The Ups and Downs of 2011 for Me

As the year draws to a dark and rainy close, I thought I would pen a few thoughts about how 2011 has played out for me.

It wasn't the best of years. It wasn't the worst. The biggest change was moving to my new house, getting all the renovations done and helping everyone to adjust and adapt to the new home. It wasn't always easy, but now we are nicely settled down and I'm grateful.

We had a few incidents with unpleasant neighbours. There were also various unhappy incidents between other neighbours (not involving me). One of them reached the point when a defamation lawsuit was actually threatened. I spoke to friends and acquantances and it seems that such unhappy incidents aren't exactly that uncommon in cluster houses.

A contractor told me point-blank that in his experience, the owner of the largest unit always has problems with neighbours (I happen to own the largest unit). According to the contractor, the underlying cause is their jealousy. Well, I put all that unpleasant stuff behind me now. But there is a particular neighbour whom I will completely ignore for the rest of my life. Either that, or I will give her a cold glare. My children call her the "fat bitch". In this particular instance, I won't object to their language.

I was pleased that at the start of the year, we managed to get our son transferred to a better primary school. He is now a Catholic High student. He has adapted well to his new school and enjoys being there. At his previous school, he was shy and quiet and had been targeted by bullies more than once. Catholic High seems to have given him more confidence and he has even assumed a leadership role as class monitor.

My daughter had a great Primary 1 year in school and enjoyed herself thoroughly. She isn't in one of the top schools, but sometimes maybe things work out better that way. She's having a fun time being one of the top students. It's a self-esteem building experience which  she probably couldn't have had, if she had gone to a more competitive school.

At work, I had two surprises in the early part of the year. The first was a surprise of the disappointing kind. Despite many earlier promises and positive words, I didn't get promoted. The second surprise was that I received what was a rather large bonus (considering the state of the financial industry these days).

I think that to some extent, the organisation was trying to make up for my non-promotion by giving me a bigger bonus. Oh well. All in all, not such a bad deal, after all. Between an improved corporate title and a big sum of cash, I'll take the cash anytime.

The work itself was pretty interesting. I did a lot of legal work relating to very new developments in the industry, concerning how the governments in various  countries are creating new laws to regulate the OTC derivatives industry, post the 2008 financial crisis. I think I've carved out a niche in this area. I was invited this year to speak at a conference on such topics, and I have another invitation to speak at a conference in April next year.

I took another CMFAS exam, and passed. I am now qualified to be both a stockbroker and a personal financial adviser. Not that I have any concrete plans to do so anytime in the near future, but hey, everyone needs some kind of Plan B. In 2012, I may sign myself up for more CMFAS exams.

I didn't travel much this year. I did take the family to Penang and Langkawi in June, and to Korea this month. Penang has plenty of good food, and a temple or two that's worth a look, but otherwise it's still a rather sleepy town. I found Langkawi more interesting, for the eco-tourism aspects. We explored a bat cave and fed some eagles and visited a fish farm, things like that.

It was very cold when we visited Korea. The temperature was down to -2 degrees in Seoul, and even colder when we went to the mountain area to see their national park. But the kids had plenty of fun in the snow and ice. We also went to the northernmost point of South Korea, where after passing several military checkpoints, we got to peer at the mysterious land of North Korea, using telescopes at an observatory.

On the writing front, I had a few old poems published in new anthologies. I was a featured writer in the Singapore Writers Festival. I was also part of the Moving Words project, and had a poem featured on Singapore's MRT trains. Those were the highlights, but overall it wasn't a great year as I hardly wrote anything new.

A dear old aunt of mine passed away in February. Colorectal cancer. I worry sometimes about my uncle (her husband), who's in his 80s and now lives all alone in a little HDB flat in Ang Mo Kio. I know that he was very, very affected by my aunt's death. I hope he's gotten over it by now.

It waa a crap year, as far as my own health and fitness was concerned. For a while, it appeared that I had borderline high blood pressure. I resolved to exercise regularly, but it didn't quite work out that way; I just never managed to stick to the plan. All the good intentions would peter out in a few weeks, then two months would pass, then I would try again, then the cycle would repeat.

I did succeed in eating more healthily (I now often have a salad for both breakfast and lunch). My BP has fallen back into the normal/healthy range, but whatever the reason was, it sure wasn't because of exercise.

I'd say a few things about Mrs Wang's year too, but she's told me not to. She likes her privacy.

My happiest moments of the year were the same kind as the happiest moments of the past seven years or so. Private moments with my two children - playing with them, talking to them, hugging them. I love being a dad, and watching them grow up.

P.S. My daughter just asked me why my blog is known as "Mr Wang Says So", and not "Mr Koh Says So". Long history, my dear. Tell you another time.

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The MRT Train Breakdown - Passing the Buck in a Blame Game

One year ago, I had already written several posts about the falling standards of public transport in Singapore. Of course, those posts attracted a few of the usual criticisms that I was irrationally anti-PAP.

Well, as you know by now, the MRT trains broke down very badly a few days ago. Service was disrupted for many hours. Passengers were trapped in darkness without ventilation. Someone had to use a fire extinguisher to smash the glass panel of the train door, so that everyone else could breathe. Passengers had to force the doors open themselves, in order to get out.

Problems like that don't happen overnight. They never do. They are just symptoms of deeper systemic failures. What those failures are, we'll eventually know - if the goverment actually reveals its findings in an honest manner.  But the point is that when something like this happens, it's typically the result of an extended period of time over which the trains are badly managed. If the train system had been regularly inspected and properly maintained, it wouldn't just massively break down like that.

I read the news, and I see that Mr Lui Tuck Yew, the Transport Minister, is making a big hue and cry. Oh, how clever. Immediately, he shoves all the potential blame at SMRT and talks about how he's going to get a panel of experts to inspect SMRT and find out the problems yadda yadda yadda.

Well, I'm sure that SMRT is to blame. But what about the PAP government itself? After all, this is public transport. Mr Lui, do you mean to say that the government has no regular role in making sure that the public transport actually works? That the trains run properly, that buses are safe, and so on? Come on, Mr Transport Minister. What has your ministry been doing all this time?

I'm scared, you know. I am a regular train user. I don't want to be trapped underground, for who knows how long, in the dark, without ventilation, on a crowded train, with oxygen running out.

If Lui and the SMRT can't solve the problem quickly, I suggest that as an interim measure that every train must be equipped with emergency torchlights and sledgehammers. The torchlights are for lighting, and the sledgehammers are to prevent suffocation.

"Singaporeans must be self-reliant and not expect the
Government to do everything for them."

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Commodity Derivatives in a Rapidly Changing World

I just got invited to speak at another conference. This one is about commodities and will be held in April next year. The organiser is Marcus Evans.

My topic will be something along these lines - "The Global Regulatory Landscape: Developments for OTC Commodity Derivatives".

I'll be speaking on recent developments in the U.S., and then I will move on to talk about Europe. Finally I'll wrap up by discussing a few countries in the Asia-Pacific region.

I will probably have just one hour to cover all that. So the talk is going to be quite "big picture" and "high-level".

I used to do a lot of legal work relating specifically to commodities - oil, gold, sugar, steel and coal, for instance - but I haven't done much of it in the past year. However, I have been doing plenty of work relating to the G20 commitments made in September 2009.

The G20 commitments aim to revamp the derivatives industry worldwide. To a greater or lesser extent, they will affect all classes of derivatives, including commodity derivatives. And for the purposes of my April conference, the commodities angle is what I'll be focusing on.

From a career perspective, many people in the derivatives industry are worried about the G20 commitments. Potentially, the changes might greatly benefit the exchanges (such as SGX). But they will hurt many bank employees currently working in derivatives-related jobs. I predict that many of those jobs will eventually disappear, perhaps by as soon as the end of 2012.

As for myself, well, I too am a bank employee working in a derivatives-related job. So I think that I am at some risk too. But for at least the next two years, I should be okay. That's because with a little luck and strategising, I've managed to position myself as an expert on the legal issues arising out of the G20 commitments. In other words, I'm still needed to guide and advise my employer - on those very same developments that will eliminate many other people's jobs.

In fact, because the legal developments from the G20 committee are so new and complex, there are still relatively few lawyers who know them well. That's why I even get invited to be a conference speaker on such topics.

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What Shall I Do With This Blog?

I really don't know. I do know that I am not interested in blogging about social issues and political stuff anymore. On the other hand, I'm also not the kind of person who will blog freely about my private life, for anyone in the world to see.

I could blog about my various interests. On the other hand, I have many varied interests, more than most other people. Over time, this blog could grow rather incoherent and messy, just because my interests are so varied.
Then again, since I am not aiming to make a living from Google Adsense, do I care if my blog grows incoherent and messy? Probably not.

I thought I might use this blog as a platform for my creative writing. Some draft poems, some excerpts from draft short stories and so on. The first problem is that I don't do much creative writing anymore. The second problem is that I have to get used to the idea of putting draft work out into the world. Most writers don't like to show their raw, unfinished pieces to the world.

One possibility I am considering is writing reviews about the books I read. "Reviews" may be an overstatement - I don't want to write real, heavy-duty reviews - it's more just like sharing some observations and thoughts and excerpts about any interesting books that I come across.

Mmmmm, with a bit of work, that might get me to the point where publishers send me free books, to entice me to give them some publicity. Done some of that in the past, but I didn't quite sustain it long enough to get that many free books. I did get a couple though, hahaa.

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Investing in Death

One year ago, I engaged a financial adviser. We had a review of my portfolio this week. The portfolio has done well. I made about 8% over one year, which is very good, considering how disastrous the year 2011 has generally been, for stock markets around the world.

This performance has been possible, because a good part of my portfolio was not in the traditional sort of equity funds. In fact, a good part of the portfolio was not in equities at all. The advantage of being an accredited investor is that I get to invest in more esoteric instruments that may not be accessible for ordinary retail investors.

Of course, this doesn't mean that esoteric instruments always make money. They can lose money too. However, they do significantly broaden your diversification options.

My financial advisor is now recommending that I consider a life settlement fund. I already know about these. I've never invested in these before, but I've read about them. In principle, they make sense to me. However, they have been the subject of some controversy in the US (which is also the only major market for such investments). How do they work?

A life settlement fund invests in life insurance policies. Where do they get these policies? They buy them from the policyholders. Who are these policyholders? Typically, they are people with a low life expectancy. They could be very old, or they could be suffering from some terminal illness such as AIDS or cancer.

So let's say you have a life insurance policy that promises to pay $1,000,000 when you die. And you happen to be very ill. You can't get the money while you're alive. And the money will be useless to you, when you die. You would rather have the money now, which you can immediately use either for your medical treatment, or just to enjoy what's left of your life.

In that case, the life settlement fund could buy the policy from you for, say, $800,000 (I have no idea what the typical pricing is like - I'm just using the $800,000 figure as an example). You get $800,000, to spend as you please. Two years later, you die.

The life settlement fund then gets to collect $1,000,000 from the insurance company. So essentially, over a two-year period, the life settlement fund has made a $200,000 profit, out of its $800,000 investment (less the premiums that the fund paid over that period).

This is the kind of investment that a life settlement fund makes. Of course, it does not just invest in one or two policies. Instead it invests in large numbers of life policies.

It's rather morbid. The faster these people die, the more money the life settlement fund makes. Conversely, the longer these people live (and who knows, a few people may even manage to recover from their supposedly terminal illness), the less profitable the fund will be. A "good" investment is someone who is very ill, has high chances of dying soon and owns a policy with a large payout.

For the investor, what are the advantages of investing in a life settlement fund? Well, it is excellent for diversification purposes. There is very little correlation to equity markets, or bond markets, or commodities, or other more-traditional classes of financial investments. Thus your investment could continue generating good returns, even if stock markets collapse badly.

The way they did, this year.

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The Children's Poem

So I did write that poem for the Straits Times (they wanted a children's poem). I still don't know whether they will select it, but chances should be reasonably good.

The Straits Times is increasing its fee to $300. This is for wider copyrights to the poem. They want permanent copyright to the poem, which means that they can use it as many times they like and they can publish it in other SPH publications too.

Oh well, whatever. I'll take the $300.

It was an enjoyable experience - writing a poem for kids. I wrote one that had plenty of action, drama and sound effects. It would be fun for kids to read and act it out in a kindergarten class. My poem is entitled "The Monsters Under My Bed". I would like to reproduce it here on this blog, but I think I'm not supposed to.

Anyway, I tested it out on my kids and the response was good. My son kept laughing out, as he read it, which meant I achieved the desired effect (it's supposed to be a humorous poem).

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Why Facebook Killed The Blogger

The Singapore Writers Festival has just ended. I was a "Featured Author" (that's the term they use) for an event on the last day. It was a panel discussion at the National Museum. The other panellists were Pat Law and Yu-Mei Balasingamchow, and the moderator was Dr Gwee Li Sui. The session was provocatively entitled "Why Facebook Killed The Blogger".

When I first showed up at the venue, it struck me as rather large. I had expected a smaller venue. To my surprise, people streamed in steadily and the seats were filled up pretty quickly. It was almost full-house by the time we got started. I didn't do an exact count, but I estimate that about 100 people showed up for our one-hour discussion (which was about writing on the Internet).

I spotted a number of other writers in the audience, including Felix Cheong, Chris Mooney-Singh and Dave Chua. The audience was very lively during the Q&A session, and the questions came thick and fast. There were questions about whether the popularity of Facebook was rendering the blogging platform obsolete; and the importance of writing quickly about hot topics in order to get high readership.

Someone asked about whether prolific bloggers were better off spending their time writing actual books and getting them published. Another person asked if blogging (as well as other electronic media such as Twitter and SMS on phones) was lowering the standard of written English. Juz cos many guys n gals will rite like dis, u know. :)

It was an interesting session, and we eventually ran out of time. I didn't get to respond to all the questions as thoroughly as I would have liked, but I guess that was somewhat inevitable. The National Arts Council paid me $250 for my time, which is nice because I do several talks in different capacities on different topics every year, but I rarely get paid.

The guy standing on the left of the billboard is Aaron Lee.

Mr Wang is one of the folks shown on the billboard itself.

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