So Many Things yet So Little Time

Things on my mind:

Reflections on working with Blood Donation Drive and the challenges of sales.

My most-shiong ever ICT and the amazing platoon I serve in.

On re-reading Phillip Fisher's book and the amazing things he said in the 60s that was finally executed in the late 90s.

Some further thoughts on personal finance and the folly of spending more than you earn, albeit just a little more.

Will think harder over the next few days while i relax in Langkawi. Can't wait for Xmas eve for the caroling session.

Capital Ideas Evolving

Exams are finally over. Time for reading things that stretches my mind.

Just finished an amazing book by Peter Bernstein, Capital Ideas Evolving. It profiles how "Capital Ideas" - EMH theory, CAPM and Mean-Variance analysis has evolved over the past 2 decade and have become a mainstay in finance.

What amazes me is that the very people who are pushing the boundaries of Capital Ideas and formulating new ways to explain the market and punch holes in the original Capial Ideas are the same pioneers. Can you imagine winning a noble prize for some work that you've done and then 20 years later invalidate those work that you've spent half your life working on? This is real creative destruction at work.

There are many interesting ideas that he posted, but a recurring theme to me is that the search for Alpha - excess risk adjusted returns, is elusive. And that after fee excess returns is even harder to come by, due to the intense investments in technology and human capital.

Also RISK should not be defined as a number, but as different scenarios. The chapter on William Sharpe, of the famous Sharpe ratio, will change the way you think about risk.

Lastly, we cannot control returns, but we can control risk and fees. Minimize fees and set your own risk tolerance level (however you defines it). And the return take care of itself.

New York Times profile of Berstein: http://dealbook.blogs.nytimes.com/2009/06/08/peter-l-bernstein-explainer-of-stock-risks-dies/

Buffett and Gates with students

Get full transcript here

source: http://www.cnbc.com/id/33940689

Money, happiness, great profs

Read the following in a book somewhere; If you believe money can bring you happiness, forget it, only people who has not much money will believe this.

I think there is a lot of truth to this. Was talking to my mom about the idea of "Happiness"...and I said that i feel happy when i feel free and contented. When i feel that i'm in control of my life and all the wonderful things that has happened to me, i feel truly happy. I think that being happy is a choice. A state of mind.

For instance, when I think that I have to attend my strategy class to face my (sometimes) ridiculous and brilliant prof, i feel super sian. But when I felt that I WANT to attend his class cuz there is so much to learn, I felt energized and happy. Nothing has changed, except my attitude towards it.

I think that at our age, there is so much knowledge and skill to acquire. If we are passionate about what we do, we will enjoy the process and probably do a wonderful job compared to those who are in it for the material rewards.

Talking to Prof Pearl Tan, and she reminded me not to lose the ability to THINK. Even if an organisation discourages it, always think. Yet also try not to be a pain to work with (which sometimes happen when you are too independent). When you talk to people who LOVE what they do, you can feel it.

I think SMU students are a really lucky bunch. We have profs who love what they do. Prof Pearl Tan, JJ, Joanne Tay and Andrew Lee showed me what true professionalism is. They remind student that having technical skills is a must, but it is the our character that will determine our achievement.

Can you imagine looking into the mirror every morning and hating the man in the mirror? I can't imagine doing that.

Former Senator Alan Simpson famously said: “Those who travel the high road in Washington

need not fear heavy traffic.”

Let us take the road less traveled.

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Daily Show Full Episodes Political Humor Health Care Crisis

This Is It

Just watch the Michael Jackson "This Is It" movie. Blown away by the creative genius called MJ. He is a story teller. His music and videos are just tools for him to tell his story. Behind the glitz and glamor hides someone who I believe truly cares about the people around him and loves what he does. He is no doubt talented, yet the insane hours put in to perfect his performance shows us that talent can only bring us that far, there rest is still sheer hardwork and determination. The passing of a legend. This Is It.

On a Clear Day You Can See Forever

I've made my choice. I've decided to join the accounting profession.

Note the word profession.

This is not a job. But a Profession.

As stated by David Maister, True Professionalism is about having "the courage to care about your people, your clients, and you career".

If not for my exchange, I would never come across David Maister's book, I would not think about joining a professional service firm, and I would still be looking for that ever elusive dream job.

Work for a company that you admire; I think PwC fits that choice. Audit may not be the most exciting job in the world, but I truly believe that it is a job that allows you to develop your business knowledge and ability communicate effectively with people who probably think you're a pest. It also provides a social good to the society at large. Wherever this road may lead, I don't know. But I know i will not treat this as a JOB, but as a chance to learn and grow myself, to be the best colleague and learner the firm has ever seen.

After looking at many auditors who are in their 30s with dry and sallow looking skin, I need to start drinking collagen soup and bring humidifier to the office. Haha. A friend said that I'll still get the same 'dry look'...let's see if i can defy age and gravity....mmm...maybe its time for me to have a portrait like Dorian Grey....looking at Ivan Albright's portrait...well maybe not.

A decision 6 years in the making. I'm happy.