111 FPAM CE Seminar: Alternative Strategies for Investing In Equities for Financial Planners and Individuals

FPAM CE Seminar: Alternative Strategies for Investing In Equities for Financial Planners and Individuals	FPAM CE Seminar: Alternative Strategies for Investing In Equities for Financial Planners and Individuals
It has been quite a while since I last blog. Where have I been? Well, I re-look back my share investment and found I have been too active in trading. Impatience and ignorance has caused my portfolio to shrink. I am dissatisfied and looks for way to improve my skills.	嗯，已经有相当一阵子没有涂涂写写了。失踪了吗？其实呢，我是重新检视我的股票投资，发觉我太频密交易了。我的资金被“心急”和“无知”侵蚀了。对此我非常的不满意，因此发奋图强寻找提升功力的方法。
So, all these moments I have been reading about Fundamental Analysis. I grab every moment available to munch as much as possible. The eagerness to better my skill is driving me. That's why I am absence here.	这段时间我都在阅读关于基本分析的资料。尽量多阅读。因为内心的催逼，所以就暂时失踪了。
Talking about investment, I find most of us has actually divert from the actual investing that should be. We have slowly been diverting to trading, punting or speculating.	说回投资，我发觉我们已经渐渐偏离正确投资的观念。我们逐渐走向做交易、投机。
“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” ― Benjamin Graham, The Intelligent Investor	本杰明格拉翰在其著作聪明的投资者里说一个投资行动是一个经过仔细分析后确保本金安全以及足够的回酬。凡是不符合以上要求的行动都被归纳为投机。
So, I have slowly reshuffle my portfolio towards investing. I study on hand stocks. Those that does not meet my requirements are being kicked out. Those quality stocks I check if they are overvalued. I feel so relax now, for I know I own good stocks. Any fluctuation in their prices is not cause for concern.	我逐渐把手上的资产转向投资。好好的研究手上的股票。凡是不符合我的规格的一律剔除。符合规格再检视是否太贵了。现在我觉得轻松多了，因为都是好股。股价波动不再是胆战心惊的事了。
About the FPAM CE Seminar	关于FPAM CE讲座
-   Sitting in the center is speaker of the day, Mr Stanley Loh.
When I was so greatly chewing all learning materials, it was so timely that I attended this FPAM CE Seminar on 16 July 2016. It was "Alternative Strategies for Investing in Equities for Financial Planners and Individuals" by Mr Stanley Loh.	正当我拼命咀嚼资料时，正好让我参加了在2016年7月16日举行的FPAM的CE讲座。这是由Stanley Loh主讲的给予理财师以及个人的股票投资的另类策略。
Mr Stanley rightly pointed out most investors failed miserably in capital market exactly because we do not do our homework before clicking the Buy and Sell buttons. We simply hantam based on hearsay or hot news.	Stanley一击即中的指出多数投资者战死股市皆因我们在买卖前从不做功课。我们是凭听闻或股道消息行动的。
He is right to say we survey on many things before buying (e.g. a house) but we don't do the same for stocks. And we are so biased with stocks, labeling it as speculative or risky. As he puts it, we put money in FD because we trust the bank won't collapse but we deems its shares as risky. So irony isn't it?	他说我们在买许多东西之前（比如屋子）会多方查询，但往往买股票之前就不会如此做。而且我们偏激归类股票为投机或危险。正如他所说的，我们因着相信银行而把钱放入定存但我们却把银行股归类为危险股。是不是很讽刺呢？
He is also right that we don't even check how the company is doing - are they making money, are they paying any dividend etc. Some companies' financial positions are so worrying that we should not risk our capital on hand. No wonder we are slaughtered in share market.	我们也是没有调查公司状况，比如是否赚钱、是否有派息之类。有些公司的财务状况惨不忍睹到我们根本不值得把我们的资本送羊入虎口。难怪我们总是任人鱼肉。
To him, the most important thing in a stock is the management integrity. If he is uncertain or uncomfortable with the management, he won't touch its shares. He would go to AGM to meet eye to eye with management, to have a feel of how the management does the business.	对他而言，对一支股票最重要的莫过于管理层的诚信。如果他对管理层有所怀疑或保留，那他是绝不染指该只股票的。他也会参加AGM去见管理层，去感受管理层是如何管理生意的。
Mr Stanley also showed to us how he does the initial 2-minute check-up for a company before deciding to invest. He is a very experienced investor and planner indeed.	Stanley也现场示范他如何进行一个2分钟初步分析，之后再决定投不投资。他果然是资深的投资者和理财师。
As a value investor who invest purely on Fundamental Analysis, he is not a bit worry on market fluctuation. In fact, he patiently wait for market to go for opposite direction. He is practicing what Warren Buffett puts it - Be fearful when others are greedy. Be greedy when others are fearful.	身为单纯以基本分析投资的价值型投资者，他本身从不担心市场波动。他会痴痴的等股市出状况。他所做的正是巴菲特说的当别人贪婪时要恐慌，而当别人恐慌时要贪婪。
He says a value investors live a long live because he doesn't worry about the market. He plans his trade well in advanced, and implement it accordingly.	他所价值型投资者可以长命百岁因为泰山崩于前而色不变。他总是谋定而动。（我也要长命百岁喔。）
What have I learnt?	学习
I have to say what Mr Stanley said concludes what I have been reading. I think I am on the right way to go for value investing by applying Fundamental Analysis. Many of his concepts, definitions and thinking confirms what I have been reading. I think that is how investing should be.	Stanley所说的证实我所读的是真的、是对的、是行得通的。我想我正走在正确的道路上。他所分享的让我确定这才是真正的所谓的投资正道。
Now, I know the fundamental of the stocks I have. Do I need to worry it will go bust? All I need to do is pick one which management with integrity, monitoring their business results every quarter. Yes, share price will go up and down, and nobody can predict. Price correction is time to collect, price appreciation is time to let go.	如今我知道我的股票的底细。我是否要担心它是否会破产吗？抑或落入股市陷阱里了？我得仔细选择有诚信的管理层并每季跟进生意状况。股票的确会浮动，但价跌买，价高卖咯。
As a matter of fact, I think his title is not that correct. Oops, what do I mean? Following Benjamin Graham's definition, if this is the real investing should be, it should not be "alternative strategies" It should be the "correct strategies". All others should be "alternative strategies" instead. Ha ha.	其实呢，我想他的讲座标题似乎不对喔。什么意思呢？如果根据本杰明格拉翰的定义，既然投资本因如此，那就不该标为“另类策略”而应该是“正确策略”吧。其他才是另类策略吧。
No, I am not putting down other strategies. I believe there are many types of investors. Some are comfortable with FA, some are TA, some uses hybrid techniques.	噢不，我并不是贬低其他策略。我相信青菜豆腐，各取所爱。有人适合基本分析，有人适合技术分析，有人适合混合分析。就如小说里的有人内而外，有人外而内，有人里外兼修。最后都成为高人。
And I have also learn we planners should always plan according to clients' requirements. Never ever expose clients' capital to unnecessary risks. Always treat it like our own money.	我也学习到身为理财师的我们必须尽职为顾客规划。千万不要逞英雄吧顾客的资金陷入不必要的风险里头。务必把顾客的资金当成自己的资金管理。
I hope I can have many other fellow planners that can share the same value can co-operate together to share and sharpen our skills. After all, one man's ability is limited.	我也希望可以有更多有相同理念的理财师一同合作、一同成长。毕竟独木难成林啊。
If you would like to know the upcoming CE seminars or Tea Talk, email me at sateo7689@yahoo.com.	如果您有兴趣知道接下来的CE课程或下午茶分享会，可以电邮至sateo7689@yahoo.com。