Military Aircraft I Had Flown In (III)

C130 Hercules

Year 1988

Military Aircraft I Had Flown In (II)

UH-1H

Year 1988

Military Aircraft I Had Flown In (I)

AS332 Super Puma

Year 1989

Word Art

credit: http://wordle.net

Financial Ratios

I rely on the following financial ratios when I make decision:-
(1) Asset per share
(2) Net asset per share/price
(3) Dividend rate
(4) Earning per share / price
(5) Deviation in Price over a year

Sigma Lens

I realised that my Sigma lens 70 - 300mm DL Super Macro had some compatibility problems. When the shutter was depressed, I heard the mirror click, but it would not come down. It could also be faulty aperture blades. An error message was recorded in the LCD, stating that there was connection problem with the lens. I bought it to Sigma dealer for a check, they replied that the lens was an old model (7 years old) and there was no spare part for the lens to be made compatible with my EOS 450D. I tried to explain that my Canon EF Lens that was as old as the Sigma lens had no problem with the digital camera. The dealer explained that there was nothing she could do but could give a discount if I buy a new lens from Sigma that could be compatible with the digital camera. I was disappointed by the reply obviously and was convinced that I would not buy Sigma lens again.

Sungei Buloh Wetland Reserve

Entrance Fee: S$1/adult on Saturday & Sunday. Carpark is free

Route Taken: Route 2 (Alone) About 5km track

Weather: Cloudy day (Best)

Nuisance: Mosquito

Interesting:

When the bush rattles, you will wonder if any creatures will pounce on you

The sound of cricket and insects

The sound of water flow

At one end, so close to Malaysia, I kept thinking of the fugitive MSK and the possibility that he could swim across

Disappointment:

Murky water

Not many birds (perhaps not the right season)

The Flora

The Wonders of Sungei Buloh

Motherhood

The government recently announced that there will be increasing maternity benefits. These include increasing the number of leave days for mothers and cash incentives. I am thinking how mothers who had given birth just before the annoucement would have felt. Consequently, for those who are planning for children, will a postponement of that decision be considered as more incentives may be coming, looking at how desperate the situation has become?...... Any one trying to create or influent nature ways of things will have its consequences.

Char Kuay Teow

Recently, I ate a plate of Char Kuay Teow at Buangkok. It was fried by a FT and at a cost of S$3. The noodle was pre-fried to speed up the process of cooking. Yeah, commercialism had set in. The plate of Char Kuay Teow tasted bad because the black sauce which enhanced the food sweetness was insufficient. While eating, I remembered a few weeks ago while in camp, a group of fellow camp mate was devouring plates of black carrot cake which also uses the black sauce. It was so good that we had been eating consecutive for the last 4 days. We had been reminding ourselves that the training would probably be our last ICT. The carrot cake was cooked by an old lady who told us that she had been in the camp for the past 20 years. The carrot cake was tasty because of the right proportion of black sauce and the quantity of egg. Guess what, it costs only S$1.50, half the price of the commercial one. It keeps me wondering whether we have lost the spirit of Singapore even in the local food. This spirit refers to the ability to truly appreciate the finess of cooking including understanding the taste bud of true Singaporean. The authenticity could have been lost even in a heartland coffee shop. In the name of commercialism, it has been replaced by an efficient system that creates productivity at the expense of quality. Will we lose more?......

朱自清·《背影》

This is my favourite Chinese short essay first read when I was a student. It was about the author's experience when his father sent him off in a train station. In the train station, his father had tried many ways to facilitate a smooth journey. His father's action had emotionally touched him and he was appreciative of the love his father had shown throughout the years.

The text is available here -> http://www.bluetec.com.cn/asp/mymandarin/reading/backshadow.htm

朱自清 ~ 1898 to 1948

M1

Bought some M1 equities today. EPS is 18.5 cents (based on FY 07). Price of M1 equity is only about 10 times the EPS. Dividend paid this calendar year is 14.5 cents which is more than 7.5% return. Have to keep for long term. Caveat emptor applies.

Fast Lens

A professional photographer from Outdoor Photography (a magazine) recently stated his opinion on the necessity of a fast lens. He explained that a fast lens is required in the 35mm film SLR era because a photographer usually has a standard ISO film in his SLR camera and there may be situation when the light condition is low and a large aperture is required but he has only a low ISO film in his camera. A faster lens will at least improve the quality of the picture (without flash) when light is dim. He further explained that with the current DSLR environment when ISO can be changed easily, then the fast lens may not be necessary. As long as the depth of field created through the smallest f stop in the lens meets the photographer creative objective, then it is perfectly alright to go for a cheaper but slower lens. Other than ISO, there are other alternative to a fast lens, they are use of tripod, software alteration and image stabilizer which improve the sharpness and depth of field of the picture.

What is Value?

Value from an economic perspective (and my personal point of view) is the cost of a product that is equivalent to the cost of manufaturing (including the cost of transporting the product, cost of research and sales cost) plus a reasonable profit to the manufacturer. The manufactured product must first meet the specifications of the user otherwise quality issues may set in. The cost of manufacturing must be subjected to market competitive force. A product of value is functional and appropriately priced. There must not be any transfer payment, ie whern money is transfered without work done. Gambling is an illustration for transfer payment.

The price of a product is a temporary indication of the worth of that product considering the market forces at that particular point in time. It can be above and below its value. A discount is a situation where the price may be* below its value while a premium is a situation where the price could be above its value. Value of a product usually depreciates over time and through usage. There are 3 scenarios where value increases over time:- (i) scarcity (ii) complementary value has increase (iii) inflation. A premium price is paid to a product if the satisfaction derived from the consumption of a unit of that product is high. But that premium price paid may not create value for money. Price of a product is usually distorted by marketing ploy and sales tactics. A person's ego is affected by the satisfaction derived from the purchase of that product. Value can also be evaluated by the rate of return from the purchase of an investment.

*Note: I use the words "may be" because many a times, merchants will use the word discount freely when in fact the price covers the cost of production, reasonable profit and premium dollars.

Game Machine

Silver Sony PSP - Portable, simple to use, good graphics in a reasonable sized screen, addictive......

DSLR

My current DSLR photographic gear (shot taken by Sony W5).

Yashica FX-3

It was my first camera. I would say that there was sentimental value to it. I bought it when I was 14-15 years old. As a teenager, this was paid by my father. I could not remember for what reason. Perhaps it was for good academic result. But I was happy. The only regretful event was that when I purchased the camera shop did not issue a receipt of purchase. I had a scolding from my father whom I believed in his line of business it was utmost important to be given a receipt, in case the equipment purchase was faulty. He would want me to learn a lesson and that was something I could remember for the rest of my life. I had to return to the shop to ask for the receipt.

Back in those days, the ECA (now called CCA) was pretty diversified. We had a photographic society and I was a member. I was happily learning the technique of photography. I remember I won a 3rd price in the school photographic competition. It was a shot of the polar bear in the zoo rising up from the pool.

In FX-3, the aperture control was manually turn to meet my required depth of field. The shutter speed was controlled through the dial next to the shutter button. There was a light meter via the viewfinder that displayed a green light when there was sufficient light on the subject and red light when there was insufficient light. The focus was manual, but there was a technique of ensuring the subject was in focus. The technique if master would give a sharp focus. The technique was not available on modern days SLR or DSLR camera. This is the convenience of auto-focus. The was no programable option or full auto, the only option was manual which was great for someone learning the basic of photography. Just like driving a manual car, the fun and difficulty go hand in hand. Winding the film back to its casing was done manually by turning a knob, which I found it interesting similar to those cameras found in world war II.

In the early days, I had only a 50mm lens. There was no software to crop the picture. Cropping was done by physically moving your feet and body. There was also not pop up flash in the camera. I did remember I bought a separate flash. As there was no automatic aperture, a photographer got to estimate the distance from the camera to the subject and decide by reading a chart the aperture to be use. Chart was available behind the flash.

There was a darkroom in the society room. However, I have not had an opportunity to learn darkroom technique because back then, it was also easy to develop 35mm film commercially. There was a tense anticipation of the developed film because that was the only time you would see the product of your effort.

I would say that the similarly between FX-3 and 450D was the task of cleaning the lens and body. The blow brush remains the same after all these years. Dust and fungus growth continue to be the greatest enermy of photographic gear.

The Place Where I Grew Up

Toa Payoh Central - Food, Cinema, Shops, Library, Barber, Church, Market, Bus Terminal, Book Store, Medical Clinic, MRT..... All in 1 location.

There used to be a big garden which has now been resized.

Black Knights

4 x F16C

Singapore Celebrates 43rd National Day

"During that time, a whole host of other Singaporeans published novels, articles and poems recording the Singapore experience. Today, that great tradition is continued by our bloggers who document the great issues of the day. Because we are so tongue-tied, we find solace in the written word. We abhor public speaking, but adore public writing." ......... Adrian Tan (published in The Strait Times 9 Aug 2008)

Myopia, Astigmatism & Lasik

I have had a Lasik surgery done in Dec 2007. Till the completion of surgery, I was wearing glasses for myopia and astigmatism for 28 years. The cost of surgery was about S$3000. Just before surgery, my left eye had 475 degree myopia and 150 degree astigmatism. My right eye lens was 600 degree with a 50 degree astigmatism.

On the assumption that a pair of glasses costs S$300 and the rate of glasses replacement is a pair in every two years, then in 20 years, I will get back my investment without considering opportunity cost and inflation. The cost excludes any replacement of lens for sunglasses.

Many years ago, I went snokering in the sea near Tioman Island. I knew there were many colourful fishes surrounding me but unfortunately, the eyes simply could not focus clearly. The glasses will cause indentation on the nose ridge as well as at the rear of the ears. I have not been wearing contact lenses due to (i) inconvenience in cleaning the contact lens and (ii) possibility of infection when there is lack of oxygen or improper cleaning.

The disadvantage of a succesful Lasik is that there is no protection of the eyes and a pair of sunglasses is still required against UV light. The detail of surgery will be described in the near future.

Yashica FX-3 New Body Skin

Due to its age, the skin of the camera body had deteriorated and turned to dust. I was fortunate to locate a US website http://www.cameraleather.com/ which sells older cameras body skin for DIY repair. Just follow the guide and your old camera body will look new.

Investments Beliefs

I believe in:-
Fear and greed are your greatest enemies.
Sufficient cash reserve to go for the long haul.
Long term investment (I have hold equity of a company for 15 years till it was removed from listing)
Companies that give good dividends
Companies with good corporate governance
At least 5% ROI
Reading company financial statements, ie income statement / balance sheet
Moderate diversification
Unit cost reduction
Power of compounding

Canon 50mm EF f1.8 II

Bought a new lens today at Cathay Photo. Cost me S$120. Also bought a Slik monopod (Easi-Pod Jr) for S$75.

Reasons for purchase of the lens:-

(i) In a 35mm camera, 50mm is called a standard focal length as it shows the view similar to a human eye. For 450D(APS-C), the equivalent focal length is 80mm. Remind me of the 50mm lens on Yashica camera.

(ii) The lens has received good reviews.

(iii) I want a lens that has wide aperture of 1.8

(iv) One of the most value for money lens from Canon.

The image from this lens can seen from my Flickr webpage called "Pangolin"

Note: Tokina is the 52mm UV filter (S$10).

Rolex Oysterdate

This is a watch owned by my Father. A Rolex Oysterdate purchased around the mid 1980s. There are scratches on the crystal surface. It is mechanically wound. Mechanism is good as new. Back in the 80s, this watch was fairly common.

Favourite Chinese Poem

登鸛雀樓 ~ 王之渙

白日依山盡
黃河入海流
欲窮千里目

更上一層樓

by Tang Dynasty Poet Wang Zhi Huan ~ 688 to 742 AD

Investment Books

There are books that are important to read to understand how investment gurus think. While not faithfully following their teachings, I would say they influence my decision making on investment as well as way of life.

The books are ranked in accordance to importance:-

1. The Millionaire Next Door by Thomas J. Stanley and William D. Danko
2. The Warren Buffet Way by by Robert G. Hagstrom, Bill Miller, and Kenneth L. Fisher
3. One Up On Wall Street by Philip Lynch
4. Contrarian Investment Strategies ~ The Next Generation by David Dreman
5. Cashflow Quadrant by Robert T. Kiyosaki
   

Another great investor is George Soros but his book is philosophical and effort is required to understand his concepts.

Places I Have Visited