in acquisition of high priced resource based assets, Glencore's share price has bounced off its lows, though still very much lower than its peak.
A collective sigh of relief not just from the highly strung financial markets, but Glencore's multitude of lending banks. But are the troubles truly over?
History do provide an interesting observation. In every bull market there is always a hot new stock.
But like the shooting star in the dark sky, the illumination is intense but short.
In the Subprime crisis in yr 2008, Lehman brothers was the poster child.
In the Internet bubble of early 2000, Canadian telecoms giant Nortel degenerated into a wimp of a company post crash
And in the Asian Crisis, Aokam Timber, the blue eye boy of the over exuberant investors sunk into the abyss.
And for those of a certain vintage, you might remember Pan El, a company that left many an investor in deep freeze.
A collective sigh of relief not just from the highly strung financial markets, but Glencore's multitude of lending banks. But are the troubles truly over?
History do provide an interesting observation. In every bull market there is always a hot new stock.
But like the shooting star in the dark sky, the illumination is intense but short.
In the Subprime crisis in yr 2008, Lehman brothers was the poster child.
In the Internet bubble of early 2000, Canadian telecoms giant Nortel degenerated into a wimp of a company post crash
And in the Asian Crisis, Aokam Timber, the blue eye boy of the over exuberant investors sunk into the abyss.
And for those of a certain vintage, you might remember Pan El, a company that left many an investor in deep freeze.
Monday, October 5, 2015
MoneySense#9 El Dorado (5 Oct 2015)
Today, we read about a lady who bought an insurance policy where the annual premium payment was significantly higher than her annual income. Was this untenable situation due to her ignorance, greed or the misdemenour of her adviser? Only the parties involved will know the truth.
Just last week, a wine investment fund went awry, and one investor aged 65 was quoted that he needed to find a job, now that his liquid investment has literally gone down the drain.
And what about the unreal guaranteed returns from property investments in Brazil, to implausible promised returns on gold and if some might recall in an earlier period, the wonders of investments in Ostriches, with its professed multi usages!!
Where does one draw the line between genuine investment risk and blind greed?
Contentment and stewardship with and of one's blessings will go a long way towards curbing many of these misadventures.
And a reality check that not everyone will have a blissful retirement just because one wishes for it will ensure that one do not fall prey to the delusions "hawked" as retirement planning, that in reality is a trapdoor to an even longer slog, to make up for the losses lurking round the corner.
Sadly, with the specter of rising interest rates and corporate bond defaults rising, a fate not necessary worse than death, but could be equally excruciating awaits those who partake excessively in the almost free monies offered by financial institutions, to borrow against the excess value of their properties, to invest in high risk, high yield bonds.
Just last week, a wine investment fund went awry, and one investor aged 65 was quoted that he needed to find a job, now that his liquid investment has literally gone down the drain.
And what about the unreal guaranteed returns from property investments in Brazil, to implausible promised returns on gold and if some might recall in an earlier period, the wonders of investments in Ostriches, with its professed multi usages!!
Where does one draw the line between genuine investment risk and blind greed?
Contentment and stewardship with and of one's blessings will go a long way towards curbing many of these misadventures.
And a reality check that not everyone will have a blissful retirement just because one wishes for it will ensure that one do not fall prey to the delusions "hawked" as retirement planning, that in reality is a trapdoor to an even longer slog, to make up for the losses lurking round the corner.
Sadly, with the specter of rising interest rates and corporate bond defaults rising, a fate not necessary worse than death, but could be equally excruciating awaits those who partake excessively in the almost free monies offered by financial institutions, to borrow against the excess value of their properties, to invest in high risk, high yield bonds.
Friday, September 18, 2015
MoneySense#8 Continued or coming troubles? (18 Sep 2015)
Contrary to expectations, the U.S. Federal Reserve continues to hold back raising interest rates.
Why are they not letting off some air in the low interest liquidity driven bubble?
Most think it is because the perceived US economic recovery is not as robust as believed.
That's probably true for not just the U.S., but globally the internet in conjunction with technology have created structural unemployment that the world will need time to adjust, retrain and retool.
Witness the demise of traditional service providers and brick and mortar shops.
But is there more to it? Maybe it is not just the surfeit of economic woes, that is still endemic post subprime.
The Middle East is brewing. With the troubles on the Temple Mount, would the present internecine Sunni Shiite proxy wars being fought out, be soon reorientated to a broader but more familiar Arab Israelite conflict? The Russians are in Syria now, ready to be an actor in this theatre!
The last major Arab Israelite war was back in 1973, the Yom Kippur war.
What has it got to do with us? That conflict led to the 1st oil crisis in 1974, followed by the 2nd oil crisis in 1978 and the subsequent stagflation.
A world mired in recession, yet pounded by double digit interest rates.
The latter might seem implausible in our present Central Bank induced zero interest rate environment.
But the Bible oft reminds one and all
"man plans, God directs"
Why are they not letting off some air in the low interest liquidity driven bubble?
Most think it is because the perceived US economic recovery is not as robust as believed.
That's probably true for not just the U.S., but globally the internet in conjunction with technology have created structural unemployment that the world will need time to adjust, retrain and retool.
Witness the demise of traditional service providers and brick and mortar shops.
But is there more to it? Maybe it is not just the surfeit of economic woes, that is still endemic post subprime.
The Middle East is brewing. With the troubles on the Temple Mount, would the present internecine Sunni Shiite proxy wars being fought out, be soon reorientated to a broader but more familiar Arab Israelite conflict? The Russians are in Syria now, ready to be an actor in this theatre!
The last major Arab Israelite war was back in 1973, the Yom Kippur war.
What has it got to do with us? That conflict led to the 1st oil crisis in 1974, followed by the 2nd oil crisis in 1978 and the subsequent stagflation.
A world mired in recession, yet pounded by double digit interest rates.
The latter might seem implausible in our present Central Bank induced zero interest rate environment.
But the Bible oft reminds one and all
"man plans, God directs"
Saturday, August 29, 2015
Friday, August 28, 2015
MoneySense#7 False dawn!! (28 Aug 2015)
With the recent positive recovery in the markets from the abyss, maybe I am better off titling this piece "False dusk." For like always before, at least in the years since the bad old yr 2008 subprime days, markets have always bounced back from the looming darkness thanks to the ever indulgent US Federal authorities.
"The lust decade," many investors have been conditioned to believe that the Central Banks will coming running when we the markets collectively throw tantrums, when our greed for gains are hampered.
Would this utopic world of investing we now live in ever revert to the days as we used to know it?
Where thrift and hard work and integrity are valued and rewarded. And recklessness, deceit and profligate behavior punished?
I believe so. Like the Bible warns. It is not because God is non existent nor incapable, but rather He is patient towards us. But the days are coming when those who continue to take Him as irrelevant will face His wrath.
And a very bad September could be a good starting reminder.
"The lust decade," many investors have been conditioned to believe that the Central Banks will coming running when we the markets collectively throw tantrums, when our greed for gains are hampered.
Would this utopic world of investing we now live in ever revert to the days as we used to know it?
Where thrift and hard work and integrity are valued and rewarded. And recklessness, deceit and profligate behavior punished?
I believe so. Like the Bible warns. It is not because God is non existent nor incapable, but rather He is patient towards us. But the days are coming when those who continue to take Him as irrelevant will face His wrath.
And a very bad September could be a good starting reminder.
Sunday, August 23, 2015
MoneySense#6 That tizzy feeling (22Aug 2015)
Come September 13 or 15, depending upon who you want to believe, the US$ is expected to collapse and in all likelihood global financial markets!!
Is this plausible? Till early this month, seems to be another one of those doomsday hype.
But as I pen this on this Sunday night, the Dow Jones index just had a 450 points drop last Friday closing, and as the double whammy of expected US interest rate increase and continued fears over a China economic slowdown, many half wounded once bullish investors look to this Monday with trepidation.
Will these fears bear fruit for a moment in all brevity and like the case these past few years, markets will simply bounce back right up as the US Fed will not just desist from raising rates, but purr words of reassurances, much as it will be delusory?
No one can predict the future, but why not focus on what you can do. Late as it may seem in the present market upheaval, but better late than never.
Be disciplined in your
- asset allocation which should be more prudent as market valuations skyrocket
- stick to fundamentally sound investments ideally with a regular cashflow
- buy near low and sell near high. A dictum often thrown out of the window when euphoria encapsulates
For like the Bible says, a house built on solid rock will be able to stand in the face of storms.
Is this plausible? Till early this month, seems to be another one of those doomsday hype.
But as I pen this on this Sunday night, the Dow Jones index just had a 450 points drop last Friday closing, and as the double whammy of expected US interest rate increase and continued fears over a China economic slowdown, many half wounded once bullish investors look to this Monday with trepidation.
Will these fears bear fruit for a moment in all brevity and like the case these past few years, markets will simply bounce back right up as the US Fed will not just desist from raising rates, but purr words of reassurances, much as it will be delusory?
No one can predict the future, but why not focus on what you can do. Late as it may seem in the present market upheaval, but better late than never.
Be disciplined in your
- asset allocation which should be more prudent as market valuations skyrocket
- stick to fundamentally sound investments ideally with a regular cashflow
- buy near low and sell near high. A dictum often thrown out of the window when euphoria encapsulates
For like the Bible says, a house built on solid rock will be able to stand in the face of storms.
Monday, August 10, 2015
MoneySense#5 The borrower is a slave to the lender(10 Aug 2015)
A rather long title but a biblical truth that is worth repeating. The Indonesian government just pleaded with the U.S. Federal to get going with their planned interest rate increase. The dithering on the Fed's part is creating uncertainty and collateral damage to confidence in the emerging markets. And Indonesia has been one of the unfortunate victims to the Fed's insouciance.
For those who are on leverage, especially in "big ticket" items like property mortgages, you will have started to feel the creeping pain from the rising interest rates imposed on your loans by your still friendly bank. One phenomenon you will soon experience is that no two interest rates are equal.
Your cost of borrowing will be moved up at a much faster pace than the slow upward adjustment in deposit rates. The "spread" that is the difference between the loan rate and deposit rate will be wider than the Suez Canal, and sadly, unless you happen to have much spare cash lying around, you are held hostage to paying the higher cost.
And like oil to boiling water, if you happen to be borrowing on top of your needed mortgage for extra funds to invest in the still popular high yield high risk bonds, you could be part of the sequel to "Subprime 2008"
Back in October 2008, many who borrowed to invest in structured products known as accumulators ( colloquial term "I kill you later") suffered great financial losses.
Why? Not because the underlying investments were totally worthless, but rather your once friendly lending bank decided that they were near zero value as no one wanted such investments on that fateful Oct 2008. Coincidentally that day was Deepavali, the festival of lights, though for many, it was total darkness.
It is late but not impossible to free yourselves from the chains of usury☔️
For those who are on leverage, especially in "big ticket" items like property mortgages, you will have started to feel the creeping pain from the rising interest rates imposed on your loans by your still friendly bank. One phenomenon you will soon experience is that no two interest rates are equal.
Your cost of borrowing will be moved up at a much faster pace than the slow upward adjustment in deposit rates. The "spread" that is the difference between the loan rate and deposit rate will be wider than the Suez Canal, and sadly, unless you happen to have much spare cash lying around, you are held hostage to paying the higher cost.
And like oil to boiling water, if you happen to be borrowing on top of your needed mortgage for extra funds to invest in the still popular high yield high risk bonds, you could be part of the sequel to "Subprime 2008"
Back in October 2008, many who borrowed to invest in structured products known as accumulators ( colloquial term "I kill you later") suffered great financial losses.
Why? Not because the underlying investments were totally worthless, but rather your once friendly lending bank decided that they were near zero value as no one wanted such investments on that fateful Oct 2008. Coincidentally that day was Deepavali, the festival of lights, though for many, it was total darkness.
It is late but not impossible to free yourselves from the chains of usury☔️
Saturday, August 8, 2015
MoneySense#4 The farmers' lot (9 Aug 2015)
A little knowledge does help in whatever we do, much as many will prefer to entrust their investing needs to the hands of an investment professional. But as mentioned in my earlier postings, "caveat emptor" buyers beware, for not all are honorable, and it is a reality that none no matter how many credentials that they might wear on their body, can predict.
The key to property investing is location, location, location.
The watchword for all investing including properties is discipline, discipline, and discipline.
With the calibre of today's investors being higher in terms of academic qualification. And with the easy access to the surfeit of information via the world wide web, the Do It Yourself" approach is a very real possibility.
And many amateurs have in fact done better than the professionals.
But where lies the danger?
The Bible reminds all that what you seek to master will master you.
Amateur or professional, we can be so deeply immersed in seeking to hone our knowledge and skills in investing that we could easily miss one key truth.
The markets are bigger than us, and man plans, God directs.
Much as we often see the modern day clairvoyants on our popular media giving their snippets of wisdom as to the myriad of investments and their take on the directions of markets, the truth is none are right forever.
Like a good farmer, with the knowledge and experience gleaned, we will plant wisely. But none can control the vagaries of the weather nor the unexpected threats from disease and pests.
In investing, we can try to minimize our downside, for that is a function of what we buy, when we buy and how much we buy. But as to upside, that is at best a flawed prediction
And no amount of knowledge can tell with with certainty what will happen next.
For we are but finite imperfect mortals.
The key to property investing is location, location, location.
The watchword for all investing including properties is discipline, discipline, and discipline.
With the calibre of today's investors being higher in terms of academic qualification. And with the easy access to the surfeit of information via the world wide web, the Do It Yourself" approach is a very real possibility.
And many amateurs have in fact done better than the professionals.
But where lies the danger?
The Bible reminds all that what you seek to master will master you.
Amateur or professional, we can be so deeply immersed in seeking to hone our knowledge and skills in investing that we could easily miss one key truth.
The markets are bigger than us, and man plans, God directs.
Much as we often see the modern day clairvoyants on our popular media giving their snippets of wisdom as to the myriad of investments and their take on the directions of markets, the truth is none are right forever.
Like a good farmer, with the knowledge and experience gleaned, we will plant wisely. But none can control the vagaries of the weather nor the unexpected threats from disease and pests.
In investing, we can try to minimize our downside, for that is a function of what we buy, when we buy and how much we buy. But as to upside, that is at best a flawed prediction
And no amount of knowledge can tell with with certainty what will happen next.
For we are but finite imperfect mortals.
MoneySense#3 My brother's keeper (9 Aug 2015)
The first two offsprings of Adam and Eve were Cain and Abel. Out of envy, Cain killed his brother.
When questioned by God as to the whereabouts of Abel, the defensive Cain protested to God with this blurt of defiance "am I my brother's keeper?"
Regulations have always been with us in the financial industry. In the "boom boom years" of deregulation in the West, it was often implemented with a light touch.
With 9/11, the subprime debacle, and the hunger for tax revenue, regulations today are very much more stringent and too some extent onerous.
Does it mean then that you the investor can rest easy?
Afraid not and coincidentally, just this morning, as I was browsing a Japanese news website, I chanced upon a financial education website set up by our Central Bank. And we share the same banner title for our sites. No intended plagiarism intended on my part, but that is how God works. He affirms things done in His will.
And rightly so, for investors must be willing to be educated to save themselves from future griefs.
Do check out the website www.moneysense.gov.sg.
In the main, most investors will need the guidance and expertise of the investment professionals.
But it is very necessary that investors should take time to pick and get to know their key advisers well.
That in itself is an investment and an important one as well.
And much as many might prefer to be hands off on their investments, it is again basic wisdom to exercise controls on the key parameters, for none can predict the markets and even with good intentions, your adviser can err.
A little knowledge on your part in this case do help.
When questioned by God as to the whereabouts of Abel, the defensive Cain protested to God with this blurt of defiance "am I my brother's keeper?"
Regulations have always been with us in the financial industry. In the "boom boom years" of deregulation in the West, it was often implemented with a light touch.
With 9/11, the subprime debacle, and the hunger for tax revenue, regulations today are very much more stringent and too some extent onerous.
Does it mean then that you the investor can rest easy?
Afraid not and coincidentally, just this morning, as I was browsing a Japanese news website, I chanced upon a financial education website set up by our Central Bank. And we share the same banner title for our sites. No intended plagiarism intended on my part, but that is how God works. He affirms things done in His will.
And rightly so, for investors must be willing to be educated to save themselves from future griefs.
Do check out the website www.moneysense.gov.sg.
In the main, most investors will need the guidance and expertise of the investment professionals.
But it is very necessary that investors should take time to pick and get to know their key advisers well.
That in itself is an investment and an important one as well.
And much as many might prefer to be hands off on their investments, it is again basic wisdom to exercise controls on the key parameters, for none can predict the markets and even with good intentions, your adviser can err.
A little knowledge on your part in this case do help.
Friday, August 7, 2015
MoneySense#2 Blood out of stone (8 Aug 2015)
In the Bible, Jesus Christ spoke about the parable of the house that is built on soft sands compared to the other that is built on a solid rock. Clearly we know which house will stand firm when the storms come.
For the past few years, the world has been sold on the idea that Central Banks need to keep pumping more monies into a moribund economy. The need to resuscitate our near still life global economy justified the sacrifice of the prudent savers, and the rewarding of the reckless through the prevalence of easy credit at abnormally low interest rates.
Many of us feel pressured. Our property values have risen significantly fueled by till recently cheap monies. But with inflated property values come with it rising rentals, translated into an increase in our cost of living.
How can we get a better return on our cash than the present mere pittance of less than 1% a year?
Banks and bankers till the early years of my career used to be highly regarded as trusted custodians.
Today, we have moved down to near the bottom of cellar in the ladder of respectability.
Yet today, post subprime, the "gangsters" or more correctly "banksters" are still holding on to their incorrigible ways, purveyors of products that will make the infamous "oil snake men" of old look angelic!
How many of you property owners have been enticed to take a loan against the enhanced value of your properties? Borrowing at cheap interest rates to invest in high return investment products.
There is no free lunch and higher returns entail higher risks. Are you taking on undue risks in trying to squeeze a significantly higher return in a very low return environment.?
Continue to squeeze blood out of stone and the consequences will be more than a few bristles.
"Leylong" days are nearing. If one continue to pursue wealth for the sake of even more, discontentment will lead to disconsolate souls.
For the past few years, the world has been sold on the idea that Central Banks need to keep pumping more monies into a moribund economy. The need to resuscitate our near still life global economy justified the sacrifice of the prudent savers, and the rewarding of the reckless through the prevalence of easy credit at abnormally low interest rates.
Many of us feel pressured. Our property values have risen significantly fueled by till recently cheap monies. But with inflated property values come with it rising rentals, translated into an increase in our cost of living.
How can we get a better return on our cash than the present mere pittance of less than 1% a year?
Banks and bankers till the early years of my career used to be highly regarded as trusted custodians.
Today, we have moved down to near the bottom of cellar in the ladder of respectability.
Yet today, post subprime, the "gangsters" or more correctly "banksters" are still holding on to their incorrigible ways, purveyors of products that will make the infamous "oil snake men" of old look angelic!
How many of you property owners have been enticed to take a loan against the enhanced value of your properties? Borrowing at cheap interest rates to invest in high return investment products.
There is no free lunch and higher returns entail higher risks. Are you taking on undue risks in trying to squeeze a significantly higher return in a very low return environment.?
Continue to squeeze blood out of stone and the consequences will be more than a few bristles.
"Leylong" days are nearing. If one continue to pursue wealth for the sake of even more, discontentment will lead to disconsolate souls.
MoneySense#1 Money not enough (7 Aug 2015)
A Jack Neo film that has come to epitomize the relentless pursuit by many of us Singaporeans for the elixir of happiness. That money, regardless of its color will give us the joy of life. But does it?
Much as I am inclined to use this blog to share the gospel truths on the futility of material pursuits, where one will only truly attain the elusive peace and joy from a life lived knowing, and trusting our
Divine Father in Heaven, I will desist. But you are most welcome to visit my other blogs that dwells into issues of spirituality.
This blog is a desire to answer God's call to help people who He will placed in my path. Not to help you make monies, but rather, to bring an honest clarity to the myriad and often treacherous world of finance and investments. An area that many have no business to be too deeply involved in, but with the confluence of an interconnected world, an unreal abnormally low interest rate environment, and property prices on steroids, many are enticed if not pressured to make their monies work harder for them.
"Caveat emptor" Sadly, with the post legalistic environment of the post sub prime crisis, the investment advisory world is "strait jacketed" to the point where sensible advice is harder to dispense without putting the adviser at risk. And users of financial services are inundated with legalistic documentation, that will helm in their ability to make a fair claim for many will have signed away their rights without understanding the implications.
And on this note, here ends my first posting in all brevity. Short as it might be, but may the point that in today's investing world, the very rules that are put in place with the intent of protecting you the consumer, could have unfortunate untended consequences. For like the Pharisees of old in the Christian Bible, many are knowledgeable of the laws, but morality of a person is less about the outward, but more about the heart.
Choose your adviser wisely. And invest with prudence. Or a moment's folly can be a lifetime of pain.
Much as I am inclined to use this blog to share the gospel truths on the futility of material pursuits, where one will only truly attain the elusive peace and joy from a life lived knowing, and trusting our
Divine Father in Heaven, I will desist. But you are most welcome to visit my other blogs that dwells into issues of spirituality.
This blog is a desire to answer God's call to help people who He will placed in my path. Not to help you make monies, but rather, to bring an honest clarity to the myriad and often treacherous world of finance and investments. An area that many have no business to be too deeply involved in, but with the confluence of an interconnected world, an unreal abnormally low interest rate environment, and property prices on steroids, many are enticed if not pressured to make their monies work harder for them.
"Caveat emptor" Sadly, with the post legalistic environment of the post sub prime crisis, the investment advisory world is "strait jacketed" to the point where sensible advice is harder to dispense without putting the adviser at risk. And users of financial services are inundated with legalistic documentation, that will helm in their ability to make a fair claim for many will have signed away their rights without understanding the implications.
And on this note, here ends my first posting in all brevity. Short as it might be, but may the point that in today's investing world, the very rules that are put in place with the intent of protecting you the consumer, could have unfortunate untended consequences. For like the Pharisees of old in the Christian Bible, many are knowledgeable of the laws, but morality of a person is less about the outward, but more about the heart.
Choose your adviser wisely. And invest with prudence. Or a moment's folly can be a lifetime of pain.
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