The old manual still applies because a jurisdiction's ability to attract and manage capital is a decisive factor, even before we can talk about the quality of investment decisions or the power laws.
Historically, portfolio performance is inextricably linked to our positioning as a wealth hub and the regulatory clarity of the MAS.
If a market cannot reliably attract capital due to a lack of trust or regulatory uncertainty, then any discussion about power law distributions or decision quality becomes largely theoretical.
Returns are not just a matter of mathematics but also of institutional trust and stability, as we have seen with the success of our Family Offices in Singapore.