December was largely peaceful for most, except for the Ukrainians who had to endure continuous missile barrages from Russia and killer drones of Iranian origin. They were not the only ones though. Americans, already putting up with ageing infrastructure, endured yet another “once in a century” storm, grounding planes and bringing traffic to a standstill. Similarly, across the pond, Britons suffered from sky-high energy prices and strikes even as the cracking National Healthcare System soldiers on stoically.
The English expression “May you live in interesting times” is said to be a translation of a traditional Chinese curse. While it appears to be a blessing, given the last few years where the year suffix BC now stands for “Before Covid” instead of Before Christ, perhaps investors may recognise that being unexciting may not be a bad thing after all.
For a greater part of the year, many analysts tried to squirm and wiggle their way through the “volatility” — a euphemism for the marauding bear that has pummelled major markets from the US to China. In contrast, the Straits Times Index (STI), inclusive of dividends, returned more than 7% last year. So, there is a lot to be thankful for and it was not all due to luck.
