It is completely inconceivable that Temasek has achieved the returns it claims through ordinary open market investment performance. Any attempt to attribute these returns to particularly excellent investment decisions by the Prime Minister’s wife is beyond ludicrous. Professor Balding has written on a few occasions about how out of kilter the numbers claimed by Temasek look when compared to pretty much every other index, benchmark or verifiable institutional investor (of which there are plenty).
You may be wondering, if Temasek’s investments don’t make such great returns, where do the funds come from to pay back the money borrowed from our CPF accounts? The answer, obviously, is that it doesn’t come from anywhere. Obviously, as we are reminded every year, the CPF money is not getting paid back. Borrowers don’t just default on their borrowings, and unilaterally restructure their debts for no reason. Yet this is what happens every year when the minimum sum is increased, and when the retirement age is increased. A couple more tricks exist that governments can use to make inconvenient debts go away. Full story