130 Performance of Magic Formula investing

Performance of Magic Formula investing	Magic Formula 投资法的回酬
Background	背景
I started my own stock investment journey about two years ago (2015). I used technical analysis in the beginning. After a year of trying, I find my result to be very terrible. Seeing my capital to reduce in size, in one time, caused me to suspect myself not cut to stock investment. Honestly, I thought of giving up DIY active investing.	我在两年前（2015）开始股票投资。刚开始时我使用技术分析。尝试了一年之后，发觉成绩惨不忍睹。看着资金缩水，让我不禁怀疑自己是否无缘投资股票。老实说，也有想过放弃自己投资。
All through the time, I have been reading blog posts in i3investor. One of the blogger, kcchongnz, has been writing actively in i3investor propagating Fundamental Value Investing. And all along, I followed his posts--but not his method (shame on me).	在那一段时间里我都有阅读i3investor里的博客贴文的习惯。其中一位活跃的博客，kcchongnz，一直鼓吹基本面价值投资法。我也一直有追踪它的贴文，惭愧的是却没有追随他的投资法。
Out of desperation, I began to re-read his posts. I found that over his three~four years of investing using fundamental value investing, he has successfully earn exceptionally returns. And I thought to myself, if only I had simply followed his method, I would be in a much better shape. It took me a while to read his posts, and to get to appreciate the Magic Formula investing he is using.	在一片茫然的情况下，我开始重读他的贴文。我发觉在过去三、四年里，基本面价值投资法让他赚取可观的回酬。我想，若是当年我就傻傻的跟着他的投资法，我就会有不错的成绩。我花了一段时间阅读他的贴文，并开始明白他所使用的Magic Formula投资法。
After a year of trying Magic Formula, I would say I am happy with the result. The most fantastic of all is I do not have to worry about daily price movements. Because I already know their financial positions.	在尝试了Magic Formula一年后，我很满意自己的成绩单。最可喜的是我再也不因每天的价位波动而烦恼。因为事先了解公司的财务状况。
Magic Formula Investing	Magic Formula 投资法
Magic formula investing is an investment technique outlined by Joel Greenblatt (JG) that uses the principles of value investing. JG published his method in his 2004 book The Little Book That Beats the Market, and later update in 2010 in The Little Book That Still Beats The Market. (Those in Johor Bahru may borrow the 2010 version from Sutera Mall Library.)	Magic Formula 投资法是Joel Greenblatt （JG）所倡议的价值投资法。JG把他的方法写在他的两本著作里，即2004年版的The Little Book That Beats the Market，以及2010年版修订的The Little Book That Still Beats The Market。（新山的朋友可以在五福城的图书馆里借到2010版。）
JG wrote the books for their children, to teach them a simple way of finding cheap and good stocks that produces excellent returns. JG also publish the returns in the books, which we shall see later. The books are rather easy to read, and most importantly, the method easy to follow.	那两本书是JG写给他的孩子们的，目的是要教导他们一个简单的方法，以便可以筛选到便宜又好的股票，从而可以提供高回酬。两本书都很容易阅读，重要的是方法容易使用。
In the pursuit of finding cheap and good stocks, value investors used many valuation methods. The most common is PE ratio and ROE. JG uses two other criteria: Company's earnings yield (EBIT / enterprise value) Company's return on capital (EBIT / (net fixed assets + working capital)).	在找寻便宜又好的股票时，价值型投资者使用许多种评估法。一般常用的是PE和ROE。JG使用另外两个方法。 公司的 earnings yield (EBIT / enterprise value) 公司的 return on capital (EBIT / (net fixed assets + working capital))
Performance of Magic Formula Investing (by JG)	Magic Formula 投资法的表现 （根据JG的资料）
For performance provided in the books, I use the data copied from oldschoolvalue.com. Over the 22 years period, the CAGR is 23.76% -- which means turning $10,000 into $1.1 mil. In most of the years, Magic Formula gives a higher returns than benchmark S&P 500.	书里所展示的回酬表现，我从oldschoolvalue的网站截取。在过往的22年里，复利回酬是23.76%，亦即把一万元的资本滚成一百一十万元。在多数的年份里，Magic Formula也获取比市场指标S&P 500更高的回酬。
Performance of Magic Formula Investing (in Malaysia)	Magic Formula的回酬（马来西亚）
I believe there are follower of the same strategy in Malaysia. Unfortunately, there is no systematic data gathering / analysis being done. I can only find one practitioner who shared his experience and results in i3investor -- kcchongnz. kcchongnz has two portfolios in i3investor, the first is created in 2013 and the second in 2016. Let's see the result with the longer investment time. Over the last five years, the portfolio returns a CAGR of 20.4%. KLCI index made a total gain of 19.9% (or a CAGR of 3.7%).	我相信马来西亚也有人使用这个投资法。问题是没有人或者学者去做系统性的资料收集。我也只能找到kcchongnz，一位在i3investor分享他的经验和成绩单的投资者。kcchongnz总共设立了两个组合，第一在2013年而第二个是在1026年。让我们来看看历史悠久的那个组合。在过去五年里，组合给出了20.4%的复利回酬。反观综合指数只给出了19.9%的总回酬（即3.7%的复利回酬）。
Conclusion	结论
We can see Magic Formula works in Malaysia market as well. I think Tobias Carlisle (if I am not wrong) also studied and found it works in Europe and Japan.	我们看到Magic Formula在马来西亚的市场也是行得通的。如果我没有记错的话，Tobias Carlisle也曾研究过、也发觉Magic Formula在欧洲和日本也行得通。
I will be very happy to achieve a long-term returns of 10%-15%. If I had followed kcchongnz model portfolio, I would have beat my target returns. Well, all is not lost. I started a year ago, practicing and learning, I will, as I progress. So, those are the performance record of Magic Formula investing I can find.	对我而言，若是我能达到10%-15%的长期回酬，我就很满意了。还好，亡羊补牢，未为晚也。我才起步一年多，我可以边学边进步。这就是我所能找到关于Magic Formula投资法的回酬记录。
Postscript	后记
oldschoolvalue has improved Magic Formula into its QVG method. Tobias Carlisle also imrpoved Magic Formula into Quantitative Value method. As I am a bit lazy to modify my spreadsheet, and there is no screener that can screen using QVG or QV method, I will skip them for now.	oldschoolvalue 改良了 Magic Formula 成为 QVG 投资法。Tobias Carlisle 也改良了Magic Formula 成 Quantitative Value 投资法。但因为懒惰修改我的试算表再加上暂时也无screener可以根据 QVG 和 QV 两种方法筛选股票，所以暂时搁下。

129 How do I do a quick check on a share

How do I do a quick check on a share	我如何粗略的调查一只股票
When I get interested in a particular share, I will do a quick check before doing in-depth studies. I will look in a few sources for some quick info.	当我对某只股票感兴趣时，我会先做个粗略的调查。我会用几个管道找寻资料。
1) klse.i3investor.com - Business Overview - Stock Chart - Financial - News & Blogs - Forum discussions.	1) klse.i3investor.com - Business Overview - Stock Chart - Financial - News & Blogs - Forum discussions.
2) Wall Street Journal -P/E ratio - Price to Sales Ratio - Price to Book Ratio - Price to Cash Flow Ratio - Enterprise Value to EBITDA - Gross Margin - Return on Assets - Return on Equity - Return on Invested Capital - Free Cash Flow	2) Wall Street Journal -P/E ratio - Price to Sales Ratio - Price to Book Ratio - Price to Cash Flow Ratio - Enterprise Value to EBITDA - Gross Margin - Return on Assets - Return on Equity - Return on Invested Capital - Free Cash Flow
3) Morningstar - Free Cash Flow - Return on Assets % - Return on Equity % - Return on Invested Capital % - Key Ratios - Valuation History.	3) Morningstar - Free Cash Flow - Return on Assets % - Return on Equity % - Return on Invested Capital % - Key Ratios - Valuation History.
4) www.isaham.my -Trailing PE - EV/EBITDA - PEG - ROE - ROIC - Altman Z - FCF Yield - Fair Value	4) www.isaham.my -Trailing PE - EV/EBITDA - PEG - ROE - ROIC - Altman Z - FCF Yield - Fair Value
5) malaysiastock.biz - Quarterly reports - Annual report (Chairman Statement or Management Review, Shareholder Analysis.) - Shareholding Changes	5) malaysiastock.biz - Quarterly reports - Annual report (Chairman Statement or Management Review, Shareholder Analysis.) - Shareholding Changes
The investing method I followed is Magic Formula investing. I look for companies with low EV/EBIT and high ROIC. At the same time, I make sure it has free cash flow.	我所使用的投资法是Magic Formula。我得找EV/EBIT低、ROIC高的公司。同时，我会确保公司有free cash flow。
After I am satisfied that I am really really interested to look into the share, I will download the available quarterly and annual reports for in-depth studies.	如果我肯定该公司值得研究，我就会下载季报和年报仔细看。

128 Allianz Diabetic Essential - coverage for type-2 diabetic

Allianz Diabetic Essential	Allianz Diabetic Essential
According to the National Health and Morbidity Survey 2015, almost one in five Malaysian adults has diabetes. (Source: NST 7/4/2017.)	根据National Health and Morbidity Survey 2015，每五个马来西亚人当中，约一个患有糖尿病。（资料来源：新海峡时报7/4/2017）
It is indeed sad to be diagnosed with diabetes. It is even sadder that a diabetic may not get to buy a medical card.	患上糖尿病实属不幸，更不幸的是从此不能买到医药卡。
Sometimes, a patient only realised the need for a healthier lifestyle - and a medical card - after being diagnosed with diabetes. By that time, he is not qualified to own a medical card.	有时，病人在被确诊后才明白需要健康的生活方式、以及一张医药卡。很可惜的，这是的他以及不符合资格了。
This has changed after Allianz becomes the first insurance company to come out with Allianz Diabetic Essential - a medical card for Type 2 diabetics. Diabetics has a higher risk of medical conditions, so it's very important to have coverage for hospitalisation and surgical.	现在Allianz推出了首创的Allianz Diabetic Essential，一张给二型糖尿病患者的医药卡。糖尿病患者有较高的医药状况，所以拥有足够的医疗及手术保障是很重要的。
Allianz Diabetic Essential is a standalone, yearly renewable term plan. It has 4 plans available, with annual limit ranging from RM500,000 to RM1,400,000. And it is available for diabetics age 30 to 60, renewal up to age 70. (Download the brochure at https://www.allianz.com.my/allianz-diabetic-essential.)	Allianz Diabetic Essential是单一，每年更新的保单。一共有四个配套，每年限额介于马币五十万至一百四十万。年龄介于三十至六十的糖尿病患者可以申请，保单科更新至七十岁。（可在https://www.allianz.com.my/allianz-diabetic-essential下载传单。）
Now, I have an enquiry for potential client who might have a chance to get covered. Hope he will pass the medical check-up.	现在，我有潜在顾客有望获得保障。希望他能顺利通过健康检查。

127 Some ways to save children's education funds in foreign currencies

Some ways to save children's education funds in foreign currencies	为孩子教育基金储蓄外币的几种方法
For parents that intent to send their children to study oversea, the ultimate currency to be used would be the target country's currency. The conventional method to plan education fund is to save in RM, and then convert them as their child is ready to go oversea. That is to save over a span of 10, 15 or 18 years.	对于想送孩子出国留学的父母们，最终要用到的货币还是当国的货币。最传统的做法是全部储蓄马币，然后在孩子准备出国的时候兑换当国货币。这样大概要储蓄10，15或18年。
That worked fine for many parents for many years. But in 2014, many parents felt the pain when USD appreciated against MYR, suddenly, from RM3.30 to RM4.50 to a dollar. That was a sudden increased of 40%. God knows how many children's education were delayed or diverted elsewhere.	那个方法确是行得通。但在2014年，美元兑马币忽然从3.30升高至4.50兑一美元，这情况让许多父母不知所措。天晓得多少学子必须延迟大学教育或是易地就学。
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We know it is hard to predict currency exchange rate. But today's parents actually can better prepared their children's education funds. They can actually start saving part of the money in foreign currencies. For example, a parent may save in a combination of RM, USD and SGD. When the day come, he may then decide which currency to use to pay the college fees. If parents has intentions to save in foreign currencies, some ways I can think of are as below.	货币兑换率确是不易预测。今天的父母能做的就是做好预备。父母们可以为孩子们一开始就储蓄外币。例如，父母们可以储蓄马币，美金和新币。当孩子要上大学时，再来决定要使用那个货币。若是父母们确有这样的意愿的话，以下是我可以想到的几种方法。
a) Convert RM to foreign currency and keep at home. This must be the easiest, but also the most dangerous and the least productive. By easiest I mean a parent may just drop by any money changer when he has the money and the rate is attractive. By least productive I mean the foreign currency will not be earning any interest. By dangerous I mean it is most susceptible to theft or even termite destruction.	a) 兑换外币收藏在家。这必定是最容易的方法，却是最危险也是最没有生产力的方法。最容易是因为父母只要有钱且兑换率划算，即可到货币兑换商那儿兑换外币。最没有生产力是因为钱不会生钱啊。最危险则是因为钱收在家里容易遭盗窃，甚至遭白蚁蛀食。
b) Convert RM to foreign currency and keep in foreign currency account at banks. This is an upgrade version of a). At least in the banks, the money is more secured, and the banking system has the track record of history of deposits. This makes it easy when the money wants to be remitted to pay for college fees.	b) 兑换外币收在银行。这是a）的升级版。把钱收在银行当然更加妥当，且银行将有所有的存储记录，这样当要汇钱出国的时候就容易许多。
c) Directly save in foreign currency in that particular country. This apparently only applicable for parents has accounts overseas, maybe they have employment or business there. Like many parents in JB work in Singapore, so naturally they have savings account in Singapore. So they can keep the money there for their children. However, if the money is just sitting in FD, the interest would be a miserable 1% perhaps. Here again, parents has to look for better way to grow the money.	c) 直接把外币收在当国。这比较适合在国外有银行户头的父母们，或许她们在当国有工作或者生意之类的情况。比如在新山的父母们挺多是在新加坡工作的，所有自然而然会在新加坡拥有储蓄户头。那他们就可以把钱留在那里。但是如果钱只是留在定期存款的话，利息就只要区区的1%左右。父母们应该寻找更好的生钱方法。
d) Save in foreign currency through offshore insurance. For parents that work in Malaysia, one alternative would be to save through offshore insurance. Companies like Investor's Trust SPC, Hansard International, Premier Assurance Group and Archipelago Insurance do offer such policies. Policies holders would simply pay their premium monthly over a span of 10, 15 or 20 years.	d) 透过离岸保险储蓄外币。对于在本地工作的父母，其中一个选择就是透过离岸保险来储蓄。离岸保险公司如 Investor's Trust SPC, Hansard International, Premier Assurance Group 以及 Archipelago Insurance 都有这类保单。保客只需每月供款10，15或20年即可。
e) Save in foreign currency through Phillip Global Wrap Account (PGWA). Another alternative for parents working in Malaysia would be to use Phillip's investment account - PGWA. Take for example of parents that work in Singapore. They can invest in PGWA to grow their money. They may not have the time during office hour to go to the bank to inquire about investment matters. But in view that PGWA account opening is in Malaysia, parents can actually approach us during weekends, holidays or off-days.	e) 透过Phillip Global Wrap Account (PGWA)储蓄外币。另一个选择是透过辉立公司的投资户头PGWA来达到目的。例如在新加坡工作的父母们即可把他们在新加坡的储蓄投资在PGWA来达到资本增长的目的。一般上这些父母们无暇在工作时间到银行办理投资事宜，但因为PGWA乃是在本地开户，所有父母们可以趁着周末、假日或是休息日来办理。
f) Invest in unit trust funds that accepts foreign currency. There are some funds available locally where the fund house accept other currencies on top of the RM. We called this "multi-currency funds". Example are Affin Hwang SGD Income Fund (MYR Class) and Affin Hwang SGD Income Fund (SGD Class). In this example, client can invest using RM or SGD. Since this fund invest in Singapore securities, client's investment will grow in tandem with Singapore's economy. And if client were to invest using SGD, he can avoid any negative impact to his total return due to exchange rate.	f) 透过投资在接受外币的信托基金。本地有些基金是有接受马币以外的货币的。我们称之为“多元货币基金”。例如Affin Hwang SGD Income Fund (MYR Class) 以及 Affin Hwang SGD Income Fund (SGD Class)。顾客可以选择一马币或新币来进行投资。因此基金乃是投资于新加坡相关证券，顾客的投资可跟随新加坡的经济成长。而若同时是以新币投资的话，顾客可避开货币间兑换率对回酬的负面影响。
Through d) and e), clients has a way to participate in destination country's growth. Example is if client want to send their children to Australia, they may buy AUD policies or invest in Aussie dollar unit trust funds. This way, their AUD money will grow in tandem with Australia's economy and inflation rate.	透过d)和e)这两个方法，父母们即可参与当国的成长机会。比如顾客打算送孩子到澳洲读书，那他们可以购买澳元保单或是澳元信托基金。如此，他们的澳元资产将随着澳洲的经济增长而赢过当地的通货膨胀。
So those are the ways I can think of right now. How much is needed and how you save need planning, and that's what we do. Do contact sateo7689@yahoo.com if you need so.	以上是我目前能想到的。至于需要多少钱以及如何储蓄则另需规划。而后者正是我们的工作。若是您有任何需要请联系sateo7689@yahoo.com。

126 My new view of dividend shares

My new view of dividend shares	我对于股息股的新观
I am reading this book "Stock Market Investment In Malaysia And Singapore (1989)" by Dr Neoh Soon Kean. I must say this is a very informative and good book. It has many insights that can strengthen or changed our views of shares investment. I think new investors should read this book before getting his hand wet.	我正在读梁孙建博士的《马新股票市场投资》这本书。我必须说这是一本非常好又充满资讯的书。里头有许多观念或许可以加强或者改变我们现有的观念。我认为投资信心人都应该读这本书才开始“下水”。
It's a bit pity the book is out-of-print, and Dr Neoh is not going to update it anymore. It make me see how crazy it was during the previous market craze. Really think he can do us many help by updating the book, or maybe re-print the last edition.	可惜的是这本书已经绝版了，更可惜的是梁博士无意再更新内容。真的很可惜因为梁博士让我看到过往的股市疯狂期到底有多疯狂，若是他能更新1989年后的境况，必定可以让我们这些后辈获益良多。前事不忘后事之师。或许梁博士也可以考虑再版1989年般吧。
One of my view being changed is how I look at dividend shares. Well, all the while, I think of dividend shares as boring. Growth shares should do better than dividend one. The book give me a new view.	其中一个我被改变的观念是关于股息股。一直以来，我都认为股息股很烦闷，成长应该比股息股强。这本改变了我。
As I read in many books, the total return of a shares investment is made up of two parts - the capital gain and the dividend. That is:- Total return = Capital gain + Dividend	我在许多书中读到，一个股票投资的总回酬由两个部分组成，亦即资本成长和股息。简化：- 总回酬 = 资本成长 + 股息。
And to be able to declare a dividend, a company has to make a profit in its business in the first place. So no profit, no dividend. Fair and square.	一间公司要派出股息，首先必须先有盈利。没有盈利，没有股息。很公道。
And the amount of dividend to be declared depends on company's management. If they think the company needs the profit for more expansion, the it can declare lower or nil dividend. This we can see from many growing small companies where their dividend is very low. On the other hand, if a company think it has no use of the extra profit, it may declare large dividend. This we can see from companies like Digi or Classic Scenic, where almost all of their earnings are declared as dividend.	而股息的多寡又取决于公司对于盈利的用途。若是公司打算继续扩张，公司可能就降低派息或甚至于停止派息。很多成长中的小型公司的股息都很少的。另一方面呢，若是公司认为保留盈利无用，那就可以派发高股息。我们看到Digi和Classic Scenic就是把全数盈利派出的公司。
The book gave me this view, and I think it provided me a very good reason to dare to accumulate good stocks during their temporary share price drop or a whole market drop. Dr Neoh observed that when a company that is selling at cheap P/E that is able to declare a higher dividend than offered by a bank is worth a look. When this company is making more and more profit, and declaring more and more dividend, its share price inevitably must go up because its Dividend Yield cannot stay too high.	这本书给我一个新观念，让我有勇气去买入股价下跌的股票（股价下跌可能是因为公司或是整个市场的关系）。梁博士观察到本益比低而又有能力派息高过定存的股票都值得一看。当一间公司不停的盈利、不停派息，它的股价必定要跟着水涨船高的。
In summary, my view was share price goes up because of improving profits. Dr Neoh's view is share price goes up because of dividend yield cannot stay too high for too long. Let's say company A, B, C and D are all in the same industry. And Company A is constantly making higher and higher dividend than the other three, the market is going to notice that and buy Company A's share until its dividend yield is almost on par with the other three.	简单来说，我的看法是盈利推高股价。梁博士的看法是派息率推高股价，因为某间公司的派息率不可能长久维持高位。例如公司甲、乙、丙、丁皆在同个行业。若是公司甲的持续派出高息，市场必定是要看见这个情况，进而买入公司甲的股票、推高股价，知道派息率接近其他三间公司。
The most important thing that make me excited was his insistence of low P/E. If Company A can be making higher and higher profit and yet it is selling at a low P/E, it is telling us it a good and cheap company. Aren't we always on search on good and cheap? This is especially exciting if Company A's historical P/E was of higher value - the falling P/E means its price has dropped while still making high profits. Wouldn't I want to grab of the shares?	让我兴奋的是，他坚持买入低本益比的公司。若是公司甲持续盈利而又只有低本益比，那它在告诉我们它是“价廉物美的公司”。难道我们不是在寻找价廉物美的吗？如果公司甲的过往本益比都是在高位，那就更不得了，因为这告诉我们股价在跌但盈利保持。难道我不想买吗？
Dr Neoh used OCBC and Esso to explain his point. In the market after 1987, shares prices are falling making many good company able to give up very high dividend. If one study the dividend yield history of a particular company, and observe the dividend yield is getting higher and higher, it is screaming "buy me".	梁博士以OCBC和Esso来解释。1987年后，股价下跌，许多的强健的公司皆有能力派发高息。若是有人长期注意某间公司的派息记录，必定能注意到越来越高的股息其实正在大声宣告“买我吧”。
By using the same logic, I see many property companies and furniture companies are having high dividend yield. For instance, properties companies has been down for the past three years, many investors are shunning their shares, is it telling me to buy? I must admit I am tempted to those low P/E high DY. Will the property market never to recover? Definitely no. It's a matter of when, right? The price may drop, but I can get the dividend.	用回同样的逻辑，现在我看到许多产业股和家具股皆派发高息。例如产业股已经低迷了两三年，许多股友也避之则吉，这是否在告诉我要买进呢？我承认我有冲动要买进低本益比加高股息的。难道产业市场就此完蛋了吗？不会吧？应该是时间的问题罢了吧？若是股价继续下跌，至少我还有股息可收。
I think my portfolio should have some in dividend shares - especially those beaten but still making profit. As investor, it's easy to say "buy low, sell high". We always hesitate to press the buy button when we see the price keep falling. I now admit dividend will provide some comfort during such buying period. I can imagine in 2008 crisis, all those blue-chips must be screaming "buy me, buy me". Those who did make a killing, those who didn't regretted. So, now dividend yield strategy give a strong boost to dare to buy cheap and good. Cheers.	从此，我想我的收藏应该含有股息股，尤其是那些股价低迷但盈利保持的。身为投资者，很容易说“买低卖高”，但是要安买入键的时候就心理犹豫了。我现在承认股息就能在这样的买卖中提供一些安慰。我可以想象2008年的危机中，所以的蓝筹股必定是高喊“我在这，买我吧”。那些行动的高唱丰收，那些不屑一顾的捶胸顿足。若如此，股息股策略不就给了买入价廉物美股票的强心针吗？大家努力吧。

125 Phillip Capital launches global futures fund

Phillip Capital launches global futures fund	辉立资本推出环球期货基金
Phillip Capital Malaysia recently launches a futures fund - the first of its kind in the market. Futures are normally traded by individuals. I think there is few funds in Singapore that use certain portion of its NAV to trade futures to protect the downside.	马来西亚辉立资本最近推出了市场唯一的期货基金。一般参与期货的都是个人投资者。我记得新加坡有几个基金把部分资金放在期货市场以便减少亏损。
For this fund, only half of the fund will be traded in futures, the other half will be in safe instrument. The features of the fund's design plus performance based on watermark shows me the fund manager should be aiming for prudent fund management.	这个基金将会把一半的资金用来交易期货，另一半则将放在安全的投资项目里边。这样的设计再加上依watermark的论功行赏的制度让我觉得基金经理应该是以保本为优先。
Investors are most worried during prolong falling market. Stocks or unit trusts are best bought during falling market, as we get to lower our cost and to gain when market recovers. However, it is human nature to feel uneasy to see investment value shrinking.	在长期的下跌市场中，投资者一般都是比较忧虑的。在下跌市场中不停买进股票或是信托基金，其实让我们降低成本以便在市场上升后，让赚利可以最大化。但看见投资额不停萎缩始终是人性的弱点。
Derivative market is created to take advantage of the falling market, for an investor can sell / short the market to make gains. On the other hand, it can long / buy the market when the market is on its way up. Investors can make money both ways. Investors also can lose money both ways, so investors must never be unaware of this!	衍生市场是可以让投资者在下跌市场继续获利，因为投资者可以在这样的行情进行卖空来获利。相反的，投资者也可在上升市场中买进市场来获利。所以衍生产品是双向获利的工具，但如果做错了，亦有可能双向亏损。不可不慎！
Will the fund gain popularity? We have to wait and see.	这样基金是否会大获好评呢？让我们拭目以待吧。

124 PhillipCapital's 8th Annual Investment Conference is back!

PhillipCapital's 8th Annual Investment Conference is back!	辉立资本第八届年度投资大会又回来了！
22/7/2017 is the date to be marked, for it is PhillipCapital's 8th Annual Investment Conference. It is by far the largest investment conference I had ever attended. Each year, for the past 3 years, 1,500~2,000 people attended the conference. This year I will be going too.	2017年7月22日又是辉立资本的第八届年度投资大会的日子。这是我所参加过的最大型的投资大会。过去的三年里，每年都有1500至2000人参加此大会。今年我也会参加。
This year it will be held at Berjaya Times Square. In the previous year, during tea breaks or lunch time, the whole area are packed of participants that it is so difficult to move around. Hopefully we will have a larger area that we can move around, mingle with friends, other planners and even speakers.	今年将会在Berjaya Times Square举办。在往年，每次的茶点时间或午膳时间，整个地方满满是人。希望这次的会场可以大一点。如此我们便能和朋友、其他理财员甚至是主讲人轻松交流。
Normally, morning session we will listen to market outlook from selected fund houses. In the afternoon session, the conference will break into different topics in different ballrooms. We can decide to attend the topic that interest us.	一般上，早上时段，大家一起聆听特选基金公司对市场的展望和分析。下午时段呢，大会将在不同会议厅主讲不同的投资主题。我们可根据喜好选择要参加。最后的时段就是论坛时间。论坛由几位讲员分享同个主题。
Besides the conference, Investment Conference also held lucky draw. Participants have to collect chops to qualify. For that, participants will have to go to different different fund houses' booth to collect the chops. It can be quite fun.	除了严肃的会议，大会也有幸运抽奖游戏。参加者必须收集足够的盖章才符合参赛资格。往年的奖品还不错哦！当然为了得到盖章，参加者在休息时间就必须穿梭于人群之间到各个基金公司的展示厅去。
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123 Pacific Trustee is able to do Will for Malaysia and Singapore

Pacific Trustee is able to do Will for Malaysia and Singapore	Pacific Trustee 可以办理马、新两地的遗嘱
During the training by Pacific Trustee in April 2017, Pacific mentioned that they have operation in Singapore. So, they are able to do will for clients with assets in Singapore. This is indeed a pleasant surprise.	在4月的训练会里，Pacific Trustee提及她们在新加坡也有办事处。所以她们也可以为在新有资产的顾客缮写遗嘱。哦，有点惊喜。
Many of JB people work in Singapore, or has become Singapore PR. It is natural for them to have savings or even properties in Singapore. Thus, making them to have assets in both countries.	有很多新山的居民是在新加坡工作抑或已经成为新加坡永久居民。他们在新加坡拥有储蓄或产业是自然不过的。如此他们就是两地都有财产了。
Our knowledge all along was a Malaysian Will can cover assets in Singapore since both are Commonwealth countries. A Malaysian Will can be re-seal in Singapore High Court to distribute the assets there.	我们过往的认知是马来西亚的遗嘱是可以涵括在新加坡的财产的。马方的遗嘱可以在新方的高庭重新re-seal以便办理该地的财产。
I still remember another training by Premier Assurance Group where the presenter advised us not to do so. His advice was tax and inheritance law in different countries could differ. Therefore it is better to engage competent person from the relevant country to do the Will. He said the last thing we want to do is to complicate the assets distribution of a deceased client's.	我还记得之前Premier Assurance Group来给训练的时候，他也认为那样会很不明智。他认为各地的税务和遗产法令皆有不同。因此最好由当地的合格单位来缮写遗嘱。他认为我们最不应该做的就是搞砸顾客的资产分配事宜。
Pacific Trustee is of the opinion that separate Will should do a better job. One of the concern is the re-sealing in Singapore High Court can only be done after assets in Malaysia is settled. A separate Will will greatly reduce the waiting time because the application of Grant of Probate can be done concurrently in both countries.	Pacific Trustee也认为分开的遗嘱比较好。其一是在新的re-seal只能在马方的事务处理完了之后才能进行。若是分开的遗嘱将能大大减少时间，因为申请Grant of Probate可以两地同时进行。
The second point is, similar to Premier Assurance Group's point, that we need to take care of laws in relevant countries.	其二就是如Premier Assurance Group所述的，即我们必须考量不同国家的法令。
If Pacific Trustee can do Will for both countries, we should be able to help our clients to better plan the distribution. I think at least we can avoid conflicting instruction if Will were done separately.	若是Pacific Trustee能够缮写两地的遗嘱，那我们就可以更好的为顾客规划分配事宜。我想最少可以减低不同遗嘱里的相冲指示吧！
Pacific Trustee Malaysia will be in charge to do the Will for Malaysia while their counterpart in Singapore will do the Will there.	马来西亚的Pacific Trustee只能负责缮写本地的遗嘱，新加坡的遗嘱就交与她们在新加坡的律师负责。
For info, please contact sateo7689@yahoo.com.	任何询问请联络sateo7689@yahoo.com。

122 What I learned about market timing and emotion from "Berkshire Hathaway Letter to Shareholders 2017"

What I learned about market timing and emotion from "Berkshire Hathaway Letter to Shareholders 2017"	我从"2017年伯克希尔·哈撒韦公司致股东信"所学到的—进场时机以及心理。
Wow, what a packed Saturday (25/2/2017) it was. I attended a CE Course. And on that night, I get to know Berkshire Hathaway released its 2017 letter to shareholders. Yup, I make it compulsory to read it. I get to do it on Sunday morning, though. And I can't wait to share with friends during the breakfast chit-chat.	上个周末(25/2/2017)真是充实的一天。当天我参加了一个CE课程，到时另外分享我所学习到的。星期六当晚知晓巴菲特的公司伯克希尔·哈撒韦发布了2017年的股东信。这是我必读的。我要到了星期天早上才有时间做到。当我跟朋友吃早餐时又迫不及待的跟他们分享。
It was a long letter. Out of it, many things caught my eyes. I particularly want to share about how we—me included—has failed to be a smart investor.	这是挺长的一封信。当中有许多学习的。现在只想记录一些我们这些所谓投资者常会犯下的错误。
Since the global financial crisis 2008/2009, it is almost ten years. So, sometimes we hear people talking about another crisis may be near the corner. The pessimists will not want to do investments now. Sometimes, I will also think what should I do. What did Buffett say?	2008/2009的全球金融危机迄今过了也快十年了。难怪我们偶尔会听到有人猜测另一个危机就在不远处。悲观者就避开不做投资了。有时我自己也是会想我该怎么做。巴菲特怎么说呢？
"Some years, the gains in underlying earning power we achieve will be minor; very occasionally, the cash register will ring loud. Charlie and I have no magic plan to add earnings except to dream big and to be prepared mentally and financially to act fast when opportunities present themselves. Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do."	在一些时候，公司的盈利能力曾出现衰弱。查理和我没有能够将公司收益过度放大的能力，而在面对阻碍投资收益增长的障碍时，我和他将会采取适当的措施加以应对。每隔大约十年时间，经济环境就会出现恶化。但随之而来的也有挣钱的良机，这时候我们是绝不会无动于衷的。
Many companies, of course, will fall behind, and some will fail. Winnowing of that sort is a product of market dynamism. Moreover, the years ahead will occasionally deliver major market declines—even panics—that will affect virtually all stocks. No one can tell you when these traumas will occur—not me, not Charlie, not economists, not the media. Meg McConnell of the New York Fed aptly described the reality of panics: “We spend a lot of time looking for systemic risk; in truth, however, it tends to find us.”	当然，许多公司将被甩在后面，一些公司将倒闭。这些企业被淘汰是市场活力的结果。而且，未来将偶尔发生市场大幅下跌甚至恐慌，这将对所有股票产生实质性影响。没人能告诉你们这些冲击将何时发生。我做不到、查理做不到，经济学家们也做不到，媒体更无能为力。纽约联储的梅格·麦康奈尔曾贴切地对这一恐慌现实进行了描述：“我们花了很多时间寻找系统性风险，然而事实上它倾向于找我们。”
During such scary periods, you should never forget two things: First, widespread fear is your friend as an investor, because it serves up bargain purchases. Second, personal fear is your enemy. It will also be unwarranted. Investors who avoid high and unnecessary costs and simply sit for an extended period with a collection of large, conservatively-financed American businesses will almost certainly do well.	在这样可怕的岁月里，你们应该牢记两点：首先，大范围的恐慌是作为投资者的你们的朋友，因为它会提供物美价廉的资产；其次，个人恐慌是你的敌人。这是毫无必要的。那些避开高的成本和不必要成本、持有许多大型、适当筹资的企业股票并坐等较长一段时间的投资者们将必定能够获得不错的收益。
We can see Warren Buffett and Charles Munger are ever ready to act should any financial crisis were to hit. They not only going to catch the "gold rain", they want to catch it big. They do not know when will such crisis hit. But they know when one hit, fear will be widespread, and they will make fear their friend.	我们看到巴菲特和查理芒格随时预备金融危机的降临。他们不止要紧抓天降金雨的良机，他们要大赚特赚。他们不晓得危机何时会来临。他们晓得当这样的事情发生时，恐惧的心理就会扩散，他们就会化恐惧成为他们的良机。
With regards to 2008/2009 financial crisis, I have much regrets. When goods shares were on sales, I did nothing because of fear. So, I missed one of the golden opportunity in my life time. If there will be one crisis ahead, I hope i won't miss it this time around.	对于2008/2009年的金融风暴，我有无限的惋惜。当许多好公司的股价大平卖的时候，我因为惧怕而无动于衷。就这样白白错过人生中的其中一个赚钱良机。如果还有机会遇到将来的风暴，希望我不会重蹈覆辙。
As said, some investors are afraid of crisis that happened every ten years will be near. I, too, believed because greed, there will be one asset that will be pushed too high that it must eventually fall to ground. We know from history of many previous asset bubbles. And the only thing we learn from history is we never learn.	就如之前所说的，许多潜在投资者担心十年一期的风暴就在眼前随时爆发。我也相信因着人性的贪婪，某个投资项目在达到疯狂炒作之后，总会因后继无力而兵败如山倒。翻开历史就知道曾发生过不同名目的资产泡沫。历史也一再在显示我们从中什么教训都没学到。
In these two three years of investing life, I met few small corrections. Every corrections strengthen my psychological strength. In the beginning, a few percentage of loss is going to make me hurt. Have been thinking am I not cut to be an investor. With all these "trainings", I believed psychological strength is the most critical criterion in deciding our investment success or failure. We can go to classes or read books on investment skills or investment psychology, but our emotion is sure to be tested as we see our capital keep reducing.	在最近两三年的投资生涯里经过几次的小调整。每次的调整就一再的加强我的心理素质。刚开始时，那几巴仙的亏损让我心跳不已。一再怀疑自己是否与股票无缘。一次一次的经历成功失败成功失败之后，更加肯定心理因素才是投资成败的关键。参加课程或是阅读书籍的确可以教导我们投资技巧，甚至投资心理。但是当我们看着资本在减少的时候，心理还是要挣扎的。
The above three paragraph from Buffett, aren't those message we often read in books or heard in seminars? To be able to stay calm during crisis is to get ready. I would presume ready in the sense of knowledge and capital wise.	以上的三段巴菲特的信息，不就是我们常在书本或讲座所学到的吗？我们应该再次提醒自己要在危机中处变不惊，就要做好万全准备。我会想到要在知识上和资本上都有有所准备。
When the market is calm, we should try to learn stock analysis skills, to know about listed companies' background and their business, know our reactions during adverse situations, and save a part of income as capital. During this time, we should be investing in the market in small scale. Well, we don't swim if we don't jump into the pool.	在一切风平浪静的时候，应该努力认识分析股票的能力、认识上市公司的背景及营运状况、认识自己应变不利环境的心理（挣扎），还要预留收入的某一部分作为资本。在这个阶段也要少量的投资股票，毕竟不跳进水里永远也不会游泳。
As for me, I am relieved to see improvement in investment returns and feel more secured after I changed my investment style. I think value investing is more suitable to me. Oh, I also hope Buffett will once again come out to encourage all of us when such crisis happen. (He did that, during the later part of 2008/2009 financial crisis, by writing to newspaper about his purchase of American shares and advised people not to wait for the robins.)	对于我，自从改变投资方法后，投资回酬逐渐有起色，心理也更加安稳。看来价值型投资比较适合我。啊，我也希望的风暴来临时，巴菲特能站出来给予大家适时的鼓励。（在2008/2009的风暴后期，他曾致信报社告知他已在买股票并鼓励大众不要等知更鸟出现。）
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121 When one party of a bank account jointholder passed on, can the other party make withdrawal?

When one party of a bank account jointholder passed on, can the other party make withdrawal?	聯名開戶頭1人離世 另一方能提款嗎？
The title is actually a reporting published in ChinaPress (21/2/2017). The reporter is responding to a online rumour that when one party of a bank account jointholder passed on, the left-behind party cannot automatically inherit the money.	“聯名開戶頭1人離世 另一方能提款嗎？”是刊登在中国报（21/2/2017）的一则报道。记者是根据网上谣传关于当银行户头的某方逝世时、另一方无法自动继承存款的问题，而想几间银行进行访问。
I believe many of us do not know the answer for sure. Just that elderly parents will normally open jointholder account with their children, to play safe. Well, if it can be inherit automatically, what should we do then? This we need to find out.	我相信很多人其实也不是很肯定答案。只是一般上的年长者都会与子女开设联名户头以防万一。如果真的生存方无法自动继承存款，哪又要怎么办呢？这确实也是我们必须了解的。
The reporter found out the answer depends solely on the decision made during account opening time—is it to be operated by a single party or both parties. If it is single party, the other party has to inform the bank together with supporting documents such as both NRICs, certificate of death, and signing a letter of indemnity. In this case, the account should belongs to left-behind party in a week time.	记者的访问结果是—能与否完全视乎开户时是选择单方或双方操作户头为准。若是单方即可领款的情况，那生存方必须通知银行并附上双方身份证、死亡证书、签署免责声明书，一般上在一个星期即可由生存方继承存款。
In the case of both parties to operate, then it depends on whether a Wills is available or not. Regardless of the availability, the account will be freeze until Letter of Administration or Grant of Probate is produced.	若是选择了双方签名方可领款的情况呢，那就得依据是否有遗嘱的情况而定了。在这个情况下，户头将被冻结直到家属完成遗嘱认证书或财产分配执行书。
The report also analysed situation with a Will is easier and faster than a situation where Will is not written. Therefore, a proper distribution instruction is definitely necessary. Although we may think having single party to operate may work just fine, we must remember one may have not only bank accounts. He could have a house, car, various investments, heirloom that need to be distributed.	报道也有分析有遗嘱的情况下的程序要较没有遗嘱的情况简单以及省时。所以妥善安排分配是绝对重要的。虽然说单方可操作户头的安排似乎已经挺妥善了，但我们还是必须考量到一个人可能不仅仅只有银行户头罢了。他可能还有屋子、车子、投资、家传之宝等等的财产需要分配。
So, let's make proper instruction. After all, we want our loved ones to enjoys our hard-earned assets, and not let them be frozen or become unclaimed assets.	让我们好好的安排我们的财产。毕竟我们要辛辛苦苦赚来的财产让挚亲拥有，而不是财产被冻结或是变成无人认领。

120 Videos @ Investors at Google

Investors at Google	Investors at Google
There is a wealth of videos about value investors or authors at Investors at Google. I am so excited when I listen to them. For some of the big names (Mohnish Pabrai, Pat Dorsey, Howard Marks etc.), I have heard of them and maybe read their books. However, to be able to listen to their talk is always a wonderful experience.	Investors at Google 里有好多价值型投资者或作者的演讲录影。真的很开心可以听到这些录影。当中有许多大师(Mohnish Pabrai, Pat Dorsey, Howard Marks 等)，我都有听过他们的大名或读过他们的著作，毕竟可以听大师的演讲还是很棒的。
Wow, I think it must be fortunate to work in Google. Besides about investing, videos on other areas of interest can also be found. Pls drop by there. I am sure there must be some that might interest / benefit you.	在谷歌打工好像很不错喔。除了关于投资的，还有其他方面的演讲录影。不妨去那儿一游。我相信可以有不薄的收获。

119 We provide minimum 2 insurance quotations

We provide minimum 2 insurance quotations	我们将提供至少两份保险估价单
Phillip Wealth Planners has partnership with 11 life insurance companies. As part of our financial services to our clients, planners are required to provide at least 2 insurance quotations when presenting to client.	Phillip Wealth Planners 共与11间寿险公司合作。为了提高理财员的服务水平，我们有义务为顾客提供两份以上的保险估价单供选择。
With this, we are not biased by any brand name. The decisions will be solely based on client's needs, financial ability and preferences.	如此，我们才能避免偏袒某品牌的情况。最终的决定取决于顾客的需求、财务能力及喜好。
Difference insurance companies may have similar products with different features or cost structures. If one wants to look at different companies quotation, the traditional method would be to get quotations from different companies' agent. The difficulty is all will say theirs is the best.	不同的寿险公司往往有类似的保单，各自可能有不同的特点或者成本架构。如果有人想要比较不同寿险公司的估价单的话，传统的做法是从不同寿险公司的代理员得到估价单。难处往往是老王卖瓜，自卖自夸。
For planners, we tried to do the reverse. When agents represent the insurance company, we planners represent the client. We tried to generate quotations using different different systems and make comparison.	对于理财员，我们尝试另类做法。如果说代理员是代表寿险公司，那理财员代表顾客。我们试着用不同公司的软件来做出估价单并进行比较。
If we can offer a product that the client eventually need, it doesn't matter to us which brand he choose. Client can choose based on any criteria he likes. This will be very beneficial to both parties.	如果我们能够提供顾客最终所需要的，那哪一个品牌对我们而言是不重要的。而顾客又可在毫无压力下自由选择。这对双方都是好事。
If your agent is unable to provide more than two quotations for your comparison, please write to sateo7689@yahoo.com.	若是你的代理员无法提供两份以上的估价单让你选择，请联络我们。电邮致sateo7689@yahoo.com即刻。

118 Good news for SPM holders who intends to study CFP.

Good news for SPM holders who intends to study CFP.	SPM 生就读 CFP 的绝好消息！
SPM holders who intends to study CFP course finally has a chance to do so. FPAM opens a channel for SPM holders to do so. The pre-requisite for the students is he must be a SPM (or equivalent) and 5 years of full time relevant experience in the financial services industry.	SPM生终于有机会就读CFP课程了。FPAM开启了这个机会。学生的先决条件是拥有SPM（或同等）以及在金融领域有5年全职相关经验。
What he needs to do is to pass a "Prior Learning Recognition Assessment (PLRA)" exam—a 2-hour MCQ assessment. No workshops are required for the assessment exams. After passing the PLRA exam, the student may then proceed to take Module 1.	学生需过关"Prior Learning Recognition Assessment (PLRA)"考试，这是一个两小时多选择题的考试。考试前无需参加任何课程。PLRA过关后，学生就可以就读单元一的课程。
This is indeed a very good news. We know there are many agents who wish to advance their career into financial planning industry but was rejected because of academic requirements.	这的确是非常好的消息。我们晓得有许多代理员有兴趣晋升理财行业但是碍于学术条件而无法如愿以偿。
I have checked with our Education Provider on this PLRA exam. He confirms that he can arrange the exam as long as there are a minium of 5 students.	我们的教育提供者确实了他可以安排如此的考试，条件是最少有5位学生。
CFP used to recruits Degrees holders, while RFP recruits Diploma holder from 2017 onwards. This special program for SPM holders to enrol in CFP course is indeed very precious opportunity. Don't miss it.	CFP的收生条件是学士生，RFP从2017年开始收取文凭生。如此的SPM生特别收生条件确实是相当宝贵的。可千万别错过了。
If you are interested, please email to sateo7689@yahoo.com for enquiry.	若是你有兴趣了解更多，请致邮sateo7689@yahoo.com。

117 CFP course for 2017

CFP course for 2017	2017年CFP课程
The first batch of CFP course for 2017 will start in February 2017. The education provider is looking for students. Do not miss the opportunity because it will only conduct class twice a year.	2017年第一批的CFP课程就要在二月份开课咯。学院正在录取新生。请尽早报名因为课程是每半年一次。
Pls write to me at sateo7689@yahoo.com if you want to know more details. I am not a staff or representative from the service provider. I just want more people to study CFP course.	如果您需要更多资料，可以电邮sateo7689@yahoo.com。我本身不是学院的职员或代理，只是想有更多人就读CFP课程。。