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Business Times
7 days ago
- Business
- Business Times
SGS bond demand to stay high as safe havens sought amid tariff risks, Middle East tensions: RHB
[SINGAPORE] Demand for Singapore Government Securities (SGS) bonds is set to stay high amid investor caution, as traders flock to safe havens on tariff uncertainty and Middle East tensions, an RHB report said on Wednesday (Jun 25). This comes as SGS 10-year yields have trended lower since the start of the year, diverging from US treasury 10-year yields – which spiked to as high as 4.5 per cent in 2025. That was driven by tariff uncertainty, concerns about US debt levels, as well as downside sentiment arising from waning US exceptionalism and the de-dollarisation trend. With falling yields, SGS bonds have enjoyed a rally 'largely supported by traders' flight from US assets', said RHB analysts Barnabas Gan, Laalitha Raveenthar and Muhammad Fahmi Hawari. 'On a year-to-date basis, the SGS 10-year yield has dropped by 57 basis points to 2.28 per cent. In contrast, the spread between US treasury (yield) and SGS (yield) has widened to around 206 basis points,' said the analysts. 'We believe that SGS will continue to benefit from high demand from investors for a safe haven amid the backdrop of tariff uncertainty and heightened Middle East tension,' they added. US President Donald Trump acceded to a 90-day pause on all reciprocal tariffs which is ending in July. That is exempting the pause with China which started in May. Singapore assets' safe-haven appeal Pointing to Singapore's established safe-haven status, the analysts noted that the city-state's economy has earned a reputation for resilience amid uncertainty since the 2008 global financial crisis (GFC), where its recovery surpassed that of peers. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up They noted that in 2010, the Republic's gross domestic product notched double-digit growth at 14.5 per cent, which was 'significantly higher than the growth rate of other major economies', most of whom were still reeling from the aftermath of the GFC. 'This, in turn, spurred a positive sentiment towards Singapore assets, (as) the SGS 10-year (yields) trended lower at a range of 1.29 to 1.61 per cent, reflecting high inflows into Singapore from 2011 to 2012,' they said. During the pandemic, SGS yields continued to enjoy a downside bias, the analysts observed. At that time, the 10-year yields of SGS were 'comparable' to those of US treasury 10-year yields as heightened investor caution drove traders to safe havens, they said. Global uncertainty to drive risk-averse inflows With persistent global uncertainties, safe-haven assets will continue to draw 'strong demand', said the analysts. 'In such an environment, SGS... (will) continue to attract risk-averse capital inflows... despite the US' reshoring push, we maintain a downside bias for SGS yields,' they said. They noted that SGS are backed by Singapore's strong sovereign credit rating, sound fiscal position and stable macroeconomic fundamentals. Moreover, SGS have benefited from the Singapore government's high levels of governance transparency, fiscal prudence and pro-business policy. 'While structural changes in global trade may eventually shift capital allocations, in the near to medium term, elevated risk aversion and flight-to-safety behaviour are expected to exert continued downward pressure on SGS yields, reinforcing Singapore's position as a preferred financial safe haven in Asia,' they said.
Miami Herald
25-06-2025
- Business
- Miami Herald
Top analysts say investors are suckers for bad dividend stocks
Every investor loves a good dividend stock, especially when markets get a little crazy. Get paid-and generate income during rocky times-is a compelling sales pitch. So are steadiness and predictability, common traits in companies with the wherewithal to share profits with the public. Rising dividends provide a hedge against inflation and the power of compounding reinvested dividends over time. Don't miss the move: Subscribe to TheStreet's free daily newsletter And who doesn't love reduced volatility, another hallmark of dividend investing? But investors get so enamored of those pluses that they often let yield obscure stock-specific risk, and a leading stock market research firm says that a stunningly small number of dividend-paying stocks truly represent great investments. Worse, according to research from New Constructs, a much larger number of the companies making distributions fall into one of three dangerous categories: "fake dividends, false dividends or dividend traps." A dividend is a payment from a company to its shareholders out of its profits or reserves. From the 1960s until the mid-1990s, the dividend yield of the Standard & Poor's 500 Index ranged from 3% to just over 6%, and those payouts represented a huge portion of the growth that the stock market was able to deliver. In the 1960s, dividends contributed about 45% of the gains experienced by the S&P 500, according to data from Morningstar and the Hartford Funds. Related: Veteran strategist unveils updated gold price forecast In the 1970s, dividends generated 73% of the total return for the index. In the '80s, they accounted for nearly 30 percent of what a buy-and-hold index investor earned. During the 1990s, as the Internet Bubble was inflating, dividends were de-emphasized. Corporate executives at the time felt that they were better able to deploy their capital by reinvesting it in their businesses rather than returning it to shareholders. Significant capital appreciation year in and year out caused investors to shift their attention away from dividends. Until the Dot-com bubble burst. Coupled with the Great Financial Crisis (GFC) of 2008, the market had a lost decade; the index itself was negative from 2000 through 2009, but its total return was positive-even if it was a paltry average annualized gain of 1.2%-thanks to the earnings provided by dividends. With those market downturns, investors again focused on fundamentals like price/earnings ratios and dividend yields, and dividend-paying stocks made a comeback. Declining stock prices pumped up yields, and in the middle of the GFC, the average dividend yield for the S&P 500 got back above 3%. The long-term average dividend yield on the S&P 500 is roughly 1.8%; according to data provided by Standard & Poor's, though, the current average stands closer to 1.3%, a level it has hovered around for several years. With those kind of numbers, it's easy to see why above-average dividend payers draw investors like coworkers to free donuts. Enter New Constructs, which over a three-week period, focused on different aspects of dangerous dividend games, putting "fake dividends, false dividends and dividend traps" into the "Danger Zone" feature it does on "Money Life with Chuck Jaffe." New Constructs brings together discounted cash-flow analysis and forensic accounting to evaluate securities on a scale of "most attractive" to "most dangerous." Related: Veteran analyst reveals stocks, gold price forecast The firm's stock-picking routinely has been rated by SumZero at or near the top of multiple investment categories, most notably leading consistently in consumer discretionary stocks; SumZero is a buy-side community in which more than 15,000 professional portfolio managers compete for rankings. "We've been hearing a lot in the crazy volatile markets about safer investing, smarter investing, and a lot of people immediately just jump to dividend investing," said David Trainer, founder and president of New Constructs, in an interview that aired on Money Life on June 2. "They oversimplify it. They think it's as simple as finding stocks to just pay good dividends. … Not all dividend stocks are made the same." That's borne out by the firm's research in multiple ways. New Constructs tracks 3,310 stocks, of which 1,421 pay dividends, and just 45 of those companies – 3% of the dividend-paying universe – get an "attractive" or "very attractive" rating from the firm. The firm has labeled 12 times that many stocks as fake dividends, false dividends, and dividend traps. Trainer defined each term and how each situation leads investors astray. New Constructs research included specific examples. Fake dividends occur when a company is paying a dividend, but its stock is poised for a loss that is "more likely to go down 2, 10, 5 or 20 times what the dividend yield is, which means whatever you think about that dividend yield, you're going to losing money overall." As an example, Trainer cited Digital Realty Trust ( (DLR) ; 2.75% dividend), which has a dividend yield of roughly 2.8% but gets a "very unattractive" rating from New Constructs due to "negative cash flows, negative economic earnings {and an] economic book value around negative 30, 40 bucks a share. "So we see a lot of downside here in this super-hot stock that people might think is a dividend stock as well. … But this is not a safe dividend stock … {because] the downside risk in the stock dwarfs the dividend." Trainer said he has a hard time coming up with a fair value on DLR due to the negative economic book value, but he said the downside risk on the stock is roughly $85 per share, which would be a 50% haircut from current levels. New Constructs says DLR is one of 37 stocks currently categorized as having a fake dividend. False dividends occur when a company shows a nice dividend yield, but its cash flows are either negative or insufficient to support the dividend. Investment analyst Kyle Guske said there are 344 stocks that New Constructs has labeled as having false dividends. He noted that companies-stuck with higher interest rates for several years now-are struggling to "fake it til they make it" by borrowing, which is why he expects firms with poor fundamentals, high debt, and little return on capital to be cutting payouts soon. As examples, Guske cited AES Corp. (AES; 6.9% dividend), CTO Realty Growth ( (CTO) ; 8.3% dividend) and Edison International ( (EIX) ; 5.9% dividend), making the case that their numbers suggest dividend cuts are inevitable. "As soon as that dividend gets cut," Guske said in a June 9 interview on Money Life, "people flee looking for other yield. It could create some sort of spiral there, with [false dividend] stocks dropping while people look for higher yields. … Once that dividend gets cut or if they are unable to maintain it, it could create a cascading effect." Dividend-trap stocks look good on the outside; they can make their payouts without any shenanigans, and a dividend cut isn't remotely on the horizon. The problem is that their stock prices are over the moon; with the stock price so high, the yield is low, and that creates the rub. New Constructs has identified 181 dividend traps, meaning that more than one of every 12 dividend-paying stocks is a trap. "We think people often get misled when it comes to dividend stocks in general," Trainer said in an interview on the June 16 episode of Money Life. With a dividend trap, he continued, "if the stock goes down, you are going to lose more money than you make in dividends. That's the problem in chasing yields." He used WD-40 Co. (WDFC) as an example, noting the stock trades near $240 with a dividend near 1.6%, and great cash-flow. "But the stock price is really expensive," Trainer said, noting that the 3:1 ratio of price to economic book value means the market is already expecting the company's profits to improve 300%. New Constructs gives the stock an "unattractive" rating, noting that the "no-growth value" of the stock is $80 per share, a two-thirds haircut. Where dividend investors like "getting paid to wait" for a stock to come around, Trainer said that it would take decades for the 1.5% yield to make up for the losses he sees looming for the stock. "Investors deserve both a good dividend and a good stock," Trainer said. "They shouldn't be forced to choose between the two. The challenge is that it's hard to find both; there's not many [great dividend stocks] out there." Related: Veteran analyst sets surprising S&P 500 target The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Irish Independent
25-06-2025
- General
- Irish Independent
Around the Districts: Around the Districts: Ardcath/Clonalvy, Curraha and Julianstown
Contact Any news or items of interest contact Niamh at 086 3477283 or email niamhuiloinsigh@ Ardcath Tidy Towns If anyone would like to be involved with Ardcath Tidy Towns, please WhatsApp 087 8354805 to be added to the Tidy Towns WhatsApp Group. Michael Fox Ardcath Tidy Towns Committee. Ardcath ICA Social Dancing continues every Monday evening in Bennetts Function Room at 7pm. Anyone interested is welcome to attend. Ardcath Guild Meetings are held on the second Wednesday of the month at 7.30pm in Bennetts Function Room Ardcath - New Members welcome. Clonalvy Patron Day Clonalvy Patron Day will be held on Sunday 29th June. Mass at 1pm in Saint John the Baptist Church followed by Blessings of the Graves in Clonalvy Cemetery at 1.30 p.m. St. Vincent's GFC Lotto Results 16th June. Numbers Drawn were 1-21-41 No Winner. Next week's Jackpot €1,050. Windfall draw takes place on Monday night @ 9.00pm. Play before 6pm Monday at Text Alert Duleek & District Community Text Alert covering Duleek, Bellewstown, Ardcath/Clonalvy, Donore, Beamore, Rathfeigh, Stamullen, Gormanston, Julianstown subscription of €6 can now be paid for free by Revolut. Please send your name & address along with payment to 086 8097737. If you're not already registered with Text Alert, please consider doing so. CURRAHA Contact Curraha GAA Some of our title winning Ladies team paid a visit to St. Andrews, Curragha to show off the recently won League trophy. The kids were delighted to meet the girls and get their hands on the trophy. Hopefully they will inspire the kids to go on to win many trophies of their own for the club, starting with this weeks Under 13 League final. Curraha Tidy Towns Calling everyone to come out the 1st Saturday of each month to clean up your area. Bags can be provided if required ring Deirdre on 0868868917 or Marcella on 0876744691. Please drop the full bags back to the Church carpark for collection by the County Council. Let's be proud of our village. ADVERTISEMENT St. Andrew's National School, Curragha What a great way to end the year! St. Andrew's N.S. has been awarded three flags this month: the Blue Star Flag, the Amber Flag and the Green Flag for travel. The flags were raised on Friday 20th June and families and the whole community were invited to attend this great occasion. Sumer Holidays: we wish all our children, parents, teachers and staff a fabulous holidays and look forward to seeing you all in September. Deposit Return Scheme We are collecting plastic bottles and aluminium cans for the Deposit Return Scheme at our school every Thursday morning at the hall door. Thank you to all our families who are bringing plastic bottles and aluminium cans to our Deposit Returns Scheme for collection every Thursday morning. Thank you to our 3rd class pupils who helped sort them out this week. Thank you to our Parents' Association who collect them and return them on the school's behalf. Support our School Lotto – Contact Julianstown Tidy Towns Judging for Meath County Council Pride of Place takes place in Julianstown on Tuesday lst July at 2.05 pm. Our judge is Aoife Munn who also judges for the Supervalu National Tidy Towns. Julianstown Tidy Towns Volunteers have commenced work in the village on Saturday mornings and Tuesday evenings. We have been replanting the raised beds in the village, cleaning the kerbs of weeds, and cutting back overhanging branches. Larry Lenehan has carried out a great clean up of the bridge wall – thanks Larry. Many thanks to Uniplumo for supplying the bedding plants for all the raised beds – they look wonderful. 14 planters have been placed all around the village and special thanks to those who have volunteered to water them throughout the summer. Meet in the Community Garden at 10.30 am on Saturday morning or join us on Tuesday evening at 7 pm. What's App group – Julianstown Volunteers Group for exact dates, times and where to meet up. . New members are always welcome, and we would appreciate any extra help you can give. Just wear appropriate clothing and footwear. Gloves and tools will be provided. Then afterwards enjoy a cuppa tea or coffee with the gang. Would you like to Volunteer for Julianstown Tidy Towns? There are lots of different way to get involved like volunteering at a local event or festival or supporting more urgent initiatives that come up from time to time. These are just a few examples of roles that you could take on: Helping with our Webpage; Updating our Facebook, and Twitter Pages; Administration; Public Relations; helping with increasing biodiversity in our village and community garden; giving advice on what and where to plant flowers and trees etc. Contact us at julianstowndca@ or join our WhatsApp group–Julianstown Volunteers Group or phone Niamh on 086 3477283. Sincere Sympathy It's with great sadness that Julianstown & District Residents Association would like to pass on our deepest condolences to the family and friends of Carol McGinty who sadly passed away on the 17th of June. Our thoughts and prayers are with Carol's husband Robert, and Daughters Aoibhín, Moya, Rosaleen, Tara, parents Anne and Hugh, brothers and sister Cormac, Mark, Paul, Gary and Maria at this very sad time. May Carol's gentle soul rest in heavenly peace. Ar dheis Dé go raibh a anam. Active Retirement Association East Meath Active Retirement Association (EMARA) meet every Thursday in St. Mary's Church of Ireland Parish Rooms, Laytown Road, Julianstown from 2.30 pm to 4.30 pm each week. New members are always welcome to join this vibrant group of men and women. We have many events and outings lined up for the coming month. For more details contact Rose at 0868377033 and Eilish at 0863656951 . Adult Dance Classes in Julianstown Adult Dance Classes with Rachel Smyth will be held each Tuesday in the Julianstown Community Centre from 10 am to 11 am. Admission is €60 for a six-week term or €12 per drop-in class. Book now on 087 9420307 Bowls Club Julianstown Bowls Club is recruiting new members. Why not come along to experience the game of bowls and have a very enjoyable evening, on Monday or Thursday from 8 to 10 pm in Julianstown Community Hall. Contact Sean on 086-8438803 or Marie 086-1525413. St. Mary's Church of Ireland All services 10.30 am. Sunday 29 June: Service of Wholeness and Healing Charity Collections: The June collection will be for the Church's Ministry of Healing. Summer work parties: take place in the church grounds from around 7pm every Tuesday evening. Although the number of people who come is diminishing, great work is achieved around the church grounds. If you are free, on any summer Tuesday evening when the weather is fine, please come along. Work around the Parish Rooms: the work around the parish rooms has been completed and everything looks lovely. Thanks again to the donor who made the paving work possible. A new fire alarm system has been installed in the church and the parish rooms. There is always some improvement or maintenance issue around our buildings! St. Mary's and St. Patrick's Church Baptism Preparation: Our next preparation meeting takes place this Tuesday, 2nd September. If you wish to register your child for Baptism please contact our parish office. Last weekend we welcomed, Arthur Asaftei, Frankie Folan and Cillian O'Leary Lynch, in Baptism. Parish Projects 2025: Repairs to the Roof and Gutters in St. Mary's Church are almost complete. We are awaiting the installation of the Facia and gutters. This Project was our last big project for our Parish for this year. In St. Patrick's Church, the upgrade of the heating system will take place in the coming weeks. All the work carried out in our Parish this year is made possible through your generous donations and support. Thank you and God bless you. Fr. Brendan. Plaque in St. Mary's Church: We are currently preparing information for the Plaque in St. Mary's. There is still time to include your intention on this Parish Plaque which will be placed in St. Mary's Church. This marble plaque will be erected in the entrance hall acknowledging all who donate towards projects. 'Benefactors' will be inscribed on the plaque. The plaque will ask all who read it to please pray for all benefactors and all the above named. If a person or family donate €500 or more, they can place their family name, or the name of a deceased loved one on the plaque. Donation sheets are available beside the Newsletters you can complete a Form and send the donation in an envelope or via bank transfer. Moorechurch Cemetery Mass and Blessing of Graves in Moorechurch Cemetery will take place on Sunday, 6th July at 11:30am. As always, we ask that visitors to the Cemetery take their rubbish/dead flowers etc., home with them. We encourage this practice to ensure the cemetery is in perfect condition for all who visit. St. Patrick's GFHC Lotto: Jackpot €9,000 drawn on 100h June. Numbers drawn: 6, 9,11,24 No Winner. Next week's Jackpot: €9,100. Sincere Sympathy: It's with great sadness St Patrick's GAA would like to pass on our deepest condolences to the family and friends of Carol McGinty who sadly passed away on 17th June. Our thoughts and prayers are with Carol's husband Robert, and Daughters Aoibhín,Moya,Rosaleen, and Tara at this very very sad time. May Carol's gentle soul rest in heavenly peace.
NZ Herald
21-06-2025
- Business
- NZ Herald
There's an upside to this painfully slow economic recovery
There's a lesson there, and it's one you might think a 50-something-year-old bloke should have learned already. There are no shortcuts in life. Or at least none that don't have consequences and complications of their own. So no prizes for guessing where this analogy is headed ... These days, we're talking a lot about the state of the economic recovery. We're frustrated because it is taking longer than we'd like. And yes, New Zealand took an almighty dose of over-the-counter stimulus to deal with the economic fallout from Covid-19. For a time, it felt like we'd avoided the worst of the symptoms, but then we overheated, and then we crashed. Now we're in recovery. And it's a hard-fought one. It's making us sweat. It's the kind of recovery we have to earn, and I think that, as painful as it feels now, it might be good for us in the long run. It's so hard precisely because it isn't pumped up by Government stimulus, it isn't pumped up by immigration, and it isn't pumped up by rising house prices making us richer than we are. We've relied on those three drivers to inflate our sense of economic progress for a long time. The disappearance of a 'wealth effect' based on house prices has been a shock to New Zealand's economic system I think it probably accounts for the slower pace of recovery as much as anything else in the myriad puzzle pieces. Gareth Kiernan, chief forecaster at Infometrics, said last week that his forecasts were for house price inflation to average 3.1% a year over the five years to June 2030. In nominal terms, prices would pass their 2021 peak in mid-2029, he said. But adjusted for inflation, prices in mid-2030 would still be a fifth below the peak. That would represent a bigger drop than we saw in the global financial crisis (GFC), when prices fell 14% in real terms. Long-term forecasts are notoriously unreliable and other economists aren't so downbeat. But if Kiernan is right and the days of the wild housing booms are over, then it would represent a huge cultural shift that could reshape our economy. We have dealt with many of the big supply constraints that were limiting the amount of house building a decade ago. There's also a demographic shift under way. A large bubble of boomers (is that the collective noun?) will be looking to sell down in the next few years. And, of course, migration has been subdued with a net population gain of just 21,000 in the year to May – down from a staggering peak of 138,000 in the year to October 2023. Perhaps this Government or the next will panic about house prices and start enacting policies to push them higher. But the politics of housing are shifting, and a growing number of non-home-owning voters is likely to keep the pressure on to keep supply open. Creating new demand isn't as simple as throwing open the borders either; we need an economy that is creating jobs to attract more migrants. I'm not convinced house price growth will stay as subdued for as long as Kiernan suggests. But I agree that there is no sign of another boom on the horizon to turbo-charge this economic cycle. So what's the good news? Where's the payoff for the economy? The early 20th-century Austrian economist Joseph Schumpeter had a thing or two to say about the value of difficult economic cycles. He is famous for a concept called 'creative destruction'. He argued that downturns weeded out inefficient parts of the economy and ultimately made economies more innovative and efficient. His views can sound pretty hard-hearted when you consider the human cost of business failures and job losses. But he had a point about tough conditions driving new innovation and efficiencies in an economy. Faced with squeezed margins and slow revenue growth, businesses have to think creatively about what they do. They have to look at improving productivity, whether that is through cost-cutting or investing in new technology and exploring new products or new markets. Without property sitting there as an easy investment option, Kiwis will also have to get smarter about where they put their money. Capital is more likely to flow to the productive parts of the economy. It is a great relief that our agricultural export sector is humming this year. Without that, there may have been no recovery at all. Economies can and do get trapped in recessionary feedback cycles that are no good for anyone. But we have some momentum, and we have a central bank that has regained control of inflation. It may need to pause its interest rate cuts in July, to make sure it still has that control. But with plenty of spare capacity in the economy, the medium-term outlook for inflation remains subdued. The RBNZ still has scope to go lower if required. Yes, this recovery is a slow and painful process. We're being forced to sweat it out for every small gain in an uphill slog. I'm hopeful that it will see us emerge leaner and fitter. We'll be better placed for the period of sustained growth we'll need to start solving our fiscal woes and the social challenges we're facing in the coming decades. Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.
Economic Times
21-06-2025
- Business
- Economic Times
Patience is key in markets as global uncertainties test new investors: Raamdeo Agrawal
Investors may face short-term stagnation, but enduring patience often leads to stronger long-term returns—especially critical for newcomers navigating today's uncertain market. Synopsis Market veterans urge patience amid current dull phases and geopolitical tensions. While returns may dip temporarily, long-term gains often follow extended periods of low performance. New investors should embrace this cycle with discipline and perspective. I was talking to some people they were saying that market is dull. What do we do? So, I said expect little lower return and get ready for a bigger return. Longer you wait for a low return, higher will be the return on the back ended. So, this is a time for a little patience, says Raamdeo Agrawal, co-founder of Motilal Oswal Group. ADVERTISEMENT Raamdeo Agrawal: Coming back to your question, markets have been actually very resilient if you look at a very long term, 10, 15, 17 years. It has been very predictable market and in last 16 years if you see, we have seen…, 16 years means we are talking about something like post GFC which is about 2008-09. So, after that only Covid has been one of the big breakdown, otherwise market has been very-very nice and scaling up. And from 2020 post Covid, we are seeing virtual boom from 8,000-9,000 post covid correction to now 24,000-25,000, so 3x in five years, so it is a very sustained rise and it is very resilient. I mean, good thing is that not only it is rising, the corrections are very-very shallow and so that is giving the confidence. Even it has given a lot more confidence to retail investors and so, yes, journey has been very good. Raamdeo Agrawal: So, I was talking to some people they were saying that market is dull. What do we do? So, I said expect little lower return and get ready for a bigger return. Longer you wait for a low return, higher will be the return on the back ended. So, this is a time for a little patience. Today market is good, but generally all these geopolitical challenges, the patience is a lot more required whenever the external environment becomes hostile. So, right now we are going through slightly turbulent environment and patience is the key one should… I mean, lot of people have come new in the system, almost like 60-70% people are less than five years into the market. So, they would have not…, their patience will be tested for the first time, so they should be ready to provide that necessary patience, no return kind of a zone for some time and then journey again starts. So, my sincere request to all the new investors would be that they should be ready to provide that patience which is the biggest fertiliser for long-term investing. ADVERTISEMENT Raamdeo Agrawal: No, there has been…, a downdraft for the gold must be low. Of course, gold has done much better than I ever thought it will do. One is that there is no outperformance to further gold performance. If gold has done 15% or index has done 15%, I think I must have done at least 20%, so that 5% is not possible in gold. It is only possible in equities and I mean, some of the guys might have done 25%, 30% also, that is not possible in gold unless you leverage and those kind of things. So, yes, I mean, gold has outperformed my own wildest expectation and it has emerged globally also as a very important bucket of value, so the people who believe in gold, of course, it is good news to them. And right now, it looks very, what do you call, bullish, but I would not put anything onto the gold. I am pretty comfortable. One of the things which Mr Buffett said is do what you understand. So, I understand only equities. So, I am pretty good at staying with equities. ADVERTISEMENT Raamdeo Agrawal: No, I still think capital market remains a big opportunity because it is asset light and it is very scalable and the firms, particularly is the opportunity size is one. Second is the scalability within, what do you call, opportunity itself, like if you look at the global asset management companies, now they do not talk in billions, they only talk in trillions. I mean, like there are $8 trillion, $10 trillion kind of a single asset management company. So, those kind of… As our AUM grows, we will also see that 10-15% of the total AUM would be with one AMC, like in India out of 40 lakhs equities, SBI must be having almost like 7-8 lakh crores. So, those kind of consolidated positions will be there on a much more enlarged asset base. When asset base goes from 40 lakh crores to 400 lakh crores, these giants will have their due share in the larger pie also. So that kind of a capital market… and capital market is very, I would say, at least to me it looks like very smoothly compounding and scaling as a GDP of the country grows and the entire system remains intact. So, the capital market opportunity still is a pretty large opportunity and now markets have valued it also somewhat. ADVERTISEMENT When we talked about three years back, valuations were very cheap. Now, people are realising that and it is showing up in the valuation. So, less attractive opportunity than what it was three years back, but nevertheless longer term that opportunity still stays pretty intact. But going to other segments, if the oil price stabilises about $65 or $60, all the OMCs which are there at current, currently available at literally one book or one-and-a-half book, 10 times, 12 times for their size of the businesses that seems to be kind of a great opportunity and it is very early trend. But let us see, I mean the government also has to be supporting in terms of policy making but that looks to be a big trend out here. Raamdeo Agrawal: So, like the real estate looks to be…, real estate, defence, energy transitions, capital market, I mean these are few themes which are coming immediately to my mind, they will grow at more like 20%, 22%, 25%. Even banking, banking on the whole, the kind of policy we are seeing, the regulator wants higher growth, credit growth rate. So, if the 13-14%, if they go back to the trend, credit growth rate, in that case mid-sized banks, well-managed banks they will grow at about 18-20% or more than that. So, yes, I mean, there are whole lot of sectors who will definitely grow. I mean, almost like one-and-a-half times of nominal GDP growth rates. ADVERTISEMENT Raamdeo Agrawal: I mean, you have to be selective what companies you buy because it is a very-very large sector and the companies have their own limitation in terms of execution. Every city has two-three very large realty companies. But then if you look at the whole country, as you go from current $4 trillion GDP to $8 trillion or $20 trillion, the biggest game in town is going to be the real estate company. Anybody makes money anywhere in stock market or anywhere, first thing they go is and splurge in buying a better house, good house and better house. If somebody has two bedroom, he will go for three-bedroom, they will go for better locality. So, real wealth effect of stock market and of the broader economy will be reflected in realty boom and that is what we are witnessing and I mean, it is just about three-four years old kind of thing, till about Covid things were absolutely in dumps. Of course, they have come back from there and a lot of companies are listed also and a lot of companies are going to come up, but in this space we will find some unknown tier III companies or tier II companies or small companies making big splash in next 5-10 years. Raamdeo Agrawal: Yes, so that I forgot to tell, but that is one thing which is going to be across, I mean, there is going to be so many companies from the digital side. The way US market is looking today that 8-10 digital companies are kind of a dominating the entire index movement or corporate profitability movement, those movements will also come maybe after five-seven years in terms of significance. Raamdeo Agrawal: I mean, that is company wise, you have to go very company-wise, listen to the story, eat, drink, and spend time with them and understand their story. At that time you are able to figure out, at least the way I go about doing it is spend a full day with the company, at the end of the day you will be able to figure out whether it is in the price or you are way above the…, I mean, underlying value is more than the price or price is more than the value that you will be able to figure out by spending full day with the company. Raamdeo Agrawal: I am not too sure that world will go without IT services companies like Infosys, TCS, and all. But AI computing or what AI role…, I mean role of services companies will be changing for sure and they have been changing right throughout, from a complete body shopping in 90s to project implementation and now very large complex projects and now the new angle which has come up is the AI computing. So, I mean how relevant they will be in this new…, and they will be relevant, I do not have any doubts. The issue is, are their role going to go up or they will go through this stagnancy process or some kind of a contraction also. Because it budgets, I mean in my own company IT budgets are not going down, it spend is continuing and it is always short, your projects are not getting completed in time. So, it is not that just AI is coming and eating away all the services, no, it is not happening in real life. 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