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5/17/2012

Wealth creator versus wealth manager



Ngiam Tong Dow has spoken of the need to have more wealth creators instead of wealth managers. One is creating wealth and the other is just managing the wealth. He made a false assumption that wealth managers are there to manage the wealth, ie to ensure that the wealth will be there or at least not depreciating. This assumption has proven to be drastically and painfully wrong if we look at the bigger picture especially those coming out from the US.

Many wealth managers are basically gamblers. They are just placing chips everywhere and hoping that there will be more winners than losers. If only their books were to be opened, many owners do not know the truth until the hole is too big to fill.

In reality, many wealth managers are actually wealth destroyers. Yes wealth destroyers. The first thing they do is to demand to be paid a ransom. And whether they deliver or not is not guaranteed. Most will try their best to do a good job. And when the chips are down, when the losses piled up, they take bigger bets and bigger bets, hoping that lady luck will smile on them for once. If not, just too bad. It is other people’s money on the table. They do not guarantee any winnings. The only thing that is guaranteed is the ransom that they will be paid.

Wealth creators, wealth managers and…wealth destroyers. The first is real. The latter two are interchangeable.

17 comments:

Anonymous said...

I respectfully see Ngiam Tong Dow as part of the problem.

A well paid Mandarin class whose high pay may well have restricted their ability to freely exercise their abundant God given abilities to better their fellow Singaporeans.

Anonymous said...

gods are responsible for the sin of their creations.

Anonymous said...

There is a fine line between gods and devils. Both are good people except the latter dress better and go to church

Anonymous said...

In the US and other Western countries,either in business or politics whether international or otherwise they constantly and traditionally practise a systematic culture of deceit, fraud, arm twisting and aggression. In both cases they are operated by crooks, rogues and scoundrels who work in collusion to the detriment of the world . In politics they use raw military might to achieve their insidious plots. aggression and conquest. In business banking,real estate and insurance, those international crooks and scoundrels under the guise of gentlemen in black ties and suits have not an iota of conscience when they gamble with other people's money under their charge and defraud them of their savings. It is usually the case that the companies under their charge will be allowed to fail and lose money while their own pockets are intact and bulging with billions of dollars of other people's money.

In business and government many third world countries are succuming to this Western fraudulous system . The ministers will gamble with the peoples and country's savings in US toxic assets or doubtful and deceitful business ventures. The chairman, CEOs or directors can previously be ministers seconded to manage government linked companies. Whether the companies make or lose money they will sure pay themselves first tens of millions annually. However if the companies loses is too colossal they can always wash their hands clean, beat their bottoms twice and walk away irresponsibly to go back to their ministerial post. In the meantime companies losses can be covered by the people's and countries savings or increase in taxes direct or otherwise.

Therefore people must be wise to put in more opposition party members to have a proper check and balance on the government of the day.
Southernglory1.

Anonymous said...

There is no such thing as wealth creator. One can create wealth only by taking risk yourself and you alone is responsible, aka entrepreneurs.

People who are paid a salary, albeit a decent one, are called wealth managers, manage wealth so that it beats inflation and trust services. Along the way such people may recommend risky financial products, it is totally up to the rich man to decide if they want to invest. Some turn out good, some bad. When good, most keep quiet and invest more. When turn bad, blame everybody along the way.

Anonymous said...

The proposing devils and the opposing devils both appeared to be on the side of the good. Some people more good in the opposing devils while others see less bad in the proposing devils.

But at the end of the day, it is still the devils who run the show.

Nothing worse than followers who blindly suck up to horny bastards isn't it?

Matilah_Singapura said...

"Wealth is hard to create but easy to destroy".

"People who don't care are selling to people who don't know".

“Guys come here in Rolls Royce’s to get advice from guy’s who rode the subway to work” … on one of the bat-shit crazy facts about Wall Street, NY NY

Such are the words of Buffet and Munger quoted from the book
"The Snowball" by Alice Schroeder.

I have consistently defended capitalism as a SYSTEM -- THE BEST ONE YET for lifting humanity above various debilitating states of nature -- mostly the the generalised states of poverty and insecurity. The basic state of nature is harsh and cruel. Man in his purely natural state is vulnerable on virtually every front. Thought the process of capitalism, modern day humans are at a point where we can live out our lives quite well, in reasonable comfort...many of us to a very ripe old age.

However the free-wheeling nature of capitalism -- regardless of any futile attempts to "regulate" it -- invites all sorts of characters and personalities to participate in it.

I believe that basically people are good, but because of their neurology and mammalian-primate “instincts”, are prone to bad judgments and overwhelming emotions. Like it or not, complain until the cows come home...human nature is such.

You'll also find the "outliers" -- a bunch of characters which lower than maggots feeding on shit. Nothing would ever be "too immoral" for them, if they had to achieve a goal. The end always justifies the means. Sell your daughter. If there are no buyers, throw in her sister as a "two for one" offer. These folks lie, cheat, steal, blackmail and murder so that they (think they can) WIN. Most of these people are smart, appealing and charming, and are foremost experts at reading human beings and their nature. Once you have identified these characters, AVOID THEM at all cost if you can, or if you can’t, take evasive and protective actions, and stay vigilant.

To play The Game called Capitalism in the lethal jungle of hungry beasts requires a certain “attitude”. It is a HARD game in which all players play by their own rules; or rather; their own interpretation of loose cultural rules and mores. The game is played to WIN. Although the game in general is non-zero sum (i.e. there are many winners), certain aspects of the game is zero-sum (one winner, one loser). The game is played with scarce resources: human mortality and thus TIME is the scarcest of all resources and is directly expressed in VALUE along the long networked chains in a market economy.

Right from the outset, the game is rigged against mortal humans. And mortal humans can get in the way of each other when there is a mad rush to “win”. The immutable “laws” are all from nature. Certain aspects of nature can be tamed, but nature itself is unconquerable and always the victor in the end.

Luckily, the Invisible Hand of each one’s Self Interest stimulates COOPERATION as well as COMPETITION – seamlessly weaving two seemingly opposite behaviours into a wonderful magic tapestry of HUMAN ACTION which produces wealth for the players, known in new age corporate jargon as “WIN-WIN”.

Wealth is a psychological state of knowing you have the ability to consume -- so that you can have a positive experience or reduce a negative one. Money is usually involved, but not always. To do so requires CAPITAL. Capitalism is about the acquisition of capital. But before consumption, production is necessary. However you cannot consume all you produce, because doing so will deplete your ability to consume.

Since everyone here is going to talk about FINANCIAL wealth, I will use a non-monetary example.
--/

Matilah_Singapura said...

---continued---
Consider a friendship – because it is TRUE, completely unregulated free market: You CREATE WEALTH by spending time with each other, being kind, generous, respectful…all the good behavioural choices. You DESTROY WEALTH by being a cunt. E.g. always borrowing money, never paying back or lie with bullshit excuses, being disloyal, dumping your neurotic shit on your friend. Lucky, you have some wealth in the relationship, so the occasional slip of good judgment or emotional loss of control is forgiven…but rest assured, never forgotten.

Being an asshole consumes capital. DON’T push your luck – you WILL destroy wealth. One day, you’ll have no friends – your capital completely DEPLETED. The free market of relationships is an unforgiving sadistic bitch, and if you fuck up, you deserve her twisted pleasure.

Rule #1: Caveat emptor!

Anonymous said...

Spoken like a true goodie asshole

Veritas said...

////
There is no such thing as wealth creator. One can create wealth only by taking risk yourself and you alone is responsible, aka entrepreneurs.

People who are paid a salary, albeit a decent one, are called wealth managers, manage wealth so that it beats inflation and trust services.
////

You are a fucking idiot. Any labours that add values to material well being, are wealth creator.

Those banksters who add nothing and earn $$$ are simply ponzi artist.

Go back and study econs 101.

Anonymous said...

Precisely fucked up people like Veritas exist that banksters exist to swindle them of their money. It takes two hands to clap, demand and supply - without such people, bankers will never earn their $$$.

Veritas said...

////
Precisely fucked up people like Veritas exist that banksters exist to swindle them of their money. It takes two hands to clap, demand and supply - without such people, bankers will never earn their $$$
////

Its force on our throat. Fractional reserve banking (aka counterfeiting), bailing out of TBTF....etc. 0% interest rate..etc

The bankster are government and government are banksters... These are the worst parasite in society who pretend to be talent but are blood suckers.

Go and read more.

Anonymous said...

No point reading more and end up as fucked up as you are. What then is the point ?

You should get out from that "Oh i'm a victim" and "the world is SO unfair to me" mentality and start to take control of your life.

Veritas said...

////
No point reading more and end up as fucked up as you are. What then is the point ?

You should get out from that "Oh i'm a victim" and "the world is SO unfair to me" mentality and start to take control of your life.
////

Thank you for your compliment. At least I know someone bothered to read my kpkb...haha

Anonymous said...

That's the spirit, to know that bloggers are willing to spend time voluntarily to read what you posted.

Anonymous said...

You mean what you poo-ed ah?

Shanne @ Ed Butowsky said...

For me, not all wealth creator is a good wealth manager.