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Stop Pushing Water Down - Push It Back for Real

2026-07-17T23:12:19.853+08:00

Good video on our arm movement by @oceanswimschool

Die holding US Stocks and pay 40% tax? — What Singapore investors need to know about US inheritance / estate tax

2026-07-07T21:25:00.979+08:00

Good article from Financialhorse.com 👍
https://financialhorse.com/die-holding-us-stocks-and-pay-40-tax-what-singapore-investors-need-to-know-about-us-inheritance-estate-tax/

The United States maintains estate and gift tax treaties with a specific group of 15 countries. These agreements are designed to prevent double taxation by providing rules for determining tax residency and allocating taxing rights between the two countries. Here are the 15 countries that have an estate or gift tax treaty with the U.S.:

Country	Treaty Type
Australia	Estate & Gift
Austria	Estate & Gift
Canada	Estate*
Denmark	Estate & Gift
Finland	Estate
France	Estate & Gift
Germany	Estate & Gift
Greece	Estate
Ireland	Estate
Italy	Estate
Japan	Estate & Gift
Netherlands	Estate
South Africa	Estate
Switzerland	Estate
United Kingdom	Estate & Gift

*Note: The estate tax provisions for Canada are contained within Article XXIX B of the U.S.–Canada Income Tax Treaty.

Important Considerations

Purpose: These treaties are primarily used to address "tie-breaking" issues, where both countries may assert that an individual is domiciled within their jurisdiction for tax purposes. By allocating the right to tax, they help avoid instances where an estate is subjected to tax in both nations.
Treaty Variations: Not all treaties are the same. For example, some include tie-breaking rules, while others (like the treaty with Switzerland) do not. Some also include provisions regarding marital deductions for non-U.S. citizen spouses or allow for a prorated increase of the U.S. estate tax unified credit.
Official Source: For the most accurate and up-to-date legal text, you should refer to the Internal Revenue Service (IRS) Estate & Gift Tax Treaties page.

Because estate tax law is highly complex and involves specific international legal agreements, it is strongly recommended that you consult with a qualified tax attorney or accountant who specializes in cross-border or international estate planning if you are managing assets in multiple jurisdictions.

US Stock Market 1951-2925 (75 years)

2026-07-04T15:06:09.615+08:00

This is why better to be in market, from Adam Khoo (8:37)

Freestyle Shoulder Rotation

2026-06-28T10:54:08.497+08:00

Freestyle shoulder width & kicking position

2026-05-03T21:55:00.002+08:00

https://youtube.com/shorts/JqJIL6o6ztc?si=Cn2rzqjPr52OH_Xe

Endowus - Legacy planning checklist:

2026-03-18T22:58:00.005+08:00

Good article from Endowus.

Endowus is a leading independent, MAS-licensed digital wealth management platform in Singapore and Hong Kong. It enables individuals and institutions to invest cash, CPF, and SRS savings in curated, low-cost portfolios, acting as a fiduciary advisor. It specializes in providing access to institutional-grade fund management services.

In Singapore, a complete legacy plan typically involves five legal tools: a Lasting Power of Attorney (LPA), a will, a CPF nomination, a trust, and an advance care plan (ACP). Each addresses a different scenario, and gaps in any one of them can have real financial, legal, and emotional consequences for the people you leave behind.

WTF is an ETF? by App Economy Insights LLC

2026-02-18T17:50:00.003+08:00

Warren Buffett said that when he dies, 90% of his wife’s inheritance will go into a single investment. He explained in his 2013 shareholder letter:

“My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund.”

That low-cost index fund? It will likely be an Exchange-Traded Fund (ETF).

ETFs have exploded in popularity, holding over $13 trillion1 in assets worldwide.

Think of an ETF as a basket of investments. 🧺

Inside, you’ll find stocks, bonds, or other assets bundled together into a single package. You get the benefits of diversification without the hassle of picking individual investments.

In this guide, we’ll visualize the biggest ETFs and explore more specialized options.

Ready to dive in? Let’s go.

1. The ABCs of ETFs

Instead of buying individual stocks or bonds, an ETF allows you to buy an entire basket. Inside, you’ll find a collection of assets that track a specific index, sector, or asset class.

Whether you’re looking to invest in a specific country or get exposure to an entire industry, there’s likely an ETF for that.

Why ETFs are so appealing:

Diversification: Instead of looking for a needle, you buy the entire haystack. It guarantees you won’t miss big winners in the category.
Easy to trade: Like stocks, ETFs can be bought and sold throughout the trading day.
Transparent: Most ETFs disclose their holdings daily, so you always know exactly what you invest in.

Total assets invested in ETFs have surged 5X in the past decade as investors increasingly shift from active investing—where managers pick stocks—to passive investing, which tracks market indices with lower costs and higher transparency.

Low costs, big impact:

ETFs make our investing lives much easier, but they are not free.

They charge an annual percentage fee called the expense ratio. Whenever approaching a new ETF, it’s the first thing to consider. Even small differences in fees can add up over time.

For example, if you invest $100K in an ETF with a 0.50% expense ratio, you’d pay $500 annually. While it may not sound like much initially, these fees can eat away at your returns over time. Let’s assume the invested $100K compound at 10% annually over 20 years. The portfolio will turn into $673K.

Let's explore how different fees affect the outcome:

0.05% expense ratio will cost the investor $6K.
0.50% expense ratio will cost the investor $59K.
1.00% expense ratio will cost the investor $112K.

As you can see, the 1.0% fee results in a 19% haircut in the portfolio’s returns.

Even slight differences in fees can dramatically impact returns over time.

Just like returns, costs compound.

As greatly put by the late Jack Bogle:

“In investing, you get what you don't pay for. Costs matter.”

That’s why low-cost ETFs are often the smarter choice for long-term investors.

What’s “low cost”?

This is a bit subjective, but here’s a good rule of thumb:

Low cost: Under 0.10% is generally considered very low. Funds that match popular indices like the S&P 500 charge as little as 0.03%.
Affordable range: 0.10% to 0.25% is still cost-effective compared to mutual funds. This range typically includes ETFs focusing on specific categories (like emerging markets) or strategies (like growth or value).
High cost: Anything above 0.50% may require a closer look to ensure the potential returns justify the fees. These are usually niche or actively managed ETFs, such as thematic funds (like ARKK for disruptive innovation) or leveraged/inverse ETFs (such as TQQQ) used by high-frequency traders.

2. The Heavyweights of the ETF industry

Behind every ETF is a fund provider—the company that creates, manages, and markets these funds. A few giants dominate the industry, managing trillions of dollars across their ETFs.

Let’s take a closer look at the largest ETF providers by Asset Under Management (AUM) as reported by ETF Database:

⚠️ Misconception Alert: ETF providers like BlackRock and Vanguard often appear as the largest institutional holders of major companies, leading to the belief that they “own” these firms. In reality, individual shareholders—people like you—own fractional stakes through ETFs. Providers act as custodians, managing shares and voting in corporate elections as fiduciaries, not owners.

The Biggest Players by AUM

BlackRock (iShares):

AUM: $3.2 trillion in ETFs.
Funds: 452.
Average expense ratio: 0.30%.
Differentiator: Offers the largest variety of ETFs. Caters to both retail and institutional investors. BlackRock is a public company (BLK), and the visual below shows how they make money.

Vanguard:

AUM: $3.0 trillion in ETFs.
Funds: 86.
Average expense ratio: 0.09%.
Differentiator: Known for its investor-owned structure, ensuring profits are reinvested to lower fees. Flagship funds include VOO (S&P 500) and VTI (Total US Stock Market).

State Street Global Advisors (SPDR):

AUM: $1.5 trillion in ETFs.
Funds: 158.
Average expense ratio: 0.27%.
Differentiator: Pioneered ETFs with SPY, the first US-listed ETF, and offers sector-specific offerings like XLK (Technology).

The Largest ETFs by AUM

Not all ETFs are created equal. Some dominate the market with hundreds of billions of dollars in AUM. These heavyweights are popular for a reason: they’re simple, reliable, and offer exposure to popular assets.

Let’s take a look at the giants of the ETF world:

S&P 500 index funds: SPY, IVV, and VOO. They offer a market-cap-weighted exposure to the largest US companies.
Total US Market: VTI covers the entire US stock market, including small, mid-cap, and large-cap stocks. It’s also a market cap-weighted index, so the largest companies still dominate. The performance is very similar to the S&P 500 index.
Growth/Value: VUG and VTV are Vanguard’s largest thematic funds focused on growth and value, respectively.
Nasdaq 100: QQQ tracks the 100 largest non-financial companies on the Nasdaq Stock Market. It’s heavily weighted toward large-cap technology companies.
Bond ETFs: BND and AGG represent the US investment-grade bond market.

Why these ETFs stand out:

Proven performance: These funds have a track record of delivering returns that match their benchmarks.
Low expense ratios: Their size often allows them to charge rock-bottom fees.

These ETFs are foundational building blocks for many investors. Whether you want broad exposure to the US market, a tech-heavy focus, or a safe bond allocation, these funds have you covered.

3. Increasing US Concentration

The US stock market is increasingly concentrated, with a few dominant companies driving a significant portion of market performance. This trend is especially visible in the S&P 500 and Nasdaq 100:

SPY’s top 10 holdings make up 39% of the fund, while QQQ’s top 10 holdings account for a staggering 52%.
The “Magnificent Seven” (Apple, Microsoft, Amazon, NVIDIA, Alphabet, Meta, and Tesla) now represent 34% of the S&P 500’s value.

The visual below explains why we regularly write about these companies. Their performance alone moves the market.

According to Goldman Sachs Research, the current concentration level has not been seen since the Great Depression. That said, Goldman highlighted that today’s market leaders exhibit better margins, higher returns on equity, and lower valuations than previous bubbles.

Goldman Sachs Research

High concentration can amplify both risks and rewards:

Upside: Concentration has historically driven strong returns during bull markets. The top 10 stocks contributed over a third of market gains in the past five years. A big benefit of indexing is that you don’t miss the rise of a company like NVIDIA.
Downside: Concentrated markets may be more vulnerable to downturns. If a few top stocks falter, they can pull the entire index lower. But it ultimately comes down to the fundamentals and expectations reflected in valuations.

Critically, the Mag 7 are diversified businesses in their own right. As illustrated through our visuals all year round, most of these market giants have a wide range of segments and are diversified businesses in and of themselves. It makes comparisons to prior decades somewhat misleading.

As the top-performing stocks outperform others, they gain even greater weight in the index, creating a self-reinforcing cycle. But remember, investing in a broad index still implies a large exposure to all the laggards, which could rebound if the market shifts.

4. Beyond the basics

While broad market ETFs like SPY and VTI are great starting points, the ETF universe offers a vast range of specialized options to fine-tune your portfolio. You can target specific regions, company sizes, investment styles, and even alternative assets.

Let's explore some of the most common ETF categories:

Choosing the right ETF mix

With over 10,000 ETFs available, selecting the right ones can feel like navigating a Cheesecake Factory menu—overwhelming! The most important factors are your investment goals, time horizon, and risk tolerance. Know what you are looking for.

There's no need to overcomplicate things. Uncle Warren would stick with a simple S&P 500 index fund. If you desire broader exposure, a total world stock market ETF like VT provides a market-cap-weighted portfolio that's globally diversified (and only charges a 0.07% expense ratio).

Key Takeaway: Specialized ETFs can be valuable tools, but they require careful consideration. Always do your research, understand the risks and costs involved, and keep it simple.

Bottom Line:

ETFs have revolutionized investing, making it easier than ever to build a diversified portfolio. With their low costs, transparency, and simplicity, ETFs are powerful tools for both beginners and seasoned investors. The key is understanding what’s inside the basket and how it fits into your overall strategy.

Ready to take the next step? Elevate your investing game with our guides on How To Analyze a Stock and why you should Let Your Winners Run.

That’s it for today!

Stay healthy and invest on.

ROE vs ROI: A Critical Concept Many Property Investors Miss

2025-12-27T12:40:00.008+08:00

ROE article on Property investing by Stuart Chng, Executive Group District Director at Huttons, is a renowned leader and personality in the real estate industry. https://www.stuartchng.com/post/roe-vs-roi-an-important-factor-that-property-investors-overlook

Streamline Arm + Body

2025-11-17T22:57:00.008+08:00

https://www.youtube.com/shorts/cKt2yP7BFW0

Warren Buffett Farewell Letter

2025-11-14T22:35:00.008+08:00

https://www.berkshirehathaway.com/news/nov1025.pdf

CFP at a glance by Etiqa Insurance (as of Aug 2025)

2025-10-04T21:00:00.007+08:00

100% stocks maximize long-term wealth, while a 60/40 stock-bond mix reduces volatility but greatly limits returns ($33,033 vs. $4,200).

2025-09-27T12:32:00.008+08:00

From Adam Khoo post
https://www.facebook.com/share/p/1ZiixkqAo2/

100% invested in Equity (stocks) will maximise your returns/wealth accumulation over the long run. A mix of stocks and bonds (60%/40%) will lower volatility during recessions but you sacrifice a large part of your potential gains. $4,200 versus $33,033. There is no right or wrong way to invest. Would you rather get lower returns with lower volatility or higher returns with higher volatility?

Top 8 ETFs to buy for Singapore Investors in 2025

2025-09-14T23:24:00.006+08:00

Top 8 ETFs to buy for Singapore Investors in 2025 (by Financial Horse)

ETF comparison

2025-08-24T16:02:00.025+08:00

https://indexes.nasdaqomx.com/docs/fs_ndx.pdf

https://www.youtube.com/watch?v=R80FtG2kX9o

US-Domiciled : 30% dividend tax
Irish-Domiciled : 15% dividend tax

U.S.-domiciled vs Ireland-domiciled ETF estate tax comparison:

Criteria	U.S.-Domiciled ETF	Ireland-Domiciled ETF (UCITS)
Estate Tax Exposure	Yes – considered U.S.-situs property; subject to U.S. estate tax.	No – Irish-domiciled, not U.S.-situs; not subject to U.S. estate tax.
Exemption Threshold	Only US$60,000 exemption; above this, U.S. estate tax up to 40% applies.	Not applicable; no U.S. estate tax filing required.
Dividend Withholding Tax	30% on U.S. dividends for Singapore investors (non-treaty country).	15% effective rate via U.S.–Ireland tax treaty inside the fund.
Singapore Context	Singapore has no estate duty – U.S. estate tax is the main risk.	Same – but Ireland domicile avoids the U.S. estate tax risk entirely.
Community / Expert View	Generally discouraged by global investors due to estate tax trap and higher dividend tax.	Widely recommended for non-U.S. investors (e.g. CSPX, VWRA, VUAA) to avoid U.S. estate tax.

Quick notes (context you may find useful):

Singapore currently has no estate duty, so the key exposure here is the U.S. estate tax if you hold U.S.-situs assets directly (including U.S.-domiciled ETFs). (IRS)
Irish-domiciled UCITS ETFs also tend to be dividend-efficient for U.S. stocks (15% treaty rate inside the fund vs 30% if you hold U.S.-domiciled ETFs directly as a Singapore tax resident), but that’s a dividend withholding point, not estate tax. (No Money Lah)

	S&P 500 ETF (e.g., SPY, VOO)	NASDAQ ETF (e.g., QQQ, QQQM)
Index Tracked	S&P 500 (500 large US companies)	NASDAQ-100 (100 largest non-financial companies on NASDAQ)
Sector Exposure	Broad: Tech, Healthcare, Financials, Industrials, etc.	Tech-heavy: Apple, Microsoft, NVIDIA, Amazon, etc.
Diversification	More diversified	More concentrated (especially in tech)
Volatility	Lower	Higher
Dividend Yield	Typically higher (~1.3–1.6%)	Lower (~0.5–0.8%)
Growth Potential	Slower, more stable	Faster, more aggressive growth

Historical Performance (approximate annualized 10-year return)

S&P 500 ETF (VOO, SPY): ~11–12%
NASDAQ ETF (QQQ): ~14–16%

Suggested Strategy

Balanced approach: Some investors split 60% S&P 500 and 40% NASDAQ to balance stability with growth.
Dollar-cost averaging: Invest over time to reduce timing risk.

Index / ETF	Annualized Return (20-Year)	Notes
S&P 500 (e.g., VOO, SPY)	~9.5% – 10.0%	Includes broad US market exposure
NASDAQ-100 (e.g., QQQ)	~12.5% – 13.5%	Strong tech-driven performance

Comparing S&P500 ETF (Irish-domiciled), SPYL vs CSPX

Feature	SPYL	CSPX
Full Name	SPDR S&P 500 UCITS ETF (Acc)	iShares Core S&P 500 UCITS ETF (Acc)
Ticker Symbol	SPYL	CSPX
Domicile	Ireland (UCITS)	Ireland (UCITS)
Index Tracked	S&P 500 Index	S&P 500 Index
Structure	Accumulating (dividends reinvested)	Accumulating (dividends reinvested)
Launch Date	31 Oct 2023 (newer fund)	19 May 2010 (long track record)
Assets Under Management (AUM)	~€9.9 bn	~€106 bn
Expense Ratio (TER)	0.03% p.a. (cheapest UCITS S&P 500)	0.07% p.a.
Replication Method	Physical (optimised sampling)	Physical (optimised sampling)
Liquidity / Trading Volume	Growing, but lower than CSPX	Very high, extremely liquid
Popularity	Gaining traction, attractive due to low fees	Most popular UCITS S&P 500 ETF, widely used in SG/EU
Best For	Cost-sensitive investors who want the cheapest fee	Investors wanting liquidity, proven history, tight spreads

SPYL = lowest fee, but newer and smaller.
CSPX = more expensive, but highly liquid with a 15-year proven track record.

https://www.youtube.com/watch?v=DmGSbLgLpJ0

Both CSPX (iShares Core S&P 500 UCITS ETF) and CNDX (iShares NASDAQ 100 UCITS ETF) are popular, Ireland-domiciled, accumulating ETFs managed by BlackRock. While they share the same structure and tax advantages for international investors, they track fundamentally different segments of the U.S. market.

Comparison Table: CSPX vs. CNDX

Feature	CSPX (iShares S&P 500)	CNDX (iShares NASDAQ 100)
Benchmark Index	S&P 500 Index	NASDAQ 100 Index
Exposure	500 largest U.S. companies across all sectors.	100 largest non-financial companies on the Nasdaq.
Expense Ratio (TER)	0.07%	0.30%
Dividend Policy	Accumulating (Auto-reinvested)	Accumulating (Auto-reinvested)
Domicile	Ireland (15% Withholding Tax)	Ireland (15% Withholding Tax)
Sector Focus	Broadly diversified (Tech, Finance, Health, etc.)	Heavy Tech & Communication focus (approx. 50%+).
Top Holdings	Apple, Microsoft, NVIDIA, Amazon, Meta.	NVIDIA, Apple, Microsoft, Amazon, Tesla.
Risk Profile	Moderate (Market beta)	Higher (Growth-oriented, higher volatility)
Fund Size (AUM)	Very Large (~$130B+ USD)	Large (~$24B+ USD)

Key Differences to Consider

Cost Efficiency: CSPX is significantly cheaper to hold, with an expense ratio of 0.07% compared to CNDX’s 0.30%. Over a long-term horizon (10–20 years), this difference in fees can noticeably impact total compounding.
Sector Concentration: * CNDX excludes financial companies (banks, insurance) and is heavily tilted toward "Growth" stocks, specifically in software, semiconductors, and internet services.
- CSPX provides a more balanced "Blend" of the entire U.S. economy, including energy, financials, and industrials, which may provide better protection during tech-specific downturns.
Volatility: CNDX historically offers higher potential returns during bull markets but comes with much steeper drawdowns. CSPX is generally considered the "core" of a portfolio, while CNDX is often used as a "satellite" to increase growth exposure.
Tax Advantage: Since both are UCITS ETFs domiciled in Ireland, they both benefit from the U.S.–Ireland tax treaty. This reduces the dividend withholding tax to 15% (compared to 30% for U.S.-domiciled ETFs like VOO or QQQ) and ensures they are not subject to U.S. Federal Estate Tax.

Update 10 Oct 2026 (Link)

CSPX vs XUS: How the new S&P 500 UCITS ETF on SGX compares

Good rotation + Delay the PULL

2025-08-09T09:30:00.012+08:00

Good rotation
Don't rush the PULL
Avoid these 3 mistakes

How to Fix Your Freestyle Stroke – 5 Easy Changes That Work (Today)

2025-08-05T22:52:00.005+08:00

If Apple Built a Stock Brokerage, It’d Look Like Longbridge

2025-08-02T21:38:00.002+08:00

If Apple Built a Stock Brokerage, It’d Look Like Longbridge

2025-08-02T15:08:00.006+08:00

1. Poor Body Position

• Your head or hips may be too high or too low.

• If your head lifts to breathe or if your kick pushes your chest upward, it causes your body to seesaw—hips drop, chest rises, and vice versa.

2. Inconsistent Kick Timing

• An unsteady or overly powerful kick can create upward and downward thrust rather than driving you forward.

• If you’re “bicycle kicking” or not using a compact flutter kick, it adds vertical motion.

3. Pressing Down with the Hand

• During the catch, if you press down on the water instead of pressing back, your upper body lifts.

• This throws off balance and rhythm.

4. Core Not Engaged

• A soft or loose core can’t hold a stable, horizontal line in the water.

• You end up flopping or bouncing instead of gliding.

5. Breathing Mistakes

• Lifting your head to breathe instead of rotating your body causes a spike in vertical motion.

• You might also “pause” your stroke to breathe, which creates a stop-start rhythm that looks like bouncing

GENIUS Framework

2025-07-27T10:25:00.000+08:00

The GENIUS Framework
G – Grind Fast
Move fast. Launch fast. Learn fast.
Instead of overplanning, get something out and improve quickly.

E – Eliminate Bureaucracy
Flatten hierarchies. Kill approval chains.
Empower engineers to make decisions on the ground.

N – Normalize Failure
Mistakes aren’t shameful - they’re feedback.
Celebrate what went wrong if you learn from it faster than others.

I – Iterate Relentlessly
Don’t wait months to make changes.
Use every test, every failure, every micro-feedback to build version 2.0 - fast.

U – Understand the Core Problem
Musk always asks: “What is the fundamental problem we’re solving?”
Go beyond surface fixes. Break the problem down to its physics and rebuild from first principles.

S – Speed of Innovation > Size of Company
Big teams don’t win. Fast-learning teams do.

5 mistakes to FIX in Freestyle

2025-07-08T22:52:00.003+08:00

Time for another update - AK71

2025-07-05T22:50:00.002+08:00

https://singaporeanstocksinvestor.blogspot.com/

I am going for the Enhanced Retirement Sum which would generate $3,400 in monthly income for me when I turn 65.

And the rest of the money in my CPF OA would generate about $20,000 annually in interest income which I can withdraw from age 55.

HONESTY, INTEGRITY, TRANSPARENCY

2025-07-05T22:45:00.003+08:00

POSITION MATTERS

2025-07-05T22:24:00.006+08:00

THIS Is Why It's So Hard To Get A High Elbow Catch!

2025-06-22T15:55:00.002+08:00

1 of common mistake from swimmer

2025-06-18T23:04:00.001+08:00