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Showing posts from July, 2009

Negative Bonuses For Temasek's Staff

To be fair, Temasek does have one of the fairer compensation system among "investing companies". In fact someone should recommend to Obama to adopt Temasek's bonus pool policy in his administration's attempt to revamp pay and bonuses on Wall Street.
The Straits Times: Temasek Holdings' portfolio lost more than S$40 billion in value in the last financial year, said chief executive Ho Ching yesterday. The exact figures for the 12 months to March 31 are not available yet, but the headline number indicates how the company has fared in the financial crisis. Temasek's next annual report, due out next month, will shed more light on the portfolio's performance. In February, then Senior Minister of State (Finance and Transport) Lim Hwee Hua told Parliament that between March and November last year, Temasek had lost S$58 billion. Its portfolio value fell 31 per cent from S$185 billion to S$127 billion. It is unclear if Temasek managed to recoup any of those losses b…

Emerging Markets Bull Run To Continue?

The sharp outperformance by emerging markets in general compared to developed markets have rankled some experts in the US. They would cite that the outperformance is unfair, that emerging markets are loaded with huge risks - yea.. thanks for the subprime fucking mess dudes ... low risk indeed.According to the MSCI Emerging Market Index, emerging markets stocks have gained 80% to July 27 since it reached bottom in November 2008 . High global liquidity, improvements in risk appetite, falling core markets volatility (VIX), rebounding commodity prices and relatively stable emerging markets fundamentals in comparison to past episodes of crisis are behind the recovery. Moreover, EM countries' policy response to the crisis has been relatively aggressive, planting the seeds for a positive domestic demand story. However downside risks remain in place due to a bleak corporate earnings outlook, worries over the real economy, revival of global risk aversion, and higher US Treasury yields. S…

Planning A Career In Financial Markets

Tickets sold by Ticketcharge: 03-2241-9999

http://www.ticketcharge.com.my/index.htm



Chinese Equity A Bubble In The Making?

Well, that should not even be a question, its a fact. The question should be for how long. Just because a market is considered expensive, does not mean one should get out immediately. It will be a tug of war. A bubble is usually because there is a concentration of liquidity and a flush of liquidity, as explained numerous times in this blog. Yesterday saw China markets doing a whipsaw, falling dramatically but still regaining some ground back. That is a prime example of a very strong momentum market. It will be volatile but the investors and players are not ready to leave the playground yet. Hence on rumours of possible tightening by the central bank, the markets will take that as an excuse to take profit and take some chips off the table. I don't think the China markets and HK market included will be paralysed so soon. Judging from the liquidity exhibited in recent IPOs in HK and Shanghai, this rally has some legs. Still, one has to react swiftly, in and out, its a traders' ma…

Temasek's Team Under Ho Ching

I guess in an attempt to deflect criticism that it is a one-woman team, the cynical me would try to see through the "approved media blitz" via The Straits Times on the Temasek's senior management team. See how easy it is to twist words and intentions. It can be an exercise in transparency or propoganda to rebuild goodwill.


1 Charles Ong
Senior managing director and chief strategist
Formerly Temasek's chief investment officer in charge of overseeing all investment decisions, he became chief strategist in December 2006 while Temasek was grappling with the fallout from its takeover of Shin Corp earlier that year. Mr Ong, formerly with Lazard Freres & Co in New York, joined Temasek in 2002. 2 Tow Heng Tan
Senior managing director and chief investment officer
A chartered accountant, Mr Tow took over as chief investment officer after Mr Ong's replacement, Mr Jimmy Phoon, quit in 2007. Mr Tow also sits on the boards of Keppel Corp and ComfortDelGro, and was formerly sen…

Marketocracy Portfolio Updated

For the period ended 31 March 2009, my Marketocracy fund beat 97.8% of the participants. Thankfully, the record for the period ended 30 June 2009 saw my fund improving furtherto beat 99.5% of the participating funds.

The last 3 months saw S&P500 rising by 13.71%, my fund rose by 23.99%.The last 6 months saw S&P500 rising by 19.29%, my fund rose by 77.88%.

Sigh... I should really get back to fund mgmt ... ok head hunters, email me at malaysiafinance@gmail.com



Rankings Report for salvadordali's Mutual Fund July 27, 2009 my fund rankings

For the six month period ending June 30, 2009 your fund outperformed 99.5% of the other funds on our site.

price history



SMFm100 S&P 500 DJIA Nasdaq





recent returns vs. major indexes


BeatingTodayYTDSMF
0.71%58.73%S&P 500-0.21%10.02%DOW-0.22%3.61%Nasdaq-0.40%24.66%

recent returns

The New Compensation For Investment Bankers?

This will be a good point of discussion during the Financial Markets Career talk. The present global financial crisis may actually result in some changes in how salaries and bonuses are to be paid. The following are the latest information from Royal Bank of Scotland. Base salaries for 1st- 3rd years bumped by $10K. Their starting pay now will be:
1st year base: $70k
2nd year base: $80k
3rd year base: $90k 3rd years promoted to Associate: Base: $100K- no signing bonusNumbers out today for Global Banking and Markets. All bonuses are 100% deferred- over 3 years, subject to clawbacks. Terms still not defined. Bonus Ranges:
1st year: $40k-$50k
2nd year: $50k-$60k
3rd year: $60k- $70k What that means is that these bonuses are declared only and can be clawed back within a certain period if performance of the unit or company does not match up to predefined criteria.

Example, a second year RBS employee may be on $80,000 a year ... I think their year end is June, so the declared bonus for this empl…

A Wonderful Tribute Site To Yasmin Ahmad

A wonderful site just created by some admirers of Yasmin Ahmad. You can watch her movies and commercials, and read the multitudes of tributes pouring in in her memory.

http://www.adoimagazine.com/yasmin/

I Don't Chat Online, Pls Note

Here is a warning to all readers. I used to chat online at Fusioninvestor and sometimes at CPCB, but I have stopped for two months already. There are imposters using the "Dali" nick to chat. I have stopped visiting chat boxes for over 2 months. Anyone using that nick is screwing with you all. You can cross out the guy at Bursa-Chat for sure.

Foreign Funds Flow

Suddenly foreign media is picking up on a surge in the flow of funds into Asian markets. Any truth in that?

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Foreign fund managers are banking heavily on an Asian earnings upturn and continual growth in China to drive market momentum forward. Following a lull, a sudden leap on Wall Street has boosted foreign investor interest in Asian markets. The psychology of the markets has changed from the fear of losing money to a fear of losing opportunities.

According to EPFR Global fund research, US$137.5 billion flowed out of money market funds and almost a fifth went into Asian and other emerging market funds in the second quarter. The trend has continued in recent weeks, although the size of inflows is subsiding. MSCI Asia ex-Japan rose by 34 per cent year-to- date to July 24 and emerging by 46 per cent in US dollars, but lower gains in euro and sterling. Credit Suisse said there are several positive fundamental factors which support foreign investment in Asia.

Asia is expected…

Yasmin Ahmad's A National Treasure

KUALA LUMPUR, July 26 – Yasmin Ahmad left a legacy of her works in the film and advertisement arenas, thriving on the themes of love, family ties and comedy against the backdrop of multiracial Malaysia. Born in Bukit Treh, Muar, Johor on July 1 1958, Yasmin, who graduated in psychology from Newcastle University, United Kingdom, had won local and international creativity awards.She began her career as a copywriter with Ogilvy & Mather before joining Leo Burnnett as joint creative director in 1993 and rose to become its creative executive director until her death. She was married to Abdullah Tan Yew Leong.Her creativity could be seen in many Petronas’ commercials and evoked emotion of the viewers, especially during the Aidilfitri celebration which would certainly be missed by viewers this year.In the film industry, Yasmin, however, drew much controversy in view of her openness and boldness in analysing social issues. She has been targeted by critics since her first movie, “Rabun” wa…

Topic For Daydreaming

As usual, daydreaming, and I was wondering if somebody offered me a US$600,000 salary p.a., guarantee this, guarantee that... and a solid bonus/contract for 5 years... where would I most like to live & work if they said I could work anywhere???? What a wonderful daydreaming topic...

Of course it won't be an easy decision. I will have to take into account the distance to HK, KL & Sydney (my 3 most frequented places for holidays / friends / family). Then I have to take into account the weather patterns. How will I get around, public transport, taxis, chauffeur driven, drive on my own, etc... The cultural outlets and lifestyle. The crime rate and the people.

My final list of the places I most want to live & work (with the above package):

1) Sydney - The mildest 4 seasons you could ever come across, brilliant harbor city living, great food, great Chinese food, decent live gigs and theater, excellent coffee places, very good racing and sporting programmes, tons of weekend dr…

A Good Lesson in History & Etymology

Its a wonder that we use phrases so often but do not know why or how they came about. Below are some wonderful historical context on some of these phrases. Its good to know. Etymology has never been more fun.








Cost An Arm & A Leg
In George Washington's days, there were no cameras. One's image was either sculpted or painted. Some paintings of George Washington showed him standing behind a desk with one arm behind his back while others showed both legs and both arms. Prices charged by painters were not based on how many people were to be painted, but by how many limbs were to be painted. Arms and legs are 'limbs,' therefore painting them would cost the buyer more. Hence the expression, 'Okay, but it'll cost you an arm and a leg.' (Artists know hands and arms are more difficult to paint) Big Wig
As incredible as it sounds, men and women took baths only twice a year (May and October) Women kept their hair covered, while men shaved their heads (because of li…