2007年10月27日

中國新順口溜

所以話中國人其實十分之有創意, 中共十七大閉幕後便廣泛流傳以下的順口溜:

「吳官正無官了, 羅幹不幹了, 曾慶紅不紅了, 黃菊早黃了, 見習生近來擺平了(習近平), 克強國強強強聯手, 永康了!」

有趣, 有趣。

2007年10月26日

功敗垂成, 美帝在伊拉克的「投資」快泡湯了!

亞洲時報昨天刊登了一篇長文指出伊拉克政府在近數個月來接連對布殊政府作出不同程度的挑戰。

首先, 伊拉克政府宣佈不會再為聯合國安理會授權聯軍在伊行動作出法理上的背書。沒有聯合國安理會授權, 技術上美軍是不能繼續在伊拉克逗留。到那時侯國會山莊也不用討論美軍何時撤離, 因為主人家已下了逐客令。

另外, 伊拉克總理馬里基巳要求美國私人保安公司黑水集團停止一切在伊的活動。沒有黑水集團此等私人武裝部隊集團的幫助, 美軍在伊的活動更見左支右絀!

需知道, 對美國油公司甚為有利的伊拉克石油法現在還未通過。若現在美軍便被迫撤理, 美國在伊拉克的投資極有可能泡湯。花了數千億美元, 死了二千多人, 結果得個吉, 看來美國有B計劃: 即推翻伊拉克現在的什葉派政府, 扶植另一個遜尼派侯賽因式的獨裁者, 當然此獨夫要聽美帝的命令才合格。

看來, 中東的局勢愈來愈有趣了。

2007年10月25日

李柱銘又老又胡塗!

李柱銘點名布殊要趁零八奧運向北京施壓, 本人應為其效用等於零, 其文章更會危及泛民今秋的區議會選舉, 可謂得不償失。原因好簡單:

甲) 叫一個即將下台的總統向北京施壓? 有冇聰明D? 北京採佢都儍啦!

乙) 叫一個以民主為名而侵略他國為實的牛仔總統向北京施壓, 有冇公信力? 中國人信唔信?

丙) 點樣施壓? 玩杯葛? 唔玩杯葛又點施壓? 萬一奧運冇得玩, 香港民主黨如何自圓其說?

丁) 世上冇免費午餐! 耍美帝施壓, 會唔會要中共民主順便要人民幣升值? 要中共開放順便開放金融產業得唔得?

這篇文章證明李生又老咗又胡塗咗, 係時候退出政壇。

2007年10月21日

原油繼績高企, 一百元美一桶在望!

Goldman Sachs 在年多前預測西德克薩斯中質油 (WTI Crude) 會升致一百美元一桶, 看來又是高瞻遠矚的一次預測 (Goldman Sachs 已經唔係第一次咁好嘢)。除了已人所共知的原油產量見頂論外, 在這數星期內, 國際地緣政治局勢發生三件大事筆者認為會促使原油、天然氣等價格會繼績高企, 並使原油破一百美元一桶!

甲) 美帝與俄國在討價還價: 根據Stratfor.com分析, 美國國務卿賴斯與俄「帝」普京近日在進行密集磋商, 議題包括美帝在東歐的導彈系统、科索沃的獨立問題以及烏克蘭的問題。談判的過程當然是籌碼互掉, 對資源大國俄羅斯來說, 營造一個緊張國際氣氛對其有利, 更會推高油價, 既可向美方施壓又可賺多點外滙, 真一樂也。

乙) 俄羅斯正式向伊朗押注: 上星期普京正式訪問伊朗, 並警告美國不能向伊朗隨便動武。這使伊朗在與美帝在伊拉克談判分肥豬肉的時候更有自信, 美帝選擇強硬甚至攻擊的誘因增加了。去到最尾, 美帝的武器仍然天下無敵! 際此情况, 油價焉有不升之理?

丙) 土耳其與庫爾德的戰爭: 土耳其決心剷除庫爾德的原因是, 在伊拉克北部的庫爾德自治政府(KRG)己不理會巴格達政府自行和油公司特別是美國的油公司簽約掘油揾錢。有了油元, 庫爾德自治政府便可坐大, 這對擁有龐大庫爾德族的土耳其來說是一極大威脅! 若庫爾德族坐大更立國, 土耳其這國家分分鐘玩完。所以, 安卡拉政府己拿了國會授權向伊出兵, 明年春季可能是出兵時。在這數月, 看來油價是會受其影響了。

難怪巴菲特歎太早賣中石油(0857.HK)。看情形中石油會繼績隨國際油價上升的了。

2007年10月20日

財經美語, 温故知新。

“Successful investing is anticipating the anticipations of others.”

- John Maynard Keynes

在外滙市埸, 務必要尊重中央銀行!

最近讀到了一段David Fuller對央行對滙市的影響非常有參考價值, 現列之如左:

They [ed: Central Banks] are the occasional, big, rough and tough players in the currency markets. After all, they can run unlimited losses, print more money if necessary, and are only answerable to themselves and there respective governments, which will have sanctioned the intervention. The central banks can also change the 'rules', by altering interest rates, if necessary, changing margin requirements or even releasing statistics to unsettle speculators (these stats can always be revised later). If you regard currency markets as a casino, then central banks are analogous to the House.

It doesn't pay to be a permabear.

在投資市埸打滾了十年, 昨天讀到了蘋果A1頭條談及一位廿二歲青年憑七萬賺三百五十萬, 深表感觸。需然在這十年筆者能說是有現金淨流入但說不上是大賺特賺, 我給自己的解釋是:

甲) 親眼經過九七泡沫、科網泡沫, 包袱太大。
乙) 耳聞或閱讀得知九五年中國泡沫、七三年香港天線泡沫, 包袱更大。
丙) 我冇問人借錢買股習慣, 自己錢有血有汗投資起來格外謹慎, 點及借番來的OPM?
丁) 本人要供樓養妻活兒, 要時問儲一筆如廿萬的本金去投資。

思前想後, 筆者發覺自己也太過受那些Permabears影響。什麼是Permabears? 就是那些久唔久便喊泡沬或大禍會來臨的人士, 例如Barton Biggs, Morgan Stanley's Stephen Roach 及撰寫Gloom, Boom & Doom Report 嘅Marc Faber. 還記九一一事件不久參加了一個午餐會議, 當時Morgan Stanley's Stephen Roach認為美帝的經濟會有排衰, 反恐會令世界永無寧曰云云。他說時思路清楚十分有說服力, 但可惜回望那段曰子, 九一一正時入貨時機!

結論好簡單, 因為有政府撐腰, 叫央行減息放水, 什麼問題也可解決。通脹? 到時先算啦! 遠的不說, 就以次按為例, Fed令願通過減息打劫 Bank Savers也要救嗰班Hedge Fund佬, Wall Street話哂事的信號仲唔清楚?

所以都係那句 It doesn't pay to be a permabear. 本人明白了, 並會實行之。

2007年10月19日

2007年10月17日

珍惜用水。




香港人或許太幸福了, 百物也富足, 大陸的東江水源源不絕, 所以制水的日子在不少人心目中已不復存在。這其實是危險的, 我們其實應非常珍惜用水, 因之得來不易。遠在美國的Atlanta及North Carolina便正受到旱災的威脅。據紐約時報報導:

Officials in the central North Carolina town of Siler City estimate that
without rain, they are 80 days from draining the Lower Rocky River
Reservoir, which supplies water for the town’s 8,200 people.

In the Atlanta metropolitan area, which has more than four million people,
worst-case analyses show that the city’s main source of water, Lake Lanier,
could be drained dry in 90 to 121 days.

It’s really alarming,” said Janice Terry, co-owner of the Best Foods cafeteria in Siler City. To curtail water use, Best Foods has swapped its dishes for paper plates and foam cups.

Most controversially, it has stopped offering tap water to customers, making them buy 69-cent bottles of water instead. “We’ve had people walk out,” Ms. Terry said. “They get mad when they can’t get a free glass of water.”

好難想像一家美國餐館連水也不免費供應, 但際此水荒也是沒有辦法的了。所以, 時時刻刻也耍珍惜用水, 幸福並非必然。

2007年10月15日

星加坡資政長老李光耀的一次對談

最近, 星加坡資政李光耀接受美國UCLA Media Center 的訪問, 其內容觸及中國、美國及星加坡的未來, 極之有見地, 現簡列之於左:

甲) 中國正在反思大國如何崛起:

Their problem now is convincing the world that they're serious about a "peaceful rise." These are thinking people. You're not dealing with ideologues.

I don't know if you've been seeing this or heard of this series that [the Chinese] produced called The Rise of the Great Nations. It's now on the History Channel. I got our station here to dub it in English and show it. It was quite I would say a bold decision to tell the Chinese people this is the way the European nations, the Russians and Japanese became great. Absolutely no ideology and they had a team of historians, their own historians. To get the program going, they went to each country, interviewed the leaders and historians of those countries.

You should watch the one on Britain, because I think that gives you an idea of how far they have gone in telling their people this is what made Britain great. I was quite surprised. The theme was [doing away with] the Divine Right of Kings, a Britain that was challenged by the barons who brought the king down to Runnymede and then they had the Magna Charta, and suddenly your "Divine Right" is based on Parliament and [the barons] are in Parliament. That gave the space for the barons to grow and the middle class eventually emerged. When the King got too uppity, Charles the First got beheaded.

Now this series was produced in a communist state, you know. In other words, if you want to be a great nation, so, if the leader goes against the people's interests, you may have to behead him! They also said that because there was growing confidence between the people and the leaders, the country grew. It is in fact a lesson to support their gradual opening up and their idea of how they can do it without conflict -- the "peaceful rise." They have worked out this scheme, this theory, this doctrine to assure America and the world that they're going to play by the rules.

乙) 美國的未來 - 教肓及人力資源:

For the next 10, 15, 20 years what you have will keep you going as the most enterprising, innovative economy with leading-edge technology, both in the civilian and military field. You have got that already.

You will lose that gradually over 30, 40, 50 years unless you are able to keep on attracting talent and that's the final contest, because what you have done, the Chinese and other nations are going to adopt parts of it to fit their circumstances and they are also going around looking for talented people and wanting to build up their innovative enterprising economies. And finally this is now an age where you will not have military contests between great nations because you will destroy each other, but you will have economic and technological contests between the great powers.

I see that as the main arena of competition by 2040, 2050 and it'll be the U.S.; China for sure; Japan, keeping up with the U.S. and trying to retain its separate position from China, closer to the U.S. and hoping to maintain a special position; India, somewhat behind China, trying to catch up. I don't know about Brazil.

丙) 美國拉丁化?

But long-term for America, if you ask me, say, project another 100 years, 150 years into the 22nd century, say, 2150, whether you stay on top depends upon the kind of society you will be because if the present trends continue, you'll have a Hispanic element in your society that's about 30, 40 percent. So, the question is do you make the Hispanics Anglo-Saxons in culture or do they make you more Latin American in culture."

I mean, if they came in drips and drabs and you scatter them across America, then you will change their culture, but if they come in large numbers, like Miami, and they stay together, or in California, then their culture will continue and they may well affect the Anglo-Saxon culture around them. That's the real test.

丁) 星加坡將會消失?

Where are we? Are we in the Caribbean? Are we next to America like the Bahamas? Are we in the Mediterranean, like Malta, next to Italy? Are we like Hong Kong, next to China and therefore, will become part of China? We are in Southeast Asia, in the midst of a turbulent, volatile, unsettled region. Singapore is a superstructure built on what? On 700 square kilometers and a lot of smart ideas that have worked so far -- but the whole thing could come undone very quickly.

Singapore is not a 4,000-year culture. This is an immigrant community that started in 1819. It's a migrant community that left its moorings and therefore, knowing it's sailing to unchartered seas, guided by the stars, I say let's follow the stars and they said okay, let's try. And we've succeeded and here we are, but has it really taken root? No. It's just worked for the time being. If it doesn't work, again, we say let's try something else. This is not entrenched. This is not a 4,000-year society.

2007年10月13日

極端民主等同文革?

今天蘋果日報A1頭條說特首曾先生將極端民主化等同文革, 嗚呼! 真一派胡言! 民主或民粹的而且確有其缺憾, 但此位香港仔特首拿文革來貶抑民主, 就證明他讀史讀屎片。需知道文革的起成是老毛一手策劃的, 再加上中央文革那些虎豹豺狼如康生、江青、林彪一夥配合冇腦的中國學生(即紅衛兵)領銜主演。文革絕對是共產專政之下的怪胎, 與民主風馬牛不相及。這位特首終於露了底, 果然是一個不學無術的小混混, 建議他重讀嚴家其所著的文化大革命十年史。

2007年10月12日

邪惡的 GOOGLE

最近Slate.com刊登了一篇崇人聽聞的文章指出GOOGLE正在己可怕的速度支配着我們的生活。

Once you start thinking of Google's potential reach, it's easy to become paranoid. I am presently a happy user of Gmail, Google Calendar, Google Reader, Google Earth, Google Maps, Google Docs, Google Chat, Google Groups, Google Video, and Google Notebook (which I use to clip interesting things online). I also love Google Desktop, which has indexed the contents of my computer. What has Google made of all this information? If they wanted, they could know my friends, my family, my weakness for homemade YouTube soccer highlights. They could know what car I drive, where I drive it to, and where I shop. They definitely know what blogs I read and how often I read them. They took a picture of the building where I live. They just started a
411 services that will give them my voice.

雖然以上所說未免誇張, 但是我們所想所知及一切網上活動全然在GOOGLE掌控之中。BIG BROTHER (BB) 已不再是政府而是一私人機構, 實也始料不及。看來, 保護個人私隱在WEB2.0的時代巳變得亳無意義了。

穆沙拉夫當選日, 塔利班流血時

亞洲時報的一篇報導暗示美帝「思准」穆沙拉夫當選連任總統的條件就是血洗塔利班。

Within a day of Musharraf's victory, Pakistani F-16 aircraft were flying sorties
from Kohat Airbase to bomb the North Waziristan town of Mir Ali, acting on
intelligence and satellite maps provided by US intelligence.

Top al-Qaeda ideologues, reportedly including the group's number two, Ayman al-Zawahiri, were believed to based in the town. The fighting in the area is continuing for a fourth day, in what has become the biggest battle in the tribal areas since 2003......

什麼人民民主, 在反恐的大旗下, 通通都掃進垃圾堆。不過, 筆者也很驚訝穆沙拉夫的權力基礎如斯簿弱。沒有美帝撐腰恐怕其政權早已倒台。不過, 穆沙拉夫當選連任總統也算是件好消息, 最起碼其核武冇咁易落入極端分子之手, 幸甚, 幸甚!

2007年10月5日

必讀!!! 一段非常精彩的男女對話

多謝好友提供了在美國CRAIGSLIST刊登的一段異常精彩的男女對話。男方的回覆節奏明快、有板有眼, 一針見血! 是一不可多得的尚佳之作! 現列之如左以供眾好友御覽:

What am I doing wrong?

Okay, I'm tired of beating around the bush. I'm a beautiful (spectacularly beautiful) 25 year old girl. I'm articulate and classy. I'm not from New York. I'm looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don't think I'm overreaching at all.

Are there any guys who make 500K or more on this board? Any wives? Could you send me some tips? I dated a business man who makes average around 200 - 250. But that's where I seem to hit a roadblock. 250,000 won't get me to central park west. I know a woman in my yoga class who was married to an investment banker and lives in Tribeca, and she's not as pretty as I am, nor is she a great genius. So what is she doing right? How do I get to her level?

Here are my questions specifically:

- Where do you single rich men hang out? Give me specifics- bars,restaurants, gyms

-What are you looking for in a mate? Be honest guys, you won't hurt my feelings

-Is there an age range I should be targeting (I'm 25)?

- Why are some of the women living lavish lifestyles on the upper east side so plain? I've seen really 'plain jane' boring types who have nothing to offer married to incredibly wealthy guys. I've seen drop dead gorgeous girls in singles bars in the east village. What's the story there?

- Jobs I should look out for? Everyone knows - lawyer, investment banker, doctor. How much do those guys really make? And where do they hang out? Where do the hedge fund guys hang out?

- How you decide marriage vs. just a girlfriend? I am looking for MARRIAGE ONLY

Please hold your insults - I'm putting myself out there in an honest way. Most beautiful women are superficial; at least I'm being up front about it. I wouldn't be searching for these kind of guys if I wasn't able to match them - in looks, culture, sophistication, and keeping a nice home and hearth.

it's NOT ok to contact this poster with services or other commercialinterests

PostingID: 432279810

THE ANSWER

Dear Pers-431649184:

I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament.Firstly, I'm not wasting your time, I qualify as a guy who fits your bill; that is I make more than $500K per year. That said here's how I see it.

Your offer, from the prospective of a guy like me, is plain and simple acrappy business deal. Here's why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here's the rub, your looks will fade and my money will likely continue into perpetuity...in fact, it is very likely that my income increases but it is an absolute certainty that you won't be getting any more beautiful!

So, in economic terms you are a depreciating asset and I am an earning asset. Not only are you a depreciating asset, your depreciation accelerates! Let me explain, you're 25 now and will likely stay pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 stick a fork in you!

So in Wall Street terms, we would call you a trading position, not a buy and hold...hence the rub...marriage. It doesn't make good business sense to "buy you" (which is what you're asking) so I'd rather lease. In case you think I'm being cruel, I would say the following. If my money were to go away, so would you, so when your beauty fades I need an out. It's as simple as that. So a deal that makes sense is dating, not marriage.

Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as "articulate, classy and spectacularly beautiful" as you has been unable to find your sugar daddy. I find it hard to believe that if you are as gorgeous as you say you are that the $500K hasn't found you, if not only for a tryout.

By the way, you could always find a way to make your own money and then we wouldn't need to have this difficult conversation.With all that said, I must say you're going about it the right way. Classic "pump and dump." I hope this is helpful, and if you want to enter into some sort of lease, let me know.

2007年10月4日

對美金及歐羅的一些看法

需然近來數周, 美金對歐羅也呈大弱勢, 但筆者認為中長線而言, 歐羅已開始面對三大阻力。第一, 歐羅區的金融體系已因為美次按問題己明顯轉弱, 歐羅區減息已不是奇談。這將會給歐羅帶來息差收窄的下跌壓力。第二, 根據 Stratfor.com 的一編評論指出各大中央銀對歐羅的戰略性收集也相告結束, 這等於說來自中央銀行的需求將會減弱, 而正正在這時侯歐洲央行要印銀紙以挽救因次按而出問題的歐洲銀行, 供一旦過於求, 歐羅便有下跌的風險。最後, 法國總統Sarkozy因不滿歐洲央行的利率政策而與歐洲其他國家關係緊張, 一個不和的歐洲共同體絕對是歐羅的大患。

所以, 中長線而言, 我對歐羅並不樂觀。