GIC proven critics wrong
Splashing across the front pages of our major newspapers is the news that GIC has made $2.3b profit after selling half of its stakes in Citigroup. And it is sitting on a similar profit on paper, maintaining its 5% share in the bank. 'GIC chief investment officer Ng Kok Song said the "good outcome" was down to judgement calls which "turned out to be right".' Other anaylsts are also showering praises on how GIC managed to turned around and '...getting out of jail free.' All the critics who disparaged GIC and Temasek for buying high and selling low will now have to eat their own words. They have been proven wrong. The strategy and investment decisions of GIC and Temasek were well conceived and right from the beginning. And with more profits coming in, it is time to make more investment decisions.