The Global Investor’s Handbook: 6 Things Smart Investors Do Before Putting Money Into Global Markets

Table Of Content:

  • Introduction
  • #1 Why Invest in the U.S.?
  • #2 Setting Your Financial Goals
  • #3 Key Investment Options
  • #4 Ways To Invest
  • #5 Risk Management & Common Mistakes to Avoid
  • #6 Bonus Resources

The Investor’s Starter Kit – Your Guide to Smart Investing

Introduction

Welcome to the world of investing! If you’re here, you’ve already taken the first step toward securing your financial future. Investing can feel overwhelming at first with all the jargon, risks, and endless choices but don’t worry, this guide is here to make things simple.

Think of this as your roadmap. We’ll break down the essentials: why investing matters, why the U.S. market is a powerful place to grow your wealth, and how to build a portfolio that suits your goals and risk appetite.

When I first started investing, I felt lost in a sea of information. There was too much noise, and it took me a long time to piece things together. That’s exactly why I created this guide to give you a clear, structured starting point so you can fast-track your journey to becoming a confident global investor.

Let’s get started and unlock the power of smart, long-term investing.

#1: Why Invest in the U.S.?

Now that we’ve dipped our toes into investing, let’s explore why the U.S. is such a powerful place to put your money.

Why Invest in the U.S.? The Global Powerhouse

The U.S. is home to the largest stock market in the world, representing nearly 60% of global market capitalization. With giants like Apple, Microsoft, Amazon, and Coca-Cola, investing in the U.S. gives you exposure to innovative, resilient businesses that shape the global economy.

Unlike many local markets, the U.S. provides investors with a wide range of opportunities from retirement accounts and index funds to world-leading REITs and ETFs. This gives you flexibility to build a diversified portfolio that can grow steadily while enjoying tax advantages and global reach.

Inflation & Wealth Growth

Another key reason to invest is to beat inflation. Prices of goods and services rise steadily worldwide — healthcare, groceries, housing. If your money isn’t growing faster than inflation, you’re losing purchasing power.

By investing in U.S. companies with strong competitive advantages, you’re not just preserving your wealth — you’re growing it. This allows you to maintain and even improve your standard of living in the face of rising costs.

#2: Setting Your Financial Goals

Investing without clear goals is like driving without a destination. That’s why before diving into stocks, bonds, or funds, it’s essential to define your financial goals.

What Are Your Dreams? Short-Term, Medium-Term, and Long-Term

Take a moment to envision your future. What do you want to achieve financially? Break down your aspirations into different time horizons:
Short-Term Goals (1-3 years): These are your immediate needs and desires.
  • Building an emergency fund (3–6 months of living expenses).
  • Paying off high-interest debt.
  • Saving for a dream vacation, or a new car.

Medium-Term Goals (3-10 years): These are your significant life milestones and aspirations.
  • Saving for a home.
  • Contributing consistently to retirement accounts
  • Funding your wedding or starting a family.
  • Setting aside money for your children’s education.

Long-Term Goals (10+ years): These are your grand ambitions and legacy plans.
  • Building a retirement portfolio that allows you to enjoy your golden years without worry.
  • Accumulating wealth through stocks, index funds, and real estate to achieve true financial independence.
  • Leaving a financial legacy for your loved ones.

Example: A Singaporean's Goal Setting
Let's say you're a 30-year-old working professional in Singapore. Here's how you might break down your financial goals:
  • Short-Term: Build an emergency fund of S$20,000 within 2 years.
  • Medium-Term: Save S$100,000 for a down payment on a House in 5 years.
  • Long-Term: Accumulate S$1.5 million for retirement by age 60.

Write it Down!
The act of writing down your goals makes them more tangible and increases your commitment to achieving them. Be specific, measurable, achievable, relevant, and time-bound (SMART goals).

#3: Key Investment Options

Once you’ve set your goals, the next step is choosing the right investment vehicles. Think of them as your building blocks to grow and preserve wealth in the U.S.

1. U.S. Treasury Securities (T-Bills, Notes, Bonds)

These are loans you give to the U.S. government. In return, they pay you back with interest. They’re considered one of the safest investments in the world.

  • Treasury Bills (T-Bills): Short-term securities that mature in less than one year. They don’t pay interest but are sold at a discount (e.g., you pay $9,800 today, and receive $10,000 at maturity).
  • Treasury Notes: Maturities from 2 to 10 years. Pay fixed interest every 6 months.
  • Treasury Bonds: Long-term securities, with maturities up to 30 years. Pay semi-annual interest, suitable for long-term, stable income.
  • TIPS (Treasury Inflation-Protected Securities): Bonds indexed to inflation. They adjust with the Consumer Price Index (CPI) to preserve purchasing power.

Why it matters: U.S. Treasuries are considered safe-haven assets. However, they may not generate high returns compared to equities.

Equities (Stocks)

Stocks represent ownership in a company. For U.S. investors, the stock market offers the widest range of opportunities in the world, from mega-cap tech companies like Apple and Microsoft to small-cap growth businesses.
  • Blue-Chip Stocks: Established, financially sound companies like Coca-Cola or Johnson & Johnson.
  • Growth Stocks: High-potential companies reinvesting profits into expansion (e.g., Tesla, Nvidia).
  • Dividend Stocks: Companies that pay consistent dividends, offering passive income and stability (e.g., Procter & Gamble).
  • Index Funds/ETFs: Low-cost funds tracking indexes like the S&P 500 or Nasdaq. These provide instant diversification. 

    Why it matters: Equities historically offer higher returns than bonds, but with greater volatility.

Real Estate Investment Options

In the U.S., real estate investing can take multiple forms:
  • Direct Property Ownership: Buying rental properties for rental income and capital appreciation.
  • REITs (Real Estate Investment Trusts): Companies that own or finance income-producing properties. REITs trade like stocks and often pay attractive dividends.

Why it matters: Real estate provides diversification, inflation protection, and potential for both income and appreciation.

Retirement Accounts (Tax-Advantaged Investing)

Americans have access to a variety of retirement accounts that provide tax advantages:
  • 401(k): Employer-sponsored plans where contributions grow tax-deferred.
  • Roth IRA: Contributions are made after tax, but withdrawals in retirement are tax-free.
  • Traditional IRA: Contributions may be tax-deductible; withdrawals taxed in retirement

    Why it matters    : These accounts help reduce taxes and accelerate long-term wealth accumulation.

Choosing the Right Option

Start with safe instruments like Treasuries if you’re risk-averse, then build equity exposure for long-term growth, and use retirement accounts to maximize tax benefits. Diversification is crucial to balance risk and reward.

2. Certificates of Deposit (CDs)

Certificates of Deposit (CDs) are the U.S. equivalent of fixed deposits a safe and predictable savings option offered by banks and credit unions. You deposit a fixed sum for a specific period, and in return, the bank guarantees you an interest rate.

They provide a stable, locked-in interest rate for the term of the CD, making them a dependable choice for short to medium-term savings goals. Unlike regular savings accounts, CDs usually offer higher interest rates, but the trade-off is that your money is tied up until the CD matures.

The minimum deposit requirement varies by bank sometimes as low as $500 to $1,000 with terms ranging from a few months to 5+ years. Longer terms often come with higher interest rates, making CDs suitable for conservative investors who value stability.

Which is better? CDs or U.S. Treasuries?

Both CDs and U.S. Treasuries have their strengths:

  • Certificates of Deposit (CDs): Offer consistent, guaranteed returns for a fixed term, backed by FDIC insurance (up to $250,000 per depositor, per bank). Ideal for those seeking predictable income without market risk. The downside? Limited liquidity — withdrawing before maturity often incurs a penalty.

  • U.S. Treasuries (T-Bills, Notes, Bonds): Considered among the safest investments globally, as they’re backed by the U.S. government. Treasuries can provide liquidity (sold in secondary markets) and often offer competitive yields, especially in rising rate environments.

3. Mutual Funds & ETFs: Professional Management + Flexibility

If you don’t have the time or expertise to manage your own portfolio, mutual funds and exchange-traded funds (ETFs) offer professionally managed or passively managed solutions.

  • Mutual Funds: Pool money from many investors into a professionally managed portfolio that could include stocks, bonds, or other assets. Fund managers make the investment decisions for you.

  • ETFs: Similar diversification benefits, but trade on an exchange like stocks. ETFs often have lower fees than actively managed mutual funds and can be more tax-efficient.

Fees & Costs to Watch For
It’s important to understand that fees can significantly affect your returns over time. Common fees include:

  • Expense Ratio: Annual fee as a percentage of assets under management. U.S. mutual funds may charge between 0.5% – 1.5%, while ETFs typically range lower, from 0.03% – 0.75%.

  • Sales Loads: Some mutual funds charge upfront or back-end commissions (5%+), though ETFs usually don’t.

  • Platform Fees: Brokerage accounts or robo-advisors may charge additional fees.

Indirect fees may also come out of the fund’s net asset value (NAV) — for example, trading costs, marketing expenses, or administration fees. These aren’t always obvious, so always check the prospectus or the fund’s fact sheet.

Why This Matters

For U.S. investors, mutual funds and ETFs are often used inside 401(k) and IRA accounts, meaning your fees and growth are compounded over decades. Choosing low-cost, broad-based index funds (like the S&P 500 ETF) is a proven strategy many investors, including Warren Buffett, recommend.

Keep fees low, stay diversified, and avoid chasing hot funds. The power of compounding works best when your costs are minimal and your horizon is long-term.

4. Real Estate Investment Trusts (REITs)

In the U.S., Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-producing real estate across a variety of sectors — including residential apartments, office buildings, shopping centres, warehouses, and even data centres.

REITs allow everyday investors to access real estate without having to directly buy and manage properties. By purchasing shares of a REIT, investors can participate in the rental income and capital appreciation of real estate assets, much like buying stock in a company.

Why U.S. REITs Are Attractive:

  • High Dividend Payouts: By law, U.S. REITs must distribute at least 90% of their taxable income to shareholders each year. This makes them a consistent source of dividend income.

  • Diverse Sectors: Unlike Singapore’s more concentrated REIT market, U.S. REITs cover a wide spectrum of industries (healthcare, industrial, retail, technology infrastructure, etc.), giving investors broader exposure.

  • Liquidity: Listed REITs in the U.S. trade on major exchanges (NYSE, NASDAQ), making them easy to buy and sell like regular stocks.

Things to Keep in Mind:

  • REIT share prices can fluctuate just like other stocks, so investors may face capital gains or losses.

  • Dividends from REITs are generally taxable as ordinary income in the U.S. (unless held in tax-advantaged accounts like an IRA or 401(k)).

  • Sector performance can vary for example, industrial and data centre REITs may thrive in the digital economy, while retail REITs could struggle with e-commerce disruption.

Bottom Line: U.S. REITs provide a simple way to diversify your portfolio with real estate exposure while enjoying steady dividends. For income-focused investors, they can be a powerful complement to stocks and bonds.

5. Exchange-Traded Funds (ETFs)

ETFs are like a basket of investments bundled together into one. Instead of buying one company’s stock, an ETF lets you own a piece of many companies at once giving you instant diversification at low cost.

Here’s the beauty of it: ETFs are designed to mirror the performance of an index, sector, or strategy. And because they trade like normal stocks, they’re easy to buy and sell on major exchanges.

Take the S&P 500 ETF as an example. By owning just this one ETF, you’re essentially investing in 500 of the biggest companies in America including household names like Apple, Microsoft, and Coca-Cola. That means your portfolio automatically reflects the performance of the U.S. economy without you needing to pick individual winners.

The result? Your wealth grows alongside some of the world’s most resilient businesses.

ETFs aren’t just limited to the U.S. every major market has them. But the U.S. remains special because of its sheer scale and depth. That’s why many investors worldwide — from Asia to Europe include U.S. ETFs in their portfolios as a foundation for long-term, stress-free investing.

Why Warren Buffett Recommends Index Funds?

Warren Buffett, one of the most respected investors in the world, has a very simple piece of advice:
"Put 10% of the cash in short-term government bonds and 90%in a very low-cost S&P index fund. (He suggested Vanguard.) I (Warren) believe the trust's long-term results from this policy will be superior to those attained by most investors whether pension funds, institutions or individuals who employ high-fee managers. "

For someone who could pick almost any investment in the world, why does Buffett recommend something so simple?

In 2008, he made a famous bet against hedge funds. Buffett challenged them to outperform a low-cost Vanguard S&P 500 Index Fund (VOO) over 10 years. The results? By 2016, Buffett’s index fund gained 65.7%, while the hedge funds lagged far behind at 21.9%.

This reinforced his belief: most investors are better off with low-cost index funds rather than expensive, actively managed funds.
Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P index fund. I believe the trust's long-term results from this policy will be superior to those attained by most investors —whether pension funds, institutions or individuals —who employ high-fee managers.
Warren Buffett
Berkshire Hathaway Inc., 2013 Annual Report. Nebraska. Berkshire Hathaway Inc., 2013. pp. 21-22.
What Makes This Strategy So Powerful?
  • Over the past 15 years, a simple S&P 500 index fund returned an average of 13.87% annually with dividends reinvested.
  • By holding for the long term, you benefit from the power of compounding.
  • Low costs = more money stays in your pocket.
  • You don’t need to constantly monitor the market just invest, stay invested, and let time do the work.
  • Simple to understand and apply, even for beginners.

This is why Buffett, despite being a master stock picker, tells everyday investors to simply buy the S&P 500 ETF and hold it long term. It’s a strategy that has stood the test of time, and one we also believe in strongly at Value Investing Academy.

6. Stocks: Owning Businesses 

When you buy a stock, you’re not just buying a piece of paper you’re becoming a co-owner of a business. That’s what makes stocks so powerful. Instead of working for money, your money begins working for you, side by side with some of the best businesses in the world.

The U.S. stock market is the largest and deepest in the world, home to global giants like Apple, Microsoft, Johnson & Johnson, and Coca-Cola. These are companies that shape how we live, work, and consume every day and by owning their stocks, you participate in their growth and profits.

There are two main ways investors make money from stocks:

  • Capital Appreciation – When the value of a business grows, its stock price rises. If you bought Apple years ago and held onto it, you would have seen the price multiply many times over. That’s the power of owning quality businesses over the long term.

  • Dividends – Some companies share their profits with shareholders in the form of cash or additional shares. Well-established businesses like Johnson & Johnson and Procter & Gamble have a long history of rewarding investors with consistent and even growing dividends year after year.

The beauty of investing in U.S. stocks is that you get access to a wide range of industries — technology, healthcare, consumer goods, finance, and more. And unlike smaller markets, the U.S. offers thousands of businesses to choose from, giving you the ability to diversify and reduce risk.

The key is this: don’t just buy stocks, buy wonderful businesses. If you focus on companies with strong competitive advantages, reliable earnings, and a history of rewarding shareholders, you can build wealth steadily and safely for the long run.

Get Started In Investing

Before you buy any investment, it’s important to understand one simple but powerful idea:
There are two types of assets in the world income-generating assets and non-income-generating assets.

  • An income-generating asset is something that produces profit or cash flow every year like a rental property or a good business.

  • A non-income-generating asset is something that just sits there, hoping to be sold at a higher price in the future like a block of gold, or a business that has been losing money for years.

Now think about it: If you own something that generates profit, the odds of you losing money go down. Even if the price of the business swings up and down in the short term, the business itself is still producing income. That income protects you.
Write your awesome label here.
On the other hand, if you buy something like gold, the price may go up or down but it produces no cash flow in the meantime. You’re left waiting and hoping. And hope is not a strategy.

That’s why, when you invest your hard-earned savings, ask yourself:
Am I putting my money into an income-generating asset, or a non-income-generating one?

This is also why Warren Buffett the greatest value investor of our time never chases stock prices. Instead, he focuses on owning wonderful businesses that generate consistent profits, and then waits patiently to buy them when they’re “on sale” in the stock market.

The good news? Anyone can learn to do the same. But you need the right knowledge to know what makes a business wonderful and that’s exactly what value investing is about.

So how do I get started in value investing?
In fact, it is as simple as A, B and C:

Assess

The first step is to assess the business. Every stock you see in the market is a business behind it and there are really only two kinds of businesses: good or bad.

  • A good business generates consistent profits and has strong advantages.

  • A bad business struggles and drains your wealth over time.

The key to success is learning how to tell the difference. That’s why this step requires effort, knowledge, and discipline. Remember: if you don’t understand the business, don’t invest in it.

Buy

Once you’ve found a wonderful business, the next step is to buy it  but not at any price. Even the best business can be a poor investment if you pay too much.

For example, if a business is worth $10, you don’t want to pay $12 or $15. Instead, you wait patiently until the stock is available at $10 or below. That’s how you build in a margin of safety.

Cashing Out

After buying at a good price, the value of the business will grow over time. Eventually, the stock price rises above what you paid that’s your capital appreciation.

But here’s the beauty of value investing: while you wait, many great businesses pay you dividends along the way. So instead of sitting idle, your investment is already rewarding you with cash flow.
Comparing Different Investment Options (Edited)

There are many types of investment products out there, each with its own balance of risk and reward. The key is not to jump into everything at once, but to understand which options fit your goals, time horizon, and risk appetite.

For example:

  • A retiree may prefer investments that are safe and steady, like bonds or dividend-paying stocks.

  • A younger investor with a longer time horizon can afford to take on more risk for potentially higher returns.

Here’s a simplified comparison (based on long-term averages over the past 10 years):
*Disclaimer: This table is for illustration only. Past performance does not guarantee future returns. These are long-term estimates based on historical data and global market trends.

What This Means for You

  • Lower-risk assets like bonds and fixed deposits may protect capital, but they grow slowly.
  • Stocks and ETFs offer higher returns, but they require patience and long-term holding.
  • REITs and dividend-paying companies can provide both growth and regular cash flow.

This is why many investors worldwide build a balanced portfolio that includes both stability (bonds, dividends) and growth (ETFs, stocks).

But if there’s one lesson from history, it’s this:
Investing in the U.S. market through low-cost ETFs (like the S&P 500) has consistently outperformed most other options.

That’s why value investors including Warren Buffett always remind us: keep it simple, keep costs low, and let compounding work its magic.

#5: Risk Management & Common Mistakes to Avoid

Portfolio Allocation

One of the most important principles in investing is this: don’t put all your eggs in one basket.

If you pour all your money into a single stock, sector, or asset, you’re betting everything on one outcome. If it fails, your portfolio suffers.

That’s why a smart investor spreads investments across different asset classes with different levels of risk some that provide stability, others that fuel growth.

For example:

  • A conservative investor might keep 70% in bonds and fixed income, 20% in stocks, and 10% in REITs.
  • A younger, more aggressive investor might hold 70% in stocks and ETFs, 20% in REITs, and 10% in cash or alternatives.

The exact mix doesn’t matter as much as this principle: your allocation must fit your goals, time horizon, and comfort level.

The Biggest Risk

These days, everyone’s hunting for the “next Amazon.” You’ll hear TikTokers, YouTubers, and even your friends saying things like: “This stock is going to the moon!” Before you know it, FOMO kicks in and you throw money into something you don’t even understand.

That’s not investing that’s gambling.

The real question to ask is simple:

  • Do I know what this company actually does?
  • Do I know if it’s a good business?

Because when things go wrong, none of those influencers or so-called “experts” will bear your losses. It’s on you.

Here’s the irony: people spend hours researching which phone or laptop to buy, comparing every little feature before deciding. But when it comes to investing, many just throw in thousands of dollars based on hype and hearsay.

True investing means treating your money with care. It means buying businesses you understand, at prices that make sense, and holding them for the long term.

If you're ready to take the next step in your life!

*Disclaimer: This is only for individual who is ready to take the next step in their Value Investing Journey

Ignoring Fees

One of the easiest ways investors lose money without even realising it is through fees.

It could be brokerage commissions, fund management fees, or advisory charges even small percentages add up and can eat away a big portion of your returns over decades.

That’s why value investors always keep an eye on costs. If you can reduce fees, more of your money stays invested and working for you. Remember: in the long run, every dollar saved in fees is a dollar compounding for your future.

Risk Aversion: The Hidden Psychological Trap

Now, let’s talk about the other side of the coin. Being careful with your money is wise, but being too cautious can be just as dangerous as being reckless.

This is what we call risk aversion when investors avoid necessary risks, even when the potential rewards clearly outweigh them.

For example, many people who have lost money before retreat into ultra-safe options like fixed deposits or government bonds. While these feel “safe,” the hidden danger is that they often don’t grow fast enough to beat inflation. Over time, your purchasing power shrinks meaning your money buys less in the future.

The truth is: there’s no such thing as zero risk. Even not investing is a risk, because inflation is quietly eroding your wealth every day.

The key is not to avoid risk entirely, but to understand it, manage it, and take smart risks that align with your goals. That’s what value investing teaches us to own wonderful businesses at fair prices, so your money grows steadily while you sleep.

Bonus Insights: What Trump's Protectionist Policies Could Mean For Investors

With the return of Trump-era trade tensions and new tariffs potentially on the horizon, investors are facing renewed uncertainty. History has shown that tariff announcements often lead to short-term volatility—especially in sectors like tech, manufacturing, and global trade.

That said, nothing is truly predictable in markets. While tariffs may hurt many industries, they could also benefit others (like domestic producers). The key is not to overreact, but to be prepared. Focus on companies with strong fundamentals, wide economic moats, and pricing power—traits that help them weather macroeconomic shocks.

Howard Marks, co-founder and co-chairman of Oaktree Capital management, said in his memo that investing requires action despite uncertainty, as waiting for clarity often results in missed opportunities. Marks emphasizes that the future is inherently unpredictable, and decisions must be made based on logic and probabilities rather than certainty.

On Uncertainty and Action:
"There’s absolutely no place for certainty in the world of investing, and that’s particularly true at turning points and during upheavals... deciding not to act isn’t the opposite of acting; it’s an act in itself."

On Market Opportunities During Crises:
"The negative developments that make for the greatest price declines are terrifying, and they discourage buying. But, when unfavorable developments are raining down, that’s often the best time to step up."

On Predicting the Future:
"The future has not yet been created, and it’s subject to millions of complex, unquantifiable, and unknowable factors... You can ponder the future and speculate about it, but there’s nothing to 'analyze.'"

Professor Aswath Damodaran, often dubbed the "Dean of Valuation," recently laid out his playbook during a turbulent market shift triggered by global tariffs and trade fears. His response is a masterclass in rational investing:

"I have long argued (and teach a class to that effect) that every investor needs an investment philosophy, attuned to his or her personal make up. That philosophy starts with a set of beliefs about how markets make mistakes and corrects them, and manifests in strategies designed to take advantage of those mistakes." 8 April 2025

In addition, he plans to follow along this script:

Track Equity Risk Premium (ERP): Damodaran continues to monitor the ERP, treasury rates, and expected returns on stocks daily. This helps him stay grounded in reality and alert to valuation shifts as macro conditions evolve.

Revalue His Portfolio: He is actively reassessing the companies he holds—particularly in big tech—acknowledging that geopolitical changes can significantly alter even recently fair valuations.

Seek Out Mispriced Opportunities: He reminds us, "Great companies don’t always make great investments if they’re overpriced. But in crises, indiscriminate selling can create buying opportunities." He is currently updating his valuations and placing buy orders for high-quality names like BYD and Mercado Libre, which are approaching his ideal buy range.

Live Life Fully: Amidst all this, Damodaran chooses not to obsess over the day-to-day market swings. "I’ll focus on what I can control—like walking my dog or celebrating my granddaughter’s birthday. Markets will do what they do."

If you're ready to take the next step in your life!

*Disclaimer: This is only for individual who is ready to take the next step in their Value Investing Journey
Cayden With Prof Aswath Damodaran

Bonus Resources

Get our FREE investing series at https://viaatlas.com to learn more.

Get In Touch

Cayden Chang

 Founder, Mind Kinesis Value Investing Academy
 Address: 78 Shenton Way, AIG Building #0502
 Singapore 079120
 Email Address: enquiries@mindkinesis.com
 Contact Number: 6438 7010

 © 2025 Mind Kinesis Value Investing Academy. All Rights Reserved.
"The biggest risks comes from not knowing what you are doing."
Warren Buffett

Disclaimer

Mind Kinesis Investments Pte Ltd & Value Investing Academy is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information provided in these notes represent a recommendation to buy or sell a security. In no event shall Mind Kinesis Investments Pte Ltd & Value Investing Academy be liable to any participants, guest or third party for any damages of any kind arising out of the use of any content shared here including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. 

Past performance is a poor indicator of future performance. The information on this set of notes is not intended to be, nor does it constitute, investment advice or recommendations. The information on this set of notes is in no way guaranteed for completeness, accuracy or in any other way.