 I'm doing a very spontaneous market update because I felt that right now, the market situation is pretty tricky. And I just want to make sure as I am navigating through my portfolio, I can also share with you some of my insights over the past one year, okay, year to date, just from this year alone itself, the market has already gone up 10 over percent. All right. And if you check the past one year, the market has actually already gone up 30 percent. So can you tell me where do you think it's the market heading from here? If you think it's going up, tight up. If you think it's going down, tight down. If you think that going sideways, height S, okay? S stands for sideways. Let's take a look at what is the market saying, all right? Because if you look at different statistics, there will be different people sharing about different insights. So let's see for ourselves based on all the statistics that we are going to go through tonight. In fact, later on, I'm also inviting an economy expert. He has been really, really consistent to be able to forecast that interest rate very, very successfully for the past few years. All right. So I will be also bringing him in so that he can also share with you some additional insights for you, for you to make a better informed decision. All right. So now let's firstly take a look at what is the best they are saying, right? So now how many of you are familiar with technical analysis? If you're familiar with technical analysis type T8, this is the S&P 500, right? By the way, what is S&P 500? It represents the US stock market, right? All the great companies, the other things I show you just now, your Apple, Microsoft, Meta, all these are being tracked by this index. So when those company stock price goes up, right, the S&P 500, the whole US stock market goes up, right? So guys, can you tell me right now, right? With this chart, can you tell me if the chart looks like it's high or it's at the low point? Is it at the high point or is it at the low point? Hey, this is very obvious, right? Everybody can see regardless whether you have any technical analysis experience or not, it's definitely at the high point, right? So that's why based on technical analysis as part of it, when something goes up so high, right? What goes up must eventually come down, right? So how many of you think that actually right now is kind of like a little bit shaky, if you think the market is a little bit shaky right now, as in the chat, it seems to be going up so high, in fact, has already broken down or broken up the previous resistance, right? Let me see how do I draw, how am I supposed to draw this? I can annotate like that. OK, so over here, right? It has already broken the previous resistance, which is here, right? It's been being broken and right now it's all the way up. So very, very likely, all right? The market cannot keep on going, go up forever, right? Just like here, if you go up eventually, you should also come down here, right? So that's why based on the best say you're saying is, well, if the market goes up so high, eventually it should start to come down. And then this is where when it comes down, then we have to observe whether does it break up from here? That means this one, it will bounce back or might go down a little bit more, right? This is something that we cannot say for sure, but at least it's giving us some clue of what is happening in the market, right? So so far, how many of you are clear about this argument? If you are clear, can you type C in the chat? Yeah, some of you say it's a little bit too stretch, right? Ian said, right? It's too stretch means it just gone up too much, right? So this is pretty clear, right? Now the next thing is, all right, let me go back to the next slide. The next thing is, let's look at the Sheila PE ratio. Now, if you're wondering what is PE ratio or what is Sheila PE? Basically, it's how it gives you an indication of how expensive or how cheap the market is. Now, let's take a look at firstly, what is Sheila PE ratio? Basically, the PE earning price earnings, PE ratio stands for price slash earnings, right? It's based on an average inflation adjusted earnings from the previous 10 years. So when you use Sheila PE ratio, it's taking into consideration of the past 10 years earning and it's averaging out because every single year as the market continue to evolve, as companies make more and more money, right? The company will make more and more profits, right? That's how the earnings will increase, right? At the same time, they do not want to take into consideration of just one year. They want to take into consideration of past 10 years so that you can have a good understanding of the past 10 years performance, right? So when you use the price divided by the 10 years earning, you are able to get the PE ratio based on the Sheila PE. So now, right now, can everybody type down for me? What is the Sheila PE ratio of the market based on this chart? What is the number that you can see from the chart? Yes, it is 35. So now, for those who have been investing, can you tell me 35? Is it considered high or is it considered low? High, right? So when it's high, that means the market, it's expensive, right? Anything actually based on PE ratio, right? If it's below 15, if it's below 15, it's considered cheap. Anything above 15, right now, in fact, it's way above 15. 35, it's actually expensive. Now, the thing is, when it's expensive, what does that usually lead to, right? If you can see that back then, based on this chart, right? There was a period of time that the Sheila PE ratio shot up all the way too close to 45, 45 times of the earnings, right? Which is really, really stretched, very, very crazy. When did that happen? That was back in 2000.com bubbles, right? Now, another time that the earnings stretch up very much, right? PE ratio was about 40, that was back in our, actually, 2022, our recent market crash in 2021, right? Anybody remember? End of the 2021, that is the beginning of the bear market, which lasted for one entire year, in the entire 2022, it was a bearish market, right? So over here, these two points showcased to us that, wow, because the market is too expensive, eventually a market corrected. Now, at PE ratio 35. Guys, can you tell me, is it quite close to where it used to be? How many of you felt it's a little bit scary right now? If you felt so, type S in the chat. S stands for you felt like, wow, yeah, it did, based on the past, how many years of data gave you certain clues that it's quite kind of scary right now, right? All right, so now let's continue to look further, all right? So let's gather more data point before we make a decision. Now, the next one is based on the fear and greed index. And guys, over here, can you tell me the market? Is it very fearful or is it very greedy? They are F or G right now, fear or greed right now. All right, the market is greedy, yeah? So now, for those who have been following these very famous investors, in fact, some of you already named him, right? Warren Buffett, right? Warren Buffett said this, right? Be fearful when others are greedy and be greedy when others are fearful. So now with the market being so greedy right now, what do you think you should be doing? With everybody wanting to get into the market, right? If you talk to maybe friends recently, all of them are like, yeah, stop, have you been buying? Wow, I make how much money already? You know, like all of them getting very greedy, right? They want to buy more and more. They want to chase the high price. What should you be doing? You should be fearful. That's why, right? During this period of time, a lot of the companies have already stretched out a lot, right? Really overstretch. Definitely, right? If there are two overpriced, this is not the best time to go in. Because if you're going now, the risk of you suffering a loss would be higher, especially if you're looking at very, very short term. So once again, very importantly, as we still need to think long term, but we still want to have a better way of protecting our portfolio, right? Even in a shorter timeframe, how many of you think that it makes sense? You want to protect your profits, you want to protect your portfolio. If this is you, like Pee in the chat, Pee sense of protection now. So how do you protect then? This is what we are going to go through later on as well. Now, Warren Buffett, right? Do you know that there is also an indicator that he once shared and he actually said that this is one of the indicator that he himself think that it's pretty decent, right? So he kind of advocated this, right? Out of so many indicators, you only talk about this before, right? And that is called the Buffett indicator. Can everybody type Pee in the chat? Pee sense of Buffett indicator, right? So now these Buffett indicator, what does it represent? Firstly, if you look at the formula, it's using the total US stock market value, right? Divide by the GDP, right? The gross domestic product, right? So what does that mean is it's comparing? Is it sustainable, right? If the stock market keep on going up, but the GDP lags very much behind, that means it's very expensive. That means the market has gone up too much. On the other hand, if the stock market valuation is pretty much similar to the GDP, then you will get a very good number that is small, right? It can be one or even less than one, right? Less than one is even ideal. That means the GDP is more than the stock market value, right? This is like kind of like a no-brainer way to invest, right? Because every single thing that in the market is being sustained by even stronger GDP, right? How many of you understand the analogy? If you understand the thought process, can you type you in the chat? By you sense of you understand it, right? So very good. With you understanding it, now let's take a look at the current Buffett indicator number today, right? So based on the stock market value, right? You look at the whole US stock market, it's $54 trillion. However, the GDP, it's only $28 trillion. So that means we are almost two times of the GDP value, right? So whatever things that you're buying right now, it's only sustained by half of it, right? The other half, it's basically coming up, so-called from dating air, right? So now with this, if we plug into the chart, we can also see historically, how has this Buffett indicator helped investors to understand the market sentiment and the situation, right? So as you can see, back in the most recent bear market that we had over here, let me draw out for you guys as well over here, right? This is the part that we had a very, very overstretch plus two standard deviation. And the chart also told you it's already strongly overvalued if it's above two, right? So during the two zero, two, two, two, zero, two one crash, this is where it was. And then after that, the market really corrected itself, right? It had to close to a 25 percent draw down from its peak for the past one year plus, right? So now, if you look at over here as well, the same thing, when was that the 2000.com bubble, right? So when it reached the plus two standard deviation, it starts to calm down and then calm down very, very steep, very, very steeply, right? So now over here, right now, we are kind of, how many of you think that we are quite near plus two? If you think so, type plus two in the chart, right? You think that we are quite near to the plus two, strongly overvalued standard deviation, right? So what does it show you as well? It shows that. Guys, can you tell me what does it show you? What should what should you be greedy or should be fearful right now? Ah, OK, some of you said be fearful, right? Because we are indeed almost reaching the strongly overvalued zone, right? Which is the plus two standard deviation. Now, the thing is, right? So with all this taking into consideration, right? Let's go on further. I still have more data points that I want to show you. So how about Bufford's cash? Because, you know, Warren Buffard, he invested heavily in the stock market as well. So if you can see how much cash he can't, he doesn't invest. It kind of also gives you some clues that whether does Buffard think that right now the market is expensive or does he think that it's very cheap? No, so guys, if Buffard think that the market is very cheap, how many of you agree that he will use more cash if you agree type A in the chat? Right? If it's very cheap, he will definitely as a brilliant value investor, he only want to buy things when they are undervalued, when they are cheap, that he will use a lot more cash to buy. So as a result, the cash will be lesser, right? However, right now, Warren Buffard is sitting on a record of hundred and sixty seven billion dollars in cash. So guys, can you tell me is Warren Buffard holding a lot of cash? Yes or no? Yes, all right. He is in fact holding a record high, record high, highest number of cash. So Warren Buffard basically is sitting like this right now, surrounded by cash every single day and he doesn't know exactly where can he use it well, right? So now if you see how the Berkshire, Berkshire Hatterway is Warren Buffard's company, right? So what is the cash holding level for the past since 2017, right? For the past eight years, right? Right now, it's indeed record high. It went up all the way to hundred and sixty seven billion dollars, right? It was during two zero two two last year, right? When the market before the rapid recovery, Warren Buffard actually used quite a lot of cash. Can you see that? It kind of used quite a lot of cash during that year to buy a little bit more, right? And then right now, the market has gone up so much that he's not buying anymore, right? So now how much cash does he have? I just want to give you guys to certain perspective so that you can understand how much cash does he actually hold right now, right? Literally, right? If you use the Berkshire's cash, right? Here are the top ten global companies that he can literally just buy outright with hundred and seventy seven sixty seven billion dollars. He can buy the whole entire GE, General Electric. He can also buy Uber. He can buy over Nike, right? With just everything that he has, he doesn't need to take loan, doesn't need to take anything he can write away by, right? So how many of you can see the magnitude of his cash right now? If you can see that, can you type me in the chat? He can also buy over AT&T, Sony, Boeing, all this, no problem, right? So that is the magnitude of cash that he is holding on right now, right? So now so what does that mean? So is it time to sell right now? Right? With Warren Buffett holding so much cash, he's getting so fearful. Well, so as investors, should we be selling or should we be buying? What should we do? Right? How many of you have a little bit of question mark right now? If you have this question mark in your head, can you type question mark in the chat? Ah, all right. So let's go through further. At the end of this, you will have clarity to your question. Now, having said that Warren Buffett's cash holding is a record high right now, right? Record higher. But the thing is, do you think Warren Buffett is selling? What do you think? Do you think he's selling a lot of his shares right now in this so-called overvalued market? What do you think? Yes or no? Do you think he's selling massively? Yes or no? What do you think? No, no, holding, holding. Now, let's take a look. How can we know whether is he selling or not? We want to see Buffett's cash holding and his stock holding percentage allocation. So if his cash holding versus stock holding, like the stock holding is very little versus the cash holding, there's a lot. Then obviously he sold because the stock right now he holds little. On the other hand, if the stock holding is still a lot, then that means he's not selling, right? So where can we find this? Right? Actually, the data it's available online. You just need to Google, right? You just need to Google Buffett's cash and stock allocation percentage, right? You will be able to find, right? So I found this from GuruFocus, a website that everybody feel free to use it. It's free, right? So now let's interpret it, right? Most importantly, as do you know how to interpret the charts, right? So over here, the cash to shareholder equity, right? Accidentally click the next one. Let me go back to the pen, all right? Over here. Am I drawing? How come I'm not drawing? There we go. All right. So cash to shareholder's equity, right? So this is the cash percentage, the cash percentage. So from here, guys, can you tell me, right? Buffett used to hold a lot of cash back in when back in about 2005 period, right? Before 2005, he was actually holding quite a lot of cash. He was holding almost 40 percent cash. Can you see that, right? And then during the 2008 financial crisis, guys, can you see his cash holding reduced tremendously? Can you tell me why? Why did Warren Buffett use up a lot of cash during the old financial crisis? Exactly, right? He went to deploy his world chess and went to buy massively from the stock market, right? Because a lot of great companies are being so super, super cheap, super, super undervalued at that time. And so he deployed a lot of cash. And then since then, right? His cash holding has been growing a little bit, then shrinking a bit, you know, just ding dong ding dong for a period of time until the highest level that it went was about 35 to 36 percent, right? Still below the 40 percent, historically almost 50 percent, right? Right now it's like down there, right? So that was back in the two zero, two one period, right? So he didn't buy a lot during COVID. However, during the recent bear market he buy, yes or no? He buy during the recent bear market, that means two zero, two, two. During two zero, two, one to do zero, two, two, that period of time. He buy, yes, you can see that it's red bone and went down to 20 percent, right? Which is the lowest in the recent years. So right now his cash holding increased to about 28.77 percent, which is definitely higher compared to one to two years ago when the market was very cheap, right? But at the same time, can you tell me, do you think that he is selling a lot all the way to the level of back then? Yes or no? Do you think he's selling a lot? No, he's not. Because if you look at it, right? The average is about here, right? He's average. He's average cash holding. If you trace back all those points, right? From the low to the high, from the high to the low. Actually, his average is about 25 percent around that, right? So right now he is only slightly above average. So the market is definitely not cheap, but he is not selling. Right? How many of you can see this? If you have more clarity right now, can you type C in the chat? Right? He's not selling. So guys, let's go on further before we make further conclusion. Right? So clear all drawings. Next. So how about his shareholders' equity? That means percentage of his stock allocation. Right? So as you can see, his stock allocation, it's also very obvious, right? It corresponds to the opposite of cash holding, right? So during the 2005 period before that, he was holding relatively lesser stocks. But during the 2008, he bought tremendously and that's why increased, right? Then over time, he continued to make more money, right? He has more cash, right? So then it reduced and now ding dong, ding dong. It actually, guys, can you tell me over here, right? Over here, 60 percent. Right now, he's in fact holding 62 percent. Is it considered high or low in terms of his stock holdings? High or low? Compared to average. Let's talk about average. Let's not talk about the highest compared to the highest point. Let's talk about compared to average can already, right? It's actually considered high, right? So if Warren Buffett is not selling and in fact, he is still holding on to a lot of good companies because that is his way of investing. He only think about long term and he's willing to hold on to long term. So what's the fear about, right? So now let's continue to see further. How many of you felt that whatever things I've mentioned with you has been useful so far? It's been useful, can you type useful in the chat? Is it useful to give you more certainty and clarity in this, I think, uncertain situation, right? So very good. So now let's learn further. Imagine later when Ethan comes in, right? Well, the information he's going to share with you will be even more useful, guys. If you whatever things that you're learning right now, it's already useful. So now let's continue to see the holistic chart, okay? The holistic chart, which is the entire portfolio allocation, right? So guys, as you can see, right? The red line, what is the red line? It's those fixed maturity securities, right? Basically, Warren Buffett used to buy some bonds, right? Bonds means he gets fixed percentage of interest, but the return will be a lot lesser because it's fixed, right? So in a way, you can see that over time, can you see Warren Buffett buy lesser and lesser bonds? And right now, he spoke for you, barely hold any bonds. That is not significant. Those Treasury bills and whatsoever, right? It's not significant if you can see this type me in the chat, right? On the other hand, right? What has he been accumulating over the years? He has been just keep on buying and adding more stocks, right? So his percentage allocation from 40 percent right now all the way already shot up to close to 70 percent to 60 plus percent, right? So that's why if you look at this right now versus his cash holding over the years, right, his cash holding has been hovering above about this line, right? So actually right now, his cash holding is actually average. So if you only read the news outside, which the news usually do not give you a holistic picture, they will only tell you what record high or time high, right? So when you see news like that, oh, yeah, I think very, very easily, you'll get like sweet a little bit, right? I felt like, oh my God, Buffett holding all time high cash amount right now. Should I be selling? And how many of you felt that sometimes you will get sweet by the news if you feel so tight ass in the chat, right? So that's why, all right, continue to learn more so that over time, you develop an independent thinking instead of being sweet by the news. You look into data points like this to make better informed decisions. All right, so that's why actually it's OK. So I was trying to show you guys the transformation. So now the thing is just now what we have been looking at, right? All those charts I show you in the beginning of the of the sharing was all like one year, one year, one year, right? So once again, when when when we want to invest safely. Are we looking at short term or are we looking at long term? Next, can you tell me if you're following me? You know that I've been stressing on the importance of this long term thinking, right? Because that is the only way that you are going to make money safely from the stock market. You must think long term, right? And if you just look at the stock market for the past 20 years, where has it gone to, right? It has literally just keep on going up because if you are investing in high quality businesses, right? And they will make more money because more and more customers use their products, more and more customers use their services, right? So if you don't do anything, if you just invest in the S&P 500 itself for the past 20 years, you already make three hundred and fifty percent gain. How many of you think that this is pretty amazing? If you think so, right? Can you type SPY in the chat, right? SPY is the ticker symbol of S&P 500, right? You can already get started investing by just investing in SPY, right? And if you invest for the long term, your reason is so, so low at the same time. The money that you are going to make from the market in the long run is tremendous because it keep on compounds over time, right? So now, of course, having said that with this, right? I hope that give you guys clarity that long term, the market goes up, right? So don't need to be too too fearful about this short term volatility. However, I also do agree that right now, the market is definitely not cheap. So don't jump guns, you know, like suddenly started to start buying a lot of stocks just because all those stocks share price gone up and your FOMO, right? Don't FOMO, can everybody type? Don't FOMO, OK? Don't feel of missing out because the market has gone up a lot, right? So that's why it's very important that during this period of time, right? Allocate your asset wisely, just like how Warren Buffett allocates, right? So if you still remember his cash versus equity allocation, guys, can you tell me what is his percentage allocation? Did he invest 100 percent of his cash? No, right? So you don't over invest as well. You don't go and 100 percent dumb into the stock market because that is not the right way. You must have an allocation, not just in terms of your overall portfolio that you need to have different stocks, you should also have cash inside as part of your position, right? So exactly, right? Just like what Ian said, about 30 percent to 70 percent. Everybody type 30, 70, right? So that's why if we use Warren Buffett as a benchmark, then why not also use his cash holding as a benchmark, right? As a role model, can you raise about 30 percent cash and 70 percent stay invested? Don't try to tie in the market because nobody ever can. Warren Buffett also doesn't care about short term volatility. He knows that long term, whatever stocks that he invests, great companies go up, right? But at the same time, he's still holding about 30 percent cash to give himself the bullets if the market comes down, he is going to buy. Right? How many of you understand this? If you understand this, can you type CE in the chat? OK, CE stands for cash and equity, right? So if you are more conservative, for sure, you can hold more cash like 40 percent and then 60 percent and invest in equity as well, right? And then secondly, another thing that you can do in this all-time high market, right, for myself, I did this about, I think, 20, 20, 20. Eh, was it 20, 20, 20, 20, 21? Oh, sorry, 20, 21, three years ago, right? Three years ago, because I know that a lot of my assets are like inside the stock market and I will say it's locked because I don't want to sell my assets. I don't want to sell my stocks and all this. I want it for long term appreciation, right? So I know that in the long run, my assets is going to, my portfolio is going to appreciate over time. But at the same time, I want to make sure I guard against my own ignorance because you never know. Sometimes, even though you believe that this market is strong, right, the US economy is sound, maybe some things can happen, right? Maybe a war can break out whatsoever. I don't know, right? So I just want to guard against my own ignorance and protect my portfolio against black swan event. And that's why I also started to invest in property, right? So it's really about diversification. Can everybody type D in the chat? Desends for diversified, right? So especially as your portfolio growth speaker, you should not put in all your money inside just one event, one class, right? You cannot just be or all in equity or all in cash or in bonds. No, it's always about diversification, right? So that's why I diversified into cash equity, which is stocks. And then I also diversified into property, right? So I calculated based on the amount of cash that I put in, I have about 30 percent. 30 percent of my assets is in property, right? Then the rest of about 60 to 50 percent is in stocks. And then the rest of the 10 to 20 percent is in cash, right? So for me, I felt that my cash level right now, it's not very high. So that's why right now, I would not be buying more. I will be using this period of time to raise more cash, to raise until like about 30 percent and just see what's going to happen in the market, right? So for myself, this is how I construct my portfolio. And if you have a bigger portfolio, you should also consider that as well, right? Just to diversify and de-risk. Can everybody type de-risk in the chat, right? So that your baskets are your eggs are spread into different baskets. And of course, when I'm talking about property, I'm talking about the market that it's generally very, very reliable and very, very predictable, which is the Singapore property market, right? So I invested in my own property just a few years ago. And of course, now over here, right? In regardless which asset class you invest in, be it it's just cash, be it its property or be it into equity, everything will also be affected by interest rate. Can everybody type I in the chat? OK, interest rate, because if you think about it, for the past few years, the fact has been increasing its interest rate, right? So initially, during the first one year plus, when the fact keep on increased interest rate, what happens to the stock market? Guys, can you tell me what happened to the stock market? When the fact just every quarter keep on announcing that they're hiking the rate, they're hiking the rate, then the fishery is not coming down. So as a result, not rice, love the fact increase interest rate, right? The stock market dropped like crazy. And that's why for the past two years, right? The market has been down for so long until human beings kind of become immune to the interest rate, then the market rebound back. So can you see the impact that interest rate can have on the stock market? If you can see that, can type S in the chat on the stock market. So recently, actually FOMC meeting just happened, right? The fact announced new trend for the interest rate ahead. Now, once again, I am not a professional in this. I'm not professional in this. I do not read too much into the economy data like this. And that's why right now I also want to bring up the special guest who has been consistently forecasting with 90 percent. I wanted to write 99.99 percent. But then he said, hey, if you write like that, I'm like God already. I'm not God, I say, OK, OK. But like you have been very, very accurate in predicting this. And his name is Ethan, right? How many of you have seen Ethan before? If I've seen him before, type E in the chat, right? Because I think I invited Ethan to this community to give sharing for a couple of times. And every single time he give a lot of value, he share with you guys, what is the interest rate prediction ahead so that you can better anticipate how it's going to impact you as an investor, right? Into stocks, into shares. And also if you have a property, how it's going to impact you as well, right? So for myself, I am very, very keen to learn about the interest rate because it will impact me in many ways, right? Not just stock, but my property as well, right? And then at the same time, it will also affect your cash, right? If it has high interest rate, maybe you can also do something about your cash. Maybe put inside a higher yield account also can, right? So this is a very, very interesting topic that will affect different aspects of your life, and that's why I want to invite Kim to come out. And if you guys are ready to learn from Ethan, can type E in the chat, right? If you guys are curious and eager to learn from Ethan, very good. So I can see that all of you guys are very excited right now. Now let me bring Ethan up. Hello, Ethan. Hello, everybody. Hello. Hi, thank you for having me. Thank you for the nice intro. Arigato, appreciate it. No, thank you so much. I know that you are very busy the entire day helping your clients to refinance, to reprise, to do it better. And then not you still come to join this community cause. So thanks so much for your time. I do. I can thank you very much. Thank you. So, Ethan, can you share with us your prediction ahead for the interest rate so that we can have a better clarity as well? Excellent. OK, I am ready. Let me just share my screen over here. I'm going to start by going in into the thick of it. All right. Sure. So let's get started. Are you guys able to see my screen over here? Right now, I think it's we are still waiting for your share screen, so it's black. I cannot see it. Yeah, I think it's probably still waiting. Oh. Oh, yeah, yeah, yeah. Where we go? We got we saw it right now. Yes. Excellent. OK, so I just want to give you guys a very quick update on what happened during this FOMC for people who don't want to stay up at 2 a.m. to watch the whole FOMC. All right. So what happened is number one, they're going to hold rates at 5.33, which means at this point of time, they leave the rates unchanged. Later, I'll elaborate a little bit more about I just want to give you guys a quick overview and everything first. They're going to lower the rates before the end of the year. And last time, they actually said they are going to cut rates before they reach 2 percent. So there are two things that we are actually looking at because interest rate is actually to regulate the entire market. So that you won't have too high of an inflation. Just now, I actually saw a very interesting question where they are asking about interest rates and the bank. There was a previous question. Give me a moment. What's the correlation between bank stocks and current interest rate? It is very interesting because it's one of the cyclical protection that we can actually look into because when interest rates are cheap, their profit margins are higher typically. And because of that, their their ratios will work to their benefit and then the price should show a higher value. So the two things that they look at is number one, PCE making progress. You can see over here, they are actually making very significant progress from 3.4 to 3 percent to 2.7 to 2.6 and then now to 2.4. So this is my elaborating a bit. What is PCE, personal consumption expenditures? Correct. Personal consumption expenditure. They are looking at both the PCE and PCE excluding volatile food and energy. So they are looking at these two numbers before adjusting their predictions. So the good thing is why this is important, especially when it comes to our mortgage front. This is important because it's directly affecting SORA rates because you can see over here in the MAS in the MAS document, right? It says that MAS gives up control over domestic interest rate and money supply. However, domestic interest rates have been typically been below US interest rates. And before we jump into the numbers, I think it is better for us to go through a little bit of disclaimer. Let me just explain. I will not be able to advise everybody because everybody's case is very, very unique. And depending on each person, I will be able to try my best to help you save as much money as humanly possible to protect your profits. OK, so if anybody is excited about protecting your profits, please type P in the chat right now. I am very excited. Thank you. So what I did in order for us to be able to get a better gauge on where the FOMC results are going to be, what I did was I started comparing the past 19 years of past historical results. These are 4,000 overlines of data. I put it together and I married the two so that you are able to see this one picture over here. So as the disclaimer says, past performances are not indicative of future results. But 94 percent is 94 percent. Yes, so that being said, we can move on to the FOMC results. More importantly, to drill down into the one that they actually advise us on where the interest rates are going to be. At this point of time, what I want to do is to take this opportunity to highlight to you guys a little bit of the things that you guys can use as investors to be able to see where the market is going and give you guys a better compass to add this into your arsenal of analysis. OK, so over here, you can see that we are giving you a second. Where's my mouse? OK, oh, I apologize once I can. Yes. Oh, yeah. OK, let me draw one second. So one of the few things you might want to look at is number one, their projection in the change of real GDP on the top right over here. OK, they are expecting for do you guys see any recession over here? In twenty twenty four, they are not expecting a recession. In twenty twenty five, they are not expecting a recession. In twenty twenty six, they are also not expecting a recession. So it's recession, the GDP, the GDP number will be like negative. They will put something like not so conserved, not so aggressive. You look at the December projections, if you look at the December projections, they have been actually revised. Upwards, yeah. Right, so they have been revised upwards, which is a bullish stance. And the unemployment at this point of time still remains above four percent. And that's why they come up with the numbers for the federal reserve. OK, so let me clear. OK, and then the core inflation is also coming down like projecting, dropping to two percent as their goal. Correct. And at this point of time, they are PCE inflation already hit really. Two point four percent. All right. Yeah, so that that being said, we'll be able to look at these numbers to be able to then give ourselves a pretty good guide on where the economy is likely to be headed. OK, so today I want to be a bit more structured. I go through everything I introduce. I will run through all of this. Please stop me if you have any questions. I will let you guys know what you guys need to know. All right. So the reason why Ethan, he is so familiar with the whole entire interest rate because this is his bread and butter, right? Literally, he is from unbeatable mortgage. Maybe you can have a slide that I remember. There's a slide that you introduce a little bit more about you and your company, right? Like they basically help clients to really know what is the best deal in terms of refinancing and all this through their, you know, their relationship with the banks, they are able to get better deals for their clients and whatever things that they do has a lot to do with the interest rate, right? So they need to constantly see and forecast the interest rate so that to help their clients to get the best deal and have more savings as well. And I'm one of his, I feel very grateful to him. Later, I will share why. Later, I will share why. Ethan, you can continue first. All right. Awesome. I'm one thing you were saying. What do you mean aggressive in terms of what figure? What do you mean? OK, so I move on first later, you reply, then I will talk to you a bit more. OK, so yeah, do feel free to reach out to us. We are here to help. So I want to talk a little bit about our typical loan structure. OK, number one, the loan structures, right? Usually, right? They are going to give you very nice rates within the lock in rates. After that, you are going to face what's known as a dare after rate. Dare after rates, even when you're looking at the floating rates, they are more expensive as compared to their counterparty over here and try to circle. OK, so they are more expensive than the normal rates over here. So over here, I also want to understand from our audience here, how many of you actually have a mortgage if you have can type M in the chat, right? Then it will be extremely applicable to you. However, even though you don't have whatever things that what Ethan is going to share will be very useful for you in the future when you are buying your house because you are definitely going to take on mortgage like how I take out my mortgage as well. Right? So I can see quite a lot of them has mortgage here. Right? So they will maybe some of you wouldn't know because in the past, I also didn't know I didn't know that I was on this floating interest that is so expensive, right? That until we can fix it. So this is what Ethan is talking about right now, right? That most of the time banks will offer you face but maximum like one to two years, then after that, they you will naturally go back to the floating stage and the floating is that at the high interest rate because remember just now that has not started to cut rates yet, right? And they still want to keep it high first. Then maybe until the end of this year, they will start to think about cutting for two times, right? That means for the entire year. Can I say that the rates going to remain high for quite some time, right? All right. In fact, the reason the reason one that they actually share, right? Over at the over at their projections, right? They actually say that interest rates are going to go up. One second, let me go over. They choose it going to go up again. Apologies. Interest rates are going to be cut, but then they are going to be cut slower. So yeah, if you look at the bottom, right? You can see that the December projection was four point six. Today is four point six. But for twenty twenty five, the December projection was three point six, which means they're going to cut a whole percentage point. So they cut four times. OK. However, now they put to three point nine, which means they only expect three times. Yeah. So they are slowing down the rate of the cut. Yeah. So that's why if right now is if your mortgage is floating, that means your sore is packed against this, correct? Yes. Your sore is going to your sore is very, very heavily affected by this because of the correlation. So that being said, what we do, right? We are able to actually do the prediction. But before that, I want to be able to give everybody a chance to be able to learn something from this by giving you guys the actual timeline when you're buying your property. So when you want to do the assessment, please do the assessment before dropping your option to purchase. OK. OK. Next part, I want to be able to tell you what do you do in your building under construction, you might want to do you start off with buying the new house. Then after that, you might want to do repricing because most of your most of you got some undisputed funds that will have penalty. But sometimes we are able to get better rates for some of our higher loan clients and for those of you who are looking for a resale, this is the stage that you would go through. So what we do in unbeatable, we are with you every step of the way. OK. So a lot of people, they are looking at the exit. They are not very sure when they should actually look at the exit. However, this is one chart that tells you roughly when you can consider the exit because when your property is left with 60 years, the maximum you're able to borrow is 30 years. When it's left with 50 years, the maximum you're able to borrow is 20 years. So when your buyer pulls shrinks, does your price increase or does it shrink? Decrease. Decrease, exactly. So this is where we start to see decay in a accelerated way. All right. So this is when I typically talk to my clients and plan their exit so that they are able to protect their profits and hold on to as much capital gains as they can have. OK. So in order to make this analysis, we do not just look at the FOMC rates, we actually look into the BEA. We look into trading economics. We look into a lot of different data points that I am not going to bore you too much with, but one other thing that they do and the thing is nobody is able to predict interest rates. Even Jerome Power only owns one dot in this dot plot. So Jerome Power is one of these dots. They both together after they look at all the data, then they think on how to be able to number one, lower inflation, number two, lower unemployment. So this is what they are having over here. This is their projections. And because of that, then we are able to roughly have an idea of where interest rates are going to go, where Singapore interest rates are going to go. Just now I told you it actually follows the US interest rates. So. Moving on, give me a moment. So we. Yeah, sorry, you were saying? Yeah, so you continue first. Yeah, OK. So what we do is I will extrapolate the data that we get from FOMC towards the data that we have over here. OK, and we plot it in into the chart slowly by using the data points that they are giving us and then we do a calculation after we calculate where interest rates are likely to go. And then what we do is we are one segment. Sorry, my my site is a little bit laggy. It's OK. It's OK. Yeah, because I can see it's loaded with a lot of valuable data. That's why the data also very hard to move. Yeah, the spinning wheel is happening. OK, why not? I take over the share screen first because I have something that I thought that was very, very important to share out because some of you guys may not understand the the importance of using the way that Ethan just mentioned about right to look into your own property portfolio. Why? Because in the past, I also didn't believe. OK, now guys, I also I want to show you how can I help you as an investor? Right, because that everything is co-related. It's your entire portfolio management. Can everybody type P in the chat? P stands for your entire portfolio management, be it your property, be it your cash holding and your stock holding as well. Right. So remember just now I talked about I diversified into these three classes. So property actually take up about 30 percent of my portfolio as well. Right. In terms of the cash, I downpaid about 300 K at that time. Right. So and then at the same time, right, because I was buying a new condo and the condo is due in the midst of building at that time. So that's why I can only do floating interest, which is the SORA. Right. And when I first bought it, the SORA at that time was very low because the interest rate was very low due to covid. However, after I bought, right, in no time, the Fed suddenly start to say that we are going to increase interest rate and it really hide multiple times within one year. And I literally see how it really affected my whole cash flow position. As an investor, right, because I buy that property for investment. So in the end, when I collected my key, I need to pay the entire food. Like that means the whole thing kicks in. Right. So when I see the whole thing kicks in, I will see shot because the interest rate at that time was 4.59 percent. Right. And because of that, even though my property valuation, it's not very high. I bought it for a million dollars, right. But because of that, my monthly instalment is four thousand dollars. Now, some of you may be thinking, hey, but Chloe, you know, you buy it for investment, you can rent out, right. So indeed, I rented out. OK, even did a YouTube video for my condo called Momentum Park. So I rented out and I rent out at three thousand eight hundred dollars, which is considered very high already because I really decorate my apartment super nice, right. But guys, if you think about it, three thousand eight hundred dollars. It's my monthly rental income. But I still have to minus off what I need to minus off. Firstly, my mortgage is four thousand dollars. And then I need to pay what I need to pay maintenance fee. Two hundred and fifty dollars because the condo maintenance fee. And on top of that, I have to pay property tax, you know, like all these numbers that are something that I was never really under my radar until I have my property. Then I realized that, oh, my gosh, there's so many things we need to pay, right. So after I calculate everything, right, net net, my cash flow, guys. What is my cash flow? I have no cash flow. In fact, I was putting up my pocket every single month to fuck out seven hundred and fifty dollars. Right. So how many of you felt that it's a little bit sad like that? You know, like you need to fuck out cash to own a property. You think that this is quite sad, right. As in a check, right. So currency that is only applicable to Singapore market. I think later on, Ethan can address this question, right. So one thing can can can feel me, right. So that's why when I went to talk to Ethan, right, he said that, hey, Chloe, do you know that actually you should really consider refinance your entire property? You shouldn't be using floating rate. Nobody told me that, right. The bankers who who so-called sign me on the floating rate, they are happily collecting 4K from me every month, right. They wouldn't want to tell me this until Ethan told me you should refinance it. And because of that, right, after he looked into my situation and right now, this is the monthly installment that I am paying for my mortgage. Guys, can you type 2.3K in the chat? 2.3K, how can that help me as an investor? Now, let me show you. Firstly, anybody remember how much is my rent I collect from my tenant, right. I collect 3.8K and I minus off my mortgage, 2.3K. I minus off my maintenance, 250K. And I still minus off my property tax, everything inclusive. In the end, because of this one decision that I engage Ethan's help, what happened is right now, I'm cash flow positive every single month, $900. So guys, you see the transformation from negative 750, all the way jump to positive $900 and literally my net change in cash flow position. It's not that I earn extra 900. In fact, I save that 750. My net cash change position is $1,650. Guys, how many of you agree this $1,650 means quite substantial to your daily expenses. Literally, you can use it to pay off your grocery bills, you can even pay off some of your family holidays as well. How many of you can see that? You can see that can type S in the chat. I see S stands for savings. That's what I mean by as an investor, you need to be very aware of what are the things that you can do to improve your cash flow position. Because when you improve your cash flow position, guys, this $1,650, you guess what do I do? I invest because this is the savings that I saved up and every dollar saved means every dollar I can invest in the stock market to increase it even further to compound it. So that's why it's very, very important that in this all time high situation, you should firstly relook into your cash versus investment allocation percentage, ideally 70% stays invested, 30% stays cash. And at the same time, you should also learn to diversify your portfolio. If you can afford to buy a property, I would say that you should actually consider buying a property right now. But we are not properly expert. We do not give property advice. However, if you already have a property, then think about how can you improve your cash flow situation? Because by just that one improvement, I have additional $1,000 plus every single month to invest. And this is just really that's why I say I'm very thankful to E-Dem because of that. I don't feel stressed out. Literally in the past, I felt like, wow, every month I still need to fork out that $700 over dollars just to finance my property. Now I don't have, I have like stress free property and then my tenant is paying for me and I have the additional cash to invest. How many of you think that this is a win-win situation? You think so can type www in the chat, right? Win-win situation, right? So that's why I will say that if you have any situation that you are unsure, how can you unlock it to get like by yourself, right? Because a lot of times banks won't tell you. I tell you the rates that E-Dem get for me, right? Banks will never be able to give it to you because they cannot publicize that. Correct, right? E-Dem, they cannot publicize, right? All right, strictly no circulation. That's why I cannot talk about the bank's name. Yeah, so that's why when you go to banks, you ask, hey, can you give me this rate? They will not be able to give it to you. Yeah, that's why E-Dem has been in fact, he used to be a banker, correct? So that's why he has built up this connection with the banks that only he has, right? He and his team has. So through them, you are able to get a much more, much more preferential rate who refinance and even consider reprising your mortgage. If you are not sure what is the difference, E-Dem's team will be best to able to help you. They will explain, look into your situation, just like how they look into mine and then help you to craft up the best plan, right? And the thing is, they are not just tied up one bank. There are multiple banks that they are working with and they will only select the best for you. So, yeah, how many banks? Ten. Ten banks, OK? So they are always giving you the best offer that any bank is giving at the period of time. If those banks, now sometimes you stick with your own banks, you always think that your bank's serving you, right? Actually, that's not the case. Actually, other banks are offering better deals, but they won't tell you. But E-Dem, he is a third party, right? He is looking at from a holistic point of view and give you the best solution, right? So that's why if you are thinking about unlocking more cash flow through your property, through your mortgages, I think E-Dem's team is the best team that you can look after, look for, right? So, E-Dem, you have anything that you want to add on or maybe address some of the questions, guys, if you have any questions regarding mortgages, regarding refinancing or interest rate whatsoever, please ask it in the chat right now, OK, so that we can help you since E-Dem is here. Yeah. So just now, I think was there any questions? Please give us your contact, Peter, Peter, fill up this phone, fill up this phone. People are asking how much is the fee, E-Dem? Go song. Go song, guys. Go song. Best win, win. Because you know why not, E-Dem, if you don't mind sharing, OK, HTTPS, hold on. I'm just going to put rebrand.ly unbeatable mortgage. Unbeatable mortgage is E-Dem's company, right? They specialize in helping clients to refinance, look into their mortgage situation to give you the best advice to reprise refinance. And if you don't mind sharing, how come you can do this go song? People are very, very curious. I can do this go song because I have a lot of customers. And the thing is, I'm actually getting referral fee from the bank. However, I think that there is enough that has been some cases where I'm tempted to charge, but thank goodness at this point in time, I haven't charged yet. I might in the future. But at this point in time, it is completely free for me and my team at this point. All right. So, yeah, especially for Chloe's community, you will be well taken care of. Well, yeah, and later, later, I will also start sharing about my predictions on where Sorra is going to be and how I can not just use my market research and how I actually extended, how I helped Chloe expand her cash flow until now it is positive cash flow rather than negative cash flow. And yeah, the whole the whole lot of it, there's quite a lot of information. But what I do is I specialize so that I'll be able to help you guys personally so that you don't have to go through everything I do because I know that your mortgage sometimes can be very troubling at times. Sometimes how do you know which to pick? Do you pick fix? Do you pick floating? You pick the fix. Then after that interest rate go down, then you feel salty or you pick floating. Then after the interest rate go all the way up. This is some of my clients experience before they come to me. So that's why I actually do all I do in terms of research, in terms of understanding the rules to be able to help you guys. Yeah, let me show you guys what's going to happen in the next three years. Are you guys excited? Well, how many of you want to learn some more and so that you have a better idea of how you should be investing in this period of time? If you're excited, type E in the chat, right? So, okay, so later on, we can also answer some of the additional questions. Maybe we just get eaten to share a little bit more of us. OK, so to answer the question number one, right? I saw one question from Elaine, actually. Yeah, so there is a chat there is Elaine is asking HDB is always HDB loan is HDB loan lowers HDB? How to refinance? OK, so it depends. The question, the irritating answer I apologize is it depends at period of time, right? Some of my clients that follow me, right, actually log into their HDB for 1.5 percent for five years fixed. And there are that it depends on what is available at this point of time. Right now, HDB, when you have HDB, right, actually, some of the banks typically are the local banks, they will like a little bit more HDB cases. And they actually give preferential rates for HDB. I'll be at this point of time, not above 2.6. However, those people that were with me, they were experiencing what? 1.2 percent for the last three years. Then now they are paying a little bit higher from 1.2 to 2.6. You save about 1.4 then from 2.6 to now 2.8 to 3 percent. You waste about 0.4. So overall, you profit. But that is if you know how to time the thing. So what I will do is I want to be able to share with you guys how I actually predict where the interest rates are going to go. So if you are able to see this screen, Chloe, are you able to see? It's still loading. Yeah, yeah. So in the meantime, oh, yeah, I've come coming up. Yes, here. Excellent. I apologize for the lack I really put in the land, but I will get the 10 GB connection next time. So so in this in this chart, you'll be actually able to see that interest rates are going to taper down and where interest rates are going to go in terms of the effective federal funds rate are going to be reflected on the top portion. As you can see, it's going to reach 4.6, then 3.9 and then 2.9. It will eventually and when we translate it to Sora numbers, right? At the end of this year, you will be looking at getting 3.21 for Sora plus the spread of 0.5, for example, the cheapest already. That's going to give you 3.7. Would you prefer to pay 3 percent or 3.7? Likely 3. Let's look at the next year. OK, if you're looking at next year, you're looking at 2.55 percent, which is 20 25 December. So 20 25 December, this is when effective federal funds rate dropped to 3.9 percent. Our Sora is likely going to drop to 2.55 with a 90 percent confidence interval because 94 percent correlation. So that being said, right at this point of time, my opinion, not financial advice is that the fixed rates look slightly cheaper. And on top of that, right, if your loan size is big enough, right, I will actually have interest rates that are as low as 2.9 percent. Plus a one year free conversion. So after one year, you are able to refresh and change your interest rate to something that is more favorable, and this is optional. How many of you would like to have this option of changing your rates to something more favorable one year later? Yeah, this is also also Ethan. He helped me get that I locked in one year fixed because at that time I was thinking, hey, should I lock in two years or not? But then Ethan, he used his perspective how he analyzed the interest rate trend and everything. He said that the interest rate trend is likely going to drop in the next two years, right? However, right now it's still very high. It's good that you lock in at the lower rate. However, don't limit yourself for two years because what if two years down the road, it drops even further, then you kind of lose up, right? So he said you lock in for one year and then one year later, you are free to do whatever things again to get a more favorable rate based on that at that time, the monthly condition. So I was like, wow, that's a good idea. So yeah, thank you so much. Yeah, you're welcome. And you're one no more already, by the way. I'm my one no more already. No more already. I apologize. Got good deal. That's why I call you mother. Do now no more already. So now this is a new deal. That's why I like to come out into your show and then help everybody save as much as possible. This is what I consider the unbeatable deal, the one that give you the cheapest interest rates plus give you a free conversion after one year. This gives you the option to change, right? So this is important. So you look at the three months or a week. Just now I mentioned to you guys already the three months or a week will have a spread. This spread right at three hundred thousand dollars. The spread is three months or a plus zero point six five five hundred is plus zero point five five eight hundred and above is plus zero point five. OK, but guys, if the interest rates are going down. Do you want to take the three months, Sora? Or will you want to take the one month, Sora? The difference between these two three months and one month is the average. So if you want your average to go down faster, you take the one month. If you want your average to go down slower, you take the three months. So how many of you will take the one month and how many of you will take the three months type down one and three over there? Well, I think these questions are like Max's question. Very difficult. One, some of you type one. Excellent. All right. So one month is the best because if you average thirty days, you are able to see the rates drop faster as compared to if you average 90 days. However, at this point of time, we also have our fixed rates over here, which will be able to then give you your certainty of three point one. How many of you prefer to pay three point one as compared to four plus? How many and if you are able to get the two point nine above one million dollars, I say go for it. And how we help, right? We do very, very simple things. We do three very, very important things. Number one, getting clear on when your exit is going to be. If you're going to sell away your property, you need to know that there are lock ins that you're in. And what I do, right? If you are intending to sell, sometimes I might tell you, hey, you might either reprice or if it's a bit closer, I might tell you, hey, maybe just hold their after rates. It might be better. And some cases we can move with a waiver or fees due to sale. Every single bank of them, every single bank is slightly different. By understanding how they are different, we use the banks difference to be able to help you. OK, second thing that we do is we are going to structure your loans to optimize your cash flow. OK, so this is exciting because just now I was talking to just now Chloe was sharing how she saved so much money and then how you guys were like, how did Ethan save you so much money? So. We extend the loan tenure. We take our time to pay back the bank because interest rate is very, very cheap. I know this is one of the high times, but hear me out here at this point of time when you're looking at inflation and interest rates, right? Both of them are roughly about three percent. So if you are able to correct and people like Chloe, she's able to make three percent in about one, three months, two months already done. I saw that time you were posting when you're holidaying, you keep making money and you profitable for the whole holiday. Then the last thing we do is last, but certainly not the least, we will go and negotiate for the best rates supported by macroeconomic research. So I believe this is what we can do to be able to add value to you guys. And for Chloe, your community, everyone is free. How many of you appreciate that it's a free of charge service? That means you don't have to pay Ethan and his team any money for his help. But at the same time, you get the best deal out of it. Right. So in the end, it's only after he gets the best deal for you is the banks pay him. Right. Banks pay him, not paying, not you pay him. How many of you love that? You love that type me in the chat, right? How many of you think that I think it's very, very nice, right? That's why when I first I was like, Ethan, so how much I need to pay you? You say, got some, right? Then how you earn this because the banks, right? True them, they get customers, right? Because imagine if Ethan never give you guys all those options, you probably don't even know that, wow, actually, I can do this with this bank. You know, so because of that, banks actually give them their fees, right? To eat them for bringing in a customer like me, right? So so that's how they they even get remunerated eventually for doing the hard work and most importantly is you get the savings because of his hard work. So that's why I felt very appreciative to Ethan for helping me. And if you guys also want to get Ethan and his team to look into your situation and help you to squeeze out more cash flow, then you have more time and more money to invest, then you can click on the link inside the the Zoom chat. All right. And let me just show you guys when you open the link, what you will see first, so that you understand what kind of information that Ethan and his team will also appreciate so that they can also see how they can help you better even before meeting you and jumping on a call with you, right? So firstly, please indicate the best time that they are able to contact you from 10 am to 10 pm. And you can you can see that they work very hard. All the way to 10 pm. I salute to you, Ethan. It's OK. It's fun. It's fun. Then after that, OK, make sure you fill out your contact details here so that they can reach out to you and do let them know what is your current stage. Right? Are you looking for a new loan? Are you refinancing or reprising? If you really don't know, it's OK. Just right here, don't know. So that Ethan's team will be able to dissect your situation when they jump on a call with you. But if you know, they will help you. And then please also let them know your preferred date of so that they can reach out to you because during the call, they will need to understand your situation and just like how I think at that time it was about I think close to half an hour to 45 minutes kind of call that you don't understand my loan situation right now. What is the best situation for me? Then after that, he will come back to me again. So so usually it takes about, I think, two times of calls so that he can give you the best situation and the best scenario for your case. Yeah, so so Sylvia is asking if the house is really fully paid. Can they refinance? The house is fully paid. Can they refinance for private property? Yes, for a lender. Yes, for his living room. Wow, actually, OK, so I'm very curious. So let's say for private property, right? OK, guys, so this is also the QR code you can. If you don't want to click on the link to troublesome, you just scan on your mobile phone also can. All right, so my question is, let's say it's a private property, let's say it's a let's say a lender property when they fully pay already, they refinance to to do what? So when they refinance, they they fully paid already, right? Yeah, they can do this thing called a gear up. So gearing up, right, you can actually do that within when you have the property under your name without selling. So when it's fully paid already, you are able to take up to about 75 percent of the valuation as a loan. So for example, if your property price is two million dollars, seventy five percent of that valuation will be at one point five million dollars. So you are able to take out one point five million dollars. But if you use any CPF for example, you use three hundred thousand dollars in CPF, then you have to minus that away. Then you are able to take one point two million dollars out of loan at about two point nine percent of free repricing one year later. So so once you have more cash, so it depends on you, do you want to use the cash to invest? I know there are certain clients that they might want to use the cash to invest in another property because you literally have cash to down pay another property. Correct. You can also choose to use the cash to invest in another asset class, right, be it stocks and whatsoever. So that's the flexibility that you have with the cash unlock because your house is already fully paid. So that's the beauty of it. All right. But Chloe, one thing to act since we are in public domain, certain things need to be a little bit more sensitive. OK, later I'll cut away. I'll cut away. No, no, no, it's fine. For private properties, right? All right. You see, for private properties, right? They are able to gear up. But when you gear up, right, you cannot use the money to buy another property. Technically, technically, you are not able to gear up. To buy into another property. But if you were to gear up because your wife is very pretty and you want to give her one million dollars, then go ahead. OK, OK. Those that would like to have a more colloquial talk, let's jump on to the line, my team and I very well, but we know all of the rule books and because of that, we know which rules can actually help you guys to not just unlock cash flow, but also for more capital appreciation in the long run by investing, right? So, so yeah, appreciation minus away, your expense equals to profit, that's true. I love that. You clear this, you lower this, your ROI increases. Another question from one thing. If the property is in Malaysia, do you do that? If the property is in Malaysia at this point of time, unfortunately, I don't deal with Malaysian properties yet. I specialize in Singapore residential. So. So any other alternative for fully paid HDB? OK, so fully paid HDB, unfortunately, the only way to exit is one of the two. One is sell, second is divorce. OK, that's all I can share over here. The rest we will we will bring it offline once again. But you guys can see offline can have a lot more interesting discussion that cannot be helped here, but can be offline. No problem. So Sylvia is asking if bank interest rate goes down, if interest rate goes down, that doesn't mean a fixed deposit will go down. So definitely the reason why your current fixed deposit, even be it like the TBO and all this, why is it a lot higher is because the interest rate is high. However, when interest rate comes down, eventually all those will come down. So that's how the banks are able to earn. If not, if not, how are they going to give you a lot of money? But then the interest rate is very low. So that's why it's also very important that, you know, not just keeping cash, you must while right now, the cash gives you certain decent return, like 45 percent, but eventually you need to learn how to invest because interest rate is not going to stay here forever. The fact has already started to hint that they're going to drop the cut rate in the next few next one year for two to three times, so you need to learn how to invest as well. Also, one small point to add. Yeah. Today, Singapore savings bond is lower than my mortgage. It is 3.04 percent over 10 years. The first year give you 2.95. If you're above 2.9, you can be charged. And then you would be profitable for the next nine years if you repriced the one year later, but if you want me to break down, I talk to you again. Oh, OK, OK, OK, guys, there are ways to literally use certain vehicle available, provided elsewhere to help you to pay your mortgage. Is that what you mean? Because you know that they are offering 2.95. After this year, do you think interest rate is going to drop? Right? After this year, when it drops, then every year is profit-ready. So some of my clients, they actually did in the height of the pandemic, they actually did a gear up to do a top up. So there are different strategies. Your mortgage is like a tool. The better you use it, the easier your life will be. That's true. I second that. Because I felt that my life is so much, so much more stress free. At first, I really felt stressed at that time when you visited me. Wow, I felt so stressed. My mortgage, how to cover all this, right? Even though I invest, I don't want to use my cash. I want to make sure it's as cash-like as possible. And ideally, give me cash role, then I can invest more. All right, so. Louis Salon E, man. Thank you for once again. So then how to know whether is it aggressive? Or not the one that you mentioned about PCE. So I think the aggressive part is how do you know? Because just how you did mention set projection for GDP growth is 2 percent. So you think 2 percent is considered aggressive? I think 2 percent is normal. I think it is. It is not super aggressive, nor it is too conservative. Considering how things will shake out. Yeah. Yeah. So I think the 2 percent is like lukewarm, lukewarm. At least it's not very dead. But at the same time, I think the US also do not expect it to grow very fast. So that's why it's a kind of lukewarm kind of standard, right? Correct. And if the interest rates, right? If for example, right, the 2 percent don't hit. If they outperform the 2 percent, this means that maybe there is an inflation problem and then they might keep it for longer, so either way, take the cheaper rate, write it out and pay less for mortgage. More cash flow to invest. More cash, more cash. Yeah. OK. Any more questions, HDB, we answer already. Some of you, KC Asakeng, what is the minimum amount for refinance? The minimum amount for refinance. OK, it depends for HDB, it's 100 K for private properties about 2 to 300 K, depending on the bank. Yeah. So any specific situation like this, best to if you are not even sure, then I think when you go for this call with Eton and the team, they will be able to look into a situation and see whether are you eligible first. If you're not eligible, then they will tell you, oh, then maybe there are other ways that you can do. But if not, actually, you are good to go already. You are already pretty OK. All right. So Dinesh is asking when is the best time to buy property? Yesterday. Yeah. Just like when is the best time to start investing? Yes, it's yesterday. So now the thing is because we are not, I mean, like I'm not expert in property. We cannot give, I personally don't have any advice I can give it to you right now. But I know there are also many investing opportunities in the Singapore property market. It doesn't have to be new launch all the time. It can be even just resale. There are better resale projects that you can look elsewhere. So go and find a reliable agent if you are not very sure. I think when you apply for the consultation, let's say Eton, as he looking through the situation, maybe he can also give you some good recommendation if you really don't have. And I like to add a little bit on that. I got a little bit of insight to share with everybody. Sure. Number one, why should you buy a private property in Singapore? Singapore, very, very small. Seven hundred and twenty six kilometres square. So the supply is limited because the land is scarce. As a very, very small country, one of the 20th smallest countries in the world, Singapore holds on to very impressive titles. Number one, best business environment for 15 years in a row, second busiest shipping port in the world, second only to Shanghai. The end, we always like to brag. We have the nicest airport in the world. Now don't even need to use passport and outside of these, right? Singapore is sheltered from natural disasters, have political stability, affordable tax rates, low crime rates and good education system and excellent health care. So. Personally, my view is, OK, this is not financial advice. Personally, I feel that the demand outweighs the supply. And because of that, Singapore government is doing a very good job by using HDB to be able to make sure that everybody is able to have a roof over their head. And more importantly, I believe that in 20 years, I believe the land of our scarce resource, which is Singapore land, I think it will eventually go up due to the loss of inflation, supply, demand and everything. So. That's what I have to add as a little tidbit to you guys. So I mean, long term, that's why, like, once again, we think about long term, we can never predict what's going to happen to the property market within one to two years. But that kid's plan, right? Like I think Singapore is very, very safe, very safe, right? Like long term hedge as the same time, long term capital appreciation. And that's why I also diversify my asset. Remember, I bought Singapore property. That's that's another reason why. Yeah. And you know, yeah. And you know what other cool thing? If you look at the value of Singapore dollar, who are you? First of all, the currency is who are you? You see the 20 year I.O. OK. In a way, we're having too much fun. Yeah. E.T. said you sound like Jing Hulang, Jing Hulang. I am by no way associated by Jing Hul. I just enjoy this country. We just appreciate this country. I agree. So safe, right? So safe, so convenient. Everything is well planned, right? And that's why the property price also well planned. Well planned. They put a lot of constraints to hold it down a lot. No, that's most constraints I've ever seen. Yeah, so wonderful, wonderful stuff. Elaine is asking, now is HDB loan higher or bank higher? Bank higher. Right now, HDB is giving the same or 2.5 percent plus 0.1, which is the 2.6 percent. However, where the more fun question will be when will the banks be cheaper? Yeah, because it was a long period of time, right? It was a long period of time that banks was like way cheaper than HDB for a long time. 1.2 percent you take or you don't want to take. 1.2 percent, three year fix you take or don't take. Yeah, that's crazy. Yeah, some of the more extreme ones go for the five years fix and have been thanking me very profusely. Yeah, wow, I wish I bought my house earlier. Then I know you earlier, then I fix it even lower. OK, now I'm not complaining because it's way better than my roasting rates. Yeah, it's three fix good rate. I refinanced it last year, December. Question is wait, last year, December, last year, December, we are looking at approximately 3.2 percent. Yes, the Nash should be around there. So three year fixed rates. It's a little bit challenging because you're not able to move too much. Personally, at this point of time, when interest rates are coming down, yours is two years ago. So now is you got two more years of fixed interest rates. When it decreases, you might want to change it. I do not know what is your rate. I am very excited to hear from you soon. I will talk to you offline. I think this this place we let too many people know your financial situation. Not very good. Yeah, so that's why I think it's also time for us to wrap it up also. So once again, thanks everybody for turning up here. And thanks Ethan for sharing your massive, massive value. How many of you learn a lot from this? If you learn a lot, can you type down your greatest takeaway from this sharing? OK, can you type down your greatest takeaway? I'm very curious. Thank you so much. You know, everybody is very appreciative. OK, but before you guys say, say thank you and bye bye. I also want to see what you learn from this. We cover a lot for the past one and a half hour from the stock market to property market to mortgage and all this. So what do you learn? Everybody said, come see me. He said, away your call. OK, so feel the phone already. Hey, nobody type your greatest learnings. I'm waiting. Ah, OK, thank you so much. One king, you are my best student. Stay vested, have more cash, won't do the mortgage with consultation. Very good. There's always something new to learn with the sharing. Thank you so much. The niche, all right. So like I said, right, learn how to smile. What? Hey, I should learn when you smile like even you need to squeeze your eyes. Yeah, because I Chinese, you racist like you. 30 percent cash, 70 percent investment. Fantastic. Review cash versus stock allocation. I think that's very, very important. Don't over invest during this real time because the market is high, right? And at the same time, think about how can you unlock more cash flow if you have already a property? Then get Ethan's team to help, right? Because they are really, really proficient in what they're doing. And they are able to do it for you right now free of charge. So that's OK. So see you guys. Thank you very much, everybody. Have a good evening ahead.