Sunday, August 5, 2012

In memory of Dennis Ng Kah Wan 吴加万

Update: My attitude towards financial trading/investing courses is summed up in this blog post I wrote. If you can learn from cheaper alternatives such as books/internet, please do so. 
I know little about Dennis' financial training courses. He was very generous with his time with people who engaged him online. For that, I'm grateful and this is why I wrote this eulogy.

Money gurus who charge thousands for their courses are viewed skeptically by experienced financial practitioners. Going by their hourly rate, their students pay more for the course compared to an MBA from a reputable university but do not get a recognized certificate upon graduation.

Skeptics will ask ... "if you are such a good investor and love the game so much, why don't you invest and make money for yourself? Why are you sharing your secrets to strangers and diluting your future gains? Are you making more money teaching than doing? Have I hit the nail on the head?"

The financial gurus will reply something along the line ... "I have already made enough money from the market. I want to give back to the community. I want to help people by sharing what I know."

Since battle-hardened investors are trained skeptics, almost all of them will find it very hard to believe the financial trainer. But if there is one man who can make me believe, he is Dennis Ng Kah Wan 吴加万 (RIP on 26 Jul 2012 at the age of 43)

I state upfront that I have never met Dennis in person. However, I know him online on WallStraits (under another nick) since 2004 long before he got famous after setting up Maybe it is presumptuous to write an article on him without meeting him but Dennis spends so much time online sharing his knowledge that it is easy to know him well by reading his posts.

Before Dennis set up his own financial website, he easily ranks among the most frequent contributor to various investment forums like WallStraits (now defunct), ChannelnewsAsia Market Talk and Yet, on each one of them, he was extremely unpopular and threads end up with personal attacks on his character. His critics blast him as being arrogant, intolerant of opposing views and is a shameless self-promoter. It is hard to disagree with the critics if you read just a few of Dennis's posts. However, if a person has the patience to read through most of his posts and ignore the self-advertising part, one could sense that Dennis knows his stuff and was extremely willing to share his knowledge. What was particularly impressive was his willingness to sacrifice his own time to write long replies to answer questions from newbies. I was worried that such a fine contributor would be driven out of WallStraits forum. Out of selfish reasons, I wrote a long post in support of Dennis so that he would not leave the forum. Dennis was quite touched and I guess that was how I got into his good books and why he invited me to join his inner circle to share ideas on individual stock picks. (I don't think it was because he thought I was a good investor as I never shared my stock picks). I politely declined because while sharing investment techniques is fine with me, sharing portfolio is not fine. On investment matters, I would rather be a lone operator. Since Dennis believed deeply in sharing, I guessed I got kicked out of his good books after rejecting his offer.

I probably would have gained more from picking Dennis's stock-picking brain than he from mine because Dennis was the better investor. He gained his financial freedom around the age of 39 through investing in stocks. Despite his vast investment experience, Dennis was not at his best as a teacher at investing on investment forums (except He gets impatient when his advice is not taken. It may not be that people do not take his advice because they doubt him. In investing, there are many ways to skin a cat. One man's meat could be another man's poison. What suits him may not suit others. He showed this darker side of himself on one of Musicwhiz's blog post. I thought he was not being fair to Musicwhiz when he commented that Musicwhiz's 36.9% returns over a 5-year period was very poor returns with the effort put in. Given that Dennis lost half his fortune in the Asian Financial crisis, Musicwhiz's first 5-year performance was at least superior to his.

Dennis would get irritated and impatient when people disagree and refuse to learn from him. This aspect of him made him come across as arrogant and was one of the reasons why he was so unwelcomed on investment forums. I believed Dennis was deeply hurt by the experience. In a private correspondence with him, Dennis revealed (in his own words) that "the reason my MasteryOfFinance forum was not open to public comment is becos of silly personal attacks I've been through in public forums, which you should know very well, why I left" In his defense, I think this seemingly arrogant behavior stems from his deep passion to teach. When a teacher is anxious to see results, he will become impatient with students who doubt his teachings. Unfortunately, fellow forummers never had any intention to be his students. Many of them were good investors in their own right and could make good money with their own methods. If Dennis wanted people to listen to his advice, then the most effective way is to get people to pay to listen to him. This was why Dennis was so well-respected in his own forum but disliked in all the other investment forums that he actively participated before. Dennis's fault was trying to impose his methods on others but he never held back on what he knew for those who wanted to listen. In all fairness to Dennis, can any of his detractors accuse him of being selfish in sharing what he knows?

Dennis was at his best as a Personal Finance teacher. People who took his Personal Finance advice saved lots of money by not overpaying for high-commission aggresively sold insurance plans or buying a car unnecessarily. Dennis never bought a a car. Simply put, owning a car in Singapore just does not make financial sense. Despite gaining financial freedom, his mode of transport remains BMW (Bus, MRT, Walk). He literally walked his talk.

Dennis never really upgraded his lifestyle as his wealth grew. This multi-millionaire still lived in a HDB flat and refused to buy a car. This led to netizens who do not know Dennis well to comment that he was stingy, never sat back to enjoy his wealth, was so keen on making money from his training seminars that he worked to his last breath. I am convinced Dennis did not work that hard for money. What makes me so sure was Dennis's simple, low-cost lifestyle. Does it make sense to work for money and continue doing something you do not like when you have no need for more money? Or does it make more sense to do what you like after you have made enough money to be free to do whatever you want? If Dennis had upgraded from a HDB flat to a Sentosa Cove property, bought a Ferrari, then his detractors may be right in saying he is one of those financial trainers who are out to make a quick buck for themselves. Dennis had already reached financial freedom when he started He has already learnt a hard lesson that few would listen to his advice if he did not get them to pay for advice. Ironically, I guessed he felt he would do his students more good if he had charged them a fee than give knowledge away free of charge. Besides, any good cause can only be sustainable if it generates cashflow. Charity alone is not enough.

I have a theory about thrifty people who remain thrifty despite attaining immense wealth. These people do not work for money. They work for their passion. They live for themselves. Warren Buffet still lived in the same house after 30 years. Through Lee Wei Ling's letters, Singaporeans know that our founding father, Lee Kuan Yew, and his family lived frugally. Likewise for Dennis Ng. Dennis was working for his passion when he started Even before Dennis started several years ago, he had been talking about his passion to spread financial literacy. This can be verified even by his detractors who quarreled with him in the investment forums.

According to some web postings, Dennis had a defective heart. Yet, he worked so hard that he was probably the most active financial trainer in the public arena in Singapore FREE of charge. He writes fortnightly (alternate Tuesday) for My He has a weekly Radio program on Capital Radio 95.8 FM every Thursday 10.10 am to 11 am. He blogs for CPF Board's He writes on a monthly basis for share investment magazine With his wealth, he need not have worked to death. On this aspect, he led life like a fool. However, in his pursuit for his passion, his life was full.

PS: Dennis's death shocked me. My regret was that I never met him in person to express my thanks for sharing his knowledge free of charge on investment forums. Thanks to Dennis, I did not overpay for insurance, did not buy a car and always kept an emergency reserve for bad times. This helped me saved a comfortable sum of money and made my recent period of unemployment more bearable. This long post is a posthumous act to express my gratitude to Dennis Ng. 

Other eulogies for our late friend Dennis Ng;


  1. Hi. I have always seen Dennis Ng advertisement in the newspaper and always thought of attending his free seminars but have never done so. Now he is gone, I guess I have lost the chance already.

    Your post suggested that his seminars are free. Do you mean his preview seminars only? He charges fees for his actual seminars as shown on his website. or do you mean in his early days, Dennis will hold full day seminars for free?

    anyway, sad to see him leave at such a young age. Hope his family will be able to cope with such a tragedy. RIP.....

  2. Hi (AnonymousSunday, August 12, 2012 10:01:00 AM GMT+08:00),

    In his early days, Dennis gave away his advice for free on internet forums. I do not think anyone can give free seminars consistently. It costs money to book seminar rooms. It does not cost anything to post on forums.

    There is a lesson to be learnt here on giving advice. If someone gives advice when nobody asks for it, he is not going to be listened to even if it is good advice. However, if he charges for advice, people will listen even if it is bad advice, particularly if they have already paid for it :) Of course, I think Dennis gave very good advice in Personal Finance.

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  3. Your article is very well written and it touched me.

    Somehow I wish there are more people like Dennis in Singapore. Their expertise can benefit Singaporeans, especially the younger generation.

    Look forward to more great article from you.

    SG Web Reviews

  4. Hi Greatsage,

    Thank you for your compliment. I read your blog too.

  5. Is good to know that there are people who stand up for Dennis.

    Many times people do not even known themselves who is helping them and who is just throwing stones.

    I wish you all the best in your Financial Learning.

  6. Hi i chanced upon your site today and learnt quite a great deal. Yes i used to frequent last time and bought two books from Sage. I remember seeing "Dennis", and I missed his advice. Too bad no chance to learn from him.

    Thanks for this article.


  7. Thank you for your kind words for my sifu, Dennis Ng.

    Dennis' efforts to spread financial literarcy is really fruitful as witnessed by the benefits reaped by you (& others who heed his free advices).

    My trading loss of $30k could have been reduced substantially if only I had joined his seminars earlier.

    1. Hi AnonymousSaturday, March 30, 2013 at 10:35:00 PM GMT+08:00,

      Dennis was a passionate teacher even to online faces whom he has never seen before.

      Sorry to hear about your trading loss. Certainly, spending a few thousands to join his seminar would have helped. But I do not think it is really necessary as investment knowledge can be picked up from books that can be borrowed free of charge from the library. As for the practice, it is unavoidable to pay school fees to Mr Market regardless of how many expensive seminars you have attended.

  8. It has been 4 years since he passed away and Dennis was and will always be a great mentor to me. He was an insurance agent when I knew him. He was a financially free teacher when I last saw him. He spoke, walked, and acted consistently with his truth. Rare soul on this earth. Thanks for sharing your thoughts about him. To cross path with a guru is life's blessing.

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