20160911 Singaporeans should learn to tell when PAP is talking cock

As I was reading some past articles, I realised Tony Tan, our current president, not KFC guy OK, was talking too much cock when he was GIC’s Dy Chairman and Executive Director.

Till now, no one really knows what’s happening at GIC because PAP guys like Tony could make general statements without supporting figures. These are intended to mislead and passed off as facts in the MSM.

According to a Reuters report years ago, Tony said GIC had “entered the market turmoil well prepared” by “selling stocks in the third quarter and holding more cash”. Point to note is Q3 2007 = height of stock market bubble = well done GIC. (see chart below)

Wa lau eh! So clever hor GIC. Before it happened, never told the public anything but tell us only after the fact. Then how come all the CIOs could not make it in the private sector?

In September 2010, GIC announced it had recovered more than half of its losses. Along came our Tony who claimed that GIC “started buying back its equities in the second quarter of last year and the markets have since recovered” and its “portfolio is in good shape”. link Point to note is, second quarter = near market bottom = well done again, GIC!

But wasn’t GIC also buying and selling stocks every other month?

The chart below will put Tony’s statements into perspective.

Was it possible for GIC to have bought any meaningful amount of stocks in Q2 2009 when LKY, GIC’s Chairman, had also said “Singapore’s GIC will be cautious, take few risks” during Q2 2009? Or was Tony’s buyback in Q2 2009 only for a token amount?

From the chart, we can see that all Tony did was make a statement after the fact without disclosing any material info. Who trust this sort of joker, keechiu.

Questions for Tony:
1 While it’s possible for GIC to sell near market highs, it could also have bought plenty more overvalued stocks. What is the net amount invested at the height of the bubble?
2 How many of our investments were sold at lelong prices?
3 How many of our investments have gone bust?

I believe the impression of GIC given by Tony is a misleading one. If GIC could “buy low, sell high”, why did its sister SWF Temasek commit huge amounts near market highs but had net divestment when markets bottomed?

Temasek had a record net investment of $15 billion/$11 billion in FY2008/FY2007 when assets were in bubble territory but net divestment of $7 billion when markets hit rock bottom.

If Temasek’s “buy more at high prices, sell more at low prices” yielded high returns, then shouldn’t GIC’s “sell high, buy low” strategy yield returns higher than Temasek’s? Both cannot be right at the same time because they are cut from the same PAP cloth. Someone is clearly talking cock.

CPF members have to demand for transparency because GIC is now managing a humongous $300 billion of our retirement savings. Nobody really knows what’s happening which is a dangerous thing because issues which can be prevented today may snowball into an uncontrollable beast. Or perhaps it has.

Tony was merely making statements after events had occurred, something which Ah Kow could also do. Singaporeans should learn to be more discerning and not merely nod our head in agreement with men in white who are fond of talking cock.

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