Unpopular opinion: "Government won't let the company die" investments in SGX companies via Temasek is NOT an investment thesis.

1) Yes sure govt won't let company die, but it surely does not affect the performance of the business. The business will generate $x revenues (and x + y% * x the next year) regardless of whether the government or anybody else owns them, unless the govt somehow are activist investors (which they likely aren't) that will shake up the management.

2) Govt's reason for investing in those companies =/= YOUR reason for investing in those companies. Govt may invest due to national security interests, critical infrastructure, political/public interest etc. Their investment mandate is likely different from yours or mine (to achieve returns via dividends/capital gains)

3) Shows lack of rigor in understanding the companies themselves to have own investment thesis. E.g. an investment in SingTel would likely be for it's partnership with Grab for digital bank + 5G uptake by their customers + stable revenue streams with commercial customers. (disclosure: no position).

Have heard personally quite a few times so hence posting it. Thoughts?

Joey