Cory Diary : My retirement just got pushed back

Kind of shocking headline. One of my past lovers arrived. ( ... here's your Karma ...)
39 weeks and more to come but is all worth it, and I have done my part for my country. ;)

Welcome to the family ! My best investment returns. Priceless !

Cory
2019-0111

Cory Diary : Expense Ratio

This may have gone around for few times ... . To win in the long run, expense ratio probably matters. That's one reason why Index or Mutual funds are good. If we search the web, is defined as "The expense ratio is calculated by dividing a fund’s operating expenses by the average total dollar value for all the assets within the fund."

For 2018 my Expense Ratio is 0.62%. That's low relatively to fund however for retail investors this probably high. Really high for a dividend player. The number of trades for 2018 is 124. That's lower than year 2017 so I am in the right direction. One of the reason we see high number of trades is due to breaking down the amount I trade into different days to spread it.

I don't have hard rule on not do a trade due to expense as I am risking the ship for a sampan. Rather I need to do a more calculated decision on purpose rather on hunch when doing multiples for a position. Market has been going up and up. And I have yet done a single trade this year. Well done Cory !  ;)


Cory

2019-0109

Cory Diary : Why we should use XIRR for Performance Metric

Many may have heard of Time Weighted and Money Weighted. There continues to be confusion on what metric to use in performance measure. For retailers and typically investors I dare to say it has to be Money-weighted. I just read an article and reinforce my understanding that most users should only use Money-Weighted.

Time weighted by funds usage to me is quite misleading on performance over time if you read further down. Fortunately, when we says money weighted we are referring to XIRR in Excel.

Here's the table i extract from the article. (link )

Both methods have $1M injected by 2 parcels. Initial and mid June. Both losses 200K in the end. Logically performance should be negative at the end of the period. However TWR registered 146% good performance whereas XIRR registered -30%. Enough Said. Stick to XIRR (MWR) please.

If sales people tell you their fund performance is good, be wary. They could be using TWR. Is not intuitive for normal people but I wouldn't say they are wrong. LOL.


Cory
20190108

Cory Diary : Asset Tracker 2019-0108

Net Worth

With the beginning of the new year is time to assess my net worth trending. In this update, I have added "Non-Retirement line'. There is a good spike ending 2018 due to YEB and VB.  The losses in 2018 is mitigated by monthly income. This will expects to reduce in coming months due to local taxes and parent allowances.

 I should have done better in 2018 but I didn't. Nevertheless, my Assets continue to move up but at a slower pace with increasing expenses and poor market. Based on past trend, 2019 (touch wood) will be a good year for local investor. Why ?

I mentioned on the support lines that is strong. ( link ). Looks like so far they are held up pretty good. So my recent increase in STI Index and Reits help for now. I also did a quick swap on some of my SSB for Jan'19 allotment which is successful. Quite happy as is 0.5% rate up on top of starting 2.01% for year 1 which is almost doubled I had previously. Finally, in my many years of investment, after a year of negative returns, the year after is good positive. This happens 3 times for negative years ( Year 2008, 2011 and 2015) and 2018 will be the 4th !

Cory

20190108

Cory Diary : Investment Portfolio 2019-0104

Portfolio

As usual, my Investment Portfolio excludes tracking Pensions, SSB, Treasuries and Fixed Deposits. This setup is slightly higher up in Trusts/Reits allocation of 53%. I foresee waiting for market dips before increasing further. I have also reserved for a few positions for future acquisition in 2019.

There is nothing much to show on the bubble chart other than the yield expectation for start of year. A lot of overlapping. As the year past, this will probably scatter.

With 24 counters, seems I have my plate full. To most people this maybe too much. However I think is necessary for dividend diversification, and compensate for my selection weakness and emotions. Compared to my wife, she only has 2 stocks. One of them gained 4 times in 2 years. She is clearly on different worlds.

In 2019, I hope not to see drastic change in my portfolio.I have the same hope when I started last year. So ....


Cory
2019-0104

Cory Diary : 2018 Equity Performance

Year 2018

2018 has been tough for local equity investor. The STI ETF registered -6.48% after dividends. For people who is new to this, STI ETF is traded in SGX like shares in stock market. The last traded price is 3.117. (Stock Quote is ES3). It is often use as a benchmark to measure against investor portfolio performance as the ETF closely follows Straits Times Index which tracks the performance of the top 30 companies listed on the Singapore Exchange.

There are few methods to measure STI ETF Performance. I use XIRR after considering dividends distributed over the year. ( Typically twice annually ). XIRR is a function in Excel to calculate annualized returns. So we can do apple to apple comparison to my Investment performance. On the right table computed is how I obtain STI XIRR -6.48% including dividends.

My XIRR for 2018 Performance is -3.28% which is closely match to -3% portfolio losses. If I am to exclude US stocks, it will be XIRR -2.12%. So 2018 is the year where I am in the negative after dividends. My test drive in US Stock is quite bad in timing and the only consolidation is only a few % of my portfolio. So as mentioned in my earlier article, every % counts. The other lesson learned is on SME stocks that are more towards capital gain to size them up correctly smaller as they are more volatile in bad market condition and to realize them. 

What I did well is to contain and manage my losses and therefore outperform STI by 3.2% if I am to include US Stocks or 4.6% for local equity alone. This is especially important to me because over the years my portfolio has grown quite significantly. Every 1% move is quite a delta in $ number today than 5 or 10 years ago. Another thing I did well is work :). I got good bonus and this basically covered all my losses.

Cumulative Performance Comparison

Comparison is more meaningful if we do cumulative to minimize the luck component. This differentiate the men from the boys. However comparison to STI is tricky reason being you cannot decide when you are born therefore cumulative 30 years STI returns can be vastly different from cumulative 10 years STI returns from now. So is very misleading in my opinion if one advocate index investing purely without taking timing into consideration. Since I start actively with sizable portfolio 12 years ago, that will be the benchmark I will use. There are others assumptions made but let's ignore for simplicity.

I check multiple times on STI from 2007 onward. Excluding dividends if you have been doing index investing, is actually -0.2% annualized returns for STI. Which means about 3% returns after dividends.

For myself, 5.4% annualized 12 years compounded. The figure is expected to go on a down trend due to recent years of market weakness similar to STI however I have added disadvantage on aging and need to allocate to lower yield bonds, and much larger allocation of cash injection in later years. I would see the returns going down to 5% to match my portfolio dividend yield if the broad market continues to be flat or negative. Nevertheless is still better than leaving them in the banks.

My New Year Wish is to be able to help my wife manage her portfolio. She has been pretty damn lucky that I won't wish to touch. I have 2 more other wishes for 2019. 

Happy New Year !

Cory

2019-0101

Cory Diary : Sector Map Distribution 2018-1230

Just drawn up a map on my current equity investment portfolio. Do note SSB/Treasury, Pension and Fixed Deposits are not included.

Everything in percentage. There are mainly two areas which I will focus on here.


Dividend Play

About 50% in dividend focus equity (Trust/Reit). This will probably move to higher allocation in 2019. Net-link Trust will need to be watched closer as currently is a little over-allocated. Need to pay attention on how 5G plays out. One way is to increase my other dividend holdings. There are also good amount in Frasers and Maple families which are quite popular with investment community and I think is rightly so. Will it continues to do well in 2019 ?


Index and Bank

With rising rates, Banks will naturally benefits from it unless recession hits us. There are lots of noise in the market current whether 2019 is bull or bear. If I compute correctly, STI ETF yield is about 3.65% in 2018. What this mean is historically, STI price is relatively low using yield as benchmark. However we know that low can go lower just that the probability is smaller. Chart wise I think is unlikely to break support too. See link. Since STI Index is heavy on financials, higher exposure in the ETF is preferred. Unfortunately there is Telco element in it which I am not so sure. Therefore, I will still need to allocate some directly to bank counters.

I will be summarizing the final counters using radar and bubble after year 2018 truly ends.


Cory

2018-1230

Cory Diary : STI Index - Crucial Juncture

Most people who is well verse with STI Index would probably know that timing matters in STI Index investment. And going in lower will do us well in the future to come. So you may like to know that we are on the cross road for this period and the index is on one of it's low point of the wave fluctuation.

We have Tariffs, Brexit, Rate increase, US Shutdown, Syria pullout and SG Property Curbs and Poor Telco performance. There are so many negatives. Well, without them Index wouldn't be low, right ?

The above chart has a lot of approximations from a novice. So I won't be bothered to try to catch the ultimate bottom but appears 3000 range is strong. Question is do we dare to execute our buy ? I can't imagine if this range is broken. Maybe Trump is right ?



Cory
2018-1225

Cory Diary : Watchful Eyes on Land Mines 2018

Like any company, there is constant search for new blood to rejuvenate our portfolio. As time goes you will realize you get to know more companies and try them out. Some will end badly. A few will flourish. That's part of the game.

However, even a 1% position we will need to think carefully. Often I make the mistake of dismissing their impact which then adds up. For example my foray into tracking the few minuscule US stocks end up bad in the trade tariff frenzy. It could be a lot worst if is a much larger positions.


Land Mines

Passive investment to me is more on not running the businesses literally and there aren't a need to monitor their price closely. That's doesn't mean we are passive in keeping up on our entire portfolio and not checking how they do in price daily. There is constant look out for "Land Mines" who aren't really passive or new to you. What I mean is ones that your portfolio could take a large hit. Is very important at least to me to have a feel for them. That could result in cutting loss to avoid blow out, reducing exposure or averaging down. However needs to be careful of averaging down as it can cause a big dent to our investment if we are wrong.

I do a quick review of my database, and manage to get a list of potential "Land Mines" that I have manage to mitigate. How to read this table (below) is a little tricky. I can do this better but I feel this is not the focus I want to spend time on today. So there are 2 things to know.

1. The list for each column year will only appear if the losses are meaningful enough.
2. if the consolidated results across the year totaled in good losses will the stocks be mentioned.

Fortunately for the past 11 years (almost 11 ! touch wood) there aren't many potential mines. As for the 5 Digits losses, they are low level losses. Year 2018 has 3 and one of them is due to recent JD play.  I like to describe more on the 3 counters with 5 Digits losses in totaled namely MTQ, Mun Siong and Ouhua. All I cut losses and avoided blow-out.

Mun Siong - Extracting money out from IPO money
MTQ - Oil and Gas.
Ouhua - S-Chip. Enough said.

As for 2019, OCBC will be a hold for me. Avoided a blow by Design Studio in 2018.  JD exposure is small so not much meat left and I don't think it will zero out.


Merry Christmas

Cory
2018-1222

Cory Diary : Investment Updates 2018-1215

Trades

SSB Switch
Redeem SSB batch starting 1% rate for 2.01%. And a higher 2.45% effective rate.


First Reit

Reviewed First Reit investment for all the years and it still in good positive despite losses this year. If the sponsor sold off remainder of the 10%, the skin in the Reit doesn't appear to be good. Is not like they have a lot in the first place. Spending too much time on this drama for me to follow through so I thought it maybe better for me to move on. As it look like the rebound has stabilized, decided to switch out remainder of it. This will likely make my portfolio more robust for 2019. Ouch ! Nevertheless. House cleaning is never easy.


Frasers Cpt Tr

With sale of some more CMT Reit as it goes up, I use some of the excess  fund to collect FCT which I thought is valued cheaper. I am not sure the last quarterly reported result is normal though or is it beginning of the end. Sorry for the "horror headline" especially from one who just returned to vest on this. Reits generally are not cheap. It can get more expensive due to low rates though despite rate increase by FED.


STI Index
I did a sell trade again on the Index of the recent increment lots with the constant volatility originally meant for some exposure to the banks. Hope I can catch another smallish ride. I prefer to have larger stake in this.


VICOM
I am back on this. Not much discount though. Not easy to get. It will take a larger correction in the general market to put a dent i guess.


Cheers

Cory
2019-1214

Cory Diary : Bubble Chart 2018-1214

Just drawn up this chart. Pretty exciting on the new look of my portfolio. They looks like planetary system. The vertical axis is the Profit/Loss from the investment. The horizontal axis is the estimated dividend yield of the counter.The bubble size is the investment size. There are 3 dividend exceptions which belong to US Market that I do not track therefore zero out. Take me some time to get the labels and colors right due to overlapping.

From the chart, I can tell CMT has a run away whereas Singtel tanks. Maybe that's why I start partial profit taking. I can tell the outliers whether I should pay more attention to them by size such as Neratel. This is a bear market scenario so I am glad there is no congestion on the lower half of the chart

Not sure there is more reading to pick from it. Let me know.


Cory
2018-1214

Cory Diary : Investment Tracker 2018 - 1209

General Plan

Still in the process of fine-tuning my portfolio for 2019. Like to plan for at least (updated for privacy) dividends and then try to push them higher up during the course of the year if possible.That's mean reserving specific amount of warchest.

I am also trying to minimize any potentials mines through re-balancing of profitable counters and getting my portfolio to be more robust. Once is all done, hopefully I can present my updated counters in later articles.

Cory

2018-1209

Cory Diary : Does NAV really Matters in Dividend Investing ?

Often I hear people uses NAV to gauge investment merits. Is a good metric but should never be the only imo. This is based on my personal experience and logic. NAV is only meaningful if the underlying assets is not as productive as we think it should be and the valuation of the company is rather complicated to understand.

In dividend investing, especially reits, the business typically is the property income and the DPU. There aren't rocket science needed. Many reits today publish investor reports. We have good enough information. Ofcourse is still skew towards what Management like us to see. Who doesn't ? That doesn't mean we can condone.

If a company is returning 5% yield consistently. Does it matters to us if the Price/NAV is 1.3 or even 1.5 as an academic question ? The question in my mind will be sustainability of the dividends. The MOS of it's properties. The quality of the earning. The valuation of it's properties. This may explains why the high Price/NAV.

Now, with recent volatility of the market. If the yield of such asset shoots from 5% to 6%. Will you buy ? If the yield expects to drop from 5% to 3%, will I sell ? That depends due to price or reduced DPU. More a fundamental question. Recently I sold 25% of CMT due to price. My fear of losing out stable future dividends creeps in though just a little , 5% yield is not something i could find easily with similar alternative. This is clearly a capital gain trade with re-balance in mind. One could have said I still have 75% but that's not the point. The constant search for quality diversification is always there. Always on the move.


Cory

2018-1208

Cory Diary : Asset Tracker 2018-1201

One more month to year end. I am glad this is going to be over soon. It has not been a profitable market considering the rich valuation we seen with the yield. So the good news could be there is no significant impact to my portfolio.

I am 49. I wish I could say at 55 I would really shout that is it ! I am on full retirement. That will be a goal to achieve but not something I would really do.

Anyway, cut it short. Here's my chart.

Cheers

Cory
2018-1201

Cory Diary : Preparation for 2019 Portfolio

We are near to end of year. While I am still hopeful for break even this year, there is good chance 2018 is negative to most investors on average. While everyone is still busy bandaging your wounds, I think we should at the same time prepare ourselves for 2019.



Portfolio is about managing risk

Managing Risk

1. Re-Balance : Reduced 25% in CMT in earlier blogging. This is due to good run-up to minimum expectation. I wish it could do more but I can settle with remaining 75% shares as they give good dividends even at this level.

2. Clean up : I have sold down largely AimsAmp Cap Reit yesterday. This is to take advantage of recent up swing at 1.37. I have this gut feeling it won't stay high for too long as is a resistance level. I have raised cash from this. The dividend gap to fill from this sale will be glaring if I do not do something this year.

3. Positioning for 2019 :

Shift some funds into enlarging Ascendas-hTrust at lower price. The yield is good. The gearing fine. The grow prospect is still worth a bet. This will fill some of my dividend plan.

Increased STI ETF as I think is at lower point. Averaging down Index ETF is much safer and is as keen as cost averaging and diversifying my risk rather than buying local banks shares directly which direction can be anybody guess.


Investigation Reviews

I looked at APTT a few times but sill do not feel comfortable. There will be technical rebound.
How large and how long is subjective. To myself, going in right now is pure gamble as I lack knowledge and feel for this counter. Short trade maybe nice but it won't be for 2019.

With recent low oil price, Keppel price still do not match the news. M1 purchase seems not a good deal. Property aren't helping. Chances are Keppel will have room to go much lower.

After losing OCC 5.1%, I have been actively looking for alternative. Temesek 2.7% doesn't cut it as is quite near to SSB level. Enlarging Fraser Bond 3.65% will put me over exposed to it. SSB has been max out. I won't want to put more into treasury for the yield is too low. Astrea IV trading premium is too high.


Looks like I still have few more punches to do but I am in no hurry.



thanks

Cory

2018-1128

Cory Diary : Reits 2018-1122

Reits have been stable as a rock generally despite increasing rate. However, not so this week for First Reit. If we remembered, I have cut First Reit exposure twice. If I remember correctly, once before and after a Guru posted on his sales.


First Reit

However I still hold some significant amount of First Reit for diversity of income from Reits. One of the main reason it was sold down is due to rating issue. However my thought is that Lippo is not fly by night company. Secondly on a quick glance, the hospitals are doing financially ok ( Sorry if I am wrong. Still a novice in reading report so DYODD). So chances are they have no issue paying up the rental. On top of that, there is advance payment mechanism in place. Thirdly, you can't just shift hospital operation like food stalls. That could be large impact I think.

Having said all that, I am still a retail investor and no match for expert opinion which is rare in my opinion to be seen. It went as low as 0.92 two days ago and is way oversold, As I do not have a god father who can support me when I am wrong, it doesn't make sense for me to average down. And therefore for prudence and risk mitigation, I have to right size my investment earlier to sleep well.


CapitaMall Trust

As I have blogged many times earlier, CMT is a strong reit. Even when market crashes to dust, this fellow will give good dividend yields. Investors will just have to wait it out and the price logically should return. We also has lesser issue with rights issue as they rarely tap on shareholders for fund. Today hits 2.22. I took some profit immediately for trade as it hits resistance level. I could be wrong and will logically be still very happy.


Parkway Life Reit

The yield looks much better with recent correction. I decide to average down as my exposure to this quality Hospital Properties are low and appear there is a support at this level. This will help improve my income for 2019.


Finally, my dividends have hit above target (updated for privacy)  for this year collection, and this is before Singtel Dividends.


Cheers

Cory
2018-1122

Cory Diary : Market Rout

Many investors have a bruising week and so do I. This year is slightly worst because my OCC 5.1% got redeemed which means lesser buffer. The other is my US Stocks though just small percentage, aren't doing so well. Nevertheless as in the past correction since Global Financial Crisis, I don't really worry much.

Just got my Performance Tracker Comparison updated against STI Index. As a reminder, my returns include dividends on top of realised and unrealised returns whereas STI Index exclude dividends. This is more for ease of tracking than anything else.

Enough said. Here's my performance so far this year. YTD -3.8% whereas STI is at - 12.66%.

Interestingly, most of the Reits are doing quite ok despite increasing interest rates. The only larger dips will be First Reit but this more due to sponsor situation. I decided not to average down due to exposure limit control.

The bank has one of largest fall so OCBC and STI ETF got a hit. I mentioned about US stock JD.com earlier and looks like it will be long term hold.

Currently my theoretical max dividend (updated for privacy)  after collecting those I am -3.8%. STI would probably be around -9% after dividends. So comparison wise I have outperform the index. But seriously is just a referencing purposes. My figure would look even better if I am to include FD, SSB and Treasuries but oh ya that's won't count. :)

Trading will go down for the next 2 months due to business/private travels, new apartment and a "new friend" coming that I have to manage and most importantly my Token battery dies out ... How I wish OneKey can support changing battery DIY. I will try to hold my bullets but I have this feeling is time for rebound ... darn...

Is nice to continue to have a job at current market condition. Cheers !

Cory
2018-1028

Cory Diary : When Family Planning and Financial do not mix ... we have lesser babies

I have an exchange with a guy recently on why Singapore has dwindling birth rate. The reason he gives are cost of living and job security. Not surprisingly this looks common among developed world therefore internally I feel this reasons are derived from common sense logic and need not necessary be the case. We barely scratch the surface of the truth which I think could start from Stress.

Stress can comes from anywhere. Jobless, Insecurity, Lack of Self Confidence, No Money ... . But why mainly developed world ? Because we think too much. As we have better education, ability to plan ahead and see further actually becomes a hindrance to family planning. We also start to procrastinate for life partner as well. On top of this, lifestyle has changed and arrange marriage loses it's tradition and shine.

When the guy is in mid 30s and above, and more financially secure, sadly our lady biological rhythm do not change with time. When she hits 35, fertilization deteriorate rapidly. Women start to have difficulty getting pregnant as years go by. Even if she does, there is higher risk of birth defects and miscarriages.

To add further, Stress impacts on animal and humans alike. Our reproductive systems shutdown and we have more secondary effect like illness. An extract from an article. " In animal populations, as in humans, some individuals have better coping mechanisms to deal with stress, which gives them an adaptive advantage.".

The luckier ones have parent helps.  The much longer route would to be wait for financially security. How many hits it and in time is the problem. Unless one able to climb the corporate ladder quickly or in covert jobs this won't be easy. Personally I feel the easiest route would be not to think too much. Maybe the plan is to forget about family planning and just go ahead. :)


Cory
2018-1024

Cory Diary : Why are we trying to beat the system ?

Apartment loan

When I bought my apartment years ago, I wanted to have more cash flow therefore decided to tap of CPF OA. By then I have some knowledge on Good Debts.  Fast forward now, if I have to go through this again today, I would have leave CPF alone. First of all the amount I tapped is just 5% of the housing value. The hassle is not only unnecessary, and if the amount is to be compounded, I would have less saving in total as I need to pay myself the CPF interests that has been borrowed. In addition for comparison, CPF is AAA rated, backed by Singapore government. If I am to buy a private bond, it would be much lesser returns and unwarranted risk to private companies. This totally do not make sense for myself as my exposure to CPF is not major.


Minimum Sum

By age 55, I could withdraw amount above minimum sum. I would expect a number of people to do that. Let's think about it. Why are we so keen to withdraw the monies. CPF is design to support our retirement and to safe guard our golden years. So it seems illogical why people is rushing out the door once they hit the age. The main reason could be the mistrust of institutions. The other is they just want to spend it before their times are up. Both of which is illogical to me. For one, most of my monies will still be denominated in Singapore dollars. And if there are distress in government debts, even saving bank could be frozen or cut. So is either I have a stake in Singapore future or am I not. The later reason on money available to spend is not only irresponsible but there are high risk of financial difficulties if one reached 70s-90s. The one viable scenario I could think of is when I am much way above the minimum sum that drawing some out will give a better return (Not guaranteed) or lifestyle which I COULD AFFORD.


My CPF Plan

Unlike other segments where there are risks, CPF is safer than bonds of good interests. Personally to me this one of the best available investment tool available to be managed at portfolio level offering stability and respectable growth. Ironically, the lock-in is the best part of the system which provide robust protection to citizen. As most of my assets are Non-CPF it will be unlikely I will ever need to do early withdrawal. This will form a nice retirement portion to supplement my monthly income at 65. If I could exchange off min sum at 55 for higher interests, I would opt-in !















I am sorry if there are dissenting voices due to political differences therefore CPF. To me this is purely my personal judgement on financial standpoint as an average investor to go along with the system available to work with us. At the end, if there are money in my CPF-Life once I passed, that's my legacy to my children definitely but certainly I would't want to be HDB as this could mean I have failed as a parent to bring up my children sufficiently.


Cory
2018-1023

Cory Diary : Saving Rate

Pride

Always pride myself about personal saving because I don't really have to plan for it. Being an engineer before, I always have a better gauge feel of manufacturing cost and the quality of the product before I buy. Even after,  I will still think for a while. I would take a walk around the shop or do something such as striking a light conversation with the sales. Interestingly, I would often decided not to buy after. Quite a number of times I found the specs are not to my expectation. Another major reason is I dread of another thing to manage at home. And every time the thoughts come in this is enough for me to say no many times. Maybe I have this minimalist potential.


Value

Going back to value. There are few things I look out for. One of them is weight. Generally a metal object is more sturdy and harder to produce vs plastic materials. So it will often costly to make. The surface of the product is another factor I look into. The texture, pattern, smooth or old plain design. Some has water flow marks or poor plating. I will give a poor rating for non-branded plastic products use in food.

How the parts are jointed is a good indication of the design and the manufacturing process. If you buy a notebook with gaping holes between parts, and to make it worst, unevenness as well this could give an indication on the overall quality managed by the product team.

To go deeper, I would looks for design, durability and usability. But I would rather exchange for "disposable" products which is like 2 to 10 times cheaper rather than getting an expensive pen of high reliability that I hardly ever use unless the purpose is for decoration purposes or significance. The final is servicing. A recognize brand do command a better premium that I am willing to have more cash to let go. How large is up to individual.

Of-course is not always the same exact criteria. But this habits and what to look out for helps to contain my spending habits. Year 2018 is special because of a number of big ticket items. Excluding Pension/CPF and Stock dynamics into the equation, just take home salary, is about 30% saving rate. This is markedly down from 40% to 50% range previously but is all worth it because is for Immeasurable Value.


Cheers

Cory
2018-1021