Most of the REIT investors endure some extreme volatility in this March Madness. Their holdings have quite a good run in 2019.

Coming into 2020, investors believe that the low rate environment is here to stay. Even when the threat of Corvid-19 reaching the United States and Europe, investors rationalize that when the interest rate plunge, this must be a more conducive environment for the REITs.

What comes next is that in a span of 2 weeks, many REITs saw their stock prices plunge 50%.

Manulife US REIT and Prime US REIT both endure the same fate as their peers.

In the past 2 days, both REITs provided some updates to analysts, so as to address the potential uncertainties of investors.

Since then both REITs saw their share price go up 20-25%. Manulife’s share price held up better, probably because they are in the Index and are much more liquid.

Their transparency may have worked wonders for their share price. However, overall, a lot of the REITs managed to bounce off their lows.

Here are some updates that I have gathered.

Possible Reasons for the Sharp Price Falls

Management updated that possible reasons why the drawdown was so swift was due to

1. Manulife’s entry into the index. When index funds, exchange-traded funds systematically sell down, there isn’t many fundamentals per se
2. There was a lot of margin calls from the Private Banks (my friend KK from RisknReturns mentioned a few days ago that the three US Office REITs may have been removed from the list of marginable stocks on private banks)
3. Funds redeeming and switching around. They are switching from smaller stocks to more liquid stocks
4. Ultra-rich Chinese are facing heavy margin calls (we can guess who they are). Manulife US REIT does not have them on their register

Are Manulife US REIT’s Properties Affected?

The city of New Jersey and California have shut down. Only gas, pharmacy and grocery stores were available.

You cannot take public transport in Virginia, Washington. It is a matter of time before Atlanta shut down.

MUST’s properties are currently 20% occupied. The F&B shops were closed.

Rental Rebate Requests and Business Continuity Insurance

Rental rebates were not offered to tenants. This is even during GFC.

However, they may provide rental rebates to F&B tenants on a case by case basis. F&B tenants only make up ~1% of MUST’s portfolio by GRI.

Management highlighted that a pandemic does not qualify for business interruption insurance.

Adequate Amount of Security Deposits

The security deposits collected by MUST amounts to 0 to 4 months. This is based on the credit profile and length of relationship with the REIT.

A tenant can be considered as default if rent payments are 60 days in arrears.

The Properties’ Experience During the Great Financial Crisis (GFC)

Occupancy during GFC drop to between 80% to 90%.

Figueroa and Peachtree fell to 90% and 80% during the GFC.

One of the fears is that property value will be valued downwards, which will increase the debt to asset ratio, violating loan covenants or MAS guidelines for a maximum 45% leverage ratio.

Management update that valuers will assess value based on the intersection of a couple of different valuation method:

1. Discounted cash flow of projected forward leases
2. Comparable transactions

During periods like this, buyers and sellers are likely to halt their transactions. When there are fewer transactions, there are no comparables to use to value the property at a lower value.

New real estate dues will be put off until there is clarity. Nobody wants this price discovery in the short term.

Thus, valuation should be more stable.

Risk of Top 10 Tenants Right-Sizing

While there were comments of structural shifts for tenants to right-size their office space, their top 10 clients may have already the right size recently or unlikely to change as many of the corporates in the US would already have flexible work arrangements.

Still Struggling to Fill Michelson’s Space

Management update that since Covid-19 happen, a lot of the activity grind to a halt. Management was negotiating with a prospective tenant but since then, most prospects would rather adopt a wait and see attitude.

Less Liquidity and Re-financing Concerns

Manulife US REIT’s property valuations need to go down $351 million or 16% of the portfolio (24 Mar) to reach the MAS Cap of 35%.

They have $90 million in liquidity for working capital purposes and $200 million in credit facility from DBS to tap upon, should they need to make acquisitions.

They do not anticipate that there are risks. Manulife has one debt that needs refinancing this year. The current loan has a 2.46% interest. They are quietly confident that the re-finance loan could be cheaper than this. They have the option to extend the current loan for 1 year as well.

MUST’s unencumbered debt position should improve from 34% to 41%.

Low Key Tenant Risk

The top 10 tenants in their portfolios, which comprise 35% of rental income, are mostly MNCs and government agencies.

They mostly have their headquarters or key operations based out of their assets. Tenant sectors are diversified with no one sector being greater than 23% of the portfolio.

DBS also released some updates with regards to their conference call with Prime US REIT.

Here are some of the key takeaways.

Portfolio have Less Near Term Concerns

Prime’s management believes that there will be market disruptions in the next few months, however, its base case is for the economy to rebound on a very quick V-shaped recovery with the stimulus package.

The key attributes of Prime’s portfolio

1. Long WALE of 5.1 years
2. Low lease expiries (<10% in the next 2 years)
3. High committed occupancy of 96%
4. No debt refinancing in FY2020/21- augurs well as it navigates near-term disruptions.
5. Management expects more tenants to renew their leases in times of uncertainty which bodes well for Prime.

Prime has limited lease expiries in the near term with only less than 7% and less than 10% (estimated after Park Tower’s acquisition) of cash rental income (CRI) expiring in FY2020 and FY2021 respectively.

While there are termination rights on some leases expiring in FY2021, management does not expect to exercise this especially for a lease to a government entity.

On Tenant Defaults and Rent Rebates

There are currently no tenant defaults and rental rebates are given to F&B tenants which contribute less than 1% of total income.

Nature of Security Deposits and Guarantees

While there are concerns about the WeWork operations, WeWork as a tenant will drop off the top 10 tenants list and is estimated to contribute less than 2% of CRI post the acquisition of Park Tower.

In addition, WeWork’s lease provides corporate guarantees / LCs which covers 2 years of income. Sodexo, one of the top 10 tenants which contributes c.5% of CRI (estimated after Part Tower acquisition), provides corporate guarantees for all remaining obligations.

The lease is expiring in 2023.

Oil & Gas Tenants Lease Expires 2 Years Later

While mining and O&G tenants contribute some 6.6% of CRI, the major O&G tenants’ leases are only expiring from 2022 onwards with a larger lease only expiring in 2024.

Sponsor KBS Experience during GFC

Management believed that in times of crisis, occupancies could fall to 80% which is still decent, and rental rates and valuation may fall by 20%.

During GFC, KBS’ (Prime’s sponsor) portfolio continues to generate good returns (c.11% in 3 years) a testament of a strong team and good quality assets.

Conclusion

I do not think that one of the contributing factors for the price fall is due to these two REITs being based in the United States, which is the epicenter of where the number of new detections are ramping up.

The price fall was across the board.

There are adequate uncertainties for properties based in the United States. billionaire investor Carl Icahn biggest position by far is a short on the US commercial mortgage-backed securities. His take is that banks, instead of securitizing residential loans are now securitizing commercial loans on office and shopping malls and selling them away.

Tom Barrack, another billionaire real estate investor, believes that commercial mortgages are on the brink of collapse.

At this point, I would not dismiss this risk yet. I would only comment that I do not know if the commercial loans they are referring to is similar to the same pool of commercial loans Prime and Manulife use.

While both management paints a picture that everything is OK, it really depends on how much the mainstream economy suffers. If it is a long-suffering, I cannot imagine a scenario where commercial real estate will not be affected.

Carl and Tom’s scenarios will work out if this situation prolongs and there are more rental revenue arrears. Like what the management updated, most tenants would have put a few months of security deposits.

However, if this situation persists everyone does not have enough cash flow, sooner or later the landlords will run into issue. The billionaire’s opinion will prove to be correct in some ways.

Prime US REIT does not have any debt renewal risk. Manulife US REIT does. But I believe at this point, Manulife US REIT should not have a problem refinancing their debt. The unique thing is both REITs should have access to USD denominated loans in the United States and Singapore.

Both REITs have 14-15% of their leases expiring in 2020 and 2021. Prime US REIT may have more risks with their exposure to Apache Corporation. However, even then, at this share price, it bakes in the risk if Apache does not renew their lease in 2 years time. There is enough time for oil prices to normalize (if it ever does). The bigger threat is when companies other than the usual suspects start not renewing or right sizing.

What I am more concerned about is more of the risk of property revaluations. This affects potential forced, dilutive, and non-income generating rights issues. Manulife provided some sensitivity analysis on how much property valuation have to fall to reach 45%. While Prime did not provide a sensitivity analysis, they are 4% lower in terms of their net debt to asset.

I leave you with my own sensitivity analysis. It lists the potential interest savings. It also lists potential non-renewal of 50% or 100% of their 2020 & 2021 expiring leases.

REITs have been rather defensive through 2019 as Asian equities battled with trade wars.

Most of us thought they were defensive enough that the price would not drop like a stone. Well, we were a little bit wrong.

Since 19 Feb 2020, the United States market has been spooked now that the people in the United States and Europe realize that Hey! This Corvid 19 Virus will have a big impact on us as well!

Europe and the United States have the sharpest 1-week fall in prices in its history for the past week.

1. The S&P 500 went down -12%.
2. For the month, the index hit a historical high and now it is down -9.6%.
3. Monthly -10% returns, which 9.6% is closed to on the S&P 500 are rare. From 1926 to the end of 2019, there have only been 25 months out of 1,116 months where the monthly returns are less than -10%. That is 2.2% of the time.

On Friday morning, Asian equity markets finally gave in after days of not reacting to US market prices, giving up 3-4% in a day.

Within the volatility, I think there were two side lessons on REITs that we can learn about.

The first learning point is that from time to time, REITs can have a low correlation with equity price movements. However, they might not have the important downside protection properties that bonds have.

The second learning point is to debunk the narrative of how sensitive REIT returns are to interest rate changes.

What Does Correlation Mean

The unique thing about asset classes is that what belongs to an asset class should exhibit the same characteristics as one and another.

However, when we compare each asset in an asset class to another asset in another asset class, they should show different properties.

Cash, Properties, Stocks, and Bonds have low correlations with one another. This means that if stocks go down like this period, the value of cash, properties and bonds should not adjust in an equivalent manner.

We call these correlations. It should be pointed out that these correlations between assets change from time to time.

Usually, when markets get spooked, correlations of various assets become highly correlated (meaning they go down together).

We know that during this period, your cash in your bank account does not go down 12%. So your cash shows no correlations with the value change in equities.

The Performance of Bond ETFs During This Period

We often balanced up the equities in portfolio with bonds.

Traditionally, bonds and equities have low correlations.

The bond allocation is supposed to give the investor a positive expected return over time. However, the bonds portion traditionally have lower volatility than equities.

The lower volatility and low correlations to equities should act as a counterbalancing mechanism when equities go to shit.

I am going to show you the performance of different bond ETFs during this period that starts on the 19th of Feb. The majority of this ETF is listed on the United States and United Kingdom Stock Exchanges.

If you have a stock brokerage account (here is a beginner’s guide how you buy and sell ETF) that allows you to buy stocks on the UK stock exchange, you could get invested into these mainly Ireland domiciled ETFs. Some brokers are Standard Chartered Online Trading, DBS Vickers, Saxo, and Interactive Brokers.

iShares 20+ Year Treasury Bond ETF (TLT)

The TLT is listed in the United States stock exchange. Its index is the ICE U.S. Treasury 20+ Year Bond Index.

As we can see, the relationship with equities is the opposite during this period. The TLT is probably something a lot of people will shift money to when there are shocks like this (other than the other favorites such as gold, USD)

iShares Core Global Aggregate Bond UCITS ETF (AGGU)

The AGGU tracks the Bloomberg Barclays Global Aggregate Bond Index. 53% of the index is in the US Treasury. 12% is in mortgage-backed securities. 17% is in corporate bonds.

85% of the bonds are rated A and above. The rest are rated Baaa.

Prices during this period have not declined.

Nikko ABF Singapore Bond ETF

The ABF SG Bond ETF is a Singapore listed ETF that tracks iBoxx ABF Singapore Bond Index Total Return Series. 88% of the ETF is in the Government of Singapore bonds.

We observe that during this period, the bond ETF is holding up well as well.

iShares High Yield Corp Bond UCITS ETF (HYGU)

The HYGU tracks the Markit iBoxx Euro Liquid High Yield Index. It is a high yield ETF where the bonds are sub-investment grade (or known as junk bonds).

The top holdings is Italy (17%), USA (14%), France (13%), Germany (11%), Netherlands (8%).

The performance of HYGU during this period is highly correlated with the S&P 500 movement. The HYGU shows us that there are certain sub-asset class segments that leans towards other asset classes.

Junk bonds are issued by firms with greater risk and during distressed times in the equity markets, the same set of companies may be faced greater financial difficulty, thus the bonds faced greater probability of defaults. They are priced accordingly.

The Performance of S-REITs During This Period

The best proxy to assess the aggregated short term performance of the Singapore REIT market is the Lion-Phillip S-REIT ETF.

It is a market-weighted portfolio of Singapore REITs.

If we try to replace our bond allocation with REITs, then at least, we should wish that when there is a market fall, REITs should exhibit some low correlations.

The S-REIT ETF is down 8.4% during this period. The magnitude of the fall is lesser but it does show a pretty high correlation with the general markets.

The chart above shows the Vanguard Real Estate ETF for the United States. It too shows the same weakness as the S-REIT ETF. The magnitude of the drawdown is similar to the S&P 500 during the same period.

There are a few explanations of why this occurs. From the people I spoke to, they say a mixture of:

1. Passive ETF Selling
2. Active funds selling for redemptions and closet indexing

So there is little fundamentals going into the selling (for now).

The importance of reviewing the bond ETF performance against the REIT ETF performance is to calibrate investors expectations of REITs:

1. At times when the stock market is up, the REITs might or might not go up together
2. At times when the stock market is down, the REITs might or might not go down together
3. In times of panic, when the stock market goes down, highly likely the REITs will increase the correlation with stocks and go down together

In a way, REITs are very dependent on leverage and relatively high yield. Thus, they exhibit a lot of similar characteristics as junk bonds.

If the reason you have REITs in your portfolio is to reduce the volatility of the portfolio, that might work in a normal situation (absence of market panic, prolong recession) then having REITs does help.

We have seen in situations where the performance of REITs deviates from different regional stock markets. If you have a mixture of bonds, REITs, and stocks, they go up and down at different times. Thus, the volatility might be smoothed out.

But if you expect the low correlation with equities during times like this, then perhaps your confidence is misplaced.

The Correlation with Interest Rate Movement

During this period, we can also observe evidence that disprove REIT’s performance is highly correlated to interest rate movement.

In my Learning to Invest in REIT section of my blog, I have provided two articles that help explain interest rate movement and its relationship to REITs:

1. How Interest Rate Changes Affect REITs
2. Will Rising Rates Hurt REIT Performance?

REITs borrow a significant amount of debts on their balance sheet and thus interest rate movement affect them from time to time:

1. When the market interest rate changes, it affects the cost the REITs have to borrow to re-finance existing debts or finance new property purchases. Lower market interest rates are generally conducive for REITs while higher market interest rates make it challenging for them.
2. Since there is a bunch of investors that treat REITs like a bond replacement, if the market interest rate goes up, they can easily switch to invest in higher-yielding debt at lower risk than REITs. So REITs prices would have to be adjusted down so that they provide a higher, more competitive yield relative to the lower risk debt. Vice-versa

During this period (may not entirely be due to the Corvid-19 virus situation), we observe that the 10-year Government Bond Yields for countries have been going down.

The cost of borrowing for REITs tend to be priced in relation to the long-dated government bond rates. Thus, observing the yield changes gives us an indication of the cost of re-finance or borrowing for the REITs.

Here is the Australia 10-Year. While the past year trend is down, notice the acceleration since the turn of the year, and the steep drop since Feb 19.

Here is the US 10-Year Bond Yield. The yield collapsed by nearly 40%.

And finally here is the Singapore one.

In 2019, when the yields came down, it makes REITs look particularly attractive. Their borrowing cost is lower and their ability to purchase more properties improves. They are also seen as better yielding prospects versus the lower risk or similar risk bonds.

Now that we are in an interesting situation that the rates moved even lower. This should be more conducive to the REITs. Yet, the reality is that the prices do not show that.

Summary

We all can be rather forgetful about events like this once it passes and things went back to normal. So I wish to take this opportunity to note down a period where we can learn from.

I think interest rates have a profound impact on REITs, but that is not the only factor.

And this is how you should look at REITs. Their performance is dependent on a few factors as well, interest rates aside (Read The 3 Main Considerations when Picking REITs). To base your decision purely on the interest rate and its relation to REIT can be a bit myopic.

There are reasons why bonds and cash are still very popular when we structure our overall portfolio. They may be low yielding, but you should expect the returns to be positive in the long run.

Its main role is for us to create a portfolio mix that blends well with your risk tolerance.

I have received many feedbacks about people forming a portfolio with REITs and stocks thinking REITs have all the properties of bonds and some upside of stocks.

If they have such similar properties as bonds, we can plan for an investor a moderate portfolio made up of 50% equities and 50% REITs. The expectation is that if the general equity goes down by 50%, the portfolio goes down by maybe close to 25% to 35%.

For an investor who can only take a moderate level of risk, this is more livable and they can stay invested better.

However, if the REITs do not have a low correlation with equity like the bonds do during a prolong bear, the investor could see their portfolio down 50%.

The best way is just to accept that REITs are a segment closer in relation to property-related stocks. They are more related to property cycles but also am affected as equities.

You can check out some of my serious write-ups talking about REITs in Learning about REITs below.

Do Like Me on Facebook. I share some tidbits that is not on the blog post there often. You can also choose to subscribe to my content via email below.

I break down my resources according to these topics:

1. Building Your Wealth Foundation – If you know and apply these simple financial concepts, your long term wealth should be pretty well managed. Find out what they are
2. Active Investing – For the active stock investors. My deeper thoughts from my stock investing experience
3. Learning about REITs – My Free “Course” on REIT Investing for Beginners and Seasoned Investors
4. Dividend Stock Tracker – Track all the common 4-10% yielding dividend stocks in SG
5. Free Stock Portfolio Tracking Google Sheets that many love
6. Retirement Planning, Financial Independence and Spending down money – My deep dive into how much you need to achieve these, and the different ways you can be financially free
7. Providend – Where I work doing research. Fee-Only Advisory. No Commissions. Financial Independence Advisers and Retirement Specialists. No charge for the first meeting to understand how it works

Yesterday, Manulife US REIT announced its full-year results. This was the first result since their acquisition of Capitol Mall in Sacramento.

The results was not a good one.

Dividend per unit fell 5.9% from 1.53 cents in Q4 2018 to 1.44 in Q4 2019.

Before Jagjit (the previous CFO) left, he told us to focus on the adjusted DPU. Due to the numerous acquisitions, it would be difficult to track what is the dividends based on the enlarged outstanding unit base.

So let me focus on it.

The Adjusted DPU dropped 4.6% from 1.53 cents to 1.46 cents.

Since this was a six-figure position for me, let me provide some updates. This will be a short update since I have written enough about Manulife US REIT.

Michelson’s Lower Occupancy

Management updated in their financial statements that much of the fall in DPU was due to Michelson, their Trophy asset in Orange County.

I ask if the fall in DPU it was due to other attributable reason but management reveal it was mainly due to Michelson.

Last quarter, Michelson’s occupancy was 96% but this quarter it was reported as 90%.

From what we understand there was a vacancy in mid-October. So the vacancy period was about 75 days.

Not just that, the newest acquisition Capitol Mall only contribute for 60 days while the outstanding unit base increased due to the placement and preferential offering.

These factors caused the majority of the fall in DPU.

Management had a tenant ready to sign up. They are one of the biggest co-sharing company in the world. But at that time, the co-sharing company was embroiled in enough controversies.

Management deliberated and decided to cut from this tenant. Too high of an amount of co-sharing tenant would affect an office building’s valuation. In this case, management would rather lease to some longer-term tenants with lesser problems.

They are still leasing it out and are optimistic given the level of enquiries they have gotten.

Strong Leasing Momentum

In the reporting year of 2019, Manulife US REIT renewed 9% of their portfolio leases. The overall rental reversion was 0.5%.

This looks pathetic until you exclude Michelson’s rent reversion. Then it would be a very good 12%.

Michelson’s rental escalation ran past the market rent. As such on average, the lease was renewed on average 12% below the previous passing rent.

Management also reported that year to date in 2020, they managed to renew a further 70,000 sq ft of space in Plaza, Peachtree, and Figueroa.

From what I understood the rent reversion is good for these leases signed up on January 2020. From what I understood, the rent reversion is in a low double-digit.

We Should see Michelson’s Cash Flow Being Restored Next Time.

While Michelson’s rental reversion looks disastrous, in truth, if you have own Michelson 10 years ago, you would not be unhappy your passing rent outrun the market rent. But since we own it for a shorter duration, we have to bear the painful drop in rental revenue.

The cash flow should come back due to the rental escalation.

I tried to ask how long do they expect the cash flow to get back to where it was but no clear guidance was given.

Because within an office building there are many leases, and the leases expire at different time, it is difficult to forecast clearly how long.

Major Mortgage Maturing in 2020

Management updated that in 2020, there is one major mortgage loan that will mature and needs to refinance.

The current interest rate is about 2.45% and likely the interest cost will go up unless interest rate change quite drastically.

Management will be patient to see whether they can get a better interest rate, but if they refinance during this period, their interest rate will be slightly below 3.0%. Not too bad.

FTSE EPRA Nareit Developed Asia Index Incursion the Tailwind They Need

Manulife US REIT share price crossed above $1, rising to a high of $1.05 upon their incursion into the FTSE EPRA Nareit Developed Asia Index.

The incursion into the index would mean that funds who wish to beat or at least keep pace with the index would need to consider the REIT.

From what I understand, they have received attention from regional funds in Thailand, Korea and even in the USA.

The shareholding mix has evolved from more retail and private banking to more institutional.

Future Acquisitions Funding Will Likely Not be too Deeply Discount

Since the shareholding mix is shifting towards more fund and institution centric, it is likely future capital raising will either be placement or preferential offering.

This is because large funds prefer capital raising that is not too dilutive.

This will be better for the minority shareholders as they do not have to be forced to inject more capital in the REIT. As long as the acquisitions improve the DPU, existing shareholders will benefit from an enlarged portfolio.

A Preference for More Resilient Tenants then Technology Tenants

One of the main differences between Keppel Pacific Oak and Manulife US REIT is the former is very much focus on buildings with greater exposure to companies in the technology space.

Manulife US REIT took a different route in preferring tenants who they believe are more resilient. The buildings were carefully chosen such that their key tenants lease their office spaces to be the headquarters.

In more challenging times, tenants tend to consolidate around the headquarters and based on their observations, companies tend to not move away from their headquarters.

Lower Cost of Capital, Greater Interest Points to More Acquisitions in 2020

Manulife US REIT’s current dividend yield is below 6%. In the past at 7%, there are fewer office prospects that would be a value add acquisitions.

At a dividend yield of 5.6%, more office portfolios of greater quality, in more vibrant cities becomes available to be acquired.

Sometimes, you need to know to a certain degree that your capital raising is largely successful for you to confidently purchase a property.

Greater interest from more institutions should ensure that capital raising via placement is less discounted.

Summary

The USD has been quite strong recently and Manulife US REIT can be seen as a proxy to get exposure to the USD.

Manulife US REIT’s 2019 total return was good but for 2 quarters the DPU has dropped.

I tried to explain to the management what investors who do not have access to them see.

There isn’t a lot of metrics that reflect decent, competent management more than DPU growth. I was hoping that last quarter’s 1.48 cents in DPU was just a blip, due mainly to the acquisitions, but this was followed on with an even lower DPU.

Manulife US REIT’s DPU has languished around this range for some time.

As shareholders, I wonder if it is too much to ask if there are some ways to reflect the virtues of an average annual rental escalation of 2.1% a year.

Due to the acquisitions and unit dilutions that comes along with it, investors practically do not see the result of these escalations.

My last DPU projection after the acquisition now looks like a very stupid estimate (annualized 6.28 cents DPU). If they make another acquisition, I am basically going to not do any DPU estimation but just observe if the DPU ever picks up.

I do think that in this low yield environment, there is a high probability Manulife’s dividend yield has more room to be compressed. I suspect Manulife US REIT may have this sweet spot of operating in an environment where there are quite a fair bit of accretive targets.

This might allow the REIT to grow bigger.

Management has also indicated that they are also open to selling their offices if they get an outstanding offers. With a larger portfolio, this may allow them more flexibility to sell one or two properties.

Do Like Me on Facebook. I share some tidbits that is not on the blog post there often. You can also choose to subscribe to my content via email below.

I break down my resources according to these topics:

1. Building Your Wealth Foundation – If you know and apply these simple financial concepts, your long term wealth should be pretty well managed. Find out what they are
2. Active Investing – For the active stock investors. My deeper thoughts from my stock investing experience
3. Learning about REITs – My Free “Course” on REIT Investing for Beginners and Seasoned Investors
4. Dividend Stock Tracker – Track all the common 4-10% yielding dividend stocks in SG
5. Free Stock Portfolio Tracking Google Sheets that many love
6. Retirement Planning, Financial Independence and Spending down money – My deep dive into how much you need to achieve these, and the different ways you can be financially free
7. Providend – Where I work doing research. Fee-Only Advisory. No Commissions. Financial Independence Advisers and Retirement Specialists. No charge for the first meeting to understand how it works