Thank you very much. It is my great honor to have this award from the Investment Society, HKUSU.
Let me introduce myself. I'm '止凡', the author of the book '財商有價'. This is the 3rd finance book that I've written. All of them are published by Enlighten & Fish '亮光文化'. Maybe most of you have no idea who I am. Actually, I graduated from HKU, and started by career in Engineering field. In my leisure time, I share articles in the internet. We are called 'blogger'. Writing the blog, many things could be shared, like life, hobbies, experiences, etc. I used to share the financial related stuff in the blog. From time to time, more and more people are interested to read my articles. Nowadays, the accumulated click rates are over 3 millions. As such, it would be good to well organize my ideas and publish books for the readers.
Nowadays, most of the media, papers, experts will talk about a kind of language in investment. Most of you may be familiarized, like forecasting, market emotions, hot sectors, formula, etc. As I said, I'm just a typical employee in the society, and I'm not well trained in the financial or investment field. I could even have difficulties to understand those technical analysis stuff. In a very early stage, I recognized that those technical stuff are not my cup of tea. As such, I spent most of my leisure time in reading another kind of stuff, value investment. Warren Buffett, Peter Lynch, Charlie Munger, John Bogle, Tony Measor, so many great people and great principles in this area. The most important thing is that it seems make sense to me.
There are two main reasons why I like value investment. Firstly, as I said, it makes sense to me. For example, some thing with a value of 100 dollar. It is more reasonable to buy it with a price below 100 dollar or sell it above 100 dollar, right? However, the technical analysis people will look at the market emotion or momentum, then suggest a stop loss. i.e. advise you to buy it at 100 dollar, and sell it at 95 dollar if its price continue to drop after you bought. I'm confused. If I will spend 100 dollar to buy a thing, how come I will sell the same thing with 95 dollar but not buy more?
Secondly, it results in my observations over the rich people. When I'm still a student like you, there are so many mathematics homeworks to do. To solve the math, we could derive from the question directly to the answer. But sometimes, there are some tricks for doing the homeworks, i.e. to work out some steps backward from the answer. Of course, provided that, you know the answer in the first place. When facing the technical analysis, forecasting techniques, etc, I do not even capable to understand them. In such a way, how could I prove them wrong? It is so lucky that there are so many successful people in the world, from past to present. They have demonstrated their success and you could find their story everywhere, like books, internet, interviews, etc.
So, what is the conclusion of my observations over the rich people? Most of the rich people come from great business, value investment, long term holding ONE stock. You may easily find out similar story of the people come from 'Forbes rich list'. However, it is rarely to have someone adopting the technical analysis stuff or the like could jump in the 'Forbes rich list'. I'm not saying that the technical analysis stuff could not be a tool to make you rich. But bear in mind, buying lotteries could also make you rich for some occasions. All depends on probability.
As most of you will start your career soon, I suggest you to start planning your investment. People use to ask me, 'what is investment?'. For return? For getting rich? For protecting your money from inflation? My answer is always strict forward. Investment is a plan. Everybody should have a plan. The plan is a plan at the beginning and could be changed from time to time. The most important thing is where the plan could bring you to and how you execute your plan?
The very basic target for a good plan is financial freedom. Financial freedom is a status that you do not NEED a job to sustain your life. Under this circumstances, you may have enough passive incomes from stocks dividends, or rents from real estate, or dividends from business, etc, which could cover your expenses. In theory, you do not NEED a job. But, you could still have a job, and enjoy it.
Financial freedom is a good status. It would be good for you to start some planning, like calculate your expenses, understand the relationship of asset and liability, count the cash flow coming from different type of assets, estimate no. of years in order to achieve the target, etc. Your financial knowledge will be more and more advanced. Your plan will be executed and improved from time to time. Trust me, with a good plan in hand, you will sooner or later see the great differences when compare with the others without any plan. They will follow the media, papers, experts all the time, and you won't. Bear in mind, the success are always NOT with the large group of people. If you are on the road to success, you will be feeling lonely.
A good way to face the loneliness. Try to have a blog and share articles. Many people will become your friends.
Last but not least, remember to visit my blog. Just search '止凡' over google and you will find it. I will be glad to see your messages.
成龍笑言希望這個小金人獎座不會是最後一座：「奧斯卡應該沒規定拿完終身成就獎就不能再拿別的獎了吧。」但有不少網民質疑是小圈子選舉。此獎將於11月12日在美國頒發，除成龍外，電影剪輯Anne V. Coates、選角指導Lynn Stalmaster與紀錄片大師Frederick Wiseman都是得獎者。吳君如昨晚在又一城出席電影首映，對於成龍得獎，她說：「恭喜，不過攞呢個獎未免年輕咗啲，總之係開心，佢撻咗咁多年。」有人評論他私生活不檢點，她說：「呢樣唔評論，人哋畀佢係覺得佢銀幕上成就。回想自己拍第一部戲《霸王花》，都係佢監製。」採訪、攝影：唐如、張俊銘
大會官網還寫道：「After all, dark glasses are undeniably classy（畢竟，墨鏡是不可否認的經典）」想不到大會頒獎給王導演，語句如此幽默，今次是里昂這個電影攝影機之鄉首度把大獎頒給亞洲導演，之前昆頓塔倫天奴（Quentin Tarantino）、馬田史高西斯（Martin Scorsese）及艾慕杜華（Pedro Almodovar）等國際知名大導演也獲得過此殊榮。今次王家衛為港爭光，本報都有恭喜他，他表示：「122年前，電影喺里昂誕生，今日喺同一個地方得到呢個榮譽，意義殊深，感謝盧米埃爾，感謝大家！」頒獎禮將於10月20日舉行。採訪：鍾國仁