Friday, May 22, 2009

Wiffle Waffle, Gobbledygook, Smokescreens and Nonsense!!!

Warning: 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???

No comments: