Q1 2014 Investment Performance Report

A Goal-based Approach Investing Strategy

Uncle8888 has adopted a Goal-based Approach investing strategy by setting for himself a 10-year progressive Goal Targets to be achieved for each year from 2012 to 2021.


Our investing journey is not Horse Race or Rat Race where we compete against others. It is our Investment Marathon Race where we set our own pace and compete against ourselves to win our own Race.


Year 3: Q1 2014 Result

Achieved 16.6% against 25% of 2021 Goal Target.

Portfolio XIRR

Track, Measure and Visualise!


Without doing it; how to revise investing strategies and to improve year-on-year investing performance?

 

 

 

 

 

My Portfolio's XIRR includes all investible cash plus the current stocks value at market closing price as on 31 Mar 2014.


Since one year ago: +1.8%
Since 1 Nov 2008: +6.0%
Since 1 Jan 2003: +10.5%
Since 1 Jan 2000: +9.5%



Riding the market cycles of Bull and Bear

You can see the downside of not doing market timing. It is just riding up and down and not going anywhere!

Liquidity and Permanency

We have to maintain Liquidity of Capital (War Chest) for the Next Bear and Permanency of staying Invested for the Next Bull since we can never able to effectively time the market.

After taken back 100% of his Investing Capital and more for his War Chest; it will be like Year 2000 all over again; except this time Uncle8888 is armed with Master Degree in Stock Market and going for PhD. in Stock Market.

It is going to be more exciting in the next Bear!

This time, regular readers will be able to watch "Full Time" actions on how investing lessons for PhD course are conducted here.

In the last two courses, readers could only watch "Half Time" actions  since Uncle8888 has only started to blog in 2006.

 

When will Mr Bear come?

 

 

Retirement Income for Life

 

 

 

Tap 1: Survival Money

 

The cash flow from Tap 1 doesn't depend on stock market condition.

 

 

Current: 63.8% Target: 67%

 

Work In Progress ...

 

 

 

 

 

 

North Star: Your guide towards sucessful investing!

Just For Thinking ...

In one sentence, your long-term investing success will be guided by your North Star:


Your great Patience will be greatly Rewarded when you recognise and decisively seize the Opportunities over market cycles by taking appropriate Risks and some years later many will tell you it is Luck!


This is how you know you are successful.


Right?

Retirement Income for Life??? (14) - How much is enough for retirement?

Read? Retirement Income for Life??? (13) - Sharing with PowerPoint


The most practical way to know how much is enough for you to retire!!!


Instead of looking for that magical number as it may not be $1M, $2M or $XM for you and me; you should determine that magical number based on your historical family yearly expenses and make an educated estimation of how much is enough with inflation adjustment.

You should start tracking your yearly family expenses at least on high level basis if you haven't done so.

There is no excuse of not doing it as there is simple and easy way to do it.

One simple and easy way of tracking family expenses is to dedicate one bank account for family expenses e.g. GIROs, NETS, credit cards, ATM cash-out, online payment etc.

You credit part of your salary or bonus into this bank account and debit your all family expenses and spending from this bank account.

Every month you just need to download the bank statement once and copy it into your Excel worksheet to maintain it as historical records.

Whenever you have idle or spare time then you may like to work on these records to update your monthly family expenses.


Read? Two Bank Accounts? No, You may need Four! - (4)


See Uncle8888's tracking:

Value investing: Not an easy way

Brandes Investment Partners founder's investment approach adheres to the principles laid down by the father of value investing, Benjamin Graham

By

genevieve cua

 

 

 

INVESTMENT management is frequently taken up with the "new new thing" but for Charles Brandes, founder of US-based Brandes Investment Partners, value investing is the way to go - and it is by no means an easy way.

Speaking at the recent annual conference of the Investment Management Association of Singapore (Imas), Mr Brandes says two principles are key to successful long-term performance.

"You must follow sound principles in the selection of securities. They cannot be related to the stock market action. They have to be related to the fundamentals of the economic development of those assets."

The second is to have a method of operation that differs from the majority of investors. "If you're not different in the way you think from the majority, you're not going to be better than they are. Group thinking and short-term thinking and stock market action are things a lot of us do, and you can't be successful that way."

Save like Tortoise. Invest like Hare. No choice. Have to do it!!!

 





















Uncle8888 could only save like a Tortoise so he doesn't have much choice; but to invest like a Hare. Right?


The Tortoise and Hare Race ......

 

 

 

 

 

 

 

 

 

 

 

 

 

The Hare has been sleeping far too long!

 

 

 

 

 

Me too: Lian Beng (2)

Read? Me too: Lian Beng

KSH-Lian Beng unit in Cambodia property deal

 

ISEA in joint venture to buy US$64m land and redevelop hotel on it

 

By

lee meixian

 

        

IMPERIAL South East Asia Investment (ISEA), 34.7 per cent owned by KSH Holdings and 32.65 per cent owned by Lian Beng Group, is forming a joint venture (JV) to acquire a piece of land in Cambodia for US$64 million, with plans to redevelop the existing hotel on it.

ISEA has signed a JV agreement with Lok Oknha Sear Rithy, a Cambodian national unrelated to both the listed property development groups, to set up a real estate development firm in Cambodia called New Global Imperial Investment.

The principal activity of New Global will be real estate development and investment holding in Cambodia.
New Global is expected, on incorporation, to have a registered capital of 20,000,000 KHR (approximately US$5,000), 49 per cent to be held by ISEA and 51 per cent by Sear Rithy.



Lian Beng cheong with high volume based on this news???

siao bo?

 

 

 

 

 

CapitaLand secures 60% stake in two adjacent residential Chengdu sites

By

Angela Tan angelat@sph.com.sg

         

CapitaLand has secured a 60 per cent interest in two adjacent prime residential sites in the New Southern Area of Chengdu, Sichuan, China, via a proposed share subscription in two Chinese companies for RMB752 million (about S$155 million) - PHOTO: BLOOMBERG

CapitaLand has secured a 60 per cent interest in two adjacent prime residential sites in the New Southern Area of Chengdu, Sichuan, China, via a proposed share subscription in two Chinese companies for RMB752 million (about S$155 million).

CapitaLand plans to build an estimated 4,600 apartment units on the 133,333 sq m sites to cater to first-time homebuyers and upgraders.

Construction is expected to begin in the second quarter of 2014 with the first phase targeted for launch by end 2014.
The two adjacent land parcels with a gross floor area of 479,850 sq m was secured by CapitaLand's subsidiary, Shanghai Zhong Da Industry Development Co.

STI: Tan Ku Ku!

 

 

Three thing on investing???

Just For Thinking ....



Three thing about stocks:


One, Growth stocks: For the brave ones.

Two, Growth-dividend stocks: You can have the cakes and still eat them. (Uncle8888's recommendation)

Three, Income-dividend stocks: You really need that cash-flow?



Three more things you must really know:

One, Dividend: Your investment yield or can be your dose of pain-killer for sitting on paper losses.


Two, Dividend payout ratio or Retained Earning: The future with its uncertainty. This is where compounding return may happen and presenting you a chance laughing to the bank.


Three, Leverage: The double edged-sword providing leveraged yield or leveraged earning growth.

K-Green Trust proposes to expand investment mandate

Keppel Infrastructure Fund Management Pte Ltd (KIFM), in its capacity as Trustee-Manager of K-Green Trust (KGT, or the Trust) will be proposing an expansion of its investment mandate and a change of the Trust's name to Keppel Infrastructure Trust.

KGT was listed in 2010 with an investment focus on "green" infrastructure assets. This investment focus reflected the business focus of its sponsor, Keppel Integrated Engineering (KIE), at the time of its listing. On 2 May 2013, KIE was reorganised under Keppel Infrastructure (KI). With the reorganisation, KIFM proposes that KI assumes the role of the sponsor to the Trust.

In alignment with the wider business activities of KI, KIFM is proposing expanding KGT's investment mandate to cover a wider range of infrastructure assets. KI currently has three core business platforms in Gas-to-Power, Waste-to-Energy and X-to-Energy, the latter of which spearheads strategic developments into alternative energy sources, energy conversion and integration of the energy value chain, as well as encapsulates other energy infrastructure businesses such as district heating and cooling.

Mr Thomas Pang, CEO of KIFM, said "By widening the Trust's investment mandate, we will benefit from a wider range of opportunities so that we can continue to deliver stable and recurring returns to our unitholders.

He added, "We intend to continue pursuing quality infrastructure assets that provide predictable and sustainable cash flows."

Upon unitholders' approval of the proposed amendments to the trust deed constituting KGT, K-Green Trust will also change its name to Keppel Infrastructure Trust, to better represent the nature and scope of assets that the Trust may acquire with the expanded investment mandate.

The Trustee-Manager will seek unitholders' approval for the necessary modifications to KGT's trust deed at an Extraordinary General Meeting, which will be held on 15 April 2014 immediately after its Annual General Meeting.

More details can be found in the circular to unitholders in relation to the proposed trust deed supplement dated 24 March 2014 and despatched to the unitholders on the same date.

-End-

 

 

We can't be Rich but we can avoid living Poor. Right???

Just For Thinking ...



We can't be Rich but we can avoid being Poor. Right???


1. Never, never pay your credit card bills on Minimum sum i.e $50

2. Taking housing loan for your residential home way beyond your desired retirement age e.g. 60. A bigger house is good but may not necessary good for your retirement lifestyle.

3. Always live within your annual family budget and never to overspend. Never!

4. Avoid looking forward to the next Pay Day to pay outstanding bills

5. Learn to invest well and avoid permanent losses in your investment. Once lock-in permanent losses it becomes very difficult to recover.

6. Maintain adequate emergency fund based on your age and job profile i.e. how fast can you find a new job?

DBS looking to capitalise on emerging markets to grow SME Banking business

DBS Bank is looking at opportunities in emerging markets such as China, India, Indonesia and Taiwan to grow its small- and medium-sized enterprise (SME) Banking business.

 

 

 

SINGAPORE: DBS Bank is looking at opportunities in emerging markets such as China, India, Indonesia and Taiwan to grow its small- and medium-sized enterprise (SME) Banking business.

The lender is hoping that in time, these markets will make up one-third of its SME Banking's takings, up from one-fifth currently.

Currently, Singapore and Hong Kong make up four-fifths of DBS' SME Banking income.

Last month, DBS reported that its SME business grew 11 per cent in 2013 to hit a record S$1.37 billion.

It expects performance this year to keep pace with or outdo last year’s record, although it is also cautious about the global outlook.

Lim Chu Chong, managing director and regional head of SME Banking at DBS Bank, said: "Because of the macroeconomic headwinds we see in some of these markets like India, Indonesia, and China, we do not expect loan growth to be as high. That's because we need to ensure that we manage our loan quality as we ride through the cycle. However, we will still expand our customer franchise by picking out good clients."

- CNA/gn

Becoming parents? How to teach your kids to ride bicycle?

Becoming parents

How to teach your kids to ride bicycle?


Remember to let your kids learn themselves through the natural upgrading path.

Right?

Funding Your Child’s University in the Future?

 

Read? Funding Your Child’s University in the Future?

Tuition fee hike at four varsities; polys, ITE to follow

 

 

Four public universities have raised tuition fees - by up to 7.9 per cent - for Singapore citizens enrolling in academic year 2014 (AY2014), with some institutions implementing steeper hikes for permanent residents (PRs) and international students.

 

SINGAPORE: Four public universities have raised tuition fees - by up to 7.9 per cent - for Singapore citizens enrolling in academic year 2014 (AY2014), with some institutions implementing steeper hikes for permanent residents (PRs) and international students.
Fees will also be going up at the polytechnics and the Institute of Technical Education (ITE).

The National University of Singapore (NUS) has raised fees for general courses by 2.6 per cent to S$7,850. Popular courses such as business, dentistry, law and medicine saw bigger hikes of 3.3 to 7.9 per cent, with fees for the law programme rising 7.9 per cent to S$11,650 per year.

NUS Provost Tan Eng Chye, who is also Deputy President (Academic Affairs), said the fee adjustment was necessary to defray the higher costs of talent, supplies and services, and to help NUS better meet the needs and expectations of students.

Three other public universities also saw varying hikes in tuition fees for the academic year. At Nanyang Technological University (NTU), fees for general degrees will increase 2.5 per cent to S$7,850. Exceptions include the business and accountancy undergraduate degree programmes, which will see fees rise 3 per cent to S$8,850.

Singapore's second medical school, the Lee Kong Chian School of Medicine, will charge S$31,500 annually, 5 per cent more than what it charged its pioneer cohort.

NTU said in a statement that the fees were revised to ensure students continue to receive high quality education at the university. "The fee revision will also help to partially defray annual inflationary costs," it said.

At the Singapore Management University (SMU), fees for all degree programmes will increase by 2 per cent. A spokesperson said the hike is needed to maintain its small seminar-style classes - up to 50 people - where students receive "individualised attention".

Singapore's newest public university, the Singapore University of Technology and Design, has also raised fees for Singaporean citizens to S$11,650, a 4 per cent increase from last year.

Both NTU and NUS stressed that their new fees remain competitive compared with overseas programmes. All four universities also said that financial aid schemes are available to those who need them.

With the exception of 2009, university fees have been increasing almost yearly. The Government said previously that it would have more frequent but smaller fee increases rather than a hefty hike every few years.

Earlier this month, the Ministry of Education (MOE) announced significant increases in bursaries and higher income eligibility thresholds for students studying in Institutes of Higher Learning (IHLs) from AY2014.
The enhancement, which will cost the Government S$147 million more per year, is expected to reach students in up to two-thirds of all Singaporean households, bringing the total number of students eligible for government bursaries in IHLs to around 120,000 annually.

Noting the adjustment in tuition fees on Thursday, an MOE spokesperson said the enhanced bursaries "will more than cover" the fee increases for polytechnics, ITE and general undergraduate courses.
The spokesperson also said that current students admitted before AY2014 will not be affected by the changes.

-TODAY

Keppel secures contracts worth S$140 million

Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries Keppel Shipyard Ltd (Keppel Shipyard), Keppel Singmarine Pte Ltd (Keppel Singmarine), and Keppel Nantong Shipyard Co. Ltd (Keppel Nantong) have secured contracts worth a total of about S$140 million.

Mr Michael Chia, Managing Director (Marine & Technology) of Keppel O&M, said, "We are happy to be able to offer our comprehensive suite of offshore and marine solutions to our valued repeat customers, who are once again placing their confidence in Keppel by entrusting their projects with us.

"Keppel Shipyard's latest contract bears testament to our expertise and experience in Floating Production Storage and Offloading (FPSO) turret fabrication and installation, while Keppel Singmarine's and Keppel Nantong's contracts reiterate our competency in the construction of a variety of ships, including ice-class vessels."

Keppel Shipyard will undertake for SOFEC, Inc. (SOFEC) the fabrication of an external turret mooring system for an FPSO vessel that will operate in the Tweneboa-Enyenra-Ntomme fields in Ghana, in water depth averaging 1,500 metres. Fabrication of the turret is expected to be completed in 1Q 2015.

Meanwhile, Keppel Singmarine has secured three contracts from Bumi Armada Offshore Holdings Limited - a subsidiary of Bumi Armada Berhad (Bumi Armada) - to build two ice-class supply vessels and an ice-class multi-purpose duty-rescue vessel.

When completed and delivered in 2015, these vessels will support offshore platforms at the Filanovsky oil field in the northern part of the Caspian Sea, off the coast of Russia, providing year-round services such as the delivery of cargoes, salvage, search and rescue functions, fire-fighting operations, and towing and tanker mooring operations.

Keppel Singmarine strengthened its position in the specialised market of ice-class vessels when it won the contract from LUKOIL-Kaliningradmorneft in 2006 to construct Asia's first two icebreakers, and it has continued to build up its capabilities in ice technology since. The contracts from Bumi Armada will add another three to its existing track record of seven newbuild ice-class vessels for the Arctic and Caspian regions, marking a significant stride in the company's endeavours to be a choice partner in this market.

In China, Keppel Nantong has secured an order from KSP Towage Sdn Bhd for the construction of two tugs. These tugs, which are scheduled for delivery in 3Q 2014, will be chartered for deployment in Malaysia.

The above contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.

END

 

 

 

CW8888's estimated Order Book

 

 

 



Book : 99 Lessons for Profitable Stock Trading Success

Easy read for newbies from NLB!

Paying for a premium dividend yield???

Just For Thinking ....



There is no free lunch in investing. It is about risk adjusted rewards.

Paying for a premium dividend yield???

Paying premium for future but uncertain earning growth e.g. dividend-growth stocks.

A case study since Uncle8888 has previously thought of Sabana as passive income too.

Sabana vs Kep Corp

 

Paying 2.8% premium for a blue chip yield that has earning visibility up to 2019.

Worth it or not?

On Blog Leave from 16 to 20 Mar 14

 
On BMW Tour.

Skip HK Disneyland!

May skip Ocean Park too.

Doing these ....

Buffett’s Board Opposes Shareholder’s Dividend Proposal

Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), which had $48.2 billion in cash as of Dec. 31, is urging shareholders to vote against a proposal for the board to consider paying a “meaningful” dividend.

Directors review annually whether to retain all earnings, and will follow previously stated principles about capital management, according to a proxy filing today. Buffett has said the company hasn’t paid a dividend because he’s been able to generate better returns for investors by pursuing takeovers, buying securities and investing in subsidiaries like MidAmerican Energy and the Burlington Northern Santa Fe railroad.

Shareholder David Witt, who has a stake valued at about $8,650 based on yesterday’s closing price, proposed the measure, stating that Berkshire has “more money than it needs” and that the board should consider the investors who aren’t billionaires. Buffett, the chairman and chief executive officer, became the world’s second-richest person by building Omaha, Nebraska-based Berkshire over more than four decades.

“Our first priority with available funds will always be to examine whether they can be intelligently deployed in our various businesses,” Buffett, 83, wrote to shareholders in a letter last year. “Our shareholders are far wealthier today than they would be if the funds we used for acquisitions had instead been devoted to share repurchases or dividends.”

Berkshire’s board also urged shareholders to reject a proposal that it set goals for reducing greenhouse gas and other emissions by its energy businesses. The annual meeting is scheduled for May 3 in Omaha.

Munger’s View

Buffett’s salary remained $100,000 and has been at that level for more than a quarter century, Berkshire said in the filing. His total compensation was listed at about $485,000, including personal and home security provided by the company.

Vice Chairman Charles Munger, 90, also collects a $100,000 salary. Chief Financial Officer Marc Hamburg’s salary climbed to $1.13 million last year from $1.03 million in 2012.

Munger has also said Berkshire pursued the right course by reinvesting funds rather than paying a dividend.

“I think that some of you will live to see a Berkshire dividend, but I hope I don’t,” Munger said in 2011.


CW8888:

The Moral of the Story

Do we really need to buy that dividend income story when we don't really need that cash flow from dividends to fund our living expenses?

Are you anywhere near to your early retirement or retirement?


Read? Investing: Needs and Wants???

Singapore's DBS agrees to buy SocGen's Asian private bank: sources

[HONG KONG] Singapore's DBS Group Holdings Ltd has agreed to buy French bank Societe Generale's (SocGen) Asian private bank for about US$250 million, people familiar with the matter told Reuters on Friday.

A deal is expected to be announced as early as Monday, said the sources, who declined to be identified as the information is not public.
DBS and SocGen declined to comment. - Reuters

US stocks fall more than 1%; weak China data cited

NEW YORK: US stocks fell sharply on Thursday as weak Chinese economic data and rising tensions in Ukraine offset solid US retail sales and labor-market data.

The Dow Jones Industrial Average tumbled 231.19 points (1.42 per cent) to 16,108.89.

The broad-based S&P 500 fell 21.86 points (1.17 per cent) to 1,846.34, while the tech-rich Nasdaq Composite Index slumped 62.91 points (1.46 per cent) to 4,260.42.

Stocks had opened higher following better-than-expected US reports on retail sales and unemployment claims, but veered into negative territory mid-morning with the sell-off accelerating in the afternoon.

Analysts pointed to a range of factors behind the big drop, such as several disappointing bits of Chinese economic data that included an 8.6 per cent growth in industrial output, the slowest pace in five years.

"Each time US investors worry about China, it results in lower stock prices," said Dan Greenhaus, chief global strategist of BTIG.

Other factors included news that Russia had escalated military training exercises near Ukraine and congressional

testimony from Federal Reserve vice chair nominee Stanley Fischer that confirmed his support of phasing out stimulus.
Greenhaus said Thursday's trade should be seen in the context of a market that has not significantly gained since the start of 2014.

"We're basically flat for the year," Greenhaus said. "So you're talking about two and a half months of sideways action."
All 30 components of the Dow finished lower.

Pfizer (-2.7 per cent) lost the most in the 30-stock Dow following an unfavorable court patent ruling Wednesday on its Celebrex drug.

General Motors fell 2.2 per cent after company data showed it knew of the ignition problem behind a major recall three years earlier than previously thought.

Amazon rose 0.2 per cent on news the online retailer will hike the subscription price of its "prime" service by 25 per cent.
A strong earnings report from home-goods retailer Williams-Sonoma lifted shares 9.8 per cent. The company said it outperformed the retail sector, posting fourth-quarter sales 4.3 per cent higher than a year ago and raising its quarterly dividend.

Bond prices rose. The yield on the 10-year US Treasury sank to 2.65 per cent from 2.73 per cent, while the 30-year fell to 3.60 per cent from 3.67 per cent. Bond prices and yields move inversely.

- AFP/rw

DBS riding high in offshore yuan bond market

By              

Wong Wei Han

Published: March 13, 4:12 AM

 

SINGAPORE — DBS is shaping up to be one of the biggest players in the burgeoning offshore yuan bond market, joining the ranks of top global banks as its issuances in the Chinese currency continue to climb.

In the first two months of the year, offshore yuan bonds issued by DBS totalled around 9.97 billion yuan (S$2.06 billion), or 9.3 per cent of the overall market, exceeding the 8.59 billion yuan tallied in the whole of last year.

“From 2012, when we were 20th in the league table, we halved that last year to 10th, and as of the end of last month, we’ve moved up to the top three,” DBS’ Head of Fixed Income Clifford Lee said during a press briefing yesterday. This means it is behind only Standard Chartered Bank and HSBC Bank.

“We’re cognisant that (the ranking) will move around, but we’ll want to be rated around top five to top 10,” he said. “The fact that the market is open enough for us to participate and move up the ranks is encouraging for us.”

Among the key deals led by DBS this year was the sale of China Eastern Airlines’ three-year, 2.5 billion yuan bonds last week. The bank — South-east Asia’s biggest by capital — was also the sole bookrunner for Peking University Founder Group’s two billion yuan bonds issued in January.


The rapid rise of DBS in the sector reflects Singapore’s growing status as an offshore yuan hub, amid active moves by the Chinese government to internationalise its currency.

Last February, the local branch of Industrial and Commercial Bank of China was appointed by the Chinese authorities as the yuan clearing bank here, putting Singapore on the same footing as Hong Kong and Taiwan.

However, Singapore has a long way to go before catching up with Hong Kong, where yuan deposits, which is one indicator of market depth, stand at around 893 billion yuan compared with 142 billion yuan here.

Mr Lee is, however, confident about Singapore’s future in the yuan game — not in replacing Hong Kong, but in filling the gaps in the bond market.

“Singapore can continue to broaden its sphere of engagement for yuan, because so far the activities in Hong Kong have very much been surrounding Greater China,” he said. “The rest of the participation, from South-east Asia, for instance, is still very limited.”

“The relevance of Singapore in this whole scheme of things is to bring in new investors and new issuers. We’re starting to see traction there,” he said, adding that Singapore can be a facilitator of investments from South-east Asia. WONG WEI HAN


 

How are you measuring up with your investment return? (9)

When someone tells you of 24% return opportunity; do you think you are investing with the likes of Peter Lynch, Mohnish Pabrai, or other world's best investors

Read? How are you measuring up with your investment return? (8)

Add in Keynes: 11.7% CAGR over 23 years

Study the investment return (CAGR) of these great investors and be realistic on what you can expect from your own investment portfolio CAGR or your investment fund's return.

Who?	No of Years	CAGR
Peter Lynch	13	29.2%
Mohnish Pabrai	18	25.7%
Anthony Bolton	28	19.5%
Warren Buffett	48	19.2%
Value Partners	13	16.9%
Walter Schloss	45	15.3%
Bill Miller	15	15.3%
Temasek Holding	20	15.0%
Sir John Templeton	38	14.5%
Yeoman Capital Management.	16	13.3%
John Maynard Keynes (Chest Fund)	23	11.7%
Warren Buffett	Last 10	10.6%
Ctreatewealth8888 (YTD 12 Mar 2014)	14	9.4%
Warren Buffett	Last 5	7.9%
Government of Singapore Investment Corporation (GIC)	20	6.8%