Disclaimer

Last updated: 1 January 2026

Educational purpose only

Everything Ballast Risk Education publishes — the Drawdown Defence Guide, our periodic lessons, and any commentary on this site — is general financial education for households in Singapore. It is not, and is not intended to be, personal financial advice tailored to your circumstances, objectives, or risk appetite.

No licence, no recommendation

We are not licensed by the Monetary Authority of Singapore (MAS) to advise on securities or any other financial product. Nothing we publish should be read as a recommendation, solicitation, or inducement to acquire, dispose of, or keep any security, fund, REIT, or other instrument. Any reference to a market episode, asset class, or historical event is for illustration only. Past performance does not predict future performance.

Investing carries risk

Markets move in both directions, sometimes sharply. The value of any holding can fall as well as rise, and you may get back less than you put in — sometimes substantially less. Drawdowns, sometimes deep ones, are a normal feature of investing across asset classes and decades. Any decision to act on, or refrain from acting on, information in the Materials is yours alone, and so are the outcomes.

No liability

To the fullest extent permitted by law, Ballast Risk Education Pte. Ltd., its directors, employees, and contributors accept no liability for any loss, damage, or inconvenience arising directly or indirectly from your use of the Materials, your reliance on any opinion expressed in them, or any action you take or refrain from taking based on them. Where independent professional advice is appropriate, you should obtain it.

Third-party references

Where the Materials reference indices (such as the MSCI ACWI or the Straits Times Index), external data sources, or third-party platforms (such as WhatsApp), those references are for illustration and convenience only. We do not own or control those third parties, and we accept no responsibility for their accuracy, availability, or conduct.