Would Temasek Holdings and GIC do a Warren Buffett?

It's a rhetorical question.

In his highly anticipated annual letter to shareholders of Berkshire Hathaway, the legendary investor Warren Buffett said the following, clearly accepting blame for the lacklustre performance of his investment firm:

"During 2008 I did some dumb things in investments,... I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action."

The book value of his firm - i.e. assets minus liabilities - fell to US$109.27 billion at end 2008 from a high of US$120.73 billion at the end of 2007. This is a decline of US$11.5 billion, or a 9.5% decline.

Compare Berkshire's losses with those of Singapore's sovereign wealth funds. Temasek Holdings lost S$58 billion or 31%, while GIC reportedly lost S$50 billion.

Yes - total losses amounting to more than S$100 billion.

Ho Ching has stepped down as Temasek's CEO, but said she has "no regrets".

In fact, I don't remember anyone taking blame for the huge investment losses of our national reserves.

Just a week ago, PM Lee said:

"Some years it will go down, some years it will go up more. But on average it's not bad. And we have to take a long-term view because this is not money for now, this is money for many years ahead. If you look at a long-term basis, on the overall, on the way the government has managed the money, we haven't done badly."

Maybe I shouldn't ask if Temasek Holdings and GIC would do a Warren Buffett. Instead, I think Mr Buffett should not be too quick in accepting blame.

Mr Buffett, it's only paper losses. Some years it will go down, some years it will go up more. It's not your fault.

http://www.salary.sg/2009/would-tema...arren-buffett/

Admin, I love your sacarsm Its smart and at the same time ironical to the failures displayed in some reckless hands.

Excellent wit!

First rule of politicians and their related entities is never ever admit a mistake and never commit to an answer.

spending some $$ (def less than 100Bil) positioning SG a Clean n Green Industry leader might looks a bit better!

There is no need to be sarcastic. The only being that knew about the crisis before it blew up was God. Even the mini deity of finance, Buffett was a casualty. So no need to get on a high horse just because you have the benefit of the hindsight and throw potshots at our SWFs or Ho. Afterall, you are crapping about it on and on, AFTER it happened. That is what we call, speaking from hindsight. If you can talk talk talk before it happens, then maybe you earn a chance to say you are better than those you diss.

Otherwise, you are really no better or different from the jobless losers who run anti-government blogs. All a bunch of losers and lowlives. Hahaha!

My parting-shot comments are referring to the jobless bloggers, not the admin.

jim rogers & others already said at the time sg was making a mistake doing those investments.

insider,

pls do not stir.

Human make mistakes, that's the truth of life, but must admit and be hold accountable.

What makes most people unhappy about the leaders is that they never admit when they did wrong and the lack of transparency to acknowledge the action plan to mitigate and rectify the issue.

Also, they like to give motherhood statement e.g. one day economy will recover, recovery can be in V, U or W shape doesn't add value at all. Better keep quiet and don't say anything.