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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, December 29, 2009

<转>年底拍债 难有惊喜

作者是 王冠一

美股於上周的三日半市全数录得升幅,连同前周五,已是连升5个交易日。上周除了新屋销售数字较预期远逊外,其他数据均理想有进展,反映经济正步入坦途。由於过去纪录显示,若圣诞前股市向好,圣诞后至踏入新一年之间的股市,表现会更强劲,故上周已收於今年高位的美股,在本周的4个交易日料将更上层楼。

本周美国数据不多,但仍具一定份量,尤其是消费者信心及最新一周新申领失业金人口数字是优是劣,仍会对美股表现举足轻重,反而Case/Shiller楼价及芝加哥採购经理指数的影响力会较弱。市场真正焦点应该落在今日开始一连三日拍卖的1180亿美元二、五及七年期公债,过去两次拍债,反应均欠理想,令今次拍债面对的压力更大,尤其今次是破天荒首度於年底最后一个星期拍债,不少基金及投资者仍在休假中,18家包销商可能要大举接货,孳息必然会被挟高,令已经歷27年牛市但长期升浪几已肯定於今年断缆的债市,雪上加霜。

美元於上周初仍气势如虹,但强势於上周三新屋销售数据发表后即时逆转,不过回吐幅度甚為有限。由於本周美债孳息预期仍会进一步攀升,估计可為美元带来强力支持,故美元上周尾段转弱,切不可一厢情愿地视為美元反弹势头已告一段落,尤其日本於圣诞假日公布的数据表现普遍差劣,包括失业率回升,核心CPI又连挫9个月,反映通缩仍挥之不去,日本政府仍将為日圆转弱开绿灯。

欧元回升,是希腊通过缩减预算开支,紓缓了市场对欧洲多国主权债务出现违约风险的忧虑,但提出灭赤议案并不代表问题已经解决,更何况希腊问题只是冰山一角,其他饱受财赤困扰的欧洲国家,问题仍将陆续曝光,故欧元尚未完全脱险,趁反弹时高沽,胜望弥高,相信本周高位不会超出上周高位的1.4437美元太多。

圣诞过去,意味2009年将尽,2010年快要开步,在此谨祝《am730》读者们新年胜旧年,身体健康,在投资路上一帆风顺。


◎曹Sir金句
每一个投资者都希望坐股市尾班车走(赚尽每一分钱)。可惜当尾班车开走时,经常仲有大批人留在月台上,未有及时上车。

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