The Shanghai rubber bubble of 1910 holds a lesson for today

The Shanghai rubber bubble of 1910 holds a lesson for today
Friday, 12 April, 2013, 12:00am
Business
Tom Holland

Speculative excess has a long pedigree, given how easily human desire for quick gains can overcome concerns about long-term profitability

When you are reputed to be London’s most highly paid hedge fund manager, you can afford to indulge in a few whims.

David Harding’s whims are a tad unusual, however. Among other things, the founder of US$26 billion hedge fund company Winton Capital has endowed a Cambridge University professorship in the public understanding of risk, and is patron of the Harding Centre for Risk Literacy at the Max Planck Institute for Human Development in Berlin.

A former theoretical physicist, Harding sponsors the Royal Society’s Winton Prize for science books, and in 2009 he donated £20 million (HK$238 million) to Cambridge’s Cavendish physics laboratory.

His latest project is equally eclectic. It’s a massive and lavishly illustrated 300-page coffee table history of foolish financial speculations, co-authored with the head of Winton Capital’s historical research department, James Holmes.

Harding and Holmes cover all the obvious episodes, from the Dutch tulipomania of the 17th century, through England’s South Sea Bubble of 1720, right up to the 2007 subprime boom.

But it is in writing about less well known incidents of speculative excess that Harding and Holmes really excel.

They describe the Florentine credit bubble of 1339, punctured when Edward III of England defaulted on his sovereign debt.

They write about the land reclamation and property development frenzy that gripped Bombay in 1863, and the Constantinople crisis of 1895, when the monopoly Ottoman Bank collapsed after investing unwisely in South African mining shares.

Closer to home, they also describe the Shanghai rubber bubble of 1910.

Demand for rubber was already running high in the early years of the 20th century. But when Henry Ford began mass-producing his Model T cars in 1908, it ballooned.

Then, in 1909, when the world’s biggest producer, the Brazilian state of Pará, restricted supplies in an attempt to bump up its income, rubber prices surged.

Rubber plantations in Malaya made huge profits, and paid shareholders handsome dividends.

In an attempt to cash in, Shanghai-based financiers immediately began setting up Malayan rubber companies and selling their shares to eager investors.

Many of these issued prospectuses were “highly mendacious”, write Harding and Holmes, grossly overstating their acreage under rubber.

Even the genuine companies were high-risk investments, however, considering it takes four to five years of growth before rubber trees can be tapped – and before plantation companies can begin paying dividends.

The prospect of quick gains easily trumped such long-term concerns, however, and a lively derivatives market soon developed on rubber shares.

According to one witness, “brokers had the clothes almost torn off their backs by excited plungers who desired to buy shares ‘forward’ at three or four hundred per cent premium”.

And in an account that will resonate loudly today, the British consul at the time described how money flowed into the market from all over China.

“Chinese officials in charge of government and railway funds recklessly cast them into the melting pot in the sure and certain hope of making their fortune.”

The mania couldn’t last, and when American demand for rubber slackened, the market “let out a whoosh of hot air and sank to the ground”.

“Shanghai’s stock exchange, shortly beforehand a hive of activity, sank into a deep torpor that lasted for several years,” write Harding and Holmes.

In the aftermath, several of Shanghai’s leading brokers were convicted of gambling and sentenced to 80 strokes of a bamboo cane before being exiled to at least 3,000 li from the city.

It’s a deterrent that may well appeal to the authorities today.

But if there’s one piece of wisdom to learn from Harding’s latest vanity project, it’s that human folly is timeless.

The threat of punishment won’t make financial markets efficient, and episodes of speculative excess will recur again and again, regardless of any lessons the past may try to teach us.

Quote of the Week

“Time is your most precious gift because you only have a set amount of it. You can make more money, but you can’t make more time. When you give someone your time, you are giving them a portion of your life that you’ll never get back. Your time is your life. That is why the greatest gift you can give someone is your time.
It is not enough to just say relationships are important; we must prove it by investing time in them. Words alone are worthless. “My children, our love should not be just words and talk; it must be true love, which shows itself in action.” Relationships take time and effort, and the best way to spell love is “T-I-M-E.”

~ Rick Warren, The Purpose Driven Life: What on Earth am I Here for?

Friends

“The less you associate with some people, the more your life will improve. Any time you tolerate mediocrity in others, it increases your mediocrity. An important attribute in successful people is their impatience with negative thinking and negative acting people. As you grow, your associates will change. Some of your friends will not want you to go on. They will want you to stay where they are. Friends that don’t help you climb will want you to crawl. Your friends will stretch your vision or choke your dream. Those that don’t increase you will eventually decrease you.

Consider this: Never receive counsel from unproductive people. Never discuss your problems with someone incapable of contributing to the solution, because those who never succeed themselves are always first to tell you how. Not everyone has a right to speak into your life. You are certain to get the worst of the bargain when you exchange ideas with the wrong person. Don’t follow anyone who’s not going anywhere.

With some people you spend an evening: with others you invest it. Be careful where you stop to inquire for directions along the road of life. Wise is the person who fortifies his life with the right friendships. If you run with wolves, you will learn how to howl. But, if you associate with eagles, you will learn how to soar to great heights. “A mirror reflects a man’s face, but what he is really like is shown by the kind of friends he chooses.”

The simple but true fact of life is that you become like those with whom you closely associate – for the good and the bad.

Note: Be not mistaken. This is applicable to family as well as friends. Yes…do love, appreciate and be thankful for your family, for they will always be your family no matter what. Just know that they are human first and though they are family to you, they may be a friend to someone else and will fit somewhere in the criteria above.

“In Prosperity Our Friends Know Us. In Adversity We Know Our friends.”

~ Colin Powell

Wealth Over the Edge: Singapore

WSJ.MONEY March 7, 2013

Wealth Over the Edge: Singapore
$26,000 cocktails. Traffic jams freckled with Ferraris. The world’s sternest city is now the richest. Why?
By SHIBANI MAHTANI

It’s midnight on a Saturday night at the Marina Bay Sands resort near the sparkling Singapore River, and all the boutiques are shut. But past a cosmetic-surgery clinic and a Ferrari accessories store close by, a large crowd is getting increasingly agitated. Dozens of hopefuls are clamoring to get in to what is billed as the world’s most expensive club, Pangaea.

When most people think of Singapore, an order-obsessed Asian version of Wall Street comes to mind. But lately, Singapore has become a haven for the ultra-rich.

Tight-fitting Herve Leger bandage dresses are practically a uniform here, often paired with Christian Louboutin heels and Chanel 2.55 bags, as women try to befriend club goers who are lucky enough to get past the red-velvet barrier and bouncers. It is frequently the leggy models, part of the club’s core demographic, who succeed. Out-of-town visitors who negotiated their way onto the guest list weeks earlier are turned away, even after offering to pay more than $3,000 for a table. The nightclub is completely full.

Past the bouncers, a walk through a long tunnel with blue ultraviolet lights and a ride up an elevator reveal one of the world’s most exclusive parties. Michael Ault, Pangaea’s founder, sits at the club’s most prestigious table by the bar, on cushions covered in exotic African ostrich skins. His table is covered with bottles of Belvedere vodka, Cristal champagne, buckets of ice and dozens of glasses for his friends. His wife, Sabrina Ault, a former fashion model and now his business partner, wears a fake shark’s head and wields a plastic gun while dancing on a table top. At Pangaea, all surfaces are made for dancing—even tables made from the trunks of 1,000-year-old trees and the crocodile-skinned couches.

It may seem counterintuitive, but a dance club does not need a dance floor if you are Michael Ault. A veteran of Manhattan nightlife and descendant of blue-blooded socialites—he is the son of a Van Cleef from the Van Cleef & Arpels jewelry family and the stepson of Wall Street’s famed Dean Witter—Ault, 49, prides himself on one thing above all others: the ability to throw a good party. And he has done just that over the years at more than 25 clubs from New York to Miami Beach and São Paulo to London. He is credited with being one of the first nightclub impresarios to introduce bottle service—now commonplace globally—at the legendary New York Spy Bar in the 1990s, where even Kate Moss was turned away on exceptionally packed nights.

The Pangaea experience, he says, replicates the feeling of being at a house party—one that just happens to offer African tribal masks from Ault’s personal collection, throbbing music, a $26,000 cocktail that contains a diamond inside and is served by waitresses in black dresses, and the knowledge that many of the people around you are worth billions.

Pangaea, though just over a year old, is now considered the most profitable club in the world with revenues of more than $100,000 per night in recent months, Ault says. It’s also one of the most expensive clubs, with tables costing as much as $15,000, and the uber-rich regularly chalking up six-figure bills. He could have brought this extravagance to just about anywhere in the world. London, with its collection of royals and a party scene that attracts Europe’s glitterati. Dubai, too, the land of if-you-want-an-island-you-just-build-one. And of course, his hometown and former playground, Manhattan.

But Ault, who moved to Singapore three years ago, says he “no longer feels the magic” in Gotham, which still bears the scars of a financial crisis that knocked the wind out of much of its most extravagant party culture. Singapore, he says, is another matter. This is where he says the rich feel, well, rich, and unusually secure. And where they seem to know only one common language, the language of excess—all too shamelessly displayed in his club.

“One night, there were these kids here—literally kids in their 20s—who all had their own private jets,” Ault recalls during another meeting, on a Thursday morning, leaning back on a leather couch in his club wearing bright-blue fuzzy slippers embroidered with a pink skull. “Serious jets, too. There was an A380 which was converted to include a pool and basketball court—it was ridiculous.”

“What I see here is what I imagined must have happened in the U.S. in the 1880s, in the Gilded Age, when it first took over England in terms of wealth,” he says. “It is truly shocking how much wealth there is—and how willing people are to spend it.”

Welcome to the world’s newest Monaco, a haven for the ultra-rich in what until recently was mocked as one of the most straight-laced, boring cities in the world. When most people think of Singapore, if they do at all, they think of an order-obsessed Asian version of Wall Street or London’s Canary Wharf, only with implausibly clean, sterile streets and no crime. The southeast Asian city-state of five million people is perhaps best known for banning the sale of chewing gum or caning vandals, including American Michael Fay in 1994 for spray-painting cars. Drug traffickers face the death penalty, and even Ault complains the authorities won’t let him import his prized gun collection, which now sits in his other homes in Palm Beach and Manhattan.

But over the past decade, Singapore has undergone a dramatic makeover, as the rich and famous from Asia and beyond debark on its shores in search of a glamorous new home—and one of the safest places to park their wealth. Facebook co-founder Eduardo Saverin gave up his American citizenship in favor of permanent residence there, choosing to live on and invest from the island while squiring around town in a Bentley. Australian mining tycoon Nathan Tinkler, that country’s second wealthiest man under 40, whose fortune is pegged at $825 million by Forbes, also chose to move to Singapore last year. They join Bhupendra Kumar Modi, one of India’s biggest telecom tycoons who gained Singapore citizenship in 2011, as well as New Zealand billionaire Richard Chandler, who relocated in 2008, and famed U.S. investor Jim Rogers, who set up shop there in 2007. Gina Rinehart, one of the world’s richest women, slapped down $46.3 million for a pair of Singapore condominium units last year.

And then there are, of course, your average millionaires—more of whom can be found among Singapore’s resident population than anywhere in the world. According to Boston Consulting Group, the island had 188,000 millionaire households in 2011—slightly more than 17 percent of its resident households—which effectively means one in six homes has disposable private wealth of at least $1 million, excluding property, business and luxury goods. Add in property, with Singapore real estate among the most expensive in the world, and this number would be even higher. Singapore also now has the highest gross domestic product per capita in the world at $56,532, having overtaken Norway, the U.S., Hong Kong and Switzerland, according to a 2012 wealth report by Knight Frank and Citi Private Bank.

But what really checks all the right boxes for many of the world’s ultra-rich is Singapore’s obsession with order.

The toys of all these millionaires and billionaires are visible across the city-state. A country roughly the size of San Francisco, it now has 449 Ferraris, up from 142 in 2001, while its Maserati fleet has grown from 24 to 469. Yacht clubs are popping up along with super-luxurious shops, like the Louis Vuitton Island Maison, a flagship boutique of the ubiquitous luxury brand housed in its own floating pavilion. Nightclubs like Pangaea and Filter, which are frequented by the young Saverin and his crew of millionaire party boys, have turned into havens for the wealthy to mingle. Rich out-of-towners play at Singapore’s two glamorous new casino resorts, opened in 2010, including the Marina Bay Sands complex with its celebrity chef restaurants and an infinity pool on the 57th floor with palm trees overlooking the skyline. In 2007, Bernie Ecclestone decided that the city-state would be added to the illustrious Formula One World Championship calendar. The race—which is the only Formula One night race in the world and is set to continue annually until at least 2017—has emerged as one of the most glamorous Formula One events, broadcasting the impressive Singapore night skyline to millions globally.

Singapore has long been a magnet for rich expatriates and multinational corporate executives. They are attracted to the city-state’s low taxes, virtually crime-free streets, pro-business policies and predictable government, with one political party in power since it gained independence in 1965. But the onetime British trading post’s ascent into the stratosphere of the world’s ultra-wealthy cities in recent years reflects a momentous shift in the global economy, as wealth settles in Asia after more than a decade of booming emerging-market growth. Asia now has more millionaires than anywhere else, according to consultancy Capgemini and RBC Wealth Management. While the rich lick their wounds in Europe and North America, the net worth of individuals in countries like China and Indonesia are up 6 percent to 7 percent annually.

Danny Quah, professor of economics and international development at the London School of Economics, has calculated that the world’s economic center of gravity—measured by looking at income averages across more than 700 places worldwide—has shifted east over the past 30 years, from the Transatlantic Axis to somewhere across the Arabian Peninsula. If current growth trends continue, this center will move in another three decades to a resting point between India and China—just about where Singapore is, meaning its potential as the world’s economic center may not even be fully realized.

Unlike the West or even places like the Middle East, though, much of the new wealth being created in Asia is emerging in countries where rich people see their assets at risk, either because of unreliable governments or unloved ones. The Chinese alone are reportedly exporting billions of dollars, saying they no longer trust their government and want to put their money elsewhere. Indians and Indonesians have likewise been looking for a place where they can stash cash to avoid high taxes or work with international-class wealth managers, while steering clear of the unpredictable policy shifts in their rambunctious—and some say, corrupt—democracies. Many Americans and Europeans just want a place where their investments can keep growing—hardly a problem in Singapore, smack in the middle of the fast-growing Asia.

“This kind of sharp change [in the global economy] brings with it an emergence of the very rich, who seek security and stability and a pronounced need for financial services in wealth management, investment, and facilitating and guiding decisions,” Quah says. “A place like Singapore has developed both the reputation and the expertise along every single one of these dimensions.”

But what really checks all the right boxes for many of the world’s ultra-rich is Singapore’s obsession with order, predictability and control, all of which give comfort to individuals whose fortunes have recently gone down the drain in many parts of the world. It doesn’t hurt that Singapore has some of the lowest taxes in the world, including none on capital gains and most foreign dividends. But it also has relatively secretive private banking laws and zero harassment from paparazzi or protesters, whose activities are narrowly proscribed by Singaporean authorities, further creating an aura of order and stability. Ronen Palan, a professor of international political economy and an expert on offshore wealth and tax havens at City University in London, believes that while Switzerland is “clearly suffering” from the pressure put on its private-wealth sector from the European Union and the U.S., Singapore is a “very secretive location” where many—Asians in particular—believe their wealth will be spared scrutiny from Western regulators.

“For all the flack that Singapore has gotten for chewing gum and caning, it shows that things are orderly here. Corporate governance is in order, the ruling party is stable and is not going anywhere, things actually function—everything works,” says Indonesian-born millionaire Frank Cintamani, as he sits in front of gold-embellished couture dresses, wearing a three-piece gray Lanvin suit paired with black brogue shoes. It is Haute Couture Week in Singapore, an event he leads after luring it away from Paris. A Singaporean citizen who has spent a large part of his life living in hotels and who frequently dons diamond brooches, he also leads Men’s Fashion Week and Women’s Fashion Week, and has a host of other interests and investments, including in publishing.

“Rich people can have fun anywhere,” he says, as the sound of a Ferrari zooming past distracts his train of thought, while he directs a stream of models, designers and fashion writers coursing through a tent next to the Marina Bay Sands, where his fashion show is being held. Though sitting down, he constantly has to stand up briefly to greet the ultra-wealthy fashion aficionados who recognize him. “But over here they know they will always be safe, their privacy respected and their investments solid,” he says.

Cintamani, 36, interrupts the discussion on Singapore’s economic environment, drawing attention to two men—one in a three-piece black suit, and another in a futuristic-looking white top embellished with silver at its collar and reaching past his knees over skinny white pants with platform shoes—and a woman in a white two-piece, loose-fitting suit with silver heels.

“See those guys over there? The three people in the corner? Their combined worth is between six to seven billion U.S. dollars—and I know this for a fact,” he says. “This is why we need to do this here,” referring to his fashion ventures. He then points out that one of Mongolia’s richest men, with wide interests in property and a keen investor in Singapore’s real estate, is also in attendance at the couture show. Cintamani, whose business card carries several logos from ventures in magazine publishing to fashion shows, declines to say where his family’s wealth comes from, describing it as “sensitive.” (His spokesperson says much of it comes from the oil and gas business.)

The irony, as with other earlier boomtowns, is that the very sources of Singapore’s success may ultimately prove its undoing. The gushers of cash that have flooded Singapore in recent years have put relentless upward pressure on property prices, with private-home prices rocketing 59 percent higher since the second quarter of 2009, even as real-estate prices have tumbled or gone sideways in much of the rest of the world. Prime Minister Lee Hsien Loong was only admitting the obvious, some analysts say, when in a recent interview he said that the country’s property boom is “almost a bubble.”

Singapore’s “Gini coefficient”—the best-known economic measure of income disparity—is the second highest in the developed world. Wealth-X, a private consultancy that provides intelligence on the world’s uber-rich, estimates some 1,400 ultra-high-net-worth individuals now hold more than $160 billion of wealth in Singapore. Even upper-middle-class natives find themselves unable to afford houses in some parts of the city-state, such as Sentosa Cove, where more than 60 percent of the houses are owned by foreigners. Some are put off by flashy displays of wealth, particularly when it is the wealth of foreign nationals.

The dazzling party scene, meanwhile, has brought a new kind of anything-goes culture to Singapore that is threatening the sense of order that helped make it so alluring in the first place. One of the more disturbing examples came in May 2011, when a Ferrari driver from mainland China, traveling at more than 110 miles per hour, crashed into a taxi after running a red light and killed himself, the taxi driver and a passenger. The accident triggered an outburst of anti-foreigner sentiment online, with some Facebook users creating a fake profile for the dead Ferrari driver with derisive comments against mainland Chinese. Although authorities have largely succeeded in keeping out the kinds of criminal elements that populate the shadows of casino capitals like Las Vegas and Macau, local papers don’t shy away from reports of problem gambling in Singapore’s two new casinos, with one local middle manager reportedly losing $400,000 in a single bet. On a recent Saturday night near Pangaea, seven police officers were seen arresting a topless Caucasian male for alleged drunken and disorderly behavior.

The irony, as with earlier boomtowns, is that the very sources of Singapore’s success may ultimately prove its undoing.

Public expressions of anger or dissatisfaction with Singapore’s transformations are limited, since protests for the most part are prohibited. Yet signs of unhappiness are multiplying. The city-state’s ruling party retained power with its lowest percentage of votes in Singaporean history in 2011, and a thriving blog culture is prodding officials to consider some changes to the country’s economic model, including the creation of a bigger social safety net for the poor, which likely would require higher taxes. Indeed, several of the country’s leaders—who for decades staunchly defended long-standing policies of prioritizing economic growth above personal freedoms and welfare—seem to be doing some soul-searching. In his New Year’s Day message, Prime Minister Lee called on the nation to balance material goals with its “ideals and values. We are not impersonal, calculating robots, mindlessly pursuing economic growth and material wealth,” he said.

The rich in Singapore now find themselves with “new avenues to display their wealth,” according to Garry Rodan, a fellow at the Asia Research Center at Murdoch University, while “aged Singaporeans with grossly inadequate savings can be seen on the streets collecting plastic bottles for recycling.” Opportunities to move up the ladder, he says, are shrinking.

On the real-estate front, meanwhile, lawmakers have tried to deal with sky-high prices by introducing a 15 percent stamp duty on foreign purchases of private residential homes. Last year, the government also removed a program that allowed wealthy foreigners to “fast track” their permanent residency if they kept at least $8.1 million in assets in the city-state for five years, though investors who plan to dedicate a few million to help companies in Singapore grow are still welcomed. Authorities have repeatedly tightened the city-state’s tight casino-control laws, already among the strictest in the world, to restrict some locals from patronizing gaming floors and to punish casinos if they fail to keep problem gamblers away.

Optimists say those steps may, in the long run, prevent Singapore from going down the same road as earlier cities-of-the-moment that burned bright and then flamed out, like Dubai. “The writing was on the wall in Dubai in 2007—we had made our money and it was time to move on,” says Chris Comer, a property developer who is bringing the exclusive Nikki Beach franchise—a global chain of beach party clubs in St. Tropez, Miami and St. Barts, with girls in elaborate bikinis and patrons who show up in Caribbean pirate outfits or zebra body paint—to Singapore. Having lived in and out of Singapore for 17 years, Comer now resides in an oceanfront condominium in Sentosa Cove, a gated enclave of ultra-wealthy residents on an island 20 minutes from Singapore’s city-center. His beach club venture—one that he insists is “recession-proof”—is particularly well-matched for the city-state, he says, nodding at the seven pages of used Lamborghini listings in the online auto classifieds.

“Singapore is my home, this is my base, this is where I feel safe,” says Comer, speaking in the loft of his four-story office in a shophouse on Singapore’s Ann Siang Hill precinct, a preserved historic area just off Chinatown.

Others aren’t so sure about the future. They see youths burning through cash, and rich people who are totally oblivious to the sacrifices made by earlier generations that helped places like Singapore climb from Third World to First World status in just a few decades. “You see this happening often, one generation would make the wealth, and the next two or three will lose it,” Ault says. Moreover, “there is a mathematical certainty that there is going to be an economic tsunami” at some point, adds Ault, who trained as an economist with degrees from Oxford and the London School of Economics and worked on Wall Street before becoming a nightclub owner.

Others are worried secretive Singapore won’t be able to stay that way. The city-state, defiant against the label “tax haven,” has taken steps to ensure its tax treaties allow for more information exchange on tax dodgers, most recently firming a double-taxation agreement with Germany. (A spokesperson from the Monetary Authority of Singapore says it works hard to report any “suspicious transactions.”) Singapore is also forced to comply with new financial regulations—including the Foreign Account Tax Compliance Act, a way for the U.S. to ensure its taxpayers do not shirk payments through offshore holdings. This, Palan says, is a “game changer” for the private-wealth industry and will be used as a model by other countries.

Still, in the nightclub business—in which there’s always another night, and more models and rich kids waiting in line for an exclusive party—it pays to be positive. At least that’s how Ault, the highflying owner of Pangaea sees it. He figures that even if things do go awry, “Asia is better positioned.” Singapore, his city of choice, he says, is “doing all the right stuff to stay on top.”

Quote of the Week

“Ultimately there is light and love and intelligence in this universe. And we are it, we carry that within us, it’s not just something out there, it is within us and this is what we are trying to re-connect with, our original light and love and intelligence, which is who we are, so do not get so distracted by all this other stuff, you know, really remember what we are here on this planet for.”

~ Tenzin Palmo

Singapore eyes Malaysia for cheaper living

Singapore eyes Malaysia for cheaper living
Financial Times, 4 Feb 2013
By Jeremy Grant in Singapore

When Tina Ward, a Singaporean mother of two, and her British husband realised they were outgrowing their cramped, government-built apartment in Singapore, they took a gamble.

Instead of trying to find bigger accommodation in the island city-state, the Wards looked across the Singapore Strait to abandoned palm oil plantations on the southern tip of Peninsular Malaysia where land goes for a fraction of what it does on the Singaporean side of the border.

Now, four years later, the family lives in a seven-bedroom mansion with a swimming pool in a community populated by expatriate escapees from Singapore, which is itself just a 30-minute drive away.

“It’s the best decision we made in our lives,” Mrs Ward says.

The Wards were early settlers in Ledang Heights, part of a huge special economic zone called Iskandar that spans a 2,200 sq km area three times the size of Singapore and roughly the size of Luxembourg.

Iskandar is one of over a dozen big-ticket projects under the Malaysian government’s so-called economic transformation programme, designed to help attract higher-value industries and boost foreign investment in the country.

The progress made so far in redeveloping the palm oil plantation is likely to be highlighted by Najib Razak, the country’s prime minister, ahead of a general election due within two months. The prime minister has boasted of his government’s record in attracting inward investment.

The development of new residential and corporate space will also benefit tiny Singapore, where rising costs are hitting some companies and residents hard. Iskandar, said one consultant, could eventually be for Singapore what New Jersey is to New York’s high-cost Manhattan.

Launched in 2006, Iskandar will become a metropolis of 3m people by 2025, policy makers hope, filled with privately funded industry, hospitals, schools and plenty of parks.

They also see Iskandar as a trade and oil storage hub for the Association of Southeast Asian Nations, whose 10 members – including Indonesia, Thailand and Malaysia – are growing rapidly thanks to increasing intraregional commerce.

Such have been the attractions of relatively cheap land in Iskandar that it has not only pulled in new residents like the Wards, but also M$105bn (US$35bn) in cumulative investments as of the end of last November, according to the Iskandar Regional Development Authority, which oversees the project.

“We’ve reached a tipping point,” says its chief executive, Ismail Ibrahim.

Investors include three British universities – Southampton, Newcastle and Reading – which are building campuses as part of an education hub, and the first Legoland theme park in Asia, which opened four months ago.

Investors have been lured by incentives such as a 10-year corporate tax holiday and in the special zone of Medini the waiver of affirmative action preferences that usually require foreign businesses to join with Malay, or so-called bumiputra, partners.

Yet the real long-term outcome of Iskandar could be closer economic relations between Malaysia and Singapore, which split acrimoniously from its neighbour in 1965.

Faced with a shortage of land and rising business costs, companies in Singapore may come under pressure to consider relocating some functions, consultants say.

Till Vestring, managing director in the southeast Asia practice at consultancy Bain, suggests that Iskandar and Singapore could develop a “twinning” concept similar to that between New York’s Manhattan district and neighbouring New Jersey state.

“An advantage over India or the Philippines is that operations in Iskandar can be supervised easily from Singapore and remain tightly integrated,” he says.

That is the sales pitch being used by Global Capital & Development, a company luring developers to Medini and backed by Mubadala, Abu Dhabi’s sovereign wealth fund, and its Malaysian counterpart, Khazanah.

Keith Martin, chief executive of GC&D, says: “Singapore actually gets a double benefit because its gets the value-added business of having companies headquarter there, but the support space they get in Medini will free up more land in Singapore for more high value-added businesses.”

Critics of Iskandar say that the project has developed in sometimes piecemeal fashion with ambitious announcements that fall short in the execution. Visitors to the site drive along stretches of road flanked with empty land awaiting development.

In addition, local politicians warn that the region’s predominantly Malay population is being economically marginalised by a flood of investment that has inflated property prices.

Nur Jazlan Mohamed is a member of parliament representing the United National Malays Organisation – the dominant party in Mr Najib’s governing Barisan Nasional coalition – in the state of Johor.

He says he has reservations about the project: “Everyone’s suffering as prices are beyond the median incomes of people here. There were a lot of incentives given to foreign investors but there has to be a balance.”

Temasek, Singapore’s state investment agency, and Khazanah in 2011 agreed jointly to develop a residential and commercial property project in Iskandar which both believe will be worth M$3bn on completion.

“Iskandar represents the most concerted effort by both countries to have some sort of loose economic co-operation,” says Eugene Tan, assistant professor of law at Singapore Management University. “It’s still very early days, but it is a window of opportunity for both.”

This article has been amended to reflect that Temasek and Khazanah agreed in 2011 jointly to develop projects in Iskandar which both believe will be valued at M$3bn when completed, not that both will invest S$11bn in the projects as incorrectly stated previously.

The greedy, giddy days of HK tycoons

Now, barriers to elite circle is higher, says author who offers an insider look at taipans

ST Feb 03, 2013

A 1995 picture of the Suntec City board in a book by Mr Robert Wang (back row, third from left). The board included tycoons (front, from left) Chou Wen Hsien, Lee Shau Kee, Run Run Shaw, Frank Tsao, Li Ka Shing and Cheng Yu Tung. — PHOTO: ROBERT WANG

By Li Xueying, Hong Kong Correspondent In Hong Kong

Along-held belief in Asia’s bastion of capitalism – that “greed is good” – is fast crumbling, says a man who for much of his life abided by this axiom as he strove to get rich.

“Hong Kongers are resenting that attitude now,” says lawyer-turned-businessman Robert Wang, not least because they feel they no longer have the opportunities to become rich the way the present elite did.

He should know. After all, in the giddy, greedy days of the 1980s and 1990s, the 68-year-old rubbed shoulders with Hong Kong’s richest men.

“It’s more difficult to become a tycoon today,” observes Mr Wang, referring to the “clannish” networks, cartels and other formidable entry barriers in high-yield industries like property.

And as the income gap widens further, this sense of impotence is fuelling “greater dissatisfaction and social unrest”.

“The opportunities are not there any more,” Mr Wang said in a recent interview. “I feel sorry for my children, let alone my grandchildren.”

The golden era of the past is captured colourfully in Mr Wang’s autobiography published last year. As he wrote: “Nothing is impossible in capitalistic Hong Kong. The important thing is to get on track. Anyone can then be launched into the orbit of tycoons, me included.”

Mr Wang was five when his family fled Shanghai after the communist takeover and headed to Hong Kong, a British colony at the time. Decades later, he was part of the gilded circle – only to be kicked out unceremoniously later.

His book in English, Walking The Tycoons’ Rope, is an insider look at the cut-throat world of Hong Kong tycoons – known here as taipans – and Mr Wang’s interactions with them. It also describes his meetings with some Singapore leaders – Mr Lee Kuan Yew, Dr Goh Keng Swee and then president Ong Teng Cheong.

There are colourful details of so-called Shanghai parties, where tycoons hook up with starlets, the mood swings of Asia’s richest man, the mercurial Li Ka Shing, snarky remarks feuding tycoons made about each other, as well as intimacies that powerful men shared.

For instance, Mr Wang recounts Mr Ong’s lament about the cancer that plagued both him and his wife – “we both live so simply and healthily it boggles my mind even to think about how we can both end up with cancer”.

Mr Wang also describes how he got on the inside track into elite circles in Hong Kong and Singapore.

In the run-up to Hong Kong’s 1997 handover, he petitioned MrLee to allow Hong Kong lawyers and entrepreneurs – all jittery about the city’s prospects under China’s rule – to have residential rights in Singapore.

Mr Wang recalls Mr Lee, who was not convinced that their fears would materialise, asking: “Why are you worried? What can be the consternation?”

But after a “gruelling” cross-examination lasting over an hour, MrLee agreed to the plan, telling MrWang: “I am willing to offer them (Hong Kongers) a bolt-hole. An unstable Hong Kong is not in our interests.”

In the end, Mr Lee was proven right – the handover went smoothly and most of those who signed up for the Singapore schemes remained in Hong Kong.

But having this option at the time, says Mr Wang, helped allay the fears of many who would have fled to faraway countries like Canada.

It also had the longer-term effect of “helping create an awareness of opportunities in Singapore among the Hong Kong tycoons”, many of whom thought that government-linked companies had a strong grip on the economy, making competition tough.

One immediate result was the creation of the Suntec group in 1985, whose 21 shareholders – among them property tycoons Li, Lee Shau Kee and Cheng Yu Tung, and entertainment mogul Run Run Shaw – invested in the building of Suntec City and its convention centre. Together, the shareholders held 40 per cent of Hong Kong’s market capitalisation.

Suntec City grew to a size not seen among Singapore malls at that point, attracting choice remarks from people such as Singapore businessman Ong Beng Seng, Mr Wang recalls in the book.

“When you have so much money, you just want to erect the biggest and tallest monument to immortalise yourself, as if it is going to be your last erection,” Mr Ong reportedly said.

As the spokesman and a director for Suntec, Mr Wang had a ringside seat to the rivalry between Mr Li Ka Shing and Mr Lee Shau Kee, both vying to be Hong Kong’s richest man.

“At times they were at each other’s throats,” Mr Wang wrote. “However, in business as in politics, there are no permanent enemies or friends. It depends on what serves the interest of the party at any given point.”

Mr Wang admitted he also sought to get rich by taking “the route all tycoons take to become who they are – you use OPM (other people’s money) to grow MOM (my own money)”.

But he overreached and got caught in the crossfire between the feuding tycoons, who would dispense with his services.

In Singapore, he offended banker Wee Cho Yaw over the sale of shares in a joint venture and also Old Guard leader Lim Kim San whose name was listed as a governor for a new club without his permission. The Singapore Hong Kong Club, Mr Wang had hoped, would be a platform for the two cities’ elites to meet, exchange ideas and perhaps invest together. Its launch was cancelled and Mr Wang left Singapore “in disgrace” for Hong Kong, where he continues today to tap his connections for business opportunities.

Looking back, Mr Wang muses over what was “a rich and exciting life” looking for and seizing opportunities, which he has captured in a book “for posterity”. The book, which has sold out its first print run of 3,000 copies, is now in its second edition.

But Mr Wang is worried that stagnating mobility and the widening income gap will make it difficult “to produce another Li Ka Shing”, who started out as a salesman.

In today’s Hong Kong, the rich can consolidate their wealth by simply “sitting back and collecting rent”. This sparks “great anger” from the masses, which then forces the government to distribute resources more fairly. Meanwhile, tycoons “fight to protect what they have”.

“It’s not a rosy picture,” says MrWang of the road ahead.

Tao Te Ching

He who knows others is wise.
He who knows himself is illuminated.
He who defeats others is strong.
He who defeats himself is powerful.
He who knows happiness is rich.
He who keeps his path is wilful.

Be humble and you will become whole.
Bend and you will become straight.
Empty yourself and you will become full.
Wear yourself out and you will become new.

The wise man does not show off, and so he shines.
He does not make himself known, and so he is noticed.
He does not praise himself, and so he has merit.
And because he does not compete,
none in the world can compete with him.

Singapore hikers lost for 15 hours in Kota Tinggi

S’pore hikers lost for 15 hours in Kota Tinggi
8 spent night on slope after wrong turn; call to cabby led to police search
Nov 13, 2012
By Priscilla Goy And Pearl Lee

A WRONG turn left eight Singaporeans stranded in a forest reserve near a Kota Tinggi waterfall for more than 15 hours over the weekend. They were finally rescued at about 10am on Sunday – wet and exhausted after spending the night on a slope and in utter darkness.

The eight trekkers were Ms Tay Wei Xin, 25, Mr Law Teck Chuan, 28, Mr Lim Pong Hui, 27, Mr Wong Thiam Siang, 28, Ms Seow Pei Wen, 25, Ms Xiao Yulin, 25, and siblings Sng Yu Xin, 21, and Sng Ping Qiu, 28.

Ms Tay, Ms Seow and Ms Xiao had trekked in Kota Tinggi, about two hours’ drive from Singapore, a few times before, while the rest were doing so for the first time.

Ms Tay, a teacher, said the group, who are all friends of either Ms Sng or Mr Sng, checked into Kota Tinggi Waterfalls Resort at about 10.30am on Saturday. They had taken a bus across the Causeway, then a taxi to the hotel. They had intended to stay for the weekend. They set off for the Pelepah waterfalls in the Gunung Panti recreational forest at about 11am. The trek was within walking distance of their resort. She said she told the receptionist at the hotel of their trek.

Mr Sng, an application developer, said they had planned to hike upslope, which would take them past the three waterfalls there, and then backtrack to the resort. The end of the trail would be marked by the third waterfall. At about 4.30pm, they came to a point where there were two markers, which are pieces of ribbon or plastic tied around tree trunks by previous hikers. One led to the left, another to the right. Said Ms Tay: “We took the left turn because it led downstream, but after about five to 10 minutes, we realised it led nowhere. There were no more markers.”

The group went back and took the right turn, but realised they were walking in circles. They stopped at about 7pm as it was getting dark. They considered waiting till morning before continuing their trek back, but decided to call the police.

“It was getting very dangerous to walk, and the trail was also very steep and narrow,” said Mr Sng. “We had to walk one by one… we couldn’t go in twos. One person had to stay at the back to flash the torchlight on the trail because it was too dark.” Ms Sng was also having a fever by then.

Mr Sng had saved the mobile number of the Malaysian taxi driver who drove them to the hotel from the Kota Tinggi bus terminal. He called the taxi driver, who alerted the Malaysian police.

Ms Tay said that at 10.30pm, the police called them to say that they would be searching for them. The group waited till about 2am on Sunday, but no one came for them. “We had water, we had food, we just did not have extra clothing,” said Ms Tay. They had between them a loaf of bread, some crackers and sweets – leftovers from the food they had packed for their picnic. Ms Tay, who was wearing two T-shirts, offered one to Ms Sng, who was feeling cold because of her fever. The rest of the group hugged their legs while sitting down to keep themselves warm.

At about 7am, the police called them to say officers would be going upstream to search for them.

When Mr Law went downstream to look out for the rescue team, he saw a villager fishing by the river. He blew a whistle he had with him to attract the villager’s attention. The villager led the trekkers out of the Pelepah falls area to the route that would take them back to their resort. They met their rescuers along the way, said Ms Tay.

The group took a bus back to Singapore later on Sunday.

Asked how they would trek differently in future, Ms Tay said: “I will bring a windbreaker, a lighter, maybe some things to light a fire.” Mr Sng said that although it was unpleasant to have been stranded, he was still up for another trek. “But this time, with a guide definitely,” he said.

The New Straits Times yesterday quoted Kota Tinggi district police chief Che Mahazan Che Aik as advising foreigners who want to trek in the area to alert the hotel operator before setting out or hire a local guide.

Quote of the Week

“We’re so self-important. So arrogant. Everybody’s going to save something now. Save the trees, save the bees, save the whales, save the snails. And the supreme arrogance? Save the planet! Are these people kidding? Save the planet? We don’t even know how to take care of ourselves; we haven’t learned how to care for one another. We’re gonna save the fuckin’ planet? . . . And, by the way, there’s nothing wrong with the planet in the first place. The planet is fine. The people are fucked! Compared with the people, the planet is doin’ great. It’s been here over four billion years . . . The planet isn’t goin’ anywhere, folks. We are! We’re goin’ away. Pack your shit, we’re goin’ away. And we won’t leave much of a trace. Thank God for that. Nothing left. Maybe a little Styrofoam. The planet will be here, and we’ll be gone. Another failed mutation; another closed-end biological mistake.”

― George Carlin

Quote of the Week

“The most beautiful people we have known are those who have known defeat, known suffering, known struggle, known loss, and have found their way out of the depths. These persons have an appreciation, a sensitivity, and an understanding of life that fills them with compassion, gentleness, and a deep loving concern. Beautiful people do not just happen.”

~ Elisabeth Kübler-Ross (1926 – 2004)

The Hours

“We throw our parties; we abandon our families to live alone in Canada; we struggle to write books that do not change the world, despite our gifts and our unstinting efforts, our most extravagant hopes. We live our lives, do whatever we do, and then we sleep. It’s as simple and ordinary as that. A few jump out windows, or drown themselves, or take pills; more die by accident; and most of us are slowly devoured by some disease, or, if we’re very fortunate, by time itself. There’s just this for consolation: an hour here or there when our lives seem, against all odds and expectations, to burst open and give us everything we’ve ever imagined, though everyone but children (and perhaps even they) know these hours will inevitably be followed by others, far darker and more difficult. Still, we cherish the city, the morning; we hope, more than anything, for more. Heaven only knows why we love it so…”

~ Michael Cunningham, The Hours

In memory of Dr Richard Teo who finished his race

Below is the transcript of the talk of Dr. Richard Teo, who is a 40-year-old millionaire and cosmetic surgeon with a stage-4 lung cancer but selflessly came to share with the D1 class his life experience on 19-Jan-2012.

Hi good morning to all of you.

My voice is a bit hoarse, so please bear with me. I thought I’ll just introduce myself. My name is Richard, I’m a medical doctor. And I thought I’ll just share some thoughts of my life. It’s my pleasure to be invited by prof. Hopefully, it can get you thinking about how… as you pursue this.. embarking on your training to become dental surgeons, to think about other things as well.

Since young, I am a typical product of today’s society. Relatively successful product that society requires.. From young, I came from a below average family. I was told by the media… and people around me that happiness is about success. And that success is about being wealthy. With this mind-set, I’ve always be extremely competitive, since I was young.

Not only do I need to go to the top school, I need to have success in all fields. Uniform groups, track, everything. I needed to get trophies, needed to be successful, I needed to have colours award, national colours award, everything. So I was highly competitive since young. I went on to medical school, graduated as a doctor. Some of you may know that within the medical faculty, ophthalmology is one of the most highly sought after specialities. So I went after that as well. I was given a traineeship in ophthalmology, I was also given a research scholarship by NUS to develop lasers to treat the eye.

So in the process, I was given 2 patents, one for the medical devices, and another for the lasers. And you know what, all this academic achievements did not bring me any wealth. So once I completed my bond with MOH, I decided that this is taking too long, the training in eye surgery is just taking too long. And there’s lots of money to be made in the private sector. If you’re aware, in the last few years, there is this rise in aesthetic medicine. Tons of money to be made there. So I decided, well, enough of staying in institution, it’s time to leave. So I quit my training halfway and I went on to set up my aesthetic clinic… in town, together with a day surgery centre.

You know the irony is that people do not make heroes out average GP (general practitioner), family physicians. They don’t. They make heroes out of people who are rich and famous. People who are not happy to pay $20 to see a GP, the same person have no qualms paying ten thousand dollars for a liposuction, 15 thousand dollars for a breast augmentation, and so on and so forth. So it’s a no brainer isn’t? Why do you want to be a gp? Become an aesthetic physician. So instead of healing the sick and ill, I decided that I’ll become a glorified beautician. So, business was good, very good. It started off with waiting of one week, then became 3weeks, then one month, then 2 months, then 3 months. I was overwhelmed; there were just too many patients. Vanities are fantastic business. I employed one doctor, the second doctor, the 3rd doctor, the 4th doctor. And within the 1st year, we’re already raking in millions. Just the 1st year. But never is enough because I was so obsessed with it. I started to expand into Indonesia to get all the rich Indonesian tai-tais who wouldn’t blink an eye to have a procedure done. So life was really good.

So what do I do with the spare cash. How do I spend my weekends? Typically, I’ll have car club gatherings. I take out my track car, with spare cash I got myself a track car. We have car club gatherings. We’ll go up to Sepang in Malaysia. We’ll go for car racing. And it was my life. With other spare cash, what do i do? I get myself a Ferrari. At that time, the 458 wasn’t out, it’s just a spider convertible, 430. This is a friend of mine, a schoolmate who is a forex trader, a banker. So he got a red one, he was wanting all along a red one, I was getting the silver one.

So what do I do after getting a car? It’s time to buy a house, to build our own bungalows. So we go around looking for a land to build our own bungalows, we went around hunting. So how do i live my life? Well, we all think we have to mix around with the rich and famous. This is one of the Miss Universe. So we hang around with the beautiful, rich and famous. This by the way is an internet founder. So this is how we spend our lives, with dining and all the restaurants and Michelin Chefs you know.

So I reach a point in life that I got everything for my life. I was at the pinnacle of my career and all. That’s me one year ago in the gym and I thought I was like, having everything under control and reaching the pinnacle.

Well, I was wrong. I didn’t have everything under control. About last year March, I started to develop backache in the middle of nowhere. I thought maybe it was all the heavy squats I was doing. So I went to SGH, saw my classmate to do an MRI, to make sure it’s not a slipped disc or anything. And that evening, he called me up and said that we found bone marrow replacement in your spine. I said, sorry what does that mean? I mean I know what it means, but I couldn’t accept that. I was like “Are you serious?” I was still running around going to the gym you know. But we had more scans the next day, PET scans – positrons emission scans, they found that actually I have stage 4 terminal lung cancer. I was like “Whoa where did that come from?” It has already spread to the brain, the spine, the liver and the adrenals. And you know one moment I was there, totally thinking that I have everything under control, thinking that I’ve reached the pinnacle of my life. But the next moment, I have just lost it.

This is a CT scan of the lungs itself. If you look at it, every single dot there is a tumour. We call this miliaries tumour. And in fact, I have tens of thousands of them in the lungs. So, I was told that even with chemotherapy, that I’ll have about 3-4months at most. Did my life come crushing on, of course it did, who wouldn’t? I went into depression, of course, severe depression and I thought I had everything.

See the irony is that all these things that I have, the success, the trophies, my cars, my house and all. I thought that brought me happiness. But i was feeling really down, having severe depression. Having all these thoughts of my possessions, they brought me no joy. The thought of… You know, I can hug my Ferrari to sleep, no… No, it is not going to happen. It brought not a single comfort during my last ten months. And I thought they were, but they were not true happiness. But it wasn’t. What really brought me joy in the last ten months was interaction with people, my loved ones, friends, people who genuinely care about me, they laugh and cry with me, and they are able to identify the pain and suffering I was going through. That brought joy to me, happiness. None of the things I have, all the possessions, and I thought those were supposed to bring me happiness. But it didn’t, because if it did, I would have felt happy think about it, when I was feeling most down..

You know the classical Chinese New Year that is coming up. In the past, what do I do? Well, I will usually drive my flashy car to do my rounds, visit my relatives, to show it off to my friends. And I thought that was joy, you know. I thought that was really joy. But do you really think that my relatives and friends, whom some of them have difficulty trying to make ends meet, that will truly share the joy with me? Seeing me driving my flashy car and showing off to them? No, no way. They won’t be sharing joy with me. They were having problems trying to make ends meet, taking public transport. In fact i think, what I have done is more like you know, making them envious, jealous of all I have. In fact, sometimes even hatred.

Those are what we call objects of envy. I have them, I show them off to them and I feel it can fill my own pride and ego. That didn’t bring any joy to these people, to my friends and relatives, and I thought they were real joy.

Well, let me just share another story with you. You know when I was about your age, I stayed in king Edward VII hall. I had this friend whom I thought was strange. Her name is Jennifer, we’re still good friends. And as I walk along the path, she would, if she sees a snail, she would actually pick up the snail and put it along the grass patch. I was like why do you need to do that? Why dirty your hands? It’s just a snail. The truth is she could feel for the snail. The thought of being crushed to death is real to her, but to me it’s just a snail. If you can’t get out of the pathway of humans then you deserve to be crushed, it’s part of evolution isn’t it? What an irony isn’t it?

There I was being trained as a doctor, to be compassionate, to be able to empathise; but I couldn’t. As a house officer, I graduated from medical school, posted to the oncology department at NUH. And, every day, every other day I witness death in the cancer department. When I see how they suffered, I see all the pain they went through. I see all the morphine they have to press every few minutes just to relieve their pain. I see them struggling with their oxygen breathing their last breath and all. But it was just a job. When I went to clinic every day, to the wards every day, take blood, give the medication but was the patient real to me? They weren’t real to me. It was just a job, I do it, I get out of the ward, I can’t wait to get home, I do my own stuff.

Was the pain, was the suffering the patients went through real? No. Of course I know all the medical terms to describe how they feel, all the suffering they went through. But in truth, I did not know how they feel, not until I became a patient. It is until now; I truly understand how they feel. And, if you ask me, would I have been a very different doctor if I were to re-live my life now, I can tell you yes I will. Because I truly understand how the patients feel now. And sometimes, you have to learn it the hard way.

Even as you start just your first year, and you embark this journey to become dental surgeons, let me just challenge you on two fronts.

Inevitably, all of you here will start to go into private practice. You will start to accumulate wealth. I can guarantee you. Just doing an implant can bring you thousands of dollars, it’s fantastic money. And actually there is nothing wrong with being successful, with being rich or wealthy, absolutely nothing wrong. The only trouble is that a lot of us like myself couldn’t handle it.

Why do I say that? Because when I start to accumulate, the more I have, the more I want. The more I wanted, the more obsessed I became. Like what I showed you earlier on, all I can was basically to get more possessions, to reach the pinnacle of what society did to us, of what society wants us to be. I became so obsessed that nothing else really mattered to me. Patients were just a source of income, and I tried to squeeze every single cent out of these patients.

A lot of times we forget, whom we are supposed to be serving. We become so lost that we serve nobody else but just ourselves. That was what happened to me. Whether it is in the medical, the dental fraternity, I can tell you, right now in the private practice, sometimes we just advise patients on treatment that is not indicated. Grey areas. And even though it is not necessary, we kind of advocate it. Even at this point, I know who are my friends and who genuinely cared for me and who are the ones who try to make money out of me by selling me “hope”. We kind of lose our moral compass along the way. Because we just want to make money.

Worse, I can tell you, over the last few years, we bad mouth our fellow colleagues, our fellow competitors in the industry. We have no qualms about it. So if we can put them down to give ourselves an advantage, we do it. And that’s what happening right now, medical, dental everywhere. My challenge to you is not to lose that moral compass. I learnt it the hard way, I hope you don’t ever have to do it.

Secondly, a lot of us will start to get numb to our patients as we start to practise. Whether is it government hospitals, private practice, I can tell you when I was in the hospital, with stacks of patient folders, I can’t wait to get rid of those folders as soon as possible; I can’t wait to get patients out of my consultation room as soon as possible because there is just so many, and that’s a reality. Because it becomes a job, a very routine job. And this is just part of it. Do I truly know how the patient feels back then? No, I don’t. The fears and anxiety and all, do I truly understand what they are going through? I don’t, not until when this happens to me and I think that is one of the biggest flaws in our system.

We’re being trained to be healthcare providers, professional, and all and yet we don’t know how exactly they feel. I’m not asking you to get involved emotionally, I don’t think that is professional but do we actually make a real effort to understand their pain and all? Most of us won’t, alright, I can assure you. So don’t lose it, my challenge to you is to always be able to put yourself in your patient’s shoes.

Because the pain, the anxiety, the fear are very real even though it’s not real to you, it’s real to them. So don’t lose it and you know, right now I’m in the midst of my 5th cycle of my chemotherapy. I can tell you it’s a terrible feeling. Chemotherapy is one of those things that you don’t wish even your enemies to go through because it’s just suffering, lousy feeling, throwing out, you don’t even know if you can retain your meals or not. Terrible feeling! And even with whatever little energy now I have, I try to reach out to other cancer patients because I truly understand what pain and suffering is like. But it’s kind of little too late and too little.

You guys have a bright future ahead of you with all the resource and energy, so I’m going to challenge you to go beyond your immediate patients. To understand that there are people out there who are truly in pain, truly in hardship. Don’t get the idea that only poor people suffer. It is not true. A lot of these poor people do not have much in the first place, they are easily contented. for all you know they are happier than you and me but there are out there, people who are suffering mentally, physically, hardship, emotionally, financially and so on and so forth, and they are real. We choose to ignore them or we just don’t want to know that they exist.

So do think about it alright, even as you go on to become professionals and dental surgeons and all. That you can reach out to these people who are in need. Whatever you do can make a large difference to them. I’m now at the receiving end so I know how it feels, someone who genuinely care for you, encourage and all. It makes a lot of difference to me. That’s what happens after treatment. I had a treatment recently, but I’ll leave this for another day. A lot of things happened along the way, that’s why I am still able to talk to you today.

I’ll just end of with this quote here, it’s from this book called Tuesdays with Morris, and some of you may have read it. Everyone knows that they are going to die; every one of us knows that. The truth is, none of us believe it because if we did, we will do things differently. When I faced death, when I had to, I stripped myself off all stuff totally and I focused only on what is essential. The irony is that a lot of times, only when we learn how to die then we learn how to live. I know it sounds very morbid for this morning but it’s the truth, this is what I’m going through.

Don’t let society tell you how to live. Don’t let the media tell you what you’re supposed to do. Those things happened to me. And I led this life thinking that these are going to bring me happiness. I hope that you will think about it and decide for yourself how you want to live your own life. Not according to what other people tell you to do, and you have to decide whether you want to serve yourself, whether you are going to make a difference in somebody else’s life. Because true happiness doesn’t come from serving yourself. I thought it was but it didn’t turn out that way. With that I thank you, if you have any questions you have for me, please feel free. Thank you.

Quote of the Week

“Religion has convinced people that there’s an invisible man … living in the sky. Who watches everything you do every minute of every day. And the invisible man has a list of ten specific things he doesn’t want you to do.

And if you do any of these things, he will send you to a special place, of burning and fire and smoke and torture and anguish for you to live forever, and suffer, and suffer, and burn, and scream, until the end of time.

But he loves you. He loves you. He loves you and he needs money.”

~ George Carlin

Ellie Goulding – Lights

Elena Jane “Ellie” Goulding (born 30 December 1986) is an English singer-songwriter. She released her debut studio album, Lights, in 2010. The album debuted at number one on the UK Albums Chart and has sold over 850,000 copies in the UK. The album’s title track, “Lights”, was released in the US in March 2011, and reached its peak position of number two on the Billboard Hot 100 nearly a year and a half later during its thirty-third week charting, completing one of the longest ever climbs into the top two positions on the chart. The single was also certified triple platinum by the RIAA.

Mono no aware (物の哀れ)

Mono no aware (物の哀れ), literally “the pathos of things”, and also translated as “an empathy toward things”, or “a sensitivity to ephemera”, is a Japanese term used to describe the awareness of impermanence (無常 mujō), or transience of things, and a gentle sadness (or wistfulness) at their passing.

The word is derived from the Japanese word mono (物), which means “thing”, and aware (哀れ), which was a Heian period expression of measured surprise (similar to “ah” or “oh”), translating roughly as “pathos”, “poignancy”, “deep feeling”, or “sensitivity”, or “aware”. Thus, mono no aware has frequently been translated as “the ‘ahh-ness’ of things”, life, and love. Awareness of the transience of all things heightens appreciation of their beauty, and evokes a gentle sadness at their passing.


One Silversea, Hong Kong, where I used to live in 2010-2011