Me & My Money: Staying in the pink of financial health through healthcare investments

By Rosalind Ang , The Straits Times, November 6, 2022.

SINGAPORE – Entrepreneur Chris Lee learnt a valuable lesson when he skimped and saved as a 12-year-old growing up in South Korea, to fly from Seoul to Sydney to see pop supergroup Abba in 1977.

The band’s hit, Money, Money, Money, might have been written for him, given the trials and tribulations he went through to get to the concert after his parents gave him permission to go, as long as he paid his own way.

The young Lee delivered milk and newspapers for three months to pay for the cheapest flight Down Under, and then saved on accommodation by camping outside the venue, along with other fans. The experience taught him from a young age that money can let you pursue your passion – but you have to earn it first.

Mr Lee’s passion now is on more practical matters.

While hitting the age of 57 might prompt the idea of retirement in some minds, the former medical industry executive went the other way and embarked on a new venture that put almost all his life savings on the line. Mr Lee, 57, used that eight-figure sum to set up VentureBlick, a fundraising platform that aims to match early-stage healthcare start-ups with medical investors. The company, which was founded early in 2022, is headquartered in Singapore with presence in South Korea, Australia, the United States and China.

VentureBlick has more than 20 employees across five countries and is hiring more. It will start its open call for start-ups to sign up for the platform in November and launch it fully in early 2023.

Mr Lee believes that investments in the healthcare industry are the best bet as the sector is not as affected by market volatility. His own portfolio is diversified into large-cap companies, such as Coinbase, Medtronic, Netflix, Tesla, Merck, Pfizer, Meta and Microsoft.

“My annual investment returns over the past 30 years have been more than 10 per cent per year on average, including dividends,” says Mr Lee, who spent more than three decades as a corporate executive in the healthcare industry. “Because the majority of my portfolio is healthcare focused, it has provided me with stable dividends, plus capital appreciation.”

Mr Lee and his wife, who is a homemaker, have a 19-year-old son who has co-founded a blockchain start-up based in New York.

Q: What’s in your personal portfolio?

A:?When I was working for big corporations, I had the habit of betting everything on the company I was working for. I put 100 per cent of my disposable income into the company’s stocks as a way of showing my sense of loyalty and dedication.

It was my own way of motivating myself to work harder because I believed that whatever I did daily would affect the stock price, especially as part of the senior leadership team. Now I have diversified my portfolio into large-cap companies and different stocks.

Over the past 30 years, there have been a lot of ups and downs and financial volatility. But healthcare stocks have been the most stable, providing the most predictable returns. This actually encouraged me to focus on healthcare investment when I decided to start VentureBlick. It was proof that healthcare is a good segment to invest in. Other than stocks, VentureBlick is by far my biggest investment to date.

Q: What are your immediate investment plans?

A:?I plan to continue putting more money into VentureBlick to expand into more markets and build the team and the business to the point that it is self-sustaining.

Q: Describe your investing strategy.

A:?When people tell you which company stock to buy, it’s usually too late. In my own experience, you can listen to advice, but at the end of the day, it’s your decision. You should follow your own intuition, and put money into things you’re passionate about or familiar with.

The amount you invest should also be never more than what you can afford. If you lose the whole thing, you should still be able to survive. Stay within the limit and be prepared for the worst-case scenario. Don’t risk your whole life savings.

Q: What else is in your financial plan?

A:?I have my own savings plan for my family. My son is already quite financially independent because of his own venture, and I expect him to create his own wealth, just as how I was raised. But I will always be ready to support him if and when he needs it.

Q: How are you planning for retirement?

A:?At 57, a lot of people expected me to retire after being a corporate executive for so many years. But I always wanted to do something different. I spent a third of my life studying, the second third working for someone else, so now is time to devote the remaining years of my life to cultivate a company I can grow.

I plan to continue working and devoting myself to growing VentureBlick till it is as big as it could possibly be, to help healthcare start-ups as much as possible to realise their dreams. Retirement in a sense is not in my plans at the moment.

Q: What does money mean to you?

A:?I learnt from the experience of saving up for my Abba concert that money allows me to pursue my passion, but I have to earn it.

Money can mean different things to different people. For most people, it allows us to meet our basic needs, buy food, have a place to stay, and get access to healthcare. Money can also provide us with power – the freedom for us to be who we want to be and do what we truly want to do. Today, money puts me in a position to help others.

I’ve had quite a fulfilling corporate career and now I’m in the position – with the experience and resources – to help other companies.

Q: Home is now...

A:?A two-bedroom serviced apartment I rent located off Orchard Road.

Q: I drive...

A:?I don’t own a car. I take taxis or private hires, which are very reliable and affordable in Singapore. In previous corporate roles, the companies provided either a Mercedes Benz or BMW and a driver. But I’d rather spend my own money on more productive things.

Worst and best bets

Q: What has been your biggest investing mistake?

A:?I haven’t really experienced a big tangible financial loss because I’ve been mainly investing for the long haul and in relatively safe stocks. But other than money, I have made some mistakes investing in the wrong people. I devote a lot of time, effort, and resources into grooming individual talents as one of my passions.

Unfortunately, I’ve made mistakes picking the wrong people to invest in. Some of the talents I chose to groom turned out to be entitled or too impatient, chasing only after money or titles. Some were only interested in personal gain and didn’t pay forward the same kindness I showed them to develop others below them.

Over the years, I believe I’ve become a better judge of character and now, I’m more selective in whom I invest my time and effort in. But I’m still glad I invested in people. They say it’s better to make some bad investments than not to invest at all, and I think that applies to investing in people as well.

Q: And your best investment?

A:?The best financial investment for me was when a pharmaceutical company I invested in received approval for their therapy ahead of time. I got double the returns within a few days. This was probably the moment I experienced the upside of investing in healthcare and it influenced my decision to start a company focusing on healthcare.

I believe my best investment is yet to come and it will be through VentureBlick. Some of the healthcare start-ups we will be supporting will have a major impact on society, and I’m really excited about that.

Q: Any other comments?

A:?I had quite a privileged upbringing, thanks to my parents’ success. We lived in an upscale neighbourhood in Seoul, but my father came from a humble background. He was from a rural village in South Korea, which was the last place in the country to have electricity.

As a child, he walked five hours a day to get to and from school. Through sheer hard work, he rose through the ranks to serve as personal physician to the president, and achieved the highest rank as a military general in South Korea. My dad was a self-made man.

My father always said that if you chase after money, money may not come to you. But if you chase after your dream, money will follow. It may sound a little idealistic, but what it really means to me is that it’s more important to follow your heart and take certain risks.

It will pay off and the money you make from that will be far more meaningful and fulfilling.

After years as a civil servant, my dad left the comfort of a decorated military position to start his own hospital at age 54. He borrowed money from different people to set it up because he believed that everyone deserves good and affordable healthcare.

He was a living example that any average person, with hard work and a strong will, is able to chase their dreams and be successful. And now, I’m trying to live up to his legacy.

This article was first published by The Straits Times on November 6, 2022. Read the original piece here.