A measure of fairplay and decency

As the TPL storm continues to brew, I want to make it clear that I have nothing against Tin Pei Ling. She can be just anyone’s daughter for that matter. I have tried not to get involved in this issue as it just doesn’t look good making her the scapegoat for the venting of anger and frustration of something much larger. The anger is actually all about how justice is perceived to be unfairly carried out, about how public money is being spent, about a system that the people are rejecting. This storm is not going away even if people try to sweep it under the carpet, trying not to talk about it. As long as it is not settled fairly under the law, it will continue to bug the govt for all it takes. The official news reported that a police report was made and that the posting and infringement of the Cooling Off Day was removed after 20 minutes. The netizens are calling foul. The other party goes on with their life as if nothing had happened. Would 20 minutes be too insignificant, or how long is bad enough? Should 35 sec be considered too long? Or how many seconds are there in 20 mins? The team that was disqualified in Tanjong Pagar GRC was technically or officially declared late by 35 sec. And that was all it took to be disqualified from the GE. The law is the law. Even 1 sec is 1 sec too late, and 20 minutes are 20 minutes too long. Now you know why the netizens are incensed.

Singapore Festival of Arts - Global Warming

Singapore is now hosting the Festival of Arts. This piece called Global Warming, is my little contribution to the Festival. The melting fishes in the photo are symbolic of what could happen if global warming continues and is left unheeded. There are some resemblance to Salvador Dali's melting clock except that this is an actual photo created using the Art of RAR technique, and not a painting. More photos in the Art of RAR Gallery at top right.

Exits weaken team

This is the title of an article in the ST forum today by a Lim Chuan Hock. He was lamenting on the departure of LKY, Chok Tong, Jayakumar and George Yeo from the govt. He felt that the team has been weaken from their departure. He acknowledged and praised the senior politicians for their contributions to what we are today. I can share his fear and concern for the weak team that is left behind. After so many years of being in office, and many are already nearing their sixties, the perception is that they are not good enough, probably still immature perhaps, that without the presence of the yodas to guide them, they are going to see hard times. And Singaporeans are nervous under their charge. They really need the yodas to be around to be safe. Isn't it sad that the current crop of leaders is still seen as inept, that they are unable to give the people the confidence that with them in charge, things will be better than before? Though I share the writer's concern, I think things should brighten up. The first sign of a better future is the increasing sales of private properties and at higher price. I can continue my dream of selling my HDB flat at $1m. This piece of good news is everywhere in the media. All the HDB flat owners must be very happy and waiting for the perfect timing to sell off their milllion dollar flats. Thank God that they have return the PAP to power. Have no fear. The new team will do much better than the yodas. Unless we are saying that the yodas are indispensable and the new teams will never grow up.

Green monster

A green monster watching a dancing flame. More photo paintings in Art of RAR Gallery on top right.

Whither the Stock market?

What would happen if there is no retail traders left in the market, of if the number is too small to be meaningful? The last few weeks told a story of a stock market that is verging on the edge of being barren, when retail or genuine investors have abandoned the market for their own safety. At 1 billion shares transacted daily, there was hardly any phone ringing in the trading floor of broking houses. Compare this to the heydays of the 1990s when a billion shares were traded, the phones of all the remisiers would not stop ringing for the whole day. In fact many had problems picking up their phones as two or three phones would be ringing at the same time. The tradings then were genuine, by traders and retail investors. Today, despite the hue and cry of 1 billion or 2 billion shares traded at times, remisiers are biting their finger nails wondering why there is no phone call from their clients. In a way the volume is generated by artificial trades, programme tradings, churnings by funds, high speed tradings, all generating no commissions, as they were either house trades or funds’ own tradings. And the funds are demanding that the system be made more friendly for them to trade, even making it cheaper, or to trade for free. The stock market has been transformed to the likes and dictates of the big funds to facilitate their tradings. What the regulators have forgotten is that the funds are not here to do charity. They are in the market for profit. And, unfortunately, stock market trading is a zero sum game. When the funds are making profits, someone else is losing his pants. We have reached a state when most of the big retail traders and investors have lost practically everything and are no longer in the market. Only a few small traders who have not lost their savings yet, and a few remisiers who still have some money left to lose, are left in the market. As days pass, this number is going to dwindle to non existence, if the system continues in this mode. The question is whether the broking houses can survive without the income from commissions generated by the retail investors or high net worth clients? The exchange can still laugh all the way to the banks with the clearing fees from the high volume. But the high volume means nothing to broking houses that have to feed all its staff, rentals, overheads etc etc. When retail trading reaches a point that is no longer able to sustain the business, the broking houses will have to pack their bags or downsize. But even before that, the funds that the exchange is begging to trade in the market will be the first to disappear from the scene. When there is no money to be made, there is no reason to be here even if they can trade for free. Who is left to feed the big funds? Can the stock market continue to exist without the participation of genuine investors? Can the current mode of operation that favours the big funds sustain the business of the stock exchange? As Merlin continues to wave his magic wand, the stock market is turning into a toad instead of a prince. And no one knows what is wrong with the market. They think that they can keep waving the magic wand and something good will come out from it when fundamentally the market is rotting at the core.