The Affluent Link

Name: The Affluent Link
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Victor Liew is Managing Director of a Wealth Advisory agency attached to Manulife Investment Management Bhd. We always place the client’s interests first.

Guiding Malaysia’s professionals through the Shadow Inflation era — to protect wealth that truly lasts | Wealth Beyond Illusions™ | Strategy - Clarity - Freedom Wealth advisory is the business of advising and recommending solutions for protecting an individual’s family and their assets, and to start investing for growth and planning for the future. As our client, your wealth solutions are tailored for your unique situation. There’s no one size fits all here. Part of being an Affluent Link is helping others build a career. Would you be interested in a wealth advisory career? For new graduates and anyone in between jobs and searching for business opportunities, sales in financial solutions can either be the highest paying hard work or the lowest paying easy work. This needs repeating. Highest paying hard work or lowest paying easy work. And just as important, do you want to make a powerful positive difference in people’s lives? To be in this career for the right reasons means at the end of your working day you will feel happy in educating someone or a family take the step to do the right thing with their money. We can’t stress enough the importance. You’ve helped someone make the smart decision to protect their family and assets and to start planning and investing for their future. And there’s more. With our Centre for Success, you will have a career path. You are mentored to start your own business. How cool is that? So what do you have to do to achieve all this? Message us. Bring along the right attitude for work. The right attitude to help others. We will be there for you.

18/09/2026

𝗧𝗛𝗘 𝗠𝗢𝗦𝗧 𝗗𝗔𝗡𝗚𝗘𝗥𝗢𝗨𝗦 𝗪𝗢𝗥𝗗 𝗜𝗡 𝗥𝗘𝗧𝗜𝗥𝗘𝗠𝗘𝗡𝗧 𝗜𝗡𝗩𝗘𝗦𝗧𝗜𝗡𝗚 𝗠𝗔𝗬 𝗕𝗘 “𝗦𝗔𝗙𝗘”

If you’re approaching retirement, you will probably become more conservative with money. That’s perfectly rational. What isn’t rational is assuming that moving into something labelled “safe” makes the risks disappear.

Malaysia’s bond market is providing a useful reminder.

The yield advantage of 10-year Malaysian bonds over Japanese bonds has fallen to around 1.12%, compared with a five-year average of 2.78%. Malaysian 10-year government yields have also risen sharply since June.

You don’t need to understand bond mathematics to understand the lesson.

Risk doesn’t disappear. It changes form.

Shares give you market volatility. Bonds give you interest-rate and duration risk. Cash protects nominal capital but exposes you to inflation. Property can preserve substantial wealth while giving you very little liquidity.

Even FD isn’t “risk-free” in the way a retiree should think about risk.

If RM3 million earns 3%, that’s RM90,000 a year. Useful.

But if your lifestyle costs RM10,000 a month today, at 3% inflation the same lifestyle costs roughly RM18,000 a month in 20 years.

So the retirement question isn’t:

“Where is the safest place for my money?”

It is:

“What job does this money need to do?”

Some money must be available when you need it.

Some must replace the salary that disappeared when you retired.

And some must still keep growing because when you’re 75 or 80 your groceries, insurance, electricity and healthcare won’t remain at today’s prices.

That’s why I don’t think retirement portfolios should begin with products.

They should begin with jobs.

Assign every ringgit a job.

If you’re approaching retirement with RM2 million–RM10 million and aren’t sure how much of it can actually replace your salary, that’s the calculation I would do before choosing another investment.

08/09/2026

YOU DON’T NEED MARGIN FINANCING TO SUFFER A MARGIN CALL

The worst time to sell an investment is often exactly when life forces you to sell it.

That is why retirement portfolios need liquidity before they need cleverness.

Zetrix AI has just given Malaysian investors a rather expensive lesson in risk. Its shares lost more than two-thirds of their market value after margin-call liquidations hit its largest shareholder. He and his investment vehicle disposed of a net 960.7 million shares in just over a week.

Most retirees will read that and think: “I don’t borrow money to buy shares, so this doesn’t concern me.”

I think it does.

A margin call is really a liquidity problem. You need cash now, so you lose the luxury of deciding when to sell.

Retirees can create exactly the same problem without borrowing one ringgit.

Imagine retiring with RM3 million and investing almost everything for maximum return. Then markets fall 25% just as you need RM250,000 for medical expenses, family commitments and living costs.

You can tell yourself the market will recover.

Your bills will not wait.

Suddenly you are selling investments at precisely the time you would rather be buying them. That is effectively your own private margin call.

This is why I don’t start retirement planning by asking:

“Which investment will give you the highest return?”

I first want to know how much money must remain available so that nobody — not the market, not a hospital bill, not your family and not your monthly expenses — can force you to sell your long-term assets at the wrong time.

Then the remaining money can be divided between assets designed to produce income and assets intended to grow over the next 10, 20 or 30 years.

Diversification isn’t merely owning many investments.

It is having enough different sources of liquidity, income and growth that one bad event cannot dictate what you do with everything else.

In retirement, the dangerous investment isn’t necessarily the one that falls.

It is the one you are forced to sell.

If you’re approaching retirement, don’t just ask whether you have enough money. Ask how much of it you could access tomorrow without being forced to sell something you wanted to keep.

28/08/2026

𝗢𝗡𝗘 𝗥𝗘𝗦𝗜𝗚𝗡𝗔𝗧𝗜𝗢𝗡. 𝗥𝗠𝟭.𝟵 𝗕𝗜𝗟𝗟𝗜𝗢𝗡 𝗚𝗢𝗡𝗘. 𝗖𝗥𝗔𝗭𝗬.

It’s ridiculous but true. One senior executive resigned from a Malaysian listed company. Within three trading days, roughly RM1.9 billion of its market value had disappeared.

KPJ Healthcare fell 13.5%. Yet during the first six months of 2026, its net profit had actually risen nearly 25% and revenue was up 13%.

If you are approaching retirement, there is a useful lesson here — and it isn’t whether you should buy or sell KPJ.

A company can have hospitals, patients, revenue and profits. Its share price can still change violently when investors suddenly reassess management, governance or future expectations.

Now imagine having too much of your retirement money riding on a handful of companies.

You don’t merely own their businesses. You own their management risk, ex*****on risk, valuation risk and whatever surprise arrives on Monday morning.

This is why I find the usual description of diversification — “don’t put all your eggs in one basket” — far too simplistic.

The purpose isn’t to stop your portfolio from ever falling.

It is to stop one mistake, one company or one unexpected event from becoming a retirement problem.

A properly diversified portfolio can still decline when markets decline. What it should not require is for your retirement to depend heavily on whether you correctly predict the next CEO resignation, earnings disappointment or corporate accident.

At 35, you may have years of salary ahead of you to recover from a concentrated mistake.

At 60, when the portfolio is supposed to help replace that salary, the mathematics are less forgiving.

You don’t need to own everything.

But you should think very carefully before allowing any one investment to decide too much of your future.

Retirement capital has a different job from speculation capital.

𝗜𝗳 𝘆𝗼𝘂 𝗮𝗿𝗲 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗶𝗻𝗴 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁, 𝗜 𝗰𝗮𝗻 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂 𝗲𝘅𝗮𝗺𝗶𝗻𝗲 𝘄𝗵𝗲𝘁𝗵𝗲𝗿 𝗮𝗻𝘆 𝘀𝗶𝗻𝗴𝗹𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝘆, 𝗺𝗮𝗿𝗸𝗲𝘁, 𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗼𝗿 𝗮𝘀𝘀𝗲𝘁 𝗶𝘀 𝗰𝗮𝗿𝗿𝘆𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗿𝗶𝘀𝗸 𝘁𝗵𝗮𝗻 𝘆𝗼𝘂 𝗿𝗲𝗮𝗹𝗶𝘀𝗲.

19/08/2026

𝗬𝗢𝗨𝗥 𝗥𝗘𝗧𝗜𝗥𝗘𝗠𝗘𝗡𝗧 𝗣𝗟𝗔𝗡 𝗠𝗔𝗬 𝗕𝗘 𝗕𝗨𝗜𝗟𝗧 𝗢𝗡 𝗣𝗥𝗜𝗖𝗘𝗦 𝗧𝗛𝗔𝗧 𝗡𝗢 𝗟𝗢𝗡𝗚𝗘𝗥 𝗘𝗫𝗜𝗦𝗧

You can calculate your retirement expenses to the last ringgit and still get retirement badly wrong. The problem is not necessarily your arithmetic. It is assuming the world will leave your assumptions alone.

As I write this I'm thinking this is stronger than writing specifically about SST, GST, Iran or Treasury yields.

Those are evidence.

This is a what I encounter regularly - the client's problem is **false precision in retirement planning**. A**l even.

A person retires at 60 and says:

“I spend RM10,000 a month.”

Then he plans RM120,000 a year as though that figure has somehow become permanent.

But the government itself is preparing for an ageing population while examining household pressures across food, housing, transport and healthcare. Malaysia is expected to have around 15% of its population aged 60 and above by 2030.

At the same time, an energy shock thousands of kilometres away has already pushed oil sharply higher. Even US government bonds — supposedly among the safest assets in the world — are being repriced as inflation and fiscal concerns push yields higher.

The mistake most people make is thinking retirement planning means estimating one number.

It does not.

You are trying to finance perhaps 25 or 30 years during which your cost of living, tax environment, healthcare expenditure, interest rates, currencies and markets will all change.

That is why I am uncomfortable when someone retires with RM3 million and immediately asks:

“Where can I put this safely?”

Safety is not simply avoiding market movement.

A portfolio can remain perfectly stable in nominal ringgit terms while the lifestyle it is supposed to finance becomes steadily more expensive.

The better question is:

“How should my RM3 million be organised so that I can keep paying myself through whatever comes next?”

That requires liquidity for spending, an income mechanism, and enough long-term growth to defend purchasing power.

Retirement is not about finding one safe place for your money.

It is about building a financial system capable of surviving change.

If you are approaching retirement with substantial money in Public Mandatory Retirement Scheme savings, FD, property proceeds or investments, the useful question is no longer “How much do I have?”

It is: “How will all of this pay me for the next 25 to 30 years?”

18/08/2026

If EPF does not believe Malaysia alone is enough for its RM1.54 trillion portfolio.

So why should your retirement portfolio?

At end-June, 39% of EPF’s investment assets were invested globally. Yet international investments generated 65% of its second-quarter investment income. Equities, meanwhile, contributed 70% of total investment income.

Do not misread those numbers. One strong quarter does not prove overseas assets will always outperform Malaysia. It does show something more useful: serious long-term portfolios are not built around the assumption that one country, one currency or one asset class will always do the job.

The same issue appears from the opposite direction. Norway’s giant sovereign wealth fund cut its Malaysian holdings by about a third in the first half of 2026, including a sharp reduction in Malaysian government bonds. But it did not “abandon Malaysia”; it still owned 174 Malaysian-listed companies while changing what it wanted to own.

That is portfolio management. Exposure is adjusted. Weak holdings are removed. New opportunities are added. Capital is not kept somewhere merely because it feels familiar.

Yet I still meet Malaysians approaching retirement with property, fixed deposits, bonds and shares that all ultimately depend heavily on Malaysia and the ringgit.

They call that diversification because the account statements have different names.

It may not be.

For retirement money, I would rather ask three questions: where is the income coming from, what risks are concentrated in one country or currency, and what happens if Malaysia has a difficult five-year period after you stop earning a salary?

You do not need to abandon Malaysia. You need to stop assuming familiarity is the same thing as diversification.

If you are within five years of retirement, this is worth reviewing before your salary stops.

14/08/2026

𝗠𝗮𝗹𝗮𝘆𝘀𝗶𝗮 𝗰𝗮𝗻 𝗯𝗲 𝗮 𝗴𝗿𝗲𝗮𝘁 𝗽𝗹𝗮𝗰𝗲 𝘁𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝗮𝗻𝗱 𝘀𝘁𝗶𝗹𝗹 𝗿𝗲𝗽𝗿𝗲𝘀𝗲𝗻𝘁 𝘁𝗼𝗼 𝗺𝘂𝗰𝗵 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼. 𝗧𝗵𝗼𝘀𝗲 𝘁𝘄𝗼 𝘀𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗰𝗼𝗻𝘁𝗿𝗮𝗱𝗶𝗰𝘁𝗼𝗿𝘆.

Malaysia is becoming one of Southeast Asia’s winners from the AI boom. Semiconductor investment is pouring in, exports are growing and our position in the global chip supply chain is becoming more important.

That is good news for Malaysia. It is not an argument for putting your entire retirement inside Malaysia.

HSBC estimates Malaysia already accounts for about 13% of global semiconductor assembly, testing and packaging. Between January 2024 and March 2026, roughly RM92 billion of semiconductor investment was approved.

I would still ask a Malaysian approaching retirement a different question.

Where is the rest of your wealth?

Your home is here. Your properties may be here. Your Public Mandatory Retirement Scheme is denominated in ringgit. Your fixed deposits are probably Malaysian. Your pension, business interests and investment portfolio may also depend heavily on the same economy and currency.

That is not five different risks simply because the account statements have different names.

It is one country carrying a very large portion of your retirement.

Malaysia could perform extremely well over the next decade. But retirement planning should not require one forecast to be correct.

A 35-year-old can earn another salary if an investment thesis goes wrong. At 65, replacing capital is considerably harder.

So I don’t ask whether Malaysia will outperform America, China or Europe next year.

I ask whether your retirement can survive if any one of them disappoints.

Global diversification is not a vote against Malaysia.

It is recognition that the money supporting the next 25 or 30 years of your life deserves more than one economic engine.

If most of your lifetime wealth is still tied to Malaysia and the ringgit as retirement approaches, that concentration deserves a second look.

13/08/2026

𝗬𝗼𝘂 𝗰𝗮𝗻 𝗯𝗲 𝗯𝘂𝗹𝗹𝗶𝘀𝗵 𝗼𝗻 𝗠𝗮𝗹𝗮𝘆𝘀𝗶𝗮 𝗮𝗻𝗱 𝘀𝘁𝗶𝗹𝗹 𝗵𝗮𝘃𝗲 𝘁𝗼𝗼 𝗺𝘂𝗰𝗵 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗺𝗼𝗻𝗲𝘆 𝗶𝗻 𝗠𝗮𝗹𝗮𝘆𝘀𝗶𝗮.

That distinction is where many affluent retirees get diversification completely wrong.

Most people think diversification means owning different things.

Property.
FD.
Public Mandatory Retirement Scheme.
Bonds.
A few investments.

But here’s the problem.

If almost all of them depend on Malaysia and the ringgit, you may own five different assets and still be making one very large bet.

That matters much more when you are approaching retirement.

Malaysia’s economy can improve. Manufacturing can expand. Semiconductor investment can grow. Data centres can keep being built.

And the ringgit can still weaken.

That is exactly why I would not build a retirement plan around one currency forecast.

One economist sees the ringgit around RM4.03 against the US dollar by year-end.

Another sees RM4.15.

Both have reasonable arguments.

But if you are retiring with RM3 million or RM5 million, why should your future lifestyle depend on guessing which economist is right?

It shouldn’t.

The answer is not to abandon Malaysia.

It is to stop making Malaysia carry your entire retirement.

Part of your wealth may still belong in local cash, property and retirement assets.

But part of it should also have access to companies, sectors and economies outside Malaysia.

That is where a professionally managed global unit trust can become useful.

Not because overseas markets always outperform.

They do not.

But because one fund can give you diversified exposure to businesses and opportunities that your Malaysian property, FD and retirement savings simply cannot provide.

And unlike buying individual foreign shares yourself, you are not trying to guess which stock, country or sector will win next.

You are buying participation in a broader opportunity set.

That is the point.

A good retirement portfolio should not need Malaysia to outperform.

It should not need the ringgit to strengthen.

And it should not need you to become a successful stock picker at 60.

It should be built so that several different parts of your wealth can do different jobs.

If most of your retirement money is still tied to Malaysian property, deposits, the Public Mandatory Retirement Scheme and ringgit investments, the issue may not be that you need another investment.

You may need a better structure.

12/08/2026

𝗬𝗢𝗨𝗥 𝗥𝗠𝟱 𝗠𝗜𝗟𝗟𝗜𝗢𝗡 𝗣𝗢𝗥𝗧𝗙𝗢𝗟𝗜𝗢 𝗖𝗔𝗡 𝗦𝗧𝗜𝗟𝗟 𝗕𝗘 𝗖𝗔𝗦𝗛-𝗣𝗢𝗢𝗥

One sentence in the Tabung Haji restructuring story caught my attention this morning. One of its financial weaknesses was reliance on 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗶𝗻𝗰𝗼𝗺𝗲 that was not supported by 𝗮𝗻𝗻𝘂𝗮𝗹 𝗰𝗮𝘀𝗵 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀. The solution now includes turning part of that return into actual recurring cash flow.

There is a retirement lesson in that which has nothing to do with Tabung Haji.

You can retire with RM5 million and still have a cash-flow problem.

RM2 million in property is wealth. RM2 million in your Public Mandatory Retirement Scheme is wealth. Another RM1 million spread across cash and investments is wealth.

But your supermarket, insurance company, hospital and electricity provider do not accept “net worth”.

They want cash.

This is where many affluent retirement plans remain unfinished. Years were spent accumulating assets, but nobody designed what those assets are supposed to do once the salary disappears.

And there is an important distinction here: creating retirement income does not mean blindly chasing dividends or the fund with the highest distribution rate. A high payout is useless if the underlying capital is being damaged faster than the income being received.

The better question is:

How much cash must my wealth reliably produce, where should that cash come from, and what assets must remain invested so my future income can keep pace with a retirement that may last 25 or 30 years?

That changes the conversation from:

“How much am I worth?”

to:

“What salary can my wealth sustain?”

If retirement is approaching, I would work out that number before the final corporate salary arrives — not after.

The economy doesn’t retire. People do.

07/08/2026

I’ve noticed something about people who receive a large amount of money.

The first thing they usually buy isn’t an investment. It’s time.

The money sits in the bank for a while. They tell themselves they’ll decide later. After all, they’ve spent decades earning it. There’s no rush to make the next decision.

That sounds sensible.

In fact, for a little while, it probably is.

The problem is that “later” has a habit of quietly becoming years.

I’ve met people who sold a property, accumulated a sizeable EPF balance or received the proceeds from a business sale years earlier. The cash was still there. The balance hadn’t gone down very much. They took comfort every time they opened their banking app.

What had changed was everything around it.

Food cost more. Insurance cost more. Healthcare cost more. The retirement they imagined had become more expensive, even though the number on the screen looked reassuringly familiar.

That’s the strange thing about cash.

It does an excellent job of protecting you from making a bad decision today. It does a much poorer job of protecting you from making no decision for the next ten years.

When you’re working, that’s often acceptable because your salary is quietly covering the gap.

Retirement changes the rules.

The day your salary stops, your wealth becomes the only employee left in the business. Every ringgit suddenly has work to do. Some needs to remain available for life’s surprises. Some needs to help replace the income that disappeared with your final payslip. Some needs to keep growing because retirement isn’t a five-year project. For many Malaysians, it’s a 30-year one.

So I don’t think the question is, “How much cash is too much cash?”

I think the better question is, “How long do you expect cash to carry your retirement on its own?”

Those are two very different conversations.

One is about a bank balance.

The other is about whether you’ve built a Retirement Salary that can last as long as you do.

06/08/2026

I spent a few minutes reading this morning’s business news before work. It got me thinking. There were stories about another hyperscale data centre being built in Malaysia, semiconductor companies benefiting from global supply chain changes, strong earnings from some businesses and disappointing results from others. On the surface, it felt like another collection of unrelated headlines competing for attention.

Years ago, I would have looked at each story individually and wondered which company was worth buying or avoiding. These days, I find myself asking a completely different question. Instead of focusing on the headline itself, I’m more interested in what all of those stories collectively reveal about where capital is quietly moving around the world.

That shift in thinking changed the way I look at investing. Headlines tend to explain what has already happened, but capital often starts moving long before it becomes obvious to everyone else. By the time a trend dominates the news cycle, businesses have already committed billions of dollars building factories, expanding infrastructure, hiring people and positioning themselves for what they believe the next decade will look like.

That’s what stood out to me today. It wasn’t really another story about AI or another positive earnings announcement. It was a reminder that large amounts of capital continue flowing towards digital infrastructure, semiconductors and industries that support them, while other perfectly good businesses are dealing with slower consumer spending and more challenging conditions.

I think that’s an important distinction because many investors spend most of their time reacting to headlines instead of trying to understand the forces underneath them. Share prices move every day and news changes every hour, but structural shifts in capital allocation usually unfold over many years. Those are often the trends that end up creating the biggest investment opportunities.

It’s also why retirement investing deserves a different mindset. If your goal is to fund twenty or thirty years of retirement, constantly chasing whatever is making headlines this week probably isn’t the highest-return activity. Understanding where the world’s capital is being invested, and owning businesses that can benefit from those long-term shifts, is often a far more durable strategy than trying to predict next week’s market move.

I’ve gradually realised that the best investment decisions rarely come from reading one headline particularly well. They come from stepping back, looking across dozens of headlines, and asking a much simpler question.

What story is capital trying to tell before everyone else notices?

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