My AIA agent has not contact me since the day I paid my premiums. Not even when AIA's credibility is in doubt. Maybe I should file a police report for look for my missing agent.

Like many policy holders, I did not have any updates from my agent, but my Manulife agent did call me. Missing when you need them but they will appear when they need to sell you more policies.

Professionals?

But some consolation for me when I read the papers, AIG is not selling AIA.

His response to Luca's circus remark.

If the Ferrari President is right about the Singapore Grand Prix being a circus," he said,"then we have to be grateful to him for providing the clowns.

Full report here

They are never right with their forecasts. How many people actually believe in what they said? Macroeconomics is too vague to draw accurate conclusion, I was told once by a lecturer that no 2 economists will agree with each other. 

I will give my votes to Micro economists over the Macroeconomists if I have to choose one since the macro is too complex to understand and predict. Unlike in the studies of economics whereby micro is more difficult to learn as compared to macro but when it comes to applications, these are opposite. 

Anyway, I have yet come across an economist who can accurately forecast the GDP, but I do come across plenty of commentaries from them after events unfold. Will you trust a salesperson more than an economist?

Why were they here in the first place when they are way off target most of the time?

I don’t need bedtime stories from people who are telling me what I have already known.

In US, median salary of economists is around $72,780 with the top 10% earning more than $129,170 annually. Economic consultants with a Ph.D. had the overall highest median income for any group making $116,250, the median salaries for an assistant professor was $63,500, for an associate professor it lay at $67,000 and $85,000 for a full professor. The overall median income for doctorates in academia was $75,000 compared to $125,000 in consulting and $87,000 in banking.

Do you think they are overpaid? 

What have they been advising the banks prior to the sub-prime crisis?

When I started stocks trading about 10 years ago, Technical Analysis was all I know, watching stock prices plunge and rise gave me the thrill. Fundamental Analysis wasn't my cup of tea because I find it rather passive unlike TA.

I did make some money from TA and I actually made money on the first stock I bought, I was lucky from then because I have loses and if I do, loses are too insignificant. Only until recent years, I began to appreciate the beauty of FA, if I want to hold a stock for the long run and make profits from my investments, FA is the only way, there is no way TA can do that.
I have grown tired of the frequent buying and selling.

But I am not going to give up TA, I want a TA + FA approach to the market. Using FA to fish out companies with good fundamentals and apply TA for the entry price. I don’t think a single approach has the answer to the stock market.

I don’t possess the foresight of Warren Buffett.

It will take quite a while to master FA, it took me a couple of years to really master TA. The best approach will be a method which I truly understand.

It’s a shame that I didn’t pick up FA when I first started.

Going to read business valuation and analysis when I am done with Adam Smith’s books.

If there are any books you would like to read on wealth accumulation, read this first.

There must be plenty of good reasons why a book has been republished so many times over the decades. This is one of those few books and one of the very first books I have read when I took a serious interest in money management and wealth accumulation.

Wealth started out with a thought first, followed by constant actions. I won't say this book has all the answers you need and you most probably won't become rich just by thinking. But read this first, the sate of mind is very important.

Went to buy my groceries as usual and it took me at least 20 minutes just to pay up for my items at the supermarket, it doesn't like the economy is doing badly.

After getting almost everything I need, I managed to catch Big Stan. This is a hilarious movie, had a good laugh and this is so much better than the other movie I have watched recently, Disaster Movie. The producers of the movie are truly honest with the quality of their production. We don't need the movie critics, just ask the producers.

Movie tickets on weekend are expensive and I can't remember how many times ticket prices have increased over the years.

Anyway, I rush home to take a bath thanks to the weather, I am feeling sticky all over. A refreshing bath keeps me awake, got to finish the Wealth of Nations later. 5 books in total and I am reading Book 1 now.

We are not there yet but who knows it could happen tomorrow or the day after. I have to think about the worst before it actually happens, I managed to come up with 10 things to cushion the impact of recession on my lifestyle.

I hate to do this but flexibility is the key to survival.

I can't eliminate all of things I am doing now, but here's some of things which I can do less or best, doing nothing at all.

Here's the 10.

I will not:

1. dine at restaurants
2. use my credit cards
3. spend too much money on entertainment
4. buy another insurance policy
5. take a cab even if I am carrying bulk items
6. buy books off the shelves
7. go to the tailor every month
8. sell off my shares
9. leave my job until I found one
10. dine out
    

There are more but these are the priorities. It's not that difficult for me adjust to that during a recession since I am very adaptive.

I will keep my fingers crossed for now and hope that the worst is not coming.