The folly of people's power and protecting your portfolio from emotional bias

The folly of people's power and protecting your portfolio from emotional bias

December is supposed to be the time for Bangkok residents to chill out and wind down after a long hard slog for much of this year. But it was not to be. The political thermometer has gone through the roof; the mobs are back on the streets again and so the vicious circle of political mayhem continues.

Luckily, I am one of those people who do not really care too much about who becomes Prime Minister of Thailand as long as the people elect him or her. Being in the private sector helps, since I do not have to kowtow to any politicians in order to make a living. That said my sympathy goes out to some of the people who were emotionally embroiled in the current political conflicts. It is always sad when friends and family members can no longer talk freely about politics without getting into a quarrel.

The one common theme that keeps cropping up at political rallies in recent months is the cry to eradicate corrupt politicians from parliament. Some even suggested we should do away with the parliamentarian system altogether. All I can say is be careful what you wish for. It might just come true.

In my humble opinion, the vast majority of the audience at these political rallies can be divided into two groups. The first group is the misguided people who are clueless about what really goes on in the real world. And the second group comprises self-righteous people who are no less morally corrupt than the people they are trying to get rid of.

I don't mind too much about the first group since innocent minds are easily misled. But it is the second group that I find so ironic. I know of one retired banker who has been an active whistleblower and an anti-corruption crusader. What amazes me the most is how some people can change colour so easily without any qualms. This particular banker was closely involved with the sale of the holding company of the supposedly corrupt politician to a foreign investor where millions of baht worth of commissions were paid to the bank. In my book, if you are happy to take money from the people you call crooks, what does that make you?

On the issues of corruption and taking the moral high ground, the irony blaring from the stages of these political rallies is even more deafening than the noise of the whistles. What some of these "good people" may find hard to take in is that the opposition party when in power was equally or even more corrupt than the current administration.

The sad truth is that almost everyone in Thailand is on the take and I am not just talking about politicians. Senior civil servants, people in uniform, judges, private sector executives etc. The list is too long to fit them all in. But to be fair, you can't really blame them. It's all part of Thailand's modus operandi.

The public sector including the armed forces and to a certain extent some companies in the private sector are bloated with far too many people that are poorly paid. Therefore, it is an accepted norm for them to line their own pockets. Don't call these practices corruption; call them cost of living allowances instead. Moreover, the private sector has no qualms in obliging these under-the-table payments as long as things get done. They simply book these expenses as the cost of doing business in Thailand.

A recent survey of young people seemed to indicate most are comfortable with such practices as long as they too benefit. Therefore, if we are really serious about kicking out corrupt people from Thailand, we may lose over half the population.

As for those claiming to take the moral high ground, I particularly detest the words "depraved people" that come out of the mouths of these protesters. Many of them are elderly people I know well, which makes it even more deplorable. In the eyes of these people, everyone is depraved except their own friends and associates. Some of the protesters cannot accept the fact our man in Dubai will not serve jail time. Here again, I am not sure whether these protesters are really naive or just pretending to be.

Is it not blatantly obvious by now that rich and well-connected people do not go to jail in Thailand? Rich kids can run down innocent bystanders in their sport cars without going to jail; the godfather of a certain province near Bangkok who had been on the run from the law did not serve jail time either when he slipped back home and checked himself into a private hospital. It's an open secret and a standard procedure for convicted villains and former dictators to skip town for a couple years and return home discreetly without going to jail.

Need I say any more about the current state of the Thai judicial system? So I am not going to mince any words here, our man in Dubai is no different from any of the aforementioned characters. Having one more "depraved" person come home will not make Thai soil any heavier.

So how do we get out of this pickle? I was brought up under a one-man one-vote system. I would prefer to stick with the devil I know rather than the devil I don't. The idea of opting for a one-man no-vote regime is quite preposterous and I am sure by next year, when the general election is held, this whole whistle-blowing farce will be nothing more than a bad dream for the vast majority of Thai people.

Those of you suffering from Fear of Missing Out syndrome, I suggest you take a break from your Facebook or Line and go on a holiday to get away from it all. Believe me, it will be good for your mental health. Thailand will still be here when you get back. We Thais are quite a resourceful lot. Just look at the stock market for clues. During the past 10 years, the SET index (total return) has increased 17% per year on average. This despite a coup, natural disasters, political protests, etc. It's living proof that democracy is taking root and deserves a chance to prosper.

Lastly, don't forget to make sure your portfolio is properly diversified, invest early, invest often by dollar cost averaging and everything will work itself out in the end. Trust me.


Teera Phutrakul is chairman of the Thai Financial Planners Association.

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