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Hi Ivan,

  1. How much do you understand about Keppel Corp business? My knowledge and understanding on oil and gas sector is shallow. With current depressed oil prices, I guess it’s worth looking at them. My approach to this sector is that if oil price stay at production cost level, it is definitely sustainable and will force a lot of companies into bankruptcy. Do you know what’s the production cost for shale oil, saudi, etc? 
  2. Generally, I shy away from giving opinions on market outlook since I can’t know the future. But I am confident that valuation that is cheap across the Asia, i.e. Hong Kong, Singapore would not stay where it is today. So start to look out at companies that trading at attractive valuation will give me a better edge than a macro outlook. Bearing in mind that the rise in interest rate would haunt those companies/REITs that are overly leverage. 
  3. Network effect is defined as when more and more people are using the product/service, the more valuable it gets. One example is Facebook which has a very strong network effect and it makes the platform super valuable. Can you imagine if one day no one uses it anymore, we probably can’t get to see updates anymore. Likewise, TripAdvisor is another company that has a strong network effect. The members generated the content which will enhance the value in the community. Any other examples? Internet has enabled a lot of companies in traditional industry to create a very strong network effect. 
  4. My concern is that I am wondering how PSG can manage his time between two companies. The announcement seems to state that he has no problem with it but I’m still keeping my fingers crossed and looking forward to hear the answer directly from him. What do you think?