對比起來有點意思
因為多少有公家資金 (輕描淡寫)與私人資金的對比問題
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李光耀：新加坡主权基金出手“过早”
英国《金融时报》约翰•伯顿(John Burton)新加坡报道 2009-03-05The Government of Singapore Investment Corp, one of the world’s biggest sovereign wealth funds, invested “too early” in Citigroup and UBS, Lee Kuan Yew, its chairman, said yesterday. | 全球最大主权财富基金之一的新加坡政府投资公司(GIC)董事长李光耀(Lee Kuan Yew)昨日表示，该公司在花旗集团(Citigroup)和瑞银(UBS)的投资“过早”。 |
| “When the market fell, we went into UBS and Citi. But we went in too early. That is part of the ride,” he told a forum of bankers sponsored by Thomson Reuters. GIC made the banking investments at the turn of 2008. | 在一个由汤姆森路透(Thomson Reuters)主办的论坛上，李光耀对银行家们表示：“当市场下跌时，我们买入了瑞银和花旗，但我们进场过早。这是市场起伏的一部分。”新加坡政府投资公司是在2008年初投资银行业的。 |
| Temasek Holdings, GIC’s smaller sister Singapore sovereign fund, suffered a 31 per cent fall in the value of its assets to $127bn between April and November 2008, a senior finance ministry told parliament last month. | 一名财政部高官上月对议会表示，2008年4月至11月，淡马锡(Temasek Holdings)资产价值下降31%至1270亿美元。淡马锡是新加坡较小的主权财富基金。 |
| However, GIC takes a more conservative approach than Temasek in its investment strategy, said Mr Lee, who was prime minister of Singapore from 1959 to 1990. GIC invests Singapore’s foreign reserves in a variety of overseas assets, including equities, bonds, property and alternative instruments, in contrast to Temasek, which mainly holds stakes in domestic and foreign companies and banks, including Bank of America and Barclays. | 不 过，曾在1959年至1990年期间担任新加坡总理的李光耀称，新加坡政府投资公司采取了较淡马锡更为保守的投资策略。该公司将新加坡的外汇储备投资于各 种海外资产，包括股票、债券、房地产和另类投资工具。与其相反的是，淡马锡主要持有国内外企业和银行的股份，包括美国银行(Bank of America)和巴克莱(Barclays)。 |
| GIC, which was estimated by analysts in late 2007 to have had an asset value of $300bn, earlier cut the equity position in its portfolio from 60 per cent to about 45 per cent in anticipation of a downturn in the global economy, Mr Lee said. | 李光耀表示，由于预计全球经济低迷，新加坡政府投资公司早已将投资组合中的股票权重从60%削减至约45%。分析师在2007年年末预计该公司拥有价值3000亿美元的资产。 |
| GIC last week converted its preferred shares in Citi into common stock, becoming the second largest shareholder in the US bank with a 11.1 per cent stake. The fund continues to view financials as a long-term investment because they are “the circulation system of the world”, Mr Lee said. | 新加坡政府投资公司上周将持有的花旗集团优先股转换为普通股，成为该行第二大股东，持有11.1%股份。李光耀称，该基金继续将金融类股票视为长期投资，因为它们是“世界的循环系统”。 |
| Mr Lee predicted that China might increase investments in US assets, including property and natural resources, even if it decided to reduce holdings of US treasuries. China and the US have a “mutually reinforced dependency”, since the health of the Chinese economy was dependent on the US as its main export market. | 李光耀预计，即使中国决定减少持有美国国债，也可能增加在美国资产上的投资，包括房地产和自然资源。由于中国经济健康依赖美国作为主要的出口市场，中美有“互相强化的依赖性”。 |
| Singapore’s economy might contract by up to 8 per cent this year because of its exposure to the global economy, he added. But Mr Lee said Singapore was likely to become one of the first economies to recover when the global economy bounces back. | 李光耀补充称，由于全球经济衰退的影响，新加坡经济今年可能收缩至多8%。但李光耀表示，当全球经济反弹时，新加坡可能成为最早复苏的经济体之一。 |
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| 译者/君悦 |
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Warren Buffett admits investment mistakes, warns economy is a “shambles”
Monday, 2 March 2009
Investment guru Warren Buffett has used his annual letter to shareholders of his investment company Berkshire Hathaway to confess he made several investment blunders in the last 12 months after Berkshire reported its worst-ever profit result.
The letter, which is closely read by investors who follow Buffett’s legendary business philosophies, contains the usual mix of economic commentary, market analysis and home-spun wisdom.
Not surprisingly, the theme of this year’s letter was the global financial crisis, which resulted in Berkshire Hathaway posting a 62% drop in net profit to $US4.99 billion in 2008, compared with $US13.21 billion in 2007.
“By year end, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.”
Buffett admits he did some “dumb things” in investments during 2008.
“I made at least one major mistake of commission and several lesser ones that also hurt. Furthermore, I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action.”
The error that stands out is Buffett’s investment in oil producer Conoco-Phillips when oil prices neared their peak in the middle of last year. Since then, oil prices have fallen sharply and Conoco’s share price has tumbled.
Buffett says is other blunder was buying stakes in two Irish banks.
“We spent $US244 million for shares of two Irish banks that appeared cheap to me. At year end we wrote these holdings down to market: $US27 million, for an 89% loss. Since then, the two stocks have declined even further. The tennis crowd would call my mistakes ‘unforced errors’.”
Buffett also uses the letter to:
- Attack the use of derivatives. He describes them as dangerous and says they “have dramatically increased the leverage and risks in our financial system” and “made it almost impossible for investors to understand and analyse our largest commercial banks and investment banks”.
- Outline a solution for the housing crisis. “Home purchases should involve an honest-to-god downpayment of at least 10% and monthly payments that can be comfortably handled by the borrower’s income. That income should be carefully verified.”
- Praise the US Government’s actions to stabalise the economy in late 2008, but warned more organisations will be looking for Government support in the coming months. “Major industries have become dependent on federal assistance, and they will be followed by cities and states bearing mind-boggling requests. Weaning these entities from the public teat will be a political challenge. They won’t leave willingly.”
Buffett says the US economy “will be in shambles throughout 2009 – and, for that matter, probably well beyond” but he has sounded a positive note, pointing out that the US economy has survived two world wars, the Great Depression and a number of recessions in the past century.
“Though the path has not been smooth, our economic system has worked extraordinarily well over time. It has unleashed human potential as no other system has, and it will continue to do so. America’s best days lie ahead.”
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