Wednesday, August 27, 2014

50億旅遊城進度良好‧雲頂大馬有望大幅重估

雲頂大馬(GENM,4715,主板貿服組)耗資50億令吉打造的綜合旅遊計劃(GITP)進展良好,分析員因而相信股價過去12個月來的表現平淡已提供趁低吸納機會,並預期該股或於2015年迎來強勁重估。
聯昌研究參觀雲頂高原後發報告說,GITP幾乎將雙倍提昇雲頂高原綜合度假勝地的固定資產,成為該項產業的主要重估利好。
“根據我們預計,雲頂高原未來5年將要投資的金額,相當於過去50年來總投資額的80%,我們相信酒店擴張項目的1千300間套房產能將於明年完成,20世紀霍士主題樂園雖然尚未動工,但相信能如期在2016年完成,主要因其他項目進展順利。”
目前,雲頂高原的舊戶外主題公園已被拆除,以讓路給即將動工的20世紀霍士主題樂園。
聯昌也說,雖然雲頂高原戶外地區如今已成為一個龐大的建築工地,導致吵雜聲不斷和欠缺其他可吸引遊客的戶外設施,可是遊客人數仍保持活躍,本地和國外旅客比例適中,中國遊客持續光顧也降低MH370事件可能引起杯葛的顧慮。
除新酒店外,雲頂也將耗資約10億令吉來翻新和提昇現有設施,第一世界酒店(First World)的舊房間很大部份已被合併,導致總套房產能從1萬間下滑至9千間,這是為了應付當今客戶的更高要求。
聯昌直言對雲頂高原賭場活動保持強穩感到舒心,並預期新酒店產能將同步帶入更多賭場產能。
“我們對賭場產能增長20%的預期感到數舒適,甚至不排除產能在更長期內取得更高增長率的可能性,因GITP將大幅提昇其固定資產。”
有鑑於此,聯昌保持雲頂大馬“加碼”評級不變,目標價為5令吉70仙。
雲頂新加坡進軍日本
展望樂觀
另一方面,儘管日本可能在今年冬季將賭場博彩法案帶到國會特別會議上討論,結果尚未明朗,可是豐隆研究卻繼續對雲頂新加坡(GENS)進軍日本的計劃感到樂觀。
“日本首相安倍晉三對通過有關法案表示樂觀,並放眼在下次國會特別會議時通過有關法案,以將賭場視作在2020年東京奧運會前刺激旅遊業的計劃之一。”
豐隆也認為,安倍今年5月訪問新加坡,也提昇了日本複製新加坡賭場模式的可能性。
該行補充,即使賭場法案在冬季通過,可是經營商的競標程序也料耗1年時間進行,日本建築活動一般耗時較久也引起綜合度假村能否如期完成的顧慮。(星洲日報/財經‧報道:李三宇)

Sunday, August 24, 2014

逐渐有起色的网赚。

很久没有写自己的网赚了。因为荒废了很久,没很认真地写文章,最近比较注重自己的股票组合的架构,然后重新出发写了一个新的部落格http://networkingcapital.blogspot.com/
主要研究我以net working capital 算出严重低估的股票。由于用心学习和经营,目前看到些成绩,而且组合的return 不错。又因为如此网赚得到不错的成绩。但是就比不起之前的每两三个月cash out USD100的成绩。比起歪歪,第一天我还差太多了。


目前有起色的8月终于有了大概usd10的收入。这儿以后也会同时转载Net Working Capital blog 所选的股票,希望可以帮助大家。

Thursday, August 21, 2014

跟着大师学投资-Benjamin Graham Malaysia-Dr.Neoh

http://networkingcapital.blogspot.com/2014/08/follow-benjamin-graham-malaysia-drneoh.html
As some said, follow the wise, and you shall make lesser mistakes.
Today I would like to speak about a legendary in Malaysia-Dr.Neoh from Dynaquest.
He is the guy whom you see every year in bookstores publishing his "phone book" thickness of Bursa stocks guide.

As I read along many Annual Reports, his company names keep on appearing, and as I follow, most of them should have doubled throughout the years.

As I gathered, below are some of my discovery, feel free to comment here and I shall add them in later :

1. CSCsteel-Neoh Choo Ee & Company, Sdn. Berhad 1,700,000
2. Eksons-Neoh Choo Ee & Company Sdn. Bhd. 1,300,000
3. Ajiya-Neoh Choo Ee & Company, Sdn. Berhad 610,000
4. AZRB-NEOH, CHOO EE & COMPANY, SDN BERHAD 1,850,000
5. Paramount-Neoh Choo Ee & Company Sdn Berhad 1,715,000
6. HLIND, Neoh Choo Ee & Company, Sdn. Berhad 410,000
7. KFIMa-NEOH CHOO EE & COMPANY SDN. BERHAD 1,833,100
8. Masteel-24 MAYBANK NOMINEES (TEMPATAN) SDN BHD 507,500 0.50
PLEDGED SECURITIES ACCOUNT FOR NEOH SOON KEE

Wednesday, August 20, 2014

渣打銀行表示白銀將會使用新基準

渣打銀行分析員表示周五白銀市場將會新的白銀定價機制進行交易,稱:“有消息指湯森路透及芝加哥商品交易所平臺并不看好,皆因定價單位會由美元/盎司(US$/ounce)改為美元/10萬盎司(US$/lakh)的轉變已經備受批評,認為沒有需要作出更改。似乎有點多余。與此同時,市場沒有跡象顯示新機制啟用后,倫敦金銀市場協會中的11個市場莊家成員將會沿用,新機制看來前景黯淡。然而,我們將會留意新機制沿用之后白銀市場會發生什么事,而新機制會否因新機制的推出而獲得上行動力。

Monday, August 18, 2014

銀的抗氧化

常昭看世界

 

圖:「金代承安寶貨銀錠」是金朝(女真族)所使用白銀貨幣,是中國史上首先發行的官方銀錠。

 我來分享怎麼讓銀抗氧化:



首先,銀的氧化要注意三件事情,第一:氧氣,第二:酸,第三:硫化物。



第一:要注重隔絕氧氣:



因為在貴金屬(黃金、銀、鉑、鈀)中,銀的抗氧化能力是最低的,雖然是最低,但是還是比一般的重金屬與賤金屬好太多了。



銀與空氣中的氧結合,會形成氧化銀的薄膜,其顏色是灰色或灰黑色,一般來說這層氧化銀的薄膜會阻止後續的銀繼續氧化,所以其變灰或灰黑的狀況不會很嚴重。



第二:要注意與酸隔絕:



如果日常生活中,會有酸性物質出現,銀則會視其酸的程度而有輕微的氧化,所以平常盡量不要將銀與鹽酸、硝酸、硫酸等物質接觸。



第三:要注意與硫化物隔絕:



如果銀遇到硫化物,就不是像氧化銀那樣輕微的狀況而已,而是產生硫化銀,其顏色是黑色、深黑色的。最常見的就是去泡有含硫的溫泉,那樣很快就會變黑。



處理方法:



方法主要的原理很簡單,可以簡單的分為三種:




第一:平常如果是有收藏價值的銀幣、銀條,如果包裝完整的,請不要拆開包裝,如果包裝已拆,可以用保鮮膜將其包覆住,其用意是隔絕氧氣。



如果要更仔細,可以用夾鍊袋將包裝起來的銀幣、銀條裝進去,並盡量擠壓空氣出來,市面上有一種類似吸真空的夾鍊袋,可以將大部分的空氣吸出,這樣不僅是可以隔絕氧氣,也可以防止空氣中的酸、硫化物的干擾。





第二:物理的擦拭,例如使用牙膏,將表面的氧化銀刷乾淨,這個是適用輕微氧化的銀幣與銀條。




第三:已經氧化算嚴重的氧化銀幣與銀條,可以用市面上售的洗銀水來洗滌。但是請注意,洗銀水的原理是用酸,將氧化銀除去,所以用完洗銀水洗完後,請再用乾淨的水再反覆的清洗,再使其乾燥。否則現在的殘留的洗銀水,會變成往後銀氧化的酸性來源。



第 四:大量的氧化面積與質量,可以利用氧化還原反應,來清除氧化銀。例如,在一盆水裏面,加上食鹽,然後放上錫箔紙,然後將銀幣與銀條放進去加熱。裏面的錫 因為比銀容易氧化,所以會變成氧化錫,而氧化銀則被還原成銀。然後將銀幣與銀條取出,用清水洗乾淨,用乾淨的布擦拭,就很容易回覆原狀。

伦敦金定价内幕:没有买方就降低价格 没有卖家就抬高价格



英国伦敦金属交易所大厅。资料图片(人民视觉)

交易员在进行贵金属交易。资料图片(人民视觉)
8月14日,伦敦金银市场协会开始使用新的白银定价方式。改革后的白银定价机制仍以拍卖方式进行,并通过可审计的电子化平台进行定价。与此同时,伦敦黄金基准价也在寻找新的定价模式。在全球加强金融监管,打击内部价格操纵的背景下,曾缺乏透明度的伦敦金、银定价机制不得不走上变革之路。
基准价格的确定需要更加透明,让更多市场参与者进入定价环节
今 年7月11日,伦敦金银市场协会宣布8月14日开始使用新的白银定价方式,取代具有117年历史的伦敦白银定盘价。早在19世纪初,伦敦就已经是贵金属精 炼、销售以及兑换的中心,伦敦白银市场是全球最大的现货白银交易市场,因此伦敦白银市场价格,也是世界上最重要的白银现货价格。
在伦敦金属交易所等7家机构提交的设计方案中,芝加哥交易所集团和汤森路透集团的联合方案最后胜出。前者将提供电子价格平台和日常处理交易的算法,而后者负责相关行政管理工作。
伦敦金银市场协会指出,该结果是在广泛征求市场各方意见后决定的。改革后的白银定价机制仍以拍卖方式进行,并通过可审计的电子化平台进行定价,更多的参与方将保证定价过程更加透明。
爱 尔兰圣三一学院黄金经济学专家布莱恩·卢西对本报记者表示,一种基准价格的确定可以有很多种方式,但是要更加透明,可以让更多的市场参与者进入定价的环 节,让电子平台更加具有代表性。汤森路透集团拥有世界上最大的电子交易平台,而芝加哥交易所集团是世界最大的交易所之一,两者结合来打造新基准价格的确能 够满足多数人的预期。英国贵金属投资平台提供商“有形资产”公司首席执行官简·斯特勒斯对本报记者表示,市场肯定更加欢迎新的白银定价方式。
近 年来,白银定盘价一直由德意志银行、汇丰银行、加拿大丰业银行通过每天的电话会议共同设定。今年1月,德意志银行宣布缩减大宗商品业务并将退出伦敦金银的 定价席位,不再参加伦敦现货金银基准价格制定。按规定,白银定盘价的商议和确定过程不能少于3位定价成员,德意志银行的退出使白银基准价格确定机制无法正 常运转。
去 年,多家跨国银行因操纵伦敦银行间同业拆借利率被处以重罚,各国金融监管机构加紧了对基准价格的关注,该行业也受到广泛的调查。伦敦现货白银定价制度因缺 乏透明度,被疑是参与定价的银行操纵白银价格的重要渠道。英国金融市场行为监管局要求德意志银行继续参与定价至8月,以助市场完成过渡。
酝酿改革的黄金定价体系可能采用与新白银定盘价类似的定价机制
跟 随伦敦白银定盘价踏上变革之路的是黄金定价体系。伦敦金银市场协会和伦敦黄金定价公司7月29日宣布,将于8月底开始征集伦敦黄金基准价第三方管理提案并 公开向市场进行咨询。新的第三方管理者将在9月底公布,而所有交接工作将在2014年年底之前完成。布莱恩·卢西表示,从目前的情况看,正在酝酿改革的黄 金定价体系也很可能采用与新白银定盘价类似的定价机制。
伦 敦黄金市场每日两次的定价制度始于1919年,当时伦敦五大银行的代表每天集中在罗斯柴尔德银行的办公室,制定伦敦黄金市场黄金价格。每天上午10点半和 下午3点,市场将暂时停止交易。罗斯柴尔德银行的代表先根据伦敦市场前一天晚上收盘后的纽约黄金市场价格以及当天早上的香港黄金市场价格定出一个适中的开 盘价,其余4家银行代表则立即打电话将价格报给各自客户。如果开盘价过高,市场上没有出现买方,就降低价格;而如果开盘价过低,则将黄金价格抬高,直到出 现卖家。定价交易就是在这样的供求关系上定出新价格的。
每 家银行约50根金条的订购业务全部完成后,罗斯柴尔德银行的代表会宣布交易结束,定价的最后价格就是成交价格。这个过程短则1分钟,长可达1小时左右。之 后,新价格很快传递给世界各地的交易者。这种制度一直延续到了今天,只不过方式改成了电话会议,而五大银行变成了巴克莱银行、德意志银行、加拿大丰业银 行、汇丰银行和法国兴业银行[-0.19% 资金 研报]。
由于这两个时间点在一天的黄金交易中成交量最大,所以被市场认为能够代表黄金市场的供需状况,也因此成为市场普遍参考的基准价格。每日的伦敦黄金定盘价影响着价值20万亿美元黄金市场的交易。德意志银行退出后,目前黄金定价仅由4家银行之间每日两次的竞价得出。
由于最终基准价格的定夺取决于每个银行的报价订单,伪造的交易订单就可能会操纵价格。不久前,巴克莱银行被英国金融行为监管局处以约2600万英镑的 罚款,因为银行监管系统存在大漏洞,前交易员丹尼尔·普伦基特伪造虚假卖单来“精准”操纵价格并从中渔利。巴克莱银行被处罚后不久,世界黄金协会于7月7 日召开圆桌会,就如何对伦敦黄金定盘价进行现代化改革展开讨论,并最终确定要建立一个更加独立、透明、公开的定价机制。
今年4月,世界黄金协会发布了最新的中国黄金市场报告,指出2017年中国的黄金需求将上涨20%左右。2013年,中国黄金产量和消费量升至历史新高,中国继续保持全球最大黄金生产国的地位,并超过印度成为全球第一大黄金消费国。
简· 斯特勒斯说,亚洲市场上的黄金交易量使其在未来黄金定价中的影响和重要性不可忽视,上海和新加坡都在贵金属市场中表现抢眼。但她同时指出,以上海黄金交易 所为例,其每年逾万吨的成交量仍难与伦敦黄金市场和纽交所的交易量相媲美。亚洲市场要获得在国际黄金市场的定价权还需要一个长期的过程。

看好白银的7个理由:价格、成本、库存和中国需求等

Casey Research的高级贵金属分析师Jeff Clark给出了购买白银的7大理由。
1 以通胀调整后的白银价格出于低迷状态

从图表来看,以通胀计算后的银价即使在2011年银价顶峰的48美元/盎司时,仍然远低于1980年1月时的银价水平。以通胀计算,1980年时的银价在现在价值大约470美元/盎司。
2 白银生产成本

由于去年价格大跌,很多白银生产商都不得不大幅削减白银生产成本。银价/现金成本目前处在2005年以来的最低水平,而现金成本只是全部维持成本的一部分。
尽管75%的白银是以副产品的方式被生产出来的,但价格仍然是很大的影响因素,无法盈利会迫使矿企减少产量。
3 库存量低

很多数据显示白银库存量低,大部分都是作为ETP被存储。而这些投资者们自2005年以来就是净买家,因此这些白银最终将离开市场。
余下的白银储量在2亿4100万盎司左右,是一年供应量的25%,而在1990年,白银储量曾经是一年供应量的8倍。如果白银需求上升,那么这样的储量是很难满足需求的。
4 熊市的结论

从过去的几个熊市来看,此次熊市即将结束。
5 和别的商品比更便宜

相较最贵时,银价已经跌去了60%之多。
6 主流漠视
尽管实物白银需求很大,白银目前仅占全球金融财富的0.01%,这是1980年水平的1/25。
7 关注中国

西向东流的不只有黄金。
去 年白银市场的交易量大幅增长,主要原因之一就是上海期货交易所(SHFE)出现的交易。SHFE已经取代Comex成为全球最大的期货白银交易所,去年交 易量占全球的48.6%,与之对比的是Comex的白银交易量在大幅下降,从2001年占比93.4%到目前不到50%。
自2013年1月以来,SHFE的白银存货量下降了84%至148吨,而如果这一趋势继续,供应显然会出问题。
中 国国内的白银供应量今年预计达到创纪录的2亿5000万盎司,而在2000年,这一数字不到7000万盎司,但这些白银都不会出口。中国的投资者去年大约 购买了2200万盎司的白银,是印度外第二多的国家。另外,白银应用的最大增长来自中国,应用包括银饰、银器、电子产品、电池、太阳能板凳。

索罗斯22亿美元仓位豪赌美股将崩盘?

最新的备案文件显示,对冲基金巨头索罗斯正下重注赌美国股市下跌。
索罗斯基金管理公司向SEC提交的6月备案文件显示,索罗斯持有的做空标普500指数仓位增长了605%,达到22亿美元。(通过买入1129万份SPDR S&P看空期权实现)
虽然目前索罗斯依然净看多股票,但是目前索罗斯基金管理标普500空仓占比,已经从前一个季度的2.96%,飙升至16.65%。
尽管索罗斯持有的标普500看多期权占比上涨至3.10%,但是空仓规模大幅度上升表明索罗斯担心市场下行,特别是未来几个月美联储将按计划结束量化宽松政策。
华尔街见闻网站已经报道,6月底索罗斯基金管理公司增持阿根廷油气公司股票。
其持有的YPF股票847万股,使其YPF持仓总值达到4.5亿美元,其YPF持仓占该司美国存托凭证总规模的3.5%,成为YPF第四大股东。
Bullion Baron长期跟踪索罗斯标普仓位,他认为,索罗斯这一举动可能是为了避险(对冲),或者是索罗斯真的可能担心什么事情。Baron认为,一个可能的担心是中国,因为索罗斯今年早些时候将中国列为全球的不确定性因素。  

黃金的供應和需求分析(2014, Q2)

From:http://ckfstock.blogspot.com/2014/08/2014-q2.html
最新的世界黄金协会(WGC)公布的2014年第二季度《黄金需求趋势报告》表明,第二季度黄金需求继特殊的2013年后继续盘整。

世界黄金协会称,二季度全球黄金需求下降16%至964吨。其中,中国二季度黄金消费需求同比下降52%至192.5吨。印度第二季度黄金需求年率下降39%,至204.1吨。

這是真的嗎?

我很早就說過,金融界,媒體對黃金的報導有蓄意偏頗的

麦 嘉华(Marc Faber)也批評說:『对于2013年金价近30%的跌幅,黄金市场有很多理由,但“末日博士”麦嘉华则认为,这和媒体对黄金的负面宣传有关。 CNBC(美国全国广播公司财经频道)没人持有黄金,彭博也没人持有黄金,”麦嘉华说,“媒体就一直在说黄金不好,而美联储官员、经济学家们也都不持有黄 金。他们都在买股票。』

麦嘉华对媒体对黄金的报道态度不满,他说:『当人们谈论那些对金价持积极态度的人时,他们就被叫做‘黄金爱好者’(金甲虫gold bug),‘bug’是昆虫,我不会把爱好股票的人叫作虫子。所以这已经有负面的态度了。』

所以,你聽這類新聞報導,要小心!

媒體說全球黄金需求和去年同期比下降16%至964吨,看似很嚴重,其實這是蓄意以不完整的【Table 2】數據來說的。

如果我們拿【Table 6】來看,全球黄金需求實際上是增加10%,而非下降16%。

我們都知道,去年2013年第二季,國際金價大跌,造成了全球龐大的搶購潮。

讓我們拿今年第二季對比去年同期看看:

供應方面:
Mine production:去年734.1噸;今年765.3噸;增加4%。
Net producer hedgingn:去年-15.1噸;今年50.0噸;-。
Total mine supply:去年719.0噸;今年815.3噸;增加13%。
Mine production:去年734.1噸;今年765.3噸;增加4%。
Recycled gold:去年260.7噸;今年262.7噸;增加1%。
總供應從979.7噸增加到1,078.0噸,增幅10%。


需求方面:
Jewellery:去年726.7噸;今年518.1噸;減少29%。
Technology:去年103.8噸;今年101.0噸;減少3%。
Sub-total above fabrication:去年830.5噸;今年619.1噸;減少25%。
Total bar and coin demand:去年627.9噸;今年275.3噸;減少56%。
ETFs and similar:去年-402.2噸;今年39.9噸;-。
Central bank net purchases:去年92.1噸;今年117.8噸;減少28%。
OTC investment and stock flows:去年-168.6噸;今年105.7噸;減少25%。
總需求從979.7噸增加到1,078.0噸,增幅10%。

你有沒有覺得奇怪,為何需求多處都是減少,但是供需卻增加了10%?

這就是世界黄金协会(WGC)統計方式有問題。

如我以前所說,ETFs and similar出現增加,我們可以說是需求,但是它出現減少,卻不能納為減少需求,因為ETFs and similar的減少,其實只是把黃金兌現給持有其股票的相關人士而已。

所以調整ETFs and similar後,正確的供需應該是2013年第二季是1381.9噸,2014年第二季是1117.9噸,需求下跌19.1%。

但是,這本來就沒什麼奇怪!

因為2013年第二季是忽然出現一股短期的全球瘋搶黃金熱潮,這本來就不能永遠持續,所以2014年第二季的需求下跌,本來就是正常不過的事情。

如果最新連續6季調整ETFs and similar數據,6季的需求如下:
2013年第一季 1219.5噸
2013年第二季 1381.9噸
2013年第三季 1250.2噸
2013年第四季 1289.8噸
2014年第一季  1040.0噸
2014年第二季  1117.9噸


但是,這也不是正確的數據,因為世界黄金协会(WGC)有些數據無法統計。

例如,世界黄金协会(WGC)只能統計印度的黃金進口數據,走私數據無法統計。

中國上海黃金交割去年超過2000噸,今年上半年約接近1000噸;但是世界黄金协会(WGC)的統計只有其一半。

2013全年,世界黄金协会(WGC)統計的黃金需求是4,261噸,經ETFs and similar調整是5141噸,但是全球黃金提煉卻高達6000噸之多。

LBMA Silver Price Launches New Era in Pricing Precious Metals

LONDON, Aug. 15, 2014 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, and Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, have launched the new LBMA Silver Price mechanism in partnership with the London Bullion Market Association (LBMA). CME Group, Thomson Reuters and LBMA have joined forces to provide the over-the-counter spot silver market with a new transaction-based price-setting mechanism for the LBMA Silver Price that is IOSCO-compliant and fully electronic. CME Group will provide the electronic auction platform on which the price will be calculated, Thomson Reuters will be responsible for administration and governance and the LBMA will accredit price participants. The new LBMA Silver Price benchmark will be published and distributed by Thomson Reuters and will be available on the LBMA's website.
Logo - http://photos.prnewswire.com/prnh/20140123/AQ51408LOGO
The London Silver Fix, most recently administered by London Silver Fixing Market Limited, which ceased operations as of August 14, was a global benchmark for 117 years. The new price setting mechanism developed by CME Group, Thomson Reuters and LBMA for establishing the over-the-counter spot silver price will ensure continuity for market participants via a transaction-based auction platform. It will continue to be London-based and will offer a fully IOSCO-compliant solution to the London bullion market. Deep industry engagement and broad market support leading up to the launch of this new benchmark should minimise disruptions and enable a seamless transition for the market.
"Through our existing relationships with market participants and the broader silver marketplace we are uniquely positioned to provide a seamless transition for the spot silver benchmark in London," said William Knottenbelt, Senior Managing Director at CME Group. "CME Group has a long and successful history of offering benchmark risk management and price discovery solutions for the global precious metals markets. With the recent launch of CME Europe, strong growth in CME Clearing Europe and the other recent announcements around our European growth strategy, the launch of the LBMA Silver Price adds another commodity benchmark service to our quickly growing suite of leading European services."
"This new system combines a robust and reliable pricing mechanism with strong governance, as well as transparency for all of its users," said Kris Carlson, Global Head of Metals, Thomson Reuters. "It also aims to involve as many of those users as possible – from miners to market makers. There is no fixed number of participants, and we look forward to welcoming many. We are combining continuity with innovation, ensuring not only that everyone continues to receive a reliable daily silver price through this transition to the new system, but also that they enjoy a greater understanding of how this process works by watching the auction live on their desktops, including via Thomson Reuters Eikon."
LBMA Chief Executive, Ruth Crowell said, "I am pleased that we have been able to deliver an on-time solution which meets the requirements of the London Silver Market. The new mechanism allows more direct participation and the automated auction feed ensures that the same real-time information is available to all participants and market users via numerous data vendors. The LBMA is grateful for all the market engagement and feedback it has received from market participants throughout the consultation, and in particular during the live-testing process."
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.  CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.  CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its trading facilities in New York and Chicago.  CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.           
The Globe Logo, CME Group, CME, Globex, CME Clearing Europe and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners. Further information about CME Group CME, +1.08% and its products can be found at www.cmegroup.com.
Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to http://thomsonreuters.com/

睽違多時的曹Sir復出 教路投資五大守則!

睽違多時的曹Sir復出為本刊撰文,總結未來投資五大守則︰

一、不應過於分散,亦不應過於集中在一個行業或一、兩家企業上。過於分散令投資者無法應付(每人每天能做分析工作時間有多少?),過分集中在一個行業,一旦面對行業性衰退又如何應付?

二、畢非德提醒各位,寧可在低價時吸納大企業,不可在低價時投資二線股。因為大企業有應付衰退能力,只有在環境好時才可追入二線股;不可趁低吸納二線股,因為不少二線股可以永無翻身之日。

三、沒有人知道股市下一步將如何,2014年初不是有人猜測牛市結束,最近又有人猜測5月、6月股市將大跌?本人一向強調不要「估」後市,只能「追隨趨勢」做事後孔明

四、嚴守「止蝕」,面對15%到20%虧損,有多少人肯割掉虧損?趨勢形成後才加入,趨勢結束後才退出(寧買當頭起,莫買當頭跌)。

五、「炒股不炒市」︰當市場愈來愈成熟,散戶賺到錢的機會愈來愈少,因為專業投資者可透過深入分析精於選股,散戶卻憑消息或直覺買賣…

Thursday, August 14, 2014

合法化在即‧业者兴趣浓 云顶与环球影城洽建日赌场

(吉隆坡12日讯)日本赌场合法化在即,日本环球影城(USJco.)正与云顶(GENTING,3182,主板贸服股)、米高梅度假村国际(MGM Resorts International)及凯撒娱乐(Caesars)洽谈,联营赌场度假村。 该公司总执行长甘培尔接受彭博社访问时指出,赌场合法化将获政府批准,日本环球影城正与上述3单位洽谈,探讨合作联营赌场度假村的机会。 他说,该公司即有营运能力,又有经验,即便进步拓展业务,参与多过1项赌场度假村,也不会对公司财务造成负担。 “作为一家公司,我们也想要跳脱只局限在主题公园的局面。” 去年,日本赌场合法化消息传出,吸引全球赌场业者目光,包括云顶、米高梅及凯撒娱乐等。 料成亚洲第二大市场 业者纷纷表示对日本感兴趣,让该国有望成为澳门之后,亚洲第二大博彩市场。 但截至今年6月初,日本“开赌”议案没获国会优先讨论,导致日本赌场合法化陷不明朗。 不过,今年6月24日,日本内阁通过修订后的新经济成长战略,被誉为“安倍经济学”第三支箭的改革计划,重点之一是要让赌场合法化。 日本首相安倍晋三也透露,他领导的自民党将在国会秋季复会时,争取通过赌场合法化法案,以便振兴旅游业,为迎接2020年东京奥运会作好准备。 安倍当时接受彭博社访问时说,综合度假村发展计划预料将大力提振旅游业、区域经济和工业,可成为日本增长主要支柱之一。 东京成功获得2020年夏季奥运主办权之后,该国悬而未决长达10年的赌场合法化法案有望过关。 赌场度假村的发展计划,也吸引了日本最大游戏街机弹子机(俗称柏青哥)厂商之一世嘉飒美(SegaSammy),及游戏软件科乐美(Konami)公司的目光。 市政府伸出橄榄枝 日本赌场合法化在即,东京、横滨市、北海道、长崎市及冲绳市政府,都纷纷透露兴趣,欲吸引赌场入驻。 甘培尔接受访问时也指出,日本环球影城也放眼在东京、大阪和冲绳寻找有潜能的发展地点。 他透露,该公司甚至考虑在名护自然动植物公园(Neo ParkOkinawa)内,建立一个赌场度假村或新的主题公园。 或坐落大阪环球影城 此外,也有报道指出,为了赶上同样在酝酿新赌场的东京,大阪市政府与米高梅及凯撒娱乐等洽谈,以打造价值5000亿日元(约156.2亿令吉)的赌场度假村。 该赌场度假村很有可能就是坐落在距离日本环球影城仅3公里的人工填土岛屿上。 或通过外国子公司竞标 随着日本将赌场合法化,分析员认为,一直对区域扩展抱持开放态度的云顶,可能会通过云顶香港或云顶新加坡加入竞标。 云顶通过云顶新加坡发展的名胜世界圣淘沙,表现持续亮眼,赌场度假村中也有环球影城主题公园。 不过,分析员担忧,即便日本赌场获准,也将赶不上2020年东京奥运会。 立法、选择赌场地点和业者,都需要时间。且日本建筑领域届时会忙于兴建奥运设施,将面对建筑劳工短缺,面对地震风险,日本的建筑准则更加严谨,建筑活动不能加快。 除了开放赌场法案,分析员也说,日本赌场业务面对另一最大挑战就是税务问题。 激励云顶走高 云顶今日股价走势不错,闭市时报9.95令吉,扬3仙或0.3%,成交量达64万5800股;云顶马来西亚(GENM,4715,主板贸服股)则收报4.30令吉,跌1仙或0.23%,成交量为100万4900股。

Wednesday, August 13, 2014

Corporate: Tin gets a new shine

The rise in tin prices signals a long-term recovery for the long-forgotten industry. The former CEO of Malaysia Smelting Corp explains what’s driving the new upcycle and what it will take for it to be sustainable.

Mohd Ajib Anuar looks tired and drained as he walks into the boardroom of Malaysia Smelting Corp (MSC). It is a muggy afternoon in Kuala Lumpur, and the Muslim fasting month has just started. But he snaps out of his languor as soon as he begins talking about tin, the metal that made fortunes for many Malaysian tycoons through most of the last century.

To be sure, the tin business has been viewed as something of a sunset industry since the mid-1980s. Yet, since the global financial crisis, tin prices have climbed steadily higher, amid a persistent supply deficit in the face of growing demand. Now, Mohd Ajib sees a new dawn breaking for the tin business. “Definitely. No question about it. The tin industry will grow into a more sustainable industry,” he tells The Edge Singapore.

Mohd Ajib, 64, has worked in the tin business for more than four decades. He was CEO of MSC from 1994 to 2013. The 127-year tin smelter is dual-listed in Singapore and Malaysia, and ranks as the world’s second largest producer of tin metal. It is controlled by The Straits Trading Company. Mohd Ajib isn’t planning to fade away into retirement, though. He has been appointed adviser to the board of MSC. He is also currently chairman of Malaysia’s Tin Industry Board, and continues to play an active role in a host of other tin industry organisations.

In fact, Mohd Ajib says he plans to remain active in the tin business for the next couple of decades, which he believes will be an exciting time for the industry. Specifically, he wants to help promising tin companies around the world realise their full potential, and hints that he is already working on “something big”.

His optimism is underpinned by the expanding uses of tin in recent years. Take the capsules on wine bottles for instance. The protective sleeves, which prevent the cork seals from being gnawed by rodents and other pests as they sit in cellars, were historically made of lead. But these were phased out due to fears of lead poisoning, and are now largely made of tin or aluminium.

In May, tin research promoter ITRI launched a committee to push for the use of pure tin capsules for premium wines at an exhibition in Hong Kong. “It’s the best capsule for the best wine. It’s non-toxic. The mechanical quality is good. The chemical quality is good. It looks very nice,” says Mohd Ajib, laughing at his own enthusiasm.

There are, of course, many other new and less mundane uses of tin. Notably, environmentally friendly uses of tin have been discovered through collaborative research by ITRI and companies such as Panasonic, Sony, Nokia and Motorola.

Today, tin chemicals are used in lithium ion batteries and modern fuel additives. According to Mohd Ajib, recent fuel additive trials in China and Peru achieved 10% to 15% energy savings for fishing boats and earth moving equipment, while carbon emissions were 20% to 30% lower. MSC’s own subsidiary Rahman Hydraulic Tin has been involved in work on tin-based fuel additives.

Riding new technologies

Tin has been in use for some 5,000 years, though it was first mined in large quantities in Cornwall, Britain in the 19th century. In the last few decades, the story of tin has been shaped by the ebb and flow of new technologies, and a succession of market crises.

In 1985, tin prices collapsed when the International Tin Council, which administers a buffer stock used to support prices, became insolvent. The council was borrowing heavily to keep prices high at a time when consumption was falling, which encouraged new producers such as Brazil and Bolivia to flood the market. Meanwhile, in Malaysia, production dried up as rich alluvial resources were exhausted. In 1995, global consumption was just 180,000 tonnes, driven mostly by tinplating. Tin prices at the time had declined to just US$5,000 a tonne.

Nearly 20 years on, consumption has doubled and the price of tin has risen to US$22,000 a tonne. In fact, tin prices have risen 100% in the last five years alone. One reason for this comeback was the switch by the electronics industry to lead-free solder following regulations in the European Union prohibiting hazardous wastes in 2002. Since then, the miniaturisation of devices such as computers and smartphones has resulted in less solder being used in the consumer electronics sector. Industries like healthcare and defence, however, are taking up some of the slack.

“The defence and medical sectors needed more time to establish the durability of the soldering materials. But now that it’s been confirmed by the consumer electronics sector, they are taking steps to convert to lead-free solders, and this is where we will see growth,” says Mohd Ajib. Even so, tin consumption last year was 350,000 tonnes, still below the peak of 370,000 tonnes in 2007, largely because of the global economic slowdown and the miniaturisation effect.

Looking ahead, Mohd Ajib figures demand for tin could keep growing as computers and electronic parts find their way into just about everything. The automobile sector, for instance, is increasingly using electronic parts in the vehicles it produces. “So, for tin to show further improvement in price, consumption and supply, it is not impossible. Some people say it will shoot up to US$40,000.” ITRI has forecast global tin consumption to rise at an annual rate of 2% over the next five to 10 years. Consumption is set to exceed 400,000 tonnes from around 2015.

Supply constraints

While demand for tin has been strong in recent years, supply has become more uncertain. For starters, China has turned from a net exporter to a net importer. That is significant as China is the world’s biggest producer and consumer of tin.

At the same time, supply from Indonesia, which is the world’s leading exporter of tin, has become more unpredictable. Small, artisanal miners account for more than 80% of tin produced in Indonesia. The Indonesian government has been trying to set standards in the industry, such as requiring that smelters produce 99.9% pure tin. It has also mandated that exports be made through the Indonesia Commodity and Derivatives Exchange. On top of that, the Indonesian government has tried to control the price of the metal.

The result of all this is that tin exports from Indonesia have become erratic. “Stocks held at LME [London Metal Exchange] and by consumers are at historical lows,” Mohd Ajib says. “So, with Indonesian supply declining and China becoming a net importer, the market is going to move into greater deficit within the next two to three years.”

While that could be good news for speculators, it isn’t really healthy for the tin industry over the longer term, according to Mohd Ajib. To foster higher consumption of tin over the long term, supply has to be sustainable and prices need to be steady. How can that be achieved? Mohd Ajib says the key is an industry-wide consolidation.

“Today, you have to buy from small-scale miners… but the global tin industry will undergo a major shift, transforming the supply structure from small-scale to more structured producers and a more sustainable way of production,” he says. The reason is that a significant amount of capital will be needed to create sufficient supply around the world, perhaps as much as US$3 billion ($3.7 billion) over the next five years. And, it is the largest tin companies that will be able to channel this capital efficiently into proper exploration and mining schemes and environmental programmes.

“It’s going to be more orderly. Of course, the cost will be higher, but the electronics industry will be happy to see sustainability on the supply side,” Mohd Ajib says. In fact, Mohd Ajib figures the price of tin will have to be higher than where it is today — perhaps US$30,000 per tonne — to sustain production at the level of demand. At current prices, only a handful of exploratory projects might be feasible, he says.

According to Mohd Ajib, among the companies that are best positioned to increase tin supply is Kasbah Resources, which has a project in Morocco. Other promising players are Australia’s Stellar Resources and Consolidated Tin Mines. Yet, it will take these projects three years to prove their reserves before they can start developing the mines. Amid continued supply constraints, ITRI has forecast a rise in tin prices to a cyclical peak of US$35,000 to US$40,000 between 2015 and 2017.

Growing interest

Mohd Ajib began his career at a Malaysian unit of Anglo American. He later worked for several years at Malaysia Mining Corp, which was involved in tin, diamond and gold mining. As he tells it, he entered the tin industry at the bottom of the cycle, when everyone else was trying to get out. And, it is not that he lacked alternatives, as he was offered jobs at big Malaysian government-linked companies such as Petroliam Nasional and Perbadanan Nasional during his early years. “But I stuck to tin,” he says.

What was the attraction? Mohd Ajib says the tin industry is small yet very global, and it put him in touch with people all over the world. “I just like this industry,” he says. “After 43 years, whether I am in Japan, Korea or the US, I have a lot of friends.” Now, Mohd Ajib is leveraging some of those global connections and becoming a dealmaker of sorts, bringing companies that need capital for expansion to investors. “I am working on something big. I have lots of friends all over the world. In London, I know all the big brokers,” he says.

Will some of the companies he’s dealing with come to Singapore to raise capital? For the moment, Mohd Ajib is keeping his cards close to his chest. Yet, Singapore is a natural hub for tin producers. More than 70% of Indonesia’s tin exports are sent here for warehousing and redistribution. Meanwhile, MSC itself counts several thousand retail investors in Singapore.

Yet, Hong Kong appears to have had the edge in attracting huge mining companies. In recent years, it has trumped Singapore by winning over the likes of United Company ­RUSAL, Glencore and Kazakhmys. Mohd Ajib says if Singapore is to become a listing venue for big resources companies, a lot more work has to be done to educate investors. “The resources business, whether it is tin or gold, is a long-term business,” he says. “The lead time to develop resources can vary from five to 15 years. So, for investors to go into resources, they have to take a long-term view. Otherwise, it gets too speculative.

Malaysia Smelting may reinstate dividend on improving earnings, but risks remain

Malaysia Smelting Corp’s facility in Penang sits on what could well be prime seafront land one day. Hidden behind concrete walls topped with barbed wire, and located close to the Penang Bridge, it started out more than a century ago processing tin ore from mines in Perak and Selangor. These days, MSC has a much wider global network. On a sunny afternoon in June, bags of tin ore from mines in Congo, Rwanda, Bolivia, Myanmar, China and Mongolia were piled chest high on the floor of the plant. Out in the yard, neat stacks of shiny tin ingots waiting to be shipped out gleamed in the sunlight.

Chua Cheong Yong, CEO of MSC, says the company’s financial results are regaining their shine too, thanks to a sharper focus on its traditional tin smelting business in the last couple of years. However, growing that business over the long term is becoming more difficult, because of the increasingly limited supply of tin ore.

Malaysia’s tin mining business pretty much died in the mid-1980s, amid a slump in tin prices just as the country’s once-rich alluvial deposits were almost exhausted. A decade ago, MSC began trying to move upstream to secure its own supply of tin ore. In 2002, it took a 75% stake in Indonesia’s PT Koba Tin, which has a mine on Bangka Island. Two years later, in 2004, it acquired Rahman Hydraulic Tin, which operates Malaysia’s largest open-pit alluvial tin mine.

MSC also made a bid to expand into other commodities. In 2007, it bought stakes in mines in Australia, Canada, Indonesia and the Philippines that produce copper, gold, zinc, silver, nickel and coal. Its timing couldn’t have been worse. The following year, commodity prices collapsed in the wake of the global financial crisis. In addition, the family of the late Tan Chin Tuan tightened their grip on The Straits Trading Company, which controls MSC, and embarked on a strategic review of the whole group.

MSC was directed to focus on tin, and it promptly began offloading the non-tin mining assets it had only just acquired. Then, in 2012, PT Koba Tin ran into trouble when it failed to extend its contract for work, in spite of renewal guarantees. The Indonesian government also hiked export duties on tin ore from 5% to 30%. MSC decided it wasn’t worth hanging on to PT Koba Tin, and sold its stake in June.

The silver lining is that the string of impairment losses that MSC suffered over the last few years will finally come to an end. “By June, we would have taken out most of the hit,” Chua tells The Edge Singapore. “Now, operations will be very much driven by smelting, marketing and trading and [tin] mines, which have shown resilience in riding the downturn. We need to build up confidence again.”

In 1Q2014, MSC reported a 2% decline in earnings to RM14.7 million on a 2% rise in revenue to RM429 million. The company hasn’t declared a dividend since 2012, but that could change soon. “We are looking to distribute dividends again,” says Chua. “In the short to medium term, we are looking to stabilisation. In the mid to long term, there is potential to develop.”

Expansion plans

How does Chua plan to grow the company? One idea is to broaden MSC’s business to include tantalum and tungsten, which are related to tin. “The market for tantalum and tungsten is one third or a quarter the size of tin, but their valuation is good. They occur together and share the same supply network. There is nothing to stop us from trading tantalum and tungsten since we have a strong marketing network in the Asia-Pacific,” he says. “They will support our mid- to long-term growth.”

Chua also wants to expand MSC’s tin mining operations. However, after its unpleasant experience in Indonesia, he says MSC will focus on Malaysia and “regionally accessible and more-friendly countries”. Notably, it has carefully nurtured Rahman Hydraulic Tin into a money spinner. The 107-year-old mine was losing money when MSC bought it a decade ago. Last year, it made RM34 million ($13.3 million) before tax, up 17%. Now, it is poised to grow bigger. In March, Rahman Hydraulic Tin acquired an 80% stake in SL Tin, which holds a mining concession in the state of Pahang.

MSC has also been laying the ground to secure mining concessions in the strife-torn Republic of Congo. While the United Nations has introduced sanctions to cut off funding to rebels fighting the government, MSC has initiated a scheme to certify non-conflict tin from the country. According to Chua, tin produced in Congo is now traceable each step of the way from source to smelter. MSC itself has been audited three times, the last audit being in May. MSC also owns a 40% stake in a smelting plant in Lubumbashi.

Much of Congo’s tin is produced by artisanal miners, who lack the resources to make big investments to increase production in an environmentally sustainable way. However, Chua is hoping the day will come when the Congo government allows big mining companies to gain access to its mineral resources. “Africa has huge potential if we get our strategy right and the government does not sway away from development,” he says.

Long-term risks

Chua joined MSC right out of university some 30 years ago. Among his earliest tasks at the company was buying tin ore from miners in Taiping, in the state of Perak. He worked his way up the ranks, and was appointed CEO on Dec 31 last year.

Looking ahead, Chua is candid about the risks MSC faces. While the company is working to secure as much supply of tin ore as possible, he says tin producing countries will eventually want to set up their own smelters and take control of their mines. “Resource nationalism is very real today,” Chua says. “We have to take a view on tin price and sovereign risk before we go into a project.”

Some market watchers also fear that MSC’s controlling shareholder has little appetite to fund major acquisitions. They point out that Australia-listed Kasbah Resources, which has the most advanced of tin projects in the pipeline, is currently trying to raise some US$100 million ($124.5 million) but failed to get MSC to come in as an investor. Kasbah Resources’ shareholders include International Finance Corp, Toyota Tsusho and Thai smelter Thaisarco.

When approached for comment, however, a spokeswoman for Straits Trading says the group wants to see MSC grow. “Straits Trading will support MSC in any initiatives that will create value for shareholders,” she tells The Edge Singapore. “Straits Trading will be supportive of MSC in its quest to enhance its position in the tin industry.”

Whatever the case, with MSC on the road to profitability and likely to reinstate its dividend, its shareholders are likely to see better times ahead. And, even if the company’s tin business doesn’t grow much, the land it occupies in Penang will certainly rise in value over time.


The Edge Publishing Pte Ltd

Document EDGESI0020140805ea8400008

淨虧擴大賣壓罩頂 馬熔錫一度挫20仙

(吉隆坡13日訊)馬熔錫(MSC,5916,主要板工業)截至本財年6月底次季淨虧擴大近5倍,今日賣壓罩頂,一度重挫20仙至3.01令吉,寫下3個月新低水平。

 馬熔錫開盤出師不利,以3.01令吉開市,重挫20仙,較后該股收窄跌幅,休市掛3.14令吉,跌7仙,交易量16萬9500股,仍離不開10大下跌股榜。

 馬熔錫午盤持續走跌;截至下午4時半,該股滑1仙,報3.20令吉,成交量28萬1200股。

 興業證券研究分析員黃顯源在報告指出,儘管業績表現差勁,但較高錫價推動上半年核心淨利超越預期。

 錫產量未來數年料將持續放緩,需求方面卻有增無減,故錫礦市場基本面極有可能在短期內改善。

 截至目前,錫價仍比預測低,每公噸遊走介于2萬3375美元至2萬4125美元(約7萬4578令吉至7萬6970令吉),該行因此維持核心收入預測。

 “我們建議投資者不必太在乎馬熔錫首半年虧損表現,並看好錫礦市場前景能帶動未來業績表現。”

 該行持續給予“買入”建議,合理價4.20令吉。http://www.chinapress.com.my/node/551499

業績受特別虧損拖累‧馬熔錫前景仍看好

馬熔錫機構(MSC,5916,主板工業產品組)扣除特別虧損後的表現比預期佳,由於市場對錫的強烈需求,興業研究繼續看好該公司前景。
馬熔錫機構在上半年的核心淨盈利達3千350萬令吉,按季比較,第二季的核心淨盈利上升了22.5%。主要業績成長歸功其子公司拉曼水力錫礦的採礦業務從高錫價中得益。
興業研究表示,雖然馬熔錫機構在為脫售印尼Koba錫,應收賬款減值及為財務擔保全數撥備後在上半年損失了4千760萬令吉,但這屬特殊個案。
此外,市場對錫的高需求也是馬熔錫機構的主要動力。興業研究相信全球錫產量將有所限制,加上半導體銷售及中國半導體生產對錫的強烈需求,在短期內錫的需求將持續旺盛,也將帶動馬熔錫機構的營運。
興業研究呼吁投資者勿把重點放在上半年的特別虧損,希望該公司可重新出發。基於目前錫市的正面基本面及上半年馬熔錫機構比預期好的表現,興業研究給予馬熔錫機構“買入”評級,目標價4令吉20仙。(星洲日報/財經‧報道:陳林德)

Monday, August 11, 2014

窮人和富人的區別



我們可能不止一次地抱怨過自己為什麼會是窮人,抱怨賺錢太艱難,但事實是很大程度上就是因為這樣的心態,才阻止了我們走向更富有的道路的方向。現在我們就來看看窮人和富人的根本區別是什麼,調好你的心理狀態才能變更好哦。
 
  
  窮人很少想到如何去賺錢或如何才能賺到錢,他們更多的想如何找一份穩定的工作和穩定的生活;富人有強烈的賺錢意識,他不會侷限於某地某時,哪裡有錢賺哪裡就是他的家。
  
  一、社交:窮人喜歡走窮親戚,窮人排斥與富人交往,久而久之也成就了窮人的心態和行為模式;富人多是邀請富人,話題也是如何賺錢的門道經驗。
  
  二、業餘生活:窮人在家看電視,被肥皂劇感動得痛苦流涕,還要按照劇裡的時尚來打扮自己;富人在外跑市場,就是打球時也不忘記帶著項目和合同。
  
  三、時間:窮人的時間是不值錢的,他們在空閒裡手腳都在忙,忙着去打牌,忙着去麻將桌上摸幾把,賭運氣;富人的閒時也是一種工作方式,修身養性,以利再戰,腦子一刻也不閒着。
  
  四、激情:窮人只有激動沒有激情,上司表揚了他會激動,商店打折了他也會激動;富人總有這樣的激情:每個人都終將不是窮人,“王侯將相,寧有種乎?”
  
  五、歸屬感:窮人是顆螺絲釘,他們迫切希望自己從屬並依賴於某一團體,並以這個團體的標準要求自己;富人總是一方面向窮人灌輸團體精神,一方面又暗地招兵買馬,培養新人。
  
  六、自信:窮人的自信來自外表,來自外界的眼光和評價,窮人的自信往往不是發自內心和自然天成的;富人李嘉誠說:光景好時決不過分樂觀,光景不好時,也決不過分悲觀……這種自信來自內心,它決不會被外力所左右。
  
  七、習慣:有個故事:一個富人送給窮人一頭牛,窮人滿懷希望地開始奮鬥,可是牛要吃草,人要吃飯,日子難熬,於是窮人把牛賣了,買了幾隻羊,吃了一 隻,盼着其他羊生小羊,可是小羊沒生出來,日子又艱難了,窮人只好賣了羊,買了雞,想讓雞生蛋,但是日子仍沒有改變,最後窮人把雞也殺了,又恢復了以前的 生活。一個投資專家說,富人成功的秘訣是:不管多麼困難,也不要動用投資和儲蓄,壓力會幫助你找到賺錢的辦法。