A Rare Window into How We Invest
INVESTOR LETTER · 3 AUGUST 2026
Something unusual happened in July. The strongest part of the global market became, for three weeks, the weakest. Semiconductor and AI-related shares, which had led equities for more than a year, fell hard and fast, and the selling reached from the United States to Korea, Japan and China within days.
When markets move like this, most commentary rushes to tell you what happened. We would rather use the moment differently. A sharp correction is one of the few occasions when an investment process becomes visible in real time: what an investment adviser does when prices fall reveals far more than what they say when prices rise. So this piece is less a market update than a window into how we think.
THE FACTS
The main semiconductor index fell more than 20% from its June peak. That sounds alarming until you remember where prices were coming from: the same index had roughly doubled over the previous twelve months, and some individual names had risen several hundred percent. After gains of that size, a sharp pullback is not a verdict on an industry. It is how markets digest very large advances. They always have.
But there is a stranger fact sitting underneath the headlines, and it shapes our entire reading of this correction: company profits went up while share prices went down. The selling was not triggered by bad news from the businesses themselves. During the very weeks their shares were falling, the world's leading chipmakers reported some of the strongest results in their history. One posted a quarterly profit among the largest any company has ever recorded. Another reported record revenue with its production fully booked for the year ahead, and its shares fell double digits in a single session anyway.
When excellent results meet falling prices, the business has not disappointed. Expectations had simply run ahead of even excellent results, helped along by a more hawkish central bank and a nervous mood. That is a valuation correction, not a fundamental one. The world's demand for computing did not fall in July. Only the prices did.
THE AMAZON STORY
Amazon's Tri-Cities expansion — building capacity ahead of demand.
Whenever spending on a new technology reaches historic scale, the word “bubble” appears. It deserves a serious answer, and the best answer we know is not an argument. It is a story most investors think they remember, but whose lesson is easy to forget.
Through the late 1990s and 2000s, Amazon poured every available dollar into fulfilment centres, logistics networks and, later, the data centres of its cloud business. Because it reinvested everything, it reported losses or razor-thin profits year after year. In 2000 alone it lost US$1.4 billion. Commentators called the spending reckless. Some called Amazon a bubble stock that would never earn real money. For nearly two decades, the sceptics appeared to be right.
Source: Amazon annual reports. Figures are approximate and shown for illustration.
Then the arithmetic turned. Once the network was built, each additional parcel and each additional cloud customer travelled over infrastructure that already existed. Spending fell relative to revenue, and profits inflected: from around US$600 million in 2015 to roughly US$59 billion by 2024, close to a hundredfold increase in under a decade. The share price followed the profits, as it eventually always does.
The investors who were rewarded were not the ones who avoided Amazon during its heavy-spending years. They were the ones who understood what the spending was building. The spending was never the problem. The spending was the moat: infrastructure so large and so efficient that no competitor could replicate it.
WHY WE BELIEVE TODAY RHYMES
Today, the largest technology companies are spending historic sums building AI computing capacity, and their share prices are being punished for it, just as Amazon's once was. The natural question is whether this time the money is chasing demand that will never arrive, as happened with telecom fibre around the year 2000.
Here is the difference, and in our view it is decisive: this time the demand is arriving first, and the capacity is chasing it. The clearest illustration came the same week the correction bottomed, when Alphabet reported that customers have already signed contracts worth more than half a trillion US dollars for cloud computing it has not yet been able to deliver. That figure is not a forecast, not a hope, and not an analyst's estimate. It is demand that exists on paper and simply waits for the capacity to be built. Across the industry, the same picture repeats: memory production sold out a year or more ahead, order books at record levels.
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More than half a trillion dollars of signed cloud contracts — demand Alphabet cannot yet deliver, not a forecast of demand it hopes to find. |
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Bubbles are built on hope. This buildout is built on order books. |
HOW WE INVEST THROUGH IT
None of this means prices cannot swing violently along the way. July proved they can, and there will be more months like it. What matters is whether a portfolio is built to withstand those swings without being forced into bad decisions. The portfolios we advise are, and in three deliberate ways.
We own both sides of the cheque. The technology giants write enormous cheques for AI infrastructure, and somebody receives them: the chipmakers, the memory producers, the equipment and supply chain behind them. We hold the cheque writers and the cheque receivers together, so we do not need to guess which single layer of the AI economy captures the most value. If value migrates from one layer to another, as it often does in technology, we participate either way.
We surround the growth engine with shock absorbers. The AI holdings sit inside a structure that also holds established compounders whose earnings do not depend on the AI trade at all, together with meaningful allocations to gold, bonds and cash. Each has a job: gold as insurance against inflation and geopolitical shocks, bonds for income and ballast, cash for the freedom to act when opportunity appears. A large part of the portfolio exists not to participate in the AI theme but to protect it. That is why a 20% correction is something we can study calmly rather than react to.
We decide in advance what would change our mind. Discipline is easy to claim and hard to verify, so we state our tests openly. We would reassess the AI allocation if cloud order books stopped growing, if the big spenders cut their plans because customer demand disappointed, if memory pricing rolled over because supply caught up, or if the returns on all this invested capital began to deteriorate rather than improve. In July, none of those things happened. Demand rose. Earnings rose. Order books rose. Prices fell. Price volatility alone is not a reason to abandon a thesis the underlying data keeps confirming.
CLOSING THOUGHTS
Corrections inside powerful long-term trends are uncomfortable, but they are the price of admission. Amazon's shareholders endured many of them on the way to extraordinary returns, and the ones who were rewarded were those who understood what the spending was building. We believe the same discipline applies today.
Long-term investing does not require complexity. It requires clarity about what you own, discipline about why you own it, and honesty about what would make you change your mind. We hope this letter has given you a genuine look at all three. If you would like to discuss how these ideas apply to your own plans, we encourage you to speak with your financial consultant.
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AT A GLANCE ✦ July's correction was a valuation reset, not a fundamental one — chipmaker profits and order books rose even as prices fell. ✦ The Amazon precedent: heavy build-years are often mistaken for bubbles, but the investors rewarded were the ones who understood what the spending was building. ✦ We hold both sides of the AI value chain, surround it with gold, bonds, cash and non-AI compounders, and have stated in advance exactly what would change our mind. |
With warm regards,
Unicorn InvesCo
NOTE AND SOURCE
Figures cited in this article are drawn from public sources including company earnings releases and earnings calls, Bloomberg, Reuters, CNBC, the Wall Street Journal, the Financial Times and FactSet, and reflect information available as at late July 2026. Chart figures are approximate and shown for illustration. This article is for information only and does not constitute investment advice or a recommendation of any security. Past performance is not indicative of future results.
02-14. There is a room on the second floor of the Unicorn Building, if you walked past it, you would probably mistake it for just another office.
White tables. A sole Bloomberg Terminal humming quietly in the corner. Coffee cups that never seemed to stay empty for very long. Wires snaking across desks. Half-finished company one-pagers left open on someone’s laptop screen. A whiteboard carrying ideas that would (hopefully) translate into alpha-generating investment theses.
To most people, it was Unit 02-14. To me, however, it slowly became something different. A place where I would find curiosity if it were to have an address.
Every Monday and Friday, the team and I gathered for training sessions. Actually, calling it ‘training’ almost feels misleading to me now. I had expected PPT slides and structured lessons coming my way. Instead, I got the opportunity to participate in such rich conversations. One moment, Julian, Senior Investment Lead, would be sharing why, when AI can think but not want, the questions you ask become the last thing that’s scarce. Before I had even finished writing down the point and how I should learn from it, we were somehow talking about Nietzsche. The next would be about Hyperliquid and Bitcoin. Then AI. Then fitness and health philosophies. Then Mongolia and Julian’s travel experience there. These conversations simply flowed because every subject somehow or the other connected back to the central question which was the pattern I saw emerging: How do thoughtful and curious people think?
Julian spent more than two decades as an institutional portfolio manager. That experience certainly shined. But what grounded all of us interns more was that his curiosity has survived success. He still asked questions. Like curious kids do. Still experimented with new AI tools before most people had heard of them. Still became excited over obscure market structures. Still shared travel photographs with the same enthusiasm as significant investment charts. These served as poignant reminders to me. To travel while we’re still in the capacity to explore fully. To collect and cherish experiences before significant responsibilities come our way. He once told us that looking back, time has become more valuable than money. And this sentence stayed with me since then.
On the contrary, Mr Seow Kek Wee, our Chief Investment Officer, taught differently. Given that Julian expanded the way we thought, Mr Seow quietly shaped the way we behaved and conducted ourselves. His lessons arrived in the most ordinary of moments. One evening, I admitted that I hadn’t properly documented a process another colleague had explained. It was an honest mistake. His response was simple. Far from what I’d expected. “Always assume people will only teach you once. Write things down. Ask questions immediately, and don’t rely on memory.” I found it difficult to believe that he wasn’t angered or annoyed. But gave me advice about taking complete responsibility, even in that moment. So, the assumption was that one’s future competence is one’s own responsibility. And that nobody owes one a second explanation. I think about that life lesson surprisingly often.
Even the office itself developed its own personality. There was always somebody presenting. Somebody wrestling with Bloomberg. Somebody trying to finish one more one-pager before the day ended. Somebody inevitably asking, ‘Are you done using Bloomberg?’. The Bloomberg Terminal quickly rose to governing significant authority over us interns. Thomas and Lincoln both somehow possessed an almost supernatural ability to already be using it whenever anyone else on the team needed it. It became an office joke that Thomas even monopolized it. But the Bloomberg Booking Sheet prevented Bloomberg diplomacy from Bloomberg warfare. Also, on another note, this could sound hopelessly nerdy to everyone else outside 02-14 but starting to use ASKB Bloomberg AI changed our morning workflow almost overnight. News summaries and market outlooks became much sharper, and prompt engineering quietly became another skill. Inside 02-14, this felt like discovering electricity.
Now, on the team. It seemed to always actively invest in sharing rather than gatekeeping knowledge. Every presentation or conversation invited inclusion, and of course, questions. Well, when I later asked them about their experience a common thread emerged despite all of us covering different sectors. So, here it is, in their own words:
Gracie (Investment Research Analyst, Sector: Financials): I truly felt honored to be able to work under the guidance of Julian and Kek Wee! From the weekly meetings to sharing of opinions on company news from various sectors, I have absorbed a lot of precious knowledge coming from their expertise. Being able to receive feedback from them directly has also been very helpful whenever I encounter difficulties in completing my tasks, especially since the team has made it a conducive environment to discuss thoughts and voice questions!
Thomas (Investment Research Analyst, Sector: Industrials): I really appreciate the training I’ve received under Julian and Kek Wee, whose guidance has shaped both my skills and my way of thinking. Their patience in explaining not just the method but also the rationale behind each decision has given me a foundation I continue to build on every day. They challenged me to think more rigorously, held me to a higher standard, and generously shared hard-won lessons that would have taken me years to learn on my own. I will always be thankful for their investment in my growth.
Radu (Investment Research Analyst, Sector: Healthcare): I have learned an incredible amount from both Julian and Kek Wee over the past two months. Through their mentorship, I’ve been able to take my high-level interest in the stock market and translate it into tangible, rigorous investment theses that can be directly applied in practice. It is rare to find mentors who are willing to break down complex market dynamics step-by-step, but their patience and continuous guidance have been invaluable. They are actively molding me into a more confident professional, and I feel vastly more prepared to enter the finance workforce thanks to their support.
Aanya (Investment Research Analyst, Sector: Consumer Staples): A typical day in the office started with catching up on the latest Bloomberg updates before diving into work, with plenty of learning along the way. Between Julian’s post-meeting stories, coffee runs to PLQ, Jeriel’s witty remarks, and Pamela dropping by, it was these little moments and people that made every day enjoyable.
Remarkably similar conclusions, no? Well, the real curriculum was never sector-specific but a way of thinking for all of us. People sometimes describe investing as learning to understand companies. I beg to differ that’s true anymore. At least to me. Companies are simply collections of people, and markets collections of decisions. Every investment thesis hence depends upon understanding how human beings behave under uncertainty. Perhaps that’s why our conversations so often wandered beyond finance. To become a better investor, one must first become a better observer of oneself, of trade-offs, of people. Overall, 02-14 and its people simply made growing feel like the most natural aspect of my journey at Unicorn.
To my fellow associates (referring to future associates)
Hi, I am Jewel, an intern, or as our mentors like to call it – an associate. On behalf of the other 26 interns, let me introduce us to you.
To date, each of us has spent on average 50 days (& counting) with Unicorn, which translates to 27,000 minutes (working). Not long, perhaps, but enough to open us to countless possibilities we hadn’t considered, forge bonds we didn’t see coming, create memories we never imagined and gain knowledge that changed us for the better.
Here’s how 50 days at Unicorn looks like.
‘Day 1’
11th May marked the start of my Summer at Unicorn. I remember arriving at Kampung Private Club to a room full of people in sharp black suits. Fresh out of A-Levels, in a t-shirt and pleated pants, I did feel that bit intimidated… The welcome session that followed however, quickly lifted up the atmosphere. Everyone was so friendly, chatty, and genuinely welcoming, my nervousness soon gave away to excitement.
I never expected that here, everyday, everyone would have smiles on their faces, and never knew that the warmth between people you meet in the workplace can run deep enough to feel like family.
‘The Exponential Learning’
Each week, we have multiple training sessions covering topics ranging from risk management to insurance planning. We were also each assigned a mentor who guided us, taught us, and answered all our burning questions. In corporate terms, your mentor is actually your “department supervisor” though the word “supervisor” hardly captures the warmth they brought to the role.
The Monday morning training sessions was where almost the whole company came together. As we sat alongside Family Wealth Consultants, absorbing not just what they said, but how they said it, and celebrating the small milestones with them. I also remember the first time the Family Wealth Consultants looked over at us- a cluster of 27 newcomers occupying a corner of the room, with big eyes. But with a warm smirk too. We were new, and we knew it. But we were welcome, and we knew that too.
And after many of these training sessions, I noticed that I was reflecting more deeply. Whether it was about who I was, what I wanted, or the kind of people I hope to become, self-discovery was a natural side effect of being here.
One of the sessions I’ll carry for a long time was by Xiaoqing. She walked us through personality types and how to understand and work with people who think and communicate differently from us. At first, it sounded like the kind of thing I would have brushed off, but today, it has changed how I approached conversations, presentations and disagreements.
Reading is also a consistent part of our experience. From Think and Grow Rich, to The Intelligent Investor and Di Zi Gui. Speaking of which; Di Zi Gui instilled values that were simple, yet reminded us of many small acts of courtesy and discipline that we had unknowingly overlooked. As William constantly reminds us, it is important that in life’s journey, we should never forget to be grateful for our roots. While many lessons came from books, many more came from the people here.
‘Work’
Our work dived into wealth protection and product comparisons, wealth planning for actual investor’s case studies, cashflow analysis, and equities portfolio research, with the idea of financial independence at the core. Tight deadlines and the pressure of proposals and presentations also meant that we were held to the standard of Family Wealth Consultants, not just students.
As a mentee under Xiaoqing, my responsibilities also included article writing, podcast marketing, and property investment research. Each taught me something different; how to communicate ideas and think beyond numbers.
But wait up, during all this work, we had the privilege to hear Ed Sheeren’s Hit ‘Eyes Closed’ play in the background.
‘Beyond’
Just as a family needs its reunion dinner, Unicorn makes sure we come together regularly. There were Johor Bahru get-together trips, monthly reunion dinners, and annual company events like the Annual Growth Celebration and Annual General Meeting (AGM)… and I’ll casually mention that the Annual Growth Celebration was my first ever karaoke experience!
Plus countless other moments, too many to list here.
What I’m Taking With Me
People often ask is a job in finance fast-paced? Yes, I would say – time flies by super fast, but you’ll fall in love with Unicorn even faster and grow with it without even realising. Then one day you’ll look back at who you were on Day 1, just like how I did in the t-shirt and the pleated pants, and realized the distance I had quietly covered.
I came in as an intern. I leave as someone who has had her values tested, her perspective widened, and her sense of purpose sharpened. This experience has not only given me clarity on the path I hope to take, but also the confidence to take it. Finance was the curriculum, Family was something I earned, and Life Experiences were the most memorable lessons I took with me. For my path ahead, I learnt to better appreciate every second with any people I meet, open up myself a lot more, and understand how to treat people like family.
At Unicorn, you don’t just climb your own ladder, you actually build it from scratch too, alongside people who will root for you at every rung.
To you, the future associate reading this: Arrive with an open mind, come serious and I assure that you will leave with more than you ever thought possible. All the best on your journey!
A special shout out to Xiaoqing, William, Adi, Chong Chin, and Carol. Thank you for the warmth, love, and fun you brought to this summer!
Signing off,
Jewel
On behalf of the Interns of Summer 2026
PS: We have Jun Yi and Kai Ze signing on, just got the news yesterday, and more to come too!!
At Unicorn, we often talk about a “Freehold Life.” To me, it means something deeply personal: the autonomy to build true wealth, not just financial capital, but the freedom to live my desired lifestyle, entirely on my own terms.
But a definition is just words on a page. The real question is, how does it translate into reality?
Growing up, I was taught a lesson many of us inherit from society: success equals money. It was a highly practical mindset, and it made sense to me. In a world where almost everything has a price tag, it felt as though you had no right to dream without financial means. Money wasn’t just currency; it was the ultimate key to freedom.
My first real shot at securing this key came during National Service. I sat in a recruitment talk by the RSAF, and a path cleared before me. I saw a way to carve out a respectable career, achieve complete independence, and most importantly, take care of my family.
For 14 years, I served as a Fighter Aircrew. True to its promise, the RSAF provided immense financial stability. I reached a point where daily expenses were never a worry. I bought a car; I secured a property on my own. By all traditional metrics, I had made it.
Yet, beneath that stability, a quiet friction was growing. My life had become a predictable, demanding cycle: endless hours on duty, high-stakes standby, and weekends spent entirely on survival mode, just trying to decompress enough to face the next week. I had the financial means, but absolutely zero emotional or mental capacity to live. While some of my peers could balance the heavy rigours of the job with their personal lives, I found myself consistently sacrificing my health and my relationships. I want to be entirely clear: this wasn’t a failure of the organization. It was simply my own awakening to the fact that the path I was on no longer aligned with the life I wanted to lead.
I spent years sitting with a heavy question: Financial stability is incredible, but if I keep bankrupting the other areas of my life to get it, will I ever taste true joy? I knew I needed a career that allowed me to build wealth without losing my well-being in the process.
That search eventually led to an unexpected reunion with a classmate from my polytechnic days. Through him, I discovered Unicorn and one of our Chairman’s core philosophy, the belief that a truly successful life rests evenly on three pillars: Health, Relationship, and Wealth.
The concept hit me with total clarity because it directly answered the questions that had been keeping me up at night:
“How much money is truly enough for the people I care about?”
“What is the point of earning a premium living if I am entirely absent from the 80% of life spent earning it?”
“I am providing for my mum financially, but is she getting the best version of me, or just my exhaustion? Is money really the only support she needs?”
“Can I realistically sustain this for the next ten, fifteen, or twenty years?”
That was my turning point. I finally understood that a Freehold Life cannot be measured solely by a bank balance. It requires your meaningful, clear-headed presence for the people you love, and a healthy mind and body to actually experience what you build. Success shouldn’t be a distant finish line we cross while completely broken; we have to design a journey that allows us to thrive along the way.
Now, hitting my two-year mark with Unicorn, I look back amazed at how quickly the time has passed. I have always been blessed to live a life without major regrets. I deeply honor my 14 years in the RSAF, it shaped who I am and gave me the self-awareness to make the next great leap into Unicorn.
Under the mentorship of our Chairman and the leaders here, I haven’t just found a new job. I have found the space, the framework, and the true freedom to build the exact Freehold Life I once thought was impossible.
Walking along Geylang, you would encounter shophouses spanning from Early, First Transitional, Late, Second Transitional to Art Deco styles which demonstrate the range of building styles spanning the 1910s to the 1950s. The columns and pilasters, repeated at steady intervals, give the streetscape a rhythm that feels both historical and alive.
These shophouses first came about due to the practical need to serve residents, some who owned plantations, to run businesses on the ground floor and live above.
Each culture that came left its unique imprint. For instance,
– Malay influence lives on in the wooden fretwork; a hallmark of vernacular shophouse design across the Malay Archipelago.
– Peranakan flair shows up in the colourful European tiles adorning the front walls.
– Chinese craftsmanship reveals itself in the V-shaped clay roof tiles and intricate three-dimensional plaster reliefs on the facades.
– European touches come through in the louvred French windows, glazed fanlights, and neoclassical cornice work.
Kampung has kept many of these original architectural features.
Exterior
The party walls dividing Kampung from its neighbouring unit serves as the
building’s principal load-bearing structures, protruding approximately 30cm above the roofline in a subtle but deliberate architectural gesture.
Completing the facade are light blue, timber-framed French casement windows. Simple in form, they carry a quiet elegance that grounds the building’s overall character.
Interior
Step inside and dual-toned patterned floor tiles set the tone, while light blue
collapsible gates fitted with an old-fashioned lock mechanism add a touch of nostalgia.
Look up and the building reveals its full structural logic; main beams, secondary
beams, floorboards, and rafters work in unison overhead to support the second
floor. Polished hardwood staircases with timber handrails lead the way up.
At the rear lies courtyards that serve as a light and ventilation well, connecting the
enclosed interior to the open sky.
And if you’re wondering where my go-to spot in Kampung is … it’s actually the communal tables on level 1! I’ll confess, a big reason is because I have my lunch there pretty much every day, prepared by our long residing day resident, private chef 小不点. Lunchtime is where architecture plays out and shines as an additional ingredient. The courtyard draws heat upwards, the marble-lined tables keep temperatures cool, and the open gate lets light and wind move freely through the meal. All of it shapes the pace of lunch, the quality of the conversations, and the atmosphere of the hour.
I like to say: ‘though architecture does not flavour food, it flavours the person eating it’.
Here, it feels like a getaway, but acts like a get-together.
1. Geylang, Then vs Now (The Smart Local, 2023) https://thesmartlocal.com/read/geylangsingapore-then-and-now/
2. About Geylang (URA)
https://www.ura.gov.sg/ConservationPortal/Explore/History?bldgid=GYLG
3. Geylang (NLB)
https://www.nlb.gov.sg/main/article-detail?cmsuuid=aa3343ff-a6b1-4754-aeb16130d18bec08
4. Kampung Private Club (Unicorn)
https://unicorn.sg/map-location/kampung-privateclub/
Recently, Hyrox has been gaining popularity amongst fitness communities. You may have seen friends, family members, or coworkers taking part and sharing their experiences on social media. Earlier this April, I had the opportunity to take part in the Hyrox Relay together with friends from the Unicorn family.
It was a humbling experience, both physically and mentally, and one that taught me lessons far beyond fitness. I hope these reflections will encourage others to step out of their comfort zones, try something unfamiliar, and consider taking one small step towards better health.
Lesson 1: “This Is Not Me”
When Henry first introduced Hyrox to me, my immediate reaction was simple:
“Nay, this is not me.”
At that point, I was focused on strength training and had little interest in endurance-related activities. Hyrox looked intense, exhausting, and honestly… intimidating.
But after two years of my own fitness journey, I decided to give it a shot.
As I started training for my assigned relay stations, something interesting happened. My workouts suddenly had greater purpose. I became more disciplined and focused because I now had a new goal in front of me.
At the same time, the training exposed weaknesses I had previously ignored. It was my aerobic fitness and the experience humbled me. I realised that the version of myself who said “this is not me” was simply someone avoiding discomfort.
Ironically, this challenge became exactly what I needed.
Besides, once payment had been made and my intentions declared to friends, there was no easy escape route anymore.
Lesson 2: Discipline Means Doing What You Usually Avoid
One of the biggest challenges for me was running.
My aerobic engine was rusty. In fact, earlier body scans once assessed my metabolic age to be close to 50, despite me only being in my mid-thirties at the time. Thankfully, I later discovered that many of these health markers can improve with consistent effort.
Training for Hyrox forced me to confront the area I disliked most: cardiovascular conditioning.
I often compare it to owning a car with impressive horsepower but an engine that stalls every kilometre. Strength alone was not enough.
I avoided running whenever possible. However, being the slowest runner in the relay team motivated me even more to improve and not hold the team back. Through training, I learned pacing techniques and how to manage my breathing more efficiently. Slowly but surely, things improved.
Today, something as simple as climbing flights of stairs no longer leaves me breathless.
Sometimes growth begins by doing the very thing we spend years avoiding.
Lesson 3: Anyone Can Do This — Especially With Teamwork
Perhaps the greatest takeaway from Hyrox was the power of teamwork.
Every member of the relay team had their own responsibilities outside of training, be it work, family, and personal commitments. Yet everyone showed up, encouraged one another, and gave their best effort.
We each had personal timing goals we hoped to achieve, but what made the experience meaningful was supporting one another through the difficult moments. Even during exhaustion, there was encouragement, breathless nods, and camaraderie as we tagged each other into the next station.
Social media can sometimes make events like Hyrox appear intimidating, especially when we constantly see elite athletes completing the race with clear ease.
But the reality on the ground was vastly different.
There were participants of all fitness levels, ages, and backgrounds. Some were seasoned athletes. Others were new beginners. Some pushed through physical limitations simply to prove to themselves that they could.
And that is what made the experience so inspiring.
The goal was never perfection. The goal was courage, and the willingness to try.
Final Reflection
Many of us wait until a health scare before we start taking our health seriously. We tell ourselves we are “too busy,” “too tired,” or “not the sporty type.”
I used to think certain challenges were “not me” too. But growth often starts the moment we stop labelling ourselves and start giving ourselves permission to try.
You do not need to become an athlete overnight. You do not even need to take part in Hyrox.
But maybe there is something in your life right now that you have been avoiding because it feels uncomfortable, difficult, or unfamiliar.
Maybe, this is your sign to take the first step.
Your future self may thank you for it.
Starting of my day with a warm cup of Teh from Lorong 41, I breached into the world of unfamiliarity as I embarked my journey as an intern with the Unicorn family. As I made my way towards Unicorn ‘Kampung’, with my cup in one hand and kaya toast in the other, I discovered unexpectedly that the “office” looked nothing like one. The pressure was alleviated almost instantly as the decorum immediately caught my eye. Models of supercars, antique watches, glasses and furniture brought the perfect blend of vintage and eloquence, bringing a sense of nostalgia to an environment I have never even visited before.
As I approached the table with uncertainty, I was greeted with the warm smiles of the fellow interns and the mentor, William. I would come to know this session as ‘Di Zi Gui’, focusing on personal development. Feeling lost, a fellow intern managed to pick up my unsettled demeanor and guided me through the session with utmost care. This session was a welcome surprise, as the company encouraged me to reflect upon myself and share with confidence in an environment without judgement.
Then came the lessons. Despite a cursory understanding of the finance industry, the mentors patiently guided me step by step through a plethora of financial principles. Furthermore, the sessions were conducted in a small group, making the sessions conducive and really felt like the mentors got to know me as a person rather than just a number in a classroom. For instance, a mentor, Adi, is focused on communication and explores that first-hand, by asking us about our interests in this industry. He subsequently uses our interests (such as investments) as conversation topics to stress the imperativeness of communication techniques, such as pacing and leading. As such, lessons are significantly more enjoyable, and I regard it more as a hangout session instead. Time flies by when you’re having fun!
If Mother Earth was a person, Xiaoqing would be the first that comes to mind. Constantly showing concern and care about our wellbeing, Xiaoqing would frequently check up on us and is receptive to feedback about our learning experience here with the Unicorn family. After gathering our feedback, she would tailor our schedules to cater to our needs and interests. Despite her busy schedule, Xiaoqing goes the extra mile to invite us to events where I’ve gained invaluable experiences and connections. With her unwavering support etched in my memory, I’ll always remain grateful to her.
After my thirst for knowledge was quenched, I was ready for more. I was then presented with the opportunity to apply my knowledge. Previous winner of an internal competition and a steadfast mentor, Chong Chin, assigned me a case study as a guideline, where I started to get a sense of direction. This hands-on approach really helped me grasp a deeper understanding, making me feel like I was a detective solving a case. His critical yet warm feedback brought insight to his fastidious approach, allowing me to carry over these values and newly learnt skills into practice. Getting praised by someone with great attention to detail felt like music to my ears!
As my memorable experience at this internship draws to a close, I fondly recall my little insignificant moments that feel like a lot in retrospect; homely lunch with the Unicorn family, camaraderie built during morning sports sessions, and the valuable learning sessions from the mentors. I can’t help but feel a sense of gratitude as this golden opportunity was presented to me. A special shoutout to Alan, who was dedicated to educating us the usage of a plethora of financial instruments. He stepped up with great passion to mentor us in a meticulous manner despite having no obligation to do so. All in all, as I continue as an investor with them, my journey as a friend with Unicorn is far from over.
Over the past few days, the news from the Middle East has grown louder and more unsettling. The situation involving Iran has escalated, and we are seeing the usual side effects: sharper price swings, stronger opinions, and a steady stream of breaking updates.
In moments like this, it helps to separate what we know from what we cannot know.
What could happen from here
There are a few broad paths:
We cannot be sure which path we are on today. That is exactly why knee-jerk decisions are often costly.
What tends to benefit — and what tends to suffer
In episodes like this, performance tends to follow familiar patterns.
Often more resilient:
Often more pressured:
What we know — and what we don’t
One thing we know: this conflict will end. And very often, the intensity of the headlines fades before the situation fully resolves.
What we do not know is when sentiment turns—whether in days or weeks. For that reason, it is usually better not to let today’s emotion dictate long-term decisions.
The hardest part of investing is rarely intelligence. It is temperament.
How Unicorn prepares: we think two to three steps ahead
At Unicorn, we do not build portfolios for calm weather only. We build them to remain sensible when conditions change.
Our approach is simple:
That is why, in portfolios that allow it, we maintain a meaningful role for:
We also encourage what we call the 3-Bags Strategy—including keeping a sensible amount of “dry powder” outside the portfolio in Value Cost Averaging (VCA) funds.
If prices fall sharply, we treat it as an opportunity
If this episode triggers a severe and indiscriminate decline, our instinct is not to panic, but to prepare.
We may use the opportunity to reallocate part of our cash and high-quality bonds into quality equities at more attractive prices, while advising you to deploy VCA funds steadily. A temporary decline is not the same as a permanent loss.
A personal lesson from Fukushima
The Fukushima tsunami and nuclear reactors crisis in March 2011 remain etched in my memory. In the first 3 days, the headlines were intense, and the Nikkei fell by about 18% to a low of 8,605. I remember feeling my fear rise alongside the news.
After those first 3 days, the most sensational headlines eased. Prices stabilised. Almost immediately, my fear faded—despite the fact that the real-world situation surely did not resolve overnight.
2 years later, the Nikkei was at 12,434, a 45% increase from the level 3 days into the crisis.
That episode taught me something lasting: our emotions are often moved more by headlines and price movements than by reality itself.
In closing
On this investing journey, we endeavour to be your steady captain—anticipating the weather ahead, avoiding sudden turns, and keeping enough stability and flexibility to act when opportunity appears.
If you have questions about how this affects your own portfolio, or how best to use any opportunities that may arise, please speak with your consultant.
Disclaimer and Important Notice
The information herein is published by Unicorn Financial Solutions Pte. Limited (“Unicorn”) and is for information only. This publication is intended for Unicorn and its clients or prospective clients to whom it has been delivered and may not be reproduced or transmitted to any other person without the prior permission of Unicorn. The information and opinions contained in this publication have been obtained from sources believed to be reliable but Unicorn does not make any representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose. Opinions and estimates are subject to change without notice. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment. Unicorn accepts no liability whatsoever for any direct indirect or consequential losses or damages arising from or in connection with the use or reliance of this publication or its contents. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. If this publication has been distributed by electronic transmission, such as e-mail, then such transmission cannot be guaranteed to be secure or error free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. Unicorn does not accept liability for any errors or omissions in the contents of this publication, which may arise as a result of electronic transmission.
Unicorn Financial Solutions Pte. Limited is a Licensed Financial Adviser and Accredited/Institutional Licensed Fund Management Company.
Your Greatest Investment: Why Health Must Come Before Wealth
Life is a gift, yet so often, we trade our health in pursuit of wealth.
And by the time we realise what we have lost, it costs far more than money to get it back.
Whenever I share health advice with someone, I often hear the same types of resistance:
If these sound familiar, you’re not alone. But here’s what I have learned: the longer we delay, the more we pay.
The Shift Starts in Your 30s
In our 20s, we could get away with a lot: skipping sleep, eating poorly, working non-stop, and still bouncing back. But in our 30s, those invisible cracks start to show.
Fatigue lingers longer. Recovery takes more time. Illness strikes more often. And suddenly, “pretty much okay” is no longer good enough anymore.
In Your 40s? Health Becomes the Main Topic
Talks about cholesterol, back pain, blood pressure, and eyesight changes become common in conversations. Many of us blame it on “age”, as if decline is inevitable. We begin to normalise the aches and tell ourselves it is just part of getting older.
But here’s the truth: Age is not the problem. Inaction is.
Just like inflation silently erodes our wealth, neglect quietly chips away at our health.
Early Detection Saved My Mum, and Our Family
My mum recently went through a health scare. During her very first check-up, doctors detected early-stage cancer.
Because it was caught early, she avoided chemotherapy and radiotherapy. Even then, the total bill from a public hospital (single-bed ward) was over $55,000. This excludes the ongoing costs of diet changes, supplements, transport, lost work opportunities, and the time the family had to reorganise our lives.
And this was an early case. A more advanced diagnosis could easily cost the same as an HDB unit.
The takeaway? Health issues don’t just drain your body, they drain your family’s time, energy, and wealth.
You Don’t Need a Big Commitment. You Just Need to Begin
Forget the idea that improving your health requires overhauling your life overnight. Start small and consistent. Avoid the misconception that consistency is about never missing a day. It is about never quitting altogether.
Consistency is measured by how quickly you get back on track after a mistake.
Let Compounding Work for You and Not Against You
The same way we love the idea of compounding wealth, your health compounds too.
The small choices you make daily, whether good or bad, will grow over time.
So, ask yourself:
Don’t wait for a crisis to remind you of what matters.
Your strongest asset is your body. Start investing in it now.
有个词非常之神奇，叫做“活在当下”。当个人行为没办法战胜理智的情况下，只要我们用上了这个词，似乎所有非理智的行为都可以被合理化，然后就可以光明正大、大大方方地开心一阵子。以下是几个例子：
情境1
A：“你报告写完了吗？明天要交了。”
B：“（继续滑手机）活在当下嘛，现在开心最重要，明天的事明天再说！”
A：“但拖到明天，你是不会感到焦虑吗？”
B：“那就留给明天来焦虑咯，现在就是想休息一下！”
情境2
A：“你最近买了好多东西，信用卡债还清了吗？”
B：“人生苦短！喜欢就买，活在当下啊！”
A：“那下个月账单怎么办？”
B：“管他的，到时候再说！”
情境3
A：“你有没有在存应急基金啊？”
B：“不需要吧，每个月都会领薪水，到时候银行户口里又会有钱了。”
A：“可是如果突然失业或生病怎么办呢？”
B：“想那么多干嘛？活在当下，现在开心就行了！”
情境4
A：“你最近天天出去买醉，这样真的好吗？”
B：“活在当下啊！痛苦有什么用？不如喝酒开心！”
A：“但你是不是没有真正面对分手的感觉……？”
B：“别扫兴！现在快乐就好！”
你、或是周围的朋友，会不会常把“活在当下”挂在嘴边？总觉得人生就过这么一次，希望在年轻气盛的时候尽情享乐，买自己想买的名牌包、上高级餐厅享用美食，到想去的地方旅游，尽可能满足当下的各种想要，“活在当下”。
好一个“活在当下”，非常酷、非常帅气。也许是我个人一向来都循规蹈矩惯了，像这种懒得去管的率性可说是相当吸引人，感觉人生就应该活得这么洒脱，勇敢地做自己，勇敢得想都不用想。
但有些事还是得仔细想想比较好，所有的哲学与智慧也是这样想出来的吧。想想为何当对方冒出“活在当下”的时候，我们会顿时感到哑口无言？想回说“也对，活在当下真棒”，但却又觉得不对劲、不应该。想着毕竟还是别人的人生，人家想要怎么做就怎么做吧。还是就回说：“去活吧，去活在你的当下”？
这不对劲的点在哪里呢？让我们一起来探讨一下，在上面提到的四个情境里究竟发生了什么事，或许可以从中得到一些借鉴。
第一，把本来可以今天完成的报告留给明天，这样看起来好像是对自己在短时间内完成报告的能力非常有自信，但是实际上这样的“活在当下”就是拖延吧。把责任摆一边，现在的开心最重要。第二，尽情地花钱，看到喜欢的东西就买，这应该叫做放纵欲望，只要当下的满足，不要迟来的奖赏。第三，不留积蓄、然后等着下个月发的工资，不为无常做准备，这就是放弃风险管理、放弃长期规划、形同于摆烂。第四，借酒消愁，愁上加愁，不好好面对与处理自己的负面情绪，像这样就真的能解决问题吗？这还是率真的表现吗？或许比较像是逞强，甚至胆怯。
从以上四点，我们似乎可以总结出一个共同点——逃避。
这四个情境中的“活在当下”其实都是在逃避。有什么好逃避的呢？当然是那些自己一直不敢直视的事啦：责任、欲望、规划与情绪。所以嘴上说的是要活“在”当下，实际上，其实是活“出”了当下。因为他们正是利用这个别人管不着的词，逃出了本来应该面对的当下，把事情留给未来。
但不管放在过去、现在、还是未来，不管在哪一个当下，逃避责任、放纵欲望、放弃规划、回避情绪这四件事，从来不会带来什么好事。它们本质上都是消极应对现实的方式，极少带来积极的结果。
逃避带来的最坏结果，是把人带到死循环。今天逃避的责任累积到明天，压力更大，就更想逃；放纵的欲望得到满足后，空虚感更强烈，需要满足更大的欲望来填补；缺乏规划的结果，就是到处起火，这样我们只能一直处在不断救火的状态，更加没有长期规划的时间与空间；压抑的情绪得不到抒发，进而影响身心健康，产生更多负面情绪，健康继续恶化。
该面对的总有一天还是要面对的，逃到最后只会必“死”无疑。所以与其说“活在当下”，我们甚至可以大胆地说，逃避的当下，就是“死在当下”。
如何证明一个人活着呢？
戏剧里面我们常看到，当有人躺在地上生死未知，我们可以将手指凑近他的鼻子，看看是否还有呼吸。呼吸是个进行式的动词，当然不能只有一呼一吸，要持续不断地呼吸才算。活着就是这样，不会只在一个当下活着，要在每个当下持续不断的活着，才算是真活着。有时候我们把“活”当做理所当然了，自然地把重点落在“当下”。可是，把“活”给持续不断地在每个当下活出来，那才是真正的“活在当下”啊。所以我们还是用老老实实的行动来证明自己活着吧。
要怎样才能持续不断地活在每一个当下？
回答这个问题之前，先来说说看什么是自由？自由就是可以不顾一切地为所欲为吗？显然不是。它是在法律、道德规范下，在不影响他人自由的前提下，能做的自主决策与行动。这定义下的自由才能让所有人都自由自在地生活，并且和谐共处。
同样的，你我都希望能够自由自在地享乐，但这并代表我们能恣意妄为。所有的行动应该要在不影响明天、后天、大后天都能享乐的前提下才好执行。如果我们能让今天的快乐去滋养明天的快乐，这样的每一天、每时每刻的我们才能“活在当下”，持续不断地活得开心、自在。
所以，为了明天也能和朋友或同事有良好的关系，今天相处的矛盾与摩擦，是不是能用和平的方式来解决？还是就不管这么多，先发个脾气逞一时之快再说？
为了明天也能健健康康地生活，今天是不是该注意饮食，均衡摄取需要的营养？一场大鱼大肉之后，是不是要考虑做做运动、消耗卡路里，抑或下一餐简单地吃份沙拉来平衡一下？
为了能够轻轻松松地在期限内完成工作项目，是不是该好好安排每一天的工作进程？还是先放一边，最后才来赶进度？
为了明年也能开开心心地出国旅游，今年的旅行是不是还要超出预算？还是可以把一些饮食、住宿的消费降低，让经济负担少一些？
投资，是为了让我们未来不被温水煮青蛙的通货膨胀来影响我们享乐；保险，也是为了在突入其来的意外或疾病来临时，让我们可以继续保持生活品质。把部分资金放在这些理财工具上或许会让我们少了一些资源去吃喝玩乐，但如果现在就大肆的花钱、不理财，不也是延迟痛苦吗？
活在当下，就是不在乎过去、也不焦虑未来，好好地活在当前这个时刻。如果你还在乎过去，那就请好好地正视和接受过去。可以试着写下或倾诉心中的感受，承认它们的存在。我们可以从过去中尽可能地接收能让自己成长的养分，然后好好地放下这担，不让它继续成为未来的负担。如果你正在焦虑未来，那就做好准备；万全的准备就是应对未知未来的最佳方法。例如你在筹办一场户外活动，与其担心活动期间会不会下雨，不如早早制定B计划，看看是否可以在下雨的时候赶紧换到室内场地，或是为每位参与者准备雨具等等，这些都是可以在未来还没到来前准备好的。
过去的每一个决定，都将我们带至此时此地，而我们也完全有能力去掌控它，活在当下。愿我们都能继续保持清醒、自觉的生活姿态，去迎接一样精彩的下一个当下。
This coffee shop serves as a satellite meeting point for our team, offering a relaxed atmosphere rich in culture and heritage right in the heart of Geylang. The service here is exceptionally welcoming, with staff treating us like family. Equipped with our corporate Wi-Fi, it’s the perfect spot for our casual work sessions.
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This building houses our Central Processing Unit, including the Managing Director’s office and teams for operations, finance, investors’ support services, media, IT, compliance and HR. Focused on operational excellence, these departments form the backbone of our organization, ensuring smooth and efficient function across all essential services.
Our Kampung Private Club is a two-storey conservation shophouse that offers a warm, intimate setting for our investors, friends, and family to enjoy home-cooked meals prepared with fresh ingredients daily. It also serves as a versatile venue for private events and training sessions, blending traditional charm with modern functionality.
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The Unicorn building serves as the central hub for eight of our properties, providing a dynamic and versatile environment. It houses a shared workspace for hot desking, business unit offices, a Traditional Chinese Medicine (TCM) clinic, a private lounge and investment spaces.
The latest addition to our collection of freehold properties, JNP House is a charming two-storey conservation shophouse that seamlessly blends modern sophistication with timeless character. Incorporating private dining, it is designed to host our investors in style. Currently under renovation, stay tuned for its grand unveiling!