Is it rationale to invest in ETF as the stock market has risen quite a lot for US, China n Europe not and the ETF still invest in the indices of the US，tech, mkt that has risen a lot already.?

Hi Kok Kheng, thank you for your question. Humans are (unfortunately) terrible at predicting the future. We just have to admit it. I remember in 2016 or 2017 people were calling the US markets a bubble and while we have had a correction in 2018 and again this year, we are back again higher and so it's is futile to try to predic the future returns. What we know is that rather than try to pick markets or sectors, we expose ourselves to the global markets, then we will always have exposure to the winners in the global markets at any given point in time. We cannot be certain about the short-term economic outlook and market valuations. In fact, my experience shows that economy and markets do not always move together - economics is backward looking while markets are forward looking - that's why I don't like making forecasts of markets based on economic data alone. Also valuations are never a good indicator of future returns.

We know that financial markets have historically rewarded long-term investors, and we believe that it is time in the markets rather than trying to time the markets that will deliver positive long-term returns and wealth accumulation.This is also why it's important to have a passive, low-cost investing strategy and a regular savings plan. Remember also that it’s more about managing risk than maximising returns that will give you the peace of mind to be able to stay invested for the long-term.

Nobody can know the development.

MSCI World ETF - as ever - could be the safer play