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Investing is an art and highly emotional and subjective.

When buying stocks, if your buying decisions are based on"insiders' information or rumours" and not sound analysis, then you are gambling. Many investors enter the market when stocks prices are high (lacking of confidence to enter beforehand when prices were low). Once the stocks market crash, they tend to sell out their shares out of fear and pessimism, swearing to "chop off their fingers" and never enter the stocks market again. If such situation happens, all their previous gains may be wiped out and suffered a loss.

Investing is an art and highly emotional and subjective. Subjectivity is largely controlled by our emotions. There are times when we are optimistic or pessimistic. If we are unable to control our emotional weakness, we are unlikely to become successful investors.

To be successful, you must first understand yourself, in particular your emotions and the degree of pressure you can tolerate.

The investors should also analyse the country's economic prospects together with the earnings outlook of the major listed companies.

It is imperative that you like Mathematics as the sound mathematical knowledge plays a key role in investment.


财富為了实现梦想;而非梦想拥有财富 .
美元对亚洲货币走势图


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Tuesday, January 26, 2010

修订政策 力挽颓风

王 冠 一


民主党于麻省的参议员补选中落败,对奥巴马可算是一次沉重打击,结果显示奥巴马的蜜月期已结束,国民通过手上一票,宣洩对政府过去一年施政的不满,包括大洒金钱救市,令财赤倍增,但救市却向华尔街倾斜,广大市民仍陷于水深火热,而在失业率持续飙升的时候,奥巴马仍不遗餘力地推行医疗改革。

失去这一席,关係到失去参议院的绝对控制权,民主党日后推行政策时必定增添障碍。奥巴马亦明白到,不改变政策路向,今年底的国会中期选举亦会告急,故在政策上出现大转弯,最明显的是对华尔街的态度趋于强硬,短短时间内既要向银行徵收重税,又提出「伏尔克规条」,对银行规模和进行坐盘交易加以限制,一向亲华尔街的财长盖特纳和经济顾问之一的前财长萨默斯,亦被打入冷宫。

在奥巴马周三公布其上任后首份国情谘文前,部份内容已被披露,主题集中在四方面,包括创造好职位(creating good jobs)、勇敢面对赤字问题(addressing the deficit)、政策改变(changing Washington)和照顾中产阶级(fighting for middle class family)。奥巴马表示,中产阶级经历了历来最困难的十年,面对收入中位数下降和创造职位步伐追不上职位流失速度,要重建中产阶级,创造良好而又可持续的职位,乃当务之急。他建议向增聘人手的小企提供税务优惠,额外薪酬支出可获10%至20%的税务宽减,涉及资金约825亿,会由「不良资产纾缓计划」(TARP)的剩餘资金拨出。

奥巴马又提出连串安抚中产的措施,包括年入少于8.5万的家庭,儿童扣税率将由20%提高至35%,而年入少于11.5万的家庭亦可获部份豁免。奥巴马又提出向顾儿童基金多拨16亿美元,额外帮助23.5万儿童,以及增加1.025亿美元,纾缓有供养长者家庭的压力,并设立退休储蓄户口,扩大对退休储蓄的税务优惠。为了减轻学生的还款压力,奥巴马又打算设立每月还款上限,界线定于扣除必需支出后家庭收入的10%。

奥巴马周二进一步出招,公布会在未来3年冻结1/6的预算支出,削减领域集中于住房及城市发展、司法、能源、交通、农业和衞生及公共服务等方面,军事、退伍军人待遇、保安及国际事务支出不受影响,教育及与职位创造相关的投资更会增加,希望合共节省4470亿支出,佔联邦预算案的17%。不过经过通胀调节后,未来十年节省的开支可能仅为2500亿美元。

奥巴马未必是觉今是而昨非,但正如其胜出大选的口号─「改变」(CHANGE),穷则变,变则通,若不及早改变政策,不要说中期选举会失利,三年后能否连任亦成问题。

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