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61301-61320 of 69565
Newton's law applies loh. Jangan tention, just relax, as what sifus hint. turtle will win the race, eventually. wishing all to hv a good long weekends. cheers.
Hi, Sister elfinchilde,
Oh, you are a sister. That explains why you write with a soft tone, showing so much concern for the newbies.
I closed all my short positions in the money
. Thank you for your concern.
Maybe they got shell companies overseas so they lose money on purpose so those companies can earn
elfinchilde ( Date: 25-Jul-2008 14:17) Posted:
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See this link. These are still rumours lah... nothing concrete has been established.
http://www.reuters.com/article/marketsNews/idUSSGC00214820080725
why are they selling when Berkshire Hathaway is buying!!
time to buy, they sell; time to sell, they buy. At least for us, we're small fries, we're not trained in finance, we're (most of us) not educated overseas in elite institutions. It's fine if we make mistakes since we don't have privileged information. but them!!!
yes can't stand them. Just admit they are wrong la, if they keep being this opaque they are just inviting speculation of how badly they did.
And I agree with elf. Transaction costs are a killer
ozone2002 ( Date: 25-Jul-2008 13:50) Posted:
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http://www.mffais.com/mer.html. Check it out. Hehe.
ozone2002 ( Date: 25-Jul-2008 13:50) Posted:
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CMI, ozone. TA shows that the probability is a high chance of getting sued to bankruptcy. I don't enter losing trades.
no offence to gahmen supporters yea. just a light moment while markets are in the doldrums. I don't see any of this ML sale in the S'pore newspaper..supression of news!..
Elf maybe next election u join opposition we vote for u.. keke
'sister' is right.
and i hope your shorts are doing well.
you're experienced, so am sure you're doing fine. 
am personally more concerned about the small timers and small fries out there. cos this market has been volatile since aug last year; and likely, if they didn't know proper money management (as most of us don't), even with the waves, realistic odds are that most are down by a lot, rather than up. altho on the plus side, they can take comfort that even a big "house" like Temasek went down 47%.
nah, i don't necessarily think i'll be better than them: they're the trained ones, after all. if i were to try and apply, i don't think i'd even get called to the interview. degree not right and all that jazz.
seriously though: if you're managing in millions and billions, making money is easier than for small fries, who are playing with ten Ks, or 100ks. Since with a portfolio of say, 500 million, 1% return pa, and you have 5 mil already. Plus, with that kind of funds, frankly, just go longterm, put on margin at 2x. You can freaking return 10-20% pa just by dividend yield alone. Completely no need to take additional risks at all.
byebye, CPF.
Trader, anyone without an outsized ego can run the fund better than The Tema ppl. Just but an ETF. Can't miss as much as them. Don't even need to rent their offices
Hi, elfinchilde
I remember I called you brother before but I read somewhere in this forum that someone actually called you sister. Which is correct?
Referring to the error of judgment by Temasek, I seriously think you can be a much much better fund manager for them than any of those PSC scholars in Temasek.
I am seriously!regarding the Temasek investment: of course. Since when have they ever admitted their mistakes? It's always, "it's an error in judgment", "it's an honest mistake", "we'll be stronger" and "let's move on."
"Of four above statements, pick two to show your sincere regret to the public."
It believes these companies will survive the crisis and emerge stronger.
Some experts believe that Temasek has made an error of judgment.
How thoroughly typical. And as usual, they'll trot out their figures of 25% growth p.a. (i'm beginning to think most of it is our CPF and country reserve: ie, from the people.), etcetc.
Meanwhile they keep their cushy jobs, and the regular people, the small ones who can't afford even a 'peanut', have to work harder since it's our money they're losing.
Daily reckoning and Martin Armstrong Revisited;
http;//dailyreckoning.com /
http;//www.nowandfutures.com/buscycle.htm
Hang on to your jobs if you still have one.
chiat lat liao, likely next would be Citi and Barclays loh.
next, BIC also holding substantial amount of Citi and UBS shares. AK retirement acct in CPF really chiat chow loh.
as sefu said, its correct. may consider to withdraw half of my retirement acct amount to do my own investment.
further and good GST rebate?? tua pek kong only loh.
It's gonna get WORSE!!!..whack the put warrants everytime the markets rally.. :)
i love bear rallies :):):) short short short
Economy
Recession fears
Despite a built-up cushion, global woes hit Singapore’s exports in a big way - with worse to come. Comment. Seah Chiang Nee
Jul 19, 2008
Singapore is hitting a really bad patch and no one can say how bad - or how long - things will fall before the sun shines again.
Singapore’s selling point for decades, its strong economy – measured by GDP and reserves growth – is now looking a little fray as the global waves hit its our shores.
Bugged by high oil and food prices all around them, middle-class and poor Singaporeans are becoming more and more unhappy as their quality drops.
Last week there was is a brief respite to the oil crisis as prices fell from a high of $147 to $130 a barrel, but it’s too early to pronounce it is over.
Meanwhile, the value of its foreign investments has dropped by US$15-US$20b - so far, led by declines in US and European banks.
This is could be the worst performance in history for both Temasek and the Government Investment Corporation (GIC), despite assurances that they are long-term (30 years) investments.
At home, the government's actions against its political opponents and the way some were carried out in and outside the court have brought heat from some people at home and abroad.
Charges of ‘inept’ leadership and policies that worsen inflation are sounding out almost daily, loosening the bonds that existed between the governed and the governing.
Amidst all these, the centerpiece - the economy - on which the government uses to justify its crackdowns and controls, is beginning to show trouble as a result of the global woes.
(Leaders have often said that as long as the economy is strong, all other problems can be solved.)
In the latest report, Singapore’s non-oil domestic exports in June fell 10.5% to $12.8b, far worse than the 2.8% drop economists had been predicting.
It was due to sharp declines in shipments to key markets such as the United States, Europe and China. The rate of decline was the same as the previous month.
Seven of its 10 major markets registered drops in shipments, led by the 24% fall in exports to the USA, while exports to Europe declined 16% and were down 12% to China. That spells trouble ahead.
Economists are predicting more gloom in the immediate future - even a possible technical recession.
Song Seng Wun, regional economist at CIMB-GK Research said "We should be prepared for even more ugly export numbers in the coming months."
The city's gross domestic product (GDP) grew at a much slower annual pace of 1.9% percent in the second quarter from 6.9%.
According to the Straits Times, a senior executive from the Government of Singapore Investment Corporation (GIC) said that the global downturn will last longer than the tech bubble burst eight years ago.
Mr. Ng Kok Song told a gathering of top private bankers and senior fund managers that policy-makers here face more uncertainties, including inflation and the US presidential race.
Any recession, even a technical one, could affect jobs and business in Singapore. Citizens are worried about mass retrenchment, low salaries and low bonuses. Meanwhile, inflation continues at record high.
Are they not engaging professional to deal with it? If so, how professional are they?? I always think if I have a million in cash, I'd be a good trader that's far from billions..
Holy cow!..CPF money down the drain..looks like the financial system is down hill from here
Temasek
Selling Merrill Lynch
Half or total of 87m shares have been sold off at a loss, according to US recorded filings. By Seah Chiang Nee
Jul 24, 2008
Temasek Holdings has sold off half its ill-timed investment in Merrill Lynch - or about 87m shares, according to a mutual funds report on institutional trades on US stocks.
The online report, MFFAIRS (Mutual Fund Facts About Individual Stocks), reported it sold off 86,949,594 shares (50%), leaving a current holdings of 86,949,594 shares (50%), according to the filings made public.
The report gave no exact date or price of the sale.
Neither has there been any confirmation from Temasek, which had paid US$48 a share last year. http://www.mffais.com/newsarticles/2008-07-22/2473637-211738.html
Last week Merrill Lynch was traded at $31.
At that price Temasek would have suffered a loss of $17 a share - or a total loss of about US$1.48b for the 87mil shares.
Despite massive write-downs and capital injection, Merrill Lynch's outlook remains uncertain, reports Bloomberg.
The company's equity capital position is weak relative to competitors, said Brad Hintz, a New York-based analyst at Sanford C Bernstein, reports Ambereen Choudhury.
"With $19.9b in CDOs still frozen on the balance sheet and with counterparty risk rising on the hedges underlying these troubled positions, the potential for additional material write-downs remains a concern,” Hintz said.
The New York-based firm's credit rating was cut last week by Moody's Investors Service to A2 from A1.
The third-biggest US securities firm probably will report a loss of $6.57 a share this year, compared with an earlier forecast of $1.07, Hintz said.
The revised estimate assumes the company generates no earnings in the second half.
Merrill may have to take an additional $10 billion of pre-tax write-downs related to its holdings of mortgage securities, Moody's estimates.
Huge paper losses
The disposal leaves Temasek Holdings and the Government Investment Corporation (GIC) still holding substantial parts of big troubled Western banks.
Its remaining investments in UBS (Switzerland), Citigroup, Barclays and Merrill Lynch - at an original cost of US$21.88b - have declined on by some 47 percent in value.
That is a paper loss of US$10.28b. However, Minister Mentor Lee Kuan Yew had said these investments were made as a long-term strategy of 30 years.
But as the Merrill Lynch sale shows, Temasek is not inflexible about cutting losses, if things threaten to get worse.
The political leadership has defended its investment of these sub-prime banks as “an opportunistic” foray that can happen once in a long while.
It believes these companies will survive the crisis and emerge stronger.
Some experts believe that Temasek has made an error of judgment.
Investment guru Jim Rogers said in July he believed that US bank stocks could fall further and predicted that Singapore's state investors would lose money on Citigroup and Merrill Lynch.
"I'm shorting investment banks on Wall Street," the successful investor said. "It grieves me to see what Singapore is doing. They are going to lose money."
At the Nomura Dialogue recently, Minister Mentor Lee Kuan Yew reported to investment mistakes, but that no one had benefited from it.
Singaporeans who want to see greater transparency in the government’s investments in troubled companies are unhappy with this vague answer to a serious problem.
One writer said, “Should we just move on? I do not think so. The patently huge mistake is not merely the result of recklessness but rather a systemic lack of accountability in making some of our largest investments.
“Let it be clear, the harm is terminally done. The entire reserves system must be re-examined and audited.”
Said slohand, "I saw the interview on TV last night and felt shortchanged.
"He brushed aside the issues with the logic that since the officers who made the decisions were not the beneficiaries in any sense of the word, such lapses are mistakes and are therefore acceptable...
"..The size indicates that it can only come from the very top."
The skies are dark but the storm has not broke yet.
By Seah Chiang Nee
wham bam thank you mam!!! :)
ozone2002 ( Date: 23-Jul-2008 16:10) Posted:
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Business Times - 25 Jul 2008
US SEC looks to expand short rule to entire market
WASHINGTON - The top United States securities regulator remains steadfast in a plan to broaden an emergency rule to curb abusive short selling despite opposition from the hedge fund industry and other short sellers.
US Securities and Exchange Commission Chairman Christopher Cox told lawmakers on Thursday the agency would soon propose expanding the rule covering the shares of 19 major financial firms to the entire market.
'We have immediately pivoted to a broader rule making ... so we can extend this kind of procedural protection to the entire market,' SEC Chairman Christopher Cox told a House Financial Services Committee hearing.
'I think very soon we will be in a position to issue a proposal on that,' he said. The SEC could consider its next steps at the end of July or beginning of August.
The SEC is also considering other remedies to short selling abuses, such as requiring the reporting of substantial short positions, Mr Cox told reporters after the hearing.
Britain's financial watchdog, the Financial Services Authority, has also unveiled plans to deal with short sellers and introduced rules in June that would force investors to reveal significant short positions in companies selling new shares.
Mr Cox said the public disclosure of significant short interests could be similar to, but not the same as, the SEC's current disclosure requirements for long positions.
'The concern on the short side is related in part to our ability to conduct enforcement,' he said.
Mr Cox said it would be 'premature to provide specific contours of what reporting would look like' for short positions.
The temporary rule requires investors to borrow stock before executing a short sale in 17 major Wall Street firms such as Citigroup and Lehman Brothers as well as mortgage finance giants Freddie Mac and Fannie Mae.
The emergency rule, which started on Monday, can only last a total of 30 days but the American Bankers Association and former SEC officials have been urging the investor protection agency to extend and expand the rule.
Alabama Representative Spencer Bachus, the top Republican on the House Financial Services panel, has sent a letter to Mr Cox urging him to expand the order to include financial firms with a market capitalisation of at least US$750 million or those that have at least a 5 per cent short interest.
Groups representing short sellers have urged the SEC not to extend the emergency order past July 29, nor beyond the current list of companies.
The SEC has said it is not looking to outlaw short selling, a legitimate form of investing that can keep stocks from becoming overvalued.
Short sellers arrange to borrow shares and sell them in hopes of making a profit when the price drops. When an investor does not pre-borrow the shares before shorting the stock, it's called naked short selling, which is illegal if done intentionally.
The SEC's emergency rule has exempted market makers from the pre-borrow requirement so they can continue to facilitate trading in certain stocks. But market makers are still required to deliver securities by the settlement date.
At the hearing, lawmakers asked Mr Cox why the agency did not reinstate the so-called tick-test rule on short sales, which was implemented after the 1929 stock market crash. Mr Cox reiterated that studies have shown that the tick test is no longer effective.
In June 2007, the SEC repealed the rule, which only allowed short sales when the last sale price was higher than the previous price. Mr Cox said the idea of using a price test or some sort of circuit breaker to regulate manipulative short selling is a 'subject currently under consideration by the commission staff'
US SEC looks to expand short rule to entire market
WASHINGTON - The top United States securities regulator remains steadfast in a plan to broaden an emergency rule to curb abusive short selling despite opposition from the hedge fund industry and other short sellers.
US Securities and Exchange Commission Chairman Christopher Cox told lawmakers on Thursday the agency would soon propose expanding the rule covering the shares of 19 major financial firms to the entire market.
'We have immediately pivoted to a broader rule making ... so we can extend this kind of procedural protection to the entire market,' SEC Chairman Christopher Cox told a House Financial Services Committee hearing.
'I think very soon we will be in a position to issue a proposal on that,' he said. The SEC could consider its next steps at the end of July or beginning of August.
The SEC is also considering other remedies to short selling abuses, such as requiring the reporting of substantial short positions, Mr Cox told reporters after the hearing.
Britain's financial watchdog, the Financial Services Authority, has also unveiled plans to deal with short sellers and introduced rules in June that would force investors to reveal significant short positions in companies selling new shares.
Mr Cox said the public disclosure of significant short interests could be similar to, but not the same as, the SEC's current disclosure requirements for long positions.
'The concern on the short side is related in part to our ability to conduct enforcement,' he said.
Mr Cox said it would be 'premature to provide specific contours of what reporting would look like' for short positions.
The temporary rule requires investors to borrow stock before executing a short sale in 17 major Wall Street firms such as Citigroup and Lehman Brothers as well as mortgage finance giants Freddie Mac and Fannie Mae.
The emergency rule, which started on Monday, can only last a total of 30 days but the American Bankers Association and former SEC officials have been urging the investor protection agency to extend and expand the rule.
Alabama Representative Spencer Bachus, the top Republican on the House Financial Services panel, has sent a letter to Mr Cox urging him to expand the order to include financial firms with a market capitalisation of at least US$750 million or those that have at least a 5 per cent short interest.
Groups representing short sellers have urged the SEC not to extend the emergency order past July 29, nor beyond the current list of companies.
The SEC has said it is not looking to outlaw short selling, a legitimate form of investing that can keep stocks from becoming overvalued.
Short sellers arrange to borrow shares and sell them in hopes of making a profit when the price drops. When an investor does not pre-borrow the shares before shorting the stock, it's called naked short selling, which is illegal if done intentionally.
The SEC's emergency rule has exempted market makers from the pre-borrow requirement so they can continue to facilitate trading in certain stocks. But market makers are still required to deliver securities by the settlement date.
At the hearing, lawmakers asked Mr Cox why the agency did not reinstate the so-called tick-test rule on short sales, which was implemented after the 1929 stock market crash. Mr Cox reiterated that studies have shown that the tick test is no longer effective.
In June 2007, the SEC repealed the rule, which only allowed short sales when the last sale price was higher than the previous price. Mr Cox said the idea of using a price test or some sort of circuit breaker to regulate manipulative short selling is a 'subject currently under consideration by the commission staff'