My dig at GIC and VB got a response that implied I didn’t know the theory about judging results by the entire portfolio http://atans1.wordpress.com/2010/10/01/gics-loss-on-ubs-and-citi-investment/
If GIC and our “constructive”, “nation building” media treat us S’poreans as morons, as this piece (albeit too rhetorical for my taste) points out, I don’t see why I should try to analyse its portfolio performance. Disrespect begets disrespect.
The GIC report doesn’t give the data to make a meaningful analysis. Now I am not asking for more transparency, there could be gd national security grounds for being opaque. True Norway’s SWF is very transparent but Norway doesn’t have our neighbours: one with a record of aggression against its citizens, and other countries, and two jealous abt S’pore’s performance.
But MSM, GIC stop spinning that GIC’s performance can be analysed from the data provided.
BTW for the record, in January this year, NYT reported “The Government of Singapore Investment Corporation, which made a $575 million secondary loan, and invested as much as $200 million in equity, stands to lose all of that,” in an investment in NY City.http://atans1.wordpress.com/2010/01/27/gic-ny-loss-us100m-more/
Translated into S$, this is juz over S$1bn: can buy lots of abalone, sea cucumber and other goodies d for social welfare cases; or fund two-and-a-half Kiddie Games.