Understanding risk in investments

Hi Money-Makers,

We often talk about returns or yields in the investment community without addressing the risk involved. No risk usually means no returns, unless you have an arbitrage situation. A recent conversation with a friend, compounded with my own observations from acquittances led to this post on my thoughts on risk and risk-adjusted returns. I have omitted some risks such as currency risk since I believe most Malaysians invest in Malaysia without any exposure to foreign currencies. Instead, my interest lies in highlighting an area I hope more retail investors understand and factor in when sharing about returns.

Risk asset classes

Different assets classes carry different risk. For instance, a fixed deposit account is a low risk product. Essentially your only risk is a credit risk on the bank that the deposit is placed with, and if the amount is below the PIDM threshold (RM250,000 – corresponding to around 97% of all Malaysian retail depositors), then it is covered by sovereign Malaysia (which is a credit risk rated A3 by Moody’s). Mutual funds have a higher risk than fixed deposits but a lower risk than stocks. The reasoning is that mutual funds have diversified holdings whereas a stock has a concentration risk on one company. The more stock you hold eliminates the concentration risk and if your portfolio holds exactly the same proportion of each stock represented in the index – voila! you have created an index fund. An index fund does not carry concentration risks on companies but has market risk. KLCI Index for example has a Malaysian market risk or the Dow Jones indices has a US market risk (albeit several international companies have a second listing there).

The graph describes the relationship between risk and return. Mutual funds is missing but it would be placed between Large Company Shares and Higher Yield Fixed Income.

 

Risk Return

 

One rule of thumb I try to follow has been to allocate to different asset classes based on your age. The idea behind this is that the older you are, the more sensitive you are to shocks in the market and access to liquidity is more important. The formula is simple, you differentiate between high (growth) and low risk (defensive) assets. Your age corresponds to the % of asset allocation to low risk asset classes, and 100 – your age to high risk asset class.

Using this and the graph above, a 25 year old would invest 25% of their assets in cash and government bonds. The remaining 75% would be in growth assets such as mutual funds, shares etc. The formula means that a 100 year old would have all their asset allocation towards low risk assets which always made sense to me as the ability to withhold market shocks over cycles is harder then.

Mr Money’s assets

If you look at my asset allocation, you will see that I have not been very strict on the allocation rules but they have served more as guidelines and also an reminder to recalibrate periodically (often needed when the times are good and you find it tough to sell down on stock holdings). An observation I made earlier this year on my own holdings is that I am heavily weighted towards property as an asset class. The concentration risk is high but the market risk is somewhat mitigated from the fact that they are in very different markets. I therefore decided to rebalance and channel new liquid funds into riskier assets classes such as index funds and PNB (mutual funds) but not stocks as I unfortunately do not have the time to follow companies. The stocks I hold today are in 7 Large Cap listed entities with global operations and in my opinion strong moats (Warren Buffett reference) in their fields.

Risk-adjusted returns

Risk-adjusted returns define an investment’s return by measuring how much risk is involved in producing that return. There are different metrics used which includes alpha, beta, R-squared, standard deviation and Sharpe ratio. I would not dwell in that but instead say that it is important that we compare apples with apples. To compare the return from a fixed deposit with a stock is not fair since the underlying risk is very different. It is important to be mindful when investing, but also when talking in general that returns are always connected to the risk taken to receive it. A risk-adjusted return could be negative but the absolute return positive.

Early on in our blog, Mrs Money and myself posted about our investment in a PNB fund and mentioned a comparison with other similar options in the market. In my opinion, there are two options in the market with similar risk and public access. These are fixed deposits and mutuals funds – of which I would limit it to KLCI i.e. an index fund for better comparison and similar risk. The risks are similar with fixed deposits being the lowest due to their PIDM insurance followed by PNB funds (their ownership) and highest risk being the KLCI index fund which also carries a credit risk on the bank issuing the mutual fund. The PNB funds and KLCI are expected to deliver higher returns than a fixed deposit. Unfortunately, KLCIs recent poor performance paints an even clearer picture and it remains to be seen how this will affect the future of PNB funds dividends. Moreover, the cost involved with transacting and managing mutual funds (ETFs would probably be cheaper) makes PNBs a superior choice. I do note that the recent aggressive drive from banks to grow deposits has definitely raised my opinion of the returns from fixed deposits (5% on short term fresh funds).

Money-Makers, how do you view risk when investing?

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How to Develop a Financial Independence Mindset: Overcoming Limiting Beliefs (Part 2)

Hi Money-Makers,

Mrs Money here. Over the next few posts, I wanted to share the beginnings of my journey to developing an FI mindset. If you haven’t read Part 1, you can check it out here.

Just a few years ago, I did not believe I would ever be financially independent. Worse still, I associated wealth with negative traits – greed, materialism, inequality – which meant that I never allowed myself to think it was OK to make money. Naturally, that had consequences to how much I was making, and keeping.

In the past few years however, I’ve taken positive steps towards shifting this mindset – and it hasn’t been easy. I had to deal with some ugly truths, ask hard questions, set goals, get frustrated, then try again. It’s very much a journey for me, but I’ve made real progress in shifting how I think about money, and now I believe that it is just a matter of time before I can achieve financial independence. Hoorah!

Before I dive deeper into my process, I have to come clean about some qualities that definitely helped me along in this journey:

I’m cheap

I’ve always been cheap. (Mr. Money lovingly refers to me as cost-conscious, a term which I much prefer). Ever since I can remember, I’ve always felt a deep sense of injustice realizing that I’ve overpaid for something that I could have got for 30% less just across the road, or having to pay for “premium” bottled water  (I truly believe water is a common resource and all I should be paying for is the cost of the waiter’s time to get me the tap water).

I wear this label of being cost-conscious proudly. As a society, we have bought into the idea that excessive consumption or purchasing expensive brands is a sign of wealth and status, and frugality is something to be ashamed of. Countless luxury cars and a closetful of Prada bags later, with little retirement savings and praying that we don’t encounter a medical emergency, the joke is really on you. 

It’s really easy to inculcate this virtue, too (yes, it is a virtue!). Just start by being aware of what you are buying and how much you are paying for them. Have you compared the prices of vegetables in different grocery stores in your area? Do you know when you should buy organic, and when it just doesn’t really matter? If you are buying luxury goods, ask yourself why is this important to you and if its worth it. This habit of questioning and assessing your options and values is like a muscle you can keep building, and will serve you well as you begin making bigger financial decisions. To me, its not about scrimping and being miserable, but rather just being smart with your expenses.  #Costconscious ftw!

I’m a bargain hunter

Secondly, I’m always looking (and asking) for a bargain – which seems to be fairly common amongst Malaysians. But I remember once shopping in Chinatown in New York with an Australian friend, who was mortified by my attempt to negotiate down a $10 pair of gloves. My explanation that this was normal in my country did nothing to alleviate his horror. I got them for $7.

I think I got this from my dad. Since I was a kid, I have vivid memories of my dad asking vendors asking for their “best price”. He would do it with street vendors, in supermarkets or restaurants – it didn’t matter. I watched him use all the tricks of the trade – charm, negotiating down for bulk purchases or minimally faulty items, and planting a disinterested accomplice (usually my sisters or I, as my mom will always give us away). His inclination towards this is unsurprising given that he has a career in negotiation and sales, but as I grew up, my usually shy self found it very easy to just imitate him. His number one tip though — just ask. You never know when you can get it. I have found this to be true time and time again, sometimes in very surprising settings.

So while these helped ensure I was not spending as much as others, I realized early on that I had some damaging believes that were my real barriers to making and growing money.

Limiting Belief #1: “I can never be rich”

This was a deep believe that money is hard to come by, that I will never earn enough, and that being wealthy is only for the few who are able to run successful businesses or work hard in high-income jobs all their lives.

This is a damaging belief for many reasons:

  1. It puts us at a psychological disadvantage at the mercy of money, rather than feeling in control and knowing that money can work for us
  2. It confines us to mediocre-paying jobs instead of driving us to get creative or hustle to find ways to increase our income
  3. This feeling of resignation prevents us from taking the baby-steps needed to save and invest, that are crucial in the path to FI.

My early experiences as a lawyer earning RM3,000 a month and spending RM3,000 a month is an example of how this belief played out. Because I didn’t realize that I had this belief, I continued my lifestyle and hardly had any savings left at the end of the month. I was frustrated and seeing very little money at the end of the month reinforced this belief. The idea of investing and growing my wealth was laughable because, well, I had no money.

Limiting Belief #2: “I should never be rich”

Later on, and to compound the effects of damaging belief #1, I started believing that I should not be wealthy. This may sound odd, but hear me out.

After a few years working as a lawyer, I had a calling towards social justice and human rights work. I left legal practice, and started a career in the non-profit sector, hoping to use my legal skills to improve the rights of marginalized communities.

The non-profit sector globally is notoriously underpaid, and Malaysia is no exception. The story goes like this:

  1. fundraising in the nonprofit world is incredibly challenging, which means that the priority has to be to channel money to the communities you are trying to help, rather than to you, the person working to help them. The belief here is that money is finite.
  2. It is us (the self-sacrificial, bleeding heart nonprofit workers, who were trying to better society) vs. them (the evil, wealthy corporates who were ruining it). Money is therefore evil.

But I was deeply fulfilled in my new career and always told myself that fulfilment is more important than money. However after a while, I began to realize that this was not sustainable career. I needed money. More importantly, I wanted it.

Moving past my limiting beliefs

This growing frustration made me looking inward for answers. I was a fan of Tony Robbins, and he encourages us to start with your story. What is the STORY you are telling yourself about money?

I reflected on this non-profit-bleeding-heart myth. I realized that it effectively instilled a sense of guilt in those working in the sector. You are either Mother Theresa helping people selflessly, or you are a blood-sucking vampire of a human stealing from the poor to feed your lavish lifestyle.

I just couldn’t reconcile the two seemingly conflicting beliefs (wanting to earn money, while at the same time feeling guilty about it) and it was very frustrating. If you believe in the law of attraction, I was also sending out mixed signals to the Universe, effectively stunting any possibility of getting what I want.

A defining experience for me came after watching a Ted Talk. If you are in the non-profit sector, or any sector working on social impact, I recommend that you watch Dan Pallota’sThe Way We Think About Charity is Dead Wrong”. If you have just a minute, watch from Minute 3.00 – 3.50. Game changer.

In short, Dan Pallota argues that there is a bias between the for-profit and non-profit sectors, including the ridiculous reality that corporates are often paid more for encouraging consumerism in our society, while those who are trying hard to fix some of the societies most complex challenges have to struggle financially (he puts this far more eloquently than I just did). And that the solution is that we have to start demanding more of our society at large to understand that it’s our collective responsibility to incentivise bright talents who can do a world of good to raise people in marginalized communities, instead of forcing them (i.e. me) to make career choices based on economic needs that they shouldn’t have to.

Watching this video totally validated my experience as a professional in the non-profit sector.

Around the same time, I decided to look deep and explore the root causes of some limiting beliefs that I had. It hit me one day while meditating. Self-worth! What is the value I attach to myself? If I don’t feel that I can bring value to whatever I do, or more importantly, that I don’t have inherent value, I will always struggle financially. Without it, how can I negotiate a higher salary? How can I be ready to seek and seize opportunities when they come my way?

I recall so vividly an incident where someone offered me a research consultancy which would pay a pretty decent consultancy fee, and I just thought “Nah, I’m a salaried employee in my company. I can’t do anything on the side”. I didn’t even entertain the thought because I was so closed to the idea that I could add any value to a project beyond what I was already doing.

Dan Pallota’s talk, together with my recent revelations made me start to realize my worth, as someone who has the skills, experience and passion to trying to improve the lives of people who are disadvantaged. Maybe, just maybe, I could and should make this into a sustainable career.

Ok, so now I am beginning to deal with issues around guilt and barriers that were holding me back. Now what?

In the final part of this series, I will share the steps I took to slowly develop a FI mindset. I’m going to go deep, sharing processes and ideas, but also insights and reflections on why all of this even matters in the first place.

So where do you stand? What is YOUR story? Chances are, you probably didn’t know you had one! But if you have ever had financial issues, you most definitely do, and you need to start getting acquainted with it in all its ugliness. Here are some that you might resonate with:

  • I am not good with money
  • I don’t need money to be happy
  • Money is hard to come by
  • I will have to sacrifice too much time to make money
  • Money is the root of all evil
  • I don’t have skills or talents people would pay money for
  • Rich people are never happy
  • It is not ok for me to be rich if others are struggling
  • Investments are complicated and I’ll never understand it

Once you identify your story, start working backwards. Where did it come from? Was it something you observed from your parents? Something someone told you about yourself that you believed? The people you surround yourself with? This first step is key towards changing your belief-system and eventually, your relationship with money.

What beliefs do you have? How have you tried you overcome them? Any successful tips to share?

Update: EPF Dividend Announced

Hi Money-makers,

Mr Money here. I have been travelling for work across northern Europe the past two weeks and missed out on the festive CNY celebrations, and of course updating our blog.

An icy work trip

EPF announced earlier today that the dividend for FY2018 landed on 6.15%. In my opinion, a very respectable return considering the challenging end of the year for the domestic and foreign equity markets. I was expecting a return in the range of 5-5.5%. EPF has consistently performed well above their goal of returning >2.5%.

What’s next?

So I aim to evaluate this year if part of the funds in EPF should be reallocated to other investments to mitigate the concentration risk in my current portfolio. I have previously withdrawn funds from Account 2 to repay a mortgage. The avenue I am investigating now is towards equity investments in an effort to increase my portfolio returns while at the same time diversifying from the credit risk of the fund.

Stay tuned for a comparison between ASNB and other relevant funds.

Top tips for saving money when eating out (apart from just not eating out)

Hi fellow Money-Savers!

Mrs. Money here. There are many people in the Financial Independence (“FI”) community who really maximize savings by almost never eating out and living an extremely frugal lifestyle. That’s not us.

Mr Money and I eat out. A lot. I would say at upwards of 4 times a week. Sometimes, it’s simple hawker or cafe food, other times, we dine at nicer restaurants. It is probably the largest expense of mine (I’m keeping track over the next few months so I’ll know this for sure soon), and definitely the largest for Mr. Money, who eats out even more than I do.

Why? The fact is, it’s really hard not to. Food is so cheap and accessible in Malaysia. And of course, so oh-my-God-yummy.

But it’s still a bit of a sticking point for us. Mr. Money thinks it sometimes costs more to buy groceries and cook for two rather than eating out. That’s in addition to time and convenience factors, and not to mention the additional element of wasted produce dying a slow death in the fridge, which really bothers him. I can’t disagree with some of those points, especially on time and convenience, but I try to avoid eating out as much just because I tend to eat more unhealthy and meat dishes (I’m an aspiring flexitarian), and I do think the cost adds up.

food-3-funny-memes
Mr. Money’s logic process when it comes to cooking

While one of our big couple goals this year is to cook more and reduce dining expenses, the fact that we do eat out quite a bit, combined with our generally cheap genes means we are always looking at ways to cut costs when eating out!

Here are our top tips so far:

  • The Entertainer

If you are someone who eats out a lot and entertains, you really should download the Entertainer app. You pay around RM120 a year, and it gives you tons of savings. Most restaurants allow you to buy one main, and get one main free of charge – and you have 3 of these vouchers per year at the same restaurant. Others give 1-for-1 promotions of alcoholic beverages, including bottles of wine. You can check out places in your vicinity, and there are usually quite a lot of restaurants and bars in the Klang Valley listed there. You can make back your RM120 in just 3-4 meals! A friend of mine also recently mentioned that you can get the “family” package, where you pay slightly more, but you can get up to 4 members access your account.

Our only rule we use when using the Entertainer is to make sure that we are anyway going to be eating out, so that we are not spending money on meals that we wouldn’t anyway be doing.

  • Download discount apps

This includes Boost, Fave Pay etc. where you can get discounts on your next trip to the restaurant, and sometimes cash back too. Similarly, we wouldn’t select a restaurant just because we could get back some money, but if we’re anyway going in there, why not save a few bucks?

  • Check if your credit card gets you a discount

So many restaurants have discounts for certain credit cards. Use them. You’ll have to ask though, and be ok with sounding like a penny-pincher. Which also applies to the next tip…

  • Always ask about promotions

So I figured out this sinister trick restaurants use recently! I was at a popular Japanese food chain that shall not be named, and only after I paid and left, did I realize that there was a happy hour promo (I was eating lunch at 3pm) that provided a significant discount at that time. It was displayed for anyone walking outside the restaurant (to lure customers in), but once you’re in, it’s not something the wait staff will always mention, well because, you’re already baited fish to them. I was so annoyed by this, but realized that many restaurants DO use this trick of displaying promotions outside, but not on the table or anywhere visible to existing customers. Do not fall prey! Always just make it a point to ask.

  • Lunch specials and happy hour

One thing we’ve tried to do when we want to try out a new restaurant, especially if it’s fancy, is to go there for lunch instead. There are usually lunch promotions, and we are less likely to order alcohol which then hikes up the bill.

food la fete
Lunch at Shangri-la’s Lafite, where we used RM80 worth of vouchers for our amazing 4-course lunch

 

  • For heaven’s sake, skip the drink

Some of you know by know that I’m a strong advocate for not ordering sugary and unnecessary drinks while eating out. I stick to warm water (which is my favourite drink), and if they charge for bottled water, I say thanks no thanks because I usually have my own little flask of water that I carry with me everywhere. Ordering a drink at a restaurant can easily come up to half the price of your meal, which is just totally not worth it.

  • As Mama says (not mine, though), don’t over-order

My parents have always shown love through food. We would go for meals at Chinese restaurants and order 7 dishes for 5 of us. And my dad, never allowing us to waste anything, would insist that we finish everything (“don’t eat more rice, just finish the prawns”). I recall an incident once where my two sisters and I went to a restaurant and ordered so many dishes that the restaurant manager who was taking our order actually suggested that we drop a few. Offended that he was doubting our eating abilities, we insisted and forced ourselves to finish the food. We were almost blue in the face in the end, but we felt ridiculously proud.

Fast forward many years, I really have tried to drop this one. Trying to generally not do anything in excess and striving to lead a minimalist lifestyle means that I also just eat in moderation. When we order, we just try to make sure that we are keeping it light enough, but not too light that we get hungry later.  And of course, if we have any left-overs, we just take them home and have it the following day.

I still struggle with family dinners though; I’m always the annoying one telling everyone not to over-order and inevitably gets ignored. And then I’m usually the garbage truck at the end finishing up all the food.

We’d love to hear from you! Do you have any other money-saving tips that you use when eating out?

EPF : Dividend Time!

Dear Money-Makers,

We are approaching February, the month in which the EPF dividend is announced and distributed to its members. EPF makes up the bulk of the savings for most Malaysians and is a considerable part of Mrs Money and my assets. There have been numerous articles speculating on the dividends for FY 2018 with reference to the political landscape. Some more fact-based like this, compared to others.

After the recent expose on Tabung Haji, I welcome a more reasonable, healthy dividend that is sustainable in my eyes. FY 2017s dividend payout months before the last general elections will be hard to achieve again.

Moreover, Mrs Money and myself are contemplating using the investment scheme within EPF in 2019. The scheme allows members to transfer a portion of their savings from Account 1 for investments in order to enhance their retirement savings. Members can invest no more than 30% from the savings in excess of the recently-revised Basic Savings Amount in Account 1 through appointed Fund Management Institutions (FMIs) at a minimum investment of RM1,000.

That being said, the lack of availability of low cost investment products in Malaysia is deterring us from pursuing this.

Do you have any advice, experience or tips to share around EPF investment schemes? Any thoughts on the upcoming EPF dividends?

Developing a Financial Independence Mindset: Part 1 – The Paradigm Shift

Hi Money-Makers!

Mrs. Money here. So I believe there are a lot of people out there like me. Mid-career professionals, earning in the mid-income bracket, travelling, owning a car, enjoying an active social life, purchasing things as you want them. Some months being able to set aside some money, others, perhaps not. Investing in financial products your friends or family advise you to get but that you never really understood, getting some health insurance. Perhaps some of you have already bought a property on your own, or with the help of family.

But… not quite having a plan. Not really thinking about retirement beyond EPF savings and dividends from unit trust. Counting on insurance to kick in in the event of a health crisis. Hoping that your property will  appreciate in the long-term. Trying to put together a budget for expenses, (but not really succeeding). Or perhaps not really thinking about financial future at all, and just assuming that you will be able (and willing) to keep working and being in this rat race for the next 30, 40, 50 years.

Sounds like you? Well, that was me too.

Then things changed, particularly after I met Mr. Money. On one of our early trips together to Cherating beach on the East Coast of Malaysia, cocktails in hand, watching the waves roll in, I asked Mr. Money what his goal in life was. What he thought his purpose was on earth. Those kind of big existential questions. I was expecting an equally big response like the one I gave him (saving the world or something along those lines). Instead this is what he said:

“I want to lead an ordinary life.”

“Eh?”

“I want to make enough money so I can be financially independent. I want to be able to live my life without ever thinking about money again.”

Needless to say, coming from the non-profit world where my goal in life was not to make money, but rather to try to make the world a better place and right all of wrongs of the evil capitalists, his response truly baffled me. To be honest, I had a fleeting moment where I wondered if I was dating a greedy, money-thirsty cyborg, causing all the problems in the world I was trying to fix.

But as we unpacked that, I began to understand where he was coming from. And that started the wheels in my head turning. What if I could make enough money that I never HAD to take a crappy job just to pay the bills? Or never needed to do work that I wasn’t deeply passionate about? Or being able to just take off and travel as much as I wanted? Or just spend time with family? Start a cool passion project? Knowing how impactful money is in the non-profit world, and how difficult it is to fundraise, what if I could earn enough to actually give it to causes that I care about, and make an impact in a totally new way?

This was the start of the paradigm shift for me. I think this moment arrives in different ways for everyone in the FI community – for some, its a moment at work, when they are slogging away at their desk at midnight, health and relationships deteriorating, where they wake up and think “I’m not getting paid enough to sell my life to this damn company who will replace me in a week if I drop dead”. For others, it may be a personal crisis, or maybe starting a family and a desire to spend more time with their children instead of with their bosses. It could be as simple as reading a blog post on FI, like some of the ones written by Mr. Money Moustache. Whatever it is, when that moment comes, one can never go back to previous states of blissful (stressful?) ignorance. 

cherating
The exact spot in Cherating Beach where the paradigm shift took place

But I quickly realized my biggest barrier – my belief system around money.

This is something that I wanted to do a deep dive into, as I think it isn’t spoken about nearly enough in the FI space. And that is how our beliefs around money, has direct consequences into our ability to make and grow money.

How do you even begin the journey to FI when you don’t even believe you can (or should) be wealthy? How do you go from barely being able to save, to being able to invest and slowly begin to grow your wealth?

I’ll cover how I shifted my belief system around this, as well as my process in developing financial literacy to get to a FI mindset in Part 2 of this post, coming up shortly!

Are your government-backed investments really that safe?

Hello Money makers,

Mrs Money and I have been offline during December due to us attending a destination wedding followed by a desert holiday in early December.  We returned back to Malaysia just in time for year end closing and season holidays.

mrs money at the desert
Mrs Money enjoying the incredible desert sunset

Nevertheless, we have been tracking our investments and following financial news during this period. My post today is a short comment on a subject that has been gnawing my mind since I first read about it, dealing with transparency and governance of government-linked investment funds.

The news about Tabung Haji and the alleged mismanagement of the fund surfaced in 2015 during the previous administration’s time, through a leaked document from Bank Negara that apparently questioned Tabung Haji on its financial strength.

Tabung Haji, similar to EPF and ASNB, are funds that are very popular among the mainstream Malaysian population. Although the purpose of Tabung Haji differs drastically from EPF and ASNB, its returns have been very impressive over many years resulting in many eligible investors tapping into it

Investments like this that attract mainstream retail investors (especially through government-guaranteed support) must accord the highest level of governance to maintain the trust among it’s investors and the general public. I have historically avoided funds due to their opaque structures and lack of clear understanding of where the high dividends are derived from. The problem is that most retail investors often save in these funds due to the explicit government backing and high returns these funds enjoy without delving into the details. Therefore, it is even more pertinent for these funds to emphasise strong governance, transparency and independence from political influence.

I recently decided to invest in ASNB so the news about Tabung Haji was a reminder on the importance to understand (or attempt to understand) one’s investments – even if these investments have backing from strong institutions or sovereign state. The Lehman Brothers crises and the drastic change of external credit ratings within a short period that followed is an important lesson to draw upon of how fast things can change even with investments with seemingly strong backing.

I am however still very confident in ASNB with one assurance being the fact that the person that already highlighted Tabung Haji’s issues back in 2015 was Tan Sri Zeti Akhtar, PNBs current chairperson. My hope is that PNB, under her leadership, will strengthen its governance and enhance its risk management to lift its funds reputation to even greater heights. As a Malaysian, and beyond my personal financial interest, I hope that the current administration can instill good governance and transparency across all institutions under its direct and indirect purview. As I write this, a press conference is held about MRB being shortchanged in a transaction involving EPF… sigh.