Today’s Blog Feature is from The Koh Report titled, “Puzzling over portfolio”, on Temasek Holdings:
Another dimension of Temasek’s achievements must also take into account its investment performance. The fact that these investments are long-term holdings have been drummed into our heads, and that Temasek’s performance have not been as bad as the global equity slump has been oft repeated. But an account of the here and now should not be unreasonable. I looked up what investment funds in other countries use as a barometer of their performance.
Arguably, one of the most transparent investment funds is Norway’s Government Pension Fund, which gives a performance breakdown at a press conference every quarter and takes emailed questions during a live Web forum.
Read the full blog post here.
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for a start
norway do not HAVE father and son as heads of singapore
1 big head 1 small kuku head with 256k ram
for a second
norway do not have a wife and a daughterinlaw with the same father and son team
now what is the query again?
Basically, there is nothing to compare, not even the so-called MSCI Index, when many things remain top secret, refused to be revealed, unavailable for proper analysis.
Even if compared, the 31% loss may not be true or accurate; may be what they want us to know but may not be what the real situation is.
Even if the 31% loss is taken as true and accurate, it cannot be compared to the MSCI Asia Indix because some Temasek investments are total write-offs, i.e. total losses which cannot be recovered at all, even if the Index were to bounce back again.
So how can compare apple with orange?
I sense that there is a psychological warfare going on. No matter what, how bad the situation is, they must somehow paint it as good or fair. Never want to admit their blunder and never want to take responsibility gracefully like what President Obama has done.
To Asians, especially Singapore elites, the “Water Face” is extremely important.
Whatever is reported in the media, we must always take it with a handful of salt and chillies, since they are not able to or refused to reveal the truth, the whole truth and nothing but the truth. So help us God!
still seeking answer…..
What exactly are the costs of the assets when Temasek absorbed from our country under its portfolio? I.e. Cost of the 3 power generating plants, cost of CAAS, cost of Singtel before listed etc …?
There is nothing to cheer about when the ‘growth’ of asset is actually transferring of soveriegn assets to their books.
The declared investment performance over the years is questionable.
I have learnt something.
If invest in something for 10-30 years, one day, the value may go up and get a windfall. ‘may’ as in not guaranteed but may, really really may.
Geniuses invest L O O O N G Term.
If someone give me money, I sure invest wan. Alas, no job now. If got money , I sure invest in UBS. look at the rock bottom prices! dump money in?
What long term are they talking about here? its as good as telling you people you have no other choice but to let us continue the gamblings till we make back the losses. When? 20? 30 years? by then most of the folks would have been gone too and they will not be accountable to the deads.
if Temasek is that good in outperforming the index, maybe they should offer their services to other SWFs,pension funds,hedge funds,funds of funds,insurance cos,etc. and see how many will take up their offer.
In that case,they will be really earning their right to pay themselves high salaries.
But, i seriously doubt their investing acumen considering their many blunders.They rode the luck during the bull market and fire blanks during the bear market.
In the long run we are all DEAD !!
Our govt lost $25 billion in silly investments last year. This is more than the $20.5bn Resilience Package!!!
In the short run, near future,
the dead will not be accountable to the living!!!
patriot
i wish they will offer me $50 mil to invest for the long term. with the new base of current stock prices, i think the value could double in 5 years.
it is when you go in and when to get out. timing.
i suspect there are a lot of ex-investment bankers working in TMSK and I think the “establishment” is charmed by these wheeler-dealers. to be fair, they are really smart folks, and most of them are from top business schools (Ivy league etc) and smooth talkers. however, the flip side of them is that they are also very ruthless and “single-minded” when it comes to $$. nothing wrong with hiring them, but the real problem is when you have too many of them in the team (surrounding the decision makers)- they promote elitism and group think.
continue to #3)
News report was as at end 2008, Temasek portfolio down 31%.
However, if you think about the vast amount of assets that were transferred to them (at almost ZERO dollar cost), you will understand the actual lost could be much more.
Example,
Opening 2008 asset = $100. Ending 2008 asset = $69, total down $31 (or 31%)
From another perspective,
As at end 2008, asset = $40, down $60 (or 60%) , but Ah Gong last minute quickly throw in $29 to make it $69 become only down $31 (or 31%)
So my question, is the performance for the whole 2008 is -31% or -60% ?
Remember Temasek did not work hard for the $29, it is merely transfer from Ah Gong assets into their portfolio. Our 3 power plants, CAAS, etc..
[i]jbharding@gmail.com
Joined: 13 Feb 2009
Posts: 1
Status: Offline
Posted: Fri Feb 13, 2009 4:44 am Post subject: Singapore’s loss put into perspective
——————————————————————————–
S$58 billion = US$34.8 billion.
US population is 60+ times greather than Singapore’s.
US$34.8 billion X 60+ = US$2+ trillion.
For Singapore’s size, Temasek has lost the equivalent of US$2 trillion, and then some.
http://www.johnharding.com
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perhaps temasek inc employed the WRONG elite team?
read above
jb harding
the man himself
so in a words from a professional
we lost the equalvalent of US$ 2 TRILLION$…..
what about the GIC? Who head GIC-minister mentor right?
why hush hush?
old man, hurry up, speak up and own up-your singapore story is turning into a singapore gone-case soon. the coming collapse of singapore will follow with you to your grave.
WHY DOES THE MINISTERS AND OFFICERS IN CHARGE OF ALL THESE INVESTMENT CLAIM THAT ALL THE LOSSES ARE paper losses?
THE RESERVES ARE THE BLOOD AND SWEAT OF GENERATIONS OF SINGAPOREANS AND THEY COME FROM REAL GROSS DOMESTIC/NATIONAL PRODUCT. NOW HO CHING AND HER GANG HAS TURNED ALL THESE INTO ASHES.
LONG TERM INVESTMENT, MY FOOT! KEYNES SAID, “IN THE LONG RUN, WE ARE ALL DEAD.” PAP BETTER BE DEAD BEFORE THAT!
I feel Temasek ought to release 2 sets of returns: from overseas operations vs local operations. Local operations are ‘cash cows’ like DBS, Singtel and SIA which, even in difficult times, are required to return to Temasek decent set of dividends (by all means possible). These local companies in turn derive revenues from Singaporeans. How can we include revenues from Singaporeans as ‘returns’ for Temasek?
The least the board of directors of Temasek, GIC, the minister of finance and all link to decision making of S’pore reserves and finances should do is to resign their positions and also ALL posts in the government.
There is one word to describe you bunch ‘incompetent’. You are in that position not because of your ability but because of kinship, friendship and all sort of xxxxships except haveing true ability.
Go take a trip to the silk road and never return
Given T’s confidence in their investments,
I wonder have they put in even more money into existing investments where prices are like rockbottom low ?
I mean, buy MANY , win MANY MANY ?
I mean, confidence is confidence right or no right?
I remember our domestic chief (WKS) said: “We have got nothing to hide”.
They say, ‘trying to bluff a 3-year old kid’.
Good try WKS. Please tell us where is Mas Selamat
And on this issue of GIC massive losses, Ms Jennifer Lewis was reported as ‘we dont comment…’
Singaporeans, countrymen, wake up wake up . .look at the monks of our neighbouring country recently what they did. Lets do the same in our ballot boxes . .no time to wait – the free, democratic world is passing by.