1. sublication: Lianhe Zaobao, p 22
late: 9 August 2010
deadline: The "Lion Entrepreneurs" who manage Singapore
Scroll down for translation
LVBiBEB *l#"5H2 EO# (Warren 2R1BR%R$ollfijdiJhB(1If L h M m f~ E l M .% b 9 fSCYm$&?d?
#-, Bm&1965$. "I*"0
X=, m+SgR+A'R%%km&%o ih3Z
@%&%Z;PMr,B S f H45*ZE#R4340%, 91
%+8C11470ZLSZ0 Rh#M-+#hlJ€&B-PI
4EPSRA+PhElA, Slh~PltPi2.&1800C
5€E0WJtll3VBRfSt?L 6Zh&9EZlS+N*
RH!#@lW4AJ%BRb!l"%A&"( Float 1 , %$I
t ! m ~ s s t m + m + i ' f ~ ~ ~ & ~ t s * :%no
#$tRBB&q ( GIC 1 @S+iS@BffioEWJB*
811t$%W6%&%%0
a=,n*aRrnajizrmssh, # t o w
! ~ N I ~ ~ ~ B A W B % ~ % & ~ & B ~ @ . ~ E & ~#B
XFltWA#I.t.QI+9#4A, TE#%S86+RtMA
b9##i0 E~?ff3!4~3LW~j;BtlB*Ef4$o.I+
% E O % & k @ @ B i k#% ( Charles T.
Munger 1 , BE##8S&I2010$-*~,SBR)i6EE
* # B a t '*81itA#BrJ&!mn0 863&BBh!Q
iF#E%,863&*BaEf '4Em%%Hhn,
%El8 Pf-'PQ#iBTfllBpi6R, ~ ~ I % k f&BtltJ
I ,dP@-fESS&MEl;bt, " f&.%lSHA
"BEBtwX;r 'S$O##b' ' 0
#es,rn9etl#d-kgs#lFxWE@&oRE
eo
E#I+93Si#Aii3@%#Bgcl33,%E%?%
R%etliP28hJt,sfi'6R+SRa.t%b9.M.CBtffi$=
$0 EQ?+I: '*t~@%ift~RBCB~ffi
RO isitaa3?7%#%i%O fmttl7tESL
Ntby tfhi'BH2So M t , %3@B11g, ilP
@XQ%@+EfiLH$:9kP4%flb%BonF
R , EV#%&2008~~Ztt:Z&9.9%~Rff),
M? +ElWSHWBShbX&fiIPIf:B, Rthb
4g%BXiPBj;Btl2&320075SE,a78EWL0
%a%.ss~e;rSH,%%*&Fa, n2at3ma
%FrMl#$rWBB/L!4,45ESQ "%$O#lncn KI
*saaw+. *tneia, %a,E % ~ + A ~ E
RS&*, Rfi7Wifnllir%ll#ftnA5Fo*am
BiRlt@Sfd,Ifl&RiiEl&ljr, WMF!%EA
mRQo Amt3J&SEk#E%Bcl&%#WSfE3
&inssmiltetamm,# w r t W
%5, B%@B31+-s*mItOIW53#IA*&
@A** 0
fiBBB139&rt, 83%31#BBTf3 ' A 3
&9@" ( Lion Entrepreneur1 , ?lB@~SlJ#@
#. EZe(lK##, I#!!t3@i&*Sf & - f T
MSt~R?IktNBbA,i f i "W&LfZZ' ( Hyena
Entrepreneur 1 S#QW6-;llitfN*t@%&, 132
B&itilHFIT+?5, @S ' 1 7 & & W m #tL,
~tnixsa*esttmnsomtwtal~~%~~t
%BHRAa%oBAIiBIH%t%-AkfB3#@
%HQQo%#tils&a#Sj;BtlaRa$f, Ern%
BtZT#*o 3#lf*mH, Btfltil%J$SH%
%#TOB%AR8SiPW, BiktCt#l#m#%#aBI31M
Ilk, P#@aBSBZB3%B%aS@E81H3%Ti
t o a 3 8 ' l i V l t E , &a##*-&#at!k*
So 3136SBfRL, %3ERH4P#aBIR1
mltsf;IIE%agbasrtw%oA B W ~ ~ ~ ~ ~ B H F
R , fiBt%.kT44~iiiFJiXXio R F N B ~ ~ I % ~ T ~
Btfl&E3BmBEEMA#Bmo
M-#tgl*t, 28*%~BtlBmdteA3,R
R#@aFuaF&9k%m, iliWJ@RBa%*
T. BT@J#.~ ! i ! ~ ~ H ~ ! l k W ~ E l l % ~
@BB&a*o MB+&Sf*, RETRB&?§
83 ( Sigma S#ZT;Hffi$$!standard deviation 1
*i%*ms$J&B%to aiEtNFtk2. aN'k=Ja
Source: Lianhe Zaobao O Singapore Press Holdings Limited. Permission requiredfor reproduction.

2. Publication: Lianhe Zaobao, p 22
Date: 9 August 2010
Headline: The "Lion Entrepreneurs" who manage Singapore
Translation:
What do Berkshire Hathaway - the US$180 billion insurance, industrial and consumer conglomerate
that billionaire Warren Buffettskillfully crafted - and Singapore have in common?
Both are "listed" in the same year - in 1965.
Both are "multibaggers" in the breathtakingsense. Berkshire compounded its net book value by
4,340-fold over the last 45 years to US$147 billion. Singapore grew from a small fishing village to
around US$180 billion in GDP, and its GDP (PPP) per capita is rankedfourth in the world by the
InternationalMonetary Fund (IMF).
With the "float" provided by its foreign currency reserves, high savings rate, and fiscal prudence,
Singapore's competitive economic dynamo is augmented by two of the biggest sovereignwealth
funds in the world, GIC and Temasek, to allocate its capital over the long-term. According to SWF
Institute, GIC, established in 1981, manages an estimated US$250 billion in long-term assets, while
Temasek, established in 1974, governs a US$120 billion portfolio of companies.
Both havevisionary founders who bring important experiences and make critical choices early in the
firm's or country's history that leave a lasting organizational imprint. Buffett is the capital allocation
genius and investor-extraordinaireat Berkshire; Lee KuanYew is credited by Charlie Munger, the
Vice-Chairman of Berkshireand billionaire partner of Buffett, at the recent Wesco 2010 Annual
Meeting, as the "GeorgeWashington of Singapore" who chose to "marry the smartest girl in his
class".
Munger added that Lee KuanYew is a "very practical man"who "tuned a country with no resources
or agriculture into a prosperouscountry, starting from zero miles per hour". In his usual pragmatic
advice, Munger said that his countrymen"need to pay more attention to the Singapore model."
Also, both Berkshireand Singapore took off from a winning combinationof teamwork.
Munger's contributionwas to nudge Buffetttowards "the direction of notjust paying for bargains", as
was taught to Buffett by Ben Graham. Buffettwent on to add: "It took a powerfulforce to move me
on from Graham's limiting view. It was the power of Charlie's mind. Boy, if I had listened only to Ben,
would I ever be a lot poorer; I became very interested in buying a wonderful business at a moderate
price."
Singapore had the winning team of Lee KuanYew as the political visionary, Goh Keng Swee as the
economic and financial architect, and Hon Sui Sen as the builder and administrator par excellence.
The Ministry of Finance, Monetary Authority of Singapore (MAS), Economic Development Board
(EDB), Temasek and GIC that Singapore has today were the creations of the entrepreneursof Sin-
gapore Inc.
The central tenet of value investing is really about finding and investing in the Lion entrepreneurs,
the team of peoplewith the character to make things happen and with a long-termvision to build
their business models into a durable legacy.
Source: Lianhe Zaobao O Singapore Press Holdings Limited. Permission requiredfor reproduction.

3. Publication: Lianhe Zaobao, p 22
Date: 9 August 2010
Headline: The "Lion Entrepreneurs" who manage Singapore
Lions can be compared with Hyenas, who, although also possess entrepreneurial characteristics
and survival skills to win in the stern strife of actual life, are short-term thinkers with a trading mental-
ity.
Hyenas are the mostformidable African predators, with jaws which are the most powerful in propor-
tion to the body size of any mammal. These opportunistic killing machines are capable of running
down and killing unaided a bull wildebeest three times its own weight, targeting the weak, injured,
diseased, old and very young, and also stealing from the kills of other predators.
When chance and fortune present easy kills, Hyenas hunt in packs; following which, the pack then
disbands and the Hyena is back to working on its own in the dark to scavenge for carcasses and
quick gains.
Yet, the Hyena's immense respectfor the Lion is unmistakable.The Lion is also the only natural
predatorof the Hyena. Of all predators, the Lion is truly the king. Their regal mane and authority,
their bond with each other, their speed and prowess, and of course their knowledge- knowledge of
all animals and their habitat- is incredible.
The best way to preserve and grow capital in the long run is to identify honest, hardworkingand far-
sighted Lion entrepreneurs in whom to invest. Value investing is really about looking for this winning
team combination.
Risk, in this sense, is therefore clearly not sigma or standard deviation. In other words, measures of
volatility of returns.
Risk is about the wrong judgment of the intrinsic value of the business, resulting in the possibility of
absolute capital losses. Risk is about owning a businesswhose entrepreneurand manager are more
interested in enriching themselvesthan building their company.
But risk is definitely reducedtremendouslywhen investmentsin true Lions are made.
Lion entrepreneursare alert to existing paradigmsof how things ought to function and behave in the
marketplace. It is this alertness that lead to their discovery through their strong conviction and belief
that they can do it significantly better.And if the Lions sacrifice and persevere in doing this well
enough, they will soon have a country or businesswhich can survive the vicissitudes of commercial
life, booms and busts, mania and panics.
Only then can the country or business begin to have a life on its own. That is what is called "going
concern", in accountingterms, so that the numbers make sense, and a "PE" (price earnings ratio)
can be applied to value the business meaningfully. But this is not enough. The next generation of
Lions is needed to bring the country or businessto the next level of success.
Value investing has to be augmented by a qualitative assessment of how people, ideas, experi-
ences, and structures come together to create a firm or country. Understandingthe teams that come
together and develop over time, and the Lion Infrastructurethey build, is essential to understanding
the sustainable performanceof any country or business.
Source: Lianhe Zaobao O Singapore Press Holdings Limited. Permission requiredfor reproduction.

4. sublication: Lianhe Zaobao, p 22
late: 9 August 2010
deadline: The "Lion Entrepreneurs" who manage Singapore
And we think finding and investing in Lions in Asia is all the more fascinating in this Lion City - Sin-
gapore.
Source: Lianhe Zaobao O Singapore Press Holdings Limited. Permission requiredfor reproduction.