有型的K770
可爱的W580P/S: 我的猪朋Mr Chet也换了咖啡色的K770
Thursday, March 20, 2008
新电话 - SE K770/W580
两年前买的Panasonic VS2终于退休了. 我和大虾头最近一起换了新电话. 我换了SE K770而她则拿了SE W580. 这里要介绍的是一间在PJ牛车水的电话铺, 位置在Starbucks对面的, 专卖AP机, 价钱还便宜过金河那里. 先说明我和那店毫无瓜葛, 只是觉得有好地方就该介绍...
有型的K770
可爱的W580
P/S: 我的猪朋Mr Chet也换了咖啡色的K770
有型的K770可爱的W580P/S: 我的猪朋Mr Chet也换了咖啡色的K770
Monday, March 03, 2008
Lessons from Warren Buffett’s guru
Personal Investing: By OOI KOK HWA
Phillip Fisher says he doesn't want a lot of good investments but a few good outstanding ones.
Q: What can we learn from Philip Fisher?
Philip A. Fisher, one of Warren Buffett’s investment gurus, is known for his philosophy on the qualitative aspects of selecting a good company for investment. Buffett learned qualitative analysis from him.
Fisher got his early education at Stanford Business School. He joined an independent San Francisco bank as a securities analyst in 1928, and founded Fisher & Co, an investment counselling business, in 1931.
According to his book entitled Common Stocks and Uncommon Profits, one of the most important investment philosophies from Fisher is Scuttlebutt, which he also calls “the business grapevine”, in investing.
Scuttlebutt is the use of the business grapevine to analyse a company. We can obtain the information from customers, employees, suppliers, academics, trade association officers, industry observers, etc. This information is crucial in determining the character of its managers and the potential of the company.
A good company should exhibit unquestionable management integrity, own highly competitive products, be in a healthy financial position, have good cost control and be effective in its research programme.
According to Fisher, even though it is hard to know quality of management, a good management team should possess the ability to carry out day-to-day tasks efficiently and have good long-term planning. The management should also have high integrity and maintain good labour, personal and executive relations.
Fisher is a believer of growth investing. We need to select stocks that have great potential to grow their businesses. It will be a waste of time to hold on to stocks that have no growth potential. He believes that we can get capital gains by buying into these companies as their stock prices would go up in line with the increase in their intrinsic value.
It requires extensive research before you can get one. Fisher said: “I don’t want a lot of good investments; I want a few outstanding ones.” These companies can be bought at high historic price earnings ratio (PER) because there is a possibility that their stock price is reflecting good news you don’t know about yet.
The growth companies should demonstrate strong and well-directed research capabilities. These companies should also exhibit an above-average sales organisation. Besides, they need to have a sustainable profit margin and good return on capital. Normally, these companies are the market leaders in the industry and have the advantages of scale.
A consistent and predictable dividend policy will provide the minimum returns to investors. Although high dividends are good for investors, to maintain business growth, high growth companies need to retain a certain level of profits for future expansion.
If a company is paying dividends with little retained earnings, it will cause lower reinvestment, which will affect its long-term growth. As mentioned earlier, the main returns to an investor is capital gain. He believes that buying into high growth companies will provide the capital gain.
When to sell
Fisher believes in long-term investment. According to him, the most important thing is to select the right stocks. “If the job has been correctly done when a common stock is purchased, the time to sell it is almost never,” he said. However, if we select the wrong stocks, we need to sell.
We need to admit that we have made mistakes in our calculation. This attitude is important as not many retailers have the courage to admit their mistakes. Furthermore, we should not expect to be right all the time. We should be aware that we can make mistakes and we will make mistakes in our analysis, but more importantly, we need to learn from our mistakes.
Fisher said: “The chief difference between a fool and a wise man is that the wise man learns from his mistakes, while the fool never does.”
Fisher will only call a sell on a stock when the company or industry has changed and the stock no longer qualifies as a growth stock or a better prospect is available elsewhere. He will not sell a stock just because a stock appears to be selling for a significantly above average PER or because the stock price has increased.
He believes that most investors always make mistakes by selling their stocks with the hope of buying them back at lower prices. In most instances, the investors miss the stock when it recovers.
Phillip Fisher says he doesn't want a lot of good investments but a few good outstanding ones.
Q: What can we learn from Philip Fisher?
Philip A. Fisher, one of Warren Buffett’s investment gurus, is known for his philosophy on the qualitative aspects of selecting a good company for investment. Buffett learned qualitative analysis from him.
Fisher got his early education at Stanford Business School. He joined an independent San Francisco bank as a securities analyst in 1928, and founded Fisher & Co, an investment counselling business, in 1931.
According to his book entitled Common Stocks and Uncommon Profits, one of the most important investment philosophies from Fisher is Scuttlebutt, which he also calls “the business grapevine”, in investing.
Scuttlebutt is the use of the business grapevine to analyse a company. We can obtain the information from customers, employees, suppliers, academics, trade association officers, industry observers, etc. This information is crucial in determining the character of its managers and the potential of the company.
A good company should exhibit unquestionable management integrity, own highly competitive products, be in a healthy financial position, have good cost control and be effective in its research programme.
According to Fisher, even though it is hard to know quality of management, a good management team should possess the ability to carry out day-to-day tasks efficiently and have good long-term planning. The management should also have high integrity and maintain good labour, personal and executive relations.
Fisher is a believer of growth investing. We need to select stocks that have great potential to grow their businesses. It will be a waste of time to hold on to stocks that have no growth potential. He believes that we can get capital gains by buying into these companies as their stock prices would go up in line with the increase in their intrinsic value.
It requires extensive research before you can get one. Fisher said: “I don’t want a lot of good investments; I want a few outstanding ones.” These companies can be bought at high historic price earnings ratio (PER) because there is a possibility that their stock price is reflecting good news you don’t know about yet.
The growth companies should demonstrate strong and well-directed research capabilities. These companies should also exhibit an above-average sales organisation. Besides, they need to have a sustainable profit margin and good return on capital. Normally, these companies are the market leaders in the industry and have the advantages of scale.
A consistent and predictable dividend policy will provide the minimum returns to investors. Although high dividends are good for investors, to maintain business growth, high growth companies need to retain a certain level of profits for future expansion.
If a company is paying dividends with little retained earnings, it will cause lower reinvestment, which will affect its long-term growth. As mentioned earlier, the main returns to an investor is capital gain. He believes that buying into high growth companies will provide the capital gain.
When to sell
Fisher believes in long-term investment. According to him, the most important thing is to select the right stocks. “If the job has been correctly done when a common stock is purchased, the time to sell it is almost never,” he said. However, if we select the wrong stocks, we need to sell.
We need to admit that we have made mistakes in our calculation. This attitude is important as not many retailers have the courage to admit their mistakes. Furthermore, we should not expect to be right all the time. We should be aware that we can make mistakes and we will make mistakes in our analysis, but more importantly, we need to learn from our mistakes.
Fisher said: “The chief difference between a fool and a wise man is that the wise man learns from his mistakes, while the fool never does.”
Fisher will only call a sell on a stock when the company or industry has changed and the stock no longer qualifies as a growth stock or a better prospect is available elsewhere. He will not sell a stock just because a stock appears to be selling for a significantly above average PER or because the stock price has increased.
He believes that most investors always make mistakes by selling their stocks with the hope of buying them back at lower prices. In most instances, the investors miss the stock when it recovers.
Saturday, March 01, 2008
普吉岛旅游照(23-26 Oct 2007)
虽然家乡是米都, 却从来没有到过泰国的我总于在去年到了普吉岛. 曾经遭受海啸袭击的普吉岛如今已完全恢复, 绝对适合喜欢大自然的朋友. 和吴哥一样, 最适合自助旅行不过了.
幻多奇主题乐园
到此一游
团体照
鱼儿在脚下游
一起来喂鱼
跳
猴子吃蕉
傍晚街景
餐馆里
海鲜
和世界小姐和照
艺术
美女
幻多奇主题乐园
到此一游
团体照
鱼儿在脚下游
一起来喂鱼
跳
猴子吃蕉
傍晚街景
餐馆里
海鲜
和世界小姐和照
艺术
美女* 此美女非真女, 要找小姐的在那里可要小心...
吴哥旅游照(11-14 Jun 2007)
这里放的是去年六月到吴哥(SiamReap)旅游的照片. 最著名的旅游景点就是吴哥窟. 在这里载帖一些有关吴哥窟的资料:
相对于柬埔寨人来说, 吴哥窟不似是人间的制作, 而是一个神话传说. 按传统的说法, 居住于 Meru 山上的 Indra 神, 赐予人性的生命给祂的儿子Ketomealea, 让祂能保护佛教, 及维持其王国的光荣. 一个晚上, Indra 神 派遣 Meatolei 神到世上, 带回Ketomealea , 乘祂坐着马车前往拜访 33 神的天堂 ( Heaven of the 33 Gods ). 于停留时, Indra 神教授了 Ketomelea 10 种神圣的使命, 并连续七天, 于花园内, 替 Koetomelea 每天洗浸香浴七次. 再邀请 7 位神圣的 Brahmans 为祂念诵七咒语, 及洒泼神水, 祝福祂能享受百岁长寿. 礼成后, 他们乘坐马车, 飞到 Indra 神的宫殿. 此后 Ketomealea 便被选定为建造人世间的使者 . 天上的建筑师并建成了吴哥窟. Ketomealea 看都吴哥窟的宏伟建筑, 感到非常高兴. 并要求Pisnouka 同样多建造几处像吴哥窟的地方. 直至 Ketomealea 受封为此社稷的国王时, Indra 神再重临大地, 向其儿子祝福, 并赐祂为 " Aritha-polape a-hano " ( 即消灭敌人的强者 ). Ketomealea 并将祂的国土命名为 Kampuja, 即是现在的Cambodia 柬埔寨. 吴哥窟为于柬埔寨的西北面的 Siam Reap ( 暹粒 ), 距离泰国边境约 150 公里. 吴哥窟旳高棉人与泰国的暹罗人常常发生战事纠纷. Siam Reap 是平服暹罗的意思.
乘坐木船到Tonlé Sap
著名的吴哥窟
吴哥窟的顶端
团体照
老树盘根
无名树
和照
相对于柬埔寨人来说, 吴哥窟不似是人间的制作, 而是一个神话传说. 按传统的说法, 居住于 Meru 山上的 Indra 神, 赐予人性的生命给祂的儿子Ketomealea, 让祂能保护佛教, 及维持其王国的光荣. 一个晚上, Indra 神 派遣 Meatolei 神到世上, 带回Ketomealea , 乘祂坐着马车前往拜访 33 神的天堂 ( Heaven of the 33 Gods ). 于停留时, Indra 神教授了 Ketomelea 10 种神圣的使命, 并连续七天, 于花园内, 替 Koetomelea 每天洗浸香浴七次. 再邀请 7 位神圣的 Brahmans 为祂念诵七咒语, 及洒泼神水, 祝福祂能享受百岁长寿. 礼成后, 他们乘坐马车, 飞到 Indra 神的宫殿. 此后 Ketomealea 便被选定为建造人世间的使者 . 天上的建筑师并建成了吴哥窟. Ketomealea 看都吴哥窟的宏伟建筑, 感到非常高兴. 并要求Pisnouka 同样多建造几处像吴哥窟的地方. 直至 Ketomealea 受封为此社稷的国王时, Indra 神再重临大地, 向其儿子祝福, 并赐祂为 " Aritha-polape a-hano " ( 即消灭敌人的强者 ). Ketomealea 并将祂的国土命名为 Kampuja, 即是现在的Cambodia 柬埔寨. 吴哥窟为于柬埔寨的西北面的 Siam Reap ( 暹粒 ), 距离泰国边境约 150 公里. 吴哥窟旳高棉人与泰国的暹罗人常常发生战事纠纷. Siam Reap 是平服暹罗的意思.
乘坐木船到Tonlé Sap
著名的吴哥窟
吴哥窟的顶端
团体照
老树盘根
无名树
和照自助旅行到吴哥是十分简单的. 住宿可以通过网络预定, 导游也可以(临时)通过酒店预订, 价钱大同小异. 通常交易都是以美元计算. 信用卡不普遍. 四天三日游两人费用大约在马币一千以内.
Malaysian Citizenship or PR?
I was disappointed again when reading through these two pieces of news last Tuesday. Though they were just verbal statement/pleading from the people, government should take a serious check whether such double-standard does exist in its policy.
TheStar dated 26 Feb 2008, Page N44. (Click to enlarge)
Jakarta Post dated 26 Feb 2008, Headlines Page 2. (Click to enlarge)
TheStar dated 26 Feb 2008, Page N44. (Click to enlarge)The writer (Malaysian) is pleading the government to grant his parents a PR status.
Jakarta Post dated 26 Feb 2008, Headlines Page 2. (Click to enlarge)The interviewee (Indonesian) claimed that by staying in Malaysia for over 5 years, one can apply for Malaysian citizenship and get a Blue IC.
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