Wiffle Waffle, Gobbledygook, Smokescreens and Nonsense!!!
Posted by: inspir3d in Temasek, tags: TemasekWarning: This post contains several expletives. Readers who are offended by strong language are advised to proceed cautiously.
Myrna Thomas of Temasek has written to the press to “explain” the BoA divestment. Her press statement not only does not clarify anything, it only insults the intelligence of Singaporeans by repeating the same truisms and smokescreens that Temasek has been saying time and time again.
Why Temasek sold its stake in BoA
I REFER to recent reports and commentaries on Temasek’s divestment of its Bank of America (BoA) stake. We would like to clarify some of the points raised.
Temasek invests with the objective of delivering sustainable returns over the long term. This means our investment strategy is not aimed at delivering target returns on a year-by-year basis. This is why we report our portfolio returns not just for a single year, but for various time horizons in our annual Temasek Review.
What the F*cK does this have to do with the BoA issue? You donks have been repeating this nonsense year in year out ad nauseum – it does not give us any information at all, it does not tell us anything – its completely useless statements that achieves nothing!!!
To achieve our investment objectives, we constantly review our portfolio and rebalance it from time to time. We may choose to divest an investment, even at a loss, to optimise our risk or portfolio exposures, or if there are better opportunities elsewhere or later. We may also choose to hold or increase our existing investments.
Ultimately, the aim is to ensure that our portfolio delivers returns that are higher than the cost of capital employed on a risk-adjusted basis, or what we call Wealth-Added.
Ah-huh… isn’t this what every damn bloody investor tries to do?? Even my grandmother is trying to do this when she is punting her portfolio on penny s-chips… What the f*ck is so special about Temasek? And enough of the semantics and flashy terms like “Wealth-Added” – your actions recently are patently “Wealth-destroying”!!!!
Our investment in Merrill Lynch was made in December 2007. This was exchanged into BoA shares in January this year following BoA’s completion of its September 2008 offer to buy Merrill.
Our investment thesis had changed from Merrill’s specific businesses to the more diversified BoA linkage to the broader US economy. The risk-return environment had also changed substantially.
We decided to divest our BoA stake after considering all relevant factors.
What the f*ck are the relevant factors? how did they affect your decision? how did the risk-return environment ‘change substantially.’ what do u mean your ‘investment thesis had changed’??? You’re just spewing lines of wiffle waffle & smokescreens and NOT TELLING SINGAPOREANS ANYTHING.
This move to balance risks against opportunities is part and parcel of our discipline of investing and divesting to deliver sustainable long-term returns on our entire portfolio.
What risks and opportunities were you balancing? how does divesting the BoA stake deliver ’sustainable long-term returns’??? How does BUYING HIGH and SELLING LOW enhance your long-term returns???
We are mindful of the risks we face as we invest. We reinforce this risk-return balance through a compensation framework which puts the institution above the individual, emphasises long term over short term, and aligns employee and shareholder interests for both the upside and downside, over the medium and long term.
While we do our best to mitigate risks, the reality is that not every one of our investments will be equally successful. We recognise that only time will tell if we have made the right decisions to deliver sustainable returns on our portfolio as a whole.
Myrna Thomas (Ms)
Managing Director,
Corporate Affairs Temasek Holdings
WTF??? Only time will tell??? LOL!!! Losing a few billion on one of your biggest investments is not enough information to tell that you guys are messing things up? WTF!!!
Are you going to wait until we lose another 30% before we know that things are f*ked up and messed up? Are you going to lose billions more of Singapore’s savings before you finally admit there is a problem???
this letter is one of the most useless and pathetic corporate statements I have seen. Temasek’s executives are just trying to throw smokescreens at everybody in order to deflect attention from their f*ck-ups.
Are Singaporeans just going to stand back and let these guys run their savings to the ground???
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That’s Economics. You either make or break. Boh Pau Chiak! Sometimes lose because overlord says please buy. Protection money lah, bodoh!
Go buy lottery. See if can surely win.
Anyway, where did the funds come from in the first place? SDP? What part did you have in its creation. Evern me as a Singaporean doesn’t have the THICK SKIN to claim credit. LOL!
Who grew the cake? Everyone knows it’s not you for sure but MM & Ho Ching.
We’re still in the black. We don’t turn-turtles when times are bad.
We’re all-weather supporters. 45 GOOD YEARS when others are still languishing in poverty.
Go travel and see what’s happening to the resource-rich countries today.
You fool . . .
you are the stupid one.
We are in the black?
Are you sure?
Even if it is, that’s because we are working hard. Resource reach countries generally don’t have hard working population by the way. Why don’t you bench mark with the best countries.
That does not mean, people could irresponsibly dump our monies away in badly conducted investment process. We lost 4 billion by the way. We could have relived our people from heavy HDB/banks housing loans or medical benefits.
Hong Kong is not a country but its governors are much more responsible.
Why do your leaders benchmark themselves against them?
Also, things are still ok now because we still have savings. the people I mean.
If the current irresponsible government continues, we might lost everything we slog for in the last 40 years.
That has happened before.
Continue dreaming while the old man is still alive.
When he passes away, we shall see if you are still so cocky.
Risk adjusted basis? Actually, at the point of sale of BOA’s shares, it has gotten so low, that Temasek is only risking losing 1 billion ++ at most. At that price, there is hardly any risk. Also, if Temasek is so uncertain, why does it convert its holdings of ML to BOA share earlier (less than 12 months ago).
if Temasek lost more than 80% of its investment in BOA, it must surely have made more than 80% somewhere else this year in order for its portfolio to make money. Where is that?
Worst of all, Temasek’s performance with BOA is making itself the laughing stock in the investment community, disgracing Singapore. That is a another high price paid by the people of Singapore.
Hey! Enough of this.
I am just being gracious to say something about our private matters. And I am just being polite and civil. I too could have say F*CK off, or more effectively, Shut up and Sit down. But I chose to tell you its none of your business in an educated manner, but you peasants are obviously not getting it.
I don’t have to say anything in the first place. And I surely don’t have to explain our brilliance and mysterious ways to you little minded, short sighted people. Yes sure we lost BIG with BOA but do you know if we won BIGGER with something else? And then I talk to god directly. So who are you people to me?
The government’s money is the government’s business. You have your CPF. We owe nobody anything. It is not like we borrowed your money to gamble. It is our very own money. You may say your CPF and the income tax surpluses are part of our funds, but do you know if they are miniscule compared to what we ploughed back from all our past investment successes?
You sweat your for your little stuff. We sweat for ours. And you are so arrogant to think that you are paying our fair salaries. Let me tell you we earned it, and we are just being modest.
We are fair. We are honest. We will always keep our promises. Sue us if you want, and I can bet whatever we do is legal, and you lose your pants and more if you ever do dare try. And the Singapore courts of law is always definitive proof of who is righteous and who is true.
Well said Pandai and Temasek.
These low life peasants do not deserve the wonderful service of our govt.
Go ahead and vote them all out and see the kind of govt you get with the likes of Low TK, Sylvia, Chiam, Gomez, Kenneth J, etc.
Can any of you low life name a family that have contributed more than the Lee family ? In fact MM, SM, PM and all the present talents will be more than happy to retire in style sipping tequila and fine wine from afar. They deserve this and all the hard earned money they have made legally.
to pandai, temasek, retiree.
You 3 blowjob artists should be writing the speech for MM, SM, PM, HC or the 3 of you can persuade your political leaders to allow you buggers to be part of the same GRC and campaign with the same rhetoric.
With the law in my pocket and security apparatus at my disposal, I can also talk a lot of cock with you buggers anytime.
LOL
retiree, you’re a fool.
Since when is government’s government’s?
There is no government without people, and all and everything of the government, whatever it does, good or bad, is for and of the people, and belongs to the people. Its right to govern, to exercise power, even to lift a single finger, is a mandate given by the people for the people, and not for itself.
And it is the people who decides what is a fair pay or not. But of course this is all theory and meaningless here. And for certain whatever the government does is legal. For do you not know who writes and amends the law? And have you not heard from long ago that the law is an ass? And then there is someone called T T Durai. Heard of him? The law as with anything else can be abused, and legal can means nothing.
No democractic government is for itself. That is a corruption of democracy. This is not to say that democracy is the only form of governance, nor is it the most ideal.
There are autocracies, monarchies, kingdoms and dynasties too.
For sure we dont have to adhere to any theories of governance, and not even commit ourselves to any principles, eg some inviolable human rights. And that is power at work, absolute power.
Evil men use power for evil, and good for good. But no man is good.
Absolute power corrupts absolutely, even those, initially, incorruptible. And true corruption, is of course, impeccably legal. And therefore no man must be given absolute power. Alas, that is also only theory.
We may think we are pragmatic and wise by voting the apparently better choice, and ignore the clowns, but we may end up the greater fools in the long run.
“You people have no sense of proportion. Without the PAP, oldman and HoJinx, we could have charted worse. We could have lost 1 trillion dollars and Singapore will become the next Atlantis. With opp party, we will have no future, no CPF, no Dream, no money, no house, no this and that. Only with PAP and their effective government can we live a happy life in very very long term.”
PLease support the above statement so that ST Forum can accept the truthful statement. Op… please help me so that I can apply for a job as ST editor to publish more nonsense.