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I would say the biggest fool is Temasek, Singapore's state investment fund, who set $275million on fire (0.1% of their net Portfolio). They really lost their mi

• petesergeant 4y ago
  Temasek turns an annualized return of 14%. If they didn't take occasional Ls on specific investments, it would suggest they have an insufficient appetite for risk. 0.1% of their net portfolio is a rounding error both when considered against both the portfolio itself, and their expected return for any given year.
  • klelatti 4y ago
    > If they didn't take occasional Ls on specific investments, it would suggest they have an insufficient appetite for risk. I agree with this but it's a complete non sequitur to say this then gives them a pass for losing money on FTX. If they took dollars and burned them live on TV would you say 'it's good they need to take an occasional loss'.
    • petesergeant 4y ago
      > If they took dollars and burned them live on TV would you say 'it's good they need to take an occasional loss'. The EV of burning money is zero. The EV of chucking some change into a firm that Sequoia has given $150m to and is writing glowing reviews of -- even with zero due diligence -- is probably pretty good.
      • klelatti 4y ago
        That’s a completely different argument to the one that I commented on. And if that’s what they were doing then it’s still pretty embarrassing.
      • Gatsky 4y ago
        Saying that Temasek has annual returns of 14% and that the EV of burning money is zero are logically inconsistent. The EV of burning $275million is actually about negative $1 billion over 10 years, offset by tax savings.