Me & My Money: Early start in investing compounded into financial confidence
SINGAPORE – Finance professional Paul Chong got a head start in investing before even stepping into the workforce.
His parents gave him $10,000 for investment in his final year of university, which he put into a portfolio of stocks.
His prudent upbringing shaped his financial values – he was also brought up to never spend more than what he had.
Fresh out of school in 2007, he started his investment management career with Fidelity International in Hong Kong, where he worked as an investment analyst for five years focusing on fundamental research in the Asia ex-Japan region.
He then worked as a portfolio manager of Eastspring Investment's global emerging markets equity team before moving on to head the Greater China equity strategy at the same company.
In mid-2024, Mr Chong, 43, with his 18 years of investment management experience, then co-founded investment management firm Bonham Investments.
Bonham Investments, which Mr Chong does portfolio management for as well, helps its clients preserve and grow their capital over the long term through the funds that it offers.
'Our key differentiation is that our founders invest more than 80 per cent of their net worth into the funds that we manage to ensure that we have strong alignment of interest with our clients and significant skin in the game in the funds that we manage,' he said.
Mr Chong holds a bachelor's degree in business management, majoring in finance from Singapore Management University.
He is married with two sons aged eight and four. His wife, 36, works as an account manager.
Q: Do you invest in anything? If yes, what do you invest in and why?
I mostly invest my money in the stock market. Over the past 18 years, I have consistently invested over 80 per cent of my net worth in a portfolio of 15 to 30 stocks.
I tend to put all my eggs into one basket and watch the basket very closely. The volatility is manageable but inevitable given it's a portfolio of stocks. However, if I had a long runway I tend to believe that volatility is not a risk, but permanent capital loss from picking the wrong stock is.
The portfolio has been compounding at close to 15 per cent per annum over the past 18 years. What was a small portfolio 18 years ago has snowballed into the Bonham Asia Fund that I manage today.
Q: What's your biggest or most valuable asset right now?
My investment in the Bonham Asia Fund is by far the biggest asset I have right now.
Q: What's your approach to growing your money?
I am a firm believer of compounding, largely influenced by the books I read on Warren Buffett. I even made a trip to Omaha in 2024 before starting my own firm Bonham Investments. My journey in investment began quite early when I was in my final year of university when my parents 'seeded' me $10,000 to invest
Q: Did you collect anything when you were younger?
I have always enjoyed red wine but it was during the Covid-19 pandemic that I started buying red wine in larger quantities, thinking that I could sell them if I don't drink them. I bought mostly highly rated red wine at reasonable prices, which is quite similar to my investment style. Unfortunately, I ended up consuming most of them and selling a very limited number of them. I have over 100 bottles of wine at home at any point of time.
Q: What has been your biggest financial mistake?
I was in the thick of the bull market when I joined Fidelity fresh out of school in 2007. My first assignment as a young analyst was to cover the small capitalisation companies in Asia. Many of the companies that I looked at were trading at elevated valuations without much differentiation in the quality of the business.
There was this small cement company that I really liked, and I pitched to a few portfolio managers to invest in it. When the Global Financial Crisis (GFC) came, the share price of this company corrected 50 per cent within a short period of time. It was then I was able to fully appreciate what Warren Buffett always says: 'Only when the tide goes out do you discover who has been swimming naked.'
I believe we lost a few million US dollars for our clients in the funds. Since then, I have learnt the importance of deep fundamental research and investing with a margin of safety to avoid large capital loss
Q: What has been your best financial decision?
I was fortunate to learn from many experienced investors in Fidelity, not just in Asia but globally. One incident was particularly vivid. In the midst of pessimism during the GFC, an experienced and successful portfolio manager from our London office came to the Hong Kong office to share his experience in handling crisis, and the investment opportunities that could arise in a crisis.
Many of the investors, myself included, went back to the drawing board to pick out high-quality companies with strong balance sheets and competitive advantages that could emerge stronger from a crisis. We eventually made a few hundred million US dollars for our clients on just one stock. It was also then that the contrarian investor in me started to develop
Q: Money wise, what were your growing-up years like?
I grew up in a middle-income family. My parents have always been prudent on finances. My siblings and I are instilled the value from a very young age not to spend more than what we have.
Although I have never run into deficit, I do not have much savings before I started working. A good night out with my buddies or a good meal with my girlfriend could then easily deplete 30 per cent of my savings. I was only able to save substantially more after I started working, most of which would be channelled into investments as cash does not generate much interest, or even worse, the value could be eroded by inflation.
Now, my family of four stays in a freehold three-bedroom apartment in the East, which we bought three years ago.
I am driving a Kia Sorento, which is more of a family car. We switched to this car when my younger son was born and just before the COE supply was expected to tighten. I do not have much affiliation with cars, as I see them only as a mode of transportation. That said, I did have a dream of driving a convertible when I was younger, which I managed to fulfil when I was working in Hong Kong, where the cost of owning a car is much lower.
Q. What was your first job?
My first job was a research associate with Fidelity in Hong Kong. I was extremely fortunate because Fidelity only hired two fresh graduates in Asia, and apparently they received thousands of applications.
Q. Did you do any part-time jobs?
During my army and university days, I worked part-time as a tutor, table tennis coach, and umpire during my free time to cover some of my expenses.
Q. What would you do if you suddenly had a windfall of $1 million?
I would invest the money in the Bonham Asia Fund and let it compound. I don't think the windfall would change my lifestyle nor my spending habits. Right now, I am more focused on building the track record of the fund and generating the returns for my clients.
Q. If you suddenly only had $100 to your name, what would you do with it?
I would still invest the money in the stock market because I think one should always stay invested, regardless of the size. However, the amount is really not much in the bigger scheme of things. I will probably have to update my CV and start looking for a job in the asset management industry, where I have developed my skill set and network over the past 18 years.
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
7 hours ago
- Straits Times
Top lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61
Rajah & Tann Singapore mourns passing of Senior Partner Patrick Ang. Photo caption: Patrick Ang, 61, Senior Partner of Rajah & Tann Singapore and Vice-Chairman of Rajah & Tann Asia. He was Managing Partner of Rajah & Tann Singapore from 1 April 2019 to 31 March 2025. Photo credit: Rajah & Tann Singapore Top lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61 SINGAPORE - Mr Patrick Ang, the former managing partner of 'Big Four' law firm Rajah & Tann (R&T), has died at age 61. The law firm confirmed his passing in a statement on June 14. Mr Ng Kim Beng, R&T managing partner, said: 'R&T has lost a celebrated lawyer, a selfless leader, and most of all, a cherished and deeply loved friend and colleague.' 'His sudden and unexpected passing leaves an immense void,' said Mr Ng. Mr Ang was a top insolvency lawyer with three decades of experience. He was best known for his handling of high-profile collapses including the likes of China Aviation Oil, Hin Leong, Lehman Brothers and Swiber. The top lawyer was also the first Singaporean and the fourth lawyer from Asia to be inducted into the American College of Bankruptcy, a global organisation for leading bankruptcy and insolvency practitioners. Mr Ang became managing partner of R&T in 2019, taking over from Senior Counsel Lee Eng Beng. During his tenure, he led the law firm's decade-long regionalisation drive under Rajah & Tann Asia, a regional network of law firms spanning across Southeast Asia and beyond. His leadership was recognised with the Managing Partner of the Year award at the Asia Legal Business South-east Asia Law Awards in 2024 and 2025. Just earlier this year, Ang handed the reins over to Mr Ng, an arbitration lawyer, while remaining vice-chairman of Rajah & Tann Asia. He leaves behind his wife and three daughters. In a tribute on June 14, Minister for Law Edwin Tong called Ang a 'formidable legal mind' with an 'unwavering stout heart for Singapore'. 'In my earlier years of practice, we often found ourselves on opposite sides of the table in complex restructuring matters,' wrote Mr Tong. 'Even then, I found it impossible not to respect him.' 'Patrick had a remarkable way of thinking several steps ahead – calm, strategic, incisive. He approached even the most difficult negotiations with integrity and grace, and never stole a match with an unfair point.' Mr Tong said Ang also helped with drafting Singapore's emergency Covid-19 (Temporary Measures) Bill and was recognised for his help with the Public Service Star (Covid-19) National Day Award. 'His passing is not only a profound loss to his firm, but also to the legal profession and to Singapore, which he served with quiet resolve, unwavering strength and deep purpose,' the minister said. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
12 hours ago
- CNA
He made matcha cool: Meet the founder of Kyoto specialty teashop Yugen
As a child, teatime was an important part of the day for Tadayuki Sudo, who grew up in Osaka, Japan. Every afternoon, his mother would brew him a cup of hot matcha, which he would slowly savour. The founder of Japanese specialty tea store Yugen in Kyoto missed the drink when he left for San Diego in the US to study sociology in university. 'But whenever I went home – matcha!' laughed Sudo. For Sudo, drinking matcha is associated with the comforts of home. I met him in his casual, chic shop-cum-gallery that also sells its teas online, as well as to retailers, cafes and restaurants in more than 40 countries. Even after graduating and moving to Tokyo where he founded two companies (one in advertising, the other in branding and human relations) with friends, he looked forward to teatime. 'I was very busy and whenever I felt exhausted, I always made myself a cup of hot matcha,' said Sudo. 'I love matcha,' he reiterated. FROM BRANDING TO BREWING This affection for tea led him to swop his fast-paced life in Tokyo to become an advocate for the Japanese tea industry. It started when Sudo was working on an advertising project for a big tea company. 'I was helping to promote its tea products, but these were matcha sweets and bottled matcha, not [pure] matcha for drinking,' he shared. The frequent tea drinker could not understand why consumers preferred the processed products until a colleague analysed that drinking tea was not in vogue anymore – brewing tea was also time consuming for busy urbanites who regularly had their coffee on the go. Not long after, Sudo chanced upon a farmer's market at Omotesando Station. He struck up a conversation with a tea farmer who bemoaned the industry's decline. 'The farmer didn't want his son to take over his plantation; he wanted him to go to university to work in a big company,' recalled Sudo. Unsure of how to help the farmers who faced challenges due to low demand, he started by supporting the farmer he had met, creating pro bono branding and marketing collateral that highlighted the benefits of tea. It's delicious and very good for health. It also has a long history and culture,' said Sudo. As a drink for relaxation, tea also contains less negative side effects. 'When I drink a few cups of beer or black coffee, I don't feel so good. But two or three cups of tea a day feels okay,' Sudo commented. Despite his efforts, Sudo felt that a quicker remedy was necessary to help the ailing industry. The Eureka moment came when Sudo realised there were few casual, modern places to enjoy a good cup of matcha or tea. Most places serving high-grade matcha were formal venues, such as traditional teahouses. 'There were so many good coffee shops in Japan and also the world, but not many modern teahouses,' he said. 'I wanted people to feel that it's not difficult to enjoy tea, so I opened my shop.' THE RITUAL OF MATCHA Seven years on, modern teahouses and drinking matcha have become trendy. Like Yugen, many of these teahouses pair the drinks with wagashi (traditional Japanese confectionery) and serve them in an aesthetic, kaiseki style. Sudo shared that acquaintances and even coffee shop owners have asked him to teach them how to make a good cup of coffee using the correct steps and techniques. As an intentional, precise ritual, the tea ceremony has become the poster child for the slow living trend – not unlike the pour-over coffee experience. Making matcha forces one to put aside other thoughts in order to focus on the visceral actions of measuring, scooping, pouring, stirring and swirling a chawan. It involves all the senses – sight, sound, smell, touch and taste – with the final sensation being the warm, slightly bitter and umami drink flowing down the throat and warming the stomach. Yugen's success also stems from Sudo's keen business sense. The entrepreneur saw that the steep prices of good-quality matcha discouraged common folk from drinking it on a daily basis. This was partly due to the many entities it takes to get the harvested leaves from the farmer to the customer, with tea-processing factories, and retailers and restaurants in between all adding to the costs. Sudo chanced upon a tea-processing factory that was closing and approached the owner. 'I told him that I was going to start my own business, where people can enjoy tea like in a coffee shop,' said Sudo. He encouraged farmers in Kyoto and Uji to plant good-grade tealeaves before purchasing directly from them and sending them to this particular factory for processing at competitive rates in order to reduce overall prices. 'Now he is very, very busy,' chuckled Sudo on the factory owner. Drawing on his creative background, he packaged Yugen's tea in attractive, minimal casing with clear graphics. Sudo also created four original blends, simplified into Matcha #01 to #03. The higher the number, the better the grade. For instance, #01, which is mixes five leaf types, is a light tea blend; its natural sweetness makes it a popular choice for everyday drinking and making matcha wagashi. Meanwhile, blend #3 mixes Asahi and Samidor tea leaves, and is typically enjoyed as a koicha (thicker tea) using a larger amount of matcha powder. Each packaging come with information on the tea's origins, picking methods and tealeaf varieties, as well as information on how to brew a cup. In the same spirit of education, Yugen's website provides detailed instructions on how to brew the different teas and blends. For instance – the first brew of sencha requires four to six grams of tea leaves per 1,000 ml of hot water at 85 degrees Fahrenheit for 90 seconds. View this post on Instagram A post shared by YUGEN (@yugen_kyoto) On the increasing popularity of drinking matcha, Sudo believes that the COVID-19 pandemic was a catalyst. 'During COVID, people started caring more about their health. They realised tea can help them become more resistant to viruses so they drank more. Aside from having a lot of nutrition, tea also makes one more relaxed. So now many people make matcha to drink, not just make matcha ice cream or sweets,' observed Sudo. He is most happy for the farmers, many of whom were initially only interested in growing quantity, not quality. 'But now, it's different. The farmers try to improve in their jobs, learning how to grow good tea leaves,' said Sudo proudly. BUSINESS WITH PURPOSE In Singapore, Yugen is served in some Japanese fine-dining restaurants. Japanese cafe Kurasu also uses Yugen's single-origin variety matcha known as Okumidori to make its matcha latte, matcha latte espresso and ceremonial matcha that is whisked using the usucha (classic matcha) method. Beyond making tea-drinking fuss-free and offering good tea at affordable prices, Sudo believes that Yugen offers something 'meaningful'. Back in Tokyo, his businesses were thriving and he had fun running them, but he had questioned if they brought meaning to his life. As long as Yugen brings positivity to the lives of the people who consume the teas or matcha, Sudo is grateful. Now, he is applying the same approach to supporting related craftsmen and ateliers, whose fate was suffering alongside the declining tea industry. These include those who make metal tea scoops, chawan pottery, glass bowls and so on. Sudo contemplated that if they are more affordable priced and well made – just like the matcha – more people can purchase them and use them at home. 'There are many expensive [crafts] but there are also many that are not so expensive but still of high quality,' said Sudo, whose shop sells many of these intricate pieces. This was why in 2022, he moved Yugen from the more touristy Kawaramachi area to a quieter location near the Kyoto Imperial Palace. It is also much bigger with a cafe on the first floor, a gallery for changing exhibits on the second, and a retail space on the third. While I was there in September 2024, the gallery was exhibiting the works of glass artist Aki Sakaida. 'Tourist areas are good for business but I moved here so people can enjoy a slower, calmer teatime, and see these handicrafts and artisanal objects,' said Sudo. The interiors have a wabi sabi aesthetic, with paint stripped from the concrete surfaces. Marks and stains of time are streaked and scratched across the grey walls. Resin coats the raw cement floor on the upper levels to capture the memory of the rain-glossed floor Sudo encountered on his first visit to the building. Panels of translucent fabric draped along the floor like the ends of dresses, contrasting the beton brut (raw concrete). A SPACE TO SLOW DOWN After our interview, I took a long time to peruse the store on the third storey. There are Goto Yohei's coloured glassware, ceramics from Nishi Takayuki's Blade series with sky-blue glaze frozen in mid-drip, Miyo Oyabu's glass plates and bowls with bubbling from the glass-making process that forms unique shadows with sunlight, Akira Arakawa's glass pitchers and dishes and teapots by Saori Yamazaki with a distinct black lacquer. Sudo recommended not treating the objects like precious displays but that they are used daily as they were originally intended. This also increases the attachment between user and object. Sudo uses many of these pieces in the teahouse. While making matcha for me, he greeted a customer. It was a friend from Tokyo who is a model-turned-skincare brand founder. She had her matcha, a plate of wagashi and a short chat with Sudo before continuing her day. I got the feeling that regulars come to Yugen for that homely feeling, the sense that every process is cared for – much like what Sudo experienced as a child when his mother made him his daily matcha. In traditional Japanese aesthetics, 'yugen' refers to a kind of subtle gracefulness too deep and overwhelming to put into words. Perched on my shadowed spot at Yugen, sipping my delicious, warm matcha tenderly brewed for me, no words were needed.
Straits Times
13 hours ago
- Straits Times
Me & My Money: Early start in investing compounded into financial confidence
SINGAPORE – Finance professional Paul Chong got a head start in investing before even stepping into the workforce. His parents gave him $10,000 for investment in his final year of university, which he put into a portfolio of stocks. His prudent upbringing shaped his financial values – he was also brought up to never spend more than what he had. Fresh out of school in 2007, he started his investment management career with Fidelity International in Hong Kong, where he worked as an investment analyst for five years focusing on fundamental research in the Asia ex-Japan region. He then worked as a portfolio manager of Eastspring Investment's global emerging markets equity team before moving on to head the Greater China equity strategy at the same company. In mid-2024, Mr Chong, 43, with his 18 years of investment management experience, then co-founded investment management firm Bonham Investments. Bonham Investments, which Mr Chong does portfolio management for as well, helps its clients preserve and grow their capital over the long term through the funds that it offers. 'Our key differentiation is that our founders invest more than 80 per cent of their net worth into the funds that we manage to ensure that we have strong alignment of interest with our clients and significant skin in the game in the funds that we manage,' he said. Mr Chong holds a bachelor's degree in business management, majoring in finance from Singapore Management University. He is married with two sons aged eight and four. His wife, 36, works as an account manager. Q: Do you invest in anything? If yes, what do you invest in and why? I mostly invest my money in the stock market. Over the past 18 years, I have consistently invested over 80 per cent of my net worth in a portfolio of 15 to 30 stocks. I tend to put all my eggs into one basket and watch the basket very closely. The volatility is manageable but inevitable given it's a portfolio of stocks. However, if I had a long runway I tend to believe that volatility is not a risk, but permanent capital loss from picking the wrong stock is. The portfolio has been compounding at close to 15 per cent per annum over the past 18 years. What was a small portfolio 18 years ago has snowballed into the Bonham Asia Fund that I manage today. Q: What's your biggest or most valuable asset right now? My investment in the Bonham Asia Fund is by far the biggest asset I have right now. Q: What's your approach to growing your money? I am a firm believer of compounding, largely influenced by the books I read on Warren Buffett. I even made a trip to Omaha in 2024 before starting my own firm Bonham Investments. My journey in investment began quite early when I was in my final year of university when my parents 'seeded' me $10,000 to invest Q: Did you collect anything when you were younger? I have always enjoyed red wine but it was during the Covid-19 pandemic that I started buying red wine in larger quantities, thinking that I could sell them if I don't drink them. I bought mostly highly rated red wine at reasonable prices, which is quite similar to my investment style. Unfortunately, I ended up consuming most of them and selling a very limited number of them. I have over 100 bottles of wine at home at any point of time. Q: What has been your biggest financial mistake? I was in the thick of the bull market when I joined Fidelity fresh out of school in 2007. My first assignment as a young analyst was to cover the small capitalisation companies in Asia. Many of the companies that I looked at were trading at elevated valuations without much differentiation in the quality of the business. There was this small cement company that I really liked, and I pitched to a few portfolio managers to invest in it. When the Global Financial Crisis (GFC) came, the share price of this company corrected 50 per cent within a short period of time. It was then I was able to fully appreciate what Warren Buffett always says: 'Only when the tide goes out do you discover who has been swimming naked.' I believe we lost a few million US dollars for our clients in the funds. Since then, I have learnt the importance of deep fundamental research and investing with a margin of safety to avoid large capital loss Q: What has been your best financial decision? I was fortunate to learn from many experienced investors in Fidelity, not just in Asia but globally. One incident was particularly vivid. In the midst of pessimism during the GFC, an experienced and successful portfolio manager from our London office came to the Hong Kong office to share his experience in handling crisis, and the investment opportunities that could arise in a crisis. Many of the investors, myself included, went back to the drawing board to pick out high-quality companies with strong balance sheets and competitive advantages that could emerge stronger from a crisis. We eventually made a few hundred million US dollars for our clients on just one stock. It was also then that the contrarian investor in me started to develop Q: Money wise, what were your growing-up years like? I grew up in a middle-income family. My parents have always been prudent on finances. My siblings and I are instilled the value from a very young age not to spend more than what we have. Although I have never run into deficit, I do not have much savings before I started working. A good night out with my buddies or a good meal with my girlfriend could then easily deplete 30 per cent of my savings. I was only able to save substantially more after I started working, most of which would be channelled into investments as cash does not generate much interest, or even worse, the value could be eroded by inflation. Now, my family of four stays in a freehold three-bedroom apartment in the East, which we bought three years ago. I am driving a Kia Sorento, which is more of a family car. We switched to this car when my younger son was born and just before the COE supply was expected to tighten. I do not have much affiliation with cars, as I see them only as a mode of transportation. That said, I did have a dream of driving a convertible when I was younger, which I managed to fulfil when I was working in Hong Kong, where the cost of owning a car is much lower. Q. What was your first job? My first job was a research associate with Fidelity in Hong Kong. I was extremely fortunate because Fidelity only hired two fresh graduates in Asia, and apparently they received thousands of applications. Q. Did you do any part-time jobs? During my army and university days, I worked part-time as a tutor, table tennis coach, and umpire during my free time to cover some of my expenses. Q. What would you do if you suddenly had a windfall of $1 million? I would invest the money in the Bonham Asia Fund and let it compound. I don't think the windfall would change my lifestyle nor my spending habits. Right now, I am more focused on building the track record of the fund and generating the returns for my clients. Q. If you suddenly only had $100 to your name, what would you do with it? I would still invest the money in the stock market because I think one should always stay invested, regardless of the size. However, the amount is really not much in the bigger scheme of things. I will probably have to update my CV and start looking for a job in the asset management industry, where I have developed my skill set and network over the past 18 years. Join ST's Telegram channel and get the latest breaking news delivered to you.
