This is the title of an article on the release of Temasek Holding’s financial report. I went through briefly on the charts and totally disagree with this comment. I tried to figure out what which auditing company did the report, or was it done internally, but could not find any names mentioned. So I presume it must be an internal auditor.
What was reported was simply excellent. I think not many fund managers can boast of such remarkable financial returns over the same period covered. I am greatly impressed with the super talents running it. Time to reward them handsomely.
The report covers a period from 2004 to 2011 which was hit by the global financial crisis in 2008. Temasek was badly hit like everyone, and its portfolio value fell from $185b to $130b, registering a loss of $55b. This is no small peanut. In the train I used to read this advert from a fund manager boasting of a whopping US$5b that it was managing. Now look at the $55b being wiped out within a year. That was easily an equivalent of wiping out 10 big fund managers completely.
But no need to worry. In year 2010, Temasek fully recovered from all its losses and its portfolio went back up to $186b, a whopping and unbelieveable recovery. And now 2011, it added another $7b to top $193b. Can you beat that?
Another better indicator is that throughout the period of 2004-2011, Temasek registered profits every year! Even during the global financial crisis, it booked a net profit of $6b and $5b in 2009 and 2010 respectively. If this is not impressive what is? The portfolio could be wiped out by $55b and there was still profit to be made, approximately about 10,000 peanuts.
I think those analysts that tried to talk down this fantastic report of Temasek need to have their heads checked. It is probably the best fund manager the world has ever seen. I don’t think any sovereign fund or funds of this size could do any better than Temasek in the same period.
It is a company that practically cannot lose money no matter what crisis is in the air. Better put in more money for Temasek to manage. Well done, and time for a well deserved fat bonus.
7/07/2011
Big man, small man
This concept of big man, small man(da ren, xiao ren) has a very long history in the Chinese culture. The rich and powerful were called da ren while the poor and weak were called xiao ren. This was rooted for centuries that it became part of the culture and character of the Chinese people. And the poor and weak submissively referred to themselves, very naturally, as xiao ren when speaking to the da ren. In the palace or among officials, they went one step further by referring to the servants and those of lower ranks as nou cai or slave servants.
By accepting and acknowledging such demeaning terms, the weak and poor were psychologically defeated and accepted their stations in life as people with lesser or no rights vis a vis the rich and powerful. This kind of mentality seems to be so deeply engraved in the bones of some Chinese people, even those in modern Singapore, despite receiving western education that preaches equality and democratic rights of every citizen. There are still Singaporeans who believed and willing to accept that they are less equal than the rich and powerful, that they are the xiao ren in life.
The Indian Singaporeans could be bettered off here after breaking away from their caste system when some are da ren or bigger da ren and some xiao ren or smaller xiao ren in a similar sense. Just by their names they could tell where and what cast the person is. With the influx of the higher castes and richer India Indians as new citizens or PRs, some of the caste system and antics are starting to seep into our society. The lower castes would be shunned naturally. But a Samuel Jacob or a Peter Vincent will keep the new Indian citizens puzzled. Where did they come from, some Tuans from Britain. It is quite an ingenious way to discard and break away from the stigma of lower castes by the adoption of a western name. Now all is equal in some ways.
I am not too informed of the Malay Singaporeans and their perception of their position in society vis a vis the royalties. Fortunately we don’t have royalties here and all is equal.
How relevant is this da ren and xiao ren mentality to modern day Chinese Singaporeans? Ingrained deeply in their bones, and in their blood, the xiao ren are full of humility and self deprecating behavior. They still cannot understand nor accept what democracy and the rights of citizens mean to them. They cannot see themselves as equals even to those elected as their representatives in govt. They still look up to them as the da ren, to listen to, to obey and to do what they are being told. No questioning of their authority or bad decisions that were detrimental to their xiao ren interests. Just accept the position and status of xiao ren and remain, and live life as the unthinking and obeying xiao ren. And the da ren will insist that the xiao ren know their place when talking to them.
I was rebuked for addressing our da ren by names in all my articles, in TRE. In the minds of the xiao ren, this is no big no small, not knowing our position in society. Talking or addressing da ren, one must show respect and humility. How can xiao ren refer to a da ren by name. Very unbecoming, very unacceptable. Obviously that xiao ren has never worked in a MNC before.
From the chat sites, it is often repeated by the bloggers that the xiao ren must plead with the govt to have mercy on them, to change policies to be nicer to them. Their gripes are mostly about obscene housing prices, foreign talents taking away good jobs and unable to take out all their CPF savings. And they could only think of pleading with the govt to be kinder to them, to make housing prices not so expensive, to take in lesser foreign talents, to let them have a bit more of their CPF savings.
In their xiao ren psychic, they never know that they can vote out all the da ren that does not serve their interests and vote in a govt that will work for them. They even fear the govt will come down hard on them like the old days of imperial China. They forgot that their CPF savings are their money. So they choose to plead with the govt like xiao ren pleading to da ren.
The precedents set by the Hougang and Aljunied voters did not seem to wake up the xiao ren mentality. They are still locked or trapped in being xiao ren for good. No amount of education, enlightening of their rights to be equal to every citizen will shake them out of their mental prison. Hey, the ministers that were voted out are now ordinary citizens like you and me.
The surprising change is that the China Chinese have actually discarded this ancient entrapment and are freer as a people. They will protest and fight for their rights as an equal, the rights that every citizen has. There will still be oppression, but they are fighting. They no longer fear authority. The have been liberated from the yoke of the past embedded into their DNA as xiao ren. They no longer called themselves xiao ren anymore. They will demand for their rights as citizens of their country.
The xiao ren of Singapore should learn from the unrefined China men and women on what it is like to be treated equally among all citizens. No doubt there are still many da ren in China that are still corrupt to the core in power politics. But things are improving with many been caught and hanged. The table is turning, and time to learn from the students.
By accepting and acknowledging such demeaning terms, the weak and poor were psychologically defeated and accepted their stations in life as people with lesser or no rights vis a vis the rich and powerful. This kind of mentality seems to be so deeply engraved in the bones of some Chinese people, even those in modern Singapore, despite receiving western education that preaches equality and democratic rights of every citizen. There are still Singaporeans who believed and willing to accept that they are less equal than the rich and powerful, that they are the xiao ren in life.
The Indian Singaporeans could be bettered off here after breaking away from their caste system when some are da ren or bigger da ren and some xiao ren or smaller xiao ren in a similar sense. Just by their names they could tell where and what cast the person is. With the influx of the higher castes and richer India Indians as new citizens or PRs, some of the caste system and antics are starting to seep into our society. The lower castes would be shunned naturally. But a Samuel Jacob or a Peter Vincent will keep the new Indian citizens puzzled. Where did they come from, some Tuans from Britain. It is quite an ingenious way to discard and break away from the stigma of lower castes by the adoption of a western name. Now all is equal in some ways.
I am not too informed of the Malay Singaporeans and their perception of their position in society vis a vis the royalties. Fortunately we don’t have royalties here and all is equal.
How relevant is this da ren and xiao ren mentality to modern day Chinese Singaporeans? Ingrained deeply in their bones, and in their blood, the xiao ren are full of humility and self deprecating behavior. They still cannot understand nor accept what democracy and the rights of citizens mean to them. They cannot see themselves as equals even to those elected as their representatives in govt. They still look up to them as the da ren, to listen to, to obey and to do what they are being told. No questioning of their authority or bad decisions that were detrimental to their xiao ren interests. Just accept the position and status of xiao ren and remain, and live life as the unthinking and obeying xiao ren. And the da ren will insist that the xiao ren know their place when talking to them.
I was rebuked for addressing our da ren by names in all my articles, in TRE. In the minds of the xiao ren, this is no big no small, not knowing our position in society. Talking or addressing da ren, one must show respect and humility. How can xiao ren refer to a da ren by name. Very unbecoming, very unacceptable. Obviously that xiao ren has never worked in a MNC before.
From the chat sites, it is often repeated by the bloggers that the xiao ren must plead with the govt to have mercy on them, to change policies to be nicer to them. Their gripes are mostly about obscene housing prices, foreign talents taking away good jobs and unable to take out all their CPF savings. And they could only think of pleading with the govt to be kinder to them, to make housing prices not so expensive, to take in lesser foreign talents, to let them have a bit more of their CPF savings.
In their xiao ren psychic, they never know that they can vote out all the da ren that does not serve their interests and vote in a govt that will work for them. They even fear the govt will come down hard on them like the old days of imperial China. They forgot that their CPF savings are their money. So they choose to plead with the govt like xiao ren pleading to da ren.
The precedents set by the Hougang and Aljunied voters did not seem to wake up the xiao ren mentality. They are still locked or trapped in being xiao ren for good. No amount of education, enlightening of their rights to be equal to every citizen will shake them out of their mental prison. Hey, the ministers that were voted out are now ordinary citizens like you and me.
The surprising change is that the China Chinese have actually discarded this ancient entrapment and are freer as a people. They will protest and fight for their rights as an equal, the rights that every citizen has. There will still be oppression, but they are fighting. They no longer fear authority. The have been liberated from the yoke of the past embedded into their DNA as xiao ren. They no longer called themselves xiao ren anymore. They will demand for their rights as citizens of their country.
The xiao ren of Singapore should learn from the unrefined China men and women on what it is like to be treated equally among all citizens. No doubt there are still many da ren in China that are still corrupt to the core in power politics. But things are improving with many been caught and hanged. The table is turning, and time to learn from the students.
7/06/2011
A short cut to immediate housing supply
Shoe box is in. Some even glamorize it by how well they furnished the shoeboxes with the most expensive furniture. Some have elaborate designs to make a shoe box look spacious and functional. For those who love shoe boxes or are forced to live in shoe boxes, or those who have no where else to go, shoe box can be an answer.
Boon Wan should seriously consider providing shoe boxes as a quick but temporary solution to solve the housing needs. It is not the most desirable option for raising a family. As a temporary relief, it is still an option to consider.
I am thinking of instant shoe box homes using 20 ft containers stacked and arranged to maximize and optimize their uses. They only need to be modified and fitted with power and sanitation facilities and you get an instant shoe box home for those in urgent need. A 20 ft container may be suitable for a single occupant. A 2x20ft container set up, stacked one over the other or side by side could provide two bedrooms and a little kitchen, a bath room and a small living area for a small family.
And the cost is definitely much lower than all the piling and infrastructure of a permanent estate. The key point is that they are temporary housing and occupants should be looking for alternative permanent housing at the earliest opportunity. In the meantime, a 2x20 ft container set up can be a decent place to stay than pitching tents or squatting or squeezing in a small flat with too many occupants. And with a little spin, even the well heeled singles may transform them into a new lifestyle statement. A little thought and design will turn such a community very liveable, with some landscaping thrown in.
It is temporary housing but well designed to prevent them from looking like slums. A small little pleasure boat, with all the nice fittings can be home to the rich and famous, why not a spacious container?
Boon Wan should seriously consider providing shoe boxes as a quick but temporary solution to solve the housing needs. It is not the most desirable option for raising a family. As a temporary relief, it is still an option to consider.
I am thinking of instant shoe box homes using 20 ft containers stacked and arranged to maximize and optimize their uses. They only need to be modified and fitted with power and sanitation facilities and you get an instant shoe box home for those in urgent need. A 20 ft container may be suitable for a single occupant. A 2x20ft container set up, stacked one over the other or side by side could provide two bedrooms and a little kitchen, a bath room and a small living area for a small family.
And the cost is definitely much lower than all the piling and infrastructure of a permanent estate. The key point is that they are temporary housing and occupants should be looking for alternative permanent housing at the earliest opportunity. In the meantime, a 2x20 ft container set up can be a decent place to stay than pitching tents or squatting or squeezing in a small flat with too many occupants. And with a little spin, even the well heeled singles may transform them into a new lifestyle statement. A little thought and design will turn such a community very liveable, with some landscaping thrown in.
It is temporary housing but well designed to prevent them from looking like slums. A small little pleasure boat, with all the nice fittings can be home to the rich and famous, why not a spacious container?
The most destructive human enterprise
Going green, saving mother earth, conservation, protect wild life and forests, these are the slogans that slipped freely and profusely from the mouths of environmentalists and govt officials. On the other hand they went blindly to destroy mother earth at a faster speed than these slogans coming out of their mouths.
At the Singapore Water Lecture, a recipient of the Lee Kuan Yew Water Prize, Dr James Barnard said, ‘…with a growing population, pure drinking water is becoming a scarcity in many countries.’ Yes, the most destructive human enterprise is human multiplication, reproduction. Every human brought into this earth is going to consume a life time of resources and food, and drinking water. The earth is under stress by the growing population, the number one cancer, which directly lead to all the destructive enterprises, high consumption of food and resources, and energy, global warming, deforestation, emptying the ocean of fishes etc etc.
The world is being destroyed by humans trying to multiply themselves, for economic growth. Singapore is doing its bit too, by cramming more and more people into the piece of rock. We used to have all the water we want, with some from Johore, with only three tiny reservoirs. Today we have 17 huge reservoirs, desalination, shit water, and still some from Malaysia, and we are complaining that water is not enough. We can never have enough of water, power and everything if we crazily add more heads to devour them.
And this also leads to some clever arguments on how to make the people pay more for these rare resources. Or are they versions of self serving logic, to enrich the provider of these resources? Making people pay obnoxiously using self serving logic will lead to karmic retribution. Robbing the people’s money or taking the people’s money from them for all the wrong reasons is not free lunch. There will be pay back time.
17 reservoirs and 3 more taps still not enough. Why? What is the moral of the story? What is wrong with the formula or solution? The simple answer is headcounts. Try 6m or 10 million, you may have to turn the whole island into a reservoir to provide enough water for the people. But also a good reason to make the people pay more for water consumption.
At the Singapore Water Lecture, a recipient of the Lee Kuan Yew Water Prize, Dr James Barnard said, ‘…with a growing population, pure drinking water is becoming a scarcity in many countries.’ Yes, the most destructive human enterprise is human multiplication, reproduction. Every human brought into this earth is going to consume a life time of resources and food, and drinking water. The earth is under stress by the growing population, the number one cancer, which directly lead to all the destructive enterprises, high consumption of food and resources, and energy, global warming, deforestation, emptying the ocean of fishes etc etc.
The world is being destroyed by humans trying to multiply themselves, for economic growth. Singapore is doing its bit too, by cramming more and more people into the piece of rock. We used to have all the water we want, with some from Johore, with only three tiny reservoirs. Today we have 17 huge reservoirs, desalination, shit water, and still some from Malaysia, and we are complaining that water is not enough. We can never have enough of water, power and everything if we crazily add more heads to devour them.
And this also leads to some clever arguments on how to make the people pay more for these rare resources. Or are they versions of self serving logic, to enrich the provider of these resources? Making people pay obnoxiously using self serving logic will lead to karmic retribution. Robbing the people’s money or taking the people’s money from them for all the wrong reasons is not free lunch. There will be pay back time.
17 reservoirs and 3 more taps still not enough. Why? What is the moral of the story? What is wrong with the formula or solution? The simple answer is headcounts. Try 6m or 10 million, you may have to turn the whole island into a reservoir to provide enough water for the people. But also a good reason to make the people pay more for water consumption.
7/05/2011
The most exclusive social club in Singapore
SICC, Singapore Island Country Club, must be the most exclusive club in the island. Among the members are the Who’s Who of Singapore. Anyone worth his salt will want to be a member of the Club and be seen there sipping tea. And membership is not cheap, at $220k current market price. There is a cheaper version of social membership that does not include golf for those who want to be there but not willing to pay for the hefty $220k.
It is reported in the ST that the Club had a big pow wow at last Friday’s EGM. It was the biggest turnout the Club ever had for an EGM, 700 attending and 300 viewing from the TV in the sideline. And the hot issues, upgrading of a golf course and to keep the club exclusive. The latter was pitted between two camps, one for more inclusiveness and to open the door a bit wider for more new members while the other half to keep it exclusive, to keep the door close.
The exclusive group won. The Club shall retain its exclusivity as the most elitist and high end Club in the island. In the earlier days the Club was more or less given to the elite at a token fee for the use of this choiced property. I think today they will have to pay a market rate to PUB for the continued occupancy of this prime land, and to use the exclusive name of SICC instead of PUBIC Club, an acronym for PUB Island Country Club.
It is good that the elitist members won the day and keep this rarity longer. Having such an elitist Club will be a good motivation for those who are striving to be recognized to work that bit harder to earn that $200k to cross the first hurdle. Subsequently, I am not sure what other procedures or regulations they will have to comply to be invited to be a member of the elite.
In any society, it is natural for a divide to be formed between the very successful and the losers. Trying to blend the two together, to be inclusive, is a defeated cause to begin with. It is like trying to make the MRT a gracious place to be in and expect people in suits and evening dresses to sit or stand side by side with the dirty overalls or sweaty singlets and slippers. Arrrrrrghhh….
Society must honour the ablest, let them have their own playground, let them enjoy their success and hardwork, let them be exclusive, as long as they can afford it, and not by seizing the use of public land and pay a token $1 for their exclusive entertainment and flattery. SICC shall keep the elitist flag flying high, as a testimony that it is not wrong to be rich and successful. Bravo SICC.
It is reported in the ST that the Club had a big pow wow at last Friday’s EGM. It was the biggest turnout the Club ever had for an EGM, 700 attending and 300 viewing from the TV in the sideline. And the hot issues, upgrading of a golf course and to keep the club exclusive. The latter was pitted between two camps, one for more inclusiveness and to open the door a bit wider for more new members while the other half to keep it exclusive, to keep the door close.
The exclusive group won. The Club shall retain its exclusivity as the most elitist and high end Club in the island. In the earlier days the Club was more or less given to the elite at a token fee for the use of this choiced property. I think today they will have to pay a market rate to PUB for the continued occupancy of this prime land, and to use the exclusive name of SICC instead of PUBIC Club, an acronym for PUB Island Country Club.
It is good that the elitist members won the day and keep this rarity longer. Having such an elitist Club will be a good motivation for those who are striving to be recognized to work that bit harder to earn that $200k to cross the first hurdle. Subsequently, I am not sure what other procedures or regulations they will have to comply to be invited to be a member of the elite.
In any society, it is natural for a divide to be formed between the very successful and the losers. Trying to blend the two together, to be inclusive, is a defeated cause to begin with. It is like trying to make the MRT a gracious place to be in and expect people in suits and evening dresses to sit or stand side by side with the dirty overalls or sweaty singlets and slippers. Arrrrrrghhh….
Society must honour the ablest, let them have their own playground, let them enjoy their success and hardwork, let them be exclusive, as long as they can afford it, and not by seizing the use of public land and pay a token $1 for their exclusive entertainment and flattery. SICC shall keep the elitist flag flying high, as a testimony that it is not wrong to be rich and successful. Bravo SICC.
Subscribe to:
Posts (Atom)