To The Moon

Iggy's Journal: Retirement Now Needs 25 Years Of Funding. Here's What That Actually Changes. 26 August 2026, PM Podcast Release: New long-form piece up now. Twenty to twenty-five years isn't just a longer retirement, it's a genuinely different problem. Reaching a savings target and sustaining an income system through multiple market cycles aren't the same challenge, and I think a lot of retirement planning still treats them as if they were. The uncomfortable tension I keep circling back to, consistency matters, but consistency without reviewing risk as drawdown approaches can build a false sense of security rather than remove one. My Personal Take: The question Angela and I actually want people sitting with isn't how much they've invested, it's how much of their long-term money is still pa

Iggy's Journal: Air India Is Reportedly Asking For US$1.5 Billion. This One's Too Big To Skip. 26 August 2026, PM Podcast Release: New Iggy Answers episode up now. A Reuters report says Air India is asking both Tata Sons and Singapore Airlines for roughly US$1.5 billion in fresh equity, months after posting a record US$2.33 billion combined loss. Nothing's confirmed, SIA declined to comment specifically on Air India's finances, and no board decision has been disclosed. But the size of the ask is what moves this from background noise to something worth actually discussing, this isn't paper losses anymore, it's a potential cash call. My Personal Take: I don't usually build a full episode around an unconfirmed report, but the scale here is hard to just file away quietly. SIA owns roughly 25 p

Iggy's Journal: The Word "Retail REIT" Doesn't Mean What You Think It Means Anymore 26 August 2026, PM Podcast Release: New video up now, Angela's doing a proper stock-take of Singapore's retail REIT landscape for 2026, sector by sector. Six trusts under the same "retail REIT" label, six genuinely different years. One changed its name in March. Another saw its unit price fall even as distributions rose 10.2 percent. Sasseur's DPU grew double digits on occupancy near 98 percent and gearing around 25 percent. FCT's revenue jumped 20 percent, but DPU rose just 1.4 percent once dilution was accounted for. Angela's Observation: What struck me going through this is how little the sector label actually tells you once you sit two of these trusts side by side. If you're holding a few retail REITs b

Iggy's Journal: STI Had A Strong Day, And Three Familiar Names Did The Heavy Lifting 26 August 2026, AM Overnight Read: Wall Street rebounded Tuesday, Dow up 0.30% to 53,577.40, S&P up 0.32%, Nasdaq up 0.66%, helped by crude oil falling nearly 5% on signs Iran may be open to negotiations, even as new US sanctions against Iran were announced the same day. Back home, STI gained 0.97% to close at 5,735.68, led by Seatrium (+3.35%), OCBC (+1.84%), and Singtel (+1.58%). Separately, SingStat reported household net worth grew 6.8% year-on-year in Q2, assets up 7.0%, though household liabilities grew faster still, 8.3%, driven by mortgage and personal loans. Personal disposable income rose 6.9%, while the household saving rate moderated to 32.3% from 39.1% the quarter before. My Personal T

Iggy's Journal: A 4.5% Yield Sounds Fine, Until You Check What It's Actually Buying 25 August 2026, PM Podcast Release: New long-form piece up now. Singapore's headline inflation hit 2.2 percent in July, but the detail that matters more than the headline is where it's showing up, electricity, food, and services, the recurring bills that don't fade the way a one-off number does. This isn't a piece about redrawing any zone verdict, nothing here changes a single existing call. It's a different question entirely, whether an unchanged dividend still covers the same life it used to. My Personal Take: A 4.5 percent portfolio yield still sounds solid on paper, but it has meaningfully less room above a 2.0 percent core inflation print than it did a year ago, and that gap is the actual thing worth w

Iggy's Journal: AEM's Yield Just Went Up. That Should Worry You, Not Comfort You. 25 August 2026, PM Podcast Release: New episode up now. AEM's dividend hasn't changed, but the calculated yield rose from around 3.36 percent to 4.07 percent because the share price fell from roughly S$11 to S$9.10. The ratio improved while the market was apparently pricing the business lower, and I don't have a fresh filing yet that explains the drop. Even at the improved 4.07 percent, it still misses my 4.7 percent hurdle. Iggy's Forensic Zone: Zone 4-, Caution. My Personal Take: This is exactly the kind of number I want people to be suspicious of, not comforted by. A rising yield driven by a falling price isn't the business getting more generous, it's the market getting less confident, and those look ident

Iggy's Journal: Eight Big Announcements Last Night. Three Actually Touch My Ledger, And None Of Them Move A Zone. 24 August 2026, PM Podcast Release: Angela and I went through all eight National Day Rally announcements on today's episode, not to find a stock angle in everything, but to be honest about where one genuinely doesn't exist. Childcare leave, the child support package, the BTO income ceiling, teen social media rules, none of that touches anything I track, and we said so plainly rather than force it. Three items do connect to names already in my coverage, the new western island and Tekong tunnel studies touch Keppel and ST Engineering, both already Zone 5. The autonomous vehicle push touches ComfortDelGro, already Zone 4 on a gearing failure. The US tariff conversation touches the

Iggy's Journal: The S-REIT Selloff Nobody's Talking About: Why It's Not Singapore's Fault 23 August 2026, PM Macro Read: S-REITs are down 7.1 percent this year while the STI has been setting fresh record highs, a 29 percentage point gap. That's not a Singapore problem, it's US Treasury yields repricing REIT valuation models everywhere, regardless of what our own 10-year SGS is doing. Two data centre REITs clear the same 4.7 percent yield hurdle and still land in different zones. Keppel DC REIT sits at Zone 4, Caution. Mapletree Industrial Trust sits at Zone 4-. One locked 87 percent of its debt at 2.6 to 2.7 percent before this cycle started. The other saw floating-rate exposure jump from 11.4 to 26.7 percent in a single quarter. The hedge ratio is doing more work here than the trailing yi

Iggy's Journal: The S-REIT Selloff Nobody's Talking About: Why It's Not Singapore's Fault 23 August 2026, PM Macro Read: S-REITs are down 7.1 percent this year while the STI has been setting fresh record highs, a 29 percentage point gap. That's not a Singapore problem, it's US Treasury yields repricing REIT valuation models everywhere, regardless of what our own 10-year SGS is doing. Two data centre REITs clear the same 4.7 percent yield hurdle and still land in different zones. Keppel DC REIT sits at Zone 4, Caution. Mapletree Industrial Trust sits at Zone 4-. One locked 87 percent of its debt at 2.6 to 2.7 percent before this cycle started. The other saw floating-rate exposure jump from 11.4 to 26.7 percent in a single quarter. The hedge ratio is doing more work here than the trailing yi

Iggy's Journal: Sasseur REIT Is The Only Zone 1 Name On My List Right Now. Why Is That? 22 August 2026, PM The Screen: One REIT clears every hard gate on my list right now, Sasseur REIT. Yield at 9.28%, gearing around 25%, occupancy at 98.5%. Distribution up 10.2%, cost of debt down to 3.9%. On the numbers I have, this is a Zone 1 read. My Personal Take: I'm not calling it locked yet, and I want to be upfront about why. The coverage ratio has two conflicting readings on file, 5.0x from one source and 5.6x from another, and I haven't confirmed which one actually matches how I calculate this everywhere else on my list. Fair value is the same story, no auditable figure with a timestamp I'm willing to stand behind yet. Both readings still clear my floor either way, so the zone call itself isn'