Story

A story: a man and a girl, they live next to each other. Everyday, man turns left girl turns right. So they are never meet each other. Someday, one of them change their custom. They story will be changed.

In real world, sometime, breaking the old rule, you may discover  a better place, meeting a better person or getting better result.  

Overload

When we were young, we want to own everything. But when we’re getting old, you will find that life has been overloaded. So, learning how to choose is very important at this time.

Wish

"A goal without a plan is just a wish"

PB

When you discover a company with good ROE, don't forget to find it's P/B too. That figure over the average level within the industry will hurt your real return.

Supermarket

In the supermarket, you know what you like and waiting for crazy sales, not because you know crazy sales and buy anything you unlike. 
That is true for investing.

Right

You are neither right nor wrong because people agree with you. You're right because your facts and your reasoning are right.

Love

Q: What is success?

A: I think happiness is.

Q: How to be happy?

A: I think any kind of love you got.

Lovely words (3)

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.

Thai's food

Delicious Thai's BBQ chicken

Yummy!

Donation

I think some wealthier person including Buffett, Bill Gate will donate 99% plus of wealth to make philanthropy is most wisdom. As my previous article #inflation proposed (Interested readers may visit my blog), due to the advantages of the enterprise to make continues to expand the gap between the rich and the poor, and the entire economy of the world, like a jungle, the weak are the prey of the strong. As a result, the wealthier people, in fact, feed by the participant of society. You can say such lowest level people have enjoyed certain services and products, so pay it should be. Or they can rely on the efforts to improve their lives. Here, we do not discuss the reasons, but only the results. They are a group in need of help, while a small part of the world's most wealthy people willing to donate their all in order to balance the economy, this is extremely worthy of our admiration.

我覺得Buffett 將99% plus 的財富捐到作慈善事業是非常正確的。正如我之前的文章#inflation提出(有興趣的讀者可先到buffett’s fan看看)，由於企業的優勢令貧富的差距不斷擴大，而整個經濟整又像一個弱肉強食的世界，由最頂端一路壓榨到最底層。也因此，最頂端的人的財富，其實是由整個經濟體去貢獻的。你可以說下層的人也享用過某些服務及產品，付出也是應該的。又或是他們可以靠努力去改善生活。在此暫不討論原因，只談結果。他們是需要幫助的一群，而世上最有錢的一少部份人願意捐出其所有以平衡這個經濟體，這份胸襟其實極度值得我們景仰。

Concentration

If you concentrate on doing one thing, although you’re not smart, but you achievement will be better than a lot of smarter who concentrate on doing many thing.

Arbitrage

There are many arbitrage opportunities in the market, such as borrow low interest rates currency to park in high interest rate currency. Plus a derivatives to reduce the risk of exchange rate, is basically arbitrage opportunity in the absence of systemic risk to obtain returns within a known period of time. Of course, the premise is you are familiar with the risks there.

In the stock market, one of the arbitrage is the disclosure of a company acquired by other company. Then the purchase price is higher than the market price, of course, after the news disclosed, the market price must be shooting up near to the purchase price. But we need is certain little return than greater return but uncertain.

Three key points must be considered at this moment.

1. is the acquiree’s major shareholder wants to sell their company too;

2. Whether the acquirer has enough financial resources to acquire;

3 time of the deal completed

To be considered, of course, the chances of success and the time to complete the transaction for the above points:

1 This is relatively easy to find, the main shareholder in the market are generally easy to find information on, but also pay attention to whether there is any dealing history for sales before.

2 It is well-known companies, the financial resources of the acquirer are strong, the intention is very clear. Of course not borrow to acquire enhance the chance of success.

3 Finally, time is the most important factor to consider, assume the gap between the market and purchase price is 5%, if six months to complete the transaction, then there is 10% annual return, However, if they use two years to complete, then only 2.5% annual return is.

Other factors include whether the violation of antitrust laws, whether there are other stakeholder can affect the deal etc. Must also consider it!

So I still prefer to buy undervalue stocks for long term investment, unless there are many money on hand but do not have an ideal investment opportunity.

市場上有很arbitrage的機會，例如借入低息的貨幣買入高息的貨幣。加上一份衍生工具來減低匯率的風險，苦賺取的利息大於以上的成本，基本上是一個在沒有系統性風險而在一個已知的時間內得到回報的arbitrage機會。當然大前提是妳熟悉風險在那裡。

在股票市場，其中一個arbitrage是在一間公司被收購的消息被肯定後其收購價與現價之間的差額，當然這之中牽涉三個重點，1.被收購公司的主要股權都由想放售的股東持有；2.收購方是否有足夠的財力去收購；3. 時間

要考慮的當然是成功的機率及交易完成時間， 針對以上各點：

1. 這個相對容易找出，主要股東一般都容易在市場資訊上找到，也可留意之前有否出售洽談的記錄。

2. 一些大型有名的企業，收購的實力都很強，意向也很清晰。當然不用借款來收購更加大了成功的機會率。

3. 最後，時間是最重要的考慮因素，一個差額3%的回報，若是半年完成交易，那麼年回報就有6%了，但若果要用兩年才完成，年回報便只剩1.5%了。

其他的因素包括是否違反壟斷法，有否其他STAKEHOLDER可以影響交易等等! 也必須考慮呢!

所以我還是偏好買入undervalue 股票作長線投資，除非手持大量現金而又沒有理想的投資機會才會考慮吧!

Move

When you only criticize and complain all the things surroundings of you, you can do nothing but standing still.

But when you appreciate all the things surroundings of you, you will move, and ultimately to pursue your own piece of heaven.

當你只會不滿及批評周邊所有的事情，你永遠只能站在原地。

但當妳懂得欣賞事情中的美好時，妳的腳步自然會踏出，最終追尋到屬於自己的一片天。

99:1

A small chance of distress or disgrace cannot, be offset by a large change of extra returns. If your actions are sensible, you are certain to get good results.

Ripe fruit

When you see a ripe fruit, pick if off at once. Please do not wait for it to disappear and then pick the leaf off！

For youth people, do not miss any opportunity
For middle-aged, this sentence contain mixture of emotion, may be regret, may be aftertaste.

Which one is your?

【花開堪折直須折、莫待無花空折枝】

Lovely words (2)

"It’s very hard to succeed until you take the first step in what you’re strongly interested in."

I think it is seriously true. When you find an interest, you will thinking in depth how to do it best, then you will discover that good thing will be came with you. Certainly, the definition of success is difference in everyone’s mind, but one thing is for sure, happiness will stays with you.

Rationality

“Investment is easy, investment is not easy.”

Easy because you only need putting the capital, in a place with certain return, it is an investment.

The easiest investment is you deposit money into the bank and get interest.

Not easy when you want to pursue higher returns, you have to bear the psychological impact of short-term market fluctuations. So I think the rationality is the most important nature in the field of investment. Such nature may be inherent in our life from birth, that may be because of parent’s nature or people and events encountered by him at his early stage of growth. However, we may also own rationality through confidence. Confidence is a foundation stone of rationality, and confidence can be obtained by Learning. Like a well-trained chef, not because someone else told him the ingredients on his hands is rotten and then discarded, just because the knowledge supports him that the ingredients condition are good. (Oops! Certainly confidence on a wrong side may be disaster)

Everyone is an investor but which kind of investor will be is your choice.  

Read a lot, compare a lot, may be the only way that lead us to drive to the end of the road called “Rationality”.

Alas, I am still driving on the road！

投資是容易的、投資是不容易的。

容易是因為你只需將手上的資本，投放在一個地方，產生一定回報，這就是投資。

最簡單如妳存款到銀行，收到存款利息，那已是一種投資。

不容易是當你要追求更高回報的時候，你必須承受短期市場波動帶來的心理影響。所以我覺得理性是投資上最需要的特質。而這種特質性格可以是與生俱來，也就是說在不知不覺間，受父母或成長初期所遇到的人和事所培養出來的性格。而更多的一群是在成長後，在不斷學習智識上所得到的自信，從而令他在處理某些事情上變得理性。就像一個訓練有素的廚師，不會因為其他人告訴他手中的食材是變壞而掉棄，因為知識令他理性相信手上的食物。(噢! 當然，信心用在錯的方面會是悲觀啊!)

看多些、比較多些，可能是合理的道路上唯一走到終點的方法。

可是，我仍在道路上行駛呢!

Lovely words (1)

"The best time to buy assets may be when it is hardest to raise money"

So, is it a best , better, good or bad, worse, worst time nowadays?

Obviously, I think it is not a best time.

Consumer goods

For amateur investors, I think the better stock is consumer goods these you will enjoy and like. Why, because there are too many types of businesses in the market, you do not understand it profitable model. Although you may missed a lot of good investment opportunities. But you can avoid possible loss of principal. So I'm sure you must understanding in depth for the product that you like and use daily or frequency. Including Peter lynch also find ten baggers from such product. And the more important thing is success of the product easier to replicate elsewhere, thereby increasing the revenue to make the company grow. After finding such stocks, please do not impulsive. We still need to do financial analysis. Of course, other industries also have an excellent stock, welcome to share their profitable model with us.

我認為對業餘投資者來講，較好的股票還是日常接觸到的產品，為什麼呢，因為市場上有太多類型企業，妳並不理解它賺錢的模式。儘管當中妳錯失了好多好投資機會。但卻可令妳避開了損失本金的可能，。所以我相信你一定對妳接觸到的產品，會有較深認識。包括Peter lynch 也是從日常生活中找到十部股。而且成功的產品較易複製到其他地方，從而增加收入令公司壯大。在找到這類股票後，不要衝動，因還是要再進行財務分析呢！當然其他行業也有出色的股票，大家也可分享一下。

Smile

A depressed man walk through a blood donation car, a cheerful nurse said: "Sir, is there time to give blood?" Depressed man looked up at the nurse and cheerfully said: "okay, help me to fill up your blood bank." then he walked in.

Each person must has some sense of humor, do you have?  If you have please share it with someone have not .Smile!

一個意志消沉的人行過一部捐血車，一位護士開朗地說:「先生, 有時間捐血幫幫有需要人士嗎？」意志消沉的人抬頭望著護士開朗地說:「好呀，幫我填滿妳們的血庫。」

每人都要有一些幽默感，妳有嗎? Smile

Money

I think money for human longevity has a very significant impact. One important function of money is store of value. This feature has the ability to let us saving the extra purchasing power for when we losing the ability of working. Therefore our life is extended. At macro point of view, we need the younger people to build up our country but also pay taxes to support elder’s need, such as medical care. That is another important function of money - a medium of exchange.

我想金錢對於人類的長壽有著非常重要的影響。金錢其中一個重要的功能是儲存，這個功能令我們在年青有能力的時候，儲下多餘的購買力，為未來年老時，在失去工作能力的時候亦能用儲蓄維持生活。也因此我們的壽命得以延長。宏觀來看，國家所需，基本上也要較年青有能力的人去創造，而繳納稅金某部份也用來支援年老者的主要開支，例如醫療。也就是孟子所說：「老吾老以及人之老」。也即是金錢另一個重要功能-交易媒介。

Brain

Expansion of American debt is like a person eating too much can lead to obesity. Obesity increases the risk of eventually suffer from various diseases. But the United States because it has a smart brain, so I think America's future is prosperity. The United States has vast resources, the most important is the human resources, and it is the brain that I said. Because the United States has a good system, to attract and cultivate a lot of talent to come to this platform to develop their talents, so that all aspects of the technology are on the cutting edge, and thus create a lot of wealth. These people make up the America soul of the brain. As long as his brain is still functioning well, although his body needs other drugs or instrument to maintain, he can still have a bright future. There is a limit of body fat, the country’s debt is. Despite US dollar has a superior status over the world, but also do not see any short-term threat by other currencies, but if the final output of the country cannot support debt repayment or payment of interest. Well, this advantage may slowly disappear. I think we do not want to see our generation to work hard just because to pay off ancestor’s debt!

美國債務的膨脹就像一個進食過量的人導致肥胖。肥胖最終會增加患上各種疾病的風險。但美國因擁有精明的腦袋，所以我覺得美國的未來還是充滿希望。美國擁有龐大的資源，其中最重要的是人力資源，也是我所說的腦袋。由於美國的完善制度，吸引及培育出大量人才來到這個平台發展所長，令各方面的技術都走在時代尖端，也因此創造大量財富。這些人士組成美國腦袋的靈魂。只要腦袋運作仍然正常，儘管身體需要其他藥物或儀器來維持，他仍然可以擁有美好的將來。身體的肥胖有一個極限，國家的債務也是。儘管美元的國際認受性是一種優勢，短期也看不到有其他貨幣威脅到美元，但若最終國家的產出不能支持債務償還或支付利息。那麼這個優勢可能會慢慢消失。我想大家也不希望子孫辛勤努力的成果其實只是償還債務吧！

*Group*

Anyone like Buffett, Welcome to join our group called“Buffett’s fans”. Then we can share some wisdom words or things for life and investing.

歡迎各位對投資有興趣的朋友加入發表意見, 我們的社群叫" Buffett's fans" 期待!

Casino

若是一個短線的市場參與者，股市其實是一個賭場。整體來說，賭場是不會創造賭徒手生的金錢，賭徒獲得的只是另一位賭徒所輸的。賭場存在的目的是提供一個平台給參與者進行一場場財富的轉移，當你在獲得正回報的同時，另一方一定是負回報。可能妳或是身邊的朋友都有嬴錢的經驗，但若果以長遠看，不計妳輸了的部份，就是付佣金也足以令妳手上的金錢最終流到莊家的手裡。莊家就像一些經紀行，主要收入來源還是妳們買賣時，他所抽取的佣金。若妳每天都用手上的資本去成為不同公司的股東，每一次的交易，部份資本便流到證劵行裡。假設有一家公司的股票每天的交投量都十分大，其股東所付的佣金加起來的價值，可能已經相等於整間公司一年的收入，站在公司的立場，股東們用了公司全年的利潤給經紀行，目的只是成為公司股東，妳不覺得十分奇怪嗎？

If you are short-term market participants, the stock market is actually a casino. Overall, the casino will not create any new money for gambler. Gamblers get just another one gamblers loss. The purpose of the casino exists is to provide a platform for participants to carry out the transfer of wealth, when you get a positive return, while the other will have negative returns. You or your friends may experienced some joyful for winning some money in a single bet, However, for a long run, do not count your loss. Paying commission per bet will let all of your money flows into the hand of casino. Brokerage firms like a casino, the main source of income is your commission for daily stock dealing. But suppose a company's stock daily turnover volume are very large, the commission paid to your broker almost as same as the company annual net profit. In the view of said company, their company shareholder just paid all the profit to brokerage firm for becoming a shareholder, Do you feel very strange?

Recruitment

When you recruit a manager, he must be talented and honest. However, if he own first one but without second one, it is disaster to your company.

Speculation

If you merely focus on the appreciation in asset’s value it is speculation not investment. Investment is you focusing on the generation from the asset.

Money for children

The perfect amount to leave children is "enough money so they could do anything, but not so much that they could do nothing."

Hearty meal

We often from different sources, including various types of media, friends, university professors, billionaires, hear that the larger institution investors can mark up or down the market’s index more easily they have the expertise to understand the calculations, we generally amateur investors cannot fight with him, and ultimately become their dessert, I actually somewhat disagree.

a) The most important point is that most of them are short-term investors, in order to account annually with customers, but also on account of their own wallets, they must seek the highest return on the fastest, and thus affect their judgment, when a person the pursuit of short-term returns, will give up the company's fundamentals, even though he clearly knew the company is brilliant.

b) In fact, we have a good return on investment does not require too complicated calculation, derivatives designed by the professionals is a good thing at early stage but become a poison for the market later. Throw it back to professional and let them duel in it! Basic arithmetic such as percentage, plus, minus, times, divided by is just fine for getting good investment result. Of course accounting knowledge still necessary, but if you feel accounting still much complicated for you to learn, then invest in a market index of major markets. As most funds cannot beats the market in long run. The result is worst if we count it after deducting the management fee for fund manager.

c) If they are so powerful, it can always outperformed the market, then simple math show that now the world's top companies, the largest market giants, should all be investment banks, why not?

Conclusion, I think we should not be deified them, on the contrary, their short-sighted provide us a hearty meal.

我們經常從不同途徑包括各類媒體, 身邊朋友, 大學教授, 億萬富豪, 聽到大型基金可在市場舞高弄低, 他們有專業知識, 懂計算, 我們一般業餘投資者不能和他鬥,最終輪為他們點心, 其實我是有些不認同的。

a)      最重要一點是他們大部份都是短線投資者, 為了每年可與客戶交代, 又對自己銀包交代, 他們一定要追求最快最高的回報, 就這樣影響了他們的判斷, 當一個人追求短線的回報, 就會放棄公司的基本因素, 儘管他知道所買的公司不甚了了。

b)      其實我們要有不錯的投資回報並不需要太高深的數學運算, 那些衍生工具就由那些專業人士對決吧! 我們在算術上只需運用基本的百分比, 加減乘除就好了. 當然會計知識還是必要的.當然若覺得會計也不想學, 那就投資於主要市場的指數好了, 因為大部份基金長線來看都跑不嬴指數, 更不要說要扣除管理費後投資者得到的回報了。

c)      若果她們都那麼厲害的話, 總能夠跑嬴市場的話, 簡單的數學運算都知,現在全球最頂尖的公司, 市值最大的, 應該都是投資銀行吧! 為什麼不是呢?

所以我覺得不應該神化了那些大戶, 相反, 他們的短視, 正正為我們提供豐盛的大餐。

Question

今天給大家思考一條問題，若果妳們踏入中年之後，最想追求的究竟是什麼呢?

a)      健康

b)      財富

c)      愛情

d)      小朋友

e)      升職

f)       朋友

g)      美食

h)      創業

i)        新興趣

j)        與家人多聚

k)      退休

l)        其他

有興趣的話可以選多於一個或排序。

Today, just would like to ask yours and me a question. Which item shown as below is most like to do when you are in middle aged?

a) Health

b) Wealth

c) Love

d) Children

e) Promotion

f) Friends

g) Food

h) Entrepreneurship

i) New interest

j) More gathering with family

k) Retirement

l) Other

You can choose more than one or sorted by priority. Welcome to leave it in comment.

Waste

Waste - it seems only a matter of morality, but what is the meaning behind the fact, I do have another view. 

Thinking in depth, this is actually a transfer of wealth. Businessman finds variety of ways to encourage us to spend that we did not really need. In this process, merchants earn rewards, and consumers have lost principal; waste items sent to landfills, but money flows to merchant's bank account. At macro view, the more wealthy countries, which consume more resources on the planet. That can be interpreted as the country "to be more wealth, must be more waste." Development of technology to improve our lives, but also accelerated the consumption of resources. Train, telephone, fiber optic and Internet, all of above is causing us to get the goods faster but cutting down the time to cherish them. 

Countries are actively encouraging domestic demand and promoting economic necessary. In the early stages of development it is correct, citizens will enjoy the treasure. However, after the middle stage of development, the resulting effect is already small. As mentioned earlier, because of wealth transfer, all the money in the hands of a few top companies. Government is a major role to balance the society’ need but it cannot get back much wealth from the hands of these companies to subsidize lower class citizens. Class conflict will ultimately lead to more and more frequent. Under the existing system, not much can be done. Increase the supply is not feasible due to the Earth's resources are limited, then reduce the demand may be more feasible. When look at the current situation in each country to increase the money supply. when, in fact, inflation has not increased. It is precisely due to weak demand, they may not want to spend just a small portion of the money accumulated in the hands of them, if they want to consume, the only way is increase borrowing. Unfortunately, this group of people is not the cup of tea of bank. As the market remains weak, we can only bet our money in the stock market now! Is it the reasons why the index keeps in higher over the world? With the wealth effect (due to rising market) demand should be increased in this turning point, plus herd instinct, inflation will be came more rapidly. History is repeating on and on, but the resource bubble must be ultimately borne by later generation. I think I cannot experience it. After reading this page, what do you think?

浪費，好像只是道德上的問題，但其實背後有什麼意義， 我卻有另一種看法。

想深一層，其實這是一種財富的轉移。商人不斷用各式各樣方法去鼓勵我們消費，無形中令我們買了更多沒有真正需要的東西。在這過程中，商人賺取了回報，而消費者卻流失了本金；浪費了的物品送到堆填區、金錢卻流到商人的銀行戶口。當我們再宏觀地看，越是富裕的國家，其消耗地球上的資源越多。那可解讀為國家『越要富裕、越要浪費』。科技的發展，改善了我們生活，也加速了資源的消耗。火車、電話、光纖、互聯網，當得到貨品的速度越快越客易，珍借它們的時間也越來越少。

各國都積極鼓勵內需，是推動經濟所必須的。在發展的初期這是正確的，國民都會感受到這個成果。但當發展到中後段時，所產生的效應其實已經不大。正如前述，財富轉移的關係，所有金錢都掌握在少數頂尖的企業手裡。政府作為一個平衡社會的機構，可以在這些企業手上取回部份財富再投放到低下階層的能力不多。最終引發的階級衝突只會越來越頻繁。在現有的制度下，可以做的不多。增加供應是不可行的，因地球的資源是有限的，那麼減少需求可能是較可行的方法。當看看現況，各國在加大金錢供應時，其實通漲也沒有增加。正正由於需求疲弱，他們可能不是不想消費，只是錢都累積在少部人手裡，若想消費的話只能增加借貸。可惜這一批人卻不是銀行心中理想的客戶，導致市場依然疲弱，大家唯有在股市上博一博吧! 不知是否這原因令各地股市在創新高呢? 隨著財富效應(因股市上升)，消費應該會增加，在這轉捩點上，再加上羊群效應 (見經濟改善也都重投市場了)，通漲可以來得很急。歷史不斷循環，但最終這個資源泡沫由那一代承擔，我是看不到的了。大家看完後又有什麼看法呢?

Inflation

Recently, major stock indices around the world are high and higher. Of course, the up and down of the index have their own reason. I do not want, nor will, nor to speculate on this. Here, I just want to share ideas for the relation of inflation, index and the gap between rich and poor.

Theoretically, the index is ultimately reflected in the company's accumulated profits. Certainly, the deviation is because of expectation of people’s optimistic or pessimistic. The company's earnings growth rate, in theory, is equal to the country's growth rate of GDP, but the high or low growth rate is related to the nature of industry or the  company itself.

Assuming the average is 4 percent of the country's inflation and GDP growth. So in fact, the purchasing power of the people of the country is almost unchanged. So if we count the effect of inflation in the index. I think the index will cut down to half of his existing value. Why is there growth? Because of the index contains a part of the largest company with competitive advantage. Their ROE is often higher than the sum of GDP and inflation. If in the past two decades, we have no sit on the train of such companies, we must have been sitting on the purchasing power of people in this train significantly behind. As the gap has expanded, although now we are sitting on the same train, in the next two decades, the distance between rich and poor will only become more exaggerated amplification.

With the growth of GDP, the country richer, but money does not fall evenly into capita’s pocket. Widen the gap between rich and poor, and ultimately what will be happened, or is there any way to solve it? Leaving some rooms for your thinking, I hope to have time to share my view about foresaid topics in near future.

近期各地主要股票指數都在高位，美股更創新高。固然，指數升跌自有各樣原因影響，我也不想、亦不會、亦不能對此作出推測。在此，我只想分享一下對於通漲、指數、貧富差距相互關係的想法。

理論上，指數最終是反映公司的盈利累積，而有偏差是因為人們對它的預期是樂觀還是悲觀。而公司的盈利增幅，理論上也是該國GDP的增幅，只是公司質數及行業令增幅有高有低。

假設該國平均的通漲及GDP增長都是4%。那麼該國人民的購買力其實差不多是不變的。所以若張現在的指數扣除通漲後，可能只剩下現有的一半。為什麼還有增長呢? 因為指數是包含某一部份市值最大，最有相對競爭優勢的公司在裡面。它們的ROE往往比GDP及通漲相加還高。若在過去的二十年，我們沒有坐上這類公司的列車上，我們的購買力一定被坐上這班列車的人大幅拋離。由於差距已經擴大，儘管現在我們都坐在同一列車上，在下一個二十年，貧富的距離只會更誇張的放大。

隨著GDP的增長，國家更富裕，但錢不會平均地落到每位國民的袋裡。貧富差距的擴大，最終有什麼結果、又或是有什麼方法自己去解決? 就留待大家思考一下。希望之後有時間針對以上問題再在此分享吧。

Basic formula

經過多年投資，其實最重要的還是ROE。 而其組成為Profit margin x Assets turnover x Leverage。而這些數字可由 Net income, Revenue, Total Assets, Shareholder equity 得來。由此我們已可對公司的運作情況有一個初步的了解。 是高槓桿運作? 還是簿利多銷呢? 針對個別情況，我們便可作更深入的研究及分析。

After many years of investment, in fact, the most important thing is ROE. Basically, it is combined by Profit margin x Assets turnover x Leverage. The foresaid figures can be derived from net income, revenue, total Assets, shareholder equity. Thus, we have to know the operation of the company with a preliminary understanding. Is it highly leveraged operations? Is it a low profit margin but highly turnover? Then, we can make more in-depth research and analysis based on individual case.

Enthusiasm

儘管仍未能做到tap dancing to work，但希望仍能懷著朝氣及熱誠上班吧！大家努力，一星期的戰鬥開始了！

Although I've not yet to be tap dancing to work, but still want to work with vigor and enthusiasm! Let us to strive for weekly battle!

Tap Dancing To Work

今天竟然借到一本很想看的書，實在太開心了！書名叫“Tap Dancing To Work” ，踏入中年的我就說不出這句話了。如果大家正處於這美妙境界，不妨分享一下。

Today I have borrowed a lovely book from library, too happy! Book called "Tap Dancing To Work", At middle age, I still unable to say this sentence. If you are in this wonderful state, Please share with me. Thanks!

Passed away

近來聽到一個壞消息, 一個舊同事因病過身了, 她年紀大約五十多歲, 人很好, 經常都保持微笑, 中年要面對的問題開始遇上了. 希望步伐不要太快, 看著熟識的人一個個離開, 我應持著什麼樣的心態去面對呢?

Recently heard a bad news, a former colleague passed away due to illness, she aged about fifty years old, was very good, often have to keep smiling. Beginning to face the problem of middle-aged met, I hope the pace is not too fast, who looked familiar one to leave, I should hold what kind of attitude to face it?

Wisdom

近來看到一篇文章，文中引用了一段著名投資者的說話。我覺得除了用在投資上， 其實套用在日常決定事情上也都非常合適，希望各位看完後， 也有所啟發吧！

Recently saw an article, the paper quoted the famous investor’s sentence. I think in addition to use in the investment, in fact, apply to daily things are very appropriate, I hope after you read, have also been inspired by it!

“With a wonderful business, you can figure out what will happen; you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when”

Beginning (English)

Into middle age, whether successful or not; happy or not. Finally it is another stage of life. Create this BLOG, I hope to share some of the things. I will also share something such as investments, life. Below is my favorite phrases:

“The happiest people do not necessarily have the best things. They simply appreciate the things they haves.”

Begining

踏入中年，無論成功不成功；開心不開心。總算是踏入人生另一階段。建立這個BLOG，希望大家分享一些人和事。我也會分享一些投資， 生活上的事。在些先送上一句幾喜歡的句語：

“The happiest people do not necessarily have the best things. They simply appreciate the things they haves.”