As we all prepare for the upcoming Chinese New Year festivities, it is good to take a little step back before we welcome the year of the rabbit. Interestingly, I bumped into a remisier friend at a bar last night and we got into a chat on the market. He is one of the most experienced remisiers I know personally. With more than 20 years under his belt, he sighed when we spoke on the market. He said he had gone through 2 zodiac cycles for the market and rabbit years have never been good years for the market. Of course there is absolutely no scientific evidence on his statement but I have to say, he sounded convincing. Haha.
Another person whom I respect to a great extent is my good friend FSM whom I had dinner with earlier in the week. He on the other hand, gave a pretty good story on the market. Being a Feng Shui Master, he gave me an interesting perspective. He said he believed the market movements of 2011 will mirror that of 1951 because markets move in 60 year cycles and overall the market will perform fine this year. (FSM do correct me if I am wrong because I got pretty drunk last night and many things have slipped out of my mind). FSM's words should not be taken too lightly because this is the man who was responsible for a 400 point drop on the STI index 4 odd years ago. For those who witnessed it with me, will know that this is the truth. How much did DBS drop that morning? Someone please fill in the blanks for me. Trust me, FSM has been pretty accurate about everything since I have known him.
Now that I have warmed up, its time for my opinion on the current market situation. Since my last economic update post, we have seen a few interesting things. First and foremost, inflation is really here. I told you for some time already, inflation is very real and it is going to be tough to make it go away. In recent weeks, we have seen unrest in Tunisia and Egypt, protests have turned violent and the Tunisian dictatorship was overthrown. There was an interesting article on CNN commenting on how this was a victory for democracy but in actual fact the social unrest was all driven by economic weakness and inflation and the loss in confidence in the current governments. This is just the beginning in my view. It is scary to think if the same situation happens in China if inflation gets away from the central government's policy measures. There was an article I read a couple of years ago, it said China needed to create 20 million jobs a year just to keep its unemployment rate at this level. That is a huge number and no menial task. Believe me, China is watching this situation in the middle east with great interest.
Interest rates WILL definitely be raised in emerging market countries especially after their respective governments watch with great anticipation on how the current situation in Egypt and Tunisia unfolds. Nail biting times for many of the less developed countries facing inflationary pressures. Capital controls, interest rates, food price caps etc are all going to come out this year and trust me, its all not good for the markets. Look at the Asian market performance for this year. India is down 10% for Jan alone! Indo and Philippines are down 5% each. Things do not look good for these markets. Asia has underperformed the developed markets currently and that is something which has made many strategists look stupid recently.
One other consequence of the current unrest in the middle east is the upward pressure on the oil price as investors anticipate supply disruptions from the largest producers in the region. Pay attention to the other kingdoms in the middle east as they start to worry about the stability of their rule. Interesting times for sure. Some how all these events happening within the first month of the year gives me a feeling that we are in for a very interesting year indeed.
When there is fear, there will be opportunity. So not to worry, the market will always provide chances for us to profit, question is whether you have the guts to do so.
As Chinese New Year is just round the corner, many people are asking me whether there will be a nice new year rally after we welcome the year of the Rabbit. I will say that we are at a very unique juncture in the Singapore market. We have the general election coming up so the sentiment on the government linked companies are going to be positive. On the flip side, the US and European markets are due for a correction as they have had a couple of good months. That is why I am leaning towards some prolonged weakness in February. If I were a gambling man, I would put my bets on a better March.
Earnings season in the US is currently in full motion but the results have been some what disappointing. This is due to the overly positive earnings estimates by analysts which is just silly. From a seasoned market watcher point of view, earnings estimates are just a waste of time. Why don't they just keep their mouths shut and let the companies announce their earnings and you can be a judge of how they do and determine whether the results are favorable in your view. Overall I still like what I see in terms of earnings in absolute terms. The companies are still generating positive cashflows and delivering decent earnings growth. With that in mind, I still think stocks are still looking attractive. Of course they are no longer considered cheap but I believe you are still better off holding companies with strong fundamentals than in cash.
Singapore earnings season has started but it will only hit full steam ahead after the CNY celebrations. Keppel Corp has delivered fantastic earnings and given their shareholders a nice surprise in the form of a good dividend and bonus issue. Lets hope there will be more positive surprises like this from other companies. Overall picture should still remain robust but do not expect the market to rally substantially on earnings because most of it has been factored into the stock prices.
A close friend of mine asked for my opinion on the draconian measures placed by the Singapore govt on the property market. 16% stamp duty? My goodness, have you heard of such drastic measures? They might as well just say that no one is allowed to buy a second property unless they can pay all of it in cash. Personally, I disagree with the govt's move because I am a believer of free markets and the only intervening they should do is in the public housing market rather than the private housing. But who am I to say? All I know is, this is going to slow down the market substantially over the short term but whether it will rein in the ultra hot market remains to be seen.
To me the biggest determinant of housing prices is interest rates so until we see housing loan rates reach the levels of 3,4,5 percent, we will not see prices drop drastically. The rental yields are still decent and if loan rates continue to be lower than the forecasted inflation rate of 3%, you are still looking at negative real interest rates and money will still be considered cheap. Thus I will only be really bearish when interest rates see aggressive moves upwards. In the mean time, the market will take some time to digest the new measures and expectations will take some time to adjust, but prices will not plunge. In terms of property developers, I believe a lot of them continue to have plenty of cash sitting on their balance sheets from the past 2 good years, thus they will not be too worried about lowering prices. I am more concerned about the smaller developers that have been aggressively trying to buy land and depleted most of their cash and now they may be hard pressed for liquidity. So if you are an investor of small time developers make sure you look carefully at their balance sheets in their upcoming earnings announcements.
One more thing which I just have to point out that S&P downgraded Japanese debt rating to AA- during the week. Talk about being pretentious. An american ratings company downgrading an Asian country, a classic example of the pot calling the kettle black. This could be the turning point of the Jap Yen and I believe this could be the year when we see weakness in the Yen after so many years of gravity defying moves up. What does that mean? A good year for Japanese stocks. Therefore for those who are looking to diversify out of Singapore stocks, this could be a good option.
As per what I always say, if the market pulls back, take it as a chance to buy more because we will continue to thread upwards albeit at a slower pace. European markets have looked stronger and calmer with Spain being the top performer at 9% returns since the start of the year. Gold as a safe haven asset has fallen close to US$1300 per ounce due to the stronger conviction that the global economy is on the right track. The longer term yields on government bonds have risen substantially over the past couple of months creating some buying interest as investors get lured by the higher yields but this is a mistake as inflation chips away all the yield that they may get over 10-30 years offered by government bonds.
The theme for the first half of this year will revolve all around inflation and how governments deal with it. So while you are investing, you may want to keep this on top of your decision making process. Companies that are able to transfer their costs to the final customer easily will come out of this period relatively unscathed. Bear that in mind. That is all I have for this week.
Have a great CNY and prosperous returns to all of you!
Best,
SVI
Friday, January 28, 2011
Thursday, January 27, 2011
Midweek post, another speech to inspire all of you, just as you are getting bored to tears by the market.
Due to the overwhelming response to the great Steve Jobs speech which I posted over the weekend. I have decided to post another one for all of your reading pleasure. Do not worry, I will definitely be posting something over the weekend. But this is just a little extra curricular for me.
This is a speech by my favourite writer Adrian Tan. Some of you may know him from his Teenage Textbook and Workbooks published more than 20 years ago. It is hilarious while at the same time very meaningful.
Till the weekend then. Have a great Friday ahead!
Adrian Tan Speech at 2008 NTU Convocation
Title: Life and how to survive it.
I must say thank you to the faculty and staff of the Wee Kim Wee
School of Communication and Information for inviting me to give your
convocation address. It’s a wonderful honor and a privilege for me to
speak here for ten minutes without fear of contradiction, defamation
or retaliation. I say this as a Singaporean and more so as a husband.
My wife is a wonderful person and perfect in every way except one. She
is the editor of a magazine. She corrects people for a living. She has
honed her expert skills over a quarter of a century, mostly by
practising at home during conversations between her and me.
On the other hand, I am a litigator. Essentially, I spend my day
telling people how wrong they are. I make my living being
disagreeable.
Nevertheless, there is perfect harmony in our matrimonial home. That
is because when an editor and a litigator have an argument, the one
who triumphs is always the wife.
And so I want to start by giving one piece of advice to the men: when
you’ve already won her heart, you don’t need to win every argument.
Marriage is considered one milestone of life. Some of you may already
be married. Some of you may never be married. Some of you will be
married. Some of you will enjoy the experience so much, you will be
married many, many times. Good for you.
The next big milestone in your life is today: your graduation. The end
of education. You’re done learning.
You’ve probably been told the big lie that “Learning is a lifelong
process” and that therefore you will continue studying and taking
masters’ degrees and doctorates and professorships and so on. You know
the sort of people who tell you that? Teachers. Don’t you think there
is some measure of conflict of interest? They are in the business of
learning, after all. Where would they be without you? They need you to
be repeat customers.
The good news is that they’re wrong.
The bad news is that you don’t need further education because your
entire life is over. It is gone. That may come as a shock to some of
you. You’re in your teens or early twenties. People may tell you that
you will live to be 70, 80, 90 years old. That is your life
expectancy.
I love that term: life expectancy. We all understand the term to mean
the average life span of a group of people. But I’m here to talk about
a bigger idea, which is what you expect from your life.
You may be very happy to know that Singapore is currently ranked as
the country with the third highest life expectancy. We are behind
Andorra and Japan, and tied with San Marino. It seems quite clear why
people in those countries, and ours, live so long. We share one thing
in common: our football teams are all hopeless. There’s very little
danger of any of our citizens having their pulses raised by watching
us play in the World Cup. Spectators are more likely to be lulled into
a gentle and restful nap.
Singaporeans have a life expectancy of 81.8 years. Singapore men live
to an average of 79.21 years, while Singapore women live more than
five years longer, probably to take into account the additional time
they need to spend in the bathroom.
So here you are, in your twenties, thinking that you’ll have another
40 years to go. Four decades in which to live long and prosper.
Bad news. Read the papers. There are people dropping dead when they’re
50, 40, 30 years old. Or quite possibly just after finishing their
convocation. They would be very disappointed that they didn’t meet
their life expectancy.
I’m here to tell you this. Forget about your life expectancy.
After all, it’s calculated based on an average. And you never, ever
want to expect being average.
Revisit those expectations. You might be looking forward to working,
falling in love, marrying, raising a family. You are told that, as
graduates, you should expect to find a job paying so much, where your
hours are so much, where your responsibilities are so much.
That is what is expected of you. And if you live up to it, it will be
an awful waste.
If you expect that, you will be limiting yourself. You will be living
your life according to boundaries set by average people. I have
nothing against average people. But no one should aspire to be them.
And you don’t need years of education by the best minds in Singapore
to prepare you to be average.
What you should prepare for is mess. Life’s a mess. You are not
entitled to expect anything from it. Life is not fair. Everything does
not balance out in the end. Life happens, and you have no control over
it. Good and bad things happen to you day by day, hour by hour, moment
by moment. Your degree is a poor armour against fate.
Don’t expect anything. Erase all life expectancies. Just live. Your
life is over as of today. At this point in time, you have grown as
tall as you will ever be, you are physically the fittest you will ever
be in your entire life and you are probably looking the best that you
will ever look. This is as good as it gets. It is all downhill from
here. Or up. No one knows.
What does this mean for you? It is good that your life is over.
Since your life is over, you are free. Let me tell you the many
wonderful things that you can do when you are free.
The most important is this: do not work.
Work is anything that you are compelled to do. By its very nature, it
is undesirable.
Work kills. The Japanese have a term “Karoshi”, which means death from
overwork. That’s the most dramatic form of how work can kill. But it
can also kill you in more subtle ways. If you work, then day by day,
bit by bit, your soul is chipped away, disintegrating until there’s
nothing left. A rock has been ground into sand and dust.
There’s a common misconception that work is necessary. You will meet
people working at miserable jobs. They tell you they are “making a
living”. No, they’re not. They’re dying, frittering away their
fast-extinguishing lives doing things which are, at best, meaningless
and, at worst, harmful.
People will tell you that work ennobles you, that work lends you a
certain dignity. Work makes you free. The slogan “Arbeit macht frei”
was placed at the entrances to a number of Nazi concentration camps.
Utter nonsense.
Do not waste the vast majority of your life doing something you hate
so that you can spend the small remainder sliver of your life in
modest comfort. You may never reach that end anyway.
Resist the temptation to get a job. Instead, play. Find something you
enjoy doing. Do it. Over and over again. You will become good at it
for two reasons: you like it, and you do it often. Soon, that will
have value in itself.
I like arguing, and I love language. So, I became a litigator. I enjoy
it and I would do it for free. If I didn’t do that, I would’ve been in
some other type of work that still involved writing fiction – probably
a sports journalist.
So what should you do? You will find your own niche. I don’t imagine
you will need to look very hard. By this time in your life, you will
have a very good idea of what you will want to do. In fact, I’ll go
further and say the ideal situation would be that you will not be able
to stop yourself pursuing your passions. By this time you should know
what your obsessions are. If you enjoy showing off your knowledge and
feeling superior, you might become a teacher.
Find that pursuit that will energise you, consume you, become an
obsession. Each day, you must rise with a restless enthusiasm. If you
don’t, you are working.
Most of you will end up in activities which involve communication. To
those of you I have a second message: be wary of the truth. I’m not
asking you to speak it, or write it, for there are times when it is
dangerous or impossible to do those things. The truth has a great
capacity to offend and injure, and you will find that the closer you
are to someone, the more care you must take to disguise or even
conceal the truth. Often, there is great virtue in being evasive, or
equivocating. There is also great skill. Any child can blurt out the
truth, without thought to the consequences. It takes great maturity to
appreciate the value of silence.
In order to be wary of the truth, you must first know it. That
requires great frankness to yourself. Never fool the person in the
mirror.
I have told you that your life is over, that you should not work, and
that you should avoid telling the truth. I now say this to you: be
hated.
It’s not as easy as it sounds. Do you know anyone who hates you? Yet
every great figure who has contributed to the human race has been
hated, not just by one person, but often by a great many. That hatred
is so strong it has caused those great figures to be shunned, abused,
murdered and in one famous instance, nailed to a cross.
One does not have to be evil to be hated. In fact, it’s often the case
that one is hated precisely because one is trying to do right by one’s
own convictions. It is far too easy to be liked, one merely has to be
accommodating and hold no strong convictions. Then one will gravitate
towards the centre and settle into the average. That cannot be your
role. There are a great many bad people in the world, and if you are
not offending them, you must be bad yourself. Popularity is a sure
sign that you are doing something wrong.
The other side of the coin is this: fall in love.
I didn’t say “be loved”. That requires too much compromise. If one
changes one’s looks, personality and values, one can be loved by
anyone.
Rather, I exhort you to love another human being. It may seem odd for
me to tell you this. You may expect it to happen naturally, without
deliberation. That is false. Modern society is anti-love. We’ve taken
a microscope to everyone to bring out their flaws and shortcomings. It
far easier to find a reason not to love someone, than otherwise.
Rejection requires only one reason. Love requires complete acceptance.
It is hard work – the only kind of work that I find palatable.
Loving someone has great benefits. There is admiration, learning,
attraction and something which, for the want of a better word, we call
happiness. In loving someone, we become inspired to better ourselves
in every way. We learn the truth worthlessness of material things. We
celebrate being human. Loving is good for the soul.
Loving someone is therefore very important, and it is also important
to choose the right person. Despite popular culture, love doesn’t
happen by chance, at first sight, across a crowded dance floor. It
grows slowly, sinking roots first before branching and blossoming. It
is not a silly weed, but a mighty tree that weathers every storm.
You will find, that when you have someone to love, that the face is
less important than the brain, and the body is less important than the
heart.
You will also find that it is no great tragedy if your love is not
reciprocated. You are not doing it to be loved back. Its value is to
inspire you.
Finally, you will find that there is no half-measure when it comes to
loving someone. You either don’t, or you do with every cell in your
body, completely and utterly, without reservation or apology. It
consumes you, and you are reborn, all the better for it.
Don’t work. Avoid telling the truth. Be hated. Love someone.
How very true....
Best,
SVI
This is a speech by my favourite writer Adrian Tan. Some of you may know him from his Teenage Textbook and Workbooks published more than 20 years ago. It is hilarious while at the same time very meaningful.
Till the weekend then. Have a great Friday ahead!
Adrian Tan Speech at 2008 NTU Convocation
Title: Life and how to survive it.
I must say thank you to the faculty and staff of the Wee Kim Wee
School of Communication and Information for inviting me to give your
convocation address. It’s a wonderful honor and a privilege for me to
speak here for ten minutes without fear of contradiction, defamation
or retaliation. I say this as a Singaporean and more so as a husband.
My wife is a wonderful person and perfect in every way except one. She
is the editor of a magazine. She corrects people for a living. She has
honed her expert skills over a quarter of a century, mostly by
practising at home during conversations between her and me.
On the other hand, I am a litigator. Essentially, I spend my day
telling people how wrong they are. I make my living being
disagreeable.
Nevertheless, there is perfect harmony in our matrimonial home. That
is because when an editor and a litigator have an argument, the one
who triumphs is always the wife.
And so I want to start by giving one piece of advice to the men: when
you’ve already won her heart, you don’t need to win every argument.
Marriage is considered one milestone of life. Some of you may already
be married. Some of you may never be married. Some of you will be
married. Some of you will enjoy the experience so much, you will be
married many, many times. Good for you.
The next big milestone in your life is today: your graduation. The end
of education. You’re done learning.
You’ve probably been told the big lie that “Learning is a lifelong
process” and that therefore you will continue studying and taking
masters’ degrees and doctorates and professorships and so on. You know
the sort of people who tell you that? Teachers. Don’t you think there
is some measure of conflict of interest? They are in the business of
learning, after all. Where would they be without you? They need you to
be repeat customers.
The good news is that they’re wrong.
The bad news is that you don’t need further education because your
entire life is over. It is gone. That may come as a shock to some of
you. You’re in your teens or early twenties. People may tell you that
you will live to be 70, 80, 90 years old. That is your life
expectancy.
I love that term: life expectancy. We all understand the term to mean
the average life span of a group of people. But I’m here to talk about
a bigger idea, which is what you expect from your life.
You may be very happy to know that Singapore is currently ranked as
the country with the third highest life expectancy. We are behind
Andorra and Japan, and tied with San Marino. It seems quite clear why
people in those countries, and ours, live so long. We share one thing
in common: our football teams are all hopeless. There’s very little
danger of any of our citizens having their pulses raised by watching
us play in the World Cup. Spectators are more likely to be lulled into
a gentle and restful nap.
Singaporeans have a life expectancy of 81.8 years. Singapore men live
to an average of 79.21 years, while Singapore women live more than
five years longer, probably to take into account the additional time
they need to spend in the bathroom.
So here you are, in your twenties, thinking that you’ll have another
40 years to go. Four decades in which to live long and prosper.
Bad news. Read the papers. There are people dropping dead when they’re
50, 40, 30 years old. Or quite possibly just after finishing their
convocation. They would be very disappointed that they didn’t meet
their life expectancy.
I’m here to tell you this. Forget about your life expectancy.
After all, it’s calculated based on an average. And you never, ever
want to expect being average.
Revisit those expectations. You might be looking forward to working,
falling in love, marrying, raising a family. You are told that, as
graduates, you should expect to find a job paying so much, where your
hours are so much, where your responsibilities are so much.
That is what is expected of you. And if you live up to it, it will be
an awful waste.
If you expect that, you will be limiting yourself. You will be living
your life according to boundaries set by average people. I have
nothing against average people. But no one should aspire to be them.
And you don’t need years of education by the best minds in Singapore
to prepare you to be average.
What you should prepare for is mess. Life’s a mess. You are not
entitled to expect anything from it. Life is not fair. Everything does
not balance out in the end. Life happens, and you have no control over
it. Good and bad things happen to you day by day, hour by hour, moment
by moment. Your degree is a poor armour against fate.
Don’t expect anything. Erase all life expectancies. Just live. Your
life is over as of today. At this point in time, you have grown as
tall as you will ever be, you are physically the fittest you will ever
be in your entire life and you are probably looking the best that you
will ever look. This is as good as it gets. It is all downhill from
here. Or up. No one knows.
What does this mean for you? It is good that your life is over.
Since your life is over, you are free. Let me tell you the many
wonderful things that you can do when you are free.
The most important is this: do not work.
Work is anything that you are compelled to do. By its very nature, it
is undesirable.
Work kills. The Japanese have a term “Karoshi”, which means death from
overwork. That’s the most dramatic form of how work can kill. But it
can also kill you in more subtle ways. If you work, then day by day,
bit by bit, your soul is chipped away, disintegrating until there’s
nothing left. A rock has been ground into sand and dust.
There’s a common misconception that work is necessary. You will meet
people working at miserable jobs. They tell you they are “making a
living”. No, they’re not. They’re dying, frittering away their
fast-extinguishing lives doing things which are, at best, meaningless
and, at worst, harmful.
People will tell you that work ennobles you, that work lends you a
certain dignity. Work makes you free. The slogan “Arbeit macht frei”
was placed at the entrances to a number of Nazi concentration camps.
Utter nonsense.
Do not waste the vast majority of your life doing something you hate
so that you can spend the small remainder sliver of your life in
modest comfort. You may never reach that end anyway.
Resist the temptation to get a job. Instead, play. Find something you
enjoy doing. Do it. Over and over again. You will become good at it
for two reasons: you like it, and you do it often. Soon, that will
have value in itself.
I like arguing, and I love language. So, I became a litigator. I enjoy
it and I would do it for free. If I didn’t do that, I would’ve been in
some other type of work that still involved writing fiction – probably
a sports journalist.
So what should you do? You will find your own niche. I don’t imagine
you will need to look very hard. By this time in your life, you will
have a very good idea of what you will want to do. In fact, I’ll go
further and say the ideal situation would be that you will not be able
to stop yourself pursuing your passions. By this time you should know
what your obsessions are. If you enjoy showing off your knowledge and
feeling superior, you might become a teacher.
Find that pursuit that will energise you, consume you, become an
obsession. Each day, you must rise with a restless enthusiasm. If you
don’t, you are working.
Most of you will end up in activities which involve communication. To
those of you I have a second message: be wary of the truth. I’m not
asking you to speak it, or write it, for there are times when it is
dangerous or impossible to do those things. The truth has a great
capacity to offend and injure, and you will find that the closer you
are to someone, the more care you must take to disguise or even
conceal the truth. Often, there is great virtue in being evasive, or
equivocating. There is also great skill. Any child can blurt out the
truth, without thought to the consequences. It takes great maturity to
appreciate the value of silence.
In order to be wary of the truth, you must first know it. That
requires great frankness to yourself. Never fool the person in the
mirror.
I have told you that your life is over, that you should not work, and
that you should avoid telling the truth. I now say this to you: be
hated.
It’s not as easy as it sounds. Do you know anyone who hates you? Yet
every great figure who has contributed to the human race has been
hated, not just by one person, but often by a great many. That hatred
is so strong it has caused those great figures to be shunned, abused,
murdered and in one famous instance, nailed to a cross.
One does not have to be evil to be hated. In fact, it’s often the case
that one is hated precisely because one is trying to do right by one’s
own convictions. It is far too easy to be liked, one merely has to be
accommodating and hold no strong convictions. Then one will gravitate
towards the centre and settle into the average. That cannot be your
role. There are a great many bad people in the world, and if you are
not offending them, you must be bad yourself. Popularity is a sure
sign that you are doing something wrong.
The other side of the coin is this: fall in love.
I didn’t say “be loved”. That requires too much compromise. If one
changes one’s looks, personality and values, one can be loved by
anyone.
Rather, I exhort you to love another human being. It may seem odd for
me to tell you this. You may expect it to happen naturally, without
deliberation. That is false. Modern society is anti-love. We’ve taken
a microscope to everyone to bring out their flaws and shortcomings. It
far easier to find a reason not to love someone, than otherwise.
Rejection requires only one reason. Love requires complete acceptance.
It is hard work – the only kind of work that I find palatable.
Loving someone has great benefits. There is admiration, learning,
attraction and something which, for the want of a better word, we call
happiness. In loving someone, we become inspired to better ourselves
in every way. We learn the truth worthlessness of material things. We
celebrate being human. Loving is good for the soul.
Loving someone is therefore very important, and it is also important
to choose the right person. Despite popular culture, love doesn’t
happen by chance, at first sight, across a crowded dance floor. It
grows slowly, sinking roots first before branching and blossoming. It
is not a silly weed, but a mighty tree that weathers every storm.
You will find, that when you have someone to love, that the face is
less important than the brain, and the body is less important than the
heart.
You will also find that it is no great tragedy if your love is not
reciprocated. You are not doing it to be loved back. Its value is to
inspire you.
Finally, you will find that there is no half-measure when it comes to
loving someone. You either don’t, or you do with every cell in your
body, completely and utterly, without reservation or apology. It
consumes you, and you are reborn, all the better for it.
Don’t work. Avoid telling the truth. Be hated. Love someone.
How very true....
Best,
SVI
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