Temasek Holdings Shareholders Rate of Return 2011/12

It was reported in the news that Temasek Holdings shareholders rate of return for fiscal year ending 31 March 2012 was 1.5%.

With all their financial experts and specialists, the rate of return did not look impressive, considering a Australia Dollars fixed deposit interest rate as at 6 July 2012 is 3.315% (for amount more than AUD250,000).

Notably, a CPF ordinary account interest rate for 2012 is 2.5%.

It would appear that there were some losses and some exceptional profits, giving a mediocre rate of return.

Ref: Today Online dated 6 July 2012

Wan Ton Noodle

This is another gem at Bukit Merah View Hawker Centre. It sells wan ton noodle, dumpling noodle, chicken shred etc. The shop is Wang Ji Wan Ton (Depot Road). I supposed the shop orginates from Depot Road.

The quality of the wan ton and dumpling is good. The stall owner takes special effort to cook the noodle. The effort can be commended and the result is a skillful piece of culinary. The price of the noodle is also reasonable. I have seen many air-con food courts that sell wan ton noodle. They were run by foreigners and the quality of food was left to be desired. Wang Ji sells wan ton that was cooked with a heart. The good thing is that it is not crowded and the quality maintains. Highly recommended.

Johnson & Johnson

Sold my Johnson & Johnson (JNJ) shares on 29 June 2012 (US Date) at USD67.60. I made some profit out of the transaction. I have been holding JNJ for 4.5 to 5 years and went through the financial crisis of 2009. JNJ is a matured Company, fluctuation is not substantial, neither is the net profit gained from the sale. Much of the profit was disipated by the depreciated US$ with respect to SGD over the years. Participated in shareholder dividend re-purchase scheme.

Why did I sell JNJ? Uncertainty over the Euro crisis may worsen for the second half of the year. Sell it when profit is still there.

Mitsubishi Lancer - 1980s

When I was a high school boy in the 80s, this was one of my favourite Japanese car of that era. It was a light blue Mitsubishi Lancer.

I just saw this car in June 2012 in about the same authentic condition as it was back in the 80s. Very well maintained I must say for this car of more than 30 years old. And for the fact that in S'pore, it was extremely difficult to keep an old car with issues of road tax, maintenance and of course the need to pay COE every 10 years. Well done to the owner of this car!

Gran Turismo 5 Favourite Cars

My favourite GT5 cars in terms of sleekness, beauty and well designed look.

i) Black Lamborghini Gallardo

ii) Red Porsche 911

Dow Falls Below 13000

My blog in February 2012 stated that sustainability of Dow at 13000 was questionable.

Indeed, the Dow on 18 May 12 was back in 12,369 level some 3 months later. During the past 3 months, JP Morgan had declared a loss of more than US$2 Billion, an obscene amount given that financial institutions had just came out from fecal pit not long ago. Again these CEOs were paid millions on salary and bonuses. Corporate governance are non-existence words in financial dictionary.

The jittery from Dow had affected the rest of the World's market with Greece and Euro crisis adding fuel to the burning stove.

At the same time, interest rates are at historical lows. As explained in earlier posting, the effect is inflationary across prices of food, commodities, day-to-day purchases etc.. On the property front, the similarly effect is felt in Asia. Everthing is going north except equity prices. Would I call it a paradox?

Lets look at why equity is so susceptible to flutuations:-

(1) Herd mentality - The psychological effect on equity markets.
(2) Ability to short the market - Where profit can be made by betting on a sliding market, causing it to slide further.
(3) People avoiding equities - When there are other alternatives, such as gold, silver, property. Why equity when the return does not seem to be proportional to the risk? The drop to Dow 12,369 level is equivalent to about 5% in just a few months. Traditionally, investor is looking at a return of 5% on equity market in 1 year. This is in consideration of a mild inflation.

In summary, the financial institutions and world government leaders were simply not displaying leadership with respectable conscience. Inflationary pressure reduces purchasing power of the general middle class of hardworking citizens. What a World! ..... Is capitalism good?

Chinese Mutton Soup

This shop is located at Bukit Merah View Market & Food Centre, off Henderson Road. Unit 01-51. The name of the shop is Chai Chuan Tou Yang Rou Tang (Matchstick/Charcoal Boat Bow Mutton Soup). It is usually crowded during lunch time.

The mutton soup is fantastic mixed with slice ginger and parsley leaves. Various parts of mutton are available but I usually take the meat. The strong mutton soup has covered the negative mutton smell well. Couple with rice, it makes a delicious lunch.

Pilot Custom Heritage 91 Fountain Pen

This Pilot Custom Heritage 91 comes in black gloss finished and a medium nib. While it is medium nib, it writes closer to a fine nib when compared to its Western Counterpart. The filling system uses a pump feed (not converter) when by pressing on the pump will create a suction vacuum on the ink. It is of course made in Japan. From Japanese Pilot webpage, it costs about 10,500 yen (without tax). The nib comes in 14K gold but there is no sign of gold finishes on the nib. The designer must have considered that the pen body and cap are finished in silvery gloss. There is no other significant sign showing the Pilot brand other than the carving on the centre ring.

For writing wise, it is not as smooth as the Sailor nib, probably because it is a medium nib as compared to the broad nib of my Sailor Professional Gear Prochic Vivo fountain pen. In terms of weight, it is much lighter than the Sailor pen. I have loaded the pen with Private Reserve American Blue ink.

The pen was purchased from Aesthetic Bay in Ion Orchard.

Mee Siam

I would like to recommend this mee siam. It is located at Kim Keat Palm Market via Toa Payoh Lorong 7. The name of the shop is "Delicious Satay". Other than mee siam the shop also sells Satay, not exactly complimentary but it is fine with me. The mee siam is nyonya style. The most important ingredient in a mee siam is its sauce. The sauce is sweet as I believe it had added pineapple juice. It has the right chilli hot in it. Other than the bee hoon (rice noodle), there are 2 prawns, tiny tau pok and an egg, all for S$3. Great taste!

Favourite Beef Noodle Shop

Hong Heng Beef Noodle & Laksa

I love the beef noodle from this shop at Ang Mo Kio Street 21, Blk 226H.

The critical ingredient of the beef noodle is its gravy. The chilli paste also matches the the noodle perfectly. Have been eating this since 2003 when they were located in another shop.

All these years, I only tried their beef noodle (dry). Never tried their laksa as the authentic beef noodle is just too good. Price starts from S$4 per bowl. Close on Monday.

Update August 2014 - I went to the stall again recently. Somehow the standard has dropped. The dry was not that dry anymore. By not removing the extra water presence, it somehow diluted the gravy which is important for a good beef noodle. The gravy sauce was somehow less taste than previous. Hope it will improve its standard. And if I am not wrong price starts from S$4.50.

CIMB World Mastercard

Applied for this credit card last week. Benefit of this card : No annual subscription for the life with no minimum spending.

From internet serach, credit available is 10 times current salary.

Great card to hold for retirement.

Sailor Professional Gear Prochic Vivo

Bought this Japan made Sailor Professional Gear Prochic Vivo with Broad Nib at Aesthetic Bay ~ Ion Orchard.

Initial attraction on the pen is its silvery coated body with gold trim and black top and bottom. Its finishes looks opulent. The weight of the pen is heavy among the fountain pens I had. The body finishes is nice to feel with great smoothness despite its apparent undulation. The words, Sailor Japan Founded 1911 were engraved on the middle section. The top of the cap and its nib have a engraved anchor as Sailor's company signature. From internet, I noticed that the name Sailor came from British Sailor who had landed in Japan and brought the technology of fountain pen into Japan and to the Company founder. Sailor pen is a centuary old company. I was deciding between Pilot and Sailor pens before purchased and the finishes on this pen gave the edge over its countryman.

This is is the first time I visited Aesthetic Bay. The shop sales woman gave me a different perspective of fountain pens. She had claimed that Sailor produced one of the finest nib in the world. The other highly commended fountain pen nib is from Pelikan. The Sailor Professional Gear Prochic Vivo Broad nib writes normal at first few strokes. However, I noticed that if I hold the nib at certain angle (more gentle to the plane of writing), the smoothless did come out. The sales woman also mentioned Sailor nibs were crafted by Japanese skilled craftsmen and the quality was exceptionally good. From my experience, I knew Japanese craftsmen are a respectable group and took pride in their accomplished product. She had also mentioned that knowledgeable collectors of fountain pens owner seldom purchased Mont Blanc pens (her opinion). She further explained that a high portion of Mont Blanc price goes to advertisement and the prestige associated with the brand. Reminds me of Seiko Marine Master v. Rolex Submariner comparison. Nonetheless, after viewing the prices displayed and the discount given, I noticed that the prices in Aesthetic Bay are quite competitive and comparable to shop like Mustafa. Credit must go to the fact that Aesthetic Bay is a physical shop in a prestigious location in town with reasonable service. The range of pens on displayed and sale include Montegrappa, Visconti, Namiki, Pilot, Nakaya, Parker, Cross, Sheaffer, ST Dupont, Dunhill, Pelikan, Waterman, Caren d'ache and of course Sailor. Some of these pens are in the range of $5000. Didn't see Lamy and Mont blanc though. They also carried a substantial numbers of not so common inks. For those interested in Faber Caster pens, the shop next to them is also managed by them.

Upper Middle Class Japanese

As a continuation of Upper Middle Class American and Singaporean, I have done a simple analysis of what a Japanese counterpart will face for income tax and purchase of a car.

From internet search, the income tax base on taxable income (after rebates) for year 2011 is as follow:-
6.95 to 9 million yen = 23% of taxable income exceeding 6.95 million yen plus 962,500 yen.

Base on the current exchange rate of US$1 = 81.79 yen, a taxable income of US$100,000 is equivalent to 8.18 million yen. The income tax payable by a upper middle class Japanese salary man will be 282,900 + 962,500 yen = 1.245 million yen which is equivalent to US$15,190.

From BMW Japan, we can see that a 2012 model of 640i in Japan is selling at 9,330,000 yen including tax. This is equivalent to US$113,826.

Over a 10 years period, ceteris paribus, the Japanese salary man would have paid a total of US$265,726 for income tax and the car. The US counterpart would have paid US$353,600.

According to a website, the average annual income in Japan for 2011 is 3,788,460 yen which is equivalent to US$46,219. From Big Mac Index 2011, a big mac in Japan sells for 320 yen which is equivalent to US$3.90.

I have this feeling that after years of deflation in Japan and the rest of the world inflation, the world has finally caught with the Japanese cost of living.

29 Feb 2012 / Dow Jones

Hmm..... Today 29 Feb 2012. Leap Year. Once in every 4 years. One more working/schooling day for everyone.

Back in 15 Oct 2009, I wrote that Dow Jones broke 10,000 points on 14 Oct 2009. We were out of the recession woods.

On 28 Feb 2012, the Dow Jones broke 13,000 points. The strength looks weak. Sustainability above 13,000 points would depend largely on how Europe Debt would be resolved. However, this year is American Election Year. A strong Dow Jones would likely push P. Obama to a second term.

Are we seeing a clear blue sky or dark clouds ahead?

Concept of Value

I have been thinking about the concept of "Value". What makes a Value purchase? And what constitute a waste of money.


Income, will first determine whether a purchase is a value one. If a person monthly income is $1000, then it will be fair that a purchase of a $100 watch will be be significant to him given that it is 10% of his income. Value to him is a watch that provides the function of time monitoring with minimal cost. Afterall a $100 digital watch will tell time as good as a watch that is $1000. There is no luxury content in the purchase of the $100 watch. It is also likely that the watch has no resale value once it leave the shop premises.

Value purchase should also be across boundary. For a pen purchased in country X should cost the same in country Y. With the advance in technology, pricing information should be available that enable comparison to take place. Substantial price difference is a cause of concern for the consumer. A reduction in transportation cost would significantly encourage more price equalisation.


In my opinion, depreciation and value are intertwined. A purchase which offers appreciate in value is considered a smart purchase. An asset that depreciates in value within a short period of time is least preferred. At least, an asset must maintain its value when it is put up for sale as a second hand product. Someone ever said this, if one is to purchase a Japanese watch at $300, it would possibly cost less than $100 in 20 years time. But if one is to purchase a Rolex watch at $10,000, it might still be worth $10,000 in 20 years time even though the $10,000 in future may not be worth $10,000 due to compounded interest.

Technological products may be another value trap, given that time will dilute the advantage or convenience that the product may give. Imagine looking retrospectively what early technological adopters lost when they paid more than $3000 for a LCD TV which now costs less than $1000. I wonder how iphone, ipad supporters would feel when they look retrospectively the hours they spent lining up for purchase.

In economics study, the concept of price has correlation with satisfaction or what economists call utility. Whether an apple is worth $0.50 will depend his judgment of utility. Whether he will buy another apple at $0.5o will depend on whether the extra utility will be justifiable by the money that the consumer had to give up (Concept of Marginal Utility). When it comes to luxury goods, the utility that the goods create may be superficially high to the extend it justifies for the price that it demands, especially so when all basic needs are already met. While it explains human nature, the discipline involve in getting a value purchase cannot be emphasized enough.


Consumer is always affected by other environmental factors such as advertisement, association with an admirer/hero/person of authority etc.. Purchase may be irrational and sometimes passion comes into play. So many times, we heard purchase base on impulse and found something useless after a purchase was made. Marketeer always tries to associate branding, product unique feature as compared to a value product. Branding may also be linked to quality, whether such link is substantiated is another matter. Nonetheless, association (especially wealth) affects buying decision.

Whether a person chooses to be frugal or spendthrift is his/her perogative. However, choosing the extreme end would not be wise nor reasonable.

Brunei Darussalem Detachment Camp

The above photo shows the place where I had stayed for 6 to 7 months in Brunei Sultanate, back in 1988. I was staying in the South-Eastern barrack (shown in blue roof). It was a 2 storey barrack and I stayed in the 2nd storey. The road is off Jalan Muara, possibly about 15 to 30 minutes by car from Brunei International Airport.

You could see helicopters parked on concrete ground which is a helipad. If I could recall correctly, the cookhouse was the centre block in the photo with green roof.

I could remember as a teenager, I drove for the first time in a white manual transmission toyota car around the road surrounding the green field (without license yet). I also remember where a wild snake was skinned, hanged from the second storey and later cooked into snake soup for consumption.

The surrounding of the camp was all forest, just as it was back in 1988.

Credit: Google Maps

Upper Middle Class American and Singaporean

In US, the income of the upper middle class is quite high. Assuming that the net annual income, after adjustment for tax relief, of a US citizen is US$100,000 in 2011, the income tax (from wikipedia) is 28% (for single person). The amount of tax he has to pay is US$28,000 or US$2333/month.

In 2011 Singapore, if a person earns a net annual income of SGD$100,000, the income tax that he has to pay consists of 2 tiers; first SGD$80,000 is 5.375% or SGD$4,300, next SGD$20,000 is 14% or SGD$2,800. A total of SGD$7,100. This gives an effective rate of 7.1% and monthly tax of SGD$592. Source: Singapore IRAS webpage.

While the exchange rate of SGD and US$ is different, I am looking from a perspective of a upper middle class resident in Singapore and US$ which should earn about a quantum of $100,000 in annual income, irrespective of foreign exchange.

In California USA, the sales tax is 7.25% which can total up to 9.25% including local sales tax. In Singapore, the consumption tax (GST) is 7%. Comparable if you stay in both cities.

Assuming a upper middle class American drives a BMW 640i coupe in 2012, he will have to pay US$73,600 (MSRP from BMW USA). He will need to work 0.74 year to pay for that car. For the same car in Singapore in 2012, the upper middle class Singaporean would have to pay SGD$355,800 (price from SG Carmart including the infamous certificate of entitlement). In Singapore, he will have to work 3.6 years to pay for the same car.

Comparing the income tax and the car price (and associated taxes) over 10 years, the American would have paid USD$353,600 (US$280,000 + USD$73,600). The Singaporean counterpart would have paid SGD$426,800 (SGD$71,000 + SGD$355,800) over the same period.

Additional Info, the US annual median wage in 2010 is US$26,364. The Singapore annual median wage in 2010 is SGD$2710 x 12 = SGD$32,520. Source: social security on line and salary.sg.

From the Big Mac Index 2011, the big mac in US costs US$4.07. In 2011 Singapore, the big mac costs SGD$4.41.

Hero 204 Black Ink v. Mont Blanc Mystery Black

Here is a sample of the 2 black inks I have currently. The writing is a famous chinese poem which I like.

The top section shows the poem written by Hero 336 fountain pen on fine nib using Hero 204 black ink. As I earlier mentioned, there was better control over the ink flow and I could write slower without ink smear.

The bottom section shows the poem written by Mont Blanc 146 fountain pen on medium nib using Mont Blanc mystery black ink. The ink flowed faster causing ink smear to occur easily for this paper. I have to write faster with lesser control.

From photograph, it shows that Mont Blanc mystery black ink has a deeper black. This ink is 16 times more expensive than the Hero 204.

Hero 204 Black Ink

Hero 204 Black Ink in 60ml glass bottle.

Cost only SGD$1.50. Bottle finishes is not refined. Used it on my Hero 336 fountain pen with fine nib.

As it is on a fine nib, I am not able to detect any inconsistency in the ink. I am generally acceptable to the colour of the black ink. Unlikely to use it on an expensive pen until proven otherwise.

I also saw a red ink for sale in the shop.

8 Feb 1883

Lewis Waterman started experimenting capillary feeds for fountain pen from 8 Feb 1883.

Pelikan Souveran M300 Fountain Pen

I must first say that I am not exactly sure the model of this Pelikan which I brought. The salesman at Mustafa said it is M205 which I have doubt as M205 is demonstrator model. The marking on my pen body has straight line of black green strip. From Pelikan International website, my guess is it is a M300 base on the official length of 12.9 cm long.

The characteristics of this Pelikan Souveran pen are as follow:-

(1) The word Souveran can be found on the cap base.

(2) It is about 12.5 cm long (with cap)

(3) It is made in Germany with the word Germany on the cap base.

(4) It costs SGD$202 (approx USD$161)

(5) Salesman said that the medium nib is 14K Gold plated.

My views of the pen are as follow:-

(1) It is a light pen compared to MB 146 and Waterman Expert 2. It is so much lighter that writing with cap posted is not an issue. Reading wiki shows that it is probably due to cellulose acetate body.

(2) At first look, the green looks unusual on a pen. But Pelikan has the tradition of producing green coloured striped body for its vintage model 400 pens (since 1950s). Hence I made the decision to follow tradition.

(3) My son called the green and the strip a watermelon.

(4) At SGD$202, it is more expensive than Waterman Expert 2.

(5) I like the Pelikan logo on the top of the cap. This is better than the Waterman Expert 2 without any logo but a simple gold round cap.

(6) It uses piston filled mechanism, similar to MB 146.

(7) In terms of writing, the ink flow in the Waterman Expert 2 is the most smooth as it flows readily.

(8) I am using Waterman Havana Ink on this Pelikan.

(9) Pelikan M300 is the shortest of the fountain pens I have had at 12.5cm.

(10) The way I see it Pelikan Souveran series differs in size and there is insignificant difference in the jump from one M to another. I wonder what motivation (other than size) for a consumer to choose the higher price range. It is quite difficult for anyone to realise which model he is holding, unless finding a true connoisseur of Pelikan fountain pens.

(11) Because of its light weight, handling of the pen is easy as compared to the heavy Waterman.

Waterman Havana Ink

This is a review of the Waterman Havana Ink. The ink was brought from Fook Hing Trading at Bras Basah and cost SGD$14. It is more expensive than Pelikan 4001 ink which is about SGD$4. However, it is quite rare to get a brown ink, unlike the common black or blue. The ink bottle is only 50ml compare to the 62.5ml for the Pelikan 4001. According to the box, Havana ink is made in France.

What I like about Waterman Havana? I like the darker and deeper colour of the brown. Being darker, it is readily visible. As I mentioned in my earlier post the Pelikan Royal Blue ink is lighter than my liking.

What I don't like about Waterman Havana? Obviously, it is more costly and comes in a lesser volume. But it is cheaper than Mont Blanc Ink at SGD$25 for 60ml.

The photograph shows the 3 inks that I currently have.

Mont Blanc - Mystery Black (written by a Mont Blanc 146)
Pelikan 4001 - Royal Blue (written by a Waterman Expert II)
Waterman - Havana (written by Pelikan M300)

General Household Inflation Hits +5.2% for Yr 2011

Singapore General Household Inflation Hits +5.2% for Year 2011.

This is when interest rate remains low. Saving at local banks interest rate is at 0.05%. In other words, money is loosing its value at 5.15% annually if it is to be placed in a bank.

A good explanation of the relationship between interest rate and inflation is shown in the link shown below.

Dividend in local equity pays between 2 to 6% annually, This is insufficient to cover inflation, given the risk involved in equity purchased.

This will encourage people to seek other alternate form of investment, eg property. With the interest rate going so low, money is chasing or being converted to other asssets.

Recent launch of property in Punggol Waterfront is seeing a 99 leasehold with average selling price of $1200psf, this means that a 800 sqft apartment (smaller than a 4 room HDB flat) will be selling at S$960,000. Assuming a couple has a household income of $10,000 per month and assuming that they have a total of $200,000 in CPF. They will need to borrow $760,000 if no cash outlay is used. Over 25 years loan, the couple will need to pay $30,400/year without interest or a monthly of $2535 in mortage. With interest, it will likely to be $3000/month. The couple take home pay will be around $8000/month less $3000/month on mortage, disposable income is $5000. This is on the assumption that the couple makes $10,000 per month. The couple will need to service the loan for the next 25 years, and hopefully there is no retrenchment along the way.

To make the property appreciate, the said unit at Punggol Waterfront will need to sell for say $1500 psf. The current psf of HDB flats in Punggol vincinity is only about $455 to $470 psf. This means that there is a lot of opportunity for HDB flats in Punggol to rise further. However, HDB will continue to build more flats especially in Sengkang and Punggol. Upside is limited unless there is another wave of foreigners becoming citizens.

The lower income segment of the population will continue to feel the heat in the inflation, especially for basic necessity such as food, utilities and transport.

http://plonkee.com/2007/11/27/how-do-interest-rates-affect-inflation

George Soros & His Predictions

Back in January 2006, in an interview with the Singapore Institute of International Affairs, Mr George Soros predicted the coming of financial recession due to housing bubble happening in the US. Back then Mr Soros believed that the housing bubble was about to burst and a fall in the value of US Families Homes would be a reality.

Evidence of the interview is showin in the links below:-
http://webarchive1.richdad.com/Forum/forum.aspx?g=posts&t=196697
http://www.cfo.com/blogs/index.cfm/l_detail/5380259

Back in January 2006, the Dow Jones was around mid 10,000 points. Of course, it subsequently went for a bull run reaching 14,000 before crashing into abyss.

In January 2012, Mr Soros again made his prediction in his interview at Azim Premji University in Bangalore. He predicted that the global economy would face a 'potential meltdown' as a result of Euro zone crisis. Link as below:-

http://indiatoday.intoday.in/story/george-soros-predicts-economic-meltdown-worse-than-2008/1/168104.html

There may be time lag between his predictions and the occurence of the event. Would you believe him?

Standard and Poor's Rating and Credit Rating

Before the collapse of Lehman's Brother, S&P's gave Lehman's Brother a rating of at least an 'A'. This was a relative good rating. Subsequently as each and everyone know Lehman's Brother failed and led to a financial meltdown. Did S&P's successfully give an indication of the dire situation of Lehman's?

In the current situation, S&P's had been like a frightened bird (惊弓之鸟). For the past few months, they have been downgrading credit rating of major western soverign entities, including US and Europe nations. The latest being on 13 Jan 12 downgrade of France and other nations' credit rating.

Instead of doing job when they are supposed to (as in Lehman), these credit rating agencies seem to be pressing the panic button currently, causing widespread fear and worries to the global financial markets(落井下石). It may turn out that through these negative market sendiments, it may cause the event to occur.

The question to ask is whether credit ratings are necessary, if so, how accurate they are and most importantly are they contributing to the world's financial well-being.

More Than A Decade of Negligible Growth

Dow Jones on week of 10 January 2000 = 11,722.98
Dow Jones on week of 27 December 2011 = 12,217.56
Difference = 494.58 over 12 years or 4.22% over 12 years
0.35% growth in a year. Miserable and investors were taken for a ride considering the inflation annually.

Current Global Economic Situation

This is my opinion:-

- Inflation due to earlier US expansionary policy. Globally, the world is flooded with liquidity and cash.
- Prices of assets are inflating especially in Asia. Property prices have been increasing since end of 2009.
- Prices of food have also been inflating. Food in Singapore are getting more expensive. Prices of transportation have also been going upwards (Bus fare and the most recent taxi fare).
- However, interest rate remains low. Interest payments cannot cover inflation.It encourages people to stay away from saving and encourages spending. Because saving will mean depreciation in the value of cash. Inflation is further induced.
- It also encourages people who have cash to invest, in equity, in real estates etc.
- People who had retired are the biggest loser as their savings are affected by reduced purchasing power. Expansionary policy had in fact spread the burden of the financial and economic mess to the general public. Each one taking a slice of the losses made by companies who had paid CEO in millions during better times.
- Prices of equity are very much affected by global markets. When Euro financial markets are not doing well, Asia markets are affected.
- Real estates prices are still resilient. Question is when will it be back to a sane level. When real estate prices fall, people who had purchased at higher prices would suffer losses. This is another way in which expansionary policy helps to spread the woe of economic troubles to general working class public.

Star Cruise on Virgo ~ 18 to 20 Nov 2011

Three words - Food and Food....

Cruise to nowhere. It was actually cruising on sea near Kukup, West Malaysia. The speed of the cruise ship was 7km/hr as measured by my GPS. Almost like brisk walking speed. Being such a huge ship, it was very stable and I could not feel the waves pendulum motion.

Food was available from breakfast, lunch, break, dinner and supper on buffet style. First night dinner was superb with grilled beef, chicken etc (available only on first on 18 Nov 11). Fantastic for people who want to put on weight.

Dawn on the sea was beautiful. However, there were clouds on the horizon. Night time crusing was cool on a quiet and pitch black sea. The only sound on the deck was only the crashing waves.

The crowd were drawn to the casino on board. I lost $60 on jackpot, an amount which I was prepared to loose (in less than an hour).Crew on board were mainly filipino and Chinese.

Penang Food 4

Local Dim Sum at Jalan Anson. Took a taxi there as we were unfamilar with where it was located. For about 10 dishes with chrysanthemum tea costed only RM30 (SGD $12.3). Quality of the dim sum was acceptable. It was crowded with locals given the reasonable price that it charged.

The best dish was shown above, a crispy fried toufoo with mayonaise. It was served hot and taste good with mayonaise. Overall, while quality of food had been average, it was value for money.

Subsequently we walked to Komtar via Sun Yet Sun Museum

Penang Food 3

Local Penang Food. These 2 dishes were eaten consecutively during lunch. The first photo(top) was the famous Penang Laksa. 90% different from Singapore Laksa. Similarity lies only in the bee hoon (rice noodle). The store was located at Air Hitam, at the foot of the hill where Kek Lok Si Temple is. It was well known and cost RM3.3 (SGD $1.35). There was not many people at around noon time. The environment and condition of the store was less than ideal (next to a road and a wet market). Penang laksa has a strong dose of prawn paste (the type used in rojak) and it was towards a sour side (probably due to influence from Thailand). I would not say I like it but must give it a try since I came a long way.

The second food is wanton noodle. The impressive part was it costed only RM2.50 (SGD $1.03). It was value for money. Although the quantity was not substantial, I guess it would suffice for local. I saw an elderly gentleman had 1 of the same order. The stall owner had already started packing up when I asked for it. I went off disappointed. But she came back and said she would prepare one for me. I was absolutely delighted. The wanton noodle was prepared in dark sauce and it was to my liking. Incidentally, I just had the same quantity, a few days ago, wanton noodle in Singapore. The Singapore one cost me SGD $3,80 (RM9.2) in a local shopping mall and was cooked by some foreigners. I would take the RM2.50 anyday. The home-made barley cost only RM1 in the same coffee shop. The stall was located at the five foot way (corridor) of a coffee shop diagonally across the road where the Penang Laksa stall of Air Hitam is.

PS. Singapore has just been ranked the 6th most expensive Asia city for expatriate. The first 5 were all Japanese cities. Sigh.

Penang Food 2

This nyonya curry chicken was from the Little Nyonya Restaurant in the basement of Gurney Plaza. It is highly recommended as the taste is fantastic. Enough spice and enough sweetness. I was pleasantly surprised by this good food from this restaurant. I think it costed about RM15++. Not cheap but it had matching quality. The strawberry smoothie was also good. How to recognise the restaurant? There was a photograph of "Ah Xian", the Malaysian TV host clearly displayed at the front entrance of the restaurant. Recommended to give this restarant a try. Would definetly try again when opportunity arises. Wonder whether they had subsidiaries in other M'sia states?

It was much better than the Kim Gary Restaurant we had visited in Penang. The standard of food from Kim Gary had deteriorated. Food quality was mediocre and did not match the price they charged. The same can be said for the one in Singapore.

Penang Food

Taste and standard are comparable to Singapore. Ordered a steamed fish with light sauce, wheat fried prawn, fried egg and hotplate toufoo. Ordered also 4 drinks and rice. Paid about RM80 for the food. The dinning area offered a choice of non-aircon and aircon. Location of the shop is located at Pulau Tikus. We took a crowded bus (Bus 101 or 102)from Komtar to the restaurant and fortunately there was a kind chinese man who offered to show us where to alight after we were discussing it. Price was considered reasonable in my opinion as we had ordered the steamed fish (size: small) and prawn.

The lady boss offered to call a taxi for us as I had earlier asked for direction. But we decided to walk a distant of about 700-800m to the hotel.

Thanks to the Penangite who offered the direction.

Immaculate Conception Church Penang

The Immaculate Conception Church, Penang, founded in 1810. Church is more than 200 years old. This is even older than Sir Stamford Raffles founded Singapore. Nowadays, you can't see the sea from the Church. Perhaps back in 1810 when the Church was founded, the sea (about 300m away) was visible.

The external structure of the Church still looks good despite its 200 years history. It is located just next to Berjaya Penang Hotel.

Strangely, on a weekday morning, the Church only opens a small compartment with glass enclosure, for prayers. Not able to visit the historically significant aisle. The stain glass looks good.

Penang Rapid Bus

The much cheaper way to get around in Penang. Taxis are expensive in the context of what Locals earn and the distance travelled. Eg. Taxi fare from Penang International Airport to Georgetown is about RM45. Bus provides an alternative provided you know where to alight, what number to take and don't mind standing with the crowd. The fare starts from RM1.40 for a short journey. The trip can sometimes be long due to service distance and the usual jam in city area. For example, the time required from Batu Ferringhi (Holiday Inn) to Penang International Airport by public bus (No 102) can take between 1hr 30mins to 1hr 45mins.

I understood from Taxi drivers in Penang that each taxi driver served a particular zone of the island and they could not pick up customers from other zone. They explained that because of this, the rate was higher as they could return in an empty cab. System doesn't seems right as this creates monopoly. However, locals didn't bother with this as many of them drove with a car or a motorcycle.

Penang should build a Mass Rapid Transit to serve both locals and foreign tourist /businessman, just like KL.

Penang ~ 21 to 25 Nov 2011

Berjaya Penang Hotel

Accessible from Airport by bus 102

3 nights stay - 21 to 24 Nov 11

Walking distance to Gurney Plaza and the Gurney Food Market

Next to Midland Plaza with a KFC that opens from 10:30am

Strange smell within the room, next to a dilapidated office building.

Wireless access at RM5 per hour. Hotel service is average.

Hero 336 Fountain Pen - Part 2

After pumping Montblanc black ink into the reservoir of Hero 336 pen, I began testing the quality of the pen. Being a China made pen, of course, I wrote some chinese caligraphy. Do note that the nib is fine in thickness, which I think is appropriately sized for chinese characters. It turns out that I am pleasantly pleased with Hero 336 writing in chinese words. The fine nib means that the outflow of ink is highly controlled, this enables the curves and stoppages which are of high importance in chinese caligraphy to be nicely manupulated fully by its nib. Of course being a pen of this price, the smoothness is definetly not present. In fact, it is hard to write. But the deficiency is overcome by the nib capability to control outflow of ink. The medium size nib of Montblanc 146 does allows more ink to be delivered, thus making writing chinese caligraphy slightly difficult. The writing is done in a single piece of paper, thus the paper factor is constant. However, this paper quality is of highly absorbent type.

Waterman Expert II Dune Red

This is a made in France pen bought at Mustafa. Reason why I bought it is due to the deep red body colour combined with black and gold. It has a nice polished body. The nib is medium size. For writing, it is not as smooth as the Montblanc 146 but for the price of the pen, the smoothness is deem reasonable. The length is similar to the 146 and instead of a turn capping mechanism, Waterman chooses to use a push and click closing. The pen uses a converter method of extracting ink. The pen uses Pelikan 4001 Royal Blue ink. It is lighter than my liking. Perhaps I should choose a darker blue ink. But Pelikan 4001 ink is really value for money.

Hero 336 Fountain Pen

Hero 366 Fountain Pen. Made in China with iridium nib. Cost only SGD1.20. Bought at Mustafa. Gold cap with red body. Nib is available only in fine thickness. Gold cap is surely going to be faded in time. Mustafa offered an buy 10 get 1 free incentive. Has a manual pump feed that draws ink to a plastic reservoir. Very light in weight. The carving on the cap shows "MADE IN CHINA" and "Hero (in Chinese) "336"". I have not loaded in the ink.

Montblanc Meisterstuck 146 vs Parker Sonnet

Montblanc Meisterstuck Fountain Pen 146

Lighter than what I had expected. The gold plating on its cap is lighter than Parker Sonnet. But the polish on the body is more shiny than Parker. The gold nib is of M size with the number 4810 carved (understand it is the height of Mont Blanc). The ink pump works by turning the rear of the pen in clockwise motion. It is 6 times more expensive than the Parker. Bought at Bee Kar at People's Park Complex with full warranty of 2 years. It has strong rooted history and Montblanc is the "Rolex" of pen. Depreciated it will be.

Parker Sonnett GT Roller Ball

Matt black. The deep coloured gold is in strong contrast with the black body. Heavier and shorter than MB. Does not need to turn to pull the cap. The closing sound of the cap is nice. Bought it at Popular Bookstore. Overall value for money. Parker has a strong history but the prices can range from a few dollars to hundreds. It makes consumer difficult to associate it with a prestige product. I have owned Parker since High School/College days as it is always easy on the price.

2 of them are good pens, but for working, I have my reliable Pilot V5. Nothing to shout about but always a good workhorse.

Tree Top at Macritchie

15 Oct 11 (Sat) - Park my car at Venus Drive. Weather was good. Underestimated the terrain of the walk to Tree Top. To and fro distance from Venus Drive and Tree Top is estimated to be between 6 to 7km. Good way to loose fat. The last 100m towards and after the tree top requires climbing slope. Good thing I had exercised weeks before this visit. Time taken is about 2hrs and 15 mins on fast pace walking. There was a ranger station with toilet facilities just before the last stretch. The last stretch was a 1 way direction trial. Overall, it is a good walking experience if you like the tranquility of the forest and would want to touch the leaves on top of a tree, which I did.