GDP revision shows recession winding down

Enough said, it's time to take action. We had passed the pit of the business cycle, that's my analysis/prediction/gut feel whatever you put it and I had said it during recent a dinners with my ex-colleagues in SBS and SAF. They all believe otherwise. So I told them there is no point arguing, the result will be out soon and we can bet on it.

I had lately shared with 2 friends about an idiot-proof investment strategy which now is the right time to deploy. This strategy does not requires any analytical skill nor time to do close monitoring. I'll come to this strategy in my next sharing.

I never comment or pretend that I am a fortune teller based on hindsight, if you know me. All my blog sharing can testify that. The following is an excerpt from AFP:

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WASHINGTON (AFP) - – The US economy moved closer to emerging from recession in the second quarter, according to revised data Wednesday showing a smaller-than-expected 0.7 percent pace of output decline.
The figure for gross domestic product (GDP) was better than last month's estimate of a 1.0 percent drop, and stronger than the average estimate of private economists calling for a 1.2 percent annualized rate of decline.
The report appeared to confirm that the world's biggest economy was emerging from its long recession and rebounding from a hefty 6.4 percent tumble in the first quarter of 2009.
The latest data "sets the stage for an improved economic outlook for the rest of 2009 and throughout 2010," said Aaron Smith at Moody's Economy.com.
"The downturn appears to have concluded this summer, and the economy is on track to grow for the first time in more than year in the third quarter. The initial phase of growth is being driven by rapid recoveries in housing and manufacturing, diminishing drags from equipment spending and nonresidential construction, and government support."

2009 F1 Singtel Singapore Grand Prix (2)

2009 F1 Singtel Singapore Grand Prix (1)

Potential pennies - the cigarette butt strategy

5 Common Warren Buffett Myths Debunked

Somebody posted an interesting article on an investment website about Warren Buffett which I agree in part. Although Warren Buffett has been my role model in investment management, some years ago, I realized that he doesn’t really practise what he preached. For example, he invested in China oil company, junk bonds, currencies etc.

Nonetheless, value investment is still a sound investment approach that works for decades, valid today and for the years to come.
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Berkshire Hathaway (BRKA) recently posted its worst loss ever and the media is buzzing again. This article attempts to clear up some of the most widely portrayed Warren Buffett myths.

Berkshire Hathaway stock, the most expensive stock in the world, peaked at $149.972 in December 2007 and has since fallen at one point over 50% hitting a multi-year low of $70,100 in early March, 2009. BRKA stock today closed at $81,690. Myths below.

1. He buys cheap stocks.

Probably the most common and widespread misconception of Warren Buffett is that he got so wealthy by buying cheap stocks. Though Warren Buffett advocates buying stocks at fair or even firesale prices if possible, it is not the only metric of his decisions. In fact, it may be a relatively minor factor in his considerations.

In his younger years, Buffett bought stocks he called “cigarette butt” stocks. Namely stocks that were selling for attractive prices (i.e. under book value, at a third of working capital etc). He did great but not very great. Buffett later acknowledged that he found out it was much better to buy good businesses instead of just cheap stocks. He later made the bulk of his fortune in American Express, Geico, Coca Cola, Gillette etc.

2. He’s ever wrong.

Yes, even Warren Buffett can be wrong! In the early 1980s, Buffett was worried that hyperinflation would make bonds unattractive investments. But inflation eventually ticked down and hasn’t raised its ugly head yet for nearly 30 years.

Buffett also made mistakes in his stock and bond investments. He bought preferred stocks in an airlines company that almost got wiped out and sold McDonald’s too early. He bought many stocks he later wished he didn’t buy. Most recently, he became the largest institutional shareholder of Conoco Phillips, an oil company, when oil prices were near their highs.

The lesson here is not knocking on Buffett. Instead, realizing that even the Oracle of Omaha can be wrong quite often tells you that losses and being wrong are an inevitable part of investing. The key issue is how we deal with risk and losses, and whether we make a lot more on our winners than we lose on our losers.

3. Buffett doesn’t trade.

Contrary to public opinion, Buffett doesn’t just invest in stocks. Though Buffett frowns on speculation, Buffett does not refrain from making investments in currencies, commodities or even the stock market of a speculative nature. In the early 2000s, Buffett actually shorted the Dollar, tidying up a handsome profit as he covered his positions a few years ago. Buffett has also been involved in silver, copper and oil (as can be seen from his letters to shareholders). Buffett also does arbitrage in the stock market. But he usually controls the sizes of his speculative positions. Perhaps the lesson to be learnt here is only to risk what you can afford to lose if you’re going to speculate.

4. Buffett doesn’t use financial leverage.

This may be one of the most persistent myths about Buffett. Buffett once wrote “Debt is a four letter word.” He strongly preaches against highly leveraged business/financial operations, but in fact, Buffett does use financial leverage. At the start of his investment career, he managed assets for other people. That’s leveraging his knowledge. Later on, Buffett bought insurance companies which generate lots of money from premiums known as “float”. Buffett could invest the float until there were claims from insurees. Though float is low cost compared to the profits Buffett generates from his investments, this is leverage nonetheless.

5. Buffett doesn’t diversify.

This is not true. Berkshire Hathaway owns dozens of companies and has investments in many sectors. True, Buffett says he like concentrating his investments in companies he fully understands. But he also recommends for the investor who doesn’t have much time for investment research that he “believes in extreme diversification”

The Oracle of Omaha is not a god, far from it, but he has many traits and his investment philosophy can be studied and learned from to aid our own personal investment decisions.

US consumer spending up 0.2%

Excerpt from AFP (28 Aug 09):

WASHINGTON - US CONSUMER spending rose for the third consecutive month in July while incomes were virtually flat, government data showed on Friday in a report suggesting demand picking up amid the long recession.

The Commerce Department said consumer spending - which drives two-thirds of US economic activity - rose 0.2 per cent in July, in line with the average analyst forecast.

Personal income was up less than 0.10 per cent and disposable personal income - income less personal taxes - slipped less than 0.1 per cent.
The department said spending rose a revised 0.6 per cent in June, a hefty 0.2 percentage point higher than the initial estimate.......

Update on REITs' performance (1)

During recent gathering, some of my friends were asking about investment opportunity in SGX-listed REITs. Hence I decided to do a bit of study in REITs. Although REIT index underperformed against the STI, there are still potential outlook for REITs consider the recovery in global economy. At least that’s my view on the direction of global economy. The following is an excerpt from Business Times (29 Aug 09) on REITs’ performance:

“The Straits Times Reit Index has underperformed the benchmark Straits Times Index almost every day in the past 12 months. Despite some recovery since March, Reit returns are still some 15 per cent behind the equity index. Unit prices have been driven down by concerns over refinancing and worries that commercial or industrial rentals will not get sprightly, and that hospitality rates will remain depressed. Yet they have not been doing all that badly, even if the market has not realised it yet. A Phillip Securities research report found that on a year-on-year basis, out of the 18 Reits that have announced their results, 12 reported revenue growth, one reported flat revenue growth while five reported negative revenue growth. Nine Reits saw an increase in distribution per unit (DPU); the other nine saw a decrease.”

Whilst many REIT-counters had surged by as much as 100% since their low in Mar 09, the valuation and outlook remains attractive for some. I’ll just pick a few REITs to share with all. These REITs may see lower returns for the year but has remained strong and struggled well in the midst of the recession.

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Suntec REIT

Property owned: Suntec City Mall and certain office units in Suntec Towers One, Two and Three and the whole of Suntec Towers Four and Five, Park Mall, Chijmes and one-third interest in One Raffles Quay.

Reporting period: 1H2009

Rental revenue = $129.4m (up 12.4% year-on-year)
Returns after tax = $58.4m (down 10.3% year-on-year)
Overall occupancy rate = 94.8%
Distribution per unit = 5.895 cents (up 11% year-on-year)
NAV = $1.984
Current price = $1.01
Yield = 5.84%

Recent significant activities: Suntec REIT invests S$25m equity stake to gain strategic foothold in Suntec Singapore international convention & exhibition centre.

Analysts’ target = $1.07 (CIMB), $0.94 (hold – Phillip)

My view: Suntec REIT has huge growth potential considers the development in the area includes construction of Circle Line and Marina Bay Sands which will bring in more crowd and activities after completion. However, near term stock movement is highly uncertain considers the presumably economic recovery is still at infant stage. On 28 April 2009, Suntec REIT obtained a secured facility of S$825.0 million Term Loan Facility with a panel of 7 banks to refinance all borrowings maturing in FY 2009. This give us a breather on its refinancing needs.

My recommendation is to buy half of your target quantity for its yield and hold. Should there be a technical downturn, you should then accumulate to your target quantity.

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Mapletree Logistics Trust

Invest in a diversified portfolio of quality income-producing logistics real estate and real estate-related assets in Asia. By 30 June 2009, this has grown to a portfolio of 81 properties, with a book value of approximately S$2,906 million spread across 6 countries: 47 are in Singapore, 11 in Malaysia, 8 each in Hong Kong and Japan, 6 in China, and 1 in South Korea.

Reporting period: 1H2009

Rental revenue = $105.2m (up 21.7% year-on-year)(2Q 2009 started and ended with 81 properties. 2Q 2008 started with 72 properties and ended with 76 properties)
Returns after tax = $57.3m (up 11.8% year-on-year)
Overall occupancy rate = 98.3%
Distribution per unit = 2.95 cents (down 25% year-on-year)(decrease in DPU y-o-y due to additional units arising from the rights issue in Aug 2008)
NAV = $0.88
Current price = $0.645
Yield = 4.57%

Recent significant activities: Rights issue of 3 units for every 4 units owned at a right price of $0.9285.

Analysts’ target = $0.70 (DBS)

My view: With low PE, low PB and reason yield, it is recommended to buy half of your target quantity. Should there be a technical downturn in the 2H2009, you can then complete your acquisition. I still hold the view that global economy has passed the pit of the business cycle.








To be continue……..

Global economic recovery 'has started'

Isn't this what we have been waited for - global recovery. In fact, all the signs and symptoms suggested that we may have just passed the bottom of the business cycle - we are on the road to recovery. Well, that's what i reckon. But do not expect that thing will change overnight. Do not think that out of sudden businesses are reporting huge jump in revenue and profit, or consumer confidence and job creation skyrockted etc. Get real, it takes a bit of time to feel the positive impact - assuming no more big scandal or crisis. Trust me, many local companies still keep their "headcount freeze" policy intact.

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WASHINGTON - The global recovery from recession has begun but countries will need to rebalance their economies to make sure it is sustainable, International Monetary Fund's chief economist, Olivier Blanchard, said Tuesday.
'The recovery has started. Sustaining it will require delicate rebalancing acts, both within and across countries,' he said in an IMF article, released in advance of publication on Wednesday.
Mr Blanchard cautioned that predictable models based on past recoveries from recessions would not apply to the worst global slump in seven decades.
'The world is not in a run-of-the mill recession. The turnaround will not be simple. The crisis has left deep scars, which will affect both supply and demand for many years to come,' he said. -- AFP

NLP with Mind Kinesis (3)

Perceptual Positions

In NLP, perceptual position is a process (a mental technique) whereby you mentally review (or preview) a situation from a number of different positions (or point of views) in order to enrich your appreciation of what is involved. The use of perceptual position:

- Improves your understanding of other people.
- To take a step back and consider issues.
- Helps you appreciate the influence of your verbal and non-verbal behaviour on others, and the influence of their behaviour on you.

To do this, first identify a past event that you have a serious relationship problem. You are, and must, be willing to let it go. Then mark 3 positions on the floor - position 1 represent's client himself, position 2 represnt the third party and position 3 represent a coach/consultant. Let’s assume that you are the coach/consultant and you are doing perceptual position with a client.

Step 1:
- Briefly discuss on this issue with client and identify the third party involved in this situation.

Step 2:
- Get client into position 1 and fully associate with his/her own feeling, viewpoint, experience etc.
- Ask client questions like “how do you feel”, “what is your highest intention”, “what’s your opinion of the third party”, “why is he/she acting in this way” etc etc?

Step 3:
- Step out of position 1 and break state (ask any irrelevant question or remark).
- “What did you have for breakfast”.

Step 4:
- Get client into position 2 and fully associate into the other party’s feeling, viewpoint, experience etc.
- Ask client questions like “how do you feel”, “what is happening”, “what is your highest intention”, “what’s your opinion of the you in position 1”?

Step 5:
- Step out of position 2 and break state (ask any irrelevant question or remark).
- “Sorry I need a toilet break”.

Step 6:
- Get client into position 3 and fully associate into a consultant/coach.
- Ask client questions like “how do you feel the “you” in position 1 & 2”, “what are the differences in behaviours and intention”, “what are the values you can draw to address the problem”, “what more can be done to improve relationship”?

Step 7:
- Step out of position 3 and break state (ask any irrelevant question or remark).

Step 8:
- Get into position 1 again and ask how well can client handle the situation now.

Step 9:
- Get into position 2 again and ask how well can client handle the situation now.

Note again that NLP is more an art than science. So you actually can find other NLP coaches with slightly different procedure. Some come with position 4 whilst others recommend to go through the cycle 2 times.

What I am about to say next is a matter of my opinion. Firstly, the whole processes may look profound but is very simple – just try to put yourself into someone else’s shoe. And many of us could be actually doing it most of the time (without going through the steps above) by being understanding. In my opinion, perceptual positions can only be used under certain circumstances. E.g. you can’t do this to a lady who had been raped, or someone who had been cheated by his/her friend in a business deal or a wife been constantly abused by her husband. Also note that perceptual position requires you to “associate into the thinking/behaviour/intention” of the third party. A person simply cannot try to perceive the behaviour/intention of the third party through his/her own very brain especially when the third party has a downright ill intention.

Therefore, in my opinion, perceptual position is used in a normal situation of mis-understanding. And actually anyone can do it without going through the steps above – by taking a deep breathe and do self-reflection on the whole issue assuming that that person is open and willing to mend the relationship.





…….. to be continue

NLP with Mind Kinesis (2)

Basically NLP’s communication model says that when we receive messages, our brain will process, filter and alter it. These messages become certain meaning to the recipient depending on many factors. And whatever this meaning might be, couple with the recipient’s physical posture, it ultimately determines the recipient’s BEHAVIOUR. And of course, the behaviour will have a direct impact on the result. That means to say, if a person wants to have solid result in things he/she is doing, he/she must change to a positive posture and do something such that whatever message the brain processes, the meaning to it is always positive. Hence, when the internal representation and the physical appearance both turned positive, the recipient would take massive and unstoppable actions to get what he/she wants.

The question is – how to make sure that our brain will always interpret messages positively? That’s why people pay a few thousand dollars for NLP programme. And if you think that I can share with you the course detail such that you can acquire the skill by just reading notes, you are dreaming. Can you learn driving or ballet by reading blogs? Not likely. Besides, there are quite a number of NLP tools to use and I’m not even competence in any of them. I mean get real; a person cannot be competent by attending a 6-day coaching.

My Second Struggle

When the programme started on 17 Jul, I had another problem and a serious one. Not many people knew that I had a medical condition – hearing problem. Sometime in May this year, my hearing started to deteriorate and doctors just simply gave me medicines and eardrop. And it got worst by the time I started the NLP programme. I totally have no mood to continue with the programme as I am worried that I might turn deaf. If that happens, I will lose my job and become a burden to my parents. In fact, my hearing problem was one of the factors that upset me in May and I’ve been running around clinics/polyclinic since then.

I told my NLP trainer on my personal problem and he advised me to focus on controllable things – to see specialists (he shared during 1st day training that highly effective people focus on controllable things). The final outcome is beyond my control. He wants me to think on the positive side. Finally I went to see the specialist and still continue with the NLP programme.

First 3 days

During the first 3 days, we gone through quite a number of tools such as NLP’s presuppositions which to-date, I still could not fully appreciate the concept. There are 14 presuppositions but some of them seems to be repeating especially those related to “behaviour” or “resources”.

And one thing very important to highlight here is that NLP tools do not provide solutions to clients’ problem. These tools are not designed to provide solution but to guide the client to get the solution from himself. Doctors seek to provide solution to client’s problem, but not NLP tools!

We also touched on how to use our senses to build rapport, to influence and improve communications. For example by taking note on client’s breathing, skin colour, by mirroring client’s habit/movement, by chunking up/down the messages, submodalities, swish patterns etc. I’ll just share one exercise here – sensory acuity (seeing, hearing, feeling, smelling and tasting). It is very important to “sense” what’s going around us (in Mandarin we call that as 知自知彼，百战百胜):

- Feedback /information that indicates the extent to which you are on or off target in achieving your outcomes.
- Other people’s actions and reactions to certain situations/stimuli.
- How you are reacting to certain situations/stimuli.

To practice your sensory acuity, you can do this simple exercise with someone. This exercise is a two-person exercise - A and B. B’s job is to observe A. To simplify the discussion, let us assume A is a male and B a female.

1. A clear his mind so as to be in neutral state, closes his eyes and thinks of someone he dislikes.

2. While A thinks about this person, B takes note of any physiological reaction on A such as tension around the eyes, changes in skin colour, heavy breathing etc.

3. Once step 2 is completed, ask A any irrelevant question or remarks such as “can I borrow $50 from you?” This is called a break state and it clears the mind of the internal representations of the person A dislikes.

4. A closes his eyes and thinks of someone he likes while B repeats step 2.

5. A break state by stretching and/or looking out the window.

6. Now B describe to A her observation when A was thinking of someone he likes and dislikes.

7. A chooses one of the two people he thought about earlier and does not tell B which person it is. He closes his eyes and thinks of this person again.

8. From what she observed earlier, B tells A who A is thinking about.






…… to be continue

NLP with Mind Kinesis (1)

I have not been writing on my blog for more than a year despite surged in global market. I think it’s about time I start writing and sharing. But today I am not going to talk about stock market. Instead I like to share with you my encounter with NLP.

Now what the hell is NLP? NLP stands for Neuro-linguistic Programming. In a nutshell, NLP is about altering our thoughts and that of others in order to produce the intended results. This is achieved by using the tools of NLP to alter the way our brain process data/information in order to influence our actions. This is generally known as having a “positive mindset”. It was a model created by Richard Bandler and John Grinder plus a few others. Unfortunately these buggers fell out in the 80s and in 90s, Bandler filed a lawsuit against Grinder. The legal case came to an end 10 years later.

By the way, the above description of NLP is not found in dictionary or wikipedia. It’s my definition based on what I learn from Cayden, founder of Mind Kinesis. Hopefully I got it correct…..hahaha.

How I Got There?

How I got myself enrolled into the NLP programme in the first place? I am sure most of my friends in NLP course make a choice to sign up mainly to overcome obstacles in life. But not for me. I join the course because of one good buddy Bob – he paid up half of the course fee in my name after he attended the free seminar. Actually I had previously attended the seminar but didn’t have the intention to sign up because I don’t think I have any problem in life!!! When I said this in the class, somebody turned to me and said, “wow, no problem, then you got very serious problem!!!”

Knowing Bob for more than 10 years, IMHO, he is not as generous as one might think and certainly not a philanthropist.

“No offence brother if you are reading my blog now!!! Hahaha…….”

But yet for once in his lifetime (or perhaps many more to come), he done something extraordinary for me. He paid half of my course fee and gave me a choice to pay the other half to attend the programme. The root cause of his unprecedented action was because I was at super low mood in May this year. Was it mid-life crisis? Maybe but certainly stressful job is one of the contributing factors.

And there came my first struggle – should I pay half of it? It’s a thousand dollar mind you. Finally I chose to sign up the programme even though I struggled for a while. As to what’s going on deep inside, that’s for you to find out!!!

Whatever it is, I had finally completed the programme and certified. Seriously I never thought that I would finish the whole programme as I had other struggles, which I will share subsequently. All this would not take place without Bob and “thanks brother”!!! I promise you that one day I make my first million, I’ll compensate you back your one thousand dollar course fee.



……..to be continue

脚踏实地

A good friend of mine send me a very meaningful article. There was no profound knowledge or new discovery in it. It was just a simple sharing call "being down to earth". Many of us would have heard this teaching many times during school days but after we step into the society, we want "fast track to success". While some are genuine skills, many fell into his own trap - greed.

And I always wonder, if there is really a sit-at-home-and-get-rich method, and everyone becomes millionaires, then what is the value of a millionaire?

From all the stories I heard from friends or in the paper, it seems that usually the teacher/trainer himself actually gets richer. As for the hundreds of students or followers.......

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（联合早报网讯）台湾中国时报报道，台湾第一夫人周美青最近疯棒球，连马英九都笑称「她本来只是个小球迷，已经快要变成大球迷了」。不过，周美青不只看棒球，还在部落格发表文章，以美国职棒年薪最高的打击名将A-Rod服用禁药的例子为教材，教育全国小朋友「脚踏实地胜过取巧」。

周美青在部落格撰文指出，美国职棒年薪最高、被视为最有希望超越邦兹七百六十二支全垒打纪录的打击名将A-Rod，承认自己曾因压力太大、力求表现而服用禁药，这个事件让所有棒球迷感到震惊与失望。 　　美国总统奥巴马在记者会中被问到对这事件的反应，除了表示沮丧外，也希望所有的孩子在看到A-Rod承认违禁的转播时，了解到成功是无法取巧，没有捷径的。

周美青指出，功利主义社会下，人比较躁进而没有耐心，凡事追求迅速、快捷。看书要速读，学习要速成，吃饭有速食，行车要飙速，书店里充斥教人如何迅速致富、快速减肥、一分钟成为各种达人的书。 　　但她认为，做事积极、讲求效率当然很好，人格的养成、知识的学习、技巧的磨练，是需要一定的过程、长时间的潜移默化、日以继夜反覆训练的，一味追求短时间内达到目标，往往揠苗助长；最坏的情形，是为了快速成功，不择手段，摒弃了道德良知。

「抄捷径也许短时间可以达成目标，但因未经磨练，所以经不起考验。」周美青强调，许多事情「过程」比「省时」重要，应该注重孩子学习的过程与品质，而不是学习的快慢与成绩；成功没有捷径，经济的复苏亦然，脚踏实地、安分守己的态度才是最重要的。周美青撰文：脚踏实地胜过取巧

What Time Is It?

I’ve been hiding away from stock market for almost a year. I literally stopped updating on business/financial/economic news. It’s a total stop since early 2008. You only get to see some of my holiday pictures on my blog. But this is going to change now as I am back to business again! As you can see, this is my first article in 2009! But hold you horse!

Recently, a few friends had been asking me whether if “now is the time”? This is because, while some had made quick bucks from AIG or City Group, others were motivated with strengthening of indexes around the world.

The important question is – how to assess/predict whether now is the correct time? When is the correct time? Can any human being possibly know when is the correct time? Does holding an MBA in finance or CFA give you an edge in predicting the right time?

Answer is NO!

There is a way to predict the right time but unfortunately, this method is also not possible. That is to have the ability to read all investors’ mind. My point is indexes are just flashing numbers that reflects all investors’ action/decision. Unless you are able to read their mind, by looking at these numbers will not help you a lot unless you want to speculate. Furthermore, most of the time, the decision of these huge masses is wrong! I am not bragging. I always like to share with my personal friends one of my findings on stock investments – don’t follow the crowd, they make mistakes very frequently.

So if staring at the indexes is not advised, then what other better approaches? The answer, I would like to repeat again is the economic health especially of the world largest and most powerful country – the United States. Is U.S. economy on its road to recovery? Any convincing evidence? How about U.S. job market? Certainly high unemployment and low income will hit the manufacturing sector. And when U.S. manufacturers shrink their production output, Singapore manufacturers are going to suffer.

Recently a lady came to my company for an interview. She is an accounting professional currently working for a manufacturing company. Unfortunately, her company cut working days by a hefty 40%! That would mean a huge pay cut for her, temporarily. She has no choice but to find another company although she likes the working environment/culture in her present job.

The following are excerpts from the Business Times that hopefully will give you a feel of the economy.

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“As Wall Street put to bed the first four-week run of gains for the US stock market in nearly a year and a half last Friday, market strategists were already debating whether the nascent bull run can stand up to the challenge of an especially grim first-quarter earnings reporting season.

……. On Friday, stocks continued to rally despite another awful, estimate-beating employment report. The Dow Jones Industrial Average gained almost 40 points, or 0.5 per cent, to end at 8,017.59, its first close above 8,000 since Feb 9. The S&P 500 climbed eight points or one per cent, reaching 842.50 at the closing bell. The Nasdaq composite added 19 points, or 1.2 per cent, to 1,621.87.

=============================
While a global recovery is possible in 2010, Mr Soros said the timing will ultimately depend on the depth of the recession. China, he said, will be the first country to emerge from recession, probably this year, and will spearhead global growth in 2010.

=============================
The report comes after government data on Friday showed that the US unemployment rate rose to a 26-year high of 8.5 per cent, as employers slashed 663,000 jobs under the strain of recession.

=============================
'The lead economic indicators have not shown any sign that there is a bottoming or a recovery, or there are no concrete signs of that,' said SIAS Research vice-president Roger Tan.

=============================
'It's a bear-market rally because we have not yet turned the economy around,' Mr Soros, 78, said in an interview on Monday with Bloomberg Television.

….. Mr Soros said the banking system is 'seriously under water' with banks on 'life support'. 'They are weighed down by a lot of bad assets, which are still declining in value,' he said in the interview. 'The amount is difficult to estimate, but I think it's in the region of maybe a trillion-and-a-half dollars.'

Amazing Vietnam - Day 8 & 9 (13-14 Dec 08)

Day 8 – Rendezvous at HCM

Our stay at Danang was the shortest among all the destinations. Bob woke up early and went ahead to have breakfast at the hotel lobby with “last minute visitors”. A while later, I joined them for breakfast. As usual, we chatted, exchanged contacts with the visitors. After that we quickly pack up and check out.

Our flight was scheduled to depart to HCM at 12:05pm. After we checked in at the airport, we had another shocking news – Jetstar’s flight at 12:05pm will be delayed till 7pm due to blah blah blah! Now that’s a good way to test a person’s patient to the limit; that’s one good way to piss me off. This is the second time and it’s even ridiculous - delayed by 7 hours!!! And now we understand why people pay thousand dollars for SIA ticket.

Our problem is this - we will be flying back to Singapore from HCM tomorrow. So if we wait for Jetstar, and I’ve no idea what can we do for next donkey hours at the airport, we will arrive HCM at night. This means that we will check into our hotel, wash up and sleep. And then the next day we will fly back to Singapore. Tell me that sounds stupid to you also.

So Bob went to Jetstar’s service counter to investigate. And then we have similar option again – Vietnam Airlines will take off to HCM in about an hour’s time. Initially Bob told me that there are still economy seats available on that flight (we got to pay slightly more than S$100 per pax). I went to double check and then was told instead that economy class seats were fully booked but we can be on waiting list. I told Bob that why would we want to take back our luggage from Jetstar and still uncertain whether we can get to HCM as planned. Then Bob told Vietnam Airlines staff that we want a seat and we do not want to be on waiting list. The reply was “Business Class seats are available, sir”. That will costs us slightly more than S$200 per pax. Now this is getting better and better.

Concurrent Work

Then the “ang mohs” standing beside us clarified with Bob on business class seats availability. Immediately I wispiered to Bob “the ang mohs are asking and they are taking out their powerful Pounds, US$ or Euros”.

Bob immediately confirmed with Vietnam Airlines that we want two business class seats!!! Their flight will take off at 1:30pm and we left with about half an hour. So immediately, I demanded our luggage back from Jetstar while Bob went over to claim damages from Jetstar. After I got back our luggage, I quickly check in while Bob was filling up some claim forms.

To all my dear friends, this holiday was indeed amazing. I had never tried business class before. There was special check in counter; special transport bus to the aircraft and the seat plus service was excellent. I boarded the plane first while Bob catch up after he got some money from Jetstar. We were compensated about 500,000 Dong each - goodwill of Jetstar. I expect to see negative goodwill on Jetstar's balance sheet. There is one interesting incident inside the plane that I would like to share with you. Being in business class, drinks, papers, and warm towels were provided. After I finished my drink, I signaled to an air stewardess to clear my glass. She came to me with a tray and immediately I took the glass and empty bottle and place it on her tray. She was shock and waved at me that I should not do that; she will do it for me! Cute but I am a yuppie, and I don’t like formality.

And of course, we will claim against our insurance AIG, if they still around for flight delay when we are back to Singapore.

Final Stop at HCM

So in the afternoon, we are back to the starting point of our journey – HCM. We check into the same hotel while Bob went to his business office to meet his client. I stayed in the hotel to do some work and…. sleep! In the evening, we went out with another lady for dinner. The traffic at HCM continued to be massive. Take a look at some of my photos and try to imagine how you going to cross the road if you were there. After our dinner, we went to the popular Highland Coffee for…… coffee of course.

Then Tien and Xuan came to meet us one last time before we fly back to Singapore the following day. Remember the two ladies that we met during Day 1? And with that, we ended our last night at HCM.

Day 9 – Back to Singapore

After our breakfast, Bob left to meet his client again while I pack up my luggage. We wanted to buy Xuan a last breakfast treat as she had spent quite a bit of time with us while we were at HCM. Unfortunately, she was busy that morning. At 17:25pm, we were on Tiger Airway to Singapore.

Well, with that, I ended my amazing journey at Vietnam. I hope I had quantified and illustrated my statement that Vietnamese are really, truly and very friendly. I suppose that’s their culture. They may not be as strong as Singapore economically, in infrastructure or technology, but they have something that you won't find in Singapore. But to be fair to us, that's our trade off as we advanced ourselves in many areas. This journey totally changed my perception on the Vietnamese.

I like to take this opportunity to thank Bob for allowing me to tag along with him. But of course, he also benefited from me – I paid for quite a few meals. Nonetheless, money is not the issue. The chance and the experience is immeasurable. And to Xuan, Tien, Son, the group of accountants, Van Anh, Minh Anh, Anna etc many thanks for your hospitality. If you ever come to Singapore, please allow me to payback.

And Vietnam, I’ll be back, soon!

Amazing Vietnam - Day 7 (12 Dec 08)

Day 7 – Marble Mountain

There is nothing much to share for Day 7. Our original plan was to visit Hoi An but was cancelled, thanks to Bob’s accident. So we went to one of the shopping centres and had lunch there. After our lunch, we proceed to a place call the “marble mountain”. As the name implied, it’s all about marble.

Anna was extremely photogenic and so we were like doing an album for her at the marble mountain.

At night Bob had an appointment with his clients. So I went to the hotel lobby and had a amazing dinner – all by myself. I was the restaurant’s one and only customer. Can you believe it? Or should I say, am I cool or what?

Amazing Vietnam - Day 6 (11 Dec 08)

Day 6 – Amazing Race to Danang

This morning, we continued with our amazing race – to Danang. At the reception, Van Anh was there to send us off. Our flight was scheduled to take off at 12:05pm. So reluctantly, we hired a cab to the airport and bit farewell to the wonderful city. But remember, “I’ll Be Back”!

At the airport after we checked in, the damn Jetstar counter announced flight delayed to 4:30pm. Delayed by 4 hours! What the *&%#@(*D=^#+!!!!! Bob went to the counter to “bang their table” and we were compensated with a token of 50,000 Dong each (around S$5), goodwill from Jetstar. But there was alternatively. Vietnam Airline is departing in an hour's time. The ticket will cost us S$100 each. And Bob has the cheek to ask me to cover his costs should I choose to take Vietnam Airline. So we decided to stay grounded in the airport. Many thanks to Jetstar, we will feedback and claim damages.

Danang – City Where Dream Comes True

Finally we disembarked at Danang in the evening. Firstly on the weather – Danang has ideal weather. It is not as hot as HCM and not as cold as Ha Noi. From the map, Danang is located in between these two main cities and that explain the wonderful weather. Secondly, there was no currency exchange service at the airport. So I was running out of Dongs.

We hop into a meter-taxi and reached our 3-star hotel (Saigon Tourane Hotel, 5 Dong Da St., Danang City) in about 15min time. Danang’s traffic is also less massive as compared to HCM and Ha Noi. In sum, this town is really a peaceful town. Our friend Anna had already booked a hotel room for us. The hotel room was fantastic, the best so far. We washed up and send in our laundry. An hour later, Anna and her friend Sullie (if I remember correctly) were waiting for us with their bikes outside the hotel. So we rode off to a stretch of restaurants located beside the sea.

Bob told me that Danang being located along the coastal area is famous for cheap seafood. Singaporeans love seafood, don’t we? So Anna selected a restaurant and we ordered a few dishes of good seafood food such as big prawns, fried fish, cutter fish, chilli crabs, fried rice and Larue beer. The weather was perfect and the wave was strong. We really enjoy the dinner. To all Singaporeans friends out there, the restaurant setting there is definitely better than our East Coast seafood centre. The dinner cost us 1,300,000 Dong (around $S120) for four. Not expensive but not as cheap as I expected.

Unexpected Accident

After our dinner, we decided to go around the town area. Unfortunately, my dear friend Bob met with an accident – a motorbike accident right after we stepped out of the restaurant. I will skip the detail as it is unpleasant to share. There was blood all over his nose and mouth and abrasions on his hands. We have no choice but to send him to nearby hospital immediately. We need to determine if there is any internal injury. Cut the long story short, the doctor cleaned up his wound, gave him a jab and assessed no internal injury. So I paid 70,000 Dong for the consultation.

So Bob ended the day with pain all over whilst I ended with…. what we say in Chinese “哭笑不得” (cry also cannot, laugh also cannot). To make thing worst, because of his injury, Anna decided to cancel our next day’s trip to Hoi An. It was part of our itinerary. Sigh!

Amazing Vietnam - Day 5 (10 Dec 08)

Day 5 – West Lake

This morning, at about 9am, Bob’s friends Minh Anh and Fuong (hope I spelt correctly) came to pick us up. They waited for us outside the hotel on their bikes. We came out to greet them and then rode off to the West Lake. Like I say, there are many lakes in Ha Noi. West Lake is much bigger then Hoan Kiem Lake. The weather was really cold especially when you are on the bike. We visited the Tran Quoc Pagoda (镇国寺), the oldest pagoda in Ha Noi. Minh Anh was super friendly and when talking to her, you don’t feel any distant. Very different as compare to Singapore context (sorry ladies, but read on and I’ll prove my point). Then we proceed to a restaurant nearby to have our breakfast and coffee. Some intro here - Minh Anh is working for NGO on HIV prevention. As for Fuong, she is working for a Malaysia milk distribution company. During the coffee, Fuong tell us that she needs to return to office after the breakfast. We told her not to worry about us; we could hire a cab.

After the breakfast, Fuong rode off and Minh Anh said that she'll hire a motor cab for me. Yes, she said motor cab!!! I told her that I rather take a car but she kept saying that taking a car is expensive. But what the hack. Since I wanted to understand Vietnamese lifestyle and culture, I should not be stubborn. Minh Anh hired a motor cab for me while Bob shared her bike. We went to a big museum and Minh Anh told us not to take out our camera until we are inside the museum. This is because, besides the entrance fees, there is extra charges for photo taking. This is determined at the point of entry when you hold a camera on your hand. It is quite a big place inside and we took lots of pictures. We saw many newly wed inside as December is a good time for marriage. There was also wedding dinner preparation in the museum compound.

Lunch at Minh Anh’s Place

Minh Anh told us that we are invited to have (late) lunch at her place. Her mom is preparing a meal for us. I was like “huh, really ah”? I felt rather shocked and uneasy at first because this is not a common practice in Singapore. Bob was teasing me “丈母娘看女婿”. So again Minh Anh hired a motor cab for me and we went to her place. It was a small narrow street, a bit run down with uneven road. There were minor construction work here and there, and dirty water along the street. Minh Anh stays at level four if I remember correctly and so we need to climb up. There is no lift and the steps of the staircase are totally uneven. It is difficult to explain here. I did not take any photo as I think it’s rude to do that especially when we were invited guest. We are not short of manners even as we were in foreign country. Inside Minh Anh’s house, the small living room is just slightly bigger than my bedroom in Singapore. Her bedroom and kitchen are linked and totally open concept – no door.

Minh Anh stays with her mom and sister. Apparently, Minh Anh’s mom was at her grandfather’s place that afternoon while her sister was attending class. I look at Bob and whispered to him “she brought two men back to her house”!!! I bet with you to my last cent that most Singapore girls will never do this. That’s why I kept saying that Vietnamese are super duper friendly. Although she knows Bob, but they are still considers an acquaintance. And Minh Anh starts to prepare for the lunch!!! I tried to stop her and persuade her to have lunch at a restaurant (Singaporean mindset) instead but she insisted.

The cooking was quite fast actually and Minh Anh prepared for us traditional Vietnamese food meant for special occasion such as a function or for invited guests. Altogether, she prepared five dishes for three of us. And really it makes us feel like VVIP. I can’t help but to request for photo taking. I told Minh Anh that I want to show my Singapore friends on her hospitality and traditional Vietnamese food. It was totally amazing!

During our lunch, I asked Minh Anh a few questions:

James: Is it ok to invite (male) friends to your house especially when your mom is not around?
Minh Anh: No problem, both of you are my friends.

James: You invited other foreign friends to your house also?
Minh Anh: Yes, I have many other foreign friends from Spain to Australia, businessmen and non-businessmen. Some of them had meal with my family more than once.

From the pictures I taken, you can see that Vietnamese love spring rolls and to eat raw vegetable. I was deeply thankful for her hospitality. After our late lunch, Bob shared with her on his business trip and offered her the opportunity. And in appreciation of her time and food, I actually offered to cover part of her costs of doing business with Bob. Bob was shocked when I volunteered. I told her that since she treated us as personal friends, I would also like to see her living a better life, providing the best for her mom and sis. Subsequently, Bob brought her to his business office for further discussion while I make my way back to hotel to rest.

Ultimately and unfortunately, Minh Anh did not accept our offer. It was a rare and attractive offer (especially from me) but she didn’t take it. We were disappointed. Such opportunity comes and goes. Nonetheless, I still wish her good health and all the best in her career.

Amazing Vietnam - Day 4 (9 Dec 08)

Day 4 – Taking A Break

Today, Bob is meeting his client and I do not wish to follow. So I decided to stay in the hotel to take a break and do my work. Yes, I have lots of work to do ranging from my own study, office work, blogging etc. Actual there is one “most go” place in Ha Noi – the Halong Bay. Unfortunately we need at least two days to visit Halong Bay but we are flying off Ha Noi in 2 days time. Plus the fact that Bob still has business appointments, so we have to give it a miss. But mark my word – “I’ll Be Back”!

After Bob left, I climbed down the stairs to the reception to send in my laundry. The friendly receptionist Van Anh was at the counter. I chatted with her and asked if I can order for lunch. It is a budget hotel so there is no room service. Van Anh replied that she could help me to order for lunch. I asked her whether if she is ordering from a restaurant. She nodded. I was a bit puzzled as I don’t recall any decent restaurant nearby except those located along Hoan Kiem Lake. But those restaurants are not cheap. Apparently, the hotel staffs also order their meal from the same source. Then I asked whether if it is ok for me to dine with the hotel staff. I mean come on, what’s the point of eating in my room alone. I should mingle around, networking and understand people’s culture. Van Anh invited me to join them with delight. I was in the mood and so I told Van Anh to order for more food like fish, pork, chicken and everything and it’s on the house.

At around 12:20pm, I got a call from the reception “sir, your lunch is ready”. I walked down the stairs again and jokingly reminded Van Anh that my name is "James", not “sir”. There is a table in font of the hotel reception and I saw three lunch boxes. When Van Anh opens it up, oh gosh it was just three simple lunch boxes – rice with meat plus vegetable. That’s all. Each box came with different selection of meat. And you can tell that the food was prepared by certain “household” and it was very cheap - 15,000 Dong per box, equivalent to around S$1.50. Actually my intention was to order for many dishes and we (hotel staff and myself) can all share the dishes together. Then came in another young and humble chap by the name of Yog (I don’t know the exact spelling). I invited him to sit down to eat together. A bit of intro – Van Anh speaks good English, the best I encountered so far in Vietnam. That probably explain why she is hotel line. She attends the language class after work. She joined the hotel for couple of months whilst Yog had joined for at least a year. Of course they asked about my job, my holiday here, my feedback and all the usual stuff.

After the lunch, Van Anh said that she wish to give me a treat for the lunch. I rejected the offer. I replied that I am on holiday and she is working so I can’t possibly let her buy me lunch. Instead I paid for all the lunch boxes.

Meeting The Accountants

In the evening, Bob’s group of friends came to invite us for dinner. All these people are accounts professional including a senior management accountant. One thing about Vietnam hotel you need to know is that Vietnamese girls are not allow to enter into the hotel room. This is especially so for 3-stars and above hotels. Foreign girls are ok but not Vietnamese girls. I’m sure you know why. Prostitution is strongly prohibited in most hotels, if not all. Vietnamese government spare no effort in fighting against HIV. If you brought along a Vietnamese wife, then I suppose you need to produce your marriage cert. Vietnamese girls know the rules; they hardly enter into the hotel room unless there is very good reason to do so. So Bob’s friends waited for us at the reception. As usual, we always let the local friends decide the venue since we were still new to this place. We hired a cab and so the ladies brought us to a famous place to eat. It was the same place (quan an ngon) that we had our dinner the night before (with Son). But we have no problem going into the same restaurant since there are many other dishes that we have yet to try. When I look around, there were indeed many foreigners dining inside the restaurant. And many of them look like some big shots to me. I chatted with one of the lady (Lan) who is a senior management accountant. She does budget/forecast for her company and managed a group of accounts personnel. And guess what! I am also doing budget/forecast for my company! But, I don’t do accounts and I don’t have any accounts staff. I felt so small!!!!

And so we ended the night early as we (or Bob) have an early appointment next morning.

Amazing Vietnam - Day 3 (8 Dec 08)

Day 3 – Ha Noi

We woke up early in the morning and booked a cab to the domestic airport. Similarly, the traffic in the morning was hectic – massive bikes and thunderous honking. Fortunately we were inside a cab. And indeed you must take heavy traffic into consideration while planning your travel in Vietnam. Inside the airport, after we checked in, we were waiting for the bus to transport us to Jetstar. We asked the airport staff at the holding area whether if we could take pictures. She obliged. We were surprised and delighted as this is not allowed in Singapore. So we took lots of pictures during boarding and alighting at every Vietnam airport. After we boarded, again I asked an air stewardess if I could take picture of her. She replied that it’s ok to take picture but not on her. Well, I had been naughty and discreetly took pictures of her…. heehee!

When we disembarked at Ha Noi airport, the temperature was totally different from Ho Chi Minh. It was cold with temperature of around 24 degree but still bearable to us. We were still able to walk around in our T-shirt without coat/jacket. I went to ANZ Bank counter in the airport to change for more Dongs. The rate wasn’t that fantastic as compared to HCM and they charged me 3% commission in US$!!! Crap! Ended up I got about 980,000 Dong for S$100; slightly lesser then what I got at HCM airport. Then we approached the airport staff to get us a meter taxi. But after we boarded, damn the meter wasn’t running. Bob asked the taxi driver to turn on the meter but the driver uttered some craps that we don’t understand. Or should I say we actually understand – he intends to crop us like carrot cake. And indeed, he charged me 350,000 Dong when it should be 250,000 Dong (Bob checked with the tourist information centre subsequently). Bob requested for receipt but on the receipt, the driver dare not write down 350,000 Dong. But I decided to rest the matter.

Our hotel (Hanoi Lucky Hotel, No.47, Ngo Huyen Hoan Kiem) is located along a narrow street, so narrow that our taxi couldn’t go in. The hotel was quite cosy and we were allotted the highest floor – level four! There is no lift so we need to climb the stairs. After we unpacked and sent in our laundry, we decided to roam around the nearby area. Along the street of Ha Noi, there are numerous hawkers beside the road. Locals just sit around on small stools to have their meal. I bet no Singaporean dare to try the food due to (presumbly) undesirable hygiene. But surprisingly, the “ang mohs” dare to eat along the roadside. The traffic of Ha Noi is similar to that of HCM except that the road is narrower. IMHO, it’s just as bad. But there again, people drive slowly, honk frequently, and will give way. There is no vulgarity or road-bully.

We visited a big old church before we reach “Hoan Kiem” lake (还剑湖). From the street directory, it seems that Ha Noi has many lakes. Hoan Kiem lake is beautiful and I just love walking along the lake under cold weather…. It would be perfect if my companion is a lady. We went into a few banks to enquire on money changing service but were told that they only accept US$. Damn, should have change for more Dongs at HCM! Then we had our late lunch at a restaurant beside the lake. The scenery was fantastic with cool weather. There are two unique things about Vietnamese food:

1) Vietnamese love to eat vegetable uncooked.
2) Vietnamese love to eat spring roll. They have various types of spring roll, not just the fried one.

After our late lunch, we continued to walk along the lake and visited the Ngoc Son Temple. Nothing impressive to the two men and after that, we decided to bash through the streets. We dare not buy anything as we were supposed to be “carrot” in the eyes of locals. Many mobile hawkers were trying to sell goods such as lighters, wallet and food to us. Then came a smart girl selling a few bananas and pineapples. She let us take pictures of her. We were interested as she was wearing Vietnamese hat (I don’t know what they call in Vietnam). It was fun and so we were obliged to buy bananas and pineapple from her. Good marketing approach and I granted her wish.

Ha Noi’s Night

After we wash up in our hotel, Bob’s friend Son came to pick us up in his big Honda. Not many people in Vietnam can own a car, let along a big car. This man is a CFO of a company. The usual corporate rank in Singapore context should be a Vice President. He brought us to a popular restaurant in Ha Noi – “Quan An Ngon”. And indeed, the place was cosy and there were many foreigners eating inside. Again, we had different spring rolls and our rice or noodles came with raw vegetables.

After our dinner, Son drove us around before bringing us to the Ho Chi Minh museum. There were soldiers guarding the whole compound. Son told us that Ho Chi Minh’s body is still lying inside museum for public viewing but only during daytime. The weather then was very cold, below 20 degree I think. Initially we wanted to wait for the last parade (flag lowering) at 9pm but we still have half an hour to go. No choice we gave up the idea and proceed to a pub for a drink to warm ourselves. One last thing to mention, Vietnamese really love to honk while driving, with or without traffic. IMHO, it’s more of a habit than safety consciousness. Son honk at least once every minute even at late night (clear road) while sending us back to our hotel. I kept quiet for courtesy. Anyway, I did not give Son my blog address so it’s ok I share here. Also CFO has no time to read my crap.

Amazing Vietnam - Day 2 (7 Dec 08)

Day 2

Xuan and Tien scheduled to pick me up for breakfast at 9am while Bob has meeting with his client. The ladies were late and coincidentally, Bob’s morning appointment with his client was also cancelled last minute. So four of us rode off to a popular restaurant named “Pho 24” for our breakfast. Another thing to highlight on Vietnamese restaurants is that they are usually “heavily staffed”. You can see many waiters or waitresses standing by to assist anytime. And many of them are really really polite. It’s like as if they had attended special training on customer service.

During the breakfast, Tien tell us that she needs to rush for her part time job in the afternoon. She works part time as Master of Ceremony (impressive!). She added that she is an MC for a wedding ceremony around noon. I casually asked if I could observe her performance. I mean excuse me, you think it’s easy to be an MC? Surprisingly, she obliged. So we rode off again to Tien’s workplace. I didn't expect that this ultimately ended up to be one of the most memorable event. It took us quite a while on the bike to reach the location. The temperature then was rather hot and the traffic was magnificent. It was heavy flooded with bikes and honk. Unlike Singapore where traffic is well regulated, traffic in Vietnam is very challenging and “lively”. Vietnamese drive slowly at an average speed of around 40km/h. A driver must really find opportunity and take initiative if he/she wants to make a turn. Waiting for traffic clearance is not the way to drive on Vietnam road. It was a bit scary initially but after a while, I get use to it because of:

1) confidence on my driver
2) people driving at slow speed and do give way to each other
3) There is no road-bullies, no vulgarity

In addition, you need a mask when you drive as the pollution level is quite bad. There are lots of uneven ground, still water and sands along the roadside. So if you ride your bike behind a big vehicle, your nose will have to work hard to filter out dirt.

Four Weddings

And finally we reached Tien’s workplace. It was a stretch of restaurants that looks more like a community centre in Singapore. And lucky us, there were altogether four wedding ceremonies that afternoon. Tien was MCing for one of the ceremonies. Outside the main entrance to the building, there were two rows of beautiful young ladies in pink welcoming the guests. It was unique and special and I was very tempted to take pictures of them. As Tien had left us to prepare herself for the event, I asked one of the guys in smart attire whether if I could take pictures. I am not familiar with the country’s culture and certainly I don’t want to get wallop or arrested by communists police for “undesirable character”. He nodded. We took a few pictures and many people were looking at us as if we were “star searching” (or maybe we look like clown). But there again, Vietnamese are really friendly. And since we really look like tourists, I guess they understand.

I also took pictures on the poster of one of the couples. It caught my attention because the bride is very pretty and the groom was smarting handsome (resembles the late Leslie Cheung). Then we saw Tien again outside one of the restaurant entrance briefing the groom on the process. She was on traditional Vietnamese costume and, oh man, she was gorgeous. I asked her whether if I could stay in the restaurant to observe the ceremony. She made the arrangement and so Bob, Xuan and myself entered and stood near the entrance to video the event. And oh my god, they had fantastic performance before the ceremony. I’ll put it on You-Tube to share with all. The performance was excellent, sweet and the song was really romantic.

And Vietnamese toasting method is also different from Singapore Chinese style also. We usually shout “yam seng” but Vietnamese will shout “mot-hai-ba-yo!” (1-2-3-cheers!).

(Subsequently Bob and myself frequently use Vietnamese toasting style when drinking with Vietnamese friends. They were delighted.)

I asked Xuan whether I if can bless the couple with an “ang bao”. I felt that it’s rude for us to just went in and video cam. I mean so what if we were tourists. This is not a zoo! Xuan replied that it’s ok if I felt obliged and 200,000 Dong will do since I am just an outsider. Usually friends and relative will bless with at least 300,000 Dong per head. As I was a bit shy so Bob helped me to explain, delivered the “ang bao” and blessed the newly wedded. The groom was honoured and invited us to dine with them. But that would be a problem as we will need to prepare more “ang baos” for another three headcounts. In any case we have itinerary to follow so we excused ourselves.

We walked back to the public "bike-park" to get the bikes. I felt so good and proud that I asked to observe the ceremony. That’s the way to go for holiday; understanding local culture and tradition. We then rode off to Chinatown to buy souvenirs. I’ll skip the boring shopping details. We also went to Windsor Hotel to change currency. There were beautiful x’mas décor everywhere and the ladies spare no effort to photo down everything. After our shopping, we departed and Bob continued with his business appointment.

Around 9pm, the ladies pick us up again for a drink. And my dear friend Bob selected the Sheraton Hotel. It was a high-class hotel including the bill but still affordable to us. We went to the highest level for a drink. There was live band and the drink was expensive. The price is about the same if you drink in Singapore. Bob pulled Tien into the dance floor and let their hair down. Me? I’m shy, remember?