Temasek Holdings, the Singapore sovereign wealth fund, made headlines when it sold its entire 3 percent stake in Bank of America. It has not quantified anything, but most people assume it took losses anywhere from $2.3 billion to $4.6 billion, reports the Financial Times. While we will not soon know the exact figure, I think it's fair to say that its exit was poorly timed, though there was really nothing it could do.

After it sold out, the stock went on a might run, driven by the view that its capital raising needs were manageable. The run-up has been nothing short of stunning. It would certainly have helped the fund cut its losses. The latest bump up in stock prices has prompted some talk about whether other sovereign wealth funds will sell out.

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