Performance in 2012

[snowcap]

what do u mean 'mistake a bull market for brains"?

That means when the market is going up and up, don't make the mistake of thinking that your portfolio also going up is due to your own brains or smart investment choices.

There is a saying "When the tide rises, even rubbish floats" (the opposite is that when the tide goes out, even the diamonds fall to the sea floor).

So it is important for me to outperform the STI, whether the STI goes up down or sideways.

And, I do hedge by buying put warrants. This hedging did very well in 2008 (NAV -17% vs STI -40%), but only so-so in 2011 (NAV -12% vs STI -17%).