Temasek, the Singapore national investment fund, published its report, and it is not good. Actually they lost money, in the midst of world financial bonanza, while NASDAQ lifted 15% and interest rates are negative. Brett, the chief adviser, sweetened the pill saying that "Temasek will be seeking opportunities to generate long-term yield and it may also have more time to prepare. The fact that it beat more pessimistic expectations suggests it’s adapting well to a challenging environment.”
Does he mean that till now they were seeking short-term yield? and that they had no time to prepare? If a fund is losing money in a booming world economy, is it adapting well? Really?
I am getting to the point that stopped believing that famously smart people are that. The person whom I find consistently more intelligent than I am, Gregory Cochran, has stopped blogging. I miss him. I hope he is well.
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