tag:blogger.com,1999:blog-137122112024-03-14T23:45:11.989+08:00The Main StreeterEffort is not about how much you speak about your work, but how much your work speaks for you - Shihong, 2001Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comBlogger380125tag:blogger.com,1999:blog-13712211.post-42237337447863814652017-08-04T15:08:00.000+08:002017-08-04T16:24:18.578+08:003 Reasons Why Having More Money Will Not Solve Your Problems<div class="separator" style="clear: both; text-align: center;">
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Money. That is what most people in the middle class dream about. Very often, when people are asked what they want in life, they wish that they just have more money, and then they continue by saying that all their problems would go away.<br />
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That cannot be further from the truth. Having more money sure is a nice feeling, but I would argue that the feeling is temporary and most certainly does not solve all our problems. Here are 3 reasons why:</div>
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<b>1. Can You Handle The Money?</b></div>
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What would you do if you were given RM1 million today? Most people would go on a shopping spree. Some would go traveling. Smarter ones would spend part of it, and then invest part of it. Many people dream about being rich, but never really gave much thought to how they would handle the money if they were truly turned out to be rich. </div>
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I would argue that it is precisely because of this reason that those people are not rich right now. Their brains and hearts have are simply not ready to handle the money. Here is a <a href="http://www.dailymail.co.uk/news/article-2026516/9-7m-lottery-winner-Michael-Carroll-attempts-suicide-twice.html" target="_blank">real life example</a>. A 10 million pound lottery winner attempted to commit suicide twice because his life was spiraling out of control. He was simply not equipped to handle the luxuries that so much money can bring him. </div>
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A few years ago, I attended a seminar that talked about our "money thermostat". Everyone has their internal money thermostat. Just as thermostats controls the temperature of the room, our money thermostat controls the our wealth. The idea is that, if our money thermostat indicates that we are only ready to handle RM500,000. Even if we were given RM10 million today, eventually, we will end up with RM500,000 because our brain and heart is only equipped to handle RM500,000.</div>
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Here are other examples of <a href="https://www.sportskeeda.com/football/10-footballers-greed-ruined-their-career" target="_blank">footballers who bit off more than they could chew.</a> Their rise to fame was not accompanied by their ability to handle it, and their lifestyles spun out of control and once they found that their money was not quite what it used to be, their lives became unbearable and they could no longer return to their previous living standards. </div>
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<b>2. Propensity to consume</b></div>
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So how does the "money thermostat" work? Economic theory suggests that consumers tend to have a general propensity to consume. That is to say that most people tend to spend a proportion of their income. So, as earnings/wealth increases, their earnings tend to increase proportionately as well. </div>
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The challenge that most people have is that they are unable to control the urge to spend their sudden increase in wealth. Even if they do not spend it all at one go, just by knowing that they have a little extra in the bank, they have a tendency to increase their spending matters ever so slightly, "just to reward themselves" a little bit. This increased spending will gradually deplete their gain in wealth over time if they do not find a way to sustain their wealth. This brings us to the 3rd reason.</div>
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<b>3. Can this "success" be repeated?</b></div>
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If your rise to fortune was more fortuitous than through skill, it is unlikely that the success can be repeated. Therein lies the danger. This is precisely what happens to lottery winners. They get a large windfall, but have no real ability to repeat that success, except to continue trying their luck at lottery, or worse, at larger gambling habits, believing that they are "lucky" enough. </div>
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If you are lucky enough to be one of those people who win the lottery, the first thing you need to do is to invest in building the ability to handle that kind of money. If you choose not to, then at least, find someone capable that you can trust to manage that money for you. If you do not have the ability to repeat the success of making that much money, it is quite likely that your wealth will not be sustainable. Once you have depleted it, it becomes very unlikely for you to get back to that wealthy state. </div>
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<b>So WHAT CAN WE DO?</b></div>
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It is all well and good to sit around and criticize wealth and money. If money is not able to solve all our problems, then what should we do instead? Here are 3 essential techniques that you need to build and manage wealth:</div>
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<b>1. Focus on Your Purpose</b></div>
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You need to find your core purpose in life. Your reason for being. This is of utmost importance because it gives you a reason to HAVE money. This will help guide your spending patterns. If you do not have a clear purpose, you will likely squander your newfound wealth. </div>
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But if you have a purpose for having money, it is likely that you will channel your funds towards that effort. For some people, it could be their children or family members. They may save it for their children's education. They may save it for their parents' retirement. Or start a Charity Organization. Whatever it is, you must have your purpose for having money. Only with purpose can you make your wealth worthwhile. </div>
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<b>2. Focus on Adding Value</b></div>
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But having a purpose alone is not enough. It will not be enough to sustain your wealth. We still need wealth-sustaining techniques. I also strongly believe that a person's wealth is directly related to their ability to deliver value to others. </div>
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For example, a doctor can heal illnesses. Doctors keep people alive. That is why they get paid so much. The value they add is in preserving life. Don't focus on making more money. That usually never ends well. Focus on adding value. </div>
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Give people so much value that they have no choice but to pay you. Share your wisdom with them. Share your skills with them. Eventually, you will get your money's worth. One of my favorite quotes comes from the movie "<a href="http://www.imdb.com/title/tt1187043/" target="_blank">3 Idiots</a>":</div>
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<i>"Pursue excellence and success will chase you, pants down."</i></blockquote>
The move depicts two friends who are searching for their long lost companion. They revisit their college days and recall the memories of their friend who inspired them to think differently, even as the rest of the world called them "idiots". I will let you enjoy the movie without any spoilers!<br />
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<b>3. Can You Communicate Your Value?</b></div>
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The rest of the world may call this "sales" or "marketing". But the truth is, there is no point in being able to add value if you are unable to communicate it to the rest of the world. For example, even if you have the cure for cancer but do not inform the world, there is no way the cure can be put to good use. </div>
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Apart from focusing on the technical skills required to generate value for others, you also need to develop the relevant communication skills to share your value. On our own, perhaps we can share with 10 or 20 or even 100 people. Imagine if we are able to generate value RM10,000 in value for 100 people. Then we are worth about RM1 million (RM10,000 x 100). But if we learn how to communicate the fact that we can generate RM10,000 in value for people to about 1,000 people, our value would immediately rise up to RM10,000 x 1000 (or RM10 million). </div>
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Our wealth is a product of the value we can generate and the number of people we can communicate this value to. It is imperative that we pay attention not only on the technical skills to generate value, but also on the ability to sell/market our skills to the relevant audience. </div>
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Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-91282200806081978242017-06-30T10:33:00.000+08:002017-06-30T10:33:46.994+08:00Lessons in Leadership - Part 3<b>Lesson 7: Make Each Day Your Masterpiece</b><br />
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The South Bend Central team bus was scheduled to leave for our game against Mishawaka High School at exactly 6 p.m. All of us players were in our seats and ready to go except for two guys. They happened to be the co-captains of our team, the South Bend Central Bears. Probably our best players.<br />
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“Driver, what time do you have,” Coach Wooden asked when he stepped on board the bus. The driver looked at his watch and said, “It’s exactly 6 p.m., Coach.” Coach Wooden replied, “Well, that’s what time my watch says, too. I guess it must be 6 p.m.” He looked hard at those two empty seats and said to the driver, “Let’s go.” Coach left our two most valuable players behind. Nobody was late after that. The lesson was passed on from team to team each year. Time meant a lot to Coach Wooden.<br />
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Activity to produce real results must be organized and executed meticulously. Otherwise, it’s no different from children running around the playground at recess.<br />
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There is not enough time. A leader must be very astute in using time productively and teaching those in the organization to do the same. John Wooden understood he had exactly 210 hours of practice time to accomplish his teaching goals (105 practices, each two hours in length).<br />
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If you do not have the time to do it right, when will you find the time to do it over?<br />
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One of the very few rules I enforced from my first day of coaching until my last was as follows: “Be on time.” Players—even assistant coaches—who broke this rule faced serious consequences.<br />
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I believe effective organization of time—budgeting and managing time—was one of my assets as a coach. I understood how to use time to its most productive ends. Gradually, I had learned how to get the most out of a minute. In return, each minute gave back the most to our team.<br />
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It’s what you learn after you know it all that counts.<br />
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<b>Lesson 8: The Carrot Is Mightier Than A Stick</b><br />
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Coach Wooden expected you to be really good. Being really good was normal. He didn’t think we needed to be complimented for doing what was normal.<br />
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Punishment invokes fear. I wanted a team whose members were filled with pride, not fear.<br />
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Give me 100 percent. You can’t make up for a poor effort today by giving 110 percent tomorrow. You don’t have 110 percent. You only have 100 percent, and that’s what I want from you right now.<br />
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<b>Lesson 9: Make Greatness Available to Everyone</b><br />
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“You can always do more than you think you can.” There’s always more inside if you’re willing to work hard enough to bring it out.<br />
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“Be ready and your chance may come. If you are not ready, it may not come again.”<br />
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It was attainable by doing their job, fulfilling their role, at the highest level of their effort and ability.<br />
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When leaders instill the belief that the opportunity for personal greatness exists within every job, every role, and each person on the team, they will find themselves in charge of extraordinary achievers and motivated and most productive organizations.<br />
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"In whatever role I assign you, execute your responsibilities to the very best of your ability.”<br />
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Let the ambitious individual know that before advancing, they first must do their assigned role to the best of their ability. Let the overlooked individual better understand how their job benefits the team.<br />
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<b>Lesson 10: Seek Significant Change</b><br />
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Never make excuses. Your friends don’t need them, and your foes won’t believe them.<br />
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This was a revelation. John Wooden recognized that it was time to seek significant change, to stop limiting his view of what the team might accomplish.<br />
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Make each day your masterpiece.<br />
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<b>Lesson 11: Don't Look At The Scoreboard</b><br />
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Winning was not mentioned—never—only the effort, the preparation, doing what it takes to bring out your best in practice and games. Let winning take care of itself. And it did.<br />
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You can’t do anything about yesterday, and the only way to improve tomorrow is by what you do right now.<br />
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Thus, he never scouted other teams because he believed the Bruins were better off letting the opponent do the scouting and constant changing. He felt the players under his supervision would be stronger doing the same thing over and over—his system executed at the highest possible standard— than trying to change each week depending on who the opponent might be. There were exceptions to this, of course, but very few.<br />
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Focus on running the race rather than winning it.<br />
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<b>Lesson 12: Adversity is your Asset</b><br />
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The great lesson I take from Coach Wooden is this: the best thing you can do in life is your best. You’re a winner when you do that even if you’re on the short end of the score.<br />
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Welcome adversity. It can make you stronger, better, tougher. Your competition will be tested too. The prize goes to the competitor who best deals with adversity. This starts by not blaming your troubles on bad luck. Blaming fate—bad luck—makes you weaker. Good things come only through adversity. Good leaders understand this.<br />
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“Things turn out best for those who make the best of the way things turn out.”<br />
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Adversity makes us stronger, but only if we resist the temptation to blame fate for our troubles.<br />
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Goals achieved with little effort are seldom worthwhile or long-lasting.<br />
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<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-26880403064131062017-06-29T14:05:00.001+08:002017-06-29T15:58:36.210+08:005 Lessons on FatherhoodI had initially planned to write this upon the 1-year anniversary of Baby Michael's birth. But ever since I started the purposeful journey of knowledge sharing, I have decided it is much more beneficial to share as early as possible rather than later.<br />
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Baby Michael just became 9-months old. He is a wonderful boy, full of joy and laughter. And the part that I secretly enjoy the most: his unspoken character.<br />
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There is very little a 9-month old can do. Michael is not able to walk without assistance. He has barely learnt how to crawl. He has only mastered a couple of words: "Kai kai and <span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 18px; white-space: nowrap;">出去</span>" (meaning, to go out for sightseeing), "Nen nen" (milk), "Mama", "Papa", and a few others. And yet, with some honest reflection, this little boy has certainly taught me a few things about life.<br />
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<b>1. What Doesn't Kill You Makes You Stronger</b><br />
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As an amateur crawler, Michael requires supervision when he crawls as he has yet to experience the dangers the little objects around him can bring. Just the other day, he managed to "quietly" crawl off the edge of the bed, and earned his first bump on the forehead.<br />
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The pain and shock caused him to cry, but only for a few minutes. After that, he was back to his usual smiling and laughing nature, almost as if all was forgotten.<br />
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The lesson here is quite simply: Life is going to be full of bumps on the forehead. We will fall, inevitably. But with each fall, we become a little bit smarter, a little bit wiser. More importantly, we should focus on the joys that life can bring us. It is easy to dwell on the mistakes that we make. If he was a bit older, perhaps I may have even "blamed" him for behaving so recklessly. But because he quite simply did not understand the consequences of his actions, there was no need for finger-pointing. There is only room to look forward and to reflect on how we can make things better in the future.<br />
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<b>2. Dare To Ask For Help</b><br />
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For most of my life, I have lived in a somewhat independent manner, refraining from seeking help for fear of troubling others, and often, for fear of appearing silly. Michael is not a very needy baby. He is almost as independent as I am, but he most certainly isn't afraid to ask (cry) for help when he needs it.<br />
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Babies have no imagined fear of troubling others and most certainly do not fear appearing silly. He isn't afraid to ask for a his milk. He isn't afraid to ask to go "kai kai". He isn't afraid to sound the alarm when his diapers need changing.<br />
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Michael is a constant reminder that in life, there will definitely be things that are outside of our control. As much as we would like to believe we are in control of our own circumstances, about 80% of the time, we are not in control. We can only control our response to each and every circumstance. We can pretend to be in control of the circumstances, but oftentimes, they are inevitable.<br />
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But when things spin out of control, remember that help is around the corner. Pretending to take on the world alone provides a temporary ego boost. But reality will harshly remind us that we need more support than we think. When someone else requests for help, it is very often that we are more than happy to assist. Sometimes it is out of generosity, and others, it is so that we make ourselves feel useful.<br />
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By this logic, seeking for assistance ALLOWS others to show their generosity and make themselves useful. This is not to appear self-serving. There is a big difference between feeling entitled to receive help vs. having the courage to seek help when needed. More often than not, we should be more daring when seeking help.<br />
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<b>3. Remember To Appreciate</b><br />
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As a consequence of No.2, we must remember to show appreciation when help is given. Michael has yet to learn to verbally show appreciation, but when he is given what he needs, he does not hesitate to share his warm smile and cheeky laugh.<br />
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There is no doubt that the last 9 months has been an uphill journey. But it was made so much easier with the support of my family members as well as various fortunate circumstances. Below is a list of things that I am eternally grateful for:<br />
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i) Parents and in-laws<br />
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While I group our immediate family members together, my mother has played an integral role in supporting Michael's well-being. From the little things like cooking healthy meals to comforting Michael when he refuses to fall asleep. My father is ever-ready to bring Michael on educational expeditions to the park for his evening "stroll". I struggle to imagine how difficult life would have been if we did not have the support of our family members. I attribute the majority of Michael's rapid development in verbal skills to my parents.<br />
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ii) My wife<br />
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Imagine a good night's sleep. Now, imagine that good sleep being interrupted once every hour. That is what it feels like for the first 3 months for a new mother who is breastfeeding. My wife has persevered through the rough times of hourly wake-up calls of the baby, and we still experience the occasional wake up call as Michael is teething.<br />
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Moreover, she has now returned to work and we are continually challenged with interrupted sleep patterns. However, my wife has been solid as a rock and I have to admit that she has done more than her fair share in ensuring that Michael is well taken care of and growing very well!<br />
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iii) Pre-loved goods<br />
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Everyone knows that raising a baby is expensive. You have to get diapers, the baby cot, stroller, milk bottles, toys, and much much more. Fortunately for us, there is a very supportive community of mothers (and parents) on Facebook that are happy to let go of their pre-loved goodies at a discount from the original retail price. Most of the items that we bought for Michael were pre-loved. Some of the best items that we have were given to us for free! We are still using those items today. Michael really enjoys his walker that was donated by our very kind neighbor.<br />
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<b>4. Rome Was Not Built In A Day</b><br />
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I remember the first day when we brought Michael home from Selayang hospital. Within 5 minutes of putting him into the car, he started crying and could not stop. He was crying for help due to the unfamiliar environment. He was a helpless little baby.<br />
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Fast-forward to today. Michael is now 9 months old. Usually, after his nap, he will start crying due to either hunger or just seeking attention. Just the other day, after one of his naps, he woke up but he did not cry. He just kept repeating "抱抱" (Bao bao), which means to carry him.<br />
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I also bore witness to his journey of learning how to crawl. He started with supporting himself with his legs, but his arms were not strong enough. Eventually, he could balance himself on all fours, albeit a little wobbly. Then he learnt how to rotate to look around. Subsequently, he started to move, but could only move in reverse. Finally, he actually started moving towards the front. This entire process took almost 2 months.<br />
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Something as simple as crawling that we so easily take for granted took us 2 months to learn when we were infants. With that perspective, how long are we prepared to invest to learn the more complex skills in life to succeed? How long are we prepared to invest to learn financial management? How long are we prepared to invest to learn public speaking? Surely, those high-level skills would take more than 2 months.<br />
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<b>5. Focus On What Is Important Not Urgent</b><br />
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Going after a crawling infant who is unaware of the dangers surrounding him can lead to a pretty stressful routine. Always chasing after him, panicking unnecessarily. It is also much harder to be punctual for our appointments with friends, families, etc. This is because we are at the mercy of Michael's nap times and we also now have to pack for an extra person before we go out.<br />
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Those of you who know me, know that I strive to be punctual for all my meetings/appointments. Having to rely on the readiness of an infant to be on time can be stressful. However, one of the most important lessons that Michael has thought me was to focus on the important things.<br />
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For example, it is more important to ensure that we bring his snacks, toys, extra diapers than to be on time for our appointment. It is also more important to ensure that Michael has enough sleep before we go out. Otherwise, he will be very cranky and will end up being very disruptive during our outing.<br />
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I have been working on this post for a number of weeks and am finally coming to the end. I am truly appreciative of the opportunity of being a father and a husband. More specifically, I am truly thankful of being Michael's father. While he has certainly added joy to our lives, he has also taught me more than a few lessons. I am really looking forward towards what else he can teach me.<br />
<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-58384144263688893482017-06-01T14:11:00.001+08:002017-06-01T14:11:23.392+08:00Lessons in Leadership - Part 2<b><u>12 Lessons in Leadership</u></b><br />
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In this part, I will share the quotes and thinking behind Coach Wooden's leadership qualities. I feel it is best learnt quotes as that provides a context for understanding. No point going through theoretical points.<br />
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<b><u>Lesson 1: Good Values Attract Good People</u></b><br />
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John Wooden built his basketball program a certain way - athletically, ethically, morally - because he believed it would attract a certain type of person, the kind of individual he wanted on the team. He was right.<br />
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“Build it and they will come.”<br />
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Character—doing the right thing—is fundamental to successful leadership.<br />
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Aristotle said, “We are what we repeatedly do.” He was referring to character—the habits of our daily behavior that reveal who and what we are. I wanted to create good habits in those under my leadership. Standards, values, and attitudes were important to me. I wanted them to matter to those I taught.<br />
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Select people who are seeking you and your organization. Perhaps they recognize shared values, standards, and attitudes.<br />
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<u><b>Lesson 2: Use the most powerful four-letter word (</b><i>LOVE</i><b>)</b></u><br />
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Be more concerned with what you can do for others than what others can do for you. You’ll be surprised at the result.<br />
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The smallest good deed is better than the best intention.<br />
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Nobody cares how much you know until they know how much you care. The individuals on our UCLA teams became true members of my extended family.<br />
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“I will not like you all the same, but I will <b><u>love </u></b>you all the same. Furthermore, I will try very hard not to let my feelings interfere with my judgment of your performance. You receive the treatment you earn and deserve.”<br />
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And while I could have great love in my heart for those under my supervision, I would not tolerate behavior from anyone that was detrimental, or potentially detrimental, to the welfare of our group.<br />
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<b><u>Lesson 3: Call Yourself a Teacher</u></b><br />
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Each member of your team has the potential for personal greatness; a leader’s job is to teach them how to do it.<br />
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In the eyes of many observers, John Wooden’s business card should say “Coach,” but this is not what he would choose. From the earliest years he has called himself a teacher.<br />
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Four Laws of Learning: Explanation, Demonstration, Imitation—correction when necessary—and Repetition.<br />
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An effective leader is very good at listening. It’s difficult to listen when you are talking.<br />
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All won’t follow; some need a push. Some you drive, others you lead. Recognizing the difference requires a knowledge of human nature. That’s where being a good student helps you in your leadership.<br />
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<b><u>Lesson 4: Emotion is Your Enemy</u></b><br />
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There were four or five games in my career when we started out way behind like, 18–2—just getting killed. I’d look over at Coach Wooden, and there he’d sit on the bench with his program rolled up in his hand—totally unaffected, almost like we were ahead. And I’d think to myself, “Hey, if he’s not worried, why should I be worried?”<br />
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- <i>Fred Slaughter, UCLA 1962-1964.</i><br />
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Emotionalism—temperamental flareups and drop-offs—makes consistent high performance impossible.<br />
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If you let your emotions take over, you will be outplayed.<br />
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Ideally John Wooden wanted the team to improve during each practice and game—every day, each week—throughout the season until they were at their finest on the final day of the year.<br />
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Intensity makes you stronger. Emotionalism makes you weaker.<br />
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I came to understand that if my own behavior was filled with outbursts, peaks and valleys of emotion and moods, I was sanctioning it for others. As the leader, my own behavior set the bounds of acceptability.<br />
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<b><u>Lesson 5: It Takes 10 Hands To Score a Basket</u></b><br />
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Be sure you acknowledge and give credit to a teammate who hits you with a scoring pass or for any fine play he may make.<br />
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In basketball, a field goal is scored only after several hands have touched the ball. In business, the “ball” is knowledge, experience, ideas, and information. Whether on the court or off, that “ball” must be shared quickly and efficiently to achieve success.<br />
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Have one team, not starters and substitutes. No one feels good being a “substitute.”<br />
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Each must feel valued, from the secretary to the salesperson to the senior manager. When they understand that they are contributing members of the team and that their role has value, good things will occur.<br />
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No matter how great your product, if one of your departments doesn’t produce, you won’t get the results you want. Everybody must do their job.<br />
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I told players that we, as a team, are like a powerful race car. Maybe a Bill Walton or Kareem Abdul-Jabbar is the big engine, but if one wheel is flat, we’re going no place. And if we have brand new tires but the lug nuts are missing, the wheels come off. What good is the powerful engine then, when the wheels come off? Every part, big or small, on that race car matters. Everything contributes to the running of the race. And, of course, a car needs a driver. I was the driver.<br />
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Acquire peace of mind by making the effort to become the best of which you are capable.<br />
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<b><u>Lesson 6: Little Things Make Big Things Happen</u></b><br />
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There was logic to every move. Details of socks, shoelaces, and hair length led to details of running plays, handling the ball, and scoring points—hundreds of small things done exactly as Coach Wooden wanted them done.<br />
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Coach Wooden taught that great things can only be accomplished by doing the little things right. Doing things right became a habit with us. Habits stand up under pressure.<br />
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Big things are accomplished only through the perfection of minor details.<br />
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High performance is achieved only through the identification and perfection of the small but relevant details, little things done well.<br />
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Minor details, like pennies, add up. A good banker isn’t careless with pennies; a good leader isn’t careless with details.<br />
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Most observers saw only the trophy. Few comprehended the magnitude of perfected details preceding the trophy.<br />
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Talent must be nourished in an environment of high performance standards. Sloppiness breeds sloppiness. When it comes to details, teach good habits.<br />
<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-81893439520454280672017-04-28T12:23:00.001+08:002017-05-02T15:13:49.180+08:00Lessons in Leadership - Part 1<i>Pre-Amble:</i><br>
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<i>A long hiatus doesn't even begin to describe how long it has been since I last wrote anything meaningful. I have kept this series in draft version for a while, with the intention to clean it up before publishing. </i><br>
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<i>However, I have decided to take a different approach. The lessons that I am about to share are relevant now. Let's just treat it as a work in progress and I will polish it from time and again as I see fit.</i><br>
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<i>This series is targeted at new and mid-level managers who want to make the next leap in their career in the corporate sector. </i><br>
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<b><u>Introduction</u></b><br>
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Over the last 9 months, I sort of chanced upon a journey on leadership. The organization that I work in nominated me as one of the 40-odd people to participate in a course called "Harvard Business Leadership". One of the first "lessons" I learnt in that course is that: ALL models are wrong. Some are useful.<br>
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On the surface, it seems like a joke, but on a deeper level, it taught me two very important lessons about myself.<br>
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1. I have a strong tendency to rely on models and frameworks in the things that I do.<br>
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This is not because I am a robot (which I am). I rely on models and frameworks because they allow me to predict a likely future. Yes, I get my predictions wrong a lot of the time, but I also get them right just often enough to make them useful. For example, I rely greatly on the Myers-Briggs personality categories in my daily interactions with people. It helps me identify why people do the things that they do, and how I can respond accordingly to suit their personality. The trouble with models is that I need to know when to use which model. Because I have actually been relying on models and frameworks all my life, I just seem to know when to apply them intuitively.<br>
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2. I NEED to make use of my strength in viewing things in models and frameworks.<br>
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I was reminded by one of the things that was said by Brendon Burchard: Frameworks allow people to REPEAT success. While I seem to be an expert at frameworks, I have only been using it for myself. My wife frequently asks me to share my views on many things in life, because of how I can simplify very complex issues into models or frameworks that makes things easy to understand. That is why I started work on this series on Leadership.<br>
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The work below is definitely not my own. They are just notes that I have extracted from the book "<a href="https://www.amazon.com/Coach-Woodens-Leadership-Game-Success/dp/007162614X/ref=asap_bc?ie=UTF8" target="_blank">Coach Wooden's Leadership Game Plan for Success: 12 Lessons for Extraordinary Performance and Personal Excellence</a>".<br>
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The crux of the book is centered around Coach Wooden's Pyramid of Success. As the name suggests, the Pyramid of Success contains qualities and attributes that are built from the ground up, with the base of the pyramid serving as the foundation for success, building all the way up to the apex of the pyramid.<br>
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But before we can dive into the pyramid itself, we must first start with the right ethics and attitude. As with all powerful tools, using them in the right way is essential to create a positive impact in the world. That is why the book starts off with ensuring that all leaders must start from the right intention.<br>
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<b><u>Ethics and Attitude</u></b><br>
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Be more concerned with your character than with your reputation. Character is what you really are. Reputation is what people say you are. Character is more important.<br>
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<i>I am not what I ought to be, Not what I want to be, Not what I am going to be, But I’m thankful that I am better than I used to be.</i></blockquote>
Throughout the book, Coach Wooden emphasizes progress over perfection. The key focus to be successful should be on continuous and sustainable improvement.<br>
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<b>The Ground Rules for Success</b><br>
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Coach Wooden repeats the mantra set out by his father, which is just a simple 2 sets of threes. Simple, but not easy to live up to.<br>
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1. Never lie<br>
2. Never cheat<br>
3. Never steal<br>
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1. Don't whine<br>
2. Don't complain<br>
3. Don't make excuses<br>
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If what it takes to be successful can be summed up into 2 sentences, it would be below<br>
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<i>1. Ability may get you to the top, but it takes character to stay there.<br>2. There are no "big" things, only an accumulation of little things done well.</i></blockquote>
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<b><u>The Pyramid of Success.</u></b><br>
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Before we can even talk about what it takes to succeed, we must first define success. And I really like how Coach Wooden defines success:<br>
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<i>I don't care how tall you are.<br>I care how tall you play.</i></blockquote>
Success is peace of mind that is a direct result of self-satisfaction in knowing you made the effort to become the best that you are capable of becoming.<br>
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Success is totally under your own control. No one can give it to you; no one can take it away. No one except you.<br>
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Don’t judge yourself by what you’ve accomplished, but rather by what you could have accomplished <b><u>given your ability</u></b>.<br>
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<b><u>First Tier</u></b></div>
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<i>1. Industriousness</i></div>
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There is no trick, no easy way. Success travels in the company of very hard work. </div>
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<i>The heights by great men reached and kept,<br>Were not attained by sudden flight,<br>But they, while their companions slept,<br>Were toiling upward in the night</i></blockquote>
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<i>- Henry Wadsworth Longfellow</i></blockquote>
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Industriousness meant true work at your highest capacity; fully engaged, totally focused, and completely absorbed; no clock-watching, no punching in and out, no going through the motions. </div>
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<i>2. Enthusiasm</i></div>
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Work without "Enthusiasm" is just work. "Just work" is not enough.</div>
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As a leader, you must be filled with energy and eagerness, joy and love for what you do. If you lack enthusiasm for your job, you cannot perform to the best of your ability. Industriousness is unattainable without enthusiasm. </div>
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"Working Together" Blocks:</div>
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<i>3. Friendship</i></div>
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The time to make friends is before you need them. Camaraderie is a spirit of great goodwill that can exist between a leader and member of the team. </div>
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To paraphrase Abe Lincoln, “You destroy your adversary when you make him your friend.” </div>
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<i>4. Loyalty</i></div>
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<i>There is a destiny that makes us brothers,<br>None goes his way alone,<br>All that we send out to others,<br>Comes back into our own.</i> </blockquote>
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<i>- Edwin Markham</i></blockquote>
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Give loyalty and loyalty will be returned in abundance. First, be true to yourself and your beliefs. Second, be true to your team.</div>
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<i>5. Cooperation</i></div>
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Make sure the people you lead feel they're working with you, not for you. Have the utmost concern for what's right rather than who's right. </div>
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It is often difficult for a strong-willed leader to incorporate Cooperation because listening to others, evaluating, and embracing their opinions and creativity may seem to suggest uncertainty and doubt about your own judgment and convictions. The ego gets in the way of your eyes and ears. It’s easy to get lost in your own tunnel vision.</div>
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A strong and secure leader accepts blame and gives the credit. A weak insecure leader gives blame and takes credit.</div>
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<b><u>Second Tier</u></b></div>
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<i>6. Self-control</i></div>
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If you do your best, never lose your temper, and never be out-fought, out-hustled, you'll have nothing to worry about.</div>
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Control of your organization begins with control of yourself. Be disciplined.</div>
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Self-control is necessary in all areas. The choices you make in your personal life affect your professional life. They are not separate. A leader who lacks self-control outside the organization may lack it within the organization.</div>
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It starts with control of your emotions, but it extends to having the resolve to resist the easy choice, the expedient solution, and, at times, temptation in all its alluring forms. </div>
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<i>7. Alertness</i></div>
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Nothing is static. Expect each day to bring new threat and opportunity. Constantly be aware and observing. Always seek to improve yourself and the team. </div>
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Never be a spectator. Be in the fight at all times. A leader who is sluggish in recognizing what's going on will soon be going on without a job. </div>
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Perfection doesn't exist. Thus, actively be alert and looking for imperfections in your team and your competition. It is there. Find it. </div>
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<i>8. Initiative</i></div>
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Failure to act is often the biggest failure of all.</div>
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Having the courage to make decisions and the willingness to risk failure. A team that won't risk mistakes won't win many games. </div>
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The team that makes the most mistakes wins. </div>
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Hesitancy brought on by fear of failure is not a characteristic of great leadership. Play to win rather than "not to lose". Do not be afraid to fail. Use good judgment and then use initiative. The leader who fears failure will often fail to act when action is required.</div>
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<i>9. Intentness</i></div>
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It's not who starts the game, but who finishes it. </div>
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Stay the course. When thwarted, try again - harder, smarter. Persevere relentlessly. </div>
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Never be satisfied. Work constantly to improve. Perfection is a goal that can never be reached, but it must be the objective. The uphill climb is slow, but the downhill road is fast. </div>
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Good things take time, usually lots of time. Achieving worthwhile goals requires Intentness. There are setbacks, losses, unexpected reversals, hardships and bad luck. Does the fight continue? The team looks to you for their answer. The answer is Intentness. </div>
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Industriousness and Enthusiasm are a powerful combination essential to Success. <b><u>But the great force they produce must be constant and ongoing</u></b>. Things achieved without effort are seldom worthwhile or long-lasting. </div>
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<b><u>Third Tier</u></b></div>
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<i>10. Condition</i></div>
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What you do away from practice can tear down all we accomplished during practice. </div>
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Ability may get you to the top, but character keeps you there; mental, moral and physical. </div>
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Practice balance and moderation in all that you do. </div>
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<i>"All we've worked so hard to accomplish on the court today can be torn down quickly, in a matter of minutes, if you make the wrong choices between now and our next practice."</i></blockquote>
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Be concerned with your preparation, not theirs; your effort and desire, not theirs. Don't worry about them. Let them worry about you. </div>
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A leader who lacks physical condition is less likely to summon the mental strength to stand up and fight for beliefs and convictions. </div>
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What you do off the job is directly related to how well you do on the job. </div>
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<i>11. Skill</i></div>
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When you are through learning, you are through. </div>
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What a leader learns after having learned it all counts most of all. </div>
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Know your job and be able to do it quickly and correctly. Knowledge of and the ability to execute your responsibilities will separate you from most of the competition. This means being prepared to do all that your job requires.</div>
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Push yourself to keep learning or you will stay as close to the bottom as to the top.</div>
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Whether in basketball or in business, you must be able to “<b><u>get open</u></b>” and “<b><u>shoot</u></b>.” One without the other makes you a partial performer: one who can be replaced because your skills are incomplete; one whose leadership falls short because of your own limitations when it comes to knowing your job.</div>
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You must also be fully aware that mastery is a lifelong process of learning. The best leaders are those who realize it’s what you learn after you know it all that counts most.</div>
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Knowing what you’re supposed to do means little if you don’t have the Skill to do it.</div>
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<i>12. Team Spirit</i></div>
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<u>Initial definition:</u></div>
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Team Spirit is the willingness to lose oneself in the group for the good of the group. </div>
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But... a "willingness" to be selfless does not satisfy the requirements. It suggests begrudgingly doing what is required for the team's welfare. </div>
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<u>New Definition:</u></div>
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Team Spirit is the <b><u>eagerness </u></b>to sacrifice personal interests or glory for the welfare of the group - is a tangible living force that transforms individuals who are "doing their jobs willingly" into an organization whose members are <b><u>dedicated and eager to work at their highest level </u></b>for the good of the group. </div>
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The star of your team is the team. </div>
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"We" supersedes "me".</div>
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<b><u>Fourth Tier: Getting to the top: Trademarks of Greatness</u></b></div>
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<i>13. Poise:</i></div>
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<i>If you can meet with Triumph and Disaster and treat those two impostors just the same...<br>- Rudyard Kipling</i></blockquote>
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Just be yourself. Don't be rattled by events, whether good or bad. </div>
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Hold true to your belief that what counts most are your own high standards and making the effort to do the best of which you are capable regardless of how bad or good, the situation may be. </div>
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Poise means being true to yourself even if it goes against popular sentiment, even if you must stand alone. </div>
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How do you acquire Poise? In fact, you don’t. <b><u>Poise acquires you</u></b>. It is part of the harvest you reap near the top of the Pyramid. Suddenly it is there, part of you and your leadership style and substance: Poise. It also becomes the style and substance of your organization.</div>
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Have respect for, without fear of, every opponent, and confidence without cockiness in regard to yourself. </div>
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<i>14. Confidence</i></div>
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You must earn the right to be confident, <b><u>the kind of confidence that comes from proper preparation</u></b>. </div>
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Confidence cannot be grafted on artificially. Real abiding Confidence, like Poise, is earned only by tenaciously attaining those assets that allow you to reach your own level of competency.</div>
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<i>Beyond the winning and the goal,<br>beyond the glory and the fame,<br>He feels the flame within his soul,<br>born of the spirit of the game.<br>And where the barriers may wait,<br>built up by the opposing Gods,<br>He finds a thrill in bucking fate<br>and riding down the endless odds.<br>Where others wither in the fire<br>or fall below some raw mishap.<br>Where others lag behind or tire<br>and break beneath the handicap,<br>He finds a new and deeper thrill<br>to take him on the uphill spin,<br>Because the test is greater still,<br>and something he can revel in.<br><br>- Grantland Rice from<br>“The Great Competitor”</i></blockquote>
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<b><u>Fifth Tier</u></b></div>
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15. Competitive Greatness</div>
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A goal beyond victory, a standard above winning.</div>
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Competitive Greatness: Performing at your best when your best is needed; a real love for the hard battle. </div>
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Competitive Greatness exists in the journey and culminates in the tough competitive fight in which you and your organization are at your best because you’ve prepared to the full extent of your abilities.</div>
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When you define success as John Wooden does, <b><u>the only thing to fear is your own unwillingness to make the effort</u></b> - 100 percent - to achieve your potential in leadership and teach those on your team how to achieve Competitive Greatness as an organization.</div>
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<b><u>Personal greatness is not determined by the size of the job, but by the size of the effort that one puts into the job</u></b>. This applies to everyone on your team.</div>
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<i>16 and 17: Faith and Patience: Symbolic Mortar</i></div>
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A leader must have Faith that things will work out as they should - a boundless belief in the future. </div>
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A wise leader also knows that good things take time. If difficult goals could be achieved quickly, more people would be achievers. But most people - many leaders - lack Patience. </div>
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Big things are accomplished only through the perfection of minor details. </div>
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Success may result in winning, but winning does not necessarily make you a success. Success, as I define it, is harder to achieve.</div>
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The above are pretty much quips and quotes scattered throughout the <a href="https://www.amazon.com/Coach-Woodens-Leadership-Game-Success/dp/007162614X/ref=asap_bc?ie=UTF8" target="_blank">very user-friendly book written by Coach Wooden and Steve Jamison</a>. I highly recommend reading it in its entirety for budding and mid-level managers in the corporate sector. I would even encourage sharing the book with the rest of your team as it will definitely set the direction for your department and team culture.</div>
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In the next part, I will start diving into the 12 Lessons in Leadership that Coach Wooden has to share.</div>
Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-12415739498961471342016-09-25T01:37:00.000+08:002016-09-25T11:36:39.953+08:005 Benefits of Being Married to a DoctorSome of you may know, about 10 days ago, my son was born through elective C-section surgery. For those who don't know what this means, it is basically an operation near the abdominal area of the mother to remove the baby from the womb. It is a fairly straightforward surgery. Our doctor advised us that natural birth posed a higher risk for the baby, but less risk to the mother. On the other hand, surgery posed a higher risk for the mother, but had minimal risks for the baby. Based on that, we decided to take the latter route. <br>
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And over the last 10 days, while I was busy celebrating the joys of being a new father, I had some time to ponder our 9-month long journey that led up to the pinnacle of Baby Michael's birth.<br>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0uZHig6qX-0KODhT5ImPeq93828RM5IaimnR26WcFAm01YRrAODtR5x0JyxC4FWn_s2O4o075_8KtXCIQzmZVPqtDWgCqhj-Z2bx47M4Rlh1o1Tt41eqsVW_QVh2mAx94Y6Kc/s1600/14370180_10100379182561939_8997662409539745288_n.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0uZHig6qX-0KODhT5ImPeq93828RM5IaimnR26WcFAm01YRrAODtR5x0JyxC4FWn_s2O4o075_8KtXCIQzmZVPqtDWgCqhj-Z2bx47M4Rlh1o1Tt41eqsVW_QVh2mAx94Y6Kc/s320/14370180_10100379182561939_8997662409539745288_n.jpg" width="320"></a></div>
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There were many ups and downs but on hindsight, this ride was made so much smoother just because my wife is a doctor. I don't show it often enough, but I truly and greatly appreciate the fact that my wife is a highly skilled and knowledgeable physician.<br>
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The list below is the top 5 of many other benefits of being married to a doctor. <br>
<b><br>1. Free personal medical advice/medicine/medical documentation</b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidOXa-fEdGQeYiOMe4zz7o9oq3GUiUSGveTx3uLmpW3xmatHeVt1YnpgOudzU8JmsapL-0lBHHLznB3Us-cvyAvCHKZYSIPKcTr50tigDmHHsnnu_4KQR1H18hzIqFfUbRyFUn/s1600/advice.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="264" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidOXa-fEdGQeYiOMe4zz7o9oq3GUiUSGveTx3uLmpW3xmatHeVt1YnpgOudzU8JmsapL-0lBHHLznB3Us-cvyAvCHKZYSIPKcTr50tigDmHHsnnu_4KQR1H18hzIqFfUbRyFUn/s320/advice.jpg" width="320"></a></div>
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No prizes for guessing that I get free medical advice. However, being a doctor in the government clinic, she also enjoys the benefits of knowing other doctors, pharmacists who can dispense medication/supplements during her pregnancy. <br>
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She was also working in Sibu, Sarawak, which is about a 2-hour flight from Selangor, where I work. As a pregnant lady, taking flights back to West Malaysia requires a doctor's note. And my wife flies home at least 1-2 times a month. Having to go to a clinic to get a doctor's note every time she has to fly would have been a pain in the butt. But since she is a doctor who works at the clinic, getting those notes became no hassle at all. <br>
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<b>2. Calm in the middle of a storm</b><br>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6b-Lx7uGqA9PWBPr7sKUWloeXK2tj7wFKmi6C-xCsjLUTxd8BAm8G-2ogBAtMEp5LXvuIkn5inyottjbRTV8pksJgwkbiPaPzKtPO6qnK2rG1r5tTzAo5d9MlVotVthXkhcqk/s1600/Calm-in-the-Storm.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6b-Lx7uGqA9PWBPr7sKUWloeXK2tj7wFKmi6C-xCsjLUTxd8BAm8G-2ogBAtMEp5LXvuIkn5inyottjbRTV8pksJgwkbiPaPzKtPO6qnK2rG1r5tTzAo5d9MlVotVthXkhcqk/s320/Calm-in-the-Storm.jpg" width="320"></a></div>
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By now, some of you may be wondering how can a pregnant woman fly so often. That is the very nature of my wife. In general, I truly believe that doctors are trained to be strong and independent. To remain calm when everyone around them is panicking. Otherwise, they would never get past 5 years of medical school. <br>
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What I truly appreciate about this characteristic is that her calmness keeps everyone else around calm. There were so many unknowns and uncertainties throughout the 9 months of our long distance pregnancy experience. How often do we have to fly back and forth to see each other? What happens if the baby had to be born prematurely? Can she survive living practically alone for 8 months carrying a child?<br>
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On hindsight, the past 9 months have been a miracle. My wife has been a rock throughout the last 9 months (and more). We are both truly blessed that our son is born healthy. <br>
<b><br>3. Other doctor friends</b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJdGkcDRl-Z1PmNBZ6a22iSupleS8lyEyyCtfSTqvXlg9BsVsLGTRJ-QguoEEgEg9wmi7HWz6rD3JKPrxBaR_pouSCXf7VrpJmJGfvcnMoFBmW1NTcsW082yFMFTlV43C_CT1-/s1600/doctors.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJdGkcDRl-Z1PmNBZ6a22iSupleS8lyEyyCtfSTqvXlg9BsVsLGTRJ-QguoEEgEg9wmi7HWz6rD3JKPrxBaR_pouSCXf7VrpJmJGfvcnMoFBmW1NTcsW082yFMFTlV43C_CT1-/s320/doctors.jpg" width="320"></a></div>
One of the coolest things about being married to a doctor is that they have plenty of doctor friends. I attended a couple of wedding dinners of my wife's friends, and we usually get seated at a table full of doctors. Generally, I don't really understand 50% of what they are talking about, but that is OK because that also means I don't have to talk very much. Just nod and smile. <br>
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Jokes aside, one of the other cool benefits is that she knows a Obstetrician & Gynaecologist who gave us a very significant discount for conducting one of our scanning sessions. We decided to go to a private hospital to get a 3D scan during the 7th month of pregnancy just to see what our son looks like. <br>
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A typical checkup costs close to RM300, depending on the hospital. We got to do our checkup for a steal. We could not believe the bill when we saw it. <br>
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Another great example is that my wife's ex-boss is also a Obstetrician & Gynaecologist. A very good one at that. Because of this, we knew exactly where to go to deliver our son. We did not have to shop around at different hospitals to find the most suitable and affordable option. We went straight to her ex-boss at a government hospital and we got excellent service there. More on this later. <br>
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<b>4. Willingness to save others first</b><br>
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This is definitely one benefit that cannot be oversold, especially once you become a parent. For the first few days, your entire world (and sometimes more) revolves around the needs of this "can't-be-reasoned-with" dictator. </div>
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<b>WARNING: </b>DO NOT stand or look too closely when you change a baby's diaper.</div>
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With the arrival of a child, if not managed well, the needs of the child can often turn into a major source of conflict for both parents. Whose turn is it to change the diapers? Whose turn is it to pick up the kid from soccer practice? This kind of behavior can often lead to <a href="http://mainstreeter.blogspot.my/2016/09/3-questions-to-ask-before-you-get.html" target="_blank">unsustainable marriage practices as discussed in my previous article</a>.</div>
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The <a href="http://www.wsj.com/articles/SB10001424052748704099704576288954011675900" target="_blank">Wall Street Journal</a> quotes a research paper:</div>
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<i><span style="color: #333333; font-family: "chronicle ssm" , serif; font-size: 16px;">About two-thirds of couples see the quality of their relationship drop within three years of the birth of a child, according to data from the Relationship Research Institute in Seattle, a nonprofit organization focused on strengthening families.</span><span style="color: #333333; font-family: "chronicle ssm" , serif; font-size: 16px;"> </span></i></blockquote>
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Sorry for all that negative publicity for having children. What I am trying to say is that while we share in the joy of having children, very often, couples forget to appreciate one another, and start to revert to their instinct of self-preservation. They start placing their own desires ahead of the family's. </div>
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However, it is my belief (stereotypical as it may seem) that doctors somehow are less susceptible to selfish tendencies. This belief is founded on the basis that doctors generally have to fork out about half a million Ringgit to pursue what is considered to be one of the most difficult programs in university. To top it off, for the investment in being a doctor to be financially sound, one has to complete his/her specialization and sometimes sub-specialization before he/she can earn the big bucks. By this virtue, I choose to believe that doctors inherently have some gene in their body to want to help others first. </div>
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And that is why I feel reassured that my wife and I will be able to raise our child in a wholesome and happy family. </div>
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<b>5. Special privileges at government hospitals</b></div>
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Last and perhaps the most important is that we really do get special benefits/treatment at government hospitals. </div>
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Anyone who has been to a government hospital in Malaysia will most likely experience the expected dread that is the bureaucracy of the Malaysian public sector. I am actually quite pleased to say that we had quite the opposite experience at the government hospital that Michael was delivered in.</div>
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During our final check-up before deliver, I was admittedly dreading having to do it at the government hospital. Even though our appointment was at 12.30 pm, my wife insisted that we had to be at the hospital by 10.30 am and wait there for 2 hours. This would have been completely unacceptable in most other circumstances, but this is what we have come to expect from the Malaysian public sector. </div>
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However, during our registration, the administrative assistant at the counter told us that we could just come at 12.30 pm and we were definitely too early for our appointment. We would be the first in line in any case. The multiple steps required by the bureaucracy still existed, and we had to do a bunch of silly administrative chores. Ordinarily, we would have been served by nurses and medical assistants that had sour faces (perhaps due to overwork). </div>
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The biggest difference I noticed was that every time they looked at our files, they immediately took notice of the fact that my wife was a doctor, and their sour faces turned into smiles (that exude rainbows and unicorns). They became extremely courteous and polite, serving us to the best of their ability. I noticed the same thing happening again during the day of Baby Michael's delivery. All the nurses kept referring to my wife as "The Doctor" like she was the Don of some Italian Mafia. I was pleasantly amused. </div>
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On top of that, only a few days ago, we had to take Baby Michael for his jaundice check-up. We were concerned that his jaundice had spread to his legs and decided to go straight to the Trauma and Emergency Unit. The medical assistant at the gate had initially tried to turn us to the clinic before allowing us to seek consultation with the doctors at the emergency unit. However, upon finding out that my wife is a doctor, he quite promptly ushered us in without any further argument. Thankfully Baby Michael is just fine and we were informed that it was safe to go home.</div>
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There were many other small examples of how a government doctor really does have special privileges, but the above is just simply a clear exhibition of the "good fortune" that I have experienced just because my wife is a doctor.</div>
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It goes without saying, but I really must say that I am truly grateful and blessed with a loving wife (not just because she is a doctor) and I look forward to raising a very cute and intelligent son with her. </div>
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Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-5203233943240965422016-09-08T12:30:00.000+08:002016-09-08T12:30:22.734+08:003 Questions to Ask Before You Get Married<div dir="ltr">
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Ordinarily, catchy titles like these are just gimmicks or click-baits that make you click to an article that falls severely short of the promised content. </div>
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I did not even intent to make this into a public post, but after the continued urging and coercing by my peers, I felt that perhaps, there is some value of this wisdom that I have acquired through many years of studying human relationships and personalities. </div>
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One could argue that apart from finding your purpose in life, finding your soul mate is considered to be one of life's most important quests. It would seem unlikely that anyone could reduce such a complex matter to just 3 questions. </div>
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As a keen observer of life, I would actually argue the opposite. Most of life's greatest wonders are often simplest. When asked to describe their soul mate, many people have a list of criteria that they tend to belt out: e.g. smart, funny, has a nice smile, kind eyes, caring, loving and the list goes on. But this is the problem. Once the list gets too long, the criteria becomes impossible to meet.</div>
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So how then, do we know if we are marrying the right person? The 3 questions below will help you determine if your partner is that right one. </div>
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<b>1. What does he/she do when shit hits the fan?</b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVashKgqdYiCT8z9ClRZDmEERtsM3DcgK5iu2XRjwOtjdq7586KEgy9cn3pcA04Azw8z6DRhQju3eJMpggkR4mKyuuzWF7xnuLzFDXUW6JV0UcdL8vAXN9enAuXUORR7bIVCrt/s1600/shit-hitting-the-fan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="129" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVashKgqdYiCT8z9ClRZDmEERtsM3DcgK5iu2XRjwOtjdq7586KEgy9cn3pcA04Azw8z6DRhQju3eJMpggkR4mKyuuzWF7xnuLzFDXUW6JV0UcdL8vAXN9enAuXUORR7bIVCrt/s320/shit-hitting-the-fan.jpg" width="320" /></a></div>
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It is inevitable in life that things can and will go wrong. How does your partner react when you experience an unforeseen and unfortunate event. What does your partner do when your car breaks down in the middle of the highway. Does he drive out to pick you up? Or does he ask you to take a cab?</div>
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While it may seem like common sense, it is very far from common practice. The point I am trying to make is that, is your partner willing to sacrifice his own convenience to assist you in overcoming yours? Such behavior would be a clear indicator of how he/she would treat you when you are in need. </div>
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It is easy to be caring and loving in good times. But the true test of the right partner is whether he will stick around in bad times. Try to observe your partner's preference over a period of time. This is the most easily observable trait. If he/she fails this first question, we don't even have to go to questions 2 and 3. </div>
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<b>2. Do you have common principles?</b></div>
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What are principles? Google gives us this definition:</div>
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<i>a fundamental truth or proposition that serves as the foundation for a system of belief or behavior.</i></blockquote>
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An example of life's principles is Abundance:</div>
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<b>Abundance</b>: We live in a world of abundance. There are unlimited wealth and unlimited opportunities for everyone. So don’t worry about whether you can succeed in something and focus on how to succeed in it.</div>
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Another example:</div>
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<b>Being yourself</b>: It is better to be a first rate version of yourself than a second rate version of someone else.</div>
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There are always tells for your partner's principles. Does your partner require other people's approval to to feel happy? Do you feel that your success is defined by your own terms and not on others? </div>
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Bear in mind that there is no right or wrong here. It is just how you choose to live your life. However, if your fundamental beliefs are different, it will more often than not become the source of your disagreements. </div>
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You will begin to notice that many of your arguments often begin or end with the question, "Why do you keep.... *insert verb*...?" These are clues that show that you have differing life principles. </div>
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Having similar life principles is infinitely more important than liking the same movies or the same songs. Tastes and preferences change over time. But our fundamental beliefs and principles? I would not bet on it. </div>
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<b>3. Am I bargaining?</b></div>
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Well, sorry because I tricked you. This question us actually in 2 parts. So technically it is 4 questions. But these 2 questions are so interlinked, I decided to lump them together. </div>
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<b>3a. Am I bargaining with my partner?</b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgySZB3olWlQN2R9Jr4pB77jQumng2Y82E5vNspS9qtt_fbRXDD9fRh07Mc31ESmX3OmzQJp0_CfMQ4l8bzONxXUiLh5LXJqLpDkrVsLrv2_IezBPpGmBGBAVmX24Xic5sszU4V/s1600/haggling.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgySZB3olWlQN2R9Jr4pB77jQumng2Y82E5vNspS9qtt_fbRXDD9fRh07Mc31ESmX3OmzQJp0_CfMQ4l8bzONxXUiLh5LXJqLpDkrVsLrv2_IezBPpGmBGBAVmX24Xic5sszU4V/s320/haggling.jpg" width="301" /></a></div>
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Some people tend to see this as compromise. Yes, if done sparingly, this can be perceived as compromise. For example, this question manifests itself when situations like these occur:</div>
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"Yesterday I washed the dishes. Today is your turn." </div>
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"I just hung the clothes out to dry earlier. Can you please bring it inside?"</div>
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On the surface, this appears like helping each other out. However, if these scenarios happen too frequently, it can transform into pettiness. It is actually a symptom of being calculative. For a relationship to be sustainable, partners should be generous with one another. As in all relationships, we often get in return more than what we put into the relationship.<br />
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As my wife often suggests, always aim to give 10% more than what you are supposed to. You will be surprised at what you get in return.<br />
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<b>3b. Am I bargaining with myself?</b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhupbyP_mcePPt7EIsYTMHonyTNLcxB31EpqDm-tMdWDkRPXpjyHhKRKBVSkh9Kw7tXAhnC3piAeywAGs_XCasUF4Z1QOYFxL3AIjwPDiqLJrpn3RJAFVDtyy6Y0KWoH_SJbOF2/s1600/denial.jpg" imageanchor="1"><img border="0" height="249" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhupbyP_mcePPt7EIsYTMHonyTNLcxB31EpqDm-tMdWDkRPXpjyHhKRKBVSkh9Kw7tXAhnC3piAeywAGs_XCasUF4Z1QOYFxL3AIjwPDiqLJrpn3RJAFVDtyy6Y0KWoH_SJbOF2/s320/denial.jpg" width="320" /></a></div>
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Often, in our journey towards finding a soul mate, we come very close. We arm ourselves with our lists of criteria, go out into the world, in search for the partner that meets all our criteria. After years of searching, some of us get lucky, but most of us, usually come close.<br />
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Some of my peers have commented that they love their partner very much, but there is just one or two things that they wish that their partners could change. The counter argument to this is that we should accept our partners as they are, their flaws as well as their imperfections.<br />
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I submit that it is hogwash. As the saying goes, there is no such thing as finding someone who is perfect. Rather, only someone who is perfect for you. You would usually find yourself in such a situation when your partner fails Question No.2. On some level, your principles are not aligned. Eventually, you will find start bargaining with yourself, especially regarding your partner's behavior. You tell yourself that you should be able to accept them for who they are, including their flaws.<br />
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Therein lies the problem. The fact that you perceive your partner's traits as flaws is in itself problematic. Traits are just traits. If you have to bargain with yourself to accept your partner's traits, you will be starting an internal conflict that will continue to fester until it eventually erupts.<br />
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However, that is not to say there is no remedy for this. For starters open communication is key. We need to be able to communicate our dissatisfaction openly. In order to avoid getting stuck with being unhappy with certain traits, we should openly discuss how we can move on together as a couple.<br />
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For example, if you are a neat freak and find that your partner likes to leave things around all over the place. It is easy to just whine about how they should keep keep their stuff neat and tidy. However, we need to take the extra step and provide an enabler for that behavior. One way is to buy a shelf for them to store their things. Perhaps, the reason they are leaving their things lying around is simply because there is insufficient space to store those things.<br />
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It must be surprising that the secret to a lasting relationship can be simplified to 3 simple questions. But it sure beats having to run each and every one of your partners through a list of criteria that cannot be fulfilled in its entirety.<br />
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I must however warn that the 3 questions above must not be compromised. If your partner meets 2 out of 3 of the criteria above, it is still very far from being sufficient. All 3 must be met for a long and sustainable relationship.<br />
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That said, I wish all of you the very best in finding your soul mates. I would very much like to hear from your experiences in the comments below!<br />
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Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-77905228274762773512015-03-11T20:52:00.000+08:002015-03-11T20:52:00.148+08:005 Awkward Ways To Answer the Question "How Are You?" For Introverts<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEfqn12k-yZN-p5VGRtnEVSm1eG73IALOuqzKKGb329OD-q9DAq-5Zc2SgQKB1pVUr4G5jJCOF8xuMNkJT4C0waCov2c8ovhOdJrdAJ-bhE7Iflp0432PziG9PJm08CRjZC-dL/s1600/2011-08-15-How-Are-You.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEfqn12k-yZN-p5VGRtnEVSm1eG73IALOuqzKKGb329OD-q9DAq-5Zc2SgQKB1pVUr4G5jJCOF8xuMNkJT4C0waCov2c8ovhOdJrdAJ-bhE7Iflp0432PziG9PJm08CRjZC-dL/s1600/2011-08-15-How-Are-You.gif" height="159" width="500" /></a></div>
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Ever entered an elevator at your workplace or apartment and see a familiar face that asks, "Hi, how are you?" or some version of that. This is typical in Western culture, especially in the US. When I was studying abroad in Australia, I regularly get asked, "How are you going?". To the unfamiliar ear, the Australian way of asking can easily be misinterpreted as an inquiry of the method with which you plan to travel somewhere.<br />
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Nonetheless, being from a Chinese upbringing, the way to ask "How are you?" is perhaps even stranger to the foreign ears. We often hear our elders ask each other, "Have you eaten?". This question can be asked at all times of the day, even when it is not near meal times. How strange is that?<br />
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Some people may think that I am over-analyzing this simple but courteous question. But is it really courteous? In the US, when people ask "How are you?", they typically expect you to reply, "I'm good, thanks. How are you?". Any other answer will shock them. I had the great fortune of learning this in my first year of studying in the US. Being the brutally honest person that I am, whenever someone asks me how I was, I typically attempt to tell them about my day, only to notice that they actually have no interest in hearing what I have to say. I soon realized that people asked "How are you?" only as a courtesy, without having the intention to actually find out how I was actually doing.<br />
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Not only that, some people even believe it is over-sharing if I attempt to share how I am actually feeling, especially when he/she is not so familiar with me. The thing that bothered me the most was, if you did not want to know how I was actually doing, why did you ask? Call me a robot, but I was programmed to ask only if I am interested in the answer.<br />
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That said, over the years, especially since spending almost four years in the US, and 6 months in Australia, I have been able to program myself to answer this troubling question, "How are you?" in five simple ways.<br />
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<b>1. Conversation Starter (if I am feeling talkative)</b><br />
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<i>"I am good, thanks. I notice that life is treating you well. What's your secret?"</i><br />
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The above answer says something positive about the person and encourages the person to become more familiar with you as well as to loosen up. If I am lucky, that person will even share some valuable experience with you. As an introvert, this is a perfect way to flip the question around and return to the comfort of being the listener. You get bonus points if you use the above line on extroverts.<br />
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<b>2. Conversation Ender</b><br />
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<i>"I'm fine" (with a brief smile).</i><br />
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This shows that I am just not in the mood to talk. Whatever that is happening in my life, I have no intention to share it with you. I don't even have the energy to fake it until I make it. It doesn't necessarily mean that I am having a bad day. It just means that I don't think you are truly interested in knowing how I am actually doing, so please stop asking. I must admit that this is not a great way to make new friends.<br />
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<b>3. Autopilot</b><br />
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<i>"I'm good, how are you?" (with a slightly longer smile).</i><br />
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An improvement on No.2. At least it does not entirely shut that person down. I still don't really want to tell you about my life because I don't think you sincerely want to know (or even have the time to listen). I equally have no interest in knowing how you are doing because I am simply not familiar enough with you, but I don't want to appear rude. I have recently programmed myself to say this as a reflex action because really, who wants to hear how shitty my day went?<br />
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<b>4. Brutal Honesty</b><br />
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<i>(With a deep sigh) "Life sucks (or some version of it). I am... (proceed telling about your problems for the next 23 minutes)..." </i><br />
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</i> A real mood killer. While my parents taught me to be an honest person, I came to realize that no one really wants me to be that honest. Negativity breeds more negativity. In an otherwise perfectly fine day, he/she now feels obliged to at least listen to you and perhaps offer a solution to your problems. Besides, remember that the other person really has no interest in hearing about my day. And when someone tries to offer an unsolicited solution, some of us may lash out because all we needed was someone to listen. This is usually a lose-lose scenario and I no longer use this line with strangers.<br />
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<b>5. "I No Speak Ingrish"</b><br />
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<i>(Just smile and nod)</i><br />
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Shortest and sweetest answer of all. This can easily be deployed in Western countries. With my Asian looks, many people assume I don't speak very good English. This allows me to get away without answering any question I don't feel like answering. Like "How are you?". This just means that I am aware that you really have no interest in knowing how I am, and I don't feel like lying to you. I am not feeling good, and I don't want to feel obliged to say that I am good. I may not also want to run the risk of having you deploy No.4 on me.<br />
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<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-89157817451775129772014-12-18T02:01:00.000+08:002015-01-04T15:06:40.077+08:003 Priceless Investing Lessons I Learnt From Losing RM10,000<div class="separator" style="clear: both; text-align: center;">
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<a href="https://magic.piktochart.com/output/3915444-3-investing-lessons#" target="_blank"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrJy5UxuGtAkOFNBt6haO2NHqy_nb71pZfWRdQzy43Md3TMlICRTYDM51Fh7K6lWyCxGv9Le7ArNdlL4jcGagHSJ2YOtO9MGaerDXhjg47BGpqJkRWDNCRhKDA6-tn-kaIOQ-Q/s1600/3+Priceless+Investing+Lessons+(Medium%2BQuality).jpeg" /></a></div>
<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-59512409127514629702013-05-29T12:40:00.002+08:002013-05-29T12:40:52.230+08:00Zhuge Liang on Opportunity<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHleeb17IGrKemcamhkq-mo803B48hD-EdLruZAuoPBywHruM1RFX9XSuTia9rw3xmjXokSDspvZbalo2RKt-WPq-cBT94ssuA5ThNVRxU2MUsLOZQL9SJdkmWMoI-RJDxMrQK/s1600/Zhuge+Liang.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHleeb17IGrKemcamhkq-mo803B48hD-EdLruZAuoPBywHruM1RFX9XSuTia9rw3xmjXokSDspvZbalo2RKt-WPq-cBT94ssuA5ThNVRxU2MUsLOZQL9SJdkmWMoI-RJDxMrQK/s320/Zhuge+Liang.jpg" width="228" /></a></div>
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<blockquote class="tr_bq">
<i>"There are three avenues of opportunity: events, trends, and conditions. When opportunities occur through events but you are unable to respond, you are not smart. When opportunities become active through a trend and yet you cannot make plans, you are not wise. When opportunities emerge through conditions but you cannot act on them, you are not bold. Those skilled in generalship always achieve their victories by taking advantage of opportunities."</i></blockquote>
Zhuge Liang (circa 200 AD, The Way of the General)Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-55403267362117231742013-04-30T14:47:00.000+08:002013-04-30T14:47:51.071+08:00More INTJ InsanityJust taking a quick break from my long hiatus. I swear that I have a perfectly good explanation for the long break. This post is an extension of <a href="http://mainstreeter.blogspot.com/2012/09/who-am-i.html">an earlier post about my personality type</a>. You can take the test <a href="http://www.humanmetrics.com/cgi-win/jtypes2.asp">HERE</a>. I swear this is not some mambo-jumbo link that you get in forwarded emails or facebook status updates. This is the real deal <a href="http://en.wikipedia.org/wiki/Myers-Briggs_Type_Indicator">Myers-Briggs personality test</a>. <br />
<br />
While the previous description sounds a little too braggy, I think this description sounds a bit more objective. For those of you who think (or know) that I am way too complicated, perhaps <a href="https://type-coach.com/types/intj">this explanation</a> can shed some light on the reasons why:<br />
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<span style="font-size: small;"><span style="font-family: inherit;"><span class="s1" style="border: 0px none; font-style: inherit; font-weight: inherit; list-style: none outside none; margin: 0px; padding: 0px; vertical-align: baseline;"><strong>Top Ten Words That Describe Most INTJs:</strong></span></span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">Tenacious ... Private ... Deep ... Intellectual ... Future-focused</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">Independent ... Driven ... Intense ... Reserved ... Direct</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;"><strong>BIG PICTURE PROBLEM SOLVERS</strong></span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">There are two phases of most projects or meetings: 1) the<span class="Apple-converted-space"> </span><strong>vision and strategy setting stage</strong>; and 2) the execution stage. INTJs tend to gravitate towards the former. Highly future focused, out-of-the-box, logic-driven thinkers, few can match the INTJ’s capacity when it comes to doing what they love - developing<span class="Apple-converted-space"> </span><strong>long-term strategies</strong><span class="Apple-converted-space"> </span>and<span class="Apple-converted-space"> </span><strong>solving complex problems</strong><span class="Apple-converted-space"> </span>that involve a lot of moving pieces. An INTJ’s mind is unconventional and unrestricted by previous approaches or traditional thinking.</span></span></div>
<span style="font-size: small;"><span style="font-family: inherit;"><span style="background-color: white; color: black; display: inline ! important; float: none; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> </span></span></span><h4 style="background-color: white; border: 0px none; color: black; font-style: normal; font-variant: normal; font-weight: inherit; letter-spacing: normal; list-style: none outside none; margin: 0px; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-size: small;"><span style="font-family: inherit;"><strong>PERFECTIONISTIC, FOCUSED</strong></span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">“Good enough” is not typically part of the vocabulary of an INTJ. They have<strong>extremely high standards</strong><span class="Apple-converted-space"> </span>for both themselves and others, and a tremendous stamina for<span class="Apple-converted-space"> </span><strong>hard work</strong>. They constantly push themselves to achieve excellence in all of their endeavors, which often translates into long hours with more focus and fewer breaks in concentration than most other personality types.</span></span></div>
<span style="font-size: small;"><span style="font-family: inherit;"><span style="background-color: white; color: black; display: inline ! important; float: none; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> </span></span></span><h4 style="background-color: white; border: 0px none; color: black; font-style: normal; font-variant: normal; font-weight: inherit; letter-spacing: normal; list-style: none outside none; margin: 0px; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-size: small;"><span style="font-family: inherit;"><strong>INTELLECTUALLY CURIOUS</strong></span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">Of all the 16 types, INTJs have perhaps the highest need for<span class="Apple-converted-space"> </span><strong>continuous learning</strong>, and to constantly challenge themselves intellectually. INTJs thrive when they are progressively working towards higher and higher levels of competency and excellence, and are easily bored by assignments or tasks that they have mastered before - or have a straightforward execution.</span></span></div>
<span style="font-size: small;"><span style="font-family: inherit;"><span style="background-color: white; color: black; display: inline ! important; float: none; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> </span></span></span><h4 style="background-color: white; border: 0px none; color: black; font-style: normal; font-variant: normal; font-weight: inherit; letter-spacing: normal; list-style: none outside none; margin: 0px; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-size: small;"><span style="font-family: inherit;"><strong>INDEPENDENT, DIRECT</strong></span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">Rather impervious to criticism and highly<span class="Apple-converted-space"> </span><strong>intrinsically motivated</strong>, INTJs are among the most<span class="Apple-converted-space"> </span><strong>independent</strong><span class="Apple-converted-space"> </span>of all the types, and thrive working productively alone for long periods of time. They tend to hold themselves to their own high standards, not looking to others for frequent validation. As a type, INTJs are often<span class="Apple-converted-space"> </span><strong>uncomfortable giving compliments</strong><span class="Apple-converted-space"> </span>and regular positive feedback. Finesse is also not a natural gift for INTJs, and if not careful, they can be direct to the point of being blunt - and come across as intimidating or offensive.</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;"><strong>PERCOLATORS</strong></span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">INTJs are often well known for their<span class="Apple-converted-space"> </span><strong>insightful</strong>,<span class="Apple-converted-space"> </span><strong>thoughtful</strong>, and<span class="Apple-converted-space"> </span><strong>unique</strong><span class="Apple-converted-space"> </span>perspective. Their best ideas and solutions to complex problems usually come after they’ve mulled the topic over for a while. This “percolating” process can take a couple of days, is not always conscious, and more often than not, leads to a solution that just “pops” into their heads out of nowhere when they are alone, relaxed, and are engaged in or thinking about a completely different topic.</span></span></div>
<span style="font-size: small;"><span style="font-family: inherit;"><span style="background-color: white; color: black; display: inline ! important; float: none; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> </span></span></span><h4 style="background-color: white; border: 0px none; color: black; font-style: normal; font-variant: normal; font-weight: inherit; letter-spacing: normal; list-style: none outside none; margin: 0px; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-size: small;"><span style="font-family: inherit;"><strong>DEEP INNER WORLD</strong></span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">Underneath that<span class="Apple-converted-space"> </span><strong>calm</strong>,<span class="Apple-converted-space"> </span><strong>cool exterior</strong><span class="Apple-converted-space"> </span>is one of the most rich and well-developed inner worlds of any of the 16 types. The brain of an INTJ is always “on,” processing the complex issues and strategies that INTJs love to tackle (even while they are watching TV). At times, they can be so<span class="Apple-converted-space"> </span><strong>lost in their thoughts</strong><span class="Apple-converted-space"> </span>that they walk past people who are saying “hi” in the hallway - and have a hard time quickly switching gears when interrupted at their desk.</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;"><strong>Top ten: INTJs are the type MOST likely to . . .</strong> </span></span></h4>
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<span style="font-size: small;"><span style="font-family: inherit;">1. Miss what is going on around them because they are lost in thought</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">2. Push themselves harder than any other type</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">3. Work for LONG stretches of time without a break</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">4. Talk over others’ heads without realizing it</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">5. Do exceptionally well on standardized tests; achieve excellent academic grades</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">6. Under-compliment and over-criticize</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">7. Have a top-notch vocabulary and be an avid reader</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">8. Catch on to a new idea, concept or approach quickly</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">9. Need significant time alone each day to feel optimally recharged</span></span></div>
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<span style="font-size: small;"><span style="font-family: inherit;">10. Have solutions just pop into their head out of nowhere</span></span></div>
Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-13595106165471417752013-03-18T18:22:00.002+08:002013-03-18T18:37:28.847+08:00ElementaryFound a new source of fuel for my Sherlock obsession. Elementary, the TV series. While die hard fans may find it strange to see Lucy Liu as Joan Watson (as opposed to John Watson, perhaps more famously portrayed by Jude Law), I think it is a somewhat refreshing introduction to ordinarily sausage-filled Holmesian adventures. <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEo3-qoLEAjafEfSlCxRr_XCJiffM3HYWbLY8Q3llYRDKxUyLp4IghI_9r_dwoiKFQCNcw3tGuo9QC-CQUJHC-kILynZPExHvUwCAwyFacRWjclwrekCxlyMonriVtB5hiPTyA/s1600/elementary_001.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEo3-qoLEAjafEfSlCxRr_XCJiffM3HYWbLY8Q3llYRDKxUyLp4IghI_9r_dwoiKFQCNcw3tGuo9QC-CQUJHC-kILynZPExHvUwCAwyFacRWjclwrekCxlyMonriVtB5hiPTyA/s320/elementary_001.jpg" width="320" /></a></div>
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And here is one of my favorite quotes from the series: <br />
<blockquote class="tr_bq">
<i>It has its costs... Learning to see the puzzle in everything. They're everywhere. Once you start looking, it is impossible to stop. It just so happens that people, in all the deceits and delusions that inform everything they do, tend to be the most fascinating puzzles of all. Of course, they don't always appreciate being seen as such.</i></blockquote>
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Sherlock Holmes<br />
in "<i>Elementary Season 1 Episode 5</i>"Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com0tag:blogger.com,1999:blog-13712211.post-79960299718790184602013-02-04T17:37:00.002+08:002019-03-04T21:45:52.048+08:00Being An Analyst At Capital Dynamics - Part 11<b>Volume 4 Issue 39: Intelligent Investing</b> <br />
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I am going to just cut to the chase for this part with issue number four.<br />
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<br />
<b>4. Perception</b><br />
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One of the most controversial issues at Capital Dynamics is the general perception towards the company. Well, I guess when we talk about the general perception, we have to first define the area in which we are talking about. There are several key perspectives when it comes to looking at Capital Dynamics. Capital Dynamics has two businesses, which are investment advisory and fund management. I will not delve into detailed information that is readily available on the company's website.<br />
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Instead, I will go through what I think the general opinion of the public is of their two businesses and of the group as a whole, and try to provide an interpretation from an insider's perspective of what is actually going on.<br />
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<u>a) Views on the Fund Management Business</u><br />
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Let me first talk about the perception towards the fund management business. Capital Dynamics Asset Management (CDAM) is the fund management arm of the Capital Dynamics group in KL. At present, they manage personal investment accounts and also icapital.biz Bhd, which is a listed closed-end fund in Bursa Malaysia. Its two other offices in Singapore and Sydney also provide similar services. <br />
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In my opinion, the investment public typically perceives Capital Dynamics and icapital.biz Bhd (ICAP) to be synonymous. Some even use both names interchangably to refer to Capital Dynamics. One of the reasons for this is that, quite simply, ICAP is the more famous of the two names. The name of the fund typically precedes the name of the fund manager.<br />
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Moreover, ICAP has a history of relatively good performance when it comes to investment returns. At pixel time, its NAV reflects an annual compound return of about 16.0% (since its inception in October 2005). In comparison, the KLCI recorded an average annual gain of 8.3% over the same period. <br />
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In fact, ICAP's NAV managed to record annual compound returns of over 20% prior to 2011. But it has fallen to a much lower level since then. Nonetheless, because of this strong performance in the past, ICAP has developed a very strong fan-base. If one looked hard enough over the internet, one can still find blogs that are dedicated to the performances of Teng Boo. It suffices to say that, Teng Boo is more than well-known as a fund manager in Malaysia.<br />
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You may be surprised at my choice of the word "fan-base", but that is what it really is. This was evidenced by the strong support for Teng Boo's recommendations during ICAP's 2012 AGM. I will leave this AGM issue for later. What I would like to point out here is that the public opinion of Teng Boo and Capital Dynamics as a fund manager is generally positive, particularly among the investors of ICAP. This is usually supported by the investors' experience when it comes to the amount of effort that Capital Dynamics puts into its roadshows, seminars and presentations for the benefit of investors.<br />
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I have the benefit of being able to observe Capital Dynamics as an insider and an outsider. I believe that it is hard to argue against the fact that Teng Boo does take investors' interests to heart. This is evidenced not only by the amount of effort that Teng Boo himself puts in, but also the amount of effort that is expected from all the staff who work there.<br />
<br />
From an outsider's perspective, the amount of work that is done on behalf of investors are usually not entirely apparent. But I think that more often than not, every one at Capital Dynamics has
performed significantly beyond their duties to benefit the interests of
investors. Because of its past performance and this investor-centric attitude, Capital Dynamics has developed a very strong supporter base. So much so that pretty much anyone among the fan base is willing to take every word that Teng Boo says as gospel. <br />
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Nonetheless, the events surrounding the 2012 AGM of ICAP has shed light into more cynical views about Capital Dynamics and Teng Boo. For example, you can see this if you visit <a href="https://www.facebook.com/photo.php?fbid=474828115901511&set=a.241719865879005.77818.117433944974265&type=1&relevant_count=1">this particular post on Capital Dynamics' facebook page</a>. I may not be paraphrasing at 100% accuracy here, but basically, Capital Dynamics was alleged to have "unfairly" charged management and advisory fees towards ICAP. I say "unfairly" because the company has done nothing against the law. However, certain parties were disatisfied with the fact that CDAM and CDSB have been collecting a total of 1.5% of the NAV as fees for its services despite having below average performances in the past year. Moreover, the company was also accused of not doing its job to narrow the discount (over 20%) of ICAP's price from its NAV. To some extent, it was even claimed that ICAP is worth more dead than alive. <br />
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One of the most commonly proposed methods to narrow the discount to NAV is a share buyback program. While this is not the time or place for me to go into the pros and cons of a share buyback, I think that such a suggestion warrants a closer look. While this issue has been addressed before at previous general meetings, I personally don't think that it has adequately appeased some disgruntled shareowners.<br />
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One of the reasons given by Capital Dynamics against a share buyback is that it will not work in a Malaysian context. They cited evidence that the discount did not narrow despite strong purchasing by two large institutional investors from London. Because of this, Capital Dynamics has proposed an alternative method that they are still not allowed to disclose. On top of that, Capital Dynamics has also claimed that a closed-end fund is greatly different from a company like Berkshire Hathaway and other businesses (that typically do share buybacks) because businesses generally have regular cash inflows while ICAP does not. As a consequence, using up ICAP's cash for a buyback will reduce its available cash for other investments.<br />
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Nonetheless, I feel that there are still obvious counterarguments against either reason provided by Capital Dynamics. For starters, by announcing a buyback program (as opposed to a one-off buyback), ICAP will generate a signalling effect to the investment public that ICAP will not allow its discount to go above a certain range. A signalling effect works via an expectations mechanism where buyers and sellers of ICAP in the market expect the discount to be no more than 10% (for example), and hence will trade accordingly, even without ICAP going into the market to purchase its own stock. As a consequence, ICAP may end up using up less cash than it would to fully narrow the discount.<br />
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In addition, ICAP has been holding on to its cashpile for more than a year. It is difficult to believe that there have been no suitable opportunities in Bursa Malaysia for the past year or so. While the investment decision is entirely up to the discretion of the fund manager, a claim that there are no suitable opportunities throughout an entire year is highly suspect.<br />
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Nonetheless, let us assume that the claim is true. Given that ICAP trumpets the fact that it expects its shares to trade at a premium in the future, it makes even more sense for ICAP to do share buybacks at a 20-30% discount and subsequently re-sell them when ICAP trades at a premium. This will restore its cash level to invest in other opportunities. In fact, this raises more cash than ICAP had previously used to do the buyback due to the premium. This can benefit shareowners who hold on to their ICAP shares throughout the buyback program all the way until the shares trade at a premium. <br />
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This is not the first time that Capital Dynamics has been accused of not taking its investors' interests to heart. Ah Yap, a prominent stock market blogger, also <a href="http://www.ahyap.com/blog/ttb-performance-fee.php">highlighted an issue with the performance fee structure charged by Capital Dynamics</a> before. It is a pretty long post, but I think it is worth your while if you want a more complete picture of what is going on. Essentially, Ah Yap argues that the <i>i </i>Capital Global Fund and the <i>i </i>Capital International Value Fund double-charges its investors for its performance as it does not have a high watermark in its performance fee structure.<br />
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(Wonkish Warning: Read this part only if you already know about the performance fee structure of ICGF and ICIVF) <br />
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Teng Boo has time and again provided hypothetical evidence by claiming that a 6% compound return per annum is in fact a tough hurdle to beat. I find this a little hard to swallow when Teng Boo claims to be one of the best fund managers in Malaysia. With this proclaimation, and given his track record, generating 15% compound growth per annum should not be a problem for Teng Boo. What his explanation typically sidesteps is the fact that the difference between 15% and 6% compound rates of return after 30 years is huge. In fact, it would make the hurdle completely meaningless. Let us look at <b>figure 1</b>.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicwQ964uxg4qszlxT2zKN0Pz-eS5Zf3H3jtZ5gRtuO8EZcMjBH0a1aMqavBnHA0vVM8l51yd50-UtJLn45wUMp7lB9ZSEPQWgwME_cz7ygjOK-3d8TSyUsZapnKufKv8XCfmZt/s1600/Figure+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicwQ964uxg4qszlxT2zKN0Pz-eS5Zf3H3jtZ5gRtuO8EZcMjBH0a1aMqavBnHA0vVM8l51yd50-UtJLn45wUMp7lB9ZSEPQWgwME_cz7ygjOK-3d8TSyUsZapnKufKv8XCfmZt/s1600/Figure+1.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b>Figure 1</b></td></tr>
</tbody></table>
I think the picture depicts very clearly how miniscule the 6% annual compound rate of return (ACROR) is compared to the 15% ACROR. At the end of Year 30, the NAV would be about RM58.<br />
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Now, assume that in Year 31, the NAV of the fund drops by 20% to RM48, but returns to RM58 in year 32. A performance fee of 20% is charged on the amount in excess of a 6% annual rate of return (AROR). This means that from RM48, a 6% gain would equal RM51.<br />
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Hence, the excess return would be RM7 (RM58-RM51). The performance fee will be 20% of RM7, which is RM1.40. This means that although at the end of Year 32, the NAV is exactly the same as that in Year 30, the investor would be required to pay a performance fee of RM1.40 (or 2.4% of NAV). This seems rather exorbitant considering the investor did not become richer from Year 30 to Year 32.<br />
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Why did I painstakingly go through the above calculation? To cement my point, let us now consider an extreme scenario where the NAV zigzags for the next 30 years - see <b>figure 2</b>.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAZJDwyEMg5oyaBMFqDMH511OKGYN7YeEP5HcQEuLOaQMZGzjg2_xnyHPnmeSY1XE4J7FkSvotAi4_bvssgO7OLWOCHlnsllDgQ79tgpfS-BFlcch1NRSOMBXNadSKAf0GPCYv/s1600/Figure+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAZJDwyEMg5oyaBMFqDMH511OKGYN7YeEP5HcQEuLOaQMZGzjg2_xnyHPnmeSY1XE4J7FkSvotAi4_bvssgO7OLWOCHlnsllDgQ79tgpfS-BFlcch1NRSOMBXNadSKAf0GPCYv/s1600/Figure+2.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b>Figure 2</b></td></tr>
</tbody></table>
Now, you can see that the 6% ACROR hurdle rate is barely halfway to where the NAV is even after 30 years of absolutely no performance. The NAV in Year 60 is exactly where it was in Year 30. However, the fund would have charged a performance fee of RM1.40 on alternate years (when the NAV jumps from RM48 to RM58). So, while the investor does not get any richer from Year 30 to Year 60 (in fact, he/she would get poorer due to inflation), a grand total of RM21 (RM1.40 x 15 years) in performance fees would have been charged.<br />
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This would be a whopping 36% of the NAV in Year 60. I think the above example clearly illustrates that when we go out far enough after many years of strong performance, the performance fee structure no longer incentivizes the fund manager to continue performing in the best interests of the investors. In fact, the fund manager is incentivized to take exceptionally high risks by purchasing high volatility stocks as up and down movements will generate high performance fees for the fund manager, even though it does not create any wealth for the investors.<br />
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(End of wonkish portion)<br />
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The above illustration would make it seem like Capital Dynamics is out to get you in 30 years time. Let me humanize the above picture and put things into a more realistic context. Do I honestly think that Capital Dynamics is out to get you? After working my butt off for three years in the company, I can confidently say that the answer is a resounding "NO".<br />
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Capital Dynamics has in more ways than one gone above and beyond its call of duty to serve its investors' interests. It is not the intention of Capital Dynamics to cheat its investors. I would probably attribute this to an oversight and perhaps lack of urgency in fixing the mistake. <br />
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In this regard, I strongly believe that Capital Dynamics has not done nearly enough to appease its investors. The performance fee structure is clearly not ideal. It is not because the company is unaware of such a problem. I am sure that they are aware. Honestly, I don't know why such a problem is allowed to fester. While this issue will not create huge problems in the near future, the scenario I highlighted above clearly demonstrates that it is a serious problem if allowed to continue. Since we are already aware of such a serious issue, it is imperative that it is tackled before the company moves on to other projects.<br />
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Otherwise, its reputation for maintaining its integrity would be in danger. As Warren Buffett says:<br />
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I will continue with my discussion in <a href="http://mainstreeter.blogspot.com/2013/02/being-analyst-at-capital-dynamics-part_16.html">Part 12</a> on the outside views of the investment advisory business as well as about the group as a whole. Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-47632400104182808662012-10-11T15:56:00.000+08:002012-10-11T16:05:37.133+08:00Dedication, Work, Commitment - Thierry HenryThierry Henry is perhaps one of my favorite personalities of all time. I even <a href="http://mainstreeter.blogspot.com/2012/01/it-is-like-he-never-left.html">dedicated a post to him some time ago</a>. Here, he speaks about what it means to be world class.<br />
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Truly a world class personality. And this is in case you forgot why:
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<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-16636111349202116372012-10-06T16:49:00.000+08:002012-10-06T17:19:20.465+08:00Remembering Steve Jobs<div class="separator" style="clear: both; text-align: center;">
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I suppose it would only be appropriate to say something about Steve Jobs on the first anniversary of his passing. People who know me know that I have tremendous respect for Steve, even though I have almost no respect for Apple. While Apple was Steve's brainchild, I simply cannot agree with the underlying principles upon which Apple products are built. </div>
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Nonetheless, this post is not about Apple. It is about Steve. I have <a href="http://mainstreeter.blogspot.com/search/label/Steve%20Jobs">written on several occassions about Steve</a> and the <a href="http://mainstreeter.blogspot.com/2012/03/volume-4-issue-11-intelligent-investing.html">impact he has had upon my life</a>. Last year, I shared an article about what <a href="http://mainstreeter.blogspot.com/2011/10/what-was-steve-jobs-contribution.html">Steve's contributions</a> were and I concluded that he wasn't really much of an inventor. But Steve was <a href="http://mainstreeter.blogspot.com/2011/10/steve-jobs-man-who-knew-what-mattered.html">someone who knew what mattered</a> in the things he did. </div>
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That is why I found it appropriate to share this video on the lessons that Guy Kawasaki has learnt from Steve Jobs. While many of the lessons are aimed at entrepreneurs simply because Guy Kawasaki is a venture capitalist, I think that some of them apply in our everyday lives as well. The video is 47 minutes long, but who among us have not wasted 47 minutes on watching less valuable pieces of crap? </div>
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P/S: Also, just found this video, which was pretty short, but it reflects what I think is the most important fundamental approach to life, which has always been aptly portrayed by Nike in their slogan, "Just Do It".<br />
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Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-58231576072905927702012-09-17T14:38:00.001+08:002013-04-30T14:48:08.997+08:00Who Am I?Actually, I have been meaning to do this for a while, but I am a true practitioner of the art of procrastination. Nonetheless, it is something that should be simple enough. I have just added the "<a href="http://mainstreeter.blogspot.com/p/who-am-i.html">Who Am I?</a>" tab on the menu bar above that takes you to the first step of your journey of self-discovery.<br />
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It is not entirely about who I really am, because frankly, if I tried to answer that question, it would be a 1,200 page book. You can imagine that simply by witnessing how much I can write about the three years I had with Capital Dynamics.<br />
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Nonetheless, the tab takes you to a Myers-Briggs personality type test to help you understand yourself better. This is particularly useful for those of you who are fresh graduates who have no idea what you want to do with your life, or if you are looking for a career change.<br />
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But as an added bonus, I also included a short description of my personality type, which should give some shallow, albeit more or less true insight into how I think.<br />
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Do check it out!Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-3310320642672807062012-08-21T22:13:00.002+08:002012-08-21T22:18:15.589+08:00The LEGO StoryThose of you who know me from my childhood may know that I had an obsession about LEGO when I was a kid. It was pretty much the only toys that mattered to me. I actually slept with some of the things that I built. This is probably true for some of you as well. I still have my huge box of LEGO set at home and every once in a while, when kids come to visit at my place, we still take it out for them to play.<br />
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I still think it is one of the better educational toys in existence today. I don't need to tell you that with LEGO, your imagination is the only limit. Well, of course, if you have a big enough set. Even if you didn't, it just meant that you had to stretch your imagination a little bit further.<br />
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In any case, below is the story about how LEGO started in commemoration of its 80th anniversary this year. Truly an inspiration to those of us who are starting businesses. In face of setbacks and desperation, the only solution possible is to never give up.<br />
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<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-86427343352326697372012-08-11T15:27:00.001+08:002012-08-11T15:27:17.614+08:00A Company With No Bosses?Awesome. All you gamers out there must have heard of <a href="http://www.valvesoftware.com/">Valve</a>. What you probably didn't know was that the company <a href="http://online.wsj.com/article/SB10001424052702303379204577474953586383604.html">has no bosses</a>:<br />
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<i>Like many tech companies, Valve Corp., a videogame maker in Bellevue, Wash., boasts high-end espresso, free massages and laundry service at its offices.</i></blockquote>
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<i>One thing it doesn't have: bosses </i></blockquote>
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<i>Valve, whose website says the company has been "boss free" since its founding in 1996, also has no managers or assigned projects. Instead, its 300 employees recruit colleagues to work on projects they think are worthwhile. The company prizes mobility so much that workers' desks are mounted on wheels, allowing them to scoot around to form work areas as they choose.</i></blockquote>Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-48253477531061570992012-08-06T03:15:00.001+08:002012-08-06T03:27:46.461+08:00Getting Paid For Blogging?About a month ago, I received my first advertising check from <a href="http://www.nuffnang.com.my/">Nuffnang</a>.<br />
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It is not a large amount. If you look at the whole picture, RM100.08 is a rather pathetic amount considering I added the Nuffnang box in June 2009. But as I said, <a href="http://mainstreeter.blogspot.com/p/why-are-there-advertisements-now.html">advertising revenue is not my main concern</a>.<br />
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This is just extra pocket money for me. Nonetheless, I thank everyone who has kindly supported my endeavor. And now that I am no longer employed, I need your support more than ever. Please continue clicking on the interesting ads that are posted by Nuffnang on the right side of this blog!<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjveMOkh3ehT647rTSSrEUN0vLtoXSHYidCraOvT1jsOC_600hOt9fjrxxwUdMj2IIVTuRB6Ti1GlOyS1jm8N5sHy9CCEsmQp86gkCytbDMN5yFLd6HKf04PlO0_9D-cs_MByHC/s1600/Puss+in+boots.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjveMOkh3ehT647rTSSrEUN0vLtoXSHYidCraOvT1jsOC_600hOt9fjrxxwUdMj2IIVTuRB6Ti1GlOyS1jm8N5sHy9CCEsmQp86gkCytbDMN5yFLd6HKf04PlO0_9D-cs_MByHC/s400/Puss+in+boots.png" width="400" /></a></div>Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-21953857087945783092012-07-08T22:50:00.001+08:002012-07-08T22:50:17.977+08:00The Main Streeter Portfolio (30 Jun 2012)<br />
<b>Volume 4 Issue 28: Intelligent Investing</b><br />
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The KLCI keeps breaking its all-time high and has breached the 1,620 level. Is this cause for joy, or will it be short-lived? If you are a strict market-timing top-down person, you really have to ask, what are the economic fundamentals telling? I'd say that things are lukewarm at best. Bank Negara maintained the OPR, while the ECB and PBOC cut interest rates. Malaysia still has some room to maneuver as it moves further and further away from depending on external demand for growth. Not that this is a good thing. Economic growth will be propped up in the next couple of years through government designated projects. The market is fuelled by election-related activities (aka massive IPOs, new investment projects announced etc) and when this blows over, speculators will be left groping for fresh bullish news and is likely to come up short.<br />
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There are two camps of speculators right now. Those who have sold because the market is at an all-time high and those that are buying high because they think they can sell higher. Who do we believe? That is actually a trick question. What makes you think you should be in either camp? That kind of herd mentality is for speculators.<br />
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Intelligent investors seek out stocks with <a href="http://mainstreeter.blogspot.com/2011/01/volume-3-issue-1-intelligent-investing.html">high margins of safety</a>. They dig and dig and dig to find good companies at good prices and swoop in for the kill. Remember that Mr. Market is your friend. He is there day in and day out telling you what he is willing to buy/sell at based on his mood.<br />
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All an intelligent investor needs to do is to keep his head down and do the homework and wait for Mr. Market to go crazy and offer you a deal you can't refuse on a good stock.<br />
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All said and done, here are the updated activities for The Main Streeter Portfolio. Harrisons paid a final single-tier dividend of RM0.20 per share for its financial year ended 31 December 2011.<br />
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<b>30 Jun 2012</b><br />
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HARISON<br />
Current Market Price: RM3.57<br />
Cash Balance: RM90,048.48<br />
NAV per share: RM1.0433<br />
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<b>4 Jul 2012</b><br />
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HARISON<br />
Current Market Price: RM3.42<br />
Final Single-Tier Dividend RM0.20 per share<br />
Dividend Received: RM800<br />
Cash Balance: RM90,848.48<br />
NAV per share: RM1.0453<br />
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<span class="Apple-style-span" style="font-family: Verdana, Geneva, sans-serif; font-size: 12px; font-style: italic; line-height: 16px;">Disclaimer: All company analyses, including the paper portfolio that appear in this newsletter are derived from facts gathered from various sources and the contributors' personal opinions and for education purposes. It is NOT an invitation to deal in securities, and especially not a recommendation for buying or selling any stock. The contributor(s) do not guarantee the accuracy of the facts being presented. The accuracy of such facts are only as reliable as the sources that they are obtained from. Please consult your investment advisers before acting on any information provided by the analyses here. The authors most likely have interests in the stocks that are discussed in this website. </span><span style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;"> </span>
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<br />Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-58828565290837728892012-06-29T11:11:00.004+08:002012-06-29T11:33:56.735+08:00Malaysia's Billionaire Crony Problem?<div class="separator" style="clear: both; text-align: center;">
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<b>Volume 4 Issue 27: Intelligent Investing</b></div>
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The chart below is appalling, though I must say, not entirely surprising (HT: <a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/06/24/the-billionaires-list/">Ezra Klein</a>). The circles on the left measure the total net worth of billionaires (in USD) and the proportion of the net worth compared with each country's GDP. </div>
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Before the economist in you starts griping about how meaningless it is to compare the ratio of a stock variable (net worth) with that of a flow variable (GDP), let me just preemptively stop you. While on its own, it doesn't mean much, but it is possible to use it as a relative measure, as in this case. To give you examples of such ratios, in the world of speculation, analysts discuss concepts like the "PE ratio", which is the ratio of <span style="background-color: white;">price (a stock variable) </span><span style="background-color: white;">over </span><span style="background-color: white;">net income (a flow variable)</span><span style="background-color: white;">. Again, on its own it means nothing. But it is often used as a relative measure to compare what the market's expectation of earnings of various companies. </span></div>
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<span style="background-color: white;">But in this case, the proportion of total billionaire's net worth compared with the country's GDP just measures how concentrated wealth is among the richest bunch in the country. It is no surprise that Russia tops the list at 20.0% with all its oil tycoons and oligarchs. </span></div>
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<span style="background-color: white;">Surprise, surprise, Malaysia is No. 2 on this list! Malaysia only has NINE (actually supposed to be TEN, but I am not exactly sure when the net worth was measured because Vincent Tan comes in 10th with a net worth of USD1.2 billion. It also depends on the methodology and exchange rate and what not). So, with just nine billionaires, the net worth of these nine people forms about 18.3% of Malaysia's GDP, not very far from Russia. The subsequent countries are far behind. What this shows is that Malaysia's wealth is heavily concentrated among these nine or ten people. </span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRQI8DwmnF12TZTYDjb0Gt2ay75KVs4OwlHqFIxEBuRrTsUTdmmclpyWJykY7MaTS972NFQro0Zj7WRO4xSl5InebEG6E8w15ctwHYOxodfMHZxikiwRlrgv7DkZk7f97gO6t5/s1600/billionaires-graphic.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRQI8DwmnF12TZTYDjb0Gt2ay75KVs4OwlHqFIxEBuRrTsUTdmmclpyWJykY7MaTS972NFQro0Zj7WRO4xSl5InebEG6E8w15ctwHYOxodfMHZxikiwRlrgv7DkZk7f97gO6t5/s1600/billionaires-graphic.jpg" /></a></div>
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So, who are these nine or ten people? See the list below. I am sure they are no strangers to you.<br />
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 421px;"><colgroup><col style="mso-width-alt: 1718; mso-width-source: userset; width: 35pt;" width="47"></col> <col style="mso-width-alt: 6656; mso-width-source: userset; width: 137pt;" width="182"></col> <col style="mso-width-alt: 7021; mso-width-source: userset; width: 144pt;" width="192"></col> </colgroup><tbody>
<tr height="21" style="height: 15.75pt;"> <td class="xl68" height="21" style="height: 15.75pt; width: 35pt;" width="47"><span style="font-family: inherit;"><b>Rank</b></span></td> <td class="xl68" style="border-left: none; width: 137pt;" width="182"><span style="font-family: inherit;"><b>Name</b></span></td> <td class="xl70" style="border-left-style: none; text-align: right; width: 144pt;" width="192"><span style="font-family: inherit;"><b>Net Worth</b> (USD billions)</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">1</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Robert_Kuok" title="Robert Kuok"><span style="font-family: inherit;">Robert Kuok</span></a></td> <td align="right" class="xl65" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">12.4</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">2</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Ananda_Krishnan" title="Ananda Krishnan"><span style="font-family: inherit;">Ananda Krishnan</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">9.9</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">3</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Lim_Goh_Tong" title="Lim Goh Tong"><span style="font-family: inherit;">Lee Kim Hua</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">6.5</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">4</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Lee_Shin_Cheng" title="Lee Shin Cheng"><span style="font-family: inherit;">Lee Shin Cheng</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">5.2</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">5</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Teh_Hong_Piow" title="Teh Hong Piow"><span style="font-family: inherit;">Teh Hong Piow</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">5.0</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">6</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Quek_Leng_Chan" title="Quek Leng Chan"><span style="font-family: inherit;">Quek Leng Chan</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">4.2</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">7</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Syed_Mokhtar_Al-Bukhary" title="Syed Mokhtar Al-Bukhary"><span style="font-family: inherit;">Syed Mokhtar Al-Bukhary</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">3.3</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">8</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Yeoh_Tiong_Lay" title="Yeoh Tiong Lay"><span style="font-family: inherit;">Yeoh Tiong Lay</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">2.6</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">9</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Tiong_Hiew_King" title="Tiong Hiew King"><span style="font-family: inherit;">Tiong Hiew King</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">1.5</span></td> </tr>
<tr height="21" style="height: 15.75pt;"> <td class="xl69" height="21" style="border-top: none; height: 15.75pt; padding-bottom: .2em; padding-top: .2em; width: 35pt;" width="47"><span style="font-family: inherit;">10</span></td> <td class="xl66" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 137pt;" width="182"><a href="http://en.wikipedia.org/wiki/Vincent_Tan" title="Vincent Tan"><span style="font-family: inherit;">Vincent Tan</span></a></td> <td align="right" class="xl67" style="border-left: none; border-top: none; padding-bottom: .2em; padding-top: .2em; width: 144pt;" width="192"><span style="font-family: inherit;">1.2</span></td> </tr>
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Out of the ten names above, how many of them are cronies? I am not going name any names, but this just goes on to show how cronyism has concentrated the wealth among a few of Mahathir's good friends. In fact, this is just a small piece of a bigger puzzle. Income inequality has been rising rapidly over the past three decades, which is evidence of the utter failure of the NEP. This issue is <a href="http://econsmalaysia.blogspot.com/2012/04/documenting-income-inequality-malaysian.html">very well-documented at Economics Malaysia</a>. Granted, it is relatively wonkish, and definitely not for the faint-hearted. <a href="http://econsmalaysia.blogspot.com/">Hisham</a> has shown that income inequality is not just a phenomenon that is apparent across ethnic groups, but it is also just as pronounced within each ethnic group itself.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXTDtayMmIavEuXS6Pr87reVgA8f_IqZakp8UShUMKXp21AhS5LzrtpsWYoquQ4jQUMwNiMyAUdoMAOIxWh3CaYGeMvWwUNhEOyvIQAV-bQl_R2jPD5zEvXqt4k9x5yOhvyXnD/s1600/05_gini%5B2%5D.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="380" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXTDtayMmIavEuXS6Pr87reVgA8f_IqZakp8UShUMKXp21AhS5LzrtpsWYoquQ4jQUMwNiMyAUdoMAOIxWh3CaYGeMvWwUNhEOyvIQAV-bQl_R2jPD5zEvXqt4k9x5yOhvyXnD/s400/05_gini%5B2%5D.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: inherit; font-size: small;"><i>Source: <a href="http://econsmalaysia.blogspot.com/2012/04/documenting-income-inequality-malaysian.html">Economics Malaysia</a></i></span></td></tr>
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The <a href="http://en.wikipedia.org/wiki/Gini_coefficient">Gini coefficient</a> measures income inequality, where 0 indicates perfect equality and 1 indicates perfect inequality. The chart above shows that income inequality has not improved since the late 1980s. In fact, it is on sort of a downward trend since around 2003.<br />
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The mega projects under the ETP would only serve to enrich a few and lead to even more inequality. <a href="http://en.wikipedia.org/wiki/Trickle-down_economics">Trickle-down economics</a> is just exactly as its name suggests. The lower to middle income earners will only enjoy the scraps from the tables of those that have been awarded those mega projects. Mere trickles from a waterfall of fortune.Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-73473502118278932312012-06-28T22:29:00.001+08:002012-06-29T08:08:52.312+08:00Why Spain Will Win Any Penalty ShootoutFor many years, I have believed penalty shootouts to be sort of rubbish and a game of chance. I always thought that penalties were more or less 50-50, depending on whether the goalkeeper guessed the right direction or not.<br />
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I was a fool to believe that. Everything changed when I watched the Spain vs Italy penalty shootouts in Euro 2008. Spain won the shootout 4-2, courtesy of two saves from Iker Casillas. Even the ones that went in, Casillas dove in the right direction. Was lady luck smiling upon Casillas that night, or was there something more to it? </div>
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Well, I don't know about those world class coaches, but after thinking about it quite a lot, I realized what was Casillas' secret. From then on, I have always had faith that Spain will never lose in any penalty shootout (almost never, I suppose). This was because Casillas will dive in the right direction almost every single time. This was again exemplified in the Euro 2012 shootout between Spain and Portugal.<br />
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<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='480' height='300' src='https://www.youtube.com/embed/qgItIn5jSN8?feature=player_embedded' frameborder='0'></iframe></div>
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How can Casillas consistently dive in the right direction? Well, after today, this will no longer be a secret. If you are footballer, pay attention closely to what I am about to reveal. Just before you kick the ball, assuming you are using your in-step, you would have to plant your feet next to the ball. Observe where the toes of your planted foot is pointing to. Yes, it is pointing to roughly the direction you are aiming. There is no way around this, unless of course you intend to kick with your out-step. But no one with common sense would do that in a penalty shootout.<br />
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Just imagine, if you are a right footer, and you plan to kick towards the right, there is NO WAY your planted foot can be pointed to the left. It would be a very awkward kick. But of course, if you were aiming to the left, which is the natural direction, your left foot would not be aiming directly to the left, but rather closer to the middle. But you cannot deny that it is obviously pointing a lot closer to the left than if you were aiming to the right.<br />
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If all this is too tedious to imagine, just go to 2:10 in the second video above, or look at the picture below:<br />
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Pepe directed his kick to the right (of Casillas). It is not so clear in the screenshot, but if you watch the video closely, you can tell distinctly that Pepe was aiming to the right. It will take several viewings. But it is most definitely discernible. </div>
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I think Casillas has figured this out after watching thousands of penalty takers. I am not a professional goalkeeper, but this is my two cents after considering how Casillas has managed to gain such a huge edge during penalties. Of course, this is not to say Casillas is going to save every kick. Even if he were to dive in the right direction, the power and accuracy still plays a role, as demonstrated above. Pepe made the shot. But diving in the right direction is infinitely better than diving in the wrong direction. Surely, you can't deny that?</div>
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I don't think the Germans or Italians are going to read this blog, so I am not worried about them discovering Casillas' secret and things may not even go to the shootouts in the finals. And even if they figured this out, and it went to the shootouts, I seriously doubt there is much anyone can do about it. You can't change the way you kick the ball naturally. If you tried, you would just lose a lot of power and accuracy and that could just be enough to see Spain win back-to-back Euros. </div>
</div>Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-28730138241775476342012-06-27T22:37:00.000+08:002012-06-27T22:37:39.941+08:00Does Increasing Traffic Fines Make Sense?So, the geniuses up there have concocted another brilliant plan to "reduce traffic accidents". Anyone with common sense can see so many things that can go wrong with <a href="http://www.themalaysianinsider.com/malaysia/article/government-wants-to-raise-traffic-fines-to-rm2000/">increasing the traffic fines to RM2,000</a>.<br />
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<b>1. Unpaid summons</b><br />
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As of March 2011, <a href="http://thestar.com.my/news/story.asp?file=/2011/3/2/nation/8170780&sec=nation">there were still 17 million traffic summons left unpaid</a>. What makes the government think that people will pay up if the traffic summons were increased? Aren't they just going to offer discounts all over again?<br />
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<b>2. More incentive for bribery</b><br />
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At a fine of RM300, most people would pay about RM50 in "duit kopi (coffee money)" to avoid being fined according to anecdotal evidence. Assuming the proportions are unchanged, the police would now be able to "extort" about RM300 (slightly less than a sixth of RM2,000) in bribes. Otherwise, traffic offenders would risk being fined RM2,000.<br />
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<b style="background-color: white;">2a. Bribery redux</b><br />
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A suggestion made by one of my friends was to legalize duit kopi for traffic offences so that the police will work harder to apprehend traffic offenders. My first impression is that this would not work simply because the police would start working "too hard" in apprehending traffic offenders. How can working too hard be a bad thing? Well, for the simple reason that all police officers will start wanting to become traffic police. Since being a traffic police would turn into a more lucrative profession because they are now allowed to openly collect duit kopi. Who would want the dangerous task of chasing after robbers and murderers when one can easily stop a traffic offender and collect free rent? This would be an epic fail.<br />
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I don't want to be accused of just being a whiner without proposing any solutions to the problem. But herein lies the BIG question. What is the real problem? Why do people commit traffic offences? I can see two main reasons.
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First, driver's education. On the surface, the technical driving skills are relatively easy to master. Most people would have no trouble learning how to drive and park, granted there are several exceptions. But the real education is in driving temperament. Queue-cutting, lane-changing without signalling, driving on emergency lanes, tail-gating are all rampant in Malaysia. Why are people in such a rush in Malaysia? Rather, why are people so impatient to get to their destination? Will five to ten minutes delay make so much difference that it is worth risking your own and other people's lives? We always tend to believe that it will never be us when it comes to accidents, until it actually is. Let's just say that the chance of being in a serious accident is 1/1,000 for a reckless driver. On the surface, that seems like a fairly small percentage. But if you think about it, if you drive on a daily basis, you are very likely to encounter at least ONE serious accident in three years. Over a driving lifespan of 30 years (assuming you survive that long), you would have encountered at least TEN serious accidents. Do you really think you can survive?<br />
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They make us sit through one whole day of "undang" but none of this is ever mentioned. Yes, I paid attention. The Ministry seriously needs to take a look at driver's education.<br />
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Secondly, overcrowded-ness. This is a long-standing problem in Malaysia. It is simple mathematics. The more cars you have on the road, the more likely it is for accidents to happen. The problem of too many cars arise from other issues such as poor public transport, subsidized petrol, and the "Malaysia Boleh" spirit in the form of Proton. I could probably write a short book if I delve into that, but I shall refrain today.<br />
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So what are the solutions? As the first problem suggests, we seriously need to reform driver's education. While the statistics are not meant to scare, it is useful to raise awareness on the actual risks that driver's are taking compared with the minuscule benefits that they stand to gain by driving recklessly. Of course, there are many other issues that must be addressed to train a driver's temperament and this cannot be tackled without proper study.<br />
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Now, assuming that the driver's education have been reformed, the penalty for repeating traffic offenders would be to go through the new driver's education system. While we are punishing traffic offenders, might as well ensure that we educate them appropriately so that they do not repeat their offences.<br />
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Also, if we are working on increasing the fines, I propose fines that are proportionate to a person's income/wealth. Switzerland practices this. In 2010, <a href="http://www.bbc.co.uk/news/world-europe-10960230">a Swedish millionaire was fined USD1 million for driving at 290 km/h</a>, which was 170 km/h above the limit. This should be a serious deterrent for those who are driving fast cars and attempt to tail-gate everyone along the highway.<br />
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Of course, finally, all rules are only useful if they are properly enforced. All the proposals above do not work if the police officers do not stop taking bribes. This has to be tackled on the police force's end. The recruitment has to be improved. Malaysia needs to recruit police officers that are competent and reward them accordingly. Ridiculously harsh public qualifying exams need to be implemented and those that have passed the exam will be allowed a significant pay increment to reward their efforts accordingly. In short, meritocracy must be the word of the day, and rent-seeking must be eliminated. This is easier said than done, but admitting the rampant existence of such a problem is a first step. As long as the police force continues to live in denial of their incompetency, there is no hope for change.Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-83267095349064568482012-06-25T18:03:00.000+08:002012-06-25T18:03:02.692+08:00Malaysia's Middle Income Trap<b>Volume 4 Issue 26: Intelligent Investing</b><br />
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There are many Malaysians who are in denial and strongly believe that Malaysia is not in a middle income trap. One of the foremost arguments put across is that Malaysia is still in the factor accumulation stage of economic growth. What this means in layman's terms is that, Malaysia is still in a developing stage that relies on investment expenditure in terms of machinery and infrastructure to generate growth.<br />
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<i>(Wonkish note on Long-Term Economic Growth: </i><span style="background-color: white;"> </span></blockquote>
<blockquote class="tr_bq">
<i>Conventional economic theory suggests that long-term economic growth is based on four key ingredients: natural resources, capital stock, labor and productivity. First and foremost, it is reasonable to assume that the supply of natural resources are fixed for any particular country. There is only so much land you can plant on, so much oil you can drill, and so much coal you can mine. So, you can't really generate economic growth by increasing the supply of natural resources. That is fixed. </i><span style="background-color: white;"> </span></blockquote>
<blockquote class="tr_bq">
<i>Secondly, capital stock is the amount of fixed assets in the economy. This includes machinery and infrastructure. Typically, in countries undergoing industrialization, a lot of the economic growth comes from investment in capital stock, which is used for manufacturing, which transforms and adds value to raw materials, and subsequently translates to income growth. </i><span style="background-color: white;"> </span></blockquote>
<blockquote class="tr_bq">
<i>Thirdly, of course, every economy needs a functioning labor force to grow. As long as you have the raw materials, machinery and land, you can always produce more goods by hiring more people. However, you can only hire so many people in an economy. Also, there is a certain point where you will hit diminishing marginal returns, but I will not get into that today. </i><span style="background-color: white;"> </span></blockquote>
<blockquote class="tr_bq">
<i>Last, and most importantly, productivity. This is the most crucial ingredient for the sustainability of long-term economic growth. The gist of productivity is basically this: "How to produce more, with less?". You can achieve long-term economic growth by finding new ways to produce more goods with less input. This is in fact, the only way, because inputs are always scarce and limited. </i><span style="background-color: white;"> </span></blockquote>
<blockquote class="tr_bq">
<i>End of wonkish note)</i></blockquote>
<span style="background-color: white;">The</span><span style="background-color: white;"> trouble with this argument is that we have been "developing" for more than 50 years. How long should one country be developing before it becomes of developed status? The figure below is obtained </span><a href="http://www.economist.com/blogs/freeexchange/2012/06/greece-china-and-middle-income-trap" style="background-color: white;">courtesy of the Economist</a><span style="background-color: white;">. </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVn8bQ-FAfjDfJa93auXuYaFQEjuHPfJ8AO_GHvtLQ2pxElYRLkzUQkBEy2rw9TK7HIgv_Y3RWHzCa7ZEuhodIggekmQ7NBlS13dLPttOyQxSXeQRHdjgWgfR2kz5qbxjt1ANI/s1600/middle+income+trap.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVn8bQ-FAfjDfJa93auXuYaFQEjuHPfJ8AO_GHvtLQ2pxElYRLkzUQkBEy2rw9TK7HIgv_Y3RWHzCa7ZEuhodIggekmQ7NBlS13dLPttOyQxSXeQRHdjgWgfR2kz5qbxjt1ANI/s400/middle+income+trap.png" width="473" /></a></div>
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The graph measures a country's GDP per capita relative to the US after accounting for purchasing power. The World Bank report done in collaboration with China's Development Research Center, <a href="http://www.worldbank.org/en/news/2012/02/27/china-2030-executive-summary">China 2030</a>, defines a high income country as those having at least 43% of the US's GDP per capita. Since the chart is in log-income terms, the high-income barrier is marked by the 3.76 lines (log 43).<br />
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If a country is rated below 3.76 on the horizontal axis, that means that in 1960, it had not achieved high income status yet. But if it had exceeded 3.76 on the vertical axis, that means that it had already achieved high income status in 2008.<br />
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Countries in the top right box are those that were already high income in 1960, and have stayed there in 2008. Note that Malaysia is in the middle box labelled "Middle-Income Trap". This means that Malaysia was already a middle-income country in 1960, and had failed to escape the middle-income status even after 48 years of developing. Of course, this box is the most highly populated, clearly showing that Malaysia is not alone in being stuck in the middle-income trap.<br />
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This is no reason for us to give a pat on the back to ourselves and say "It's OK". It is NOT OK. We need to escape this mentality that it is OK because other people have failed too. In fact, I would argue that this is an even bigger reason to worry. So many others have tried and failed. Clearly achieving high income status is not as easily achievable as those illustrated in Idris Jala's pretty charts.<br />
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Ideally, we would like to be in the middle-top box, labelled "Middle-Income to High Income". This box represents countries that have been able to move from middle to high-income status and count countries like South Korea, Taiwan, and most definitely Singapore, even though it was not labelled on the chart.<br />
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It is time to stop relying on capital accumulation. Malaysia does not need taller buildings, longer roads, bigger computers and what not. Malaysia needs to focus on productivity. Malaysians need to work harder and smarter, so that we can start producing more goods with less input. And this can only happen if we stop subsidizing the cronies and stop rewarding rent-seekers with mega-projects. The culture of meritocracy must also be ingrained so that effort is justly rewarded. Otherwise, how can we produce more with less when lazy buggers are allowed to piggy-back on the hard work of others?<br />
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This is what the Economic Transformation Programme should focus on. Not the myriad of capital accumulation projects that Idris Jala can't stop talking about.Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.comtag:blogger.com,1999:blog-13712211.post-41629540539290813702012-06-25T10:48:00.002+08:002012-06-25T12:10:01.593+08:00Borrowing iPads in Singaporean LibrariesYou can now <a href="http://www.themalaysianinsider.com/books/article_book/borrow-an-ipad-for-reading-at-leisure/">borrow iPads, Kindles and such from Singaporean libraries</a>:<br />
<blockquote class="tr_bq">
<i><span style="font-family: inherit;">Apart from borrowing books and DVDs, the public can now get their hands on iPads, TumbleBooks Playaways and Kindles as part of the National Library Board's (NLB) efforts to help bridge the digital divide among Singaporeans.</span></i></blockquote>
<blockquote class="tr_bq">
<i><span style="font-family: inherit;">One hundred TumbleBooks Playaways, 100 iPads and five Kindles will be available for loan from today at Bedok Public Library.</span></i></blockquote>
In Malaysia, you still can't even borrow a decent book from the national libraries. Of course this is slightly exaggerating, but this is a serious handicap in Malaysia. Books are expensive. In the last two months, I have spent over RM300 on books and I already feel the burn in my pockets. Libraries are important to enable accessibility to books that some people may not be able to afford.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguEgLcrTsvfEMQqgH4G9plhbgDGvu8UDW-xfQFFHn8gWNiCWsrlyN5hUrkjcVjy3MBJlYmi06N5el6fYn-FocfpMASo9IAKKrUCbWTLPQqd7g2_1NFDc2yVCnb0L6DJPMw1jyB/s1600/NationalLibraryBuilding_Small.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguEgLcrTsvfEMQqgH4G9plhbgDGvu8UDW-xfQFFHn8gWNiCWsrlyN5hUrkjcVjy3MBJlYmi06N5el6fYn-FocfpMASo9IAKKrUCbWTLPQqd7g2_1NFDc2yVCnb0L6DJPMw1jyB/s400/NationalLibraryBuilding_Small.jpg" width="266" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b><span style="font-family: inherit; font-size: small;">Central Public Library, Singapore</span></b></td></tr>
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<span style="background-color: white;">In this respect, Singapore is centuries ahead of Malaysia. Just look at this multi-storey national library in Bugis. This is just one of the many, many libraries in Singapore. Singapore has at least 24 public libraries to cater to its population of five million people. I shudder to think how many functional public libraries Malaysia has. </span><br />
<span style="background-color: white;"><br /></span><br />
<span style="background-color: white;">I used to volunteer at public libraries in Singapore and despite going there almost on a weekly basis, I continued to be amazed by how many interesting books there are and how easy it is to get a book that you want in any library there. This may be a bit bonus to a Singaporean, but I was rather impressed with the fact that you could request for a book to be delivered from another library to the library that is closest to your home so that you can borrow it at your convenience. You don't have to travel all the way across town just to get a book that is only available there. </span><br />
<span style="background-color: white;"><br /></span><br />
<span style="background-color: white;">And now, they have iPads that are pre-loaded with 2.2 million ebooks. I don't even think Malaysian libraries have 2.2 million books. </span><br />
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</div>Shihonghttp://www.blogger.com/profile/02264003213143587074noreply@blogger.com