Christmas is a time for gratitude.
As investors, we have plenty to be thankful for.
Here’s the thing: it’s never been easier to own a piece of a business you admire and love.
Cast your mind back two decades ago.
When we first started investing, the landscape looked vastly different.
Exchange-traded funds (ETFs) and index funds were just getting started.
Unit trusts would routinely charge 5% in sales fees, coupled with another 3% or more in annual management fees.
That’s a hefty toll just to get started.
Then there was the matter of lot sizes.
At 1,000 shares per lot, buying into DBS Group (SGX: D05) today would set you back over S$56,000.
For most Singaporeans earning a modest income, that was simply out of reach.
And let’s not forget brokerage fees — a single trade would cost you S$25.
Fast forward to today, and the barriers that once stood between everyday investors and wealth-building have crumbled.
This Christmas, that’s worth celebrating.
The barriers come tumbling down
Today, lot sizes have fallen to 100 shares.
Soon, stocks trading at S$10 or more will see their lot sizes reduced further to just 10.
Here’s some trivia: our co-founder David Kuo had a hand in kickstarting this reduction process a decade ago.
Think about it.
The common investor may soon own shares of DBS for as little as S$560 versus S$56,000 before.
A world that allows the little guy to participate early in wealth building is a world we want.
So, thanks, David!
The winds of change have been blowing for some time.
Over 20 years ago, iFAST Corporation (SGX: AIY) was at the forefront of reducing unit trust fees.
Sales fees were reduced sharply — and slowly but surely, the barriers started to come down.
Thanks, iFAST!
Today, there’s an abundance of ETFs to choose from.
You can even invest in shares of major companies in Indonesia and Thailand right here on the Singapore Exchange (SGX: S68).
Hong Kong shares can now be bought in lots of 100 on the SGX, without dealing with the random lot sizes that vary by stock on the Hong Kong Exchange (HKEX).
Here’s a pleasant surprise: we’re hearing that HKEX is starting to standardise its lot sizes too.
Thanks, SGX!
A bumper harvest for patient investors
The Smart Dividend Portfolio recently concluded its year-end review, and there’s good news to share.
Our compounded annual growth rate stands at 9.8%, a pleasing outcome achieved by simply staying invested and buying consistently.
No market timing required.
At the same time, cumulative dividends climbed to over S$18,200 at the end of November.
If the portfolio were a farmer, it had a bumper crop year, with Haw Par Corporation’s (SGX: H02) S$1 special dividend and DBS Group‘s capital return dividend adding to the harvest.
All but two stocks recorded share price gains.
Here’s the score: 14 stocks delivered double-digit returns.
Four stocks have become multi-baggers with returns of 100% or more.
That includes DBS Group, which clocked 148% in returns at the end of November 2025.
Here’s the surprise: DBS is not our top-performing stock.
The best performer has quadrupled the portfolio’s investment.
In fact, the first position the portfolio bought in this top stock back in 2020 is now approaching 10x returns.
Yes, that’s 10 times the amount invested.
The secret?
Patience, as it turns out, pays handsomely.
As we head into a new year, the question isn’t whether investing has become easier, but how to make the most of the opportunities ahead.
Get Smart: Preparing for the Next Opportunity
It’s easy to feel thankful when markets have treated us well.
But investing is always about what comes next.
Singapore’s stock market is entering a new phase. Interest rates are easing, liquidity is improving, and dividends are starting to matter again. But not every opportunity will be worth taking, and not every dividend will last.
That’s why preparation matters.
In our upcoming webinar, The Big Singapore Stock Market Rebound (2026’s Dividend Opportunity), we will share how we are thinking about the next phase of the market, what to look for in sustainable dividend-paying businesses, and how investors can position themselves calmly and sensibly for 2026.
If you want clarity on what lies ahead, this is a good place to start.
Watch the webinar replay here.
Disclosure: The Smart Investor owns shares of DBS Group, Haw Par, iFAST and SGX.
