HAPPY Holidays to my readers. Not all are Christian, but nearly all celebrate the year-end in some way, so I hope you find a peaceful and happy time as the holiday season is here, regardless of what holiday you celebrate.

Congratulations to Frederick Go on his appointment to the Cabinet (as inaugural secretary of the new Office of the Special Assistant to the President for Investment and Economic Affairs, or SAPIEA). I am sure many like me who had the good fortune to deal with you hope you continue with your record of success in your new and very challenging position. Congratulations, too, to the newly appointed Maharlika board. I know many of the non-ex-officio directors. We expect a lot out of you. Not just on the investments but on the Fund itself, as too much was left in the law to their discretion.