133 The three musketeers of wealth accumulation: Time, rate of return, and the amount invested

The three musketeers of wealth accumulation: Time, rate of return, and the amount invested	累积财富的三剑客：时间、回报率、投入资本
There are three variables that impact wealth accumulation: time, rate of return, and the amount invested. Of the three, two are within our control—time and amount invested. At least we can control when to start, and with how much. However, we like to focus our attention on the uncontrollable—rate of return. Investors like to look for the target of investment that can give superb rate of return. However, a rate of return higher than inflation rate is good enough for most of us.	共有三个变数会影响财富累积，它们是时间、回报率和投入资本。这三个当中，时间和投入资本是我们可以控制的。或至少我们可以决定何时开始、数目多少。可是，我们总是喜欢注重那不受控制的回报率。投资者总是喜欢寻找那可以给予超高的回报率。其实，对于一般投资者，一个比通胀率稍高的回报率已经足够了。
To illustrate the case, let's do some simulation. We will use financial calculator found in http://www.calculator.net to do some calculation.	让我们做点模拟看看。我们会用http://www.calculator.net里的理财计算机。
Safe to say almost everybody has roughly 25 years to save for retirement. So, let's say we can save RM500 per month for the next 25 years, at a rate of return of 8%. We can see that, the future amount is RM454K.	可以说一般的人都大约有25年的投资期限。让我们试算在25年里每月投资RM500于给予8%回报率的投资。我们可看到未来数是RM45.4万。
Now, what if another investor think 8% is not attractive enough and delay his investment. He may leave the RM500 per month in his savings account (and hoperfully he doesn't spend the money). How much would he get after 25 years? He would have RM154K 25 years later. How sad.	但如果投资者认为8%太低了，于是拖延不投资。他可能会把每月的RM500存入普通储蓄户头（还要希望他不花掉）。25年后，他会有多少钱呢？他共会有RM15.4万。好可惜。
Next we look at whether 8% rate of return is within reach. We will get the data from Morningstar (http://my.morningstar.com). Out the universe, I will use data from "Malaysia - Large Cap". Why? Large Cap is suppose to see less volatility, and particularly many investors are so fed up with large cap stocks because of their non-performance over the last 3–4 years. We can see that there are funds that can do 8% returns.	接着让我们看看8%回报率是合理的吗？我们从Morningstar （http://my.morningstar.com） 查找资料。我会用Malaysia - Large Cap这个类别。为什么呢？大资本股的波动一般比较不大，在加上近3-4年大资本股没什么表现，让许多投资者伤心呐。我们可以看到是有些基金能够给予8%回报率的。
OK, the questions will be whether RM500 per month is affordable. Of course, it may sound too high for those newly in job. So, he may start with a smaller amount. However, as he get more senior, he should get more increment. He should commit to a bigger amount. The important thing is he should not refrain simply because amount is small. Investing is a habit, and it's a marathon.	那，接着的问题就是每月RM500负担得来吗？当然对初入职场的新鲜人来说，这数目可能会稍高。所以，他可以以较低的数目开始。随着他的职龄增加，薪水也跟着水涨船高。到时，他就能负担更大的数目。重要的是别因数目小而不投资。投资也是一种习惯，而且更是马拉松长跑。

132 China A-shares vs H-shares, which is cheaper?

China A-shares vs H-shares, which is cheaper?	中国A股及H股，何者较廉？
On 11/4/18, I attended a market outlook talk. Fund house A came to talk about China market and one of their China fund that can access to China A-shares market. The presenter said it is a good time to consider China A-shares because they are at a discount to H-shares peers.	于11/4/18出席一市场前景讲座。A基金公司来讲解中国市场及其可投资A股的中国基金。讲解人提到此时正宜考虑中国A股因为它们正比H股便宜。
His statement came a surprise to me. I had just finished reading a few China and Hong Kong value investors' / fund managers' on their investment strategies. They said since H-shares is cheaper than A-shares, apparently it makes sense for them to buy H-shares.	这话有点儿让我惊讶。我刚读完基本中国及香港价值型投资者或基金经理的书。对于两地上市的公司，他们的分析是“同股同权，应买较便宜的”。既然H股较A股便宜，他们买的是H股。
So, I immediately google it up. In Financial Times (https://markets.ft.com/data/indices/tearsheet/summary?s=HSCAHPI:HKG), it is shown that A-shares is about 23% premium over H-shares. The data is for 5 years.	所以我马上谷歌一下。在Financial Times (https://markets.ft.com/data/indices/tearsheet/summary?s=HSCAHPI:HKG)， 可以看到A股对比H股有23%的溢价。这里有5年的资料。
This morning, I googled again since I want to note down in this blog. In investing.com (https://www.investing.com/indices/hs-cahpi), I can see a longer data, as far back as 2006. So now I can see somewhere between 2007 to 2010, A-shares was at premium to H-shares, with its peak at 2008. Then A-shares were at a discount to H-shares in between 2010 to 2015, before they became at a premium again.	今早，我再次谷歌，因为要在此处留个记录。在investing.com (https://www.investing.com/indices/hs-cahpi)，我可以看到久至2006年的资料。资料现实在2007年至2010年期间，A股对比H股有溢价，且在2008年达到高峰。接着的2010年至2014年之间，A股对比H股是出现折价的。2014年后，A股再次出现溢价。
Although there is a premium, but when we refer to data in Fundsupermart Malaysia (https://www.fundsupermart.com.my/main/research/-View-Market-Valuation-as-of-16-April-2018-9662), the three stock markets at Greater China area are still quite low in valuation when compared to their fair value PE multiple. So, to invest or not to invest in A-shares, solely depends on individuals.	虽然出现溢价现象，但参照Fundsupermart Malaysia （https://www.fundsupermart.com.my/main/research/-View-Market-Valuation-as-of-16-April-2018-9662） 的资料，大中华两岸三地的股市本益比仍然是较合理估值低的。所以要不要投资A股就看各位看官了。
Personally, maybe I still do not dare to go into A-shares. Maybe I was influenced by those books, that China market is still a relatively young market, the investors there still have not treat stock market in a more rational manner. Herd mentality is still a common phenomenon.	就本身而言，可能我还不敢参与A股。当然A股里最近出现了几只回报标清的股票如贵州茅台。或许是被那几本书影响，中国股市毕竟历史较短，股民还没有理性的看待股市，常常出现跟风现象。

131 Biblical-based Investing

Biblical-based Investing	符合圣经的投资
While looking for some ETFs that invest in environment-friendly companies, I happened to know a few ETFs that invest based on Biblical values / requirements. It seems this faith-based investing is categorized in a broader socially responsible investing (SRI).	当我在搜索投资于环保公司的股市交易基金时，让我发现几个符合圣经投资法的股市交易基金。这些所谓的以信仰为本的投资法被包括在社会责任投资法领域。
Socially responsible investing is very popular in the western world, where investors who are conscious of his money to be invested in a way that benefits the environment and social. Companies that involved in tobacco, gambling, pornography or non-environmentally friendly would not fit the bill.	社会责任投资法在西方非常流行。投资者很介意他们的钱是投资在有益于环境和社会的公司。若是公司涉及烟草、赌博、色情或者破坏环境，这些公司就不符合他们的需求。
As I search, there is no such funds or ETFs in the Asia region. In terms or mutual funds, there are Ave Maria, Thrivent, GuideStone, LKCM Aquinas, New Covenant, and Steward. Unfortunately, there are only available in US. In terms of ETFs, there are Inspire, James Bible and GlobalX. These ETFs, since traded in NYSE, can be bought through local stockbroking houses that allow oversea market trading.	在亚洲，目前似乎并无此类的信托基金或者股市交易基金。在信托基金方面，市场有Ave Maria, Thrivent, GuideStone, LKCM Aquinas, New Covenant, and Steward。遗憾的是，它们只在美国出售。在股市交易基金方面，市场有Inspire, James Bible and GlobalX。此类股市交易基金，既是在纽约交易所上市，我们就可通过本地股票行开通国外交易平台进行买卖。
With this discovery, I think I can approached Christian clients whether they want to divert some capitals into such Biblical ETFs. It makes sense to me that Christian should not invest in companies that support sinful activities or business.	即由此发现，我想我可以询问基督徒顾客是否有意转移某些资金投资于此类符合圣经的股市交易基金。对我而言，基督徒不投资于那些牵涉罪恶行业的公司，是合情合理的。
Besides complying to Biblical requirements, some ETF providers may also allocate some of their profit towards charity or missionary.	除了投资选股方面符合圣经要求之外，这些股市交易基金的公司也可能会拨出某个部分的盈利来支持慈善或宣教事业。
On a separate note, although it is a good thing to know of such ETFs, we cannot ignore another basic cause of lay-investors investment failure. This basic failure is their untimely in and out of market activities. Take the recent possible Sino-US trade war scare as example. The market turned volatile. Many investors could have sold their stocks in the recent lows. Why wasn't it a buy at low? In times like this, we should remember Warren Buffett's words that market fluctuation is our friend while our personal fear is our arch-enemy.	能够找到符合圣经的基金固然是喜事一件，我们也不应忽视一般投资者投资失利的基本原因。这基本原因就是投资者总是在不当的时间点杀进杀出市场。就以今日中美恐爆发贸易战举例，股市因而波动剧烈。许多投资者或许在这几日的低点就出售手上的股票或基金。为何不是趁低进货呢？此时就该想想巴菲特说的--市场波动是我们的朋友，自身恐惧确实我们的大敌。
What follows should be to learn more about Biblical investing or wealth planning. The constraint is limited on-hand resources. Seems like I just have to learn as I go on.	接下来我要做的，应是继续了解符合圣经的投资法或理财法的整个做法。只是手上的资料有限，看来只有边学边行了。