Unrealistic for Temasek to always outperform or avoid losses
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Channel NewsAsia - Thursday, May 28
SINGAPORE: Finance Minister Tharman Shanmugaratnam has said it is not realistic to expect Temasek Holdings to outperform in every cycle or to avoid losses on every individual investment, or its overall portfolio when the markets go through sharp corrections.
Speaking in Parliament in response to MPs questions on Temasek’s sale of its Bank of America (BoA) shares, Mr Tharman said Temasek saw a S$58b decline in value between March and November 2008.
But this was after a much greater gain of S$114b in its investment portfolio over the preceding five years, from the time the market cycle began in 2003.
He told the House that even after taking into account the recent sharp market declines, Temasek’s portfolio had in fact grown by S$56b based solely on returns from investments made.
The Finance Minister described Temasek as a long—term investor, and stressed that that by being so, did not require Temasek to be locked into every individual investment, regardless of major changes in the environment or a new investment proposition.
He told Parliament that Temasek has performed respectably compared to any relevant market indices, and even other reputable institutional investors with its total shareholder returns of an average of over 15% per year.
Mr Tharman added that Temasek has operated successfully over the last six years, and it will continue to keep to its discipline, maintain a diversified portfolio, and keep its sights on achieving long term returns.
—CNA/sf
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If it is his money that Temasek is losing I don't think he will talk like that. So to say there is no need to have any accountability.
Botak tharman is another substandard product by PAP. Since he took over as Finance Minister, all we hear is noise from him. Good for nothing!
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You can't expect him to come out saying he wants more accountability from the management right?
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If i were to take the numbers that he mentioned as facts, why should anyone criticise them? If overall I am still making a profit, it is still a profit. That makes sense to me. Although I would have preferred more profits but the fact remains is that you cannot criticise them for not earning money.
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Actually quite smart of him to selectively choose the period from 2003 onwards.
That was the start of the bull market run, so the portfolio was bound to have made money from that point onwards just by buying and holding stocks.
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to be honest, that doesnt matter to me. Whatever happens to Temasek seriously doesnt affect my life. I still earn my money every month and live life the way I want to. The noise that some groups of people make about Temasek is like ants screaming; you cant hear them and will just step on them anyway.
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Originally posted by charlize:
You can't expect him to come out saying he wants more accountability from the management right?
Reminds me of Nick Leeson.
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Things would've been worse if our government is run by Hungry capitalists
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The botakhead is forgetting that the money he is talking about is PUBLIC MONEY, Yes losses is unavoidable in a turmoil market. But what about transparency? They had to be pressurised and lambasted then they decide to reveal losses, if that is the true figure. Any corporation whose CEOs or CFOs or any type of management will be fired if they make huge losses. What about Temasek? I only see a "retirement" and a medal given for the idiot who is responsible fully for the losses: its CEO
Oh yeah, and she's the PM's wife....
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Originally posted by 2cansam:
Things would've been worse if our government is run by Hungry capitalists
Oh for sure damn hell they are capitalists. What do you think they are? Socialists? Communists? Monks?
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why dont go back further?
start from post 97 crisis leh.
or go back even further
In the early 1960s, the Singapore government took stakes in a variety of local companies, in sectors such as manufacturing and shipbuilding. Prior to the incorporation of Temasek Holdings in 1974, these stakes were held by the Ministry of Finance (the Ministry remains Temasek's sole shareholder). Its initial portfolio was just over US$100 million.
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What despotic assholes... just let the people keep/do what they like with their own money.
Why must they take the people's hard earned money to gamble?
Whether they win or lose, they take millions in salaries and talk cock.
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and get award for losing 50billion
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Originally posted by gasband:
to be honest, that doesnt matter to me. Whatever happens to Temasek seriously doesnt affect my life. I still earn my money every month and live life the way I want to. The noise that some groups of people make about Temasek is like ants screaming; you cant hear them and will just step on them anyway.
You don care .. is because you living in your own little world mah.
Do you know the impact of Temasek manipulation of the foreign reserves has on our country or not ?
Then also the question , instead of investing so much in foreign shores.. would it be better to channel the money to build our nation's infrastructure ?
Or why losing a big chunk of foreign reserves can adversely impact our nation's stability ?
Here's a link.. go read ok ?
Foreign Reserves in Asia , Why the high Demand ?
Don't forget ah.. Singapore imports almost everything from foreign country.
If our currency takes a sharp drop.. our ability to repay foreign debts will be badly affected hor.
Then you will know what will happen ah ?.. Don't want to scare you too much lah.
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Finance minister said Temasek made money?
Let him explain how much of the profits were profiteered from Singaporeans (like the 21% increase in electricity tariffs) and how much of the losses were lost to foreigners? Shin Corp, Bank of America, Micropolis, Global Crossing, ABC Learning...
Asslicking running dog protecting the cursed despot and his cursed family with his propaganda.
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Temasek made money? Let the running dog explain why during the so called "good years" when Temasek was profiteering from Singaporeans, GST went up!!!!
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Originally posted by AndrewPKYap:
Temasek made money? Let the running dog explain why during the so called "good years" when Temasek was profiteering from Singaporeans, GST went up!!!!
good for nothing sissy leehsienloong already said that increase GST to help the poor while the dad said another thing which was there were no destitutes in sg.
GST is not going to stop at 7%, the next increase will be 9%/10%. It is all programmed in the system in one of the big four.
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As usual the PAP's style, win claim all credit to themselves, lose can't be bothered to face the music.
What sort of substandard govt we have ? WE don't pay them thousands, we pay them millions, we pay them world class salary yet their performance sucks big time.
Ho jinx if she is not from the lee family, she would have been fired long time ago. This gambler really must have got the kick out of using others' money to gamble and don't have to pay a single cent when losing the game.
So far we don't find any of the PAP members willing to take accountability when things go wrong. Shit, unprofessional!
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Originally posted by jojobeach:
You don care .. is because you living in your own little world mah.
Do you know the impact of Temasek manipulation of the foreign reserves has on our country or not ?
Then also the question , instead of investing so much in foreign shores.. would it be better to channel the money to build our nation's infrastructure ?
Or why losing a big chunk of foreign reserves can adversely impact our nation's stability ?
Here's a link.. go read ok ?
Foreign Reserves in Asia , Why the high Demand ?
Don't forget ah.. Singapore imports almost everything from foreign country.
If our currency takes a sharp drop.. our ability to repay foreign debts will be badly affected hor.
Then you will know what will happen ah ?.. Don't want to scare you too much lah.
Haha ok thanks for not scaring me too much. You are the clever and knowledgeable one here and yeah while i live in own little world. All the best to you.
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Originally posted by Fantagf:
As usual the PAP's style, win claim all credit to themselves, lose can't be bothered to face the music.
What sort of substandard govt we have ? WE don't pay them thousands, we pay them millions, we pay them world class salary yet their performance sucks big time.
Ho jinx if she is not from the lee family, she would have been fired long time ago. This gambler really must have got the kick out of using others' money to gamble and don't have to pay a single cent when losing the game.
So far we don't find any of the PAP members willing to take accountability when things go wrong. Shit, unprofessional!
wah... relax lah Fanta.. have some tiger beer ok ?
She is not a gambler lah.. to be politically correct.. she's a "risk taker".
That was one of the factor why they think she was suitable to helm Temasek .. back then.....
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Originally posted by Fantagf:
good for nothing sissy leehsienloong already said that increase GST to help the poor while the dad said another thing which was there were no destitutes in sg.
GST is not going to stop at 7%, the next increase will be 9%/10%. It is all programmed in the system in one of the big four.
one of the books I use for tuition, the price has already factored in 5%, 7%, 9% and 10% GST printed at the back
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Originally posted by AndrewPKYap:
What despotic assholes... just let the people keep/do what they like with their own money.
Why must they take the people's hard earned money to gamble?
Whether they win or lose, they take millions in salaries and talk cock.
Medication TIME!!!
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Originally posted by Fantagf:
Channel NewsAsia - Thursday, May 28
SINGAPORE: Finance Minister Tharman Shanmugaratnam has said it is not realistic to expect Temasek Holdings to outperform in every cycle or to avoid losses on every individual investment, or its overall portfolio when the markets go through sharp corrections.
Speaking in Parliament in response to MPs questions on Temasek’s sale of its Bank of America (BoA) shares, Mr Tharman said Temasek saw a S$58b decline in value between March and November 2008.
But this was after a much greater gain of S$114b in its investment portfolio over the preceding five years, from the time the market cycle began in 2003.
He told the House that even after taking into account the recent sharp market declines, Temasek’s portfolio had in fact grown by S$56b based solely on returns from investments made.
The Finance Minister described Temasek as a long—term investor, and stressed that that by being so, did not require Temasek to be locked into every individual investment, regardless of major changes in the environment or a new investment proposition.
He told Parliament that Temasek has performed respectably compared to any relevant market indices, and even other reputable institutional investors with its total shareholder returns of an average of over 15% per year.
Mr Tharman added that Temasek has operated successfully over the last six years, and it will continue to keep to its discipline, maintain a diversified portfolio, and keep its sights on achieving long term returns.
—CNA/sf
+++++++++++++++++++++
If it is his money that Temasek is losing I don't think he will talk like that. So to say there is no need to have any accountability.
Botak tharman is another substandard product by PAP. Since he took over as Finance Minister, all we hear is noise from him. Good for nothing!
Aunty, I notice you like to voice out when botak speaks, why?? you fancy botak indian man ar??Anyway, botak body got lots of hair, so dun play play with him. Lucky he never sing Tamil Songs to you, in Tamil movie they alway like to express themselve with songs. So, abit of noise nevermind lah, let botak do his job ya
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Originally posted by gasband:
Haha ok thanks for not scaring me too much. You are the clever and knowledgeable one here and yeah while i live in own little world. All the best to you.
U r a chicken is it??? my sista scare u abit only, you go away liao,...scare her back lah, why scare of her ar?? Last time, i kicked her backside for talking too much. -
Originally posted by angel7030:
U r a chicken is it??? my sista scare u abit only, you go away liao,...scare her back lah, why scare of her ar?? Last time, i kicked her backside for talking too much.You got kick meh ? I thought you rabba rabba onli ?
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Interestingly enough, the stellar growth in portfolio from S$100 million (1960s) to the current S$127 billion is not entirely due to investment growth, it's more like capital injection from MAS (CPF funds).
Note that on the balance sheet side of CPF we have a loan of S$118 billion to MAS, MAS then loans the money to Temasek and GIC. We can't really determine the exact amount because of secrecy with Temasek's account. Somehow or rather Temasek and MAS has to make goods those interest of CPF members in the future. Then one has to also consider where does the money from over priced HDBs go to?
