4. Weaker ringgit and higher import costs aside, the automotive industry is now in cyclical downturn with almost everyone in it not doing so well, if not very badly. Thanks to Mazda's relatively low market share, Berjaya Auto will probably still see volume growth in the next few years. Its net cash balance sheet and 6% yield are also a plus.

5. Boosted by low raw material costs and forex gains, Cocoaland had a fantastic 2015. Interestingly the company distributed 20 sen dividend back to shareholders after two takeover deals failed to materialise. 2016 earnings should be lower on margin normalisation and higher labour costs.

6. The risk-on sentiments in 1Q16 also see people bottom fishing established large-cap developers like SP Setia and high yield media companies like Media Chinese International Ltd (5%).

7. Benefiting from lower fuel costs, MAS restructuring and ringgit appreciation, everyone kinda said AirAsia will fly higher in 2016. I just think it's beyond my risk appetite and my intuition is that industry fundamentals are not so favourable over the longer term.

8. Strategy wise, value + yields > growth. Fed will now take longer to hike the rates, due to lower commodity and energy prices which help to shave off some inflationary pressures. That said, equities, EM currencies and EM credits will continue to be volatile, as investors have pretty much become scaredy cats in a rate hike cycle. If history is any guide, SGD has steadily appreciated against MYR since the birth of time if anyone wants to hedge against another MYR scare.