While economists quibble, the world's richest man has decided: the United States is already in recession. So Warren Buffett tells German magazine Der Spiegel in an interview to be published on Monday.
Buffett, the 77-year-old chief of the Berkshire Hathaway holding company, blamed financial institutions for introducing instruments "they can no longer control" and said the "genie can no longer be put back in the bottle."
Buffett, who overtook Bill Gates this year as the world's richest man, said he believed the financial markets should be more tightly regulated.
According to the Forbes annual billionaire's list published in March, Buffett saw his wealth jump from 52 billion dollars last year to 62 billion, pushing Microsoft co-founder Gates into third position after 13 years at the top.
US economic growth has slowed dramatically in recent months and a growing number of economists believe the world's largest economy will experience a recession during 2008 amid a housing slump and related credit crunch."
Our GIC and Temasek CEO, PM, MM, SM have much to learn from such guru who have been more effective in investing monies than any one else on this planet.
Moral of the story : Wealth creation is not to be left to any gut feel or pure economists or financial institutions alone as they failed because they were too over-confident of their instruments like hedging or rates or yields without looking at bigger fundamentals at work.
MM Lee appears to play with the theory that what come down will always go up. In a different cup what is down may only stay at the bottom and not come up e.g. Citbank is becoming technically bankrupt and it is now realized it is quite wrong in his predicting it is the chance for Singapore to get to invest in it and lose more billions.
like that talk talk talk then suddenly link to PAP again ah? power la..
Originally posted by purpledragon84:like that talk talk talk then suddenly link to PAP again ah? power la..
How not to invest people's trust monies in an impulse in a major financial crisis is what GIC or Temasek should learn don't we think so?
Now have GIC/Temasek made the right decisions in throwing away good monies after bad in recent forays like UBS, Citibank, Merry Lynch is part of this topic aren't they.
If not what do we want to talk about? M/W should be humble and try to learn from these latest boo-boo and not invest in technically bankrupt financial institution as a result of incompetencies and lack of accountability in investing people's trust monies.
Originally posted by robertteh:How not to invest people's trust monies in an impulse in a major financial crisis is what GIC or Temasek should learn don't we think so?
Now have GIC/Temasek made the right decisions in throwing away good monies after bad in recent forays like UBS, Citibank, Merry Lynch is part of this topic aren't they.
If not what do we want to talk about? M/W should be humble and try to learn from these latest boo-boo and not invest in technically bankrupt financial institution as a result of incompetencies and lack of accountability in investing people's trust monies.
im just amazed how u can link everything to something/one u dislike..
purpledragon84
Come on, this is just the internet and not get carried away. It is not an official parliamentary report on how to invest people's trust funds in overseas projects.
Dr. Vivian will tell you that any feedbacks to official Reach will not get a response or in other words official feedbacks at the most are only instrument to allow venting of frustrations which will not be taken seriously.
On this basis all the non-official websites of someone not even known who started sgforums will be ignored more and worth even less than 2 cents.
So why not just relax and let us enjoy bantering of views and opinions and not behave like the point_blank trying to correct such people's views and opinions.
Originally posted by robertteh:purpledragon84
Come on, this is just the internet and not get carried away. It is not an official parliamentary report on how to invest people's trust funds in overseas projects.
Dr. Vivian will tell you that any feedbacks to official Reach will not get a response or in other words official feedbacks at the most are only instrument to allow venting of frustrations which will not be taken seriously.
On this basis all the non-official websites of someone not even known who started sgforums will be ignored more and worth even less than 2 cents.
So why not just relax and let us enjoy bantering of views and opinions and not behave like the point_blank trying to correct such people's views and opinions.
ok, i like the sound of that=)