Singapore

Good Morning Ladies and Gentlemen,

Last Monday, I returned from a short trip to Singapore. It was my first visit to the Far East in more than three years, and the experience was an interesting one. I used to travel to the Far East a lot and have been to Singapore many times. Life in the Far East is in many ways different from life in Central Europe. For today’s Stefan’s weekly, I would like to briefly elaborate on some differences in current issues. I do not intend to judge and want merely to describe what struck me most.

Covid-19     

Covid-19 still is an essential topic in Singapore, but since the beginning of April, vaccinated people can enter the country without any problems. However, masks are still mandatory indoors, and when entering a building, one has to prove the vaccination status, the most efficient way of doing that is via an app provided by the local Ministry of Health.

Three Things

Vaccination rates in Singapore are very high. Over 91% of Singapore’s entire population have at least been vaccinated twice, and over 72% have received a booster shot already. I noticed three striking differences compared to life in Liechtenstein or Switzerland.

First Striking Difference

Taking a vaccination seems no big deal; people just do it. They want to go out, eat and drink, go shopping and enjoy themselves. If this requires a vaccination, they take one. In this respect, the people of Singapore seem to show a rather pragmatic approach, certainly also «motivated» by their government.

Second Striking Difference

The in the Western European media omnipresent attack by Russia on Ukraine is covered more subtly in the Singapore media. The local media certainly covers the war; however, never to the extent, I am used to by the German-speaking media in Central Europe.

Third Striking Difference

Shopping is massive. Every day, you will see people waiting in lines in front of shops like Hermes, Louis Vuitton, Channel, Dior, Rolex, Omega, and other luxury brands. I spoke to a salesperson selling watches at the airport. She told me that they were almost sold out. They could sell more watches but do not receive all they have ordered.

What did I take home from my trip for our business of managing assets?

It helps change the perspective from time to time. So, for example, while Covid-19 was and still is a horrible virus, while the war on Ukraine by Russia caused and still causes the lives of thousands of people, while inflation may hit the average family harder than expected, in other parts of the world, the focus may be on different topics or if on the same, maybe not quite as pronounced or on the contrary more pronounced (as for Covid-19 in China) as over here, in the centre of Europe. When managing assets, we have to make sure not to get carried away by always the same information overflow the media is feeding us on a daily basis. Strategy, structure, discipline and patience should reign, not daily media noise.

Next Week

Now, Ladies and Gentlemen, holding cash on an account for an extended period is a value-destroying exercise. Cash is absolutely no good store of value! I would like to discuss exactly this topic with my partner Hans-Günter Schiefen and see if he is willing to share his recipe to perform in highly volatile markets and an unstable environment.

Ladies and Gentlemen

As always, please share your opinion with me, but please do not forget (instead of hitting the reply button) to send your messages to: smk@incrementum.li

Many thanks, indeed!

I wish you an excellent start to the day, a wonderful Easter weekend, and above all, peace!

Yours truly,

Stefan M. Kremeth

Wealth Management
Incrementum AG – we love managing assets

Tel.: +423 237 26 60
Cell: +41 79 303 48 39
Im alten Riet 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li