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。

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。
-
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。