Like what the title suggests, it's time for another crazy semester. Frankly speaking, I am neither academically nor psychological prepared for the term ahead (I just bought my first textbook today!):/
I am still figuring out why I am posting about my personal life, since this blog is intended for me to post my views on financial issues. Maybe I just yearn for an outlet to relieve stress and say what I really feel, even though I am doing so on a computer and not telling any one in particular?
Looking back, my last semester witnessed many ups and downs.
Bizcom
After comtemplating for the longest time ever, I had decided to run for Bizcom President. I could say this decision was largely made against my will as I had previously intended to run for Univantage director instead. Considering the fact that many of my starring family members (Nicholas, Joshua, etc...) might not be able to obtain exco positions if I were to opt for the latter, I bit the bullet. Another factor was the sacrifice made by Kelly who withdrew from the ACF elections, in short many difficult decisions were made and I never felt so uncertain about the future before. It was indeed a leap of faith. Through this experience, the word 'faith' has another dimension to its meaning. Faith means to act with complete devotion even when you are unsure of the outcome. This is markedly different from academics, where one should be able to do reasonably well as long as he or she makes the effort. Nevertheless, I am immensely proud of my exco and it is my firm belief that we can accomplish many amazing achievements together as a team.
GPA
One word to sum it up - FALL. I fell, and the fall was downright painful. Year 1 was average, but Year 2 sem 1 was absolutely horrible. I never expected myself to fare so badly, my mental state was in a terrible mess during the exam week and I somehow managed to prepare myself for the bad news when I checked my grades after coming back from OCSP. Like what she said, I failed to compartmentalize my emotions and realign my focus. As much as I like to believe how logical I am as a person, it came to my realization that my heart was pulling the strings all this while. Let's hope I am able to find my drive and energy back this sem and fulfil my duty as a student.
OCSP
The days in Chiang Mai left a deep impression on me. Other than making me feel how lucky I am, the OCSP has taught me the value of service and has allowed me to meet a group of really fantastic and awesome people. It warms my heart to know how everyone took care of one another, especially when I was down with food poisioning:) Really wish that we can keep in touch with each other despite how busy everyone is going to be!
River Valley Primary School
To the members of RVPS 'Dead Buddies' Society (Vincent Chan, Brandon and Enrico), thank you for the 15 years of brotherhood! Although you guys always jio me go drink or club whenever we meet, I would glady do so because it's fun to hang out with you guys:) It strikes me as a miracle how we can maintain contact throughout all these years, and I will pray for this miracle to continue.
Catholic High School
To the members of Let's Get (CAT) High! (Vincent Lim, Xing Zhi and Daniel), thank for you for the 8 years of friendship! It was nice playing all the pranks and cracking all the jokes one could possibly imagine in class during our secondary school days:P And the funny stories about your or other people's encounters with SN girls lol! The trip to JB with Vincent was quite an eye-opener for me haha..
SMU
Starring family (too many to list) is simply love, it's difficult to imagine how we actually stay so close together since Year 1 Sem 1, weathering both rain and shine together. My SMU experience is totally worth it because of all your presence. There's really no way to count many how times have we gone out for outings or celebrated festivals together (including Nick's smses:P). It's hard not to laugh when jokers like Michelle and Marvin are around. It's hard not to feel secure when reliable dudes like Wei Ji and Darryl are around. As for Nicholas, I see him almost everyday. Shifu always surprises us with his profound knowledge of the opposite sex. Michael is kind and generous, Lynnette and Jane our mothers who brought us into Bizcom. Joshua never fails to disturb me through emails and facebook, but is always there when I need a listening ear. Sharon can persuade almost anyone with her whiny voice, Ruth is the talented Miss Bondue who can play the violin, Kelly the 'school team player' for volleyball and Celine the ultra nice and helpful girl. Last but not least, Uncle Ashley who always MIA (but improving already la hahaha:)
Though the road ahead is tough, but every time these people appear in my mind I can always find the strength I need to overcome all barriers. Now that I have this heavy responsibilty on my shoulders, it is my duty to commit my best and repay the faith that all these people (Bizcom in particular) have in me. Learning that there are many important issues beyond my control, I am still grateful for the things which happened. Hence let's live this year as if it was my last, without leaving any regrets.
I still subscribe to the philosophy of faith.
Tuesday, January 10, 2012
Saturday, January 07, 2012
MBTI - ISTJ
ISTJ
Portrait of an ISTJ - Introverted Sensing Thinking Judging(Introverted Sensing with Extraverted Thinking)
The Duty Fulfiller
As an ISTJ, your primary mode of living is focused internally, where you take things in via your five senses in a literal, concrete fashion. Your secondary mode is external, where you deal with things rationally and logically.
ISTJs are quiet and reserved individuals who are interested in security and peaceful living. They have a strongly-felt internal sense of duty, which lends them a serious air and the motivation to follow through on tasks. Organized and methodical in their approach, they can generally succeed at any task which they undertake.
ISTJs are very loyal, faithful, and dependable. They place great importance on honesty and integrity. They are "good citizens" who can be depended on to do the right thing for their families and communities. While they generally take things very seriously, they also usually have an offbeat sense of humor and can be a lot of fun - especially at family or work-related gatherings.
ISTJs tend to believe in laws and traditions, and expect the same from others. They're not comfortable with breaking laws or going against the rules. If they are able to see a good reason for stepping outside of the established mode of doing things, the ISTJ will support that effort. However, ISTJs more often tend to believe that things should be done according to procedures and plans. If an ISTJ has not developed their Intuitive side sufficiently, they may become overly obsessed with structure, and insist on doing everything "by the book".
The ISTJ is extremely dependable on following through with things which he or she has promised. For this reason, they sometimes get more and more work piled on them. Because the ISTJ has such a strong sense of duty, they may have a difficult time saying "no" when they are given more work than they can reasonably handle. For this reason, the ISTJ often works long hours, and may be unwittingly taken advantage of.
The ISTJ will work for long periods of time and put tremendous amounts of energy into doing any task which they see as important to fulfilling a goal. However, they will resist putting energy into things which don't make sense to them, or for which they can't see a practical application. They prefer to work alone, but work well in teams when the situation demands it. They like to be accountable for their actions, and enjoy being in positions of authority. The ISTJ has little use for theory or abstract thinking, unless the practical application is clear.
ISTJs have tremendous respect for facts. They hold a tremendous store of facts within themselves, which they have gathered through their Sensing preference. They may have difficulty understanding a theory or idea which is different from their own perspective. However, if they are shown the importance or relevance of the idea to someone who they respect or care about, the idea becomes a fact, which the ISTJ will internalize and support. Once the ISTJ supports a cause or idea, he or she will stop at no lengths to ensure that they are doing their duty of giving support where support is needed.
The ISTJ is not naturally in tune with their own feelings and the feelings of others. They may have difficulty picking up on emotional needs immediately, as they are presented. Being perfectionists themselves, they have a tendency to take other people's efforts for granted, like they take their own efforts for granted. They need to remember to pat people on the back once in a while.
ISTJs are likely to be uncomfortable expressing affection and emotion to others. However, their strong sense of duty and the ability to see what needs to be done in any situation usually allows them to overcome their natural reservations, and they are usually quite supporting and caring individuals with the people that they love. Once the ISTJ realizes the emotional needs of those who are close to them, they put forth effort to meet those needs.
The ISTJ is extremely faithful and loyal. Traditional and family-minded, they will put forth great amounts of effort at making their homes and families running smoothly. They are responsible parents, taking their parenting roles seriously. They are usually good and generous providers to their families. They care deeply about those close to them, although they usually are not comfortable with expressing their love. The ISTJ is likely to express their affection through actions, rather than through words.
ISTJs have an excellent ability to take any task and define it, organize it, plan it, and implement it through to completion. They are very hard workers, who do not allow obstacles to get in the way of performing their duties. They do not usually give themselves enough credit for their achievements, seeing their accomplishments simply as the natural fulfillment of their obligations.
ISTJs usually have a great sense of space and function, and artistic appreciation. Their homes are likely to be tastefully furnished and immaculately maintained. They are acutely aware of their senses, and want to be in surroundings which fit their need for structure, order, and beauty.
Under stress, ISTJs may fall into "catastrophe mode", where they see nothing but all of the possibilities of what could go wrong. They will berate themselves for things which they should have done differently, or duties which they failed to perform. They will lose their ability to see things calmly and reasonably, and will depress themselves with their visions of doom.
In general, the ISTJ has a tremendous amount of potential. Capable, logical, reasonable, and effective individuals with a deeply driven desire to promote security and peaceful living, the ISTJ has what it takes to be highly effective at achieving their chosen goals - whatever they may be.
ISTJ Relationships
The ISTJ's word is as good as gold, and they honor their commitments faithfully. They believe that to do otherwise would be nothing less than a breach of honor and trustworthiness. Consequently, they take their vows very seriously, and once they have said "I do", that means they are bound to the relationship until "death do us apart" or otherwise. ISTJs are driven to fulfill their responsibilities and duties, and will do so with tireless effort. They will do their best to meet the obligations presented by the different relationship roles which they play during their lives, i.e. spouse, parent, offspring, etc. They may have difficulty showing warmth, but they frequently feel it in abundance, and most develop the ability to show it through sheer effort. If nothing else, the ISTJ holds the gold medal of all the personality types for Effort. They will put forth tremendous amounts of effort to accomplish goals which are important to them. If healthy relationships are among these goals, you can bet that the ISTJ will do everything that they can to foster and maintain healthy relationships.
ISTJ Strengths
Honor their commitments
Take their relationship roles very seriously
Usually able to communicate what's on their minds with precision
Good listeners
Extremely good (albeit conservative) with money
Able to take constructive criticism well
Able to tolerate conflict situations without emotional upheaval
Able to dole out punishment or criticism when called for
ISTJ Weaknesses
Tendency to believe that they're always right
Tendency to get involved in "win-lose" conversations
Not naturally in-tune with what others are feeling
Their value for structure may seem rigid to others
Not likely to give enough praise or affirmation to their loved ones
ISTJs as Lovers
"To love means to open ourselves to the negative as well as the positive - to grief, sorrow, and disappointment as well as to joy, fulfillment, and an intensity of consciousness we did not know was possible before." -- Rollo May
ISTJs are committed, loyal partners, who will put forth tremendous amounts of effort into making their relationships work. Once they have made a commitment to a relationship, they will stick with it until the end. They gladly accept their duty towards fulfilling their role in the relationship. ISTJs are generally willing and able to do anything which they have defined as a goal. So, if maintaining a good relationship is important to the ISTJ, they are likely to have a good relationship. If they have not added this goal to their internal "list" of duties, they are likely to approach the relationship in their "natural" state, which is extremely practical, traditional, and structured.
Sexually, the ISTJ is likely to approach intimacy from a physical perspective, rather than as a means of expressing love and affection. They usually have a problem expressing their deepest feelings, even though they may be very strongly felt. They will expect sex on a relatively scheduled basis, and are likely to honor traditions regarding gender role-playing. Male ISTJs will assert their perspective on their partners, while female ISTJs will tend to follow along with what their male counterparts want (although they will be uncomfortable with anything extremely out of the traditional norm).
ISTJs do not feel threatened by constructive criticism or conflict situations. When faced with criticism, the ISTJ is likely to believe that their point of view is correct. They have a tremendous amount of respect for Facts, and base their opinions on known facts and logic. Consequently, they have a hard time seeing the viability of viewpoints which don't match their own. When the ISTJ gets involved in a disagreement over a point, they usually begin to attempt to recruit the other person over to their own point of view, fully believing that they are right, and that the other individual simply needs to understand the facts of the situation. In such situations, the ISTJ may or may not be right, but their confidence in their own "rightness" can shake the confidence of others involved. This habit can quickly turn conversations into "win-lose" situations, and can present a special problem in intimate relationships.
While they may inadvertantly shake the confidence of their colleagues with their "I'm right" approach, the same behavior may cause serious issues within their intimate relationships. The ISTJ's constant assertion of "rightness" may send a message to their mates that they do not value their opinions. If the ISTJ has a mate with a strong Feeling preference, they may inadvertantly wreak havoc with their self-esteem, since Feeling individuals are extremely sensitive to conflict and criticism, and are especially vulnerable in their intimate relationships.
Since ISTJs make decisions using the Thinking function (rather than Feeling), they are not naturally likely to consider their mates feelings and emotions in daily living. This may be a problem if their mates have the Feeling preference, since Feeling individuals usually expect a lot of positive affirmation, which the ISTJ does not naturally communicate to them. The ISTJ needs to remember that others may need to hear that they are loved and valued, even if the ISTJ doesn't need to hear this themself.
ISTJs are generally very capable and efficient at most things which they endeavor. Consequently, their mates are likely to hold a good amount of respect for them. Daily concerns are likely to be well-provided for by the ISTJ. If other concerns, such as emotional needs, are pointed out to the ISTJ as important issues for their mates, the ISTJ will rise to the occasion and add the task of addressing these needs to the internal "list" of duties. Since the ISTJ is so willing to work hard at issues, and so tireless at performing tasks which they feel should be done, the ISTJ generally makes a wonderful, caring mate who is willing and able to promote a healthy, lasting relationship which is also a partnership.
Although two well-developed individuals of any type can enjoy a healthy relationship, the ISTJ's natural partner is the ESFP, or the ESTP. ISTJ's dominant function of Introverted Sensing is best matched with a partner whose personality is dominated by Extraverted Sensing. How did we arrive at this?
ISTJs as Parents
"You are the bows from which your children as living arrows are sent forth...Let your bending in the archer's hand be for gladness;For even as He loves the arrow that flies, so He loves also the bow that is stable." -- Kahlil Gibran
ISTJs are faithful and devoted parents who can be counted on to put forth their very best efforts towards raising their children in positive, comfortable, secure homes, and to promote their growth in such a way that they will become secure adults who know their place in life within our society. Such is the greatest goal of an ISTJ parent toward their child.
Along the path towards this goal, the ISTJ expects that their children honor their traditional familial roles. As parents, they demand respect and authority from their children. They willingly accept their parental role of provider and guardian. Once the ISTJ becomes a parent, it becomes a "given" that they will perform all of the duties associated with parenthood, and they will do so without grudge or burden. However, they expect that their children give them their due respect in return, and will have little patience with disrespectful behavior.
When it comes to giving punishment or discipline, the ISTJ will be able to do so when necessary without too much internal trauma. They see it as their duty to teach their children when they've done wrong, and so will administer the punishment in the name of the greater cause of doing their duty towards their children. Not to imply that the ISTJ will enjoy disciplining their children, they simply will put their duties before their personal feelings.
The ISTJ is likely to have a problem giving a lot of positive affirmation and support to their children. Having very high expectations for their own behavior and the behavior of others, the ISTJ often forgets to give praise when praise is due. All children need positive support as they find their place in the world, and this is especially true for children with the Feeling preference, who benefit tremendously from positive affirmation, and suffer (sometimes tremendously) in its void. The ISTJ who recognizes sensitivity in their child should take special care to give them positive support and affirmation.
The ISTJ will create a consistent, secure environment for their children, with definite roles and boundaries. Although this may at times create division between the parent and child (especially during rebellious adolescence), it will generally promote the child's growth into a secure adult. ISTJ parents will be remembered and honored by their children for being good people who always tried their best, and for putting the needs of their children above their own.
ISTJs as Friends
Although friendships do not rank highest in the ISTJ's list of important relationships (whose duties and obligation to the Family rank above all else), they do have value these relationships and put effort into enhancing and maintaining them. The ISTJ is likely to choose to be around people who have similar interests and perspectives to their own, and are likely to not have much patience with people who are very different from themselves.
Although their usual mode of being is very serious-minded, ISTJs like to have fun and let loose. They like being with Extraverts who are optimistic and fun-minded, although the E's enthusiasm may eventually get on the ISTJ's nerves. ISTJs can get along with most other types, but they especially form solid connections with other Sensing Judgers. The ISTJ's respect for laws and traditions may make them unable to relate well to Sensing Perceiving types, although they admire their carefree ability to live for the moment. And conversely, the Sensing Perceiving types may see the ISTJ's need for structure as too conservative or scheduled for their tastes. ISTJs seem to get along well with Intuitives, although they cannot really relate to some of the Intuitives perspectives.
Portrait of an ISTJ - Introverted Sensing Thinking Judging(Introverted Sensing with Extraverted Thinking)
The Duty Fulfiller
As an ISTJ, your primary mode of living is focused internally, where you take things in via your five senses in a literal, concrete fashion. Your secondary mode is external, where you deal with things rationally and logically.
ISTJs are quiet and reserved individuals who are interested in security and peaceful living. They have a strongly-felt internal sense of duty, which lends them a serious air and the motivation to follow through on tasks. Organized and methodical in their approach, they can generally succeed at any task which they undertake.
ISTJs are very loyal, faithful, and dependable. They place great importance on honesty and integrity. They are "good citizens" who can be depended on to do the right thing for their families and communities. While they generally take things very seriously, they also usually have an offbeat sense of humor and can be a lot of fun - especially at family or work-related gatherings.
ISTJs tend to believe in laws and traditions, and expect the same from others. They're not comfortable with breaking laws or going against the rules. If they are able to see a good reason for stepping outside of the established mode of doing things, the ISTJ will support that effort. However, ISTJs more often tend to believe that things should be done according to procedures and plans. If an ISTJ has not developed their Intuitive side sufficiently, they may become overly obsessed with structure, and insist on doing everything "by the book".
The ISTJ is extremely dependable on following through with things which he or she has promised. For this reason, they sometimes get more and more work piled on them. Because the ISTJ has such a strong sense of duty, they may have a difficult time saying "no" when they are given more work than they can reasonably handle. For this reason, the ISTJ often works long hours, and may be unwittingly taken advantage of.
The ISTJ will work for long periods of time and put tremendous amounts of energy into doing any task which they see as important to fulfilling a goal. However, they will resist putting energy into things which don't make sense to them, or for which they can't see a practical application. They prefer to work alone, but work well in teams when the situation demands it. They like to be accountable for their actions, and enjoy being in positions of authority. The ISTJ has little use for theory or abstract thinking, unless the practical application is clear.
ISTJs have tremendous respect for facts. They hold a tremendous store of facts within themselves, which they have gathered through their Sensing preference. They may have difficulty understanding a theory or idea which is different from their own perspective. However, if they are shown the importance or relevance of the idea to someone who they respect or care about, the idea becomes a fact, which the ISTJ will internalize and support. Once the ISTJ supports a cause or idea, he or she will stop at no lengths to ensure that they are doing their duty of giving support where support is needed.
The ISTJ is not naturally in tune with their own feelings and the feelings of others. They may have difficulty picking up on emotional needs immediately, as they are presented. Being perfectionists themselves, they have a tendency to take other people's efforts for granted, like they take their own efforts for granted. They need to remember to pat people on the back once in a while.
ISTJs are likely to be uncomfortable expressing affection and emotion to others. However, their strong sense of duty and the ability to see what needs to be done in any situation usually allows them to overcome their natural reservations, and they are usually quite supporting and caring individuals with the people that they love. Once the ISTJ realizes the emotional needs of those who are close to them, they put forth effort to meet those needs.
The ISTJ is extremely faithful and loyal. Traditional and family-minded, they will put forth great amounts of effort at making their homes and families running smoothly. They are responsible parents, taking their parenting roles seriously. They are usually good and generous providers to their families. They care deeply about those close to them, although they usually are not comfortable with expressing their love. The ISTJ is likely to express their affection through actions, rather than through words.
ISTJs have an excellent ability to take any task and define it, organize it, plan it, and implement it through to completion. They are very hard workers, who do not allow obstacles to get in the way of performing their duties. They do not usually give themselves enough credit for their achievements, seeing their accomplishments simply as the natural fulfillment of their obligations.
ISTJs usually have a great sense of space and function, and artistic appreciation. Their homes are likely to be tastefully furnished and immaculately maintained. They are acutely aware of their senses, and want to be in surroundings which fit their need for structure, order, and beauty.
Under stress, ISTJs may fall into "catastrophe mode", where they see nothing but all of the possibilities of what could go wrong. They will berate themselves for things which they should have done differently, or duties which they failed to perform. They will lose their ability to see things calmly and reasonably, and will depress themselves with their visions of doom.
In general, the ISTJ has a tremendous amount of potential. Capable, logical, reasonable, and effective individuals with a deeply driven desire to promote security and peaceful living, the ISTJ has what it takes to be highly effective at achieving their chosen goals - whatever they may be.
ISTJ Relationships
The ISTJ's word is as good as gold, and they honor their commitments faithfully. They believe that to do otherwise would be nothing less than a breach of honor and trustworthiness. Consequently, they take their vows very seriously, and once they have said "I do", that means they are bound to the relationship until "death do us apart" or otherwise. ISTJs are driven to fulfill their responsibilities and duties, and will do so with tireless effort. They will do their best to meet the obligations presented by the different relationship roles which they play during their lives, i.e. spouse, parent, offspring, etc. They may have difficulty showing warmth, but they frequently feel it in abundance, and most develop the ability to show it through sheer effort. If nothing else, the ISTJ holds the gold medal of all the personality types for Effort. They will put forth tremendous amounts of effort to accomplish goals which are important to them. If healthy relationships are among these goals, you can bet that the ISTJ will do everything that they can to foster and maintain healthy relationships.
ISTJ Strengths
Honor their commitments
Take their relationship roles very seriously
Usually able to communicate what's on their minds with precision
Good listeners
Extremely good (albeit conservative) with money
Able to take constructive criticism well
Able to tolerate conflict situations without emotional upheaval
Able to dole out punishment or criticism when called for
ISTJ Weaknesses
Tendency to believe that they're always right
Tendency to get involved in "win-lose" conversations
Not naturally in-tune with what others are feeling
Their value for structure may seem rigid to others
Not likely to give enough praise or affirmation to their loved ones
ISTJs as Lovers
"To love means to open ourselves to the negative as well as the positive - to grief, sorrow, and disappointment as well as to joy, fulfillment, and an intensity of consciousness we did not know was possible before." -- Rollo May
ISTJs are committed, loyal partners, who will put forth tremendous amounts of effort into making their relationships work. Once they have made a commitment to a relationship, they will stick with it until the end. They gladly accept their duty towards fulfilling their role in the relationship. ISTJs are generally willing and able to do anything which they have defined as a goal. So, if maintaining a good relationship is important to the ISTJ, they are likely to have a good relationship. If they have not added this goal to their internal "list" of duties, they are likely to approach the relationship in their "natural" state, which is extremely practical, traditional, and structured.
Sexually, the ISTJ is likely to approach intimacy from a physical perspective, rather than as a means of expressing love and affection. They usually have a problem expressing their deepest feelings, even though they may be very strongly felt. They will expect sex on a relatively scheduled basis, and are likely to honor traditions regarding gender role-playing. Male ISTJs will assert their perspective on their partners, while female ISTJs will tend to follow along with what their male counterparts want (although they will be uncomfortable with anything extremely out of the traditional norm).
ISTJs do not feel threatened by constructive criticism or conflict situations. When faced with criticism, the ISTJ is likely to believe that their point of view is correct. They have a tremendous amount of respect for Facts, and base their opinions on known facts and logic. Consequently, they have a hard time seeing the viability of viewpoints which don't match their own. When the ISTJ gets involved in a disagreement over a point, they usually begin to attempt to recruit the other person over to their own point of view, fully believing that they are right, and that the other individual simply needs to understand the facts of the situation. In such situations, the ISTJ may or may not be right, but their confidence in their own "rightness" can shake the confidence of others involved. This habit can quickly turn conversations into "win-lose" situations, and can present a special problem in intimate relationships.
While they may inadvertantly shake the confidence of their colleagues with their "I'm right" approach, the same behavior may cause serious issues within their intimate relationships. The ISTJ's constant assertion of "rightness" may send a message to their mates that they do not value their opinions. If the ISTJ has a mate with a strong Feeling preference, they may inadvertantly wreak havoc with their self-esteem, since Feeling individuals are extremely sensitive to conflict and criticism, and are especially vulnerable in their intimate relationships.
Since ISTJs make decisions using the Thinking function (rather than Feeling), they are not naturally likely to consider their mates feelings and emotions in daily living. This may be a problem if their mates have the Feeling preference, since Feeling individuals usually expect a lot of positive affirmation, which the ISTJ does not naturally communicate to them. The ISTJ needs to remember that others may need to hear that they are loved and valued, even if the ISTJ doesn't need to hear this themself.
ISTJs are generally very capable and efficient at most things which they endeavor. Consequently, their mates are likely to hold a good amount of respect for them. Daily concerns are likely to be well-provided for by the ISTJ. If other concerns, such as emotional needs, are pointed out to the ISTJ as important issues for their mates, the ISTJ will rise to the occasion and add the task of addressing these needs to the internal "list" of duties. Since the ISTJ is so willing to work hard at issues, and so tireless at performing tasks which they feel should be done, the ISTJ generally makes a wonderful, caring mate who is willing and able to promote a healthy, lasting relationship which is also a partnership.
Although two well-developed individuals of any type can enjoy a healthy relationship, the ISTJ's natural partner is the ESFP, or the ESTP. ISTJ's dominant function of Introverted Sensing is best matched with a partner whose personality is dominated by Extraverted Sensing. How did we arrive at this?
ISTJs as Parents
"You are the bows from which your children as living arrows are sent forth...Let your bending in the archer's hand be for gladness;For even as He loves the arrow that flies, so He loves also the bow that is stable." -- Kahlil Gibran
ISTJs are faithful and devoted parents who can be counted on to put forth their very best efforts towards raising their children in positive, comfortable, secure homes, and to promote their growth in such a way that they will become secure adults who know their place in life within our society. Such is the greatest goal of an ISTJ parent toward their child.
Along the path towards this goal, the ISTJ expects that their children honor their traditional familial roles. As parents, they demand respect and authority from their children. They willingly accept their parental role of provider and guardian. Once the ISTJ becomes a parent, it becomes a "given" that they will perform all of the duties associated with parenthood, and they will do so without grudge or burden. However, they expect that their children give them their due respect in return, and will have little patience with disrespectful behavior.
When it comes to giving punishment or discipline, the ISTJ will be able to do so when necessary without too much internal trauma. They see it as their duty to teach their children when they've done wrong, and so will administer the punishment in the name of the greater cause of doing their duty towards their children. Not to imply that the ISTJ will enjoy disciplining their children, they simply will put their duties before their personal feelings.
The ISTJ is likely to have a problem giving a lot of positive affirmation and support to their children. Having very high expectations for their own behavior and the behavior of others, the ISTJ often forgets to give praise when praise is due. All children need positive support as they find their place in the world, and this is especially true for children with the Feeling preference, who benefit tremendously from positive affirmation, and suffer (sometimes tremendously) in its void. The ISTJ who recognizes sensitivity in their child should take special care to give them positive support and affirmation.
The ISTJ will create a consistent, secure environment for their children, with definite roles and boundaries. Although this may at times create division between the parent and child (especially during rebellious adolescence), it will generally promote the child's growth into a secure adult. ISTJ parents will be remembered and honored by their children for being good people who always tried their best, and for putting the needs of their children above their own.
ISTJs as Friends
Although friendships do not rank highest in the ISTJ's list of important relationships (whose duties and obligation to the Family rank above all else), they do have value these relationships and put effort into enhancing and maintaining them. The ISTJ is likely to choose to be around people who have similar interests and perspectives to their own, and are likely to not have much patience with people who are very different from themselves.
Although their usual mode of being is very serious-minded, ISTJs like to have fun and let loose. They like being with Extraverts who are optimistic and fun-minded, although the E's enthusiasm may eventually get on the ISTJ's nerves. ISTJs can get along with most other types, but they especially form solid connections with other Sensing Judgers. The ISTJ's respect for laws and traditions may make them unable to relate well to Sensing Perceiving types, although they admire their carefree ability to live for the moment. And conversely, the Sensing Perceiving types may see the ISTJ's need for structure as too conservative or scheduled for their tastes. ISTJs seem to get along well with Intuitives, although they cannot really relate to some of the Intuitives perspectives.
Taken from https://www.personalitypage.com/html/home.shtml
Friday, September 02, 2011
Monthly Update 20
STI, 31 December 2009: 2,897.62
STI, 1 September 2011: 2,867.1
Profit/Loss
Virtual Portfolio: +11.82%
Market Average: -1.05%
Tuesday, August 09, 2011
Monthly Update 19
STI, 31 December 2009: 2,897.62
STI, 9 August 2011: 2,884
Profit/Loss
Virtual Portfolio: +12.41%
Market Average: -0.47%
Friday, July 01, 2011
Monthly Update 18
STI, 31 December 2009: 2,897.62STI, 1 July 2011: 3,139.01
Profit/Loss
Virtual Portfolio: +21.35%
Market Average: +8.33%
Thursday, June 02, 2011
Monthly Update 17
STI, 31 December 2009: 2,897.62
STI, 1 June 2011: 3,172.87
Profit/Loss
Virtual Portfolio: +24.34%
Market Average: +9.50%
Monday, May 02, 2011
Monthly Update 16
STI, 31 December 2009: 2,897.62
STI, 1 May2011: 3,179.86
Profit/Loss
Virtual Portfolio: +28.06%
Market Average: +9.74%
Friday, April 01, 2011
Monthly Update 15
STI, 31 December 2009: 2,897.62 STI, 1 April 2011: 3,120.47 Profit/Loss Virtual Portfolio: +24.77% Market Average: +7.69%
Tuesday, March 01, 2011
Monthly Update 14
STI, 31 December 2009: 2,897.62
STI, 1 March 2011: 3,067.60
Profit/Loss
Virtual Portfolio: +22.17%
Market Average: +5.87%
Tuesday, February 01, 2011
Saturday, January 01, 2011
Review for 2010
Conducting a review of my virtual portfolio for 2010, I concluded that the annualized return of 28.3% is merely satisfactory and largely based on the bullish market sentiments. Although most investment professionals fail to outperform the benchmark Straits Times Index, beating the market by 18.2% is only marginally better, considering it is only a year's record. Successful application of sound investment principles should enable the investor to consistently outpace the market for the long term.
In the words of Warren Buffett, "We will now settle for one good idea a year." Since the beginning of 2009, I find it increasingly difficult to seek out bargains in the Singapore stockmarket. Fortunately, I have had the luck to conceive an idea each in 2009 and 2010 respectively, but these ideas came after much patience and research. I feel more comfortable with the underlying business than their stock prices... In the market, you don't get paid for activity (brokers do), you get rewarded for being right. And being right or wrong does not depend on the number of people who share the same view as you, the outcome relies on the amount of intellect and type of temperament you bring to evaluating selected business within your circle of competence.
If you are planning to buy stocks in the next few years, it is simply insane to hope for a rising stockmarket. Yet today's newspapers joyfully claimed that the total market capitalisation of companies listed on the Singapore Exchange has jumped 22.7% in 2010. Remember that in investing, pessimism is your pal and euphoria the enemy. I only attempt to be fearful when the other are greedy and greedy when the others are fearful. Right now, optimism prevails: Who wouldn't like the STI at grow at 10% annually? According to the rule of 72, you can double your principal by earning a 10% return for approximately 7.2 years. Investors pay a costly price for a cheery consensus.
It's getting kind of boring to focus only on stock investing: Sitting down and reading annual reports only to discover fairly or overpriced businesses is not my idea of fun. School is starting soon, at least it will keep me distracted from the markets and prevent me from making some capital allocation mistakes.
In the words of Warren Buffett, "We will now settle for one good idea a year." Since the beginning of 2009, I find it increasingly difficult to seek out bargains in the Singapore stockmarket. Fortunately, I have had the luck to conceive an idea each in 2009 and 2010 respectively, but these ideas came after much patience and research. I feel more comfortable with the underlying business than their stock prices... In the market, you don't get paid for activity (brokers do), you get rewarded for being right. And being right or wrong does not depend on the number of people who share the same view as you, the outcome relies on the amount of intellect and type of temperament you bring to evaluating selected business within your circle of competence.
If you are planning to buy stocks in the next few years, it is simply insane to hope for a rising stockmarket. Yet today's newspapers joyfully claimed that the total market capitalisation of companies listed on the Singapore Exchange has jumped 22.7% in 2010. Remember that in investing, pessimism is your pal and euphoria the enemy. I only attempt to be fearful when the other are greedy and greedy when the others are fearful. Right now, optimism prevails: Who wouldn't like the STI at grow at 10% annually? According to the rule of 72, you can double your principal by earning a 10% return for approximately 7.2 years. Investors pay a costly price for a cheery consensus.
It's getting kind of boring to focus only on stock investing: Sitting down and reading annual reports only to discover fairly or overpriced businesses is not my idea of fun. School is starting soon, at least it will keep me distracted from the markets and prevent me from making some capital allocation mistakes.
Friday, December 31, 2010
Monthly Update 12
STI, 31 December 2009: 2,897.62
STI, 31 December 2010: 3,190.04
Profit/Loss
Virtual Portfolio: +28.25%
Market Average: +10.09%
Thursday, December 23, 2010
The Intelligent Investor
The Intelligent Investor is an investment classic authored by Benjamin Graham, affectionately known as the Dean of Wall Street to many investors. To quote Adam Smith's Money Game,"The reason that Graham is the undisputed dean is that before him there was no profession and after him they began to call it that." Graham founded security analysis as a discipline and laid out several key investment principles which remain hugely relevant even till today.
Warren Buffett, the Oracle of Omaha, endorsed the invesment classic by declaring "I read the first edition of this book early in 1950, when I was nineteen. I thought then it was by far the best book about investing ever written. I still think it is."
Similarly, I read the latest edition of this book in 2008 when I was nineteen and also thought that it was by far the best book about investing ever written. Unfortunately, the similarities end here, for I do not possess the intellectual prowess of Warren Buffett to comprehend the theories completely and neither have I read even a fraction of the number of investment books which he voraciously devoured over the years.
My objectives of writing this post (and subsequent posts) are twofold:
First, to distill the key elements of investing from this classic and
Second, to reinforce my understanding of the topics covered
Chapter 1
Investment vs Speculation: Results to Be Expected by the Intelligent Investor
1) An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return.
2) The distinction between investment and speculation in common stocks has always been a useful one.
3) Risks are inseparable from the opportunities of profits they offer, and both of which must be allowed for in the investor's calculations.
4) Classification of two types of investors: Defensive and Aggressive
Comments
Why did Graham define investment as a form of operation? It is unsound to think of investing as purchasing shares of a single company, we must acknowledge the high degree of risk involved in holding just one stock. As the old adage goes, "Never put all your eggs in one basket." Adequate, rather than extreme diversification is essential to obtaining a favourable result. In addition, investing is not necessarily restricted to the purchase or sale of equities, there are many different forms of investment in the corporate universe, such as bonds, convertibles, real estate, forex, options and derivatives, etc.
Thorough analysis means the detailed evaluation of the quantitative and qualitative aspects of the prospective investment, with the aim to derive an estimation of the intrinsic value expressed in terms of a range of values, which is to be compared with the market price in formulating the appropriate course of action. It entails the careful scrutiny of annual reports released by the company and conducting elaborate analysis of industry outlook and managerial quality.
Safety of principal refers to the investor being reasonably confident that a substantial part of his principal is adequately protected under normal conditions and even when business climate takes a change for the worse. An example will be ensuring that the company can meet its interest requirements for extended periods of time to award its securities investment merit.
Adequate return depends on the type of investor you are instead of the degree of risk you are willing to run. Conventional wisdom states that risk and return are positively correlated, one must be willing to bear a higher level of risk in order to achieve a higher return on investment. On the contrary, Graham proposed that return is determined by the amount of intelligent effort that the investor is able and willing to devote in his investment endeavor.
First, Graham states that the investor should attain a sharp understanding of the differences between investment and speculation. There is nothing wrong with speculation, just that an overwhelming majority of speculators ended up with huge investment losses and terrible economic fates.
Investing does not guarantee that one can accumulate huge amounts of wealth, as reflected in what Graham wrote: There are no sure and easy paths to riches on Wall Street or anywhere else. What matters is the investor know what he is doing, and do the right thing. Risk and return coexist, while we must acknowledge the truth that it is impossible to eliminate ALL risks involved in an investment, it is within the investor's ability to minimise the risk level to maximise the potential return on investment.
Warren Buffett captures the essence by saying, "Risk comes from not knowing what you are doing." Incidentally we analysed the DBS High Notes 5 case study in my Business, Government and Society (BGS) course and came to the conclusion that not knowing the commitments and terms of DBS High Notes led to the purchase of unsound securities by retail investors at unattractive terms.
Does this imply that investors who lack the required knowledge are doomed to suffer neverending losses from their stockmarket participation? Fortunately for the vast majority, the answer is a firm NO. Investors who lack the qualities for successful investing should elect to play the role of a defensive investor. In this case, the defensive investor will opt for extreme diversification by periodically investing a fixed amount of money in an index fund with very low expenses.
This strategy is known as Dollar Cost Averaging, which enables the defensive investor to take advantage of market fluctuations by acquiring more shares when the price is low and vice versa, resulting in a satisfactory average price for his holdings. On the other hand, it is much more difficult to operate as an aggressive investor and I shall elaborate this concept in greater detail in my next post.
Warren Buffett, the Oracle of Omaha, endorsed the invesment classic by declaring "I read the first edition of this book early in 1950, when I was nineteen. I thought then it was by far the best book about investing ever written. I still think it is."
Similarly, I read the latest edition of this book in 2008 when I was nineteen and also thought that it was by far the best book about investing ever written. Unfortunately, the similarities end here, for I do not possess the intellectual prowess of Warren Buffett to comprehend the theories completely and neither have I read even a fraction of the number of investment books which he voraciously devoured over the years.
My objectives of writing this post (and subsequent posts) are twofold:
First, to distill the key elements of investing from this classic and
Second, to reinforce my understanding of the topics covered
Chapter 1
Investment vs Speculation: Results to Be Expected by the Intelligent Investor
1) An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return.
2) The distinction between investment and speculation in common stocks has always been a useful one.
3) Risks are inseparable from the opportunities of profits they offer, and both of which must be allowed for in the investor's calculations.
4) Classification of two types of investors: Defensive and Aggressive
Comments
Why did Graham define investment as a form of operation? It is unsound to think of investing as purchasing shares of a single company, we must acknowledge the high degree of risk involved in holding just one stock. As the old adage goes, "Never put all your eggs in one basket." Adequate, rather than extreme diversification is essential to obtaining a favourable result. In addition, investing is not necessarily restricted to the purchase or sale of equities, there are many different forms of investment in the corporate universe, such as bonds, convertibles, real estate, forex, options and derivatives, etc.
Thorough analysis means the detailed evaluation of the quantitative and qualitative aspects of the prospective investment, with the aim to derive an estimation of the intrinsic value expressed in terms of a range of values, which is to be compared with the market price in formulating the appropriate course of action. It entails the careful scrutiny of annual reports released by the company and conducting elaborate analysis of industry outlook and managerial quality.
Safety of principal refers to the investor being reasonably confident that a substantial part of his principal is adequately protected under normal conditions and even when business climate takes a change for the worse. An example will be ensuring that the company can meet its interest requirements for extended periods of time to award its securities investment merit.
Adequate return depends on the type of investor you are instead of the degree of risk you are willing to run. Conventional wisdom states that risk and return are positively correlated, one must be willing to bear a higher level of risk in order to achieve a higher return on investment. On the contrary, Graham proposed that return is determined by the amount of intelligent effort that the investor is able and willing to devote in his investment endeavor.
First, Graham states that the investor should attain a sharp understanding of the differences between investment and speculation. There is nothing wrong with speculation, just that an overwhelming majority of speculators ended up with huge investment losses and terrible economic fates.
Investing does not guarantee that one can accumulate huge amounts of wealth, as reflected in what Graham wrote: There are no sure and easy paths to riches on Wall Street or anywhere else. What matters is the investor know what he is doing, and do the right thing. Risk and return coexist, while we must acknowledge the truth that it is impossible to eliminate ALL risks involved in an investment, it is within the investor's ability to minimise the risk level to maximise the potential return on investment.
Warren Buffett captures the essence by saying, "Risk comes from not knowing what you are doing." Incidentally we analysed the DBS High Notes 5 case study in my Business, Government and Society (BGS) course and came to the conclusion that not knowing the commitments and terms of DBS High Notes led to the purchase of unsound securities by retail investors at unattractive terms.
Does this imply that investors who lack the required knowledge are doomed to suffer neverending losses from their stockmarket participation? Fortunately for the vast majority, the answer is a firm NO. Investors who lack the qualities for successful investing should elect to play the role of a defensive investor. In this case, the defensive investor will opt for extreme diversification by periodically investing a fixed amount of money in an index fund with very low expenses.
This strategy is known as Dollar Cost Averaging, which enables the defensive investor to take advantage of market fluctuations by acquiring more shares when the price is low and vice versa, resulting in a satisfactory average price for his holdings. On the other hand, it is much more difficult to operate as an aggressive investor and I shall elaborate this concept in greater detail in my next post.
Wednesday, December 01, 2010
Monthly Update 11
STI, 31 December 2009: 2,897.62
STI, 1 Decmber 2010: 3,181.94
Profit/Loss
Virtual Portfolio: +22.10%
Market Average: +9.81%
Monday, November 01, 2010
Monthly Update 10
STI, 31 December 2009: 2,897.62
STI, 1 November 2010: 3,192.18
Profit/Loss
Virtual Portfolio: +18.42%
Market Average: +10.17%
Friday, October 01, 2010
Monthly Update 9
STI, 31 December 2009: 2,897.62
STI, 1 October 2010: 3130.90
Here's the result after adjusting for dividends:
Profit/Loss
Virtual Portfolio : +9.31%
Market Average: +8.05%
Thursday, September 02, 2010
Monthly Update 8
STI, 31 December2009: 2,897.62
STI, 1 September 2010: 2,982.83
Profit/Loss
Virtual Portfolio: +3.26%
Market Average: +2.94%
Outperform.
Monday, August 02, 2010
Monthly Update 7
Term 1 commences on 16th August, thus I am unsure if I can still monitor the markets and post monthly updates. Nevertheless, I will do my best to continue this effort, after all, the virtual portfolio is the application of the investment theories which I have learnt on my own during the 2 years of army.
Looking back, just realised I have included transaction costs but forgotten to factor in dividends!!! Here goes an extra few percentage points, will calculate them when I am free.
Looking back, just realised I have included transaction costs but forgotten to factor in dividends!!! Here goes an extra few percentage points, will calculate them when I am free.
STI, 31 December 2009: 2,897.62
STI, 1 August 2010: 2,987.70
Profit/Loss
Virtual Portfolio: +5.09%
Market Average: +3.11%
Finally outperform the market again, but for how long? No one knows for sure.
Friday, July 02, 2010
Monthly Update 6
The update for the month of June was a tad late, due to my involvement in the SMU Freshmen Team Building (FTB) Camp. Imagine not checking the quotations of my securities holdings on the Singapore Exchange (SGX) website and conducting any analysis on company fundamentals for three days straight. Even though the Oracle of Omaha, Warren E. Buffett, "wouldn't mind if markets are closed for years", keeping track of the movement in stock prices can actually inculcate a nonchalant attitude towards stockmarket fluctuations.
After the longish introduction, I hereby present the update for June:
STI, 31 December 2009: 2,897.62
STI, 1 July 2010: 2,820.35
Profit/Loss
Virtual Portfolio: -3.27%
Market Average: -2.67%
This is my first underperforming month after beating the Straits Times Index (STI) consecutively for five months. As I am adopting a long-term business outlook for my portfolio holdings, there isn't really a cause for concern, unless the situation persists over a longer period of time. Meanwhile, it would be more rational and sensible to observe the recent market decline and if possible add to my holdings at more advantageous prices.
Saturday, June 05, 2010
Commentary on 'Warren Buffett' Post
My friend, Diana Goh Chern, has posted an e-mail writeup she received on Warren Buffett and I would like to add a few points so as to bring the message across in a clearer manner. Consumerism seems to be the order of day, especially among the increasingly affluent younger generation. Some people appear to have a special affinity for luxury goods, and while a healthy dose of consumption benefits the general economy through stimulating demand, excessive spending has its own pitfalls. Like what we all have studied in Economics, a government which runs budget deficits consistently may find itself faced with staggering amounts of long term debt that can threaten the workings of the economy (take Greece for example). Likewise for individuals, practicing fiscal prudence is the key to financial sustainability. Without any further delay, let us move on to her post.
1. He bought his first share at the age of 11 and he now regrets that he started too late!Things were very cheap that time, encourage your children to invest
The stock he bought was Cities Service Preferred, which plummeted shortly after he bought it. Nevertheless, he did not let the temporary plunge affect him and held on the stock before liquidating it for a small profit after the price rebounded. After which the stock rose to multiples of its original purchase price. Warren Buffett first learnt about patience from this experience. In addition, he bought the stock with his own money and his sister's, hence he had instilled a strong aversion to loss and sense of responsibility in taking care of other people's money.
2. He bought a small farm at age 14 with savings from delivering newspapers. One could have bought many things with little savings.
Encourage your children to start some kind of business
Warren Buffett was involved in other small businesses as well, which included pinball machines in barber shops (Wilson Coin Operated Company), collecting unwanted golf balls from golf courses and selling them for a small profit. His favourite book was '1,000 ways to make 1,000', which refers to making a million dollars. He pledged to become a millionaire by the age of 34 as well or he would jump down the tallest building in Omaha, where he lives in (he was one way before he reached 34).
3. He still lives in the same small 3-bedroom house in mid-town Omaha that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence. Don't buy more than what you really need and encourage your children to do and think the same.
His house looks like what a typical middle class family would stay in. The only addition was a racquet court, a spending which was insignificant compared to his wealth. He loves making money, and not hoarding wealth and hence he did not see any need to erect a wall or fence around his house. Interestingly, his lifestyle remains very much the same over the years, preferring to drink Cherry Coke and eat at McDonalds - not what you will expect from someone of extraordinary wealth. (Though not a very healthy diet haha)
4. He drives his own car everywhere and does not have a driver or security people around him. You are what you are.
He's brutally honest with his identity, even saying 'I buy expensive suits, they just look cheap on me.'
5. He never travels by private jet, although he owns the world's largest private jet company. Always think how you can accomplish things economically.
Buffett also abhors corporate CEOs who enjoy special privileges at the expense of the shareholders by flying first-class and indulging in other excesses. Thus he named his private jet 'The Indefensible' after he bought it, expecting criticisms from naysayers.
6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis.Assign the right people to the right jobs.
Berkshire Hathaway is the only US public listed company which trades for over $100,000 a share, and the annual Berkshire shareholders meeting is dubbed as the 'Woodstock of Capitalism' where numerous investors flock to Omaha every year to listen to Buffett's (together with his Vice-Chairman Charlie Munger) teeming wisdom and quirky humour.
He actively seeks for managers who are honest, competent and shareholder-oriented.
7. He has given his CEOs only two rules. Rule 1, do not lose any of your shareholders' money. Rule 2 remember rule number 1.Set goals and make sure people focus on them.
Buffett has a deep sense of trust in his managers to do what's best for the company and gives them free rein in daily operations so that they can concentrate on running the company successfully, free from distractions. The managers align their interests with the shareholders' by having a substantial amount of their net worth in the company. Buffett himself has 99% of his net worth in Berkshire.
‘We eat our own cooking’
8. He does not socialize with the high society crowd. His past time after he gets home is to make himself some popcorn and watch television. Warren Buffet does not carry a cell phone, nor has a computer on his desk.Don't try to show off, just be yourself and do what you enjoy doing.
A famous technophobe, Buffett avoids investing in high tech companies simply because he feels that they are not within his circle of competence. What matters in investing is realistically defining what you don't know, rather than what you know. By following this principle he managed to avoid the Dot Com Bubble of the late 1990s and the resulting crash. Observing that he does not use computer or fanciful economic equations to analyze stocks, one should wonder the utility of the complex financial theories taught at Business schools today, especially Efficient Market Hypothesis.
'If markets are always efficient, I would be a bum on the street holding a tin cup.'
9. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting for only half an hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
Gates is also well-known for his frugality and generosity, hence Buffett donated a staggering amount of his wealth to the Gates Foundation to serve worthy causes. The two men have many in common than most people thought. Despite Bill Gates the man himself explaining about computers and the Internet to Warren Buffett, the latter still stuck to his investment knitting. Warren later remarked that he would only be successful in the investment arena, whereas Gates can achieve similar success in virtually any field he chooses to embark on.
That's the former No.1 and No.2 world’s richest men for you.
In conclusion, Buffett loves his life simply because he is doing what he loves, which is allocating capital and establishing meaningful working relationships with his corporate managers.
‘I feel like tap dancing to work everyday.’
How many of us can face work with such a cheerful attitude everyday? We must discover what we truly love to do, work hard towards the goal and like Goh Chern said, appreciate the opportunity given and meanwhile enjoy the process. Buffett is a great role model, and I have learned much from him. I sincerely hope others can do so as well.
1. He bought his first share at the age of 11 and he now regrets that he started too late!Things were very cheap that time, encourage your children to invest
The stock he bought was Cities Service Preferred, which plummeted shortly after he bought it. Nevertheless, he did not let the temporary plunge affect him and held on the stock before liquidating it for a small profit after the price rebounded. After which the stock rose to multiples of its original purchase price. Warren Buffett first learnt about patience from this experience. In addition, he bought the stock with his own money and his sister's, hence he had instilled a strong aversion to loss and sense of responsibility in taking care of other people's money.
2. He bought a small farm at age 14 with savings from delivering newspapers. One could have bought many things with little savings.
Encourage your children to start some kind of business
Warren Buffett was involved in other small businesses as well, which included pinball machines in barber shops (Wilson Coin Operated Company), collecting unwanted golf balls from golf courses and selling them for a small profit. His favourite book was '1,000 ways to make 1,000', which refers to making a million dollars. He pledged to become a millionaire by the age of 34 as well or he would jump down the tallest building in Omaha, where he lives in (he was one way before he reached 34).
3. He still lives in the same small 3-bedroom house in mid-town Omaha that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence. Don't buy more than what you really need and encourage your children to do and think the same.
His house looks like what a typical middle class family would stay in. The only addition was a racquet court, a spending which was insignificant compared to his wealth. He loves making money, and not hoarding wealth and hence he did not see any need to erect a wall or fence around his house. Interestingly, his lifestyle remains very much the same over the years, preferring to drink Cherry Coke and eat at McDonalds - not what you will expect from someone of extraordinary wealth. (Though not a very healthy diet haha)
4. He drives his own car everywhere and does not have a driver or security people around him. You are what you are.
He's brutally honest with his identity, even saying 'I buy expensive suits, they just look cheap on me.'
5. He never travels by private jet, although he owns the world's largest private jet company. Always think how you can accomplish things economically.
Buffett also abhors corporate CEOs who enjoy special privileges at the expense of the shareholders by flying first-class and indulging in other excesses. Thus he named his private jet 'The Indefensible' after he bought it, expecting criticisms from naysayers.
6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis.Assign the right people to the right jobs.
Berkshire Hathaway is the only US public listed company which trades for over $100,000 a share, and the annual Berkshire shareholders meeting is dubbed as the 'Woodstock of Capitalism' where numerous investors flock to Omaha every year to listen to Buffett's (together with his Vice-Chairman Charlie Munger) teeming wisdom and quirky humour.
He actively seeks for managers who are honest, competent and shareholder-oriented.
7. He has given his CEOs only two rules. Rule 1, do not lose any of your shareholders' money. Rule 2 remember rule number 1.Set goals and make sure people focus on them.
Buffett has a deep sense of trust in his managers to do what's best for the company and gives them free rein in daily operations so that they can concentrate on running the company successfully, free from distractions. The managers align their interests with the shareholders' by having a substantial amount of their net worth in the company. Buffett himself has 99% of his net worth in Berkshire.
‘We eat our own cooking’
8. He does not socialize with the high society crowd. His past time after he gets home is to make himself some popcorn and watch television. Warren Buffet does not carry a cell phone, nor has a computer on his desk.Don't try to show off, just be yourself and do what you enjoy doing.
A famous technophobe, Buffett avoids investing in high tech companies simply because he feels that they are not within his circle of competence. What matters in investing is realistically defining what you don't know, rather than what you know. By following this principle he managed to avoid the Dot Com Bubble of the late 1990s and the resulting crash. Observing that he does not use computer or fanciful economic equations to analyze stocks, one should wonder the utility of the complex financial theories taught at Business schools today, especially Efficient Market Hypothesis.
'If markets are always efficient, I would be a bum on the street holding a tin cup.'
9. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting for only half an hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
Gates is also well-known for his frugality and generosity, hence Buffett donated a staggering amount of his wealth to the Gates Foundation to serve worthy causes. The two men have many in common than most people thought. Despite Bill Gates the man himself explaining about computers and the Internet to Warren Buffett, the latter still stuck to his investment knitting. Warren later remarked that he would only be successful in the investment arena, whereas Gates can achieve similar success in virtually any field he chooses to embark on.
That's the former No.1 and No.2 world’s richest men for you.
In conclusion, Buffett loves his life simply because he is doing what he loves, which is allocating capital and establishing meaningful working relationships with his corporate managers.
‘I feel like tap dancing to work everyday.’
How many of us can face work with such a cheerful attitude everyday? We must discover what we truly love to do, work hard towards the goal and like Goh Chern said, appreciate the opportunity given and meanwhile enjoy the process. Buffett is a great role model, and I have learned much from him. I sincerely hope others can do so as well.
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