Reflections on a Century Ride

June (not her real name) glanced at her watch. 36 kph. The group had been cruising along at this speed for the past hour, 30km into the century ride. “The easy part is over. Here comes the hard part!” June muttered to herself.

The coordinator had cautioned participants about the slopes starting from 35 km. Not real killer slopes like Cameron or Genting, but sufficiently challenging for recreational cyclists such as June.  The group started to break up as the stronger riders climbed with seemingly little effort. The likes of June and a few of her cycling buddies started to lag behind.

“Time to pace myself.”

Ironically, pacing in cycling is no different from pacing in work. June’s thoughts wandered off to her experience over the past five years, in part to take her mind away from the effort and pain. June could still remember her business trip to Denver, what – more than three years ago?

Had it been only three years? Time flew by. So much had happened since then. It was in 2008 that the company acquired a large portfolio from a major logistic company in the US. With hindsight, it was clear that was a good time to buy. The subsequent IPO (initial public offering) of that portfolio was a huge success. The share price jumped 11% on the first day of listing. That made some people a lot of money.

June surmounted the 8 percent gradient climb. Phew. That was hard work.

Hard work, indeed. One’s work is not done after IPO. In fact, being in the public eye poses even more challenges. Quarterly reporting, investor relations, AGMs, corporate social responsibilities. These were new facets of the job that any graduate couldn’t appreciate until he or she worked for a public listed company.

The downhill segments were just reward for that climbing work. Descending at over 50 kph was a rush, to say the least. One of her friends zipped past her. He had a good 30 kg advantage over June. Life’s fair.

Then came the undulating rolling terrain. June did not mind rolling terrain. Just needed a good rhythm. Of course, one needed to be adequately trained as well. Some of her buddies who did not put in enough saddle time would start to pay the price for the lack of training later on, after the 100km mark. June had seen that happened all too often.

The same principle applied to work as well. If there was one important principle June learnt since her university days, it was to over-prepare. Be it for a presentation, meeting with the boss, business partners, board meeting or AGM, it was always better to be over-prepared than under-prepared.

Further on, there was a group of cyclist gathered on the road side. Obviously a crash. Hope no one’s seriously injured. At the water point, June quickly topped up her water bottles and ate a banana. Great support for the event, June thought appreciatively.

Riding was like a debt instrument, June thought. When surging and climbing over long distances, it was easy to go into oxygen deficit if one was not careful. Lactic acid would build up. Without adequate training and hydration, riders would go into muscular convulsions, otherwise known as cramps.

The segment from the third water point due south was with tail wind. The analogy would be good times of low interest rates and cheap equity (before 2008). But as the event coordinator said, “Tail wind on your back means that you’d get head wind on the return.” The financial crisis was the headwind.

Just like some countries used to borrow and borrow more to repay past borrowings. Negative amortization.  Some of these countries are now in financial distress from over-zealous borrowings. Leverage used to be the darling of the industry until the financial crisis. Interesting how deleveraging became all the rage then. The good it did was that companies were now more cautious and prudent in capital management. Today, derisking is the new buzz word.

June silently cursed at the strong headwinds, with her riding speed dropping to the low 20s. The afternoon sun was out in full force. Most riders were now struggling. Some simply chucked their bikes by the road to take a breather under the tree. Riders were digging deep, reaching for their energy gels, bars or salt tablets, looking for that second wind.

Speaking of second wind, June recalled how many companies turned to asset enhancement initiatives to sustain growth in recent years, when acquisition as a growth source became as scarce as hen’s teeth. She worked as the key personnel on one such initiative, managing a team that conceptualized, modeled the incremental cash flows, evaluated the investment proposal, and checking and rechecking the excel spreadsheet, making numerous changes as new information unfolded.

Topping it off, June had to convince the board of the merits of the initiative. Some board directors were tough as nails. Exactly what one needed to grind out the last 50 km of the century ride. By the way, for the uninitiated, this was the imperial century. 100 miles or 160 km. Not the metric century of 100 km. For the faint-hearted.

June was grilled by one particularly nasty director on her choice of discount rate, she recalled. It was fortuitous that she was well trained by her professors on the different risk components that constitute the discount rate. That presentation was probably the most stressful presentation she had ever made.

The last 20 km after the last water point were the toughest – physically and mentally. Mental strength would arguably be more important than physical strength. “What does not kill you makes you stronger!” Yes, June survived that ordeal, and she was confident that she would survive the present ordeal as well.

June’s journal

Kuantan 160

March 25, 2012

Middle C

Nothing resonates as much as a LSD run late in the evening or early morning, when the only sound is the sound of foot steps on the tarmac. This is my QT, solace and time for reflection.

This evening, the mental image was a tuning fork.


A tuning fork is a tool used to provide a pure tone. It is used as a reference for accurate pitch for pianos, guitars, and other musical instruments. The most common tuning fork is the pitch for middle C, and that is the basis from which all other keys and strings and instruments - and an entire orchestra - are tuned.

Do we tune in often enough? Are we so focused on our busy work and training schedules that we forget to tune in? What are we training for? Is it to satisfy our ego? Personal challenge? Do we neglect the important things in life, the things that really matter?

Sometimes I forget

2011

New year day. A day for reflection and resolutions.

Just two evenings ago, FOTR had a dinner gathering at JT's new house - it's so new that they had not moved in yet. It was good to have so many show up and to meet the spouses and significant other. After the food and wine, and not forgetting the house tour, we sat down to reminisce about the year past. Reminisce in recalling the funny and not so funny moments - accidents and event - that brought us closer.

Looking back, I had to admit that it was quite a year for the group as well as for me. No one sums it up better than SC, but I'll have to get his permission to reproduce it here.

For me, well, the truth of the matter is that I kinda forgot myself in the course of the year. The sub-5 marathon at WD in Jan, the completion of my first 70.3 in March, completing the 84km ultramarathon in May  had - on hindsight - raised my expectations of what I could accomplish. To achieve, one must first conceive - words of John Bingham paraphrased.

Reality checks during the Bike n Blade (Sept), Tour de Bintan (Oct) and more recently the Asia Pacific 70.3 (Dec) brought me back to earth. I was conceiving of things beyond my capabilities.

The recent bouts of flu (thankfully after Phuket) reminded me of my limitations, of what I used to be before this journey.

Was I a sportsman? No. Was I active in any sports during school days? No. Do I have better than average physical talent? No. Was I a natural athlete? No.

And what am I trying to prove, at my age and in my current station in life? Is it not enough to run for the fun of running, cycle just to enjoy the scenery, swim to release stress and relax? What is it that draws me to endurance racing?

Ironman. Ultramarathoner. What is a title? I can't put them on my name card or resume. Finisher tees and certificates? Wear them occasionally and misplace the certs. Bragging rights? Others have better and are more deserving.

The answer really is in two words. Self actualization.

The emphasis should be on Self. Not the selfish kind, but the humble recognition of my God-given gifts and lack thereof. To push beyond my limitations - and be grateful for the opportunity to do so. To accomplish things that others and I did not imagine possible five years ago. To be able to say, "I did it!"

The next question is to what end? How can I balance training and family commitments? How can I contribute other than the bottom lines of bike and shoe companies? These are soul searching questions.

So as I look forward to 2011, my aim is to be able to say, "I did it - by the grace of God, and for His glory."

Reflections of a Long Distance Cyclist

Jack (not his real name) feels his quads straining as he and his cycling kakis approach the end of the long climb along the reservoir. As they turn into Mandai, they ease up to catch their breath. It is 5:25 am on a cool Saturday morning. Jack and his friends are training for the double century ride to Mersing with the 2010 Charity Bike and Blade this September. 320 km over two days.


Aaron is struggling a little today, Jack notes to himself. The group slows down and is passed by another group – the JoyRiders. Aaron is at a cross road of sorts. He and his wife have been planning to pursue MBAs in the US, even though both are doing well in their respective careers. They must be grappling with their financial resources, after all, a full time MBA is a huge commitment. In addition, the pickup in the property market has prompted Aaron and his wife to consider upgrading their current walk-up apartment. Heavy issues, indeed, weighing on Aaron’s mind.

Jack is an investment manager with a real estate investment trust with a regional mandate. His job requires him to travel more often than he likes. And traveling does not go well with training for a double century. Neither does a family with two young children. Nevertheless, Jack – who took up cycling only two years ago – is determined to train hard to raise funds for the St Luke’s Eldercare Centre.

As the group picks up speed along Mandai Road, Jack’s thoughts returned to the task at hand. Never let up and lose concentration when riding. Too many cycling accidents have occurred on the roads, some of which are caused by errant and drunk drivers.

After the rest stop, Jack takes the opportunity to chat with Aaron as the group takes it easy up Kranji. As it turns out, Aaron is looking to Jack for some financial advice pertaining to the use of CPF funds for property purchases and different financing packages. When they reach Lim Chu Kang Road, Jack can see that Aaron is more upbeat and getting into the groove. Which is a good thing, as the group rides in tight formation to enjoy the benefits of drafting along this windy stretch.

The industrial warehouses along Jurong remind Jack of his recent investment deal that involves a sale and leaseback of a logistic warehouse in another country. The market for industrial and logistic properties is probably ripe for the picking. The past year has been tough for REITs globally. The financial crisis and credit crunch did not leave his company unscathed. There were long meetings with bankers to restructure and renegotiate their debts. Prudent capital management was the key to survival.

In addition, investors were unhappy with the large discounts in REIT price to NAV last year. Acquisitions were challenging as the investment environment made yield accretive acquisitions all but impossible. Which was just as well as deleveraging was the buzz word last year.

This year is a huge contrast by comparison. With the upturn in the stock market, REITs are perceived as good value picks with their attractive yields. The upturn couldn’t have come at a better time, as Jack’s investment team dwindled from 5 to 2 last year as a result of inactivity and rationalization. In the current environment, there are still attractive opportunities to seize if one can manage well the overall weighted cost of capital. If the current level of activity escalates, Jack may have to hire another analyst later this year.

The peloton climbs up the Keppel viaduct. This is one of Jack’s favorite stretches. The elevated ride provides a scenic view, passing the luxury condos and Vivocity. The sunrise is spectacular this morning. It has been said that it is the darkest just before dawn. How apt even for the real estate industry.

Another of his friends, Tim, is unable to ride today as he is busy with viewings. Tim is a successful real estate agent, and the pickup in property prices, especially in the broader residential market, has meant that Tim has his hands full, especially on weekends. How long would the current uptrend last? Is foreign demand fuelling the property market? Are prices too speculative? Is the government intervening too much? Jack makes a mental note to ask Aaron to talk to Tim.

It is now 7:30 am. The ride through the CBD is nice because there’s little traffic on a Saturday morning. The high rise gleaming offices remind Jack of his earlier years as a fresh real estate graduate when he was cutting his teeth in the industry. Those days he spent long hours in his small cubicle in one of those buildings, running and rerunning the numbers on his excel spreadsheet, worrying about all the details that he might have omitted. But Jack has no regrets. He is thankful that he has the good fortune to be in the real estate investment and finance business.

It is now his turn to give back to the less privileged. Which is why he is training so hard on the 100 km round island ride this morning.

It is good to feel the sweat roll off the chin, his heart thumping, his legs spinning and the wind on his face. It is turning out to be a good ride.

*the above account is entirely fictitious and is not intended to reflect any persons, company and events*

The Fellowship of the Ride and Run

Never one for team sports (or any sports, for that matter), the most significant development this year was what I termed the Fellowship of the Ride and Run.

For different reasons, three of us in our small group bought bikes mid last year. Of course, it was only logical to ride together, first with SY and JN along the park connector, and earlier this year, to ride on the roads. It was the Tri-Factor ride that JN and I first ventured on the roads. Quite an experience that was. Our first encounter with the slopes of Thomson and our first tire puncture. That puncture was to be the first of many eventful landmarks in our Fellowship of the Ride together.

Yes, I am talking about our Sunday 5 am cycling fellowship. At one ride, the group had 11 cyclists (and that was the Thomson corner incident), but about four or five of us are the mainstay regulars.

Group riding taught me many valuable lessons. The main lesson was to look out for one another. It could simply by being responsible - calling out "car back!" to pointing out road hazards, to pulling the train, to waiting for one another. At our last ride, we said a short prayer before the ride, out of responsibility to our beloved ones back home - who might fear receiving an early morning call from her spouse's phone, but hearing someone other than the spouse's voice.

Riding is the most exciting of the three sports - but possibly the most hazardous. Recent news about another accomplished triathlete and friend who had a nasty fall reinforced this perspective. Yet, there's the lure of ever-faster speed and surmounting the next slope and the ensuing thrill of the downhill ride thereafter. Responsible riding. We ride, but being accountable to our loved ones, we ride responsibly and look out for one another. No heroics, please.

Then there's the breakfast fellowship. I recall the time when we had to shorten our ride on account of the heavy downpour, and had to make a beeline for my place. Wet though we might be, we had a hearty laugh at ourselves and a good breakfast. It was a good ride, even if we were a pathetic lot.

What do we talk about? All sort of things, from sharing riding tips, to fanciful flights of fantasy about future rides, to the latest gadgets and gears, and to common ministry work that we find ourselves committed to. Bike4COSI - our riding team for next year's OCBC cycle is one manifestation of this ministry work.

It's through these times that I feel that our group has grown closer and more intimate. Nothing like common adversity (and interests) to build bonds.

The same has to be said for the Fellowship of the Run. This year marked the launch of the running community at PMC. We had the privilege of encouraging fellow runners to run for a cause (run4COSI) and for some to achieve their running aspirations. Recently, TH and DA ran the SCSM together - the first for TH!

I had the chance to join them for a 32k long run in the lead up to SCSM, and on another occasion with DW on a 15km long run. It was these runs that allowed me to gain insights into their lives and aspirations. Yes, 3 to 4 hours of running together is a long time to talk and share.

Then there was the 9.5 hours painfest that was TNF. It was a journey of shared pain and joy with PK. Others may think we are nuts, but there're no words to express the grueling treks through rainforest and hills, through heat, humidity and rain, through sweat and tears. No, I stand corrected. The words are "Let's do it again!" --- the journey makes us sign up for two more endurance events next year - the 84km ultra and another go at TNF100 duo.

To the uninitiated, it may seem somewhat baffling and crazy for guys in their forties to don tights and sacrifice previous sleep to do the things we do. But I for one am glad that I did. For what appears to be craziness on the surface is actually a deeper spiritual work that is within us.

The Fellowship of the Ride and Run fosters accountability and discipline. We demonstrate commitment by showing up when we say we would. In so doing, we are accountable for one another in our faith journey. We demonstrate discipline in our riding, running and training. These are desirable traits to cultivate, to say the least.

In our fellowship, we confront and conquer our deepest fears. Perhaps not immediately, but we work at it, baby-steps at times, but slowly and surely we surmount our doubts and fears. Completing our first 42km, our first 60km ride, overcoming our fear of falling or that hill-that-is-our-Archilles-heel.

Perhaps more significantly there’s the issue of vulnerability. That inner vulnerable place within that we guard ever so jealously, through years of practice, not to reveal, is often brought to the altar of inadequacy when we put it all on the line. And we recognize and respect the deeper forces that are at work within us and among us.

Yes, it is this vulnerability that draws and binds us closer as brothers of the fellowship.

God willing, this fellowship may be part of the legacy we leave for our children.

If I had only three more days left ...

End of the year wind-down brought about a pensiveness that did not become of me. Perhaps it was the packing to return home after my one-month mini sabbatical, or perhaps it was simply a tinge of sadness to leave a wonderful city that had been good to my family and me.

After a 10km easy run at HR145 (first 5km under 7 min pace, and the next about 7:30 on account of the higher temperature), it was the ritual saunter with the kids at the Oval where the boys kicked ball and played in the playground. Incidentally, there was this rather bemusing sign at the entrance of the playground.


Watching flocks of birds up in the clear blue sky, with the background din of music from the river, observing the occasional runner doing intervals, dogs and their faithful owners bringing them out for walks, and soccer enthusiasts milling about, it was a good moment to savor.

If I had only three more days left, I would not have done anything different - woke up early to make breakfast for the boys, attended service to say hi to some friends, lunch at Mario's (pizza and latte), a short afternoon nap (I was tired from this week's more intensive training), time with the family, a nice jog, rounded up with a cozy dinner cooked by my beloved wife and a nice glass of Barossa wine.

A day well spent. A year well lived.

Reflections of a Runner

June (not her real name) has been on the run for 2 hours and 11 minutes. The first light of dawn has only just pierced the darkness. Having woken at 4 am, June had taken her morning coffee, grabbed a quick breakfast, put on her running shoes and hit the streets. All par for the course as part of her training for next month’s marathon.

It has been difficult to juggle work and training, but then June is as much into endurance racing as her job as an investment manager at a global investment corporation. The feeling of accomplishment and achievement when crossing the finish line is just as gratifying as closing a multi million dollar real estate transaction. The latest has been the PL deal that she worked on last December. Although June has seen her fair share of deals since graduating from NUS, the PL deal was her biggest thus far. And she remembers the sleepless nights she had while working to bring that deal to fruition.

It was a challenge from a close friend to take up running that started it all. And June had gone from a couch potato to completing a half marathon last year. The next logical challenge was the full marathon, all 42.195 km of it. And June has been diligently training the past four months.

The corner stone of training for a long distance event, as all marathoners would know, is the long slow distance run. This morning June is doing a 28 km LSD run. Such runs give her a lot of time to think and reflect. And surprisingly, after each long run, June usually feels refreshed and rejuvenated. Often she would find a solution to a tough problem at work, or come up with a new idea for better and more efficient work processes.

The sojourn along the dark park connectors of East Coast and Siglap has made her think of the recent developments globally as well as at home. She reflects on how the global economic crisis has caused many publicly listed real estate developers and REITs to see their share values halved. These past months have turned leverage into a dirty word, and to think that just a few years ago, leverage was king. Such irony. She recalls how her lecturer repeatedly said that leverage is a double edged sword. How true.

The older folks were starting their tai chi lessons along the beach. Such grace in motion. June is just glad for their company in such early hours when most of her peers are still in dreamland.

The old folks remind her of how aging is becoming a phenomenon in many countries, and well, Singapore is not spared. Her parents are perfect examples of how asset rich and cash poor most Singaporeans are. The government has been concerned for some time and has come up with various schemes to unlock asset wealth for retirement cash flow. The reverse mortgage scheme for private and public housing, and now the lease buy back scheme. What will they think of next?

Although June understands the rationale for such schemes, she ponders how the focus has shifted from housing provision to old age concerns. Perhaps this is simply the natural progression of things. June remembers how shortly after she graduated in 2002 that the government changed the regulations concerning usage of CPF in housing purchase. The proverbial sacred cow was sacrificed when CPF took lower priority to bank loans upon sale of property financed by CPF savings.

She takes a quick check on her heart rate and pace. 145 at 7 min per km. Right on target. Great.

June remembers how the world used to be simpler. Just take up a plain vanilla floating rate mortgage when buying a house. Recently, her best friend Alicia and her boyfriend were looking at financing their home with a SIBOR linked mortgage loan. That seemed to be the prevalent package these days. How times have changed.
A few fast runners pass her just then, most without a word or sound, although a few give a quick nod of the head.

As June runs past some private estates into Bedok Reservior, she can see how one large condo development is almost completed. That reminds her of how the current crisis has resulted in financial distress for many developers. The last crisis which June recalls, saw many developers liquidating and defaulting. June has recently examined an investment proposal to buy over a distressed development that is only partially completed. The first phase of the project sold well before the crisis hit. However the developer-owner is unable to meet cash flow demands and has to bail out. It is tedious tracking the project accounts, schedule of payments, construction costs, etc. But with a longer term time horizon than most investors, her company is well positioned to take advantage of distress sales such as this.

Oh yes. June makes a mental note to herself to double check her latest cash flows when she gets into office later.

6:58 am. Many people are out now. Joggers, dog walkers, old folks taking easy strolls and young folks hurrying off to work. June punched the stop button on her Garmin watch as she finishes her LSD run.

Yelp. She’ll be ready for the challenge in May.