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corporate governance and misplaced trust
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redbean



Joined: 07 Mar 2006
Posts: 13853
Location: singapore

PostPosted: Thu Jan 25, 2018 8:27 am    Post subject: Reply with quote

Old thinking versus new thinking
When the founding fathers took over Singapore, there were very few local talents. In those early days, there was a saying that the talents in a block of 5rm HDB flats would be enough to make a govt. That was all the talents we have.
But fear not, the founding leaders were not going to let this lack of talents derailed the building of a new nation. We will train our own talents. In every field, in govt, in the police force, in the armed forces, we will train our people to take charge. How to do it? These people got no experience at all, they knew nothing, would they foul up everything? That was the risk the founding leaders were ready to take. Any Singaporean that they saw some potential in him or her would be thrown into the deep end, to learn to swim or sink. They learnt on the job. They learnt fast to survive, to make the grade. If they failed, there would be no Singapore of today. They could do the easy way, buy foreign talents and flood the country with foreigners. They did not.
When the govt had faith in its own people, the people rose to the challenge. Some failed, but many made the grade. Now we have our Army, Air Force, Navy, Police Force, Civil Service, JTC, SIA, DBS, and what not. These organizations and institutions were built during a time when there was a dearth of talents, by Singaporeans.
Today, we have plenty of talents. We have more than 5 universities and many polytechnics. We sent hundreds of scholars overseas and in local universities annually, to the best universities. But shit, we have no talents today. We need the fake talents from the third world with fake credentials to take over our top jobs in our countries because our top graduates did not have work experience, did not have talents.
Today, the new thinking, we need instant talents, all trained, with the right experience or else cannot do. We demand instant trees, even plastic or fake trees also can. We do not need to train our talents. We sneered at our locals especially the fresh graduates for lack of experience because there are plenty waiting to come in with their cooked experience and fake certificates. We bring in any crackpots as long as he can show some papers claiming how good and experienced he is, and can talk his way out, he is the talent we need. We even bent backward to accommodate the fakes by claiming that no degrees never mind as long as the person can work.
When we have so many good universities, so many graduates with straight As, and still went begging for fake talents from fake universities with fake degrees and fake experience and credentials to replace our real talents, is there anything wrong?
This is the new Singapore and the new thinking, old thinking of relying on our own talents no longer relevant. They insist on instant talents. They need to buy, beg and borrow from the third world villages for talents. And our country is degrading closer to the countries where these fake talents came from. From first world to third world. The belief that when you push a button, everything works is passé. This is no longer the case in a third world Singapore. The standard of efficient and tolerance for mistake are taking shape, just like third world countries. Nevermind is the word. It is the new normal.
What do you think?
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redbean



Joined: 07 Mar 2006
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PostPosted: Tue Feb 06, 2018 8:22 am    Post subject: Reply with quote

More taxes to build boldly
This is what Lawrence Wong said. More money for mega infrastructure projects. For what, to bring in another 5m foreigners to create more jobs for Singaporeans to drive taxis?
How about building a castle in the air, like another city above the present city? This would be necessary for a 10m population. Singapore has a mission to provide good jobs and homes to the people of the world. If I am not mistaken, listening to the great thinkers, Singapore could be planning to bring in another 10m foreigners to share the good life in the island. And to serve such a population, there will be a need to build a high speed train running in circles, from the city to Changi, Punggol, Woodland, Tuas, Pasir Panjang and back to the city. This running in circles high speed train would definitely cost billions but not to worry, just raise taxes to build boldly. It is good for the economy. Wah, with 15m population, Singapore would become a vibrant and flourishing island of the future. Just not sure what is the economy and industries the island would be depending on to support such a population? More hawker centres, more shops, more HDB flats?
Please do not question the wisdom of growing population by importing foreigners to share this little island. After all this island if for everyone, not just Singaporeans.
And we can build another airport in Tuas and passengers can fly from Changi to Tuas and vice versa. Make it budget, cheap and good. No need to buy Boeings, can buy from China, Russia or India. Their planes are good and would not need billions.
Now with a castle in the air, a high speed training running in circles, a 10m population, and two civilian airports, one international and one domestic, what else is needed, what other mega projects can be built to turn Singapore into a fine city, the most expensive city in the world? How about building roads that lead to nowhere like what the Aussie woman said? Nope, bad idea, such roads would be too short and would not cost much.
Maybe build a virtual city and Singaporeans can buy virtual properties, big good class virtual bungalows to park their virtual limousines like Rolls Royce and Bentleys since they could not afford to buy real cars anymore.
Dreams are made of these. Big dreams, fanciful dreams, can be built with more taxes. The people will love it. After all their big CPF savings need to be spent wisely for the good of the country. Singaporeans, this is National Service. You need to pay boldly in taxes for a fine city to live in. Taxi drivers are not exempted from high taxes.
Yes, yes, build boldly, keep building, and keep taxing boldly.
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redbean



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PostPosted: Sat Feb 10, 2018 8:04 am    Post subject: Reply with quote

Banks are declaring big profits
Singapore banks are declaring big profits which is also likely to be translated to big bonuses at the top. This reminds me of the days before the banking crisis in the West when all the American and European banks were declaring bigger and bigger profits and the top bankers were paying themselves hundreds of millions each. And they did that for several years with all the top bankers turning themselves in multi millionaires and billionaires.

Everyone, every layman and all living persons were in awe at the supermen running the banks. No one questioned the big profit numbers cooked up by the banks. They had no reason to. The western banking systems were transparent, very good, ran by honest and honourable men and women, audited by world class auditors and monitored by world class rating agencies. All received AAA ratings. How to question them or doubt them?

Then overnight every one of these banks that were announcing record profits the previous years turned belly up, all suffered huge losses that were hidden for years while they were cooking their record profit earnings and paying themselves crazy. The banks were insolvent.

Even then, they were trusted by the stupid Asians that thought these were well managed banks and when they came asking for money, billions were handed to them happily, without doing much thinking or due diligence, thinking all was well, only to be duped further as the rot was so deep and widespread that only their central banks could save them by printing more money.

Today we are hearing local banks reporting the same kind of exuberant profits, record profits, year after year. Would this send a chill down the spine? Would our banks be suffering from the same disease as the American and western banks, and then turn belly up when it is game over?

I don't think so. Our banking system is so well regulated, the best in the world. And our banks are just as transparent in their accounting, also audited by the same great auditing companies and rated by the same reliable western rating agencies. It cannot go wrong. The big difference is that we have a very good govt that would not allow the same disease affecting the American and western banks to repeat itself here. We knew how they duped their govts and people and this would not be allowed to happen here. We learned from their crooked ways.

The record performance and profits of our banks are genuine, not cooked. Trust them. We will not have a financial crisis that would result in our local banks being bailed out by the govt by printing more money. Our banks and banking system are in good hands. I am also in awe at how well our banks are managed and how easy they made their billions despite the hundreds of millions lost in the marine and shipping industry. I take my hat off to them. What they have achieved are like miracles.

Sleep well. And our top bankers can enjoy their big bonuses with a clear conscience, that they have done well, extremely well, and deserve every cent paid to them.

What do you think?
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redbean



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PostPosted: Sat Mar 03, 2018 9:16 am    Post subject: Reply with quote

Little sympathy for no pay hike for ministers
AFP reported "that there was little sympathy in the city-state for the world's best-paid politicians.
Ministerial salaries in the financial hub are the highest on Earth, with an entry-level minister paid Sg$1.1 million ($830,000) and Prime Minister Lee Hsien Loong earning an eye-watering Sg$2.2 million.

The government has argued the huge pay packets are necessary to attract top-calibre talent and prevent the corruption that afflicts other Asian countries.

But the issue has long attracted public anger, and the government responded to criticism by slashing salaries after a review in 2012."

Many people may be grudgingly cheering this decision to stop raising the outrageous salaries of the ministers and even wanted the salaries to be slashed given the dismal performance of the ministers. But I have another take on this as the decision could bring about the demise of the country. The country cannot be run well if the ministers are unhappy for not having more pay hikes to their mouth watering salaries when every worker is getting a pay hike, no matter how small, some may get $10 or $20.

There are several arguments favouring a pay hike for the ministers.

One, it is a Singaporean mindset, or at least among the politicians, that after a few years there must be a hike, in salary, in prices, in fees and in taxes. You cannot keep a salary, price, fee or taxes at the same level for too many years. Since the last hike or cut in salary in 2012, it has been a looong 5 years without a hike for the ministers. This is unacceptable and unreasonable.

And two, there is inflation to consider. The life style of the ministers would be gravely affected if their salaries did not keep pace with inflation even though many have viewed that their out of this world salaries have out paced inflation by a 100 years. Their families will suffer, definitely. This is how some ministers would be thinking, true feelings. And with this kind of thinking, how can the people expect them to continue to sacrifice for the country when they could be earning millions more in the private sector?

Three, many would be thinking of leaving political office to seek greener pasture in the private sector now. These super super talents would easily make more than what they are getting as ministers. The country will suffer if they leave. There are no more such talents in an island where there is a dearth of talents. Would Singaporeans be happy if the PAP starts to recruit third world talents, with fake degrees, dubious experience and credentials and doubtful talents to be ministers? Many of these foreigners would not even pass our PSLE or O level examinations without cheating or faking.

Four, the most disappointing part is that the Ministerial Salary Review Committee already recommended a 9% increase or a mere $100,000 only. The ministers knew this and would be very unhappy that they are being deprived of such a small increase. It is like meat in the mouth and snatched away again. They would end up with a lot of saliva in their mouths.

Overall the morale of ministers would be low definitely. Remember, they are making very big sacrifices, sacrificing their privacy, their good lives, their families, to serve the people and country. How can the country be so mean to them. And all the time they have been scheming how to make the people rich, well taken care of in old age with plenty of money in their CPF? Singaporeans are ungrateful creatures. If not they should be holding a protest at Hong Lim to fight for a hike in ministerial salaries to show their appreciation to these selfless and honourable men and women.

From the HR perspective, all is not lost. There are many ways to raise the salaries of ministers without raising their salaries, like promotions, more deputy PMs, more senior ministers, ESM or even add the post of mayors to their portfolios, secondary appointments as chairman or directors here and there, big bonuses, study strips overseas, leadership allowances, innovative allowances, etc etc. Another way of raising salary without raising salary is to half the job size. Instead of one minister doing a job, have two or more ministers and each minister would theoretically only need to do a portion of the job. A two minister ministry would mean the job is divided by half, and being paid a full minister's salary for doing half the job. Very neat.
Anyway. the govt must seriously reconsider this decision not to hike the high pay of the ministers. It would affect their morale and performance. Must be, they are also human, just like they would be corrupt if salary not high enough. I am worried for Singapore and the well being of Singaporeans going forward. If the economy is not doing well, you cannot blame the ministers for not performing when you don't give them a hike in salary. First thing that comes to mind is the MRT.

Singaporeans should not expect their ministers to look hagged, lean, badly dressed and unhappy and troubled by a stagnant salary with no pay hike. The ministers must be well fed, happy, well dressed and with high morale so that they can only think of working for the people without any financial worry, or unable to give their families a Swiss standard of living. We are all in the same sampan. Their well being is our well being.
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redbean



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PostPosted: Wed Mar 07, 2018 8:36 am    Post subject: Reply with quote

A simple way to guesstimate the reserves
The non transparent secret of the country’s reserves, speculated to be worth $1 trillion has been subjected to many queries as to what is really there. As it is a closely guarded state secret, no one really knows, even the President that holds the second key to guard the reserves. In a way, the reserves could be like a mirage of a mountain of gold. The people could imagine or were told that it is large and is there, but cannot feel or touch it. The big question in many people’s mind is whether this is true. It is only fair for any reasonable man to have doubts about something that is like what the salesman told them, and they have to believe his words, to trust him.
When the people are kept in the dark, it is very difficult to know the truth. The more the govt tries to hide this info, the more suspicious will be the people who want to know the truth. And the more the govt is frantically trying to raise taxes, even very unpopular measures, the more worried would be the people as to the health of this gold mountain mirage. Simple, got so much money no need to panic to raise so many taxes. The reason that the reserves cannot be touched, to be kept for the rainy day, is hogwash. It was touched many times during Nathan’s days.
Let’s see what we can extrapolate from some of the official statistics provided by Heng Swee Kiat to figure out how much is there in the reserves. The estimated NIRC for FY2018 is $15.9. I am not sure this is profit earned for the whole year prior to FY2018 or the estimated returns for FY 2018, ie not earned yet. But putting this aside let’s just use this number as a basis to extrapolate the reserves gold mountain.
The $15.9b is net return, ie after paying 2.5%/4%/5% interest to CPF members, estimated at $400b borrowed. If we use a 3% interest paid to CPF, this would work out to be $12b. The gross profit from the funds invested, less expense other than CPF interest, would be $12b + $15.9b +15.9b = $43b. Assuming NIRC is 50% of net income and balance 50% went into the reserves.
The govt has been using a 3.5% figure as the returns from investing our reserves. Thus if $43b is the gross return or 3.5%, the reserves should be $1.23 trillion. If we use just the $31b as net return, the reserves should be $886b. Could have use $32b ie 15.9 +15.9
But 3.5% return is supposed to be an average. The estimated return of $31b could be 5%, 7.5% or 10% over the years. These would give the reserves as $620b, $413b and $310b respectively. I use the different percentages to show that the higher the rate of return, the lower would be the reserves.
Alternatively if we use $43b as the gross return and 5%, 7.5% and 10% return, the reserves could be $860b, $573b and $430b respectively.
The good news, the reserves could be as high as $1.23t or $886b. The bad news, it could be as low as $310b or $430b.
If the funds are not performing that well, ie making a 3.5% return, then the reserves could be in the region of $886b to $1.23t. Someone said the interest rate for long term interest, risk free is about 3%. What is the point of paying hundreds of millions to fund managers to bring in 3.5% with high risk of losing the capital. Sack the whole bunch if they cannot bring in more than 5% returns.
Extrapolating from the rate of returns based a given NIRC of $15.9b, the paradox is that higher the percentage of returns means lower reserves and vice versa. If the funds are doing well, ie making returns of 5%, 7.5% or 10%, then the reserves could be quite scary, like a glittering golden mountain but not all gold.
What is the real thing, when would this be made known, or forever be in the unknown?
PS. MOF stats stated that GIC has a 20 year annualized return of 3.7% while Temasek’s annualized return from 2002 to 2014 is 15%.
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redbean



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PostPosted: Fri Mar 30, 2018 12:11 am    Post subject: Reply with quote

59 interviewees attended the Select Committee on fake news
Out of 59 people interviewed by this Committee, only 4 objected to more stringent laws to curb fake news. Oops, I forgot to add the Facebook rep and the objections from Google and Twitters. So, with so many people in favour of stringent laws, not sure about the 3.5 million Singaporeans, the majority win. So the people favour more stringent laws to protect them from fake news. Anyone out there saying No? I can’t hear you, or you are not counted, irrelevant. The gods said so and have decided.
From the reports in the media, the impression I got from the questions posed by the committee members, it seems that they are all for more stringent laws and they were there to convince everyone interviewed why more stringent laws are needed. At least that is what I perceived. My question, is the job of this Select Committee to gather feedback, a consultation platform, or is its job to tell everyone interviewed to comply, that more stringent laws on fake news are good?
Oh, Edwin Tong said the existing laws not enough and many things related to fake news cannot be charged in court. Please, can I have some examples of what are not covered by the existing laws and fake news writers can write them and get a way from being charged in courts? Surely there must be real examples right? It cannot be red herrings right, or test balloons? Oops, cannot say test balloons, afterwards got to apologise.
I think everyone would like Edwin Tong or whoever who said that there are things that are not covered by existing laws to give specific examples and not just say things but cannot give examples right? Please do not use the Cambridge Analytica case as this is cyber espionage or cyber warfare. This is more than just fake news, it is conspiracy.
It cannot be like got people go to Batam and spent all their CPF savings to live like emperors for a few days so everyone’s CPF savings kena locked up. Can give examples or not? Or if only a handful, why everyone is punished? Why waste so much of the time of super talents and demi gods to talk about something that only a handful of people would violate and better still, not covered by our existing laws? How much money and precious time were wasted on this thing called fake news? Come to think about it everything one does not agree can be fake news.
What do you think?
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redbean



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PostPosted: Sun Apr 01, 2018 9:06 am    Post subject: Reply with quote

Singaporeans need the protection of stringent laws against fake news
Yes, you read me correctly, Singapore must pass more stringent and even draconian laws to protect the daft and hapless Singaporeans from fake news. Fake news is not only dangerous but becomes much more dangerous in the Singapore context because daft Singaporeans cannot tell the difference between fake news and real news.
How could that be? Didn’t Singapore have the best education system and with some of the top universities in the world taught by the best ang mohs and third world best professors? Didn’t this world best education system and the world best professors that money could buy teach the Singaporeans to think, to be discerning, to know simple things like fakes and truths? The education system in Singapore is so expensive not for no reasons. It is quality education measured by how much is being paid to get educated in this world best education system. How could it produce duds? Is there a contradiction?
Can anyone see the contradiction or something wrong with this world best education system that produced daft and unthinking Singaporeans that need to be protected from fake news? I see no difference because Singaporeans are by nature daft and no amount of good and expensive education can help them to be just a bit smarter to protect themselves from fake news. Papa is right and doing the right thing.
Didn’t they build a first world city from the third world? Yah hor, how could that happened to a daft people? How could they build a world class city if they are or were daft? The only reason I can think of is that Singaporeans were not daft then but the new Singaporeans are. How come?
The proof is everywhere. There are more than 2m foreigners here, many from the third world with fake or funny degrees that are employed to replace them. If this is not enough proof that they are daft, I can go on. Singapore is a banking and financial centre but got no banking and financial talents. The top bankers are almost entirely recruited from the third world where they got backward financial and banking industry. Funny isn’t it? Let me make it funnier. Singapore is supposed to be a modern cosmopolitan city, a smart city, but got no IT talent. Almost all its IT talents came from the third world countries, and more are being recruited, more are coming by the plane loads. You know why? Exactly, to replace the daft and no talent Singaporeans of course. Want me to go on?
Singapore is a tropical country, but all the talents managing the tropical gardens in Singapore are foreigners from temperate land. This has been happening since the independence of Singapore. They could not find a Singaporean with enough local and tropical knowledge to run these gardens. How come locals, oops, I should not use this bastard word, how come Singaporeans brought up in a tropical island cannot manage tropical gardens but foreigners that never lived in the tropical region know better? Daft question.
We don’t even have talents to study and implement solar energy system here despite being under the sun all year round but need foreigners from cold temperate countries to teach us how to do it.
OK, ok, let me not go too far to say we have no talent. We have talents doing research about the Artic and Antarctic regions. For what I don’t know. We are no good and know nothing about our tropical region but got experts studying about the cold north and south poles. See, we got talents.
Oops, I digress from the fake news and stringent laws to protect daft and unthinking Singaporeans. How many of you would now agree with me that daft Singaporeans need more stringent and draconian laws to protect them?
My reasoning very cheem and very correct right? To introduce such draconian and stringent laws is an acknowledgement that our education system, the schools, polytechnics, the universities, have failed to educate the people to think. If they have done their job to educate the daft, then there will be no need to protect them from simple things like knowing what is true or fake news. I rest my case.
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redbean



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PostPosted: Mon Apr 23, 2018 8:37 am    Post subject: Reply with quote

Choice between real economy and paper economy



In the 1980s Singapore came to a cross road in economic growth. Manufacturing was maxed out in this little piece of rock. Manufacturing needed space to keep the solid stuff, the goods, the material. Singapore could not waste more land for manufacturing. There were other factors like the neighbours catching up as many of Singapore's manufacturing were low skill stuff. The pride of Singapore then, the highest level of technical product was the Rollei camera. All the manufacturing products are history.

Singapore opted to go into the service industry, which is not a wrong choice. Medical services, education and financial services, logistics etc etc blossomed. The financial services grew faster as nothing can make money faster than printing papers and cooking the books with numbers, and of course gambling. I am not referring to the two casinos. They are chicken feat. The gambling in Singapore is beyond the imagination of the ordinary masses. Gambling is big and full time by the financial institutions and banks and the so called investment agencies. You heard it, investment is the disguise or another sophisticated term for gambling big time.

During this period Singapore played tutor to China, a developing country just coming out from isolation and joining the capitalist market. China learnt everything Singapore could offer but chose a different route. China is going big bang in manufacturing, the real economy, not shuffling papers and printing digits to churn out profits.

Today, China is the factory of the world making anything from the tiniest button, screws or toothpick to mobile phones, computers, high tech equipment, satellites, military weapons, anything that is needed and wanted. The Chinese made them all and in cheaper and better quality and quantity. China is producing everything that the world needs, the real stuff, the real economy. China is also in the services, but not so much on financial services, but building infrastructures like roads, rails, high speed trains, ports etc etc, logistic services to facilitate trade and commerce, the real stuff that are needed for better life and economic growth, not the fake economy of churning out numbers for growth, not gambling. The Chinese earn every cent they could make the hard way, by making them.

Singapore prosper with the fake economy, making money without having to produce anything. Our reserves are plonked into papers, stocks and shares, derivatives, bonds etc etc. The risk, the inflated fake economy, is like a balloon waiting to be pricked. When it goes bang, everything would come down to zero, especially the artificially inflated wealth built on properties and assets. And when the fake economy goes bust, the real economy would continue to steam roll ahead.

Singapore has nothing to fall back on in the real economy other than HDB flats that have a life span of 99 years. The only real thing Singapore is producing is shit water for drinking, to compete with the likes of Evians and other natural mineral water. What else did Singapore produce? You tell me. Singapore does not even make bicycles.

The real stuff, the bricks and mortars, the consumer goods, the demand would still be there, still be needed. What would happen to the fiat currency, the fake papers and fake values and fake wealth and fake prosperity? Even our education and degrees are fake in a way. What is the point of having degrees that cannot get one a job? A genuine fake degree from the degree mills, or from funny universities, is more valuable than a genuine degree from a world class university if it can land the holder a job. This is the real economy.
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redbean



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PostPosted: Tue May 01, 2018 8:37 am    Post subject: Reply with quote

Big money invest in big biz, not in kachang putehs
Warren Buffett's Berkshire Hathaway, invested US$232m in a Chinese company, BYD, a Shenzhen-based battery and electric car maker. The $232 million investment in 2008 is now worth about US$2.1 billion.

“When you got over $100 billion, you’re looking at any big market. We can’t go into tiny markets and really deploy enough capital,” he said. “We want to invest money intelligently. And obviously, big economies and growing economies have the potential.” Warren Buffett Yahoo News

The above comment by Buffett is what investment with big money is all about, invest in big economies, in big companies. How silly it is to have hundreds of millions invested in kachang puteh companies in sick economies. How silly it is to invest hundreds of millions in low skill, low tech, low capital and low barrier of entry companies.

Guess what type of big investment funds, with hundreds of millions to invest, would do exactly the opposite of what Berkshire Hathaway is doing? Would anyone with hundreds of millions of dollars to play with invest in tontine companies, in low level engineering companies, in hawker centres, in bakeries, in low tech, low skill mechanical workshops or in tuition centres?

Buffett said, invest intelligently in big economies, in growing economies, and in growing companies. Growing economies and growing economies must be really growing not by shouting that the economy is growing, the company is growing when they are not, not when growth is fiddling with numbers, juggling with numbers to make the icing looks good but in reality a rotten apple, rotten economies and rotten companies.

Is it so difficult to tell whether an economy or a company is all hype and nothing else? Oh, there are fake growth economies and fake growth companies, just like fake degrees and CVs. There are many con men everywhere with slippery tongues.

Is there anything to learn from Berkshire Hathaway? Or is it too late?
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PostPosted: Mon May 07, 2018 8:41 am    Post subject: Reply with quote

Fund Management and Investment - How to cheat the daft fund managers?



Leo81 has posted a piece on Profit versus non profit using academic theories and principles which is all well and fine in the context of the classroom. A good real life example is the Singapore Exchange going all out to entice foreign companies to list here, based on simple assumptions that everything is fine from the angles of theories and principles. Everyone wins, the companies that listed here will win as well as the investors.

What is starkingly missing is the reality, the human factor. When there is big money to be made, 9 out of 10 will cheat, just like 9 out of 10 will be corrupt unless you pay them in advance and pretend that it is not corruption. What is real, what is academic and what is self delusion, you decide.

My topic is how to cheat daft fund managers to part with their money, especially OPM. Many fund managers are not fund managers and may read a few books on economic and financial theories and principles and think they are well equipped to be fund managers. And many lack experience and confidence to make the right decision as the information available to them are inadequate and often lies or misinformation. So to be safe, they wait for others to make the call and they tack along. If Warren Buffett said he is investing in a company and invites the daft fund managers to join in, 100% they would go along. Very safe, believing that Buffett has done the home work, cannot be wrong.

The easiest way to cheat the daft fund managers is simply to dress up a sick company with the help of branded auditing companies. The second step is to look for some big fund managers, not necessary Warren Buffett to pretend to show interest in the scam, go then invite the daft fund managers to join the party. The whole thing is simply a scam by the management of the sick company and the 'fund management company', better still another sovereign fund to make it looked good, to be in cahoot to fix up the daft fund managers to invest in the sick company. When the money is in, everything will become history. The price will drop to rock bottom.

This is the very reason why some silly sovereign funds are repeatedly duped into buying high, buying very high, only to cash out at rock bottom when the price of the stock is worthless and losing their pants.

The sad part is that this is repeated over and over again. Why? Ok not all are daft, some may be really daft fund managers, but some pretended to be daft but were part of the scam and get their cut from the deal.

This is not taught in the schools of management. In the schools, they don't teach principles and theories about cheating and scams and scoundrels. They only teach high principles and brilliant academic theories.

See how easy it is to cheat the daft fund managers.
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redbean



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PostPosted: Sat May 12, 2018 8:32 am    Post subject: Reply with quote

China must continue to learn from Singapore
The China miracle has lasted for 30 years with double digit growth since Deng Xiaoping visited Singapore in 1978. In the last few years China's growth rate has declined to a 'frightening 6.9%'. This is alarming, according to all the doomsayers and western anal-lysts. China must start to rethink what they had done right in the past and what they had done wrong and leading to this decline. This is why I am saying that China must continue to learn from Singapore. When it was learning from Singapore, it became a bigger Singapore miracle. When it stops to learn from Singapore it is starting to show signs of decline.

The first thing that China did then was to borrow some of the top brains from Singapore like Goh Keng Swee, to help them draft out an economic blue print. China today needs more top brains from Singapore to help them in the next phase of development that Singapore had gone through after the miracles of 1970s and 1980s. Though Singapore is short of talents in many fields, the top talents are in political leadership and govt policy making. In this area Singapore has a lot of talents. China can tap on these super super talents, and they are in luck with the recent retirement of some of the best talents in the govt, big names like Lim Hng Khiang, Yaacob Ibrahim of cleaning the Singapore River fame, and the one in a billion Lim Swee Say. Then there is Khaw Boon Wan who is likely to retire soon. China can invite these super super talents to help them out in their next phase of development, maybe another decade of double digit growth.

Among the policies that Singapore has embarked, China may want to learn from the easy one first, like importing more cheap foreign talents to have drive their economy. China committed one serious mistake in stopping at one when Singapore stops at two. So China's population decline is worse than Singapore's and would be short of talents. There are many talents in South Asia and Southeast Asia that Singapore depends on. China can follow this easy path to max their economic growth like Singapore did. No need much thinking, no need to reinvent the wheel. Just take the blue print from Singapore. And china would become a multi racial country, a really international country like Singapore and the USA with plenty of bananas to chew.

This importing of foreign talents is very good for China especially in industries and fields that China is weak in. Finance and banking talents and IT talents from India are a must if Chinese banks want to earn billions overnight. Singapore banks could not earn this kind of money until they brought in Indian banking and finance talents. Likewise, Singapore would not be able to launch all the IT products and become a smart city without the IT talents from India. India talents have another strong advantage, they can speak English which Singaporeans and Chinese can't. So they would make good PRs and CEOs of China's international companies.

The next area is academic. Singapore's universities are now tops in the world, better than Beijing, Tsinghua, Fudan, Jiaotong and other top Chinese universities. China can learn from Singapore to put their top universities as the equals of Cambridge and Harvard and be as highly ranked as NUS and NTU. It only needs a bit of tweeting to have more foreign academics and students and the results will show. Just bring in the foreign academics, provide them jobs and good pay, discard some of the local academics, and the ranking for Chinese universities would swell, to the very top. China has more money and paying/buying foreigners is not a problem.

Another great policy that is cut out for China is asset enhancement. China has recently built a lot of public housing for its people. Using the same asset enhancement formula, China can also double the assets of its people in double quick time, and the Chinese people will be rich over night and be very grateful to the Chinese govt. Every Chinese would also become millionaires, asset rich. One caveat, China's lease term is only 70 years and the properties will become zero value faster.

The growing affluence of Chinese citizens have led to many traffic problems with more cars on the roads. Singapore have solved all traffic problems with COEs, ERPs and all kinds of fees and electronic parking system. The traffic situation in Singapore is excellent compares to other big cities. And Singapore is also starting to encourage its citizens to ride bicycles. China can learn from these policies and encourage its newly rich citizens to go back to riding bicycles for a greener and clean environment, like 40 or 50 years ago. Riding bicycles is progress, owning cars is bad.

And another thing, China must not keep the pay of its political leaders so low. It affects their dignity especially when they met up with Singapore leaders that are being paid in the millions. China should seriously consider raising their leaders salary to millions so that they can have more dignity and not to be looked down by Singapore leaders.

This million dollar salary thing is not just about dignity. It is also to prevent corruption. If China were to pay their political leaders millions, then the corruption problem will go away. No more corruption in China, just like no corruption in Singapore. Xi will no longer have to spend time catching corrupt leaders. Wang Qishan would not have to fret about not catching the tigers. Everything will be fine.

There are really many many things that China can still learn from Singapore like how to manage MRT problems in big cities. China may not have such problems now, but it will when the train system gets old. So it is best to send a team to Singapore to learn how to tackle train breakdowns and delays before the problems surfaced. Singapore has plenty of experience in this area.

China also copied Singapore's CPF system but not full scale, make the Chinese workers contribute more to their CPF. They should as this is a cheap source of funds to help fund big govt projects or redirect into China's Sovereign Funds to invest overseas. It can also be assigned as China's national reserves, and if needed, the money can be used to buy insurance to benefit the people. No need to worry about paying back. This can be delayed by all sorts of schemes.

Just one more point, though there are many more that China can learn from Singapore, is the opening up of China's financial system and stock market. Just learn from Singapore and China would have a very vibrant stock market connected to the whole wide world, and can trade in everything, best in derivatives using computer tradings, super high tech and super efficient. Just a word of caution, China must make sure their main boards are filled with blue chips and not super penny stocks that are worth 1c or less. That would make China's stock market a joke.

I could go on, would continue some other time when China's economy starts to decline further. 6.9% is really bad.A 2/3% growth rate is just about right, the same as the USA and Singapore, mature economies. Then China can declare that it is first world, and the western anal-lysts would said China has arrived, and its economy is safe from a meltdown.
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redbean



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PostPosted: Thu May 17, 2018 8:25 am    Post subject: Reply with quote

Corporal Kok Yuen Chin, another young life wasted
The parents sent them their sons, they returned them with their bodies.
The premature death of Cpl Kok of SCDF on the last day of his NS is another sad and unnecessary story of the lost of our young men conscripted to serve the country. The death of these young men is so unnecessary that I cringed at the stupidity of the comments and apologies coming out from each incident. For this death is not going to be the last and the stupid comments and apologies would keep repeating, that they would conduct and investigate the cause of death, that it should not have happened, that punishment would be meted out to those responsible, that they would make sure it would not happen again. It would not happen again, it would not happen again! The truth, it would happen again and again and again as stupidity has no cure.
The death of these young men is not due to accident, not due to accident associated with the requirements of their profession, not work related but due to silliness that are totally unnecessary. Can such silliness be avoided, cannot?
Until someone has to pay dearly for the death of our young men, by being jailed for life, nothing will change, and these sad episodes will keep repeating over and over again.
Is it so difficult to stop stupidity, even if it cannot be cure? The young NS men may be naïve and clueless of such deadly incidents, but not the old soldiers, not the officers and commanders. It is too much to expect young NS men to keep away from silly acts, but aren’t the old soldiers and officers there to prevent them from repeating the silly and painful stories all over again?
Where is the accountability other than saying a few words of sorry and condolence? Do there really care, or just care by words, just like the regurgitation of finding jobs for PMETs by continuing to import foreigners to steal their jobs, lowering the cost of livings by continuingly raising rentals, property prices, transporation, narrowing the income gap but keeping paying themselves in the millions. It appears that these are words coming from a machine in their pockets, speaking without any sense of commitment or without meaning it.
You don’t have to wait for long for another young man to lose his life unnecessarily and for the circus to start again. Next time they don’t even need to be present after a tragedy, no need to rehearse what they have to say, just do what the slow moving rail transport is doing, record whatever that need to be said, and switch it on when needed.
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redbean



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PostPosted: Mon Jun 18, 2018 8:25 am    Post subject: Reply with quote

Because you voted for it

Why are there so many foreigners having good jobs and PMETs jobsless or driving taxis?
Because you voted for it.

Why are foreigners rushing to come here and finding jobs so easy but you trying to get out because you can't find a job?
Because you voted for it.

Why are you being bullied by foreigners who are now your superior?
Because you voted for it.

Why are foreigners getting full time employment and you are employed on short term contract or part time?
Because you voted for it.

Why are foreigners buying private properties and you buy HDB flats?
Because you voted for it.

Why are foreigners buying HDB flats to sell to your with profits to return to their home countries?
Because you voted for it.

Why are there so many foreigners given citizenships?
Because you voted for it.

Why is the CECA upgraded?
Because you voted for it.

Why are we being paid in the millions and you have to tighten your belts?
Because you voted for it.

Why are we robbing your CPF savings?
Because you voted for it.

Why are we so repressive?
Because you voted for it.

Why are we spending millions and billions to give scholarships to foreigners instead of your children?
Because you voted for it.

Why, why, why?
Because you voted for it.

Know what you are voting for. Vote for your own interest and your own good.
Don't vote away your good life and the future of your children and grandchildren.
Vote wisely.
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redbean



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PostPosted: Wed Jun 20, 2018 8:30 am    Post subject: Reply with quote

Is Singapore promoting drinking more shit water?
In thestatestimesreview, it posted this:
“In an interview with state media Straits Times published yesterday (Jun 19), Health Minister Gan Kim Yong said he will be imposing a new sugar tax to promote water drinking in Singapore:
“On the cards is a possible sugar tax on packaged drinks, restricting advertising of such drinks, and prominent labelling of sugar or nutritional content.”
The “promote drinking water” reasoning coincides with another comment made by a PAP MP last year. In 2017, PAP MP Lee Bee Wah commented that raising the water prices by 30% would “promote awareness” of saving water.”

The shortage of fund or the need to find more money for the govt has led to a spate of relentless increases in taxes on everything. This excuse to raise sugar tax to promote drinking more water is so silly that it is so unbelieveable. Are Singaporeans third world uneducated bums that would believe such a silly ruse? Only in Singapore where the sheeples are hapless would a govt dare to keep raising taxes on the people resulting in higher cost of living in the world’s most expensive city. A tax on sugar consumption is simply bizarre.
And the govt is confident that the sheeples could not do anything about it and would continue to vote them to power to rule over them with more taxes.
I think the result of the next GE will see an unanimous support for the ruling govt as the effect of drinking more shit water would mean that the brain of the people would be filled with shit, and become even more shitty and unthinking.
The net result is that the govt would have to bring in more shitty foreign talents to replace the shitty brain Singaporeans that could no longer think, no longer talent as their brains are filled instead with shit.
Yeah, drink more shit water. It is good for the brain.
To those who don’t understand what is this shit water thing, let it be known that shit water in the island is being filtered and reintroduced into the reservoirs and returned to the homes as piped water for domestic consumption. How often this is done and should be done when rainfall here is normally more than adequate to fill the reservoirs except during a prolong period of dry season is questionable. Do they need to keep filling the reservoirs with shit water when there is plenty of water during the wet seasons?
Another thing to ponder about? How many people are silly enough to buy Newater for consumption when there is plenty of other normal drinking water available? How many countries are importing our Newater for consumption?
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redbean



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PostPosted: Sat Jun 23, 2018 9:01 am    Post subject: Reply with quote

Did our Sovereign Debt Fund lose money?
"Anonymous said... According to a Straits Times' report in July last year:

"Volatile stock markets took their toll on Singapore investment firm Temasek Holdings' portfolio value which shrank for the first time since the global financial crisis.

Its net portfolio value fell to S$242 billion for the financial year ended March 31, down from S$266 billion a year ago....

As last year's losses amounted to 9.02% of total of $266 billiion (prior to 2010 it was more than $300 billion), that means Temasek Holdings has lost $25 billion of taxpayers' money and CPF members' savings in 2017.

What about from April 2017 to March 2018? There is still no official report published. Speculation put the losses to be the worst in the history of Sovereign Wealth Funds Investments."

How much did our Sovereign Debt Fund, SDF, lost? This is the big question that everyone is asking and speculating. My answer is very simple. The SDF did not lose a single cent. You may think that because they refused to disclose any numbers so they can write their own books and can thus say they did not lose a cent. And on record they have been announcing billions of dollars of profits and paying themselves crazy with big bonuses. I could still remember the year they announced a 15% profit and all stuffed their pockets full with special bonuses.

But they did not lose or could not lose. If they lose, they would top up the losses with more taxes. Look at the humongous taxes they are raising since last year. And for them to put on a brave front and a blank face to take the people's life savings in the CPF, coffin money, you know how desperate they are. CPF is for retirement not for all kinds of compulsory schemes to buy insurance without the people's consent.

The SDF did not lose any money. Only the people lose money. The people have to top up by paying more taxes. It is heads I win tail you lose. When they made some profits, they rewarded themselves handsomely with big bonuses and went around boasting how clever they were. When they lost money, they still rewarded themselves with million dollar salaries but kept quiet. Then the losses would still have to be topped up, not by returning the big bonuses or big pay, but by the people paying more taxes, when money not enough.

Just ask one simple question. Why so many silly taxes over the last few months? To encourage people to walk to be healthy, they may want to introduce bicycle tax and taxes for taking buses and trains so that people would have to walk more. They don't even mind looking silly and talking silly and be laughed at for their silliness. Die die must tax the people to bring in more money, because somewhere, something is very wrong, when money is not enough.

The end result, the people will be made money not enough, money in their CPF also not enough.
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