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古代商人賺錢之道

幾千年前,中國古代商人已懂賺錢之道,他們的大道理是︰「低買高賣」。

 

現在香港樓價是歷史新高,因此不合「低買」的原則,目前股市卻是弱勢,已四年不振。恆指四年前最高是三萬二千點,目前水平尚有一萬點距離,正合「低買」的原則。將來股市上升,我們可以「高賣」了。

 

今天介紹︰                            馬鞍山鋼鐵股份 (323)   $2.35  (2012-12-14)

買樓 ? 買股 ?

香港地產炒風熾熱,大家對股市失去信心。事實上,世界上有名氣的富豪,如

股神巴菲特、《沃伦·巴菲特传》

微軟的比爾蓋茨比尔·盖茨

及蘋果的喬布斯,苹果CEO乔布斯

他們都不是因為持有物業成為富豪,而是靠持有股票。因此,我們對股票要保持信心,最終必有所成。

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

 

昨天,李嘉誠在學校慶典上發言,他說他十四歲時父親病逝,生活在戰亂中,當時他家境貧困,是一個連同鄉也看不起的瘦弱無神少年。

現在李嘉誠富甲一方,他不是靠買樓收租致富的,

而是他不斷投資,擴大生意才有今天。

什麼時候 股市創新高 ?

     什麼時候 股市創新高﹖ 

  

中國改革開放30年來,香港股市出現五次高峰後下跌,四次下跌後又再創新高。這次要再創新高還要等多久呢﹖我們計算一下。

 

1.        19879月,恆生指數上升至3943點創了新高,其後走下坡,199111月恆指回升至4149點,共花了四年時間才能突破上次高位。

2.        19941月,恆生指數創新高,報11487點,其後下跌,到199612月,恆指報11902點,共用了兩年半時間去升破1994年的高位。

3.        19977月,恆指升至16365點新高,其後反覆向下,到1998年年底開始拾級而上,直到199912月,恆指再創新高報16762點,前後只需兩年半時間便回升至1997年的高位。

4.        20003月,恆指創新高報17406點,其後因科網股爆破而下挫,到20069月,恆指再上升至17543點,這次共花了六年半時間才能升至上次高位。

5.        200710月,恆指創新高報31352點,其後急挫。到今天,已五年時間了,尚未創新高。

 

從過去的時間計算,股市創新高,最長是花六年半時間。這次恆指由三萬多點下跌至今,已經過五年了,尚未創新高。

 

股市何時衝破三萬點﹖我們不知道,但是距離上次的高位已經五年了,如果再過三年才創新高,那時股票價格應該會比現在升一、二倍。投資回報將會十分豐厚。

 

因此,目前投資股票,是值得一博的。

 

 

 

日期

恆生指數

創新高所需時間

1

19879

199111

3943

4149

四年

2

19941

19969

11487

11902

二年半

3

19977

199912

16365

16762

二年半

4

20003

20069

17406

17543

六年半

5

200710

 ? ?

31352

?  

 ?

 

 

中國手機企業

iPhone5 屏幕加長,機身纖薄,鏡頭夜攝功能增強。這三個賣點,其他品牌的手機也早已做到。因此沒有創新。

 

蘋果手機吸引力會減弱,另一方面,美國支持日本侵佔釣魚島,中國有網民發起抵制美國手機。所以其它品牌手機有能力爭奪市場了。

 

我寄望中國手機企業、中興、聯想、華為, 能有突破。

經濟和政治,星星和月亮

經濟和政治,星星和月亮

 

成功的投資者,懂政治,是必具備的條件。

 

在香港,董建華上台,他是一位福利主義者,所以我們不投資地產。曾蔭權上台,他是高地價政策的舵手,所以我們投資地產。

 

馬可斯時代,我們投資菲律賓,他下台,我們立即撤資。

 

毛澤東時代,不會投資大陸。鄧小平時代,就是投資好機會。

 

陳水扁時代,我們不會去台灣投資。馬英九上台,是去台灣買地舖的好機會。

 

專業的投資者,會隨著政治動向,而變動投資策略。

 

1997年香港回歸前,英資怡和集團遷冊,總部及上市地點都遷離香港。這是投資者因政治形勢而變動投資策略。

 

經濟和政治就像星星和月亮,永遠分不開。

 

能干的政治領袖,才會吸引強大的投資者,有強大的投資者,才會有繁榮的經濟。

 

              徐润民    寫於2012-2-20,  星期一, 晚上

 

債券是否比股票好?

上星期有一位香港電台聽眾說,他五年前買了債券,到今年的回報率是34%,非常穩健。很多股票投資者聽了都十分羨慕他。  

我們算一算,五年的投資,債券是否比股票好?

就用過去多年來,我曾經介紹的股票來算一算︰(未計算股息收入)

股票

五年前的股價

2011-12-29的收市價

倍數

1171

$7

$16.5

1倍多

883

$7

$13.6

2

135

$4

$11.2

2倍半

358

$8

$16.8

2倍多

914

$9

$22.9

2倍半

1044

$25

$74.8

3倍半

2357

$1

$3.3

3倍多

168

$13

$43

3倍多

38

$2

$7.1

3倍多

700

$30

$156

5

189

$1

$5.23

5倍半

 以上的股票,我都是經常提及的,用五年時間投資股票,即使是公用股,也比投資債券優勝。

 

(未計算股息收入)

股票

五年前的股價

2011-12-29的收市價

回報率

2

$48

$65.7

37%

6

$38

$57.1

51%

3

$12

$17.8

46%

投資股票,事實上是做生意,是將錢交給別人去做生意。做生意的收益,遠比債券光收利息強。 

投資股票,時間愈長,利潤比債券愈大。以上我介紹過的股票,如果10年前投資,現在大部份利潤已有10倍﹗

投資股票是長久的行動,時間愈長,創造財富的力量就愈大。 

債券單靠收利息,時間愈長,愈會被通貨膨脹吞食。

負責任的公司

歐美金融危機發生,並非監管不足,而是條例不健全。現在政府准許銀行做不應該做的事。銀行用存戶的錢,炒外匯、地產、衍生工具、債券等等,都是用客戶的存款,來做高風險的事。

要有安全的銀行制度,必須要用良好的運作方式。例如︰「中潤證券」,公司本身不投資股票,公司資本只用來做客戶買賣股票生意,只賺取佣金及利息。「孖展」客戶貸款也由公司資金借出,不用將股票按給銀行貸款。此運作方式,公司完全沒有債務,也沒有投資風險,做一間負責任的公司。


全球的銀行,應該先改革條例,規定銀行不准許投資炒賣,只能做貸款生意。有了正確的條例,監管才會有效。如果不改革條例,歷史會重演。

開花的日子不遠了

開花的日子不遠了 2008731

三年前,我已表示通脹會漸漸加劇。現在通脹已令老百姓受苦了,但是價貴可以使大家少花費,少浪費。需求可以減少,通脹就會回落。 

 

今年下半年通脹會緩和,金價、油價也會回落。老百姓的生活會輕鬆一些。 

 

難得現在股市平靜,大家有很多空閒時間。我想大家一起,在夜闌人靜的時候,思考以下一條問題︰ 

「有錢人的錢放在那裡﹖」 

 

我在這行工作了30 年,在富有的股民身邊打轉30 年,我領悟到︰有錢人的錢不是省回來的,而是增值回來的,是不斷投資獲得的。他們的錢,不放入銀行,他們的錢投入︰地產、股票、經營事業,都是投資﹗他們將一分一毫用在增值上。他們的堅持,不是一年半載,而是長期奮鬥,才有所成。 

 

因為股市中有投機分子,所以股市波動是必然的現象。因此,我們持有的股票,必需是一艘穩健的船,要能夠渡過股市的波動起伏。我們有堅定的信念,那麼,短期的價格波動,就毫無意義了。 

 

經歷久的投資者,都有一種經驗,就是當股市低沉的時候,買入股票,將來都會有很高的回報。

 

通脹會緩和,困難的日子很快會過去。下手投资的機會己近了

 

樹苗已長滿綠葉,開花的日子不遠了。

 

又是一次「危」中「機」會

又是一次「危」中「機」會    by            Carmen Wong, BA.Fin, HKU       
               2008-7-31

      近期股市氣氛很差,本地投資者普遍對港股變得較為悲觀,事實上,中國對於金融危機是有強勁抵禦能力的。中國外向型製造業火速發展���動整體經濟,儘管中國已面臨人民幣升值和勞動力缺乏所帶來的成本上升問題,中國仍然有足夠競爭力在未來保持世界工廠的地位,既然中國的經濟發展依然在國際間名列前茅,內裡就沒有金融危機發生的空間。

      內地金融機構在風險防範技術層面確實與頂級跨國金融機構有差距,但外匯管制、行政色彩依然很強的金融、銀行、證券監管卻令內地可以在境外發生金融危機時較有效率地將危機封堵於國門之外,為中國金融安全提供保證。

      持貨不多的投資者可考累將���上資金分成數份,分段購入優質股,作長線投資,以97年股災及03年「沙士」為例,大部份優質股都能在下一個經濟循環時收復失地,甚至升至比大跌前更高,只有少數劣質股還未升回以前之價位。所以是次大跌,正好讓投資者有機會以低價購入優質股作長線投資。投資者亦應時刻檢討自己手上股票,沽出劣質股,換入優質股,待大市回升時,賺取更高的回報。

      現時港股市盈率已回落,為何股民往往於股市高位時喊入市,在低位時慌忙逃呢?需知道股市的必勝法門是高沽低入,但要做到這一點往往需要強大的心理受力,始終與大多數人持有不同意見是一件不容易的事,只要能夠除心理障礙,放眼於價值投資,中長線而言,這次股市下跌又是一次「危」中「機」會。

Crude Oil Price Analysis

Crude Oil Price Analysis
                       -------around 2010 with the onset of long-term shortage
 
by Carmen Wong (B.Fin HKU)


Introduction

Oil is one of the most important resources in our world. Crude oil price fluctuation could bring a lot of economic instability. In this report, the history of oil price and the data of rig count will be shown and discussed. With improving technology, how does it advance oil industry? Since there is resource constrain, can discovery really driven by higher oil price? What is the future of crude oil price?
 
Oil Price Outlook


The oil price rose from $2.50 in 1948 to about $3.10 in 1957. However, this apparent price increases were just keeping up with inflation. From 1958 to 1970 prices were stable at about $3.00 per barrel, but when we consider with inflation, the real price of crude oil declined actually. The decline in the price of crude when adjusted for inflation was further exacerbated in 1971 and 1972 by the weakness of the US dollar.
In 1972 the price of crude oil was about $3.40 and by the end of 1974 the price of oil had climb up to $12.00. The Yom Kippur War started with an attack on Israel by Syria and Egypt on October 5, 1973. The United States and many countries in the western world showed strong support for Israel. As a result of this support, Arab exporting nations imposed an embargo on the nations supporting Israel. Arab nations curtailed production by 5 million barrels per day (MMBPD) about 1 MMBPD was made up by increased production on other countries. The net loss of 4 MMBPD extended through March of 1974 and represented 7 percent of the free-world production. The extreme sensitivity of prices to supply shortages became all too apparent. Prices increased 400 percent in six short months.
 
From 1974 to 1978 crude oil prices increased at a moderate pace from $12 per barrel to $14 per barrel. When adjusted for inflation the prices were constant over this period of time.
 
Events in Iran and Iraq led to another round of crude oil price increases in 1979 and 1980. The Iranian revolution resulted in the loss of 2 to 2.5 million barrels of oil per day between November of 1978 and June of 1979. In 1980 Iraq's crude oil production fell 2.7 MMBPD and Iran's production by 600,000 barrels per day during the Iran/Iraq War. The combination of these two events resulted in crude oil prices more than doubling from $14 in 1978 to $35 per barrel in 1981.
 
From 1982 to 1985 OPEC attempted to set production quotas low enough to stabilize prices. These attempts met with repeated failure as various members of OPEC would produce beyond their quotas. During most of this period Saudi Arabia acted as the swing producer cutting its production to stem the free falling prices. In August of 1985, the Saudis tired of this roll. They linked their oil prices to the spot market for crude and by early 1986 increased production from 2 MMBPD to 5 MMBPD. Crude oil prices plummeted below $10 per barrel by mid year.
 
A December 1986 OPEC price accord set to target $18 per barrel was already breaking down by January of 1987. Prices remained weak. The price of crude oil spiked in 1990 with the uncertainty associated Iraqi invasion of Kuwait and the ensuing Gulf War, but following the war crude oil prices entered a steady decline until 1994.
 
The price cycle then turned up. With a strong economy in the United States and a booming economy in Asia increased demand led a steady price recovery well into 1997. This came to a rapid end when OPEC underestimated the impact of the financial crisis in Asia. In December, OPEC increased its quotas 10 percent to 27.5 MMBPD but the rapid growth in Asian economies had come to a halt. Crude oil price dropped to about $11 in 1999. Then, with the recovery in Asia and the decreased in oil quotas by OPEC, price bounced to over $28per barrel. In July2001, the price was about $26.
 
Rig Count
Rotary rigs running

 
The Rotary Rig Count is the average number of drilling rigs actively exploring for oil and gas. It indicates the health of the oil industry. Since drilling an oil well is a capital investment in the expectation of returns from the crude oil production, it is also a measure of how much confidence the oil industry has in the future.
 
At the end of the Arab Oil Embargo in 1974 rig count was below 1500. It rose steadily with regulated crude oil prices to over 2000 in 1979. From 1978 to the beginning of 1981 domestic crude oil prices exploded from a combination of the rapid growth in world energy prices and deregulation of domestic prices. Forecasts of crude oil prices in excess of $100 per barrel fueled a drilling frenzy. By 1982 the number of rotary rigs running had more than doubled.

It is important to noted that there was one year time lag between crude prices and rig count of drilling but it is now reduces to a matter of months after the steep decline of crude prices in 1986. Like any other industry that goes through hard times, the oil business emerged smarter and learner. Companies long familiar with accessing geologic risk added price risk to their decision making.
 
Rig count is only a good measure of oil exploration activity, but not success. However, the percentage of wells completed as oil or gas wells (completion rate) is often used as a measure of success.
 
In 1948, immediately after World War II, 65 percent of the wells drilled were completed as oil or gas wells. This percentage declined to about 57 percent by the end of the 1960s. It rose steadily during the 1970s to reach 70 percent at the end of the decade. This was followed by a modest decline through most of the 1980s. Beginning in 1990 shortly after the harsh lessons of the price collapse completion rates increased dramatically to 77 percent.
 
The steady drop of the completion rates in the 50s and 60s and the increases of the 70s were more related to price. When a well is drilled, the fact that oil or gas is found does not mean that the well will be completed as a producing well. The determining factor is economics. If the well can produce enough oil or gas to cover the cost of completion and the ongoing production costs it will be put into production. Otherwise, it's a dry hole even if crude oil or natural gas is found. The conclusion is that if real prices are increasing we can expect a higher percentage of successful wells. Conversely if prices are declining the opposite is true.
 
The increases of the 1990s, however, cannot be explained by higher prices. These increases are clearly the result of improved technology. The increased use of and improvements to 3-D seismic data and analysis combined with horizontal and directional drilling. Most dramatic is the improvement in the percentage exploratory wells completed. In the 1990s completion rates have soared from 25 to 45 percent.
 
Workover Rigs
Workover rig count is a measure of the industry's investment in the maintenance of oil and gas wells. It is another measure of the health of the oil and gas industry. Most workovers are associated with oil wells. Workover rigs are used to pull tubing for repair or replacement of rods, pumps and tubular goods which are subject to wear and corrosion.
It is quite worrisome with a low level of workover activity because it indicates deferral of maintenance. When operators are in a weak cash position workovers are delayed as long as possible.
 
Technology and market force
The flat earth economists tell us that if we want more oil, all we have to do is drill more wells. They believe that improving technology and higher oil price can increase oil supply. This is only true to a certain extent. No one disputes the huge technological advances of the industry. But, what has been the impact? In Exploration, it shows better both where oil is - and where it is not- thus allowing better estimates of the potential to be made. In Production, it keeps production rate higher for longer, but has little impact on the reserves themselves. Note that much of the oil in a reservoir cannot be extracted because it is held there by capillary forces and natural constrictions. The percentage recovered can be improved in some cases, but by no means all cases. Most modern fields are produced to maximum efficiency from the outset. It is important to know the endowment in nature. Oil is natural resource that supply will come to the end one day. Now, we have produced almost half what is there, and we have found about 90 percent. We produce 22 Gb a year but find only 6 Gb. That is to say, we find one for every four we consume from our inheritance of past discovery. The current depletion rate is about 2 % a year.
 
Facing the future
The world now faces two-phased crisis. The first is a price shock from the ever-greater dependence on the Middle East. The second comes around 2010 with the onset of long-term shortage. In short-term, crude price may have some pressure according to world economic depression and falling demand on oil. Nevertheless, it will be rising in long-term. Now, OPEC targets the price at $25 per barrel. Now we find one for every four we consume from our inheritance of past discovery. With this high depletion rate, will oil price still be $25 per barrel when oil supply become lesser and lesser and dependence on the Middle East become greater and greater? The answer is NO. Oil price must be on a long-term rising trend.
 
 
Carmen Wong (B.Fin HKU)
2002-1-15