| When Europe called, Singapore put in the money. When US called, Singapore put in the money. Then, the financial tsunami hit US, spreading to Europe, and wiped a huge chunk off our nation’s assets … Harry Lee Kuan Yew (also known as Old Fart) quickly came out with some lousy excuses: our SWFs adopted a long term view!
Unlike Warren Buffett who had staff salaries and office rental to pay for and thus the need to dispose his investments at loss prices, Old Fart claimed that our SWFs did not have such costs to worry! First and foremost, in the long term everyone is dead! In fact, the Old Fart has been dead since March this year – and the values of the nation’s investments have not returned to the ORIGINAL COSTS of investments!..............................................Full Article: Source
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