The whole fiasco surrounding Swiber reminds of a slow contrast effect, not visible to human perception. People, investors, bankers, creditors do not notice extremely slow changes taking place until *wham* - A slap in the face takes place. This was pretty much what happened to Swiber Holdings. That slap in the face happened to be an inability to pay off its bondholders in terms of coupon payment and eventual redemption. And on hindsight, I am glad to say that we were just bystanders on the sidelines looking on with compassion for the many investors and bondholders who got burnt as a result.
This reminds me of the frog in boiling water syndrome. If one were to put a live frog in boiling water, it feels the pain and danger to itself immediately and leaps out of the boiling water. But if one were to put a live frog into a pot of water and begin boiling it, the frog would just go along with what was happening, not noticing the small changes that are taking place to its surroundings. Eventually, the frog is boiled alive and dies. This is a great metaphor of explaining our inability to adjust and be aware of changes occurring in our world today. That awareness, incidentally, is what we need as investors.