Dear Students of Batch 37,
It's been a great honour and privilege to conduct a 5-Day Early Retirement Workshop for you.
Just like that, investors in Singapore blue chips are no longer the underdogs as STI heads into all-time-high territory. Local banks found favour from the possibility of higher inflation arising from Trump tariffs. REITs, however, have also started to recover, and the US Fed is still seeing two interest rate reductions in 2025. The overall effect is that Singapore stocks remain fairly priced at a PE ratio between 13 and 14 with decent equity risk premiums.
This portfolio's current yield is 7.1%. As the batch size remains small, we have again created a very focused portfolio of 12 stocks, not counting the Bank of China. We remain excited about the new SDR launched in markets like Ping An Insurance.
Also, this batch of students employed ChatGPT on Jardine C&C, and an AI-generated analyst report has been shared with the ERM Facebook community. Initially, the student used a free version of ChatGPT, which gave an outlandish target price projection, so we discarded the results on the spot. Moments ago, I recreated the report using the same methodology but using ChatGPT-4o, and the numbers became much more realistic. Researchers have confirmed that later versions of ChatGPT have performed better on mock CFA exams.
Artificial intelligence is improving rapidly, and the ERM program will continue to evolve toward greater use of AI. To ensure we stay at the cutting edge of AI use for retail investors, I will examine an automated generation of analyst reports using Python code and Agentic AI.
Lastly, I hope Batch 37 will participate actively in the FB group.
Hope to see you then!
Christopher Ng Wai Chung
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