Bilibala devotion 13/12/31 一刻間的倒台 啟示錄c18a

2014 新年快樂
淫婦擋不住的風情
約翰的述事手法
政經界大聯盟
一刻間的倒台

Bilibala Finance 2013 full year performance

Bilibala Finance 投資財金, 勝負難分, 分析技藝, 受用一生

Bilibala finance 除了帶你進入財金世界, 分析大市走勢, 企業財務報告, 估值評估. 也帶你穿梭 billy ++bilibala 的分析過程, 他的交易, 持有, 甚至挫敗經驗. 借此反照一個投資者如何跌進, 如何打破那 70% 人失敗的宿命. 作為一個基督徒投資者在一個變幻莫測的金融領域學習作神有所為有所不為的忠信管家.

仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.

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Bilibala's 2013 performance (noon time, to be finalized later):

	2013	2012	2011	5 YR	10 YR	ITD	CUM
US S+P	29.6%	13.4%	0.0%	22.6%	5.2%	7.0%	210%
CA TSX	9.7%	4.0%	-11.1%	12.7%	5.2%	6.8%	206%
UK FTSE	14.4%	5.8%	-5.6%	14.3%	4.2%	5.0%	171%
HK HIS	2.9%	22.9%	-20.0%	16.9%	6.4%	8.7%	250%
CN SHI	-6.7%	3.1%	-21.7%	4.9%	3.5%	4.1%	156%
Benchmark	14.9%	11.8%	-10.4%	16.7%	8.1%	9.5%	272%
Bilibala	19.5%	23.1%	-7.6%	25.5%	17.6%	17.5%	590%

  * Benchmark calculated basd on regional index performance, weighted averaged by Bilibala's yearly regional asset mix (assumed netural impact on FX rate).

Facts:

• YTD return % (in US) is -3.6% lower than prior year
• By taken the FX gains into account, YTD return % (in CA) is +27.8% which is in fact +4.7% higher than prior year
• YTD return % (in US) is +4.6% better than worldwide brenchmark * , but -10.1% lower than US S+P 500
• ITD annualized return % (in US) increased +0.2%, it is still -2.2% lower than Berkshire Hathaway's book value ITD annualized increase % (in US) of 19.7%

Comments:

1. (2.6%) related to bad decision lead to a 35% losses in Barrick Gold (ABX) in 1st half of the year, dropping of gold price trigger a free fall of the gold stock, instead of retreat, invest further and enlarge the losses which can be avoided.
2. (2.0%) related to bad analysis lead to a13% losses in Apple Inc (AAPL) in Q2, I estimated Q1 earnings and its values correctly, but investment time inconsistent with the market.
3. Huge gains in US stocks partly offset with low return in Asia stocks

These were pricy lessons, without the 1st and the 2nd mistakes, return % can be closer to US S+P 500 performance.

Assets Mix (as of Dec 31, 2013)

By region

• US 47%
• Emerging 32%
• Canada 12%
• Europe Market 9%

By Industry

• Insurance 20%
• IT 18%
• Banking 13%
• Telecom 10%
• Consumer 10%
• Food 8%
• Energy 4%

Top Holding (over 70% concentration, as of Dec 31, 2013)

1. China Life (LFC) since 03 btw HK$3.6 - 22.5

China Life Insurance Company Limited is a China-based life insurance company. The Company through its subsidiaries is engaged in writing of life insurance business, providing life, annuities, accident and health insurance products in China. It has a dominant market shares of above 40% in China's life insurance in force policies.

2. Google Inc (GOOG) since 09 btw US$287 - 601

Google Inc. (Google) is a global technology company focused on improving the ways people connect with information. The Company generates revenue primarily by delivering online advertising. As of December 31, 2011, the Company's business was focused on areas, such as search, advertising, operating systems and platforms, and enterprise. Businesses use its AdWords program to promote their products and services with targeted advertising. In addition, the third parties that comprise the Google Network use its AdSense program to deliver relevant advertisements that generate revenue.  

3. China Mobile (CHL) since 05 btw HK$36 - 76

China Mobile Limited is a telecommunication company which provides mobile telecommunications and related services in 31 provinces, autonomous regions and directly-administered municipalities in Mainland China and Hong Kong. As of December 31, 2012, its total customer reached 710 million. The largest in the world.

4. Manulife Financial (MFC) since 09 btw CA$9.7 - 19.5

Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. The Company's segments are Asia, Canadian and U.S. Divisions and the Corporate and Other segment. The Company's international network agents and distribution partners offers financial protection and wealth management products and services to clients. It also provides asset management services to institutional customers.

5. Tiffany + Co (TIF) since 10 btw US$46 - 55

Tiffany + Co. is a holding company that operates through its subsidiary companies. The Company's principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer whose principal merchandise offering is jewelry. Its the 2nd largest Jewelry company in the world.

6. Wells Fargo (WFC) since 08 btw US$12.5 - 25

Wells Fargo +Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, Brokerage and Retirement. It is also the largest investment in Warren Buffet's Burkshire Hathaway stock portfolio which he bought & hold and still keeps buying for over 20 years.  

7. China Construction Bank (0939) since 05 btw HK$2.4 - 5.35

China Construction Bank Corporation is a commercial bank. The principal activities of the Group are the provision of corporate and personal banking services, conducting treasury business, the provision of asset management, trustee, finance leasing, investment banking, insurance and other financial services. The bank has approximately 13,629 domestic branches, it is the second largest bank in China by market capitalization. 

8. General Electric (GE) since 08 btw US$9.5 - 22.3

General Electric Company (GE) is a diversified technology and financial services company. The products and services of the Company range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

9. Starbucks Corporation (SBUK) since 10 btw US$31 - 46.5
Starbucks Corporation is a roaster, marketer and retailer of coffee operating in 60 countries. The Company purchases and roasts coffees that it sells, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through Company-operated stores. As of September 30, 2012, it operated 9,405 Company-operated stores and 8,661 licensed stores.

10. The Walt Disney Company (DIS) since 09 US$29 - 45

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. The Company operates in five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive.

11. Deckor Outdoor (DECK) since 12 btw US$35 - $38
Deckers Outdoor Corporation designs footwear developed for both high performance outdoor activities and everyday casual lifestyle use. The Company markets its products under three brands: UGG, Teva, and Sanuk.

12. Suncor Energy (SU) since 11 btw CA$29 - 33.5

Suncor Energy Inc. (Suncor) is an integrated energy company. The Company is focused on developing petroleum resource basins-Canada's Athabasca oil sands. In addition, the Company explore for, acquire, develop, produce and market crude oil and natural gas in Canada and internationally, and the Company transports and refines crude oil, and market petroleum and petrochemical products primarily in Canada. The Company operates under three segments: Oil Sands, Exploration and Production, and Refining and Marketing.  

13. Royal Dutch Shell (RDS.A) since 11 btw US$63 - 68

Royal Dutch Shell plc (Shell) is an independent oil and gas company. The Company owns, directly or indirectly, investments in the numerous companies constituting Shell. Shell is engaged worldwide in the principal aspects of the oil and gas industry and also has interests in chemicals and other energy-related businesses.

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過去二百年, 數據顯示升幅最大的投資工具是股票, 有11%, 其次是債劵 7%, 第三才是香港人最迷信的房地產 6%, 現金是不斷貶值, 最差的投資, 而黃金只僅僅跑贏 3-4% 的通脹. 股票雖然升幅最驚人, 但短期波幅最大, 股票選擇繁多而參差, 令到投資者在回報上出現更驚人的反差: 竟有七成人在股票上輸錢!

坊間有林林種種教你買股炒股玩窩輪的書, 股民的結局又是否因而改寫呢?
bilibala 股票基金投資組合過去10年所管理的資產淨值增加卅倍, 平均每年回報有17.7%, 累積回報 410%. 經過金融風暴這樣的暴跌的洗禮, 損失超過 63%(已比恆指和上証跌幅細), 最後仍能否極泰來, 再創新高.

儘管如此, 聽他意見的朋友仍有無數損手爛腳的時侯. 仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.

風靈頌 (MTV version)

我有個問號始終找不到句號
若聖靈能和神劃上等號
為何有些時侯感覺不到衪的訊號?
不知道要如何開引號

一刻超快感充當衪入座對號
難道長闊高深只能充當口號
聖靈充滿我心房,
還是音樂的符號?
心在寂靜中那風靈才吹號

看不見的微風
雲彩大地卻跳舞
找不到的影踪聖靈卻住在我心中
也許不是神通,不是方言, 不是失控
乃是真理的靈每一刻感動

一絲, 一紡, 一線聖靈的澆灌
一行, 一站, 一坐重生風采
生活的每個劇場都是屬靈的牧場
教我不對抗, 迎接衪的擁抱
看不見的微風 雲彩大地卻跳舞
說不出的禱告聖靈是我的感嘆號
忘不了的跌痛也是衪喬裝的祝福 我願意 我願意一生的順從

----------------------------------------------
聖父,聖子,聖靈三位一體的真神當中,聖靈住在我們這些接受主基督的人心中,理論上是最親近. 不過,現實上卻反而是最陌生和最生疏的一員. 每次提及聖靈充滿不是肅然起敬,就是臉有難色. 我們如何跟這位內住心靈的"客人"溝通,建立關係成了一個煩惱但必要急切解決的難題. "誰是主人?誰是客?"又是另一個需要思想的問題.

信主九個年頭(2005), 跟衪依然不見得如何熟絡. 除了唱詩那一刻的快感,有什么時侯被聖靈充滿呢? 唱詩唱得投入又是否代表跟聖靈接觸呢? 有時侯生活太多姿彩,事奉過於忙亂,聖靈即使對我說話,又會否聽見留心呢? 或者安靜未必等於什么也不做,有其環境因素,但主要是內心的問題. 問題是: 我是個每時每刻心靈安靜的人么? 我又是個無時無刻準備聆聽聖靈聲音的人么?

既然看不見,觸不到,如何經歷到衪? 既然單憑感覺,神蹟,方言如果都未必可靠,憑什么經歷到衪? 重讀約翰福音14-16章, 耶穌不是用"感性",用"權能"去形容聖靈,卻重覆用"真理"去形容聖靈. 原來每次打開聖經研讀思想,就可以/巳經遇見聖靈, 我竟不知道!!

當我再留意沉悶的一天,其實聖靈無時無刻都跟我一起,跟我說話. 只不過,一來無心裝載,二來一向look for 特別經歷/特別感覺的我, look for apple, 又如何找到orange? (正如保羅喜歡誇自己每天的軟弱, 勝過一生一次三層天的經歷.) 如果生活中可以跟聖靈建立關係,那么除了教會是屬靈之外,生活每一個場境也不一定屬世. 我才不相信那套膚淺的屬靈屬世教會內外二分法. 我覺得如果人是屬靈,一切都有聖靈,人是屬世,一切都是屬世. 不過,聖靈是神,不是一件工具,所以,你可以對抗衪,亦可以迎接衪,甚至一生順從衪. 問題是: 我會如何决擇呢? 答案.....或者每一次都不會一樣, 亦不太肯定.

或者這就是大多數人對聖靈的體會. 追求衪么? 是一剎那? 怕你真的被聖靈充滿,現實跟幻想差太遠,會令你立刻轉頭溜走呢?

關於聖靈論的研究多的是. 風靈頌這首詩歌只能針對大部份人對聖靈的誤解以及提供一個可行的溝通方向. 嘗試用孩子功力範圍最"飄"最"輕"最"美"的字眼去揭開我們一直追求所謂聖靈云云,最"硬"最 "重"最"醜"的真面目. 在生活中追求真理的聖靈,未必可以討好自己,但長遠來講,這才是比較可靠.

Bilibala Finance updates 13/12/30

Bilibala Finance 投資財金, 勝負難分, 分析技藝, 受用一生

Bilibala finance 除了帶你進入財金世界, 分析大市走勢, 企業財務報告, 估值評估. 也帶你穿梭 billy ++bilibala 的分析過程, 他的交易, 持有, 甚至挫敗經驗. 借此反照一個投資者如何跌進, 如何打破那 70% 人失敗的宿命. 作為一個基督徒投資者在一個變幻莫測的金融領域學習作神有所為有所不為的忠信管家.

仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.

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Transactions:

• 2nd last day of year 2013, may be my last sort of 2013 transations
• Sold 99% of CPL ltd (0002) at HK$61.75 switch to add the following:
• Added 27% China Resource Enterprise  (0291) at HK$25.9
• Added 33% China Resource Power (0836) at HK$18.24
• Added 20% HSBC (0005) at HK$84.2
• Sold 99% of Shiu On Land (0272) at HK$2.39 switch to add 29% Prada (1913) at HK$68.75
• Wish you all Happy New Year !!!

Top Holding (over 70% concentration, as of Oct 31, 2013)

1. Google Inc (GOOG) since 09 btw US$287 - 601

Google Inc. (Google) is a global technology company focused on improving the ways people connect with information. The Company generates revenue primarily by delivering online advertising. As of December 31, 2011, the Company's business was focused on areas, such as search, advertising, operating systems and platforms, and enterprise. Businesses use its AdWords program to promote their products and services with targeted advertising. In addition, the third parties that comprise the Google Network use its AdSense program to deliver relevant advertisements that generate revenue.  

2. China Mobile (CHL) since 05 btw HK$36 - 76

China Mobile Limited is a telecommunication company which provides mobile telecommunications and related services in 31 provinces, autonomous regions and directly-administered municipalities in Mainland China and Hong Kong. As of December 31, 2012, its total customer reached 710 million. The largest in the world.

3. China Life (LFC) since 03 btw HK$3.6 - 22.5

China Life Insurance Company Limited is a China-based life insurance company. The Company through its subsidiaries is engaged in writing of life insurance business, providing life, annuities, accident and health insurance products in China. It has a dominant market shares of above 40% in China's life insurance in force policies.

4. Manulife Financial (MFC) since 09 btw CA$9.7 - 19.5

Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. The Company's segments are Asia, Canadian and U.S. Divisions and the Corporate and Other segment. The Company's international network agents and distribution partners offers financial protection and wealth management products and services to clients. It also provides asset management services to institutional customers.

5. Tiffany + Co (TIF) since 10 btw US$46 - 55

Tiffany + Co. is a holding company that operates through its subsidiary companies. The Company's principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer whose principal merchandise offering is jewelry. Its the 2nd largest Jewelry company in the world.

6. Wells Fargo (WFC) since 08 btw US$12.5 - 25

Wells Fargo +Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, Brokerage and Retirement. It is also the largest investment in Warren Buffet's Burkshire Hathaway stock portfolio which he bought & hold and still keeps buying for over 20 years.  

7. China Construction Bank (0939) since 05 btw HK$2.4 - 5.35

China Construction Bank Corporation is a commercial bank. The principal activities of the Group are the provision of corporate and personal banking services, conducting treasury business, the provision of asset management, trustee, finance leasing, investment banking, insurance and other financial services. The bank has approximately 13,629 domestic branches, it is the second largest bank in China by market capitalization. 

8. Starbucks Corporation (SBUK) since 10 btw US$31 - 46.5

Starbucks Corporation is a roaster, marketer and retailer of coffee operating in 60 countries. The Company purchases and roasts coffees that it sells, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through Company-operated stores. As of September 30, 2012, it operated 9,405 Company-operated stores and 8,661 licensed stores.

9. General Electric (GE) since 08 btw US$9.5 - 22.3

General Electric Company (GE) is a diversified technology and financial services company. The products and services of the Company range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

10. The Walt Disney Company (DIS) since 09 US$29 - 45

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. The Company operates in five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive.

11. Deckor Outdoor (DECK) since 12 btw US$35 - $38

Deckers Outdoor Corporation designs footwear developed for both high performance outdoor activities and everyday casual lifestyle use. The Company markets its products under three brands: UGG, Teva, and Sanuk.

12. Suncor Energy (SU) since 11 btw CA$29 - 33.5

Suncor Energy Inc. (Suncor) is an integrated energy company. The Company is focused on developing petroleum resource basins-Canada's Athabasca oil sands. In addition, the Company explore for, acquire, develop, produce and market crude oil and natural gas in Canada and internationally, and the Company transports and refines crude oil, and market petroleum and petrochemical products primarily in Canada. The Company operates under three segments: Oil Sands, Exploration and Production, and Refining and Marketing.  

13. Royal Dutch Shell (RDS.A) since 11 btw US$63 - 68

Royal Dutch Shell plc (Shell) is an independent oil and gas company. The Company owns, directly or indirectly, investments in the numerous companies constituting Shell. Shell is engaged worldwide in the principal aspects of the oil and gas industry and also has interests in chemicals and other energy-related businesses.

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過去二百年, 數據顯示升幅最大的投資工具是股票, 有11%, 其次是債劵 7%, 第三才是香港人最迷信的房地產 6%, 現金是不斷貶值, 最差的投資, 而黃金只僅僅跑贏 3-4% 的通脹. 股票雖然升幅最驚人, 但短期波幅最大, 股票選擇繁多而參差, 令到投資者在回報上出現更驚人的反差: 竟有七成人在股票上輸錢!

坊間有林林種種教你買股炒股玩窩輪的書, 股民的結局又是否因而改寫呢?

bilibala 股票基金投資組合過去10年所管理的資產淨值增加卅倍, 平均每年回報有17.7%, 累積回報 410%. 經過金融風暴這樣的暴跌的洗禮, 損失超過 63%(已比恆指和上証跌幅細), 最後仍能否極泰來, 再創新高.

儘管如此, 聽他意見的朋友仍有無數損手爛腳的時侯. 仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.

Bilibala devotion 13/12/30 喝醉了淫婦的杯中"蜜" 啟示錄c17c

若淫婦=羅馬城，重解c17
列王的喝醉與十王之亂
歷史中的尼祿與豆米田
從信仰洞悉國運的持久性

附錄:
吳宗文牧師於佔中交流會引啟示錄 (from 28:48 till the end)
http://www.youtube.com/watch?v=BEkymjggZF8

學者孫寶玲對引用之解釋
http://polingsun1956.wordpress.com/2013/11/02/%E9%96%8Bblog%E7%AC%AC%E4%B8%80%E6%89%91post%E8%AA%B0%E5%96%9D%E9%86%89%E4%BA%86%E5%B7%B4%E6%AF%94%E5%80%AB%E6%B7%AB%E4%BA%82%E7%83%88%E6%80%92%E4%B9%8B%E9%85%92%EF%BC%9F/

Bilibala devotion 13/12/28 你為什么希奇呢 啟示錄 c17b

大淫婦是天主教？
    界線是什么？
三次希奇
聖經中的三種淫婦
    只有解作信仰偏離才對？
淫婦的真解
    七山
    七王
政治觸覺
    神眼中的今天
    你為什么不希奇？

Bilibala finance 101 13/12/28 選股切入點

從不喜歡收禮的一個

和管++拍拖後就有互送禮物的習慣，對從不喜歡送禮收禮的一個我，要送什么和收什么都很頭腦. 真想不清為何管++滿腦子都是主意，而且總是買到令收禮人稱心滿意之物.

就連我自己也不知道想收什么禮物. 管++問我要盒lego與否，我喜歡砌lego, 亦夢想有間全是lego的房，但一想到除了砌的過程興奮外，純展覽也不見得有太大樂趣, 如果create 了一份想不斷砌的消費意欲又未必是好事.

管++真了不起，想到送對皮鞋給我. 對鞋靚與否，管++說了算(我是說什么也弄不清). 想來管++越來越明白，她有本事揀一對靚(for her satisfaction)
a. 穿得舒服，
b. 大減價，
c. bilibala持其股票的鞋.
 

這是令billy 收禮物收得滿意的元素. 雖然不用出錢，也求實用，不想別人破費，最好是其投資，感覺上可以賺回來嘛！也借此用用它們的產品是否good buy.

去年送了對UGG給管++，順便分析這公司，覺得好，就買了一點，結果賺了超過100%，今年送了一條Burberry頸巾，連帶在義大利買一Miu Miu袋在內， 分析兩間公司的業績和前景, 最後決定買入Prada. 計Tiffany + Co, Detector Outdoor 及 LVMH後，這是第四間高消費品企業. (難怪管++話我悶)

管++， 聖誕新年快樂！

Bilibala devotion 13/12/26 最後之戰啟示錄 c17a

七碗與七號之不同在於爭戰
    三靈
    戰衣
    哈米吉多頓
古戰場歷史考
淫婦之簡述

Bilibala @ cell 201401 集體回顧 2013年

00.00 intro, highlights on 2014 focus & 2013 evaluation about market place
04:31 run down
05:29 part 1 - one up one down
08.13 part 2 - meditate the bible (workship)
12:33 part 2 - meditate the bible (eph 1:15-19)
20.28 part 3 - topic discussion (2013 reflection)
28:26 part 4 - moment of prayer

2013 羅省之旅(3) day 1 放輕鬆

剛收到宏利決定將us life division 我的精算部全調到波士頓的消息，感恩自己可以在一個月前跳船成功. 面對新工的第一個季報也叫做應付得來，令2013年5月底的加州之旅滿有如釋重負的輕省

第一站，登上"荷里活"大牌上，去天文學館. 

 

喜歡科普，初中已是李逆熵(台長李偉財的筆名)在壹周刊的專欄之忠實讀者，後來升大學通識科打算報讀天文，卻苦於宇宙中充斥著令人作嘔的雞腸而放棄，轉讀實用性強的能源學. (註一)

(a telescope to observe the sun, the real shining sun)

這天文學館最感新鮮的有二:

1. 隔空通電，產生人造閃電效果的一幕. 科研令我們更認識神創造這世界的奧妙，實用科學也不斷改善我們的生活. 最新研究用以氦能發電, 加上兩三年前成功商用的頁岩氣，令以前小學老師教什么能源會在幾十年後耗盡的說法再不適切. 估計我們的下一代會更嚴重地不患寡而患不均， 不患貧而患不安

2. 圓半球天幕中觀賞半小時短片"星空傳奇"， 模擬觀星.

之前去過許多太空館，也看這樣的影片，可能由於要抬著頭望天，又可能由於四周漆黑一片，每每看了五六分鐘就睡了，總不能警醒片時，lol.

這次特別是有一真人伯伯拿著地球儀先行出講解，亦有一個假月球由地上升起，提高真實感，就像一老伯伯帶一班小朋友拿望遠鏡由地球觀天數星星一般.

第二站星光大道

正如我第二篇談到，星光大道那些腳印手印沒什么特別

特別是烙印這些腳印手印的電影工業，電影文化一個又一個電影工作者.

在那兒食了一頓燒烤餐，這就是頭一日.
管++的性子是不喜歡食這些，一人選一餐 lor. Yeah！

 

註一
沒想到這一科所學到的對後來分析能源公司有莫大脾益，亦曾因此更客觀估計日本福島核電爆炸可能的風險，不致被傳媒(Hong Kong's)誤導.

Related Links:
2013 羅省之旅 (1) 簡述
2013 羅省之旅 (2) 特色
2013 羅省之旅(3) day 1 放輕鬆

Bilibala devotion 13/12/24 執迷不悔2 啟示錄 c16

大雪之後
銀碗和盛"怒"d乜之舊約考
七碗與前面之共通
   vs 七號
   vs 人之取態
   vs 白衣
白衣歷史考

Re: 麥當勞籲員工 食快餐無益

超like, 絕對認同麥記既內部指引，快餐冇益！
我由細食大，同麥當勞叔叔有感情，間中探下佢嘛！
就算冇咁健康，但我開心嘛！開心就令一個人健康番！
我知道架，所以謝飯果陣一定不忘感謝主賜我飲食同喜樂生命，但不會妄求健康。

The House News:
麥當勞籲員工-食快餐無益

2013 回顧 (1 職場篇)

Overall, 為billy 轉工，管++ 管理經驗的成長, bilibala 基金在對與錯中增值，以及婚後的融合和互助，感謝神的帶領和管教
2014 要更盡心聆聽聖靈聲音同搏得更盡

Billy (財報分析)
1. 5月初轉工，在宏利金融 relocated 我部門去波士頓前半個月成功轉工免炒
2. 總結在宏利金融一年半，弱項行政和統籌進步了許多，對精算也有更透切了解，亦建立了process improvement 的觸覺
3. 新工的適應，和同事相處融合，上司滿意及認同工作表現(照肺結果是優於正常，通常新仔皆是，要睇埋下年"驗身"報告才可確定)
4. 新工不但加班時間減少許多，且能專注自己強項分析，又不用過份處理弱項行政和統籌.
5. public speaking, business writing, 及談判論述技巧仍要下苦功鍛鍊，對新公司的各運作可以做得更好

2014, 要好好學西班牙文，閱讀 business news, 補上述#5之不足

管++
1. 適應 2012年下半年轉的岡位, 少了一開始時那份沉重壓力
2. 人事管理經驗和presentation skills 得以提昇，做報告或分析的判斷更加敏銳
3. 成功完成會計師牌的工作經驗要求，以及向會計師公會提請的專業履歷報告
4. 仍然過於忙碌，身心疲累
5. 開始摸索下一步，自己想點，適合乜野，然而在行動上一疇未展

2014, 成功找到具體方向及轉工

Bilibala (投資分析)
1. 業績 (2013 full yr final):
    年回報(ca$)較去年升40%，優於預期，受惠美元資產上升帶動. 若匯率不變，年回報(us$)實較去年減 2% *
    年回報率(us%)遜於美股(優於環球平均)，較美國 S+P500 回報少10.1%
    過去11年平均年回報(us%)較去年升0.2%，也遜於巴郡46年年均 2.2%.
     * 已包括年初錯誤分析(貪心而犯了投資禁忌，舊工工作壓力)招至在 barrick gold and apple inc 巨大損失，令組合整體減少 4.5%回報及不可估計的opportunity costs.
2. 成功調配資金，注資烏龍房產基金，增加兩項目，去槓桿後回報率跟市場同步.
3. 開始網上理財投資分享，點擊反應不俗，今後經濟數據和企業業績分析要更勤力.
4. 90%成功合併billy 和管++的資本帳，大部份注入bilibala 環球基金，便於管理.
5. 經常帳達收支平衡，剔除去年一次性收購合併(結婚)開支，今年水電煤有顯著節省，抵銷管++搬去列治文交通費增加，另奉獻金額回升.

2014, 令12年年均再推高0.1%，減少錯誤us$, 長進學問，進修，其下所有企業季報至少80%完成分析.

Frozen @ Toronto

周五晚睇完迪士尼的frozen後，世界都變了！架車frozen, 條路frozen, 車房frozen, 連司機同乘客都frozen, 好應景

 

睇到最後一幕令我聯想到這首歌(調用"讚美之泉":
國
從天父而來的愛和恩典
把我們frozen的心熔解
粵
落雪冷冷雨冷冬氣侯
仍是在我心底暖暖
柔柔地讓暖意去分贈
跟主雪裡送炭每天
任雪遍天每人仍是暖
主愛，恩典，賜與

到周六晚停電，今早(周一)才恢復.
圖為周日午飯後回家， drive way 變溜冰場， 架Mini Copper在屋前進退為谷，要由車房口一路鑿開所有冰，救番佢出來.

足足鏟了三小時，死左. 冇電，又周身骨痛，bilibala 決定放假，唔錄音，但其事奉會盡快恢復，多謝支持

Fwd: Bilibala finance 13/12/21 投資股票的光譜與小練習

再談股票原意
金魚缸的現實
金魚缸與一盤生意間的光譜
企業和symbol
禮儀的練習

Bilibala devotion 13/12/20 重尋抗爭路線圖 啟示錄c15

testing 1 2 3 God in 人世間
又七天使與七災？
由洪海到玻璃海之得勝
由玻璃海到地中海的抗爭本相

牙買++(5) 半澤直樹欲靜而風起了(完結篇)

在行政架構上，牙買加和千里達的分行行長和保險老總要向總行的我和另外三位同事匯報每月業績。然而無論資歷，商業觸覺，所管理的人員和事項，他們都比我叻太多。

某次送陳孟賢教授機, 當時我正在修講道學, 他給我的建議是, "聽最好的最有力的講員, 才有成為最好的機會."
同樣道理，能與分行長和老總面談半小時，訪問分行和牙買加的概況，我也獲益良多。

牙買加一直處於嚴峻的困境中，長久以來GDP增長近乎零.  截至2012 年，牙買加的失業率超過13%，通脹7%， 國債等於GDP的150%(同希臘豬一樣)，債息7%，政府財赤則達到 -9%.
這代表什么呢？

1. 若GDP代表收入除去通漲，也就是說，國民生產力實際上是在倒退7%.
2. 就算政府收支平衡，每年7%債息，也足以令國債比重每年對比GDP 不斷升高，更何況財赤，基本上，沒有債務重組，它很快就會上到200%，300%....冇可能還清
3. 民生方面，通脤咁高，絕對是困苦，而人工可以肯定無法追到通漲. 於是，失業的當然死，在職人仕購買力也勢將不斷下降
4. 政府為了還債(減少其加快速度)，削減福利和政府人手，向外資開刀加稅，更進一步令到民不聊生，打擊商業和投資意欲。

在這種情況下，作為分行長 / 保險老總，有什么對策: 品牌增深，新產品研發，投資調配，風險管理，資本需求等計劃，去保住未來三年的盈利，meet expectation if 總行, 甚至擴大牙買加的市佔？

礙於行會的保密基制，內容不便透露，但如果信心可以建基於多年來達標的增長率的話，我是有理由相信未來的前景未必注定一敗塗地， 甚至可以以危為機.

billy 一向的思路係好finance 和 accounting, 這次旅程啟發了我的business sense, 原來某件事，某種情況是可以用許多我未想過的角度和方法去切入和解決.

在牙買加的最後一晚，參加銀行為社區攪的Christmas carol. 聽聖詩，觀嘗歌舞畫劇表演，都是由員工義演的，也請了牧師証道，分享主耶穌降世，憐憫，施與, 犧牲的愛之信息. 老總上台領禱，分行長致詞.

在過去廿四年，銀行回饋當地社區不遺餘力，低收入家庭建屋，提供小朋友的助學金，扶貧等等計劃. 分行長再次提到國民所面對的挑戰，承諾企業會履行社會責任，與牙買加的每一位居民同舟與濟，共渡時艱，一齊努力，像賽跑健兒般走出困局，堅毅不息....

聽了這番致詞，我就思想. 思想一些 we dont want to get into 的空間入面:
1. 政府和國民每況愈下，而銀行每年盈利卻高處未算高(不止我們，不少行家亦然)，這是為什么呢？
2. 當整體借債膨脹，沒有出現爆破和太多斷供現象; 當息差(借出的收入和給存戶和投資者利息開支的差距)持續地高， 銀行就會好好賺
3. 高借債比率意味著人的現金流負擔的加重
4. 高息差要不是銀行有智慧地尋獲到穩建又可觀的回報，就是存戶樂於接受偏低但風險少的利息.
5. 香港人認為地產商是霸權，賺盡一分一毫，保証是"包奶乾奶淨"(包李郭李淨)那種程度. 這跟廿年前港人以他們為香港的驕傲差天共地，是今日港人變得仇富，還是財富背後勾起了太多剝削，不公和發水明揾老襯的勾當呢？大企業的盈利和增長是否一定跟不公不義掛鈎呢？
6. 電視劇半澤直樹在日本爆紅， 有分析指部份原因在於日人在過去廿多年泡沬爆破後對銀行的痛恨在劇中產生共鳴. 當中一金句，"銀行在晴天借傘，在下雨收遮." 半澤的爸爸就是被當日仍是營業部， 廿年後成了銀行第二把交椅的大和田間接逼死，所以才入去銀行體系裡"報恩".
7. 我不認為每個地產商，每間銀行都是邪惡，對社會做成的破壞多於其貢獻，我同時也要承認企業為求盈利和創造更高盈利，是它赤躶卻未必要感羞恥的目標. 企業打開門做生意，不是開善堂，而財富分配，各樣活動有適當法規和監管，保証社會弱勢人仕有基本有衣有食，政府需承擔比企業大許多的責任.
8. 在這些前提底下，銀行的借貨，是大得不能倒，不平等的大鱷食四方的惡魔？還是雙方你情我願，達致雙贏，為有需要， credit worth 者實現夢想/渡過難關的幫手呢？如何為正邪定分界？是民粹主義？景氣指數？還是有跡可尋的客觀因素？
9. 在公司和酒店外出兩次， 兩次都遇到十多歲的街童走來求我幫他，一次在去午飯的街上，一次在觀賞 Christmas carol 途中. 望住這兩個街童， 一雙指望得到些什么的眼神，我口袋只有帶來的三蚊美金，留著俾酒店清潔小費，金和銀我都沒有，我的所有又是什么？我可以給他，給了他又真能改變他，改變這個國家風雨飄搖的現狀嗎？
10. 宮崎峻收山作風起了，跟據二戰時為日本設計零式戰機的工程師堀越二郎真人真事改編. 我們在金融界工作，會否是千萬個小堀越二郎的一員呢？雖然我們每一個都微不足道， 金融活動也不同於戰爭，可是在由五千年前的古代到六七十年前，戰爭作為國與國之間平息糾紛的正常做法，其實和外資企業，入口出口分別不大，反戰，愛和平是這幾十年才普及的信念.
11. 入境，出境，短短的人龍，十個窗口，卻排了45分鐘，因為海關對旅客的求知欲和每事問的精神太強. 前面有紅黃白黑各色人種，每個都被問長問短.
輪到我，"你來幹么？"
billy,"我來開商業會，留四日，我是新蘇格蘭銀行總行員工."
海關(由cool look 變微笑)，"你在新蘇格蘭銀行工作？祝你行程愉快， you are good to go."
只一句，入境出境如是.
老總跟我笑說，"你看，我豈沒有告訴你？過關一講到你屬於邊度，就通行無阻，少問好多問題."
12. 回到多倫多，在分析產品定價上問老細，"為什么對比起行家，我們的產品明顯冇咁著數，但仍能客似雲來，市佔日增？"
老細，"因為商譽，我們銀行在許多迦勒比人心中是正面，有信譽，承擔同穩健."
好比奶粉，為什么美日進口貨比蒙牛，伊利貴三倍但更搶手？當然價格如斯貴是趁火打劫的暴利還是純綷一種經濟供求關係呢？這是另一問題.

說到這裡，我開始明白賺得多不一定是霸權和邪惡. 賺得到普遍人尊重， 股東也可以和員工，客戶以致整個社會在種種利益衝突下一同得益.

牙買加的困境有其近因和遠因，殖民統治，經濟半壁江山靠賴旅遊(迦勒比係尾國佬後花園)， 其實外資一方面提供就業，增加GDP貢獻，引入管理和系統.....但亦有其負面打擊本地企業等. 這困局單靠IMF係攪唔惦，但可以點？

維園阿伯 bilibala 13/12/19 評終審庭判綜援之法律及律法依據

終審判決淺述
法律和其影響
律.法中情 (申命記)

港人不爽因歧視和愛心欠奉？
思考港人及billy 何解忿怒？
律.法外情 (使徒行傳)

簡評分配與佔中

Bilibala Finance updates 13/12/19

Bilibala Finance 投資財金, 勝負難分, 分析技藝, 受用一生

Bilibala finance 除了帶你進入財金世界, 分析大市走勢, 企業財務報告, 估值評估. 也帶你穿梭 billy ++bilibala 的分析過程, 他的交易, 持有, 甚至挫敗經驗. 借此反照一個投資者如何跌進, 如何打破那 70% 人失敗的宿命. 作為一個基督徒投資者在一個變幻莫測的金融領域學習作神有所為有所不為的忠信管家.

仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.

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Transactions:

• Added 100% Apple Inc (AAPL) at US$546.5 based on my analysis and my calculated intritic value of US$590
• Added 4% China Mobile (CHL/0941) at US$51.25, kind of like a buy back, since I sold 26% holding in Q3 at US$55-56 and buy back to 95% at a range between US$52.0 - 52.5 in Oct.

Top Holding (over 70% concentration, as of Oct 31, 2013)

1. Google Inc (GOOG) since 09 btw US$287 - 601

Google Inc. (Google) is a global technology company focused on improving the ways people connect with information. The Company generates revenue primarily by delivering online advertising. As of December 31, 2011, the Company's business was focused on areas, such as search, advertising, operating systems and platforms, and enterprise. Businesses use its AdWords program to promote their products and services with targeted advertising. In addition, the third parties that comprise the Google Network use its AdSense program to deliver relevant advertisements that generate revenue.  

2. China Mobile (CHL) since 05 btw HK$36 - 76

China Mobile Limited is a telecommunication company which provides mobile telecommunications and related services in 31 provinces, autonomous regions and directly-administered municipalities in Mainland China and Hong Kong. As of December 31, 2012, its total customer reached 710 million. The largest in the world.

3. China Life (LFC) since 03 btw HK$3.6 - 22.5

China Life Insurance Company Limited is a China-based life insurance company. The Company through its subsidiaries is engaged in writing of life insurance business, providing life, annuities, accident and health insurance products in China. It has a dominant market shares of above 40% in China's life insurance in force policies.

4. Manulife Financial (MFC) since 09 btw CA$9.7 - 19.5

Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. The Company's segments are Asia, Canadian and U.S. Divisions and the Corporate and Other segment. The Company's international network agents and distribution partners offers financial protection and wealth management products and services to clients. It also provides asset management services to institutional customers.

5. Tiffany + Co (TIF) since 10 btw US$46 - 55

Tiffany + Co. is a holding company that operates through its subsidiary companies. The Company's principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer whose principal merchandise offering is jewelry. Its the 2nd largest Jewelry company in the world.

6. Wells Fargo (WFC) since 08 btw US$12.5 - 25

Wells Fargo +Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, Brokerage and Retirement. It is also the largest investment in Warren Buffet's Burkshire Hathaway stock portfolio which he bought & hold and still keeps buying for over 20 years.  

7. China Construction Bank (0939) since 05 btw HK$2.4 - 5.35

China Construction Bank Corporation is a commercial bank. The principal activities of the Group are the provision of corporate and personal banking services, conducting treasury business, the provision of asset management, trustee, finance leasing, investment banking, insurance and other financial services. The bank has approximately 13,629 domestic branches, it is the second largest bank in China by market capitalization. 

8. Starbucks Corporation (SBUK) since 10 btw US$31 - 46.5

Starbucks Corporation is a roaster, marketer and retailer of coffee operating in 60 countries. The Company purchases and roasts coffees that it sells, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through Company-operated stores. As of September 30, 2012, it operated 9,405 Company-operated stores and 8,661 licensed stores.

9. General Electric (GE) since 08 btw US$9.5 - 22.3

General Electric Company (GE) is a diversified technology and financial services company. The products and services of the Company range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

10. The Walt Disney Company (DIS) since 09 US$29 - 45

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. The Company operates in five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive.

11. Deckor Outdoor (DECK) since 12 btw US$35 - $38

Deckers Outdoor Corporation designs footwear developed for both high performance outdoor activities and everyday casual lifestyle use. The Company markets its products under three brands: UGG, Teva, and Sanuk.

12. Suncor Energy (SU) since 11 btw CA$29 - 33.5

Suncor Energy Inc. (Suncor) is an integrated energy company. The Company is focused on developing petroleum resource basins-Canada's Athabasca oil sands. In addition, the Company explore for, acquire, develop, produce and market crude oil and natural gas in Canada and internationally, and the Company transports and refines crude oil, and market petroleum and petrochemical products primarily in Canada. The Company operates under three segments: Oil Sands, Exploration and Production, and Refining and Marketing.  

13. Royal Dutch Shell (RDS.A) since 11 btw US$63 - 68

Royal Dutch Shell plc (Shell) is an independent oil and gas company. The Company owns, directly or indirectly, investments in the numerous companies constituting Shell. Shell is engaged worldwide in the principal aspects of the oil and gas industry and also has interests in chemicals and other energy-related businesses.

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過去二百年, 數據顯示升幅最大的投資工具是股票, 有11%, 其次是債劵 7%, 第三才是香港人最迷信的房地產 6%, 現金是不斷貶值, 最差的投資, 而黃金只僅僅跑贏 3-4% 的通脹. 股票雖然升幅最驚人, 但短期波幅最大, 股票選擇繁多而參差, 令到投資者在回報上出現更驚人的反差: 竟有七成人在股票上輸錢!

坊間有林林種種教你買股炒股玩窩輪的書, 股民的結局又是否因而改寫呢?

bilibala 股票基金投資組合過去10年所管理的資產淨值增加卅倍, 平均每年回報有17.7%, 累積回報 410%. 經過金融風暴這樣的暴跌的洗禮, 損失超過 63%(已比恆指和上証跌幅細), 最後仍能否極泰來, 再創新高.

儘管如此, 聽他意見的朋友仍有無數損手爛腳的時侯. 仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.

Bilibala Finance updates 13/12/18

Bilibala Finance 投資財金, 勝負難分, 分析技藝, 受用一生

Bilibala finance 除了帶你進入財金世界, 分析大市走勢, 企業財務報告, 估值評估. 也帶你穿梭 billy ++bilibala 的分析過程, 他的交易, 持有, 甚至挫敗經驗. 借此反照一個投資者如何跌進, 如何打破那 70% 人失敗的宿命. 作為一個基督徒投資者在一個變幻莫測的金融領域學習作神有所為有所不為的忠信管家.

仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.

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Transactions:

• Newly added Prada (1913) at HK$70, by selling 4% Manulife Financial (MFC/0945) at HK$143.3, further diverify and switch asset mix to Europe based corporations.
• Added 50% Pepsi Co (PEP) at US$80.9
• Added 25% Bank of Nova Scotia (BNS) at CA$63.1 after 4Q results reviewed
• Plan to switch Metro Inc (MRU) to Loblaws (L) and sell 20% of Dereck Outdoor (DECK). instead of selling 100% Apple Inc (AAPL), I may sell 33% Google Inc (GOOG) instead based on my intrintic value calculation

Top Holding (over 70% concentration, as of Oct 31, 2013)

1. Google Inc (GOOG) since 09 btw US$287 - 601

Google Inc. (Google) is a global technology company focused on improving the ways people connect with information. The Company generates revenue primarily by delivering online advertising. As of December 31, 2011, the Company's business was focused on areas, such as search, advertising, operating systems and platforms, and enterprise. Businesses use its AdWords program to promote their products and services with targeted advertising. In addition, the third parties that comprise the Google Network use its AdSense program to deliver relevant advertisements that generate revenue.  

2. China Mobile (CHL) since 05 btw HK$36 - 76

China Mobile Limited is a telecommunication company which provides mobile telecommunications and related services in 31 provinces, autonomous regions and directly-administered municipalities in Mainland China and Hong Kong. As of December 31, 2012, its total customer reached 710 million. The largest in the world.

3. China Life (LFC) since 03 btw HK$3.6 - 22.5

China Life Insurance Company Limited is a China-based life insurance company. The Company through its subsidiaries is engaged in writing of life insurance business, providing life, annuities, accident and health insurance products in China. It has a dominant market shares of above 40% in China's life insurance in force policies.

4. Manulife Financial (MFC) since 09 btw CA$9.7 - 19.5

Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. The Company's segments are Asia, Canadian and U.S. Divisions and the Corporate and Other segment. The Company's international network agents and distribution partners offers financial protection and wealth management products and services to clients. It also provides asset management services to institutional customers.

5. Tiffany + Co (TIF) since 10 btw US$46 - 55

Tiffany + Co. is a holding company that operates through its subsidiary companies. The Company's principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer whose principal merchandise offering is jewelry. Its the 2nd largest Jewelry company in the world.

6. Wells Fargo (WFC) since 08 btw US$12.5 - 25

Wells Fargo +Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, Brokerage and Retirement. It is also the largest investment in Warren Buffet's Burkshire Hathaway stock portfolio which he bought & hold and still keeps buying for over 20 years.  

7. China Construction Bank (0939) since 05 btw HK$2.4 - 5.35

China Construction Bank Corporation is a commercial bank. The principal activities of the Group are the provision of corporate and personal banking services, conducting treasury business, the provision of asset management, trustee, finance leasing, investment banking, insurance and other financial services. The bank has approximately 13,629 domestic branches, it is the second largest bank in China by market capitalization. 

8. Starbucks Corporation (SBUK) since 10 btw US$31 - 46.5

Starbucks Corporation is a roaster, marketer and retailer of coffee operating in 60 countries. The Company purchases and roasts coffees that it sells, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through Company-operated stores. As of September 30, 2012, it operated 9,405 Company-operated stores and 8,661 licensed stores.

9. General Electric (GE) since 08 btw US$9.5 - 22.3

General Electric Company (GE) is a diversified technology and financial services company. The products and services of the Company range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

10. The Walt Disney Company (DIS) since 09 US$29 - 45

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. The Company operates in five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive.

11. Deckor Outdoor (DECK) since 12 btw US$35 - $38

Deckers Outdoor Corporation designs footwear developed for both high performance outdoor activities and everyday casual lifestyle use. The Company markets its products under three brands: UGG, Teva, and Sanuk.

12. Suncor Energy (SU) since 11 btw CA$29 - 33.5

Suncor Energy Inc. (Suncor) is an integrated energy company. The Company is focused on developing petroleum resource basins-Canada's Athabasca oil sands. In addition, the Company explore for, acquire, develop, produce and market crude oil and natural gas in Canada and internationally, and the Company transports and refines crude oil, and market petroleum and petrochemical products primarily in Canada. The Company operates under three segments: Oil Sands, Exploration and Production, and Refining and Marketing.  

13. Royal Dutch Shell (RDS.A) since 11 btw US$63 - 68

Royal Dutch Shell plc (Shell) is an independent oil and gas company. The Company owns, directly or indirectly, investments in the numerous companies constituting Shell. Shell is engaged worldwide in the principal aspects of the oil and gas industry and also has interests in chemicals and other energy-related businesses.

 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

過去二百年, 數據顯示升幅最大的投資工具是股票, 有11%, 其次是債劵 7%, 第三才是香港人最迷信的房地產 6%, 現金是不斷貶值, 最差的投資, 而黃金只僅僅跑贏 3-4% 的通脹. 股票雖然升幅最驚人, 但短期波幅最大, 股票選擇繁多而參差, 令到投資者在回報上出現更驚人的反差: 竟有七成人在股票上輸錢!

坊間有林林種種教你買股炒股玩窩輪的書, 股民的結局又是否因而改寫呢?

bilibala 股票基金投資組合過去10年所管理的資產淨值增加卅倍, 平均每年回報有17.7%, 累積回報 410%. 經過金融風暴這樣的暴跌的洗禮, 損失超過 63%(已比恆指和上証跌幅細), 最後仍能否極泰來, 再創新高.

儘管如此, 聽他意見的朋友仍有無數損手爛腳的時侯. 仍是一句: 這是個分享 bilibala 分析的地方. 其分析可能對你受用終身, 但未必能幫你賺到一點金. 若無法保守你的心, 就該趁早離場鬆人.