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Finance columnist, Tan Sri Andrew Sheng shares market outlook, risk signals and investment strategy themes for the Year of the Fire Horse amid global economic uncertainty.
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00:08Thanks for joining us. This is The Economy with me, Ibrahim Sani.
00:11We are celebrating the Chinese New Year, the Lunar Festival, this week.
00:16And we are also trying to understand a little bit better in terms of how the 2026 year is going
00:20to pan out.
00:22After much ado about the ASEAN Summit last year and some understanding into how the year is shaping up,
00:29we would like to see how the next maybe 10 to 12 months is going to shape up when it
00:34comes to investing.
00:36Joining us online is Tan Sri Andrew Shen, financial columnist that everybody knows and loves.
00:40Tan Sri, let's talk about investing in the year of the Fire Horse and perhaps do a stock take before
00:50we jump into the whole crux of which class assets and stuff like that.
00:54How has investing been over the past maybe 12 months?
00:58Well, you know, this year is the year of the snake and the snake goes up and down.
01:06And exactly as the general astrological prediction over the snake, it went up a little bit.
01:16Then the Trump tarot hit us in April. It went down quite a lot.
01:20But those people who bought at the bottom of that made a lot of money.
01:27Now, in a broad sense, last year was quite an exceptional year for investors worldwide.
01:39You know, the average return on the S&P 500, it was around the 12, 13 percent, much better than
01:53expected.
01:55Most investors, if they had invested in the emerging markets, you know, for China, you know, elsewhere, Singapore, Japan, they
02:08would have done, you know, near between 20 to 25 percent.
02:12So, and what was most exceptional last year was that metal prices went up significantly, gold was up 65 percent,
02:24silver was up 151 percent.
02:26So those people who went early into gold, you know, you know, did strike gold, as you can say.
02:35So, you know, last year from the investor was an exceptional year.
02:38I would say it was exceptional.
02:40A lot of frights.
02:41So the economies in the world did not tank.
02:47The trade tariffs settled down from the American average tariff rate went up from roughly 3 percent.
02:58Today would be around 13, 14 percent.
03:02And, you know, if you really look at the recent agreement with India, it's about 18 percent.
03:08Malaysia, ASEAN, mostly around 19 percent.
03:12Our favorite countries would get 10 percent to 15 percent.
03:16So the American economy turned out to be a year that was quite resilient.
03:24The bigger picture is that the stock market is booming because Mr. Trump keeps on calling for lower interest rates.
03:33And this year went with a bang.
03:35It went with a bang because of two things.
03:39The first was the excursion into Venezuela, which shocked everybody.
03:46Then he called for the maybe Denmark or Europe would like to give up Greenland, which then shocked the Europeans.
03:58You know, I mean, the Europeans, you know, you know, thought that all the attacks were against the rest of
04:06the world.
04:07It turned out that they were also in Mr. Trump's crosshairs.
04:12And then, of course, from the financial markets, what really shocked everyone was the threatened prosecution against the chairman of
04:21the U.S.
04:22Fed, Mr. J. Powell, now that is from most former central bankers is a no-no.
04:31And I think it sparked off the not just the gradual depreciation of the dollar and, of course, the spike
04:44of the gold price to over $5,500,
04:48which everybody thought would be the price by the end of this year.
04:52And, you know, so even this year has started with the bang in terms of financial markets.
04:59So investors, you know, should now look at it.
05:05But if you're taking the year as a whole, and I use, again, the astrological aspect, this is the year
05:12of the galloping horse, the fire horse,
05:17which means that it will be highly energetic.
05:20But the galloping horse goes up and down also, just like a snake.
05:25And so, you know, you have to look at the overall picture from that perspective.
05:33Now, let me very quickly summarize three major lessons that I see for 2026.
05:41I think the World Bank IMF is looking at the rest of the world, the whole world growth, as flattish.
05:51That means, you know, the overall growth is slowing down gradually since the pandemic.
05:58The World Bank thinks it will be around, global growth around 2.3%.
06:03The United Nations thinks it's about 2.7%.
06:07The advanced markets, the developed markets are supposed to be flattish, with the United States around 2%.
06:18Europe around 1.3%.
06:22And, you know, Japan, I guess, is doing very flat.
06:30And then, you know, China will be around 4%.
06:33These are the big economies.
06:35India is the exception, but it's slowing down somewhat.
06:39They think it will slow down from 7.4% to 6.6%.
06:43So the broad picture is that the IMF, World Bank, is somewhat cautious.
06:53The world is still in deflation.
06:55Inflation does not seem to rise too much.
06:58Despite the problems in the Middle East, oil prices only sparked up slightly.
07:04Brent is now $68, $69 per barrel.
07:09And, you know, we do not see high spikes of inflation.
07:14So the broad picture is that the world is sanguine.
07:19I mean, it looks okay.
07:20It looks okay.
07:21From the market's point of view, I think I was earlier in the year, I mean, late last year, you
07:31know, a little bit worried.
07:32But I thought that the World Bank forecast for next year is probably too cautious.
07:42Now, the second point that I really want to make is that the bandwidth of risks have widened quite considerably,
07:51okay?
07:51Mr. Trump, you know, can push the markets quite a lot up and down.
07:57But from a financial markets point of view, this year is going to be particularly interesting
08:07because Mr. Trump wants to win his midterm elections, which will be in November,
08:15which is why he wanted interest rates to go down for two reasons.
08:19Number one, the lower the interest rate, the higher the stock market, the higher the bond market,
08:24and, of course, the higher the real estate market.
08:32But Mr. Powell, the existing Fed, is very slow in cutting interest rates,
08:38which is why he needs to get a new chairman in.
08:42And if the new chairman in and begins to cut rates, you know, the markets could have some upside.
08:49That's the kind of general broad picture.
08:52And, of course, if the dollar starts weakening, and the dollar has been weakening roughly 10% in the last
08:59year or so,
09:01the global picture is that a weak dollar is good for the world economy and also good for financial markets
09:08because the dollar being the major currency, you know, squeezes the liquidity.
09:14A strong dollar shrinks the economy because all the money goes to the United States.
09:19The depreciation of the dollar causes a de-dollarization exercise,
09:24which is why money is flowing back and Malaysia has been a beneficiary.
09:28I, you know, the ringgit has been one of the strongest emerging market currencies,
09:33increasing 10%, you know, in the last, literally, in the last four or five months.
09:38So that's the broad picture, you know, in a nutshell.
09:43There's a lot that I can slice and dice on that one, but perhaps we'll go into specifics.
09:49Let's talk about the bond market.
09:51There's a lot of reports showing that countries are now dumping US T-bills
09:58and it's being bought up by folks like, you know, in the developing world,
10:03yield curve is steepening.
10:06We're looking at bond market being a quite an interesting time to get into.
10:10How do you see large players, you know, in the likes of sovereign funds
10:15and other large PE players come into play, taking a position on fixed assets,
10:22sorry, fixed income, do you think that that is a situation
10:24where we're going to see a little bit more interdimensional play
10:30between how players view the bond market for this year?
10:33Okay, I'm overall not so optimistic about the bond market.
10:39And the reason why I'm not optimistic of the bond market,
10:43particularly from the retail point of view, you know,
10:46there's a wholesale guys who are into the bond market
10:49and then there's a retail guy.
10:54Even for the wholesale guys, of course they see Mr. Trump wanting to cut interest rates.
11:00And if it cuts interest rates, you know, the tradition is that the yield curve
11:06then should steepen, you know, the Fed will cut interest rates.
11:09And the yield curve will steepen.
11:11The long bond remains high.
11:15U.S. 10-year treasuries around 4.15 to 4.2% range, right?
11:23And then, you know, what the Fed would normally do is to cut the short-term interest rates, right?
11:28And then the yield curve steepens.
11:32And if it moves down slightly, bond prices are overall up.
11:36But the big problem in all this picture is that Japan,
11:43which is the largest surplus country,
11:49domestic interest rates are rising.
11:51And domestic interest rates are rising and domestic inflation are rising.
11:56So, and the yen has been extremely weak.
11:59Now, with the new prime minister, who is, you know, somewhat hawkish,
12:04overall, you know, on the conservative side,
12:09you know, she has to maintain inflation at a stable rate,
12:12which means that they will raise interest rates.
12:14And when they raise interest rates,
12:16the Japanese interest rate has been very low
12:19because inflation in the past has been very low.
12:21But now inflation has gone up because the yen is too cheap.
12:25The result is, if you read,
12:27if you're Japanese, you know, a concern over monetary policy,
12:32you will want to raise rates.
12:34And when you raise rates, the yen will appreciate.
12:37When the yen appreciates,
12:38the largest dollar holders are the Japanese.
12:41And they would then sell dollar assets
12:45of which would be included, you know, dollar bonds, right?
12:49Now, you know, the Chinese have been, you know,
12:52reducing dollar bonds and, you know,
12:55partly moving into gold, right?
12:57And something else for geopolitical reasons.
12:59The Japanese have to do this to protect themselves
13:02from foreign exchange losses.
13:04So to a large extent,
13:05and the long bond for the Japanese long bond
13:12has high volatility because of this uncertainty,
13:17the U.S. one would depend very much
13:20how the Fed conducts its monetary policy.
13:23Because if the new Fed governor
13:27becomes more quantitative easing,
13:31he will not only lower interest rates,
13:33he will start buying long bonds
13:35to get the long bond price yield
13:39also, you know, come down.
13:42So, because other people are selling, right?
13:45So, you know, the U.S. Fed
13:47will start collecting U.S. treasuries.
13:50And that means that that bond market
13:53is only for the expert, not for the retail.
13:56Yeah.
13:57And, you know, speaking as a retail investor,
14:01that means, you know, I'm too small to count.
14:03I'm only managing, I want to declare my interest.
14:06I don't advise anybody,
14:08no funds, no nothing, right?
14:11I, you know, for profit,
14:14I do some free advisory,
14:17you know, work for,
14:20you know,
14:23basically think tanks and all that.
14:26But I, you know,
14:28but this is not for profit.
14:29And so, you know,
14:31I only manage, you know,
14:32my own retirement assets.
14:35So I'm not into bonds.
14:37And the reason retail is not in bonds
14:40is that the interest rate at 4%,
14:42if the retail,
14:45your intermediary charges you 1%
14:47to buy or sell,
14:49the buy and sell will cost you 2%.
14:50So your net yield is 2%.
14:52And then if the interest rate up and down,
14:56you're not going to get much money.
14:58So, you know,
14:59given the risk profile at this point of time,
15:02for the retail,
15:04you know,
15:04I would tend to avoid bonds.
15:06That's my personal view.
15:08You know,
15:09different people have different risk appetites
15:11and concerns.
15:12So to me,
15:15you know,
15:15the bond issue,
15:16you know,
15:17if I'm a risk prudent guy,
15:20putting money in a bank deposits
15:22or putting money into a bank share
15:24that gives you a dividend of 6%,
15:265% to 6%,
15:27is far better than trying to put money
15:30in a bond market,
15:31which I don't,
15:32I have risks that I can't control.
15:36Therefore,
15:37it's nicely that we move from fixed income
15:38to equities right now.
15:41Valuations are going to be a key feature.
15:44Investors are looking beyond
15:48the revenue and the bottom line.
15:51They're looking at how geopolitics
15:53is going to come into play.
15:55One area of,
15:56I wouldn't say concern,
15:58but rather a viewpoint to look at
16:00is on the semiconductor players,
16:04the tech players,
16:06especially those that are moving into AI,
16:08agentic AI.
16:09Some companies like NVIDIA,
16:12Google,
16:12Meta,
16:13Apple,
16:13for instance.
16:14Those are going to be some of the focus areas,
16:16at least for the US market globally as well.
16:19Some Chinese companies are also taking some interest
16:22from retail players
16:24that are going into equities.
16:25Where do you see the whole idea of valuations
16:31going to shape up?
16:33And how do you see equities being seen
16:36as the favorite asset class of investment
16:39during the year of the fire horse?
16:41Well,
16:43I think equities and commodities
16:46at the present moment
16:47are the two areas
16:49which mainstream investors are looking at.
16:53Okay.
16:54Now,
16:55the reason
17:00why equities
17:02are still appealing
17:04is that
17:08if you really think
17:10through this,
17:12the risk return,
17:15an investor has three considerations,
17:17right?
17:17Basically,
17:19your risk,
17:21right?
17:22Your
17:23liquidity
17:24and your protection
17:26of your principal,
17:28right?
17:28And,
17:29you know,
17:30so the risk issue
17:32is that if the return is high,
17:35right,
17:35but your principal can be lost,
17:37you know,
17:38completely,
17:39obviously,
17:39you know,
17:40it depends upon your age.
17:42If you're a very young person
17:43who has a lot of risk appetite,
17:45it's not a problem
17:46to go for the higher risk assets.
17:48If you're very conservative,
17:49you're growing older,
17:50you prefer a very steady income
17:52and no loss of your principal.
17:54So everything is a liquidity,
17:56risk return,
17:57you know,
17:58and principal
17:59store value issue.
18:01At this point of time,
18:03given the massive,
18:05you know,
18:06geopolitical,
18:08technological
18:09risk
18:10issues,
18:12equity
18:12has been favored
18:14because the risks
18:16are,
18:18you know,
18:19may be there,
18:20but the returns
18:21have been very high.
18:22And the U.S. market
18:24has been very strong
18:25because of the Magnificent Seven,
18:27you know,
18:27the Magnificent Seven
18:28is now one-third
18:29of the market cap
18:30of the United States
18:31stock market.
18:32But the stock market
18:33is now twice
18:34the U.S. GDP,
18:35one of the highest ever.
18:37So,
18:37if you are now scared
18:39of the dollar
18:39or you want to diversify
18:41for various reasons
18:42and some people,
18:44you know,
18:45are questioning
18:46whether there's an AI bubble,
18:47I'll go into that detail
18:49later,
18:52the correct strategy
18:54is to kind of
18:56underweight
18:57the U.S. stock market
18:59and invest in
19:00emerging markets
19:01and elsewhere.
19:03For example,
19:04Japan,
19:05Japanese market
19:06is going up
19:07quite a lot
19:08for reasons,
19:10you know,
19:10when the Japanese
19:11sell U.S. dollar,
19:13they bring back
19:13into yen.
19:14And when they're
19:15into yen,
19:15they can't buy bonds
19:16because bonds
19:17is as high risk
19:19as I explained before.
19:20So,
19:21they pile into
19:23equities,
19:24which is,
19:26you know,
19:26Japanese market
19:27for a long time
19:28has been undervalued.
19:29And so,
19:29they're piling
19:30into Japanese equities,
19:31right?
19:31This is Japanese investors
19:33piling back
19:34into Japanese equities
19:35issues.
19:36So,
19:39if we were to look
19:40at the U.S. stock market,
19:41the crucial
19:43where it will go
19:44depends not just
19:46the macro situation
19:47where interest rates are,
19:49but whether the profits
19:51of the tech industry
19:52will continue
19:54to be strong.
19:55Now,
19:56here is the subtle
19:57issue here.
19:59As you know,
20:00a lot of the reason
20:02why the tech
20:03is doing very well
20:04is the AI technology boom,
20:06okay?
20:07And the AI technology boom
20:09is exact,
20:10including semiconductors,
20:12is really
20:13about
20:13what Jensen Huang
20:15said.
20:16The AI boom
20:17is about energy.
20:18If you've got no energy,
20:19you can't go into AI.
20:20You cannot make chips.
20:22You cannot do
20:23cyber currencies.
20:24You know,
20:24you mine Bitcoin
20:25using energy,
20:26you know,
20:27and if you don't have energy,
20:28you can't mine Bitcoin,
20:29right?
20:29The cyber currencies
20:30and such.
20:31You want to do AI,
20:32you know,
20:33large models,
20:34you need a lot of energy,
20:35right?
20:35And you need a lot of
20:37high-powered chips,
20:39okay?
20:39So,
20:40the AI story
20:43is a little bit
20:44like the gold rush.
20:45You know,
20:46who makes money?
20:47Is it the miner
20:48or is it the shovel supplier?
20:51You know,
20:51and in many cases,
20:53the miners
20:54don't make that much money.
20:55They go into
20:56the California gold rush,
20:57they go to Alaska,
20:59they go into
20:59the wilderness,
21:00you know,
21:01they have to eat,
21:02so they have to buy food,
21:03they have to buy the shovels.
21:05It's the guy
21:05who sells the shovels
21:07and the food
21:07that make a lot of money
21:08and they,
21:10the chance of hitting gold
21:12may not be that high,
21:13but,
21:14you know,
21:15the risk is worth it.
21:16So,
21:17what is now happening
21:18in the tech industry
21:19is that the infrastructure
21:22shovel providers
21:23like NVIDIA,
21:25the super chips,
21:26a very high valuation,
21:28they're going to make the money,
21:29right?
21:29And then the big
21:31infrastructure guys
21:32like Amazon Cloud,
21:35Meta,
21:36Google,
21:37and all this,
21:37and I'm not recommending
21:39these shares,
21:39I'm just giving you
21:40an illustration.
21:41They seem to be doing well,
21:43whereas the open AI,
21:46the small model builders
21:49who have not yet listed
21:51are struggling
21:52because they're burning cash
21:54investing in their new models
21:56and they're not sure
21:58whether their cash flow
21:59will justify
22:00their current valuation.
22:03So,
22:03if there was a,
22:05and I'm saying this,
22:07if we,
22:07nobody knows for sure,
22:09if the valuation
22:10of some of these
22:11model makers,
22:13you know,
22:14happen to tank,
22:16it will hurt
22:16the valuation
22:17of the chip producers,
22:20et cetera,
22:21which means that
22:22there are some downside
22:23to the tech industry.
22:25And you have to be
22:27very knowledgeable
22:28about this industry
22:30in order to invest in it.
22:32The real risk is,
22:33of course,
22:34you can be a momentum player.
22:35You just,
22:35we just follow the crowd,
22:37right?
22:38And you just buy
22:39a QQQ,
22:40which is a technology
22:42ETF equivalent,
22:44right,
22:45to manage that.
22:46But my own philosophy
22:49is,
22:49you know,
22:50the tech risks
22:52is not something
22:53I personally fully understand.
22:56Because,
22:57you know,
22:58even though I live
22:59in the Silicon Valley
23:02of Southeast Asia,
23:03Penang,
23:04but I'm not engaged
23:06enough in Silicon Valley
23:08and also
23:09the high-tech areas
23:10of China
23:11to be able
23:12to appreciate
23:12how to benefit
23:14from that tech
23:15boom as such.
23:17So,
23:18overall,
23:19my bottom line
23:21is that
23:22the stock markets
23:22this year
23:23will still
23:24be where
23:25the action is.
23:26Where you make money
23:28depends upon
23:29your actual
23:30sector allocation.
23:32Okay?
23:33You know,
23:34where the sector allocation
23:35means
23:35where you put your money
23:37in which geography,
23:38in which market,
23:40in which segment.
23:41Is it going to be technology?
23:43Is it going to be financial?
23:44Is it going to be commodities?
23:46Is it going to be what?
23:47Right?
23:47So,
23:47the sector allocation
23:49and the geographical allocation,
23:52including the duration,
23:53which is,
23:54you want to go long-term,
23:55do you go for a long-term play
23:58or a short-term play
23:59becomes very important.
24:01The next area of concern
24:04is on
24:05our home ground,
24:06Malaysia.
24:08Harkening back to what you said
24:09earlier on,
24:10Tan Sri,
24:11that the World Bank
24:12and the IMF
24:13will see a flattish growth
24:15towards 2026.
24:17Malaysia has targeted
24:18around 5.0
24:19to 5.5
24:20economic growth.
24:22Our competitors,
24:23like Vietnam,
24:24for instance,
24:25is registering
24:25in the low
24:27tens,
24:29Singapore
24:30as a developed market,
24:31it's quite interesting
24:31growing far
24:33more than what
24:34a developed nation
24:34would normally grow
24:35at about 2-3%.
24:37Do you think that
24:38first,
24:40is a 5.5%
24:41growth attainable?
24:42Second,
24:42is it even possible
24:43to even grow
24:44more than that
24:45in order for us
24:46to keep pace
24:47with the growth
24:49of our similar economies
24:50in this part of the world?
24:51Well,
24:53you know,
24:53coming back
24:54to the Malaysian economy,
24:55the first thing
24:56to remember
24:57about the economy
24:58and investing
24:59is that
25:00the economic growth
25:01is a macro picture
25:03which may not necessarily
25:06be related
25:06to the stock market
25:07which is more
25:09a micro picture.
25:11Yeah.
25:11Now,
25:11what do I mean by that?
25:13The best example
25:14is that
25:15the fastest growing economy
25:16in the world
25:17over the last 40 years
25:19has been China.
25:21but if you have
25:22invested in the
25:23Chinese stock market
25:24you have some
25:25very rapid ups
25:27and then downs
25:28and overall
25:29over that 40 years
25:30you haven't done
25:31that well
25:33put it this way.
25:33You know,
25:34recently it's been
25:34done better.
25:36I'm just,
25:36I use it as an example.
25:38Yes.
25:38Good macro growth
25:40does not necessarily mean
25:41good stock market return.
25:42You know,
25:43it's one thing
25:44a lot of people
25:44don't quite understand this.
25:46They listen to some
25:49stock market analysts
25:50they say,
25:50oh,
25:51country A is doing well
25:52therefore the stock market
25:53must be doing well.
25:54Right?
25:55Not necessarily so.
25:56There are special reasons
25:57why the stock market
25:58could not do well
26:00or even the economic growth
26:02may not be well
26:03but the stock market
26:04could be doing very well
26:05particularly in certain sectors.
26:07All right?
26:09So here's the issue
26:11for Malaysia.
26:12The Malaysian market
26:13if you really look at Malaysia
26:14Malaysian stock market
26:15Malaysian economic growth
26:16has been pretty steady.
26:18You know,
26:18we've actually been recovering
26:20but the stock market
26:21has been flat
26:22for quite a long time.
26:23All right?
26:24And only recently
26:26you know,
26:27that local investors
26:29and foreign investors
26:31have been,
26:31you know,
26:32in fact,
26:32if we look at
26:33the bursa numbers
26:35foreign investors
26:37into the Malaysian stock market
26:39have been selling
26:42whereas Malaysia
26:43which is a surplus
26:44savings economy
26:44you know,
26:46we've been buying
26:47but the market
26:48has been flat
26:49and only recently
26:50the ringgit's gone up
26:51and suddenly
26:52the rest of the world
26:53hey,
26:54you know,
26:54this is a market
26:55that hasn't gone up.
26:56The economic fundals
26:57are pretty good.
26:59The ringgit
27:00is beginning to appreciate.
27:02You know,
27:02let's pile in
27:02and because we're
27:03a relatively small market
27:04I think the potential
27:06for the Malaysian stock market
27:08to move upwards
27:09is quite high.
27:11Okay?
27:12But,
27:12you know,
27:14Malaysia is such
27:15a small stock market player
27:18relative to the global picture
27:20is that global shifts
27:22can rapidly change that.
27:24So,
27:25you know,
27:25you must remember
27:26you know,
27:27when you invest
27:28it's not just about
27:29the local condition
27:30but the global condition
27:31and Malaysia being
27:32an open economy
27:33you have to take
27:34into consideration
27:35both the global condition
27:36and the local condition.
27:37So,
27:39you know,
27:39when you invest
27:40in the Malaysian stock market
27:42you must look
27:43at the perspective
27:44from your own position.
27:46Nobody can advise you
27:47on this.
27:48You have to understand
27:49your own appetite
27:51for risk
27:51where you want
27:53to allocate
27:53how you study
27:55the market
27:55and actually
27:57you know,
27:58do it balanced
27:59or higher risk
28:01and where you put.
28:02so overall
28:04the reason why
28:05the EPF
28:06and all the others
28:07have been doing
28:08very, very well
28:09is because
28:10they have been investing
28:12in foreign assets
28:13in foreign stocks
28:14and the foreign stocks
28:15have done very well.
28:16The US stock market
28:17has been,
28:17you know,
28:18going literally
28:19the indices
28:20have gone
28:20you know,
28:2110, 12%
28:22above average
28:23for the last 5,
28:2410 years
28:26you know,
28:26and specific areas
28:27doing even better
28:28than that
28:29and the ringgit
28:30has depreciated
28:31so,
28:32you know,
28:32our major
28:33you know,
28:34pension funds
28:35a portion of which
28:36is invested abroad
28:38has done very,
28:38very well,
28:39right?
28:40And now that
28:41the people
28:42are beginning
28:42to look at
28:42the Malaysian stock market
28:45if the sentiment
28:46continues
28:48you know,
28:49the prospects
28:49of upgrowth
28:51can be quite good
28:52but again
28:54you know,
28:55it's not that
28:56I am not
28:58in the short
29:00medium term
29:01overall
29:02all sanguine
29:03and
29:04you know,
29:05on the bullish side
29:07I have to caution
29:08you know,
29:09at the back
29:10of everybody's
29:10investor's mind
29:11is that
29:13you know,
29:14Mr. Trump
29:14can change the game
29:16overnight
29:17and
29:18you know,
29:20accidents,
29:21geopolitical accidents
29:22can happen
29:23overnight.
29:24Now,
29:24as you know,
29:25within the ASEAN
29:26there have been
29:27little ripples
29:28here and there
29:29you know,
29:30the Indonesian
29:32stock market
29:32you know,
29:33had a little bit
29:33of a rout
29:36the good news
29:37of course
29:37is that Thailand
29:38has now
29:39a good election
29:41the government
29:42is now stabilized
29:42right?
29:43and of course
29:45in Japan
29:45we now have
29:46a very strong
29:47prime minister
29:48with a mandate
29:49you know,
29:49for change
29:50so overall
29:51the overall
29:53context
29:54for
29:572026
29:57would seem
29:59to be a galloping
30:00horse
30:01but a galloping
30:03horse can also
30:04stumble
30:04so you know,
30:05you always
30:06must have
30:07in mind
30:08you know,
30:09that the general
30:10direction may be
30:11reasonable
30:12good
30:14but
30:15the accident
30:16can happen
30:16and when
30:18you know,
30:18let's say
30:19there's a
30:19you know
30:21a shock
30:23a lot of people
30:24lose money
30:25because they
30:26panic
30:26and they
30:28don't
30:28you know
30:29look at the
30:30long medium
30:31term
30:31so ultimately
30:33where you
30:34pick your
30:35stocks
30:35you know,
30:36is very critical.
30:38Thank you very much
30:39Tan Sri.
30:40How are you celebrating
30:41your new year
30:42this year
30:42with family
30:43I suppose?
30:44This year
30:45I'm staying
30:46in Penang
30:47my, you know
30:48my family
30:49you know
30:49are coming
30:50you know
30:51this year
30:52so it should be
30:52great fun.
30:54Thank you very much
30:55Tan Sri
30:56Andrew Shang
30:57That was Tan Sri
30:59Andrew Shang
30:59a retired
31:00central banker
31:01who once served
31:02as the chairman
31:03of the Hong Kong
31:03Securities and Futures
31:04Commission
31:05he was also
31:06an advisor
31:07for the
31:08China Banking
31:08Regulatory Commission
31:09as well as
31:10Board of Advisor
31:11sorry, Board of Director
31:12for Kazanah National Berhad
31:14today
31:14and these days
31:15he's a financial
31:16commentator
31:17and of course
31:18an analyst
31:19when it comes to
31:20looking at
31:21how the markets behave
31:22that was Tan Sri
31:23Andrew Shang
31:23catch you in the next one
31:24Happy Chinese New Year
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