表哥的工廠的一位技術員，打算辭職回鄉賣豬肉。他在工廠的月入約二千元人民幣，他哥哥的豬肉檔每天能賺數百元，就算加薪五成也無法阻止他回去“開分店”。
受“開分店”事件的影響，我忍不住要看看雨潤食品（1068）今天公佈的中期業績。年多前第一次讀它的年報時，沒有發現賣豬肉會發達，卻看見另一條發達之路 - 負商譽、配舊股。今天驚見第三條路（但唔係Tony Blair嗰條） - 政府補貼，半年四億六千萬港幣。那個地方政府如此之濶？究竟核數師是如何Audit政府補貼的？
By the way, 賣豬肉是不會發達的。
Tuesday, August 24, 2010
Monday, August 23, 2010
股神年輕時（一）
最近才讀畢股神“Partnership時期”（1958-1969）的給股東的信。若只讀過“Berkshire時期”的信，很難想象他曾經投資於兩類股票 - “Workouts” 及 “Generals - Relatively Undervalued”，這裡引述他給的定義：
1）“Workouts” - These are the securities with a timetable. They arise from corporate activity - sell-outs, mergers, reorganizations, spin-offs, etc. In this category we are not talking about rumors or inside information pertaining to such developments, but to publicly announced activities of this sort.
2）“Generals - Relatively Undervalued” - This category consists of securities selling at prices relatively cheap compared to securities of the same general quality. We demand substantial discrepancies from current valuation standards, but (usually because of large size) do not feel value to a private owner to be a meaningful concept.
“Workouts”這類別，在資訊發達的現在，或許已經消失；“Generals - Relatively Undervalued”的理念，再也沒見於後來的信。是因爲效果不好而放棄嗎？應該不會，按他的分類，當年這種投資回報很高。
“Relatively Undervalued”這個概念確實不太“王道”，跟他宣揚的投資理念不同，愚以爲因此畢菲特並不鼓勵別人發佈Partnership時期的給股東的信。
1）“Workouts” - These are the securities with a timetable. They arise from corporate activity - sell-outs, mergers, reorganizations, spin-offs, etc. In this category we are not talking about rumors or inside information pertaining to such developments, but to publicly announced activities of this sort.
2）“Generals - Relatively Undervalued” - This category consists of securities selling at prices relatively cheap compared to securities of the same general quality. We demand substantial discrepancies from current valuation standards, but (usually because of large size) do not feel value to a private owner to be a meaningful concept.
“Workouts”這類別，在資訊發達的現在，或許已經消失；“Generals - Relatively Undervalued”的理念，再也沒見於後來的信。是因爲效果不好而放棄嗎？應該不會，按他的分類，當年這種投資回報很高。
“Relatively Undervalued”這個概念確實不太“王道”，跟他宣揚的投資理念不同，愚以爲因此畢菲特並不鼓勵別人發佈Partnership時期的給股東的信。
Saturday, August 14, 2010
Season Preview
Liverpoolfc.tv asked the leading reporters in England the following questions. I pretend to be one of them.
1) Who'll win league? Manchester United.
2) Where will Liverpool finish? Fourth.
3) Surprise package team? Newcastle United.
4) Player of the Year? Steven Gerrard, hopefully.
5) Relegated? Blackpool, West Brom, Wolverhampton.
6) LFC player to watch? Aquilanli. An injury-free Aquilanli would be mouth-watering.
7) One hope as a reporter this season? Liverpool Football Club to be sold to a sugar daddy from Middle East or Russia. Only owners from these two regions are idiotic enough to buy and hold football clubs in Premier League.
2) Where will Liverpool finish? Fourth.
3) Surprise package team? Newcastle United.
4) Player of the Year? Steven Gerrard, hopefully.
5) Relegated? Blackpool, West Brom, Wolverhampton.
6) LFC player to watch? Aquilanli. An injury-free Aquilanli would be mouth-watering.
7) One hope as a reporter this season? Liverpool Football Club to be sold to a sugar daddy from Middle East or Russia. Only owners from these two regions are idiotic enough to buy and hold football clubs in Premier League.
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