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。