Official Shiny Things thread—Part III

[Sinja89]

Client portal > Menu on top left > Settings > Account Settings > go to the configuration column on your right and click on the gear icon beside the IBKR Pricing Plan section.

Much appreciated ! This community is amazing!

 

[hwckhs]

But really all I'm asking is an honest question, a learning one at that. We are all here to learn. No need for the bashing, especially if you can't or won't answer the question. Matter of fact, none of you answered the question on whether SC can set Stop Loss at all.

I wasn't bashing you. I made sure I sounded neutral. Perhaps that still wasn't enough to avoid a misunderstanding.

Really appreciate the input fellas. Yes I am aware that this is a DCA thread and I am also DCAing myself. But surely, asking if SC provides a Stop Loss is not asking too much? Because we are mostly using SC or IB here...

I'm also a newbie, and I only use limit orders. However, I do have an IB account, so I just logged in to see what are the order types available. There are many order types, and your can refer to IBKR documentation which explains what they do.

SC (same as yours):



IBKR:



It looks like, STP = stop loss, STP LMT = stop limit. There are many other fancy order types, and I have not tried any of them.

SC targets the average retail investors, who rarely need advanced orders like stop loss or stop limit. So, SC doesn't offer them.

All I'm asking is how to set a stop at a price I feel comfortable, for liquidating in the future. We talk about buying for the long haul, but we never really discuss liquidating.

ST's book does discuss about liquidating (Chapter 9: The End-Game—Take the Money and Run, page 88). You DCA in, and you DCA out. During retirement, you sell a fixed dollar amount worth of your holdings every month to support your way of life. I'm not good at withdrawal rate etc, so someone more knowledgeable can explain to you if you have more question on that. I just want to say, you don't use stop-loss or stop-limit to liquidate for retirement.

Cheers

 

[swan02]

The dangers of assuming a persons intention and purpose through mere words alone tend to lead to misunderstandings. If you r only looking for negatives, you’ll only find that.

I and Shiny go way back where I attacked him many times as I was offended by him. perhaps I totally misunderstood him, he might actually be a great guy. What I’ve learnt is never assume, always seek the good and you’ll only see the good of the message.

I’ve always been poor in writing. Look I’ve even offended you while trying my best not to. I’m a frank and honest person by nature but in no way I meant to offend you. I apologise if I meant any harm.

Really appreciate the input fellas. Yes I am aware that this is a DCA thread and I am also DCAing myself. But surely, asking if SC provides a Stop Loss is not asking too much? Because we are mostly using SC or IB here...

All I'm asking is how to set a stop at a price I feel comfortable, for liquidating in the future. We talk about buying for the long haul, but we never really discuss liquidating.

If I do burn my fingers doing anything other than DCA, then I do deserve it. But really all I'm asking is an honest question, a learning one at that. We are all here to learn. No need for the bashing, especially if you can't or won't answer the question. Matter of fact, none of you answered the question on whether SC can set Stop Loss at all.

At least Shiny Things had the courtesy and genuinely offered to answer my question albeit it .

 

[Shiny Things]

Regarding nasdaq 100, I can only find CNX1 LSE which cost like 45k usd per share and CSNDX EBS which is SIX Swiss exchange In IB. I can’t find the CNDX.L

Between the two, I would pick the domicile EBS ? Will I still enjoy same tax implications with LSE domicile ?

I wouldn’t pick either of the above.

Here’s the thing: you’re asking for, specifically, tech-sector exposure. The Nasdaq Composite and Nasdaq-100 indices are tech-heavy, but they’re not tech—they’re both about 50% tech, but another 25% consumer services (which is AMZN and NFLX, yes, but it’s also Home Depot, Costco, and Walmart). If you want tech specifically, buy IUIT LN.

(As a side note: CNX1 is one of those weirdo things - some listings on the LSE are quoted in pence, rather than pounds like you’d expect. If you see something on the LSE quoted in “GBX”, rather than “GBP”, it’s because the price is in pence - which means that CNX1’s price is somewhere around 450 GBP.)

Worthwhile to look into Money Market funds from Endowus with trailer fees rebate?

Sent from Samsung SM-G935F using GAGT

Look, as always, the question is “what are you trying to do with the money?”. Money market funds are like bank accounts; they’re relatively stable but they pay very low interest. You wouldn’t use them as a substitute for stocks; you wouldn’t even use them as a substitute for bonds.

Hi Shiny,

A fellow Aussie here. Moved to Singapore 15 years ago and will be looking to pull up stumps in a few years time and head back to retire.

Nice work mate - you’ve earned it!

I've stopped adding positions in those above and begun increasing my AUD exposure by buying into VGS, A200 and IEM on the ASX. I'm looking to add a bond ETF as well, either VAF or VGB.

Would you say I'm on the right track with those ASX listed ETF's? Anything that stands out as a red flag? Would you advise I begin selling the Irish domiciled funds so I only have AUD and Australian domiciled by the time I am ready to move back?

You can do it even more easily—you can get a good balanced portfolio with VAS & VGS (for stocks) and VAF (for bonds). A200 is basically the same as VAS; and I don’t think you need to worry too much about a dedicated EM allocation (IEM) unless you really want it. Also, IEM’s expense ratio is veeerrryyy high (0.67%); I don’t think it’s great value.

Lastly, any thoughts on the Aussie Fire Bug blogger? What do you think of his portfolio strategy?

Cheers

I have very little time for FIRE bloggers in general; I think they oversell the glamor of “retire early!” and understate how much work they actually do. Mr Money Mustache runs a full-on media empire. The Aussie Firebug makes thirty grand a year just from podcast sponsorship. Those aren’t “I’m retired!” numbers; those are “I’m a media personality” numbers, and... that’s a job.

(Also, just looking at his website - his most recent post is about how to exploit signup bonuses at bookmakers. That’s, a) not exactly a sustainable strategy; and b) pretty shamelessly milking his fan base for referral dollars. I’m not thrilled, tbh.)

Talking about his investing strategy in particular—I think his index-investing strategy is pretty sensible, it’s not a million miles off what I lean toward. The retirement strategy, where he focuses on income, though... that doesn’t really make a ton of sense. He seems to think that you shouldn’t have to sell down stocks when you’re in retirement; and he doesn’t seem to have thought about bonds as a way to generate income, when bonds are literally the most sensible way to get retirement income if that’s what’s you want. So... some parts of it are sensible but I think it’s kind of underdeveloped.

There's only Limit (as you see it), and Market. Hence, I have been asking on the thread, where is this "Stop Limit" that you guys keep advocating? Because I don't see it at all...

Right - then what you want doesn’t exist at Stanchart, unfortunately. Stop-losses are a tool for active traders, which isn’t really a market that Stanchart aims for. If you’re just a buy-and-hold investor, you don’t need to use stops; if you’re an active trader, use a different broker.

Do anyone know how do i check the commission i paid for using IBKR margin account?

i tried to check under reports but it doesnt show the daily calculation fee for the margin trade.

Are you looking for commission (the brokerage you paid on your trades), or the margin interest?

 

[newjersey]

I wouldn’t pick either of the above.

Here’s the thing: you’re asking for, specifically, tech-sector exposure. The Nasdaq Composite and Nasdaq-100 indices are tech-heavy, but they’re not tech—they’re both about 50% tech, but another 25% consumer services (which is AMZN and NFLX, yes, but it’s also Home Depot, Costco, and Walmart). If you want tech specifically, buy IUIT LN.

(As a side note: CNX1 is one of those weirdo things - some listings on the LSE are quoted in pence, rather than pounds like you’d expect. If you see something on the LSE quoted in “GBX”, rather than “GBP”, it’s because the price is in pence - which means that CNX1’s price is somewhere around 450 GBP.)



Look, as always, the question is “what are you trying to do with the money?”. Money market funds are like bank accounts; they’re relatively stable but they pay very low interest. You wouldn’t use them as a substitute for stocks; you wouldn’t even use them as a substitute for bonds.



Nice work mate - you’ve earned it!



You can do it even more easily—you can get a good balanced portfolio with VAS & VGS (for stocks) and VAF (for bonds). A200 is basically the same as VAS; and I don’t think you need to worry too much about a dedicated EM allocation (IEM) unless you really want it. Also, IEM’s expense ratio is veeerrryyy high (0.67%); I don’t think it’s great value.



I have very little time for FIRE bloggers in general; I think they oversell the glamor of “retire early!” and understate how much work they actually do. Mr Money Mustache runs a full-on media empire. The Aussie Firebug makes thirty grand a year just from podcast sponsorship. Those aren’t “I’m retired!” numbers; those are “I’m a media personality” numbers, and... that’s a job.

(Also, just looking at his website - his most recent post is about how to exploit signup bonuses at bookmakers. That’s, a) not exactly a sustainable strategy; and b) pretty shamelessly milking his fan base for referral dollars. I’m not thrilled, tbh.)

Talking about his investing strategy in particular—I think his index-investing strategy is pretty sensible, it’s not a million miles off what I lean toward. The retirement strategy, where he focuses on income, though... that doesn’t really make a ton of sense. He seems to think that you shouldn’t have to sell down stocks when you’re in retirement; and he doesn’t seem to have thought about bonds as a way to generate income, when bonds are literally the most sensible way to get retirement income if that’s what’s you want. So... some parts of it are sensible but I think it’s kind of underdeveloped.



Right - then what you want doesn’t exist at Stanchart, unfortunately. Stop-losses are a tool for active traders, which isn’t really a market that Stanchart aims for. If you’re just a buy-and-hold investor, you don’t need to use stops; if you’re an active trader, use a different broker.



Are you looking for commission (the brokerage you paid on your trades), or the margin interest?

that's true, i can say i am "FIRE"ed from my investments... but i think it's misleading.

most of these folks are still leading an active sales life by self-promotion.

they never really got fired, more like snowed in daily toil of self-promotion.

 

[BBCWatcher]

Money market funds are like bank accounts; they’re relatively stable but they pay very low interest. You wouldn’t use them as a substitute for stocks; you wouldn’t even use them as a substitute for bonds.

Singapore doesn’t really have retail money market funds as such, not like U.S. money market funds anyway. With only slight exaggeration (maybe not even that), they seem to be mislabeled bond funds.

 

[zoneguard]

With only slight exaggeration (maybe not even that), they seem to be mislabeled bond funds.

https://www.mas.gov.sg/-/media/MAS/...Codes/CIS-Code_Last-revised-16-April-2020.pdf

Appendix 2. There are MAS's guidelines on what constitutes a MMF.

 

[BBCWatcher]

https://www.mas.gov.sg/-/media/MAS/...Codes/CIS-Code_Last-revised-16-April-2020.pdf

Appendix 2. There are MAS's guidelines on what constitutes a MMF.

You raise a good point. It looks like people in this forum are occasionally tossing around the term “money market fund,” but even with the MAS’s fairly loose definition that’s not what the likes of Endowus and Stashaway are offering. Does anyone see them describing or otherwise labeling their offerings as “money market funds”? I don’t see that. It looks like what they’re doing is creating hybrid bond and money market vehicles, obviously to jack up the forecast yield (which is now much too optimistic anyway). I’d call them bond funds, or perhaps hybrid bond funds. Cute, but these aren’t SDIC protected deposits, deposit-like insurance plans, or Singapore Savings Bonds. They’re probably, hopefully low volatility bond funds, with a different (higher) risk profile than the alternatives I listed.

 

[Kinderino]

You raise a good point. It looks like people in this forum are occasionally tossing around the term “money market fund,” but even with the MAS’s fairly loose definition that’s not what the likes of Endowus and Stashaway are offering. Does anyone see them describing or otherwise labeling their offerings as “money market funds”? I don’t see that. It looks like what they’re doing is creating hybrid bond and money market vehicles, obviously to jack up the forecast yield (which is now much too optimistic anyway). I’d call them bond funds, or perhaps hybrid bond funds. Cute, but these aren’t SDIC protected deposits, deposit-like insurance plans, or Singapore Savings Bonds. They’re probably, hopefully low volatility bond funds, with a different (higher) risk profile than the alternatives I listed.

https://endowus.com/cash-smart

Endowus Cash Smart helps you to access the best cash, money market, and short duration bond funds in the industry, at the lowest cost achievable. 

https://endowus.com/insights/choosing-between-money-market-funds/

I suppose the money market component would refer to a fund like the Fullerton SGD Cash Fund?

https://endowus.com/insights/comparing-money-market-fund-and-high-interest-savings-account/

My intention is to consider if such vehicles would be a good replacement for high interest savings account, since bank interest rates have been falling. What would be good alternatives to park liquid funds that earn stable 2+% returns?

Sent from Samsung SM-G935F using GAGT

 

[888888888888]

Can always poems mmf. Been around for years yrs.
just liquid short term, for those doing stocks.

 

[swan02]

Did anyone check whether poems MMF also suffered the same financial crisis drawdown recently and in GFC ? Ie there is still risk of it below its NAV ?

Can always poems mmf. Been around for years yrs.
just liquid short term, for those doing stocks.

 

[BBCWatcher]

Can always poems mmf. Been around for years yrs.
just liquid short term, for those doing stocks.

Oddly enough the LionGlobal SGD Money Market Fund through any of the zero fee platforms, even POEMS, looks like a better deal due to its lower expense ratio. (Anyone seeing anything different?)

Did anyone check whether poems MMF also suffered the same financial crisis drawdown recently and in GFC ? Ie there is still risk of it below its NAV ?

You can lose some principal in these funds -- that is possible. Eyeballing the charts, it looks like they wobbled a bit to the downside amidst the COVID-19 pandemic most recently.

To reiterate, even when they say "Money Market" on the label, they're not really the same as U.S. money market funds (or, confusingly, U.S. bank/U.S. credit union money market accounts). So if you're reading about U.S. money market funds and trying to translate those words ("money market") into Singlish, don't. They're quite different. The U.S. money market funds are really, really good at maintaining a fixed US$1 share price. During the Global Financial Crisis there were rare cases when a money market fund had to "break the buck," or threatened to, but that problem seems to have been rather well fixed now since U.S. brokerage accounts must default to the safest type of money market, based on U.S. government instruments.

Also to reiterate, don't hoard excessive amounts of cash.

 

[sylves]

I wouldn’t pick either of the above.

Here’s the thing: you’re asking for, specifically, tech-sector exposure. The Nasdaq Composite and Nasdaq-100 indices are tech-heavy, but they’re not tech—they’re both about 50% tech, but another 25% consumer services (which is AMZN and NFLX, yes, but it’s also Home Depot, Costco, and Walmart). If you want tech specifically, buy IUIT LN.

(As a side note: CNX1 is one of those weirdo things - some listings on the LSE are quoted in pence, rather than pounds like you’d expect. If you see something on the LSE quoted in “GBX”, rather than “GBP”, it’s because the price is in pence - which means that CNX1’s price is somewhere around 450 GBP.)



Look, as always, the question is “what are you trying to do with the money?”. Money market funds are like bank accounts; they’re relatively stable but they pay very low interest. You wouldn’t use them as a substitute for stocks; you wouldn’t even use them as a substitute for bonds.



Nice work mate - you’ve earned it!



You can do it even more easily—you can get a good balanced portfolio with VAS & VGS (for stocks) and VAF (for bonds). A200 is basically the same as VAS; and I don’t think you need to worry too much about a dedicated EM allocation (IEM) unless you really want it. Also, IEM’s expense ratio is veeerrryyy high (0.67%); I don’t think it’s great value.



I have very little time for FIRE bloggers in general; I think they oversell the glamor of “retire early!” and understate how much work they actually do. Mr Money Mustache runs a full-on media empire. The Aussie Firebug makes thirty grand a year just from podcast sponsorship. Those aren’t “I’m retired!” numbers; those are “I’m a media personality” numbers, and... that’s a job.

(Also, just looking at his website - his most recent post is about how to exploit signup bonuses at bookmakers. That’s, a) not exactly a sustainable strategy; and b) pretty shamelessly milking his fan base for referral dollars. I’m not thrilled, tbh.)

Talking about his investing strategy in particular—I think his index-investing strategy is pretty sensible, it’s not a million miles off what I lean toward. The retirement strategy, where he focuses on income, though... that doesn’t really make a ton of sense. He seems to think that you shouldn’t have to sell down stocks when you’re in retirement; and he doesn’t seem to have thought about bonds as a way to generate income, when bonds are literally the most sensible way to get retirement income if that’s what’s you want. So... some parts of it are sensible but I think it’s kind of underdeveloped.



Right - then what you want doesn’t exist at Stanchart, unfortunately. Stop-losses are a tool for active traders, which isn’t really a market that Stanchart aims for. If you’re just a buy-and-hold investor, you don’t need to use stops; if you’re an active trader, use a different broker.



Are you looking for commission (the brokerage you paid on your trades), or the margin interest?

I am looking for margin interest.

 

[Kinderino]

Interestingly, Endowus did a comparison for DIY vs. using their platform. For Lion Global, there's a significant difference in fund level fees, possibly because of their access to the institutional (0.74%) rather than retail (0.39%) share-class. Even with a $0 sales charge platform like POEMs, the overall fees still appear to be lower. Let me know if there's an alternative POV.
https://endowus.com/insights/endowus-cash-smart-comparison/

Sent from Samsung SM-G935F using GAGT

 

[BBCWatcher]

Interestingly, Endowus did a comparison for DIY vs. using their platform.

Not a great one.

The LionGlobal SGD Money Market Fund has an expense ratio of 0.25%, and then if you pick a zero fee platform, you're all set. Pick a moderately higher cost fund and you look better.

Their Fullerton SGD Cash Fund offer looks more interesting, assuming you want that specific fund.

 

[888888888888]

kinderino, do you want to put this table on the other thread please?

Is anything special about p mmf, other than it is smoother to deploy funds?
if you're alternating between equity and bonds, itll be better to continue doing that.

Did anyone check whether poems MMF also suffered the same financial crisis drawdown recently and in GFC ? Ie there is still risk of it below its NAV ?

 

[Kinderino]

kinderino, do you want to put this table on the other thread please?

Is anything special about p mmf, other than it is smoother to deploy funds?
if you're alternating between equity and bonds, itll be better to continue doing that.

Hmm, if there is any admin who can help to shift the post over, that would be really helpful! (Not sure if I can do so on my own, and I don't want to double post in the other thread as well).

Anyway, the reason why I'm trying to understand about MMFs better and their possible offerings is because it's a fairl new concept for me - only heard about them recently through this Endowus product. Thought it would be interesting to hear about what others think about such products, as they're not so widely known / popular amongst Singapore investors.

I agree that holding too much cash, with no intention of using them for the short-term, is a drag to portfolio performance returns. And that these funds would be more efficiently allocated into a sensible portfolio of stocks bonds.

I know this haven't been discussed much, but I believe most of us will be drawing such funds from some form of savings account or instrument where we park our short-term, liquid cash. So, I'm exploring whether is there a place for MMFs as part of our financial framework? Or perhaps, maybe it's not worth the effort to take a closer look into them?

Sent from Samsung SM-G935F using GAGT

 

[Kinderino]

Not a great one.

The LionGlobal SGD Money Market Fund has an expense ratio of 0.25%, and then if you pick a zero fee platform, you're all set. Pick a moderately higher cost fund and you look better.

Their Fullerton SGD Cash Fund offer looks more interesting, assuming you want that specific fund.

Thanks BBCWatcher!

I took a closer look at the recommended LionGobal SGD MMF, and the expense ratio of 0.25% seems to be only the fund management charges. TER is slightly higher at 0.36%.

The Table provided by Endowus is not stated clearly, but my understanding is that the Fund Level Fees they've quoted is representative of the TER - thereby trailer fees are given as rebates on those fees.

For Fullerton SGD Cash Fund alone, an investor wouldn't be far better off trying to access the fund either through Endowus or DIY.

Sent from Samsung SM-G935F using GAGT

 

[chrisloh65]

Interesting article:

https://blog.seedly.sg/how-temasek-holdings-invests/

From S$354 Million to S$313 Billion: 5 Lessons From How Temasek Invests

Over the years, Temasek has diversified its portfolio, moving from investing in Singapore to investing all around the world.

Today 60% of its portfolio goes to developed economies while the other 40% goes to growth regions.

Breaking it down further:

26% of Temasek’s portfolio is invested in Singapore
26% in China,
15% in North America
10% in Europe.

This gives you an idea of where they invest.

Looks like Temasek is using similar strategy like me, over-weight China and under-weight USA (and hence also under-weight USD)!

And strangely, Shiny Things and the lurker rantasaurus and all those that supported Shiny Things to smear me and trying to destroy my reputation and had claimed Shiny Things is right about all the bad claims about China are all unable to provide facts and evidence to support his claims!

https://forums.hardwarezone.com.sg/128070357-post2371.html

If investing in China is so bad (as Shiny Things claimed), why Temasek invested 26% of its total portfolio in China? Is Shiny Things a professional investor or Temasek? The answer is obvious!

Interesting to know that you are lurker here for close to 2 years already but only joined recently and posting below post as your maiden virgin post?
Ok, looks like this is a new clowne account of somebody here

Since you claimed to be working in large asset management firm and you claimed that Shiny Things is right, could you please help Shiny Things to provide facts and evidence to support his claims as below (since he is unable to backup his claims!):


chrisloh65 wrote:
Shiny Things,
Why don't you do yourself a favor and backup your below claims here?

Firstly, are you sure you want to do this? When you buy a China ETF instead of a global ETF, you're betting that the Chinese stock market will outperform the MSCI World. For that to happen, one of three things has to happen:

* Chinese banks manage to work themselves out from under their GARGANTUAN pile of bad loans; or,
* Chinese tech companies go from "trading at a titanically expensive multiple of earnings" to "trading at a truly monstrously expensive multiple of earnings"; or,
* Chinese property companies manage to keep the Ponzi going. I have a few acquaintances who look at this stuff and none of them can figure out how the Chinese property sector hasn't imploded yet.

................
"China is going to emerge!" has been trapping people in an underperforming market for decades.

Could you please provide facts to back up your claims that:

(1) You claimed that Chinese banks have GARGANTUAN pile of bad loans!
Where is the evidence? Please point to the Chinese bank financial statements, etc. ICBC, and show us where is the GARGANTUAN pile of bad loans?

(2) You claimed that Chinese tech companies are "trading at a titanically expensive multiple of earnings" that should be avoided!
But yet why you didn't warn all of us here that many of the USA tech companies are now "trading at a monstrously expensive multiple of earnings" (worst than those titanically expensive Chinese tech stocks) when you advocated others here to continue to buy IWDA, consisting of >65% US stocks (including those "mostrously expensive" US tech stocks)?

(3) You claimed that Chinese property companies are having Ponzi scheme!
What ponzi scheme and where are the facts and evidence?

(4) You claimed that "China is going to emerge!" has been trapping people in an underperforming market for decades!
Please back up your claim.
From what I can see, comparing VWRD etf (that you recommended) and 2822.HK China etf since 2012 (near their inception), 2822.HK has beaten VWRD handily since 2012! Wow! so much for underperforming market but beating VWRD (that you recommended) handily hands down!

And strangely, why you don't want to tell us that USD and US T-bills is the biggest ponzi scheme of all time in history?!
US Gov clearly has no ability to pay off all the T-bills without printing more USD like toilet papers!

And another ponzi scheme is to "DCA blindly into index ETFs regardless of market conditions" so that the earlier adopters will retire early very rich by persuading the latter comers to keep pushing up the price, very much like those MLM scheme!

Now, if you can't provide facts to backup your above claims, that brings into question whether you Shiny Things are purposely spreading lies here or you are really so ignorant and making those false claims in your post?

Fellow lurker (close to 2 years already) here too, but wanted to give a shoutout to ST and the other fellow contributors like BBWC for your time and effort to educate the masses on personal finance. Particularly during a time where Singapore and its young population are facing several structural issues, which would likely be accelerated by the Pandemic, it is so important to educate the younger folks on evidence-based investing.

At the same time, I think it is equally important to call out bad behaviour. If you were go through the earlier posts, you could actually see constructive and thoughtful debate happening between members (e.g. % allocation between SG & Global stocks, MBH vs A35). This is the kind of discussion that should be happening. On the other hand, I often find chrisloh's responses condescending, sarcastic and lacking of intellectual humility.

I have been working in a large asset management firm for close to 5 years now (still a work-in-progress as I am learning everyday on-the-job and through reading technical finance textbooks), and I would say I have an okay-ish understanding on asset pricing, financial products, and portfolio construction. I do share ST's observation that chrisloh has an inaccurate and poor understanding on a broad range of financial topics. Sure, some of his methods might have worked for him in the past but I'm just not sure if that gives him a right to behave in this manner.

I can look past the part about the technical knowledge because finance is such a broad and technical subject that even professionals take decades to build deep expertise. Furthermore, the media (FT, WSJ etc) sometimes do such a poor job covering financial topics and often end up over-sensationalizing. But what I don't appreciate is intellectual arrogance and I don't think that is good for newbies trying to learn.

 

[passiv888]

"But, we understand that it is impossible for retail investors to adopt Temasek’s portfolio since about 42% of its portfolio in 2019 represents holdings in privately held companies"