顯示具有 投資法則 標籤的文章。 顯示所有文章
顯示具有 投資法則 標籤的文章。 顯示所有文章

2016年4月2日 星期六

我所體會之富人與窮人在行為、想法之差異 ( What I experienced between rich and poor in his/her thinking and behavior )


10 Major Differences Between Rich and Poor People

I've been rich and I’ve been poor. I know both sides very well.

Growing up poor, I knew that I wanted to be rich. At the age of 24, I earned my first million dollars. I came a long way and studied the subject all of my life. Over time, I have discovered that if you're not living in prosperity, you're living in poverty.

Wealth is a choice that we must all make. Bill Gates once said, "It's not your fault if you were born poor, but it’s your fault if you die poor." There's no reason why you should live in poverty. Wealth is waiting for you, but you have to make up your mind if you want it in your life.

For a long time, I struggled to believe that I could eventually become rich. It wasn't until I observed the differences in thoughts and actions between the "haves" and the "have-nots."

Here are 10 major differences between rich and poor people: ( behavior )
  • 1a. Poor people are skeptical  ( 窮人易懷疑態度 )
    • I distinctly remember a former coworker of mine saying, "Those mechanics are a rip-off! They're always looking for the weak people. They'll charge you when you're not looking!!" He thought that everyone unjustly wanted his money and that everyone is out there to get him. 
  • 1b. Rich people are trusting ( 富人信任人 )
    • Surprisingly, a great deal of rich people leave their car and house doors open. Conversely, in areas of poverty, you'll find that this behavior is highly unlikely to happen. Rich people have the tendency to trust those they meet (within reason) and give others the opportunity to be themselves.
  • 2a. Poor people find fault ( 窮人找錯誤 )
    • People who are poor are always looking for the problems instead of the solutions. They end up blaming their environment, circumstances, jobs, weather, government, and will make an extensive list of excuses as to why they cannot be successful. 
  • 2b. Rich people find success ( 富人尋覓成功之道 )
    • Rich people understand that everything happens for a reason. Rather than letting life happen to them, they take direct action and make big things happen. They put aside all the excuses and eradicate their blame lists because they have to do what must be done. 
Related: 10 Phrases Every Millionaire Avoids
  • 3a. Poor people make assumptions ( 窮人常做假設 )
    • When it comes to knowing the truth, poor people often make assumptions. If they want to reach out to a celebrity, they might say, "They probably don't have time to talk to me." Instead of checking the facts or asking questions, they never make a true attempt when it comes to getting what they want.
  • 3b. Rich people ask questions ( 富人常問問題 )
    • Many rich people ask the question, "What if?" For instance, "What if I wrote an email to the president and he or she answers?" If you begin to ask questions, you will save yourself a lot of hassle. The power is in the hands of those who ask the right questions. They don't answer your questions, question your answers.
  • 4a. Poor people say, "They" and "Them" ( 窮人常說“他們”和“他們” )
    • In the grocery store, the woman at the register said, "They never have enough cashiers. I don't know what's wrong with them." Obviously, this woman did not take any ownership and responsibility over her job. She certainly did separate herself from the job that was paying her. 
  • 4b. Rich people say, "We" ( 富人常說“我們” )
    • At one of my favorite restaurants, the server said, "We take great delight in cooking our steaks in real fire." His sense of pride and ownership stimulated me, which allowed me to give him an honorable tip. Surely, you will be rich when you invest more into what you believe in.  
  • 5a. Poor people want the cheapest way ( 窮人常選擇最便宜的方式 )
    • I was once shopping with a friend who only wanted to buy if they could find the cheapest clothing. They would rush to the clearance rack and pick up clothes that they didn't even want, but ended up buying because of a "deal." Unfortunately, they ended up never wearing it since they only bought the price.
  • 5b. Rich people want the best way  ( 富人常選擇最好的方法 )
    • Rich people will go the extra mile to find quality material. They don't limit themselves to price and often seek service while they shop. Rich people want organized services and will never settle with items that are worthless and unusable.
  • 6a. Poor people think money is more important than time ( 窮人認為金錢比時間更重要 )
    • Millions of people all over the world are trading their precious time for money. You can always get $500 back, but you can't get 50 hours again. Nonetheless, the majority of people trade time for money and never realize their true potential because of it.
  • 6b. Rich people know that time is more important than money ( 富人認為時間比金錢更重要 )
    • Rich people never trade time for money. Moreover, they seek fulfilling experiences that dramatically alter their lives. Their careers are more focused on doing what they love and helping others, instead of merely clocking in for a meager paycheck.
Related: 5 Secrets to Monetizing Your LinkedIn Experience
  • 7a. Poor people compete ( 窮人只知競爭 )
    • When a poor person sees an opportunity, they find out how others are doing it and emulates them. Most often, they never consider another way of doing it. Instead, they settle in the belief that doing what others are doing is the best thing they can do for themselves.
  • 7b. Rich people create ( 富人創造機會 )
    • My rich neighbors were disgruntled when they found that their Porsche did not come in a specific shade of green, which they deeply wanted. Because of this, they decided to custom build their green Porsche with unprecedented specifications. I've never seen such a thing! 
  • 8a. Poor people complain, condemn, and criticize ( 窮人抱怨,譴責和批判 )
    • Most poor people have learned how to be poor from their predecessors. Their family members have conditioned them to believe that everything is "wrong" instead of right. If you're ever heard someone ask, "What's wrong?" you'll know what I mean.
  • 8b. Rich people praise and enjoy their blessings ( 富人讚揚和感恩他們的祝福 )
    • Rich people know that they have many privileges and they don't take it for granted. Because of their appreciation of gifts, love, and circumstances, they are able to generate more. Many times, what gets praised gets prospered.
  • 9a. Poor people seek amateur advice ( 窮人常尋求非專業意見 )
    • They often listen to the opinions of others and seek approval from acquaintances. They believe almost everything they hear without questioning authority. They accept opinions as facts and prohibit themselves from doing research once satisfied with an answer.
  • 9b. Rich people seek expert advice ( 富人們徵求專家意見 )
    • Those who are rich have learned to think for themselves. If they cannot figure out something, they seek expert advice. Usually, they pay for the advice and are given a wide variety of options. They learn the experts only make suggestions, which means that they aren't particularly confined to a specific action.
  • 10a. Poor people have big television sets ( 窮人喜愛有大電視機 )
    • Poor people take a lot of time to drift off to sporadic images of which they often have little to no control over. They use their free time to avoid the art of thinking (which is the most challenging task) and zone out to what many have conformed to believe is "entertainment." 
  • 10b. Rich people have big libraries ( 富人喜愛有大知識庫 )
    • Wealthy people are educated and read a lot of books. They use their knowledge in a way that benefits them. Instead of drifting off in random activities, they seek to get within their minds to understand themselves, others, and the world in which they live. In fact, as your personal library increase over the years, so will your home. I can attest to this!
To get a true perspective on how to become rich, you must study rich people. After all, you become what you study. If you're currently surrounded by people who aren't yet rich, just do the opposite of what they do. Soon enough, you'll be able to reach your financial dreams!

7 Main Differences Between Rich And Poor People

    Most people want to be rich, but most of them are poor, why? There must be some differences between rich people and poor people. If you study carefully, you will find out why rich and successful people are able to produce amazing results in their life, and why some people are living in poverty.
  To be rich and successful, you don’t need to be lucky, extremely hard working or you need to have a college diploma or a university degree.
  What you need, is the right mindset and the right mindset will form the right habit. As a result, the right habit will lead you toward the financial abundance kind of lifestyle that you always desire.
So here are the 7 main differences between rich and poor people…

  1. Rich people believe that they create their lives while poor people believe that life happens to them. 
    • Can you see why rich and successful people are able to create amazing results in their life right now? It is simply because they are in control of their lives. They believe that they are the ones who is responsible for their lives, they are the ones who is creating their future, not the economy or the knowledge or luck. On the other hand, poor people will always give excuses and blame on the circumstances. 
    • When they failed in their business, they will blame the economy, their boss, their family or anything that did not go according to their plan. Whenever you believe that life happens to you, you will lose the power to change and the power to control your future. You must believe that you’re the one who is creating your future, not other people or events.
  2. Rich people play the money game to win but poor people play the money game just not to lose money. 
    • This is a big mindset difference. Have you ever seen people invest in the stock market? Some people are so afraid that they will lose their money and they form a mindset that blocks their creativity. They formed the mindset of ‘investing not to lose the money.’However, rich and successful people know exactly how they need to think in order to win the game of money. 
    • They will think and act from the view of playing the game to win. Unlike poor people, they will never invest just not to lose the money.
  3. Rich people think and focus on opportunities while poor people focus on obstacles. 
    • When you face with problems, what are you focus on? Are you focus on the problems, thinking how bad the situation is going to be? Or are you focusing on the solution and thinking about how you can solve or even turn the situation into opportunity? Think about this carefully. No matter who you are, you will definitely face with all kinds of choices in your life. And when you need to decide to move on, try to notice on you thinking, what do you focus on, the solution, or the problem?
  4. Rich people dare to dream big, poor people think small. 
    • When I tell my parents that I want to make a million dollar, they will tell me, “Why do you need so much money? You can live a very good lifestyle if you got a job that has a good pay. You don’t need to be a millionaire.” I don’t know about you, but this statement happens to me all the time. And I definitely believe that poor people will tend to think small while rich people always think big. 
    • To poor people, they will think that rich people are greedy because they always think big. Is it true that you are being greedy if you think big? I don’t know if I buy this, but to me, I’ll think of it as a waste if you’re not using the resources available (your thinking) to you at full. Don’t you owe it to everyone around you to create a better life for them? Don’t you want your family to live good? So think big and create the abundance lifestyle for these people right now.
  5. Rich people are committed to their dreams, poor people are just dreaming about their dreams. Yes, this is an obvious one. 
    • If you’re not committed to be rich, you can never be rich. How many times have you heard people say that they want to be rich, but they never do anything about it?
    • This is the mentality of poor people. They will just think about how good it is going to be if they are rich, but they will never do anything about their dreams. They know that they cannot afford a luxury car if they have a low pay job. The thing is, they never do anything to change it.
    • On the contrary, rich and successful people are committed toward their dreams. They will do whatever it takes, in the boundary or moral and ethics of course, to achieve their dreams.
  6. Rich people associate with rich and successful people. Poor people will associate with poor people. Do you have any rich friends? Or all of your friends are poor?
    • I’m not suggesting that you need to stop making friends with poor people, what I’m suggesting it, try to get to know more about rich people. The more you mix with them, the more you will think like them. And if you think like them, you will start to create amazing results just like them.
    • If most of your friends are poor and their working salary all are below, $2,000, you will be having the same range of salary most of the time. However, if you associate with rich people who are making $2,000 in just a day, you will start to see the possibility of what you can accomplish in your life.
    • And this will change your thinking of what you can achieve in your life. $2,000 will become a small amount for you once you changed your mindset about money.
  7. Rich people good learners while poor people think that they have learned everything in the world. One of the fastest ways to be financially abundance is to learn directly from people who have already achieved this status.
And if you’re not willing to learn, you will never be able to be successful. If you want to get the best pay, you must be the best. And the only way you can be the best is to learn from the best and learn to be the best.
You now know what are the 7 main differences between rich and poor people. Do what rich people do and try to avoid the adopting the mindset and habits of the poor.
This will guarantee you a financial abundance lifestyle.

  • 看趨勢、對方向比什麼都重要;( Trend )
  • 看遠景、產業趨勢;( Vision )
  • 生意模式、商業模式及創新之價值;( Business model )
  • 重閱讀、知識、人脈,非常多富人有大量知識及閱讀習慣;( Knowledge、Connection )
  • 看重健康,知道感恩 ( healthy & blessing life )
  • 看重執行力、選最好的來運作 ( Execution、do the best )
  • 看重投資及生意模式之財務績效成長率及風險,指數型成長,還是線型成長 ( Profit、Risk model )
  • 足夠的耐心等待時機、足夠的恆心毅力,了解該堅持是什麼 ( Patient、Determination
    • 時間比金錢重要,時機比時間及金錢還重要
    • 時間比金錢重要,重點在於運用人脈、資源去順利達成
  • 一個產業或投資之成長,不是所有行業或方式賺的錢是一樣多的,投資賺錢模式要對 ( What is the key and secret in the great success of business and investment model ? )


2015年12月7日 星期一

巴菲特投資智慧:股市投資必勝客 - 讀書心得:2016 台股將有一價值投資的機會 ( 2016 Taiwan investment forecast from the reading of Buffet's key points )

   由於判斷2015 ~ 2017是全球通縮及經濟遲緩的時期,最近將花較時間整理經濟趨勢,台灣各產業之了解,了解通縮下投資法則,同時分析下個產業演變是甚麼,面對下一環境我們該怎麼做?  也發現許多台灣新創公司,面臨比過去更難之處境,最難的地方是籌資及市場開發,基本上,我是效法巴菲特多閱讀多調查,加上多參訪新創公司,尋找全球通縮及經濟遲緩下新興成長區塊。

    投資大環境仍須注意兩岸發展,政府相關因應措施,應該要加上"兩岸貨貿協議"之影響,目前看來是中國大陸談判代表在談判中較能爭取中國大陸的利益,台灣談判代表能力是較差的也搞不清楚兩岸各商品價差,台灣優勢是半導體但中國大陸談判代表不會在這塊讓步,面板、工具機、汽車、石化這四產業,中國大陸的面板、汽車零件、石化價格遠低於台灣廠,所以"兩岸貨貿協議"談判仍是中國大陸談判代表贏面居多,就如同 ECFA 談判對中國大陸較有利,台灣看似省了關稅由於兩岸廠商競爭及中國大陸對高科產業優惠營所稅,反而讓台灣廠商需要到大陸成為紅色供應之部份,然後透過 F-股回台上市,這就是為什麼台灣成長率持續衰退原因,台灣談判代表能力是很有問題,其實香港簽 CPFA前後也發生很大問題,香港簽CPFA後也發生許多產業移往中國大陸人才也移往中國大陸,香港內經濟衰退最後只剩觀光、金融與服務業,香港經濟平均成長率也是遠低於香港97回歸前,而且,中國大陸借貸運用之香港資金是激增至4,300億美元(2013),相當於香港GDP的165%,而任何亞洲及世界金融風暴來臨時香港變成中國大陸金融風暴緩衝,台灣看來已經開始發生類似香港狀況:銀行數兆資金被中國大陸借貸運用、經濟衰退幅度精人、技術人才大量被中國大陸吸走




  1. 觀察企業全貌及價值
  2. 不理會短期價格變動:要能投資一股票之價格低於或近於企業價值,自然不會理會短期股價變動;
  3. 買進是企業不是股票
  4. 管理企業的投資組合
  5. 簡單投資法
    • * 預期法: 預測公司獲利,盈餘,成本,銷售量
    • * 長期價值投資法
    • * 橫斷法: 道瓊股票價格平均指數,S&P 指數,道瓊月成交量,平均本益比

巴菲特 黃金選股法則
  1. 選擇 過橋收費 的企業
  2. 選擇 陷入危機又有價值的企業股票
  3. 慎重看待高科技產業公司
  4. 選擇優秀且不需要追加投資的私人企業
  5. 不選擇產品價格慘跌的企業
  1. 不在乎股票每日漲跌
  2. 不為經濟形勢所擔憂
  3. 買的不光是股票而是一家企業



  1. 企業的業務一定要簡明易懂
  2. 企業過去的經營狀況一定要穩定
  3. 企業必須具有良好的發展前景
膽大心細永遠是致勝的法寶。膽大心細 是做任何事大成功的法寶。看準就要大膽行動。看準是需要很大功夫,平時需要勤練;

巴菲特 12項投資要點
  1. 利用市場的愚蠢,進行有規率投資
  2. 買價決定報酬率高低
  3. 利潤的複合成長率使投資人受益無窮
  4. 要注意一家公司未來5~10能賺多少,不要只看現在
  5. 投資未來收益確定之企業
  6. 通貨澎漲是投資最大敵人
  7. 價值型與成長型投資理念是相同的
  8. 對企業了解的程度與投資收益是成正比
  9. 安全邊際 可以從兩方面幫助投資,價格緩衝區之保障,獲得相對高之權益報酬率
  10. 擁有一支股票,期待它馬上漲是愚蠢的,也代表沒甚麼潛力
  11. 就算聯儲告訴我未來兩年貨幣政策,我不會改變對企業遠景看法,除非你選擇之公司有問題
  12. 只注意買甚麼企業股票,及買入價格,不理會股市漲跌
  1. 須是消費壟斷性企業
  2. 產品簡單,前景看好
  3. 穩定的經營史
  4. 經營者理性忠誠,始終以股東利益為先
  5. 財務穩定
  6. 經營效率高,收益好
  7. 自由現金充裕
  8. 價格合理
  1. 把自己當作是企業經營者
  2. 好的企業比價格重要
  3. 追求消費壟斷之企業
  4. 最終決定公司股價是公司實質價值
  5. 沒有任何時間將最優秀的企業脫手
  1. 投資觀察點:
    • 股東權益報酬率 
    • 營運毛利 
    • 負債水準 
    • 資本支出 
    • 現金流量
  2. 當市場高估持有股票的價格時,可考慮進行短期套利
投資風險及機會分析 : 2016金融商品與機會

2015年2月15日 星期日

奧莉薇亞·紐頓-強 成功特質 - 樂觀、競業、才華、聰明投資 ( Olivia Newton-John successful life - Optimistic, Strive, talent and smart investment )

    奧莉薇亞·紐頓·約翰 ( Olivia Newton-John ) 在1948年出生於英國劍橋,她五歲隨家人移居澳洲墨爾本,父親是 Brin Newton-John 教授,母親 Irene Born 是諾貝爾物理學獎得主馬克斯·玻恩的長女。奧莉薇亞在家中排行最小,哥哥休(Huge)是名醫生,姐姐羅娜(Rona)是名演員。

   14歲就與三名同班同學組成了全女子合唱團Sol Four,並經常參加當地電台電視台的演出。後來在《Sing Sing Sing》電視歌唱比賽勝出,所獲獎金得以使她能夠到英國旅行,起初,她不願去,在母親鼓勵下得以成行。1963年,Olivia已經是澳洲電視節目和每週流行音樂節目的常客。1964年,她贏得了全澳洲才藝比賽的冠軍,獲得前往英國的機會。不久之後,Pat由於簽證期滿而返回洲,Olivia留下來獨自繼續奮鬥,受到「英國貓王」Cliff Richard的賞識,應邀參與其巡迴演出,並且合錄了一首單曲,使她受到注意,獲得了唱片合約。1966年,Olivia在Decca 唱片公司旗下發表了首張單曲《』Till You Say You』ll Be Mine》,翻唱了Jackie DeShannon 的名曲。

在1971年,她又翻唱了Bob Dylan的《If Not For You》,在英國得到第七名,美國則是第25名。由John Farrar負責監製,而他也成為了Olivia的長期拍擋合作至今,《Let Me Be There》是Olivia首張在美國出版的專輯,在1973年推出,同名的單曲也成為了她首張十大單曲,這張專輯更替她獲選Academy Of Country Music的「最有前途女歌手」及格林美的「最佳鄉謠歌手」大獎,揭開了她音樂發展刺激的一頁。錄製的時候,它本來只是一首Pop風味的流行歌曲,但是製作人在事後添加了最能代表鄉村音樂特色的Pedal Steel(一種類似吉他的弦樂器),使這首歌得到了鄉村電台DJ們的青睞,紛紛大力推薦,不僅成為她在美國的第一張金唱片,

    1974年,一位來自澳洲、活躍於夜總會、頗有作曲才華的歌手 Peter Allen(曾與女星Liza Minnelli維持過三年婚姻關係),準備錄製他的第一張個人專輯。為他擔任製作的,是另外一位熱門歌壇的作曲好手Jeff Barry。當他們倆共同檢視 Allen 為這張專輯譜寫好的歌曲時,Barry發現似乎沒有什麼特別有希望造成流行的曲調,因此就表示,他有個好點子,如果寫成一首歌曲,由男性歌手來唱,可能會很不錯。於是兩人共同合作,譜出了「I Honestly Love You」這首歌,並且錄製成 Demo。兩人所屬的出版公司正好有人要去向 Olivia Newton-John 推銷新歌,順手就把這首歌帶過去。Olivia 聽了之後,幾乎癱瘓在椅子上,立刻要求要灌錄這首歌。幾經商量之後,Barry 決定把歌曲讓給正在鄉村歌壇大受歡迎的Olivia,不過說也奇怪,唱片公司的人竟然不是很喜歡,所以根本就沒有打算把它發行成單曲,但是廣播界的眾家DJ們卻愛上了這首歌曲,不但紛紛強力放送,還要求唱片公司趕緊
發行單曲。同年十月五日,「I Honestly Love You」登上了排行榜首寶座,為Olivia奪得了她出道以來的第一次冠軍,更於次年二月贏得了「年度最佳唱片」和「年度最佳流行女藝人」兩項葛萊美獎。她一生許多賣座歌曲 總賣出的量達到 1 億 CD。

   在 2012年它看上去像歌手的壯觀的職業生涯接近尾聲。突然,她又回到了歌手上。People 雜誌上週五的錢報告(2月13日),牛頓 - 約翰 ( Olivia Newton-John ) 是世界上收入最高的女歌手,2014年1月和2015年1月,近 5千萬美元領先於她最接近的競爭之間拉了驚人的8千2百萬00美元。


People 雜誌在編制本年度列表,認為牛頓 - 約翰 ( Olivia Newton-John ) 有錢因素,如前期的薪酬、參與利潤、殘差、代言和廣告的工作。澳大利亞的創作型歌手牛頓 - 約翰 ( Olivia Newton-John ) ,有2.45億美元的淨資產預計。她擁有幸運地聰明股票投資,重大財產持有,使用的 CoverGirl 化妝品利潤豐厚的代言活動。她還擁有數家餐廳(以下簡稱“發牛一個足球隊(以下簡稱“劍橋天使”),推出了自己品牌的伏特加酒(純 Wondernewton 約翰 - 澳大利亞),並應對晚輩市場是最暢銷的香水(用愛張震)和一個名為“奧莉維亞·紐頓 - 約翰霓裳”時裝系列及奧莉維亞·紐頓 - 約翰癌症和健康中心


  • 奧莉薇亞·紐頓-強 ( Olivia Newton-John ) 成功特質 - 樂觀、競業、才華、聰明投資,她擁有投資包括品牌的伏特加酒、品牌的最暢銷的香水、品牌的時裝系列、數家品牌餐廳,成功的經營品牌及行銷自已。
  • 奧莉薇亞·紐頓-強 ( Olivia Newton-John ) 聰明股票投資是有專業顧問及她的獨特眼光,她的投資都是長期投資,再度證明成功投資者都是眼光獨特之長期投資者。長期投資者須據有"用心於不交易定指標定額買進投資之功力。

2014年8月15日 星期五

QE結束時,LIBOR 將成為美元利率、債市、股市及金融風暴觀察指標 ( As QE end, LIBOR will become quite important index to watch US interesting rate trend )


LIBOR 利率 ( 自動更新 ) ,引用:libor rates history chart graph

Libor-OIS Spread: 倫敦銀行間三個月期美元拆放款利率與隔夜指數交換 (OIS)利率之間的利差。主要衡量銀行現金緊張程度和放款意願

在信貸緊縮發生之前,2007年7月31日之前12個月的平均美元三個月Libor-OIS展期為8個基點。在美國雷曼兄弟宣布破產前的9月12日,Libor-OIS價差為87個基點;2008年10月10日,Libor-OIS價差曾創下365個基點的新高水準。美國聯準會前主席Alan Greenspan 2008年曾表示,Libor-OIS價差回落至50左右將是金融風暴平息的訊號

泰德利差(TED Spread): 三個月歐洲美元Libor利率與三個月美國國庫券殖利率的利差,也就是所謂的“泰德利差”(TED spread)。由於Liber是倫敦金融業間拆款利率,隱含金融機構間拆款的風險貼水,美國國庫券利率則常當作無風險利率,因此價差常用來當作衡量金融市場信貸風險程度,亦可用來衡量美元的流動性。利差越高,代表信用市場波動性越大,利差越小,代表信用市場波動性越小。一般而言,泰德價差如果超過100bps,則代表金融機構的資金緊俏。2008年9月29日上升至322個基點的歷史新高,高于1987年10月20日上觸的300個基點,當時全球股市崩盤,號稱“黑色星期一”。泰德價差在07年美國次貸風暴爆發前的5年均值僅27個基點。

芝加哥期貨交易所波動率指數VIX(CBOE VOLATILITY INDEX),又稱為恐懼指數
是市場的情緒指標,CBOE商品副總裁 Joe Levin說,「VIX 可以讓你了解,市場上投資人的情緒有多緊繃。」當2008年10月16日VIX飆高來到 81.13,是過去一年平均數的將近 4倍,創下歷史新高,市場已經領向了恐慌的境界。該指數前一波高點為近 46,時值10年前俄羅斯貸款與長期資本管理公司(LTCM) 危機。VIX是量度市場預期未來30天標普500期權價格的波幅(Implied Volatility)。又稱為恐懼指數,當股票市場受到壓力的時候, VIX就傾向上升. VIX超過30通常表示市場非常波動。除了 VIX期權外,也有Nasdaq波動指數(VXN-US) 或Dow Jones 波動指數(VXD-US),不過 VIX指數是其中最活躍、流動性最好的一種。

倫敦同業拆放利率, 簡稱 LIBOR( London InterBank Offered Rate )
LIBOR 是英國銀行同業之間的短期資金借貸款的成本,利息率,由英國銀行家協會(British Banker's Association)按其選定的一批銀行,於倫敦貨幣市場報出的銀行同業拆借利率,再以抽樣本的方式,計算出平均指標利率。 此指針利率,每個銀行營業日都可能不同的。


UK and US fine Lloyds group £218m for manipulating the Libor rate

It also manipulated submissions for another short-term rate linked to the value of UK government debt.Bank of England Governor Mark Carney called such misconduct “reprehensible”.

Lloyds said it “condemns the actions of the individuals responsible”.

The fines were issued by the UK-based Financial Conduct Authority (FCA) and a US-based trading commission. A “novel” development, setting the bank aside from competitors that have already been fined for Libor-rigging, was its abuse of the government-backed Special Liquidity Scheme, said the FCA.

The FCA fined Lloyds £105m. It said the fine was the “joint third-highest ever imposed” by the organization or its predecessor, the Financial Services Authority.Bank of England Governor Mr Carney said in a letter dated 15 July to Lloyds' chairman Lord Blackwell that the attempted manipulation could lead to criminal action against those involved.

“Such manipulation is highly reprehensible, clearly unlawful and may amount to criminal conduct on the part of the individuals involved,” Mr. Carney wrote. Lord Blackwell replied on 16 July: “This was truly shocking conduct, undertaken when the bank was on a lifeline of public support.” In the US, the Commodity and Futures Trading Commission fined the group, which is responsible for Lloyds Bank and the Bank of Scotland, 105m dollars, while the US Department of Justice fined it 86m.

The agreement is the seventh joint penalty handed out by US and UK regulators in connection with Libor and other benchmarks, used to price around 450trn of financial products around the world.Barclays and the Royal Bank of Scotland have previously paid 453m and 612m in fines related to the scandal. Part of the FCA's fine for Lloyds, was for serious misconduct over a program introduced during the financial crisis to help the banks.

The Special Liquidity Scheme (SLS) was set up in 2008 by the Bank of England to let banks temporarily swap assets that were difficult to trade.In a statement, the watchdog said the “manipulation of the repo rate benchmark in order to reduce the firms' SLS fees” was misconduct of a type “not seen in previous Libor cases”.

The lower the repo rate of a bank the lower the fees for using the SLS program. Lloyds was also by far the biggest user of the scheme, said the BBC's Business correspondent Simon Jack.

Tracey McDermott, the FCA's director of enforcement and financial crime, said that Lloyds and Bank of Scotland was a “significant beneficiary” of financial assistance from the Bank of England through the SLS.
紐約頂級 Hotel ( I remember one top meeting happen with world wide
top manager there )

“Colluding to benefit the firms at the expense, ultimately, of the UK taxpayer was unacceptable. ”This falls well short of the standards the FCA and the market is entitled to expect from regulated firms,“ she said adding other banks needed to learn lessons from and avoid the mistakes of their peers for trust to be restored in financial services. The US trading commission said the ”unlawful conduct“ of Lloyds ”undermined the integrity“ of Libor, which it said was a critical global benchmark.

It said Lloyds had acted to benefit its trading positions and protect its reputation by manipulating the rate when it was in the process of buying HBOS during the crisis. The commission released a transcript detailing examples of requests to manipulate the sterling and US dollar Libor rate. They include an employee from Lloyds telling their counterpart at HBOS: ”Oh mate, I always have loads of loans going out at the end of the month so I always try to fix it higher“. The trader added: ”They keep calling it lower... I can't work out why it is going down all the time... I will leave it at 67 and I won't go any lower, right?“

A sterling submitter at HBOS responded with: ”Yeah“.

And a Lloyds TSB junior trader asked a sterling submitter at HBOS: ”Do you want us to keep the Libor higher?“ The submitter answered: ”Yeah, I have a big liability fix, so as low as possible please.”

  • LIBOR 早已發展成全球數十兆甚致近百兆之抵押貸款、各類債卷、商業票據、信用卡、石油及糧食拆借交易,也就是說它是百兆美元利率指標,反映美元全球需求,連美聯儲也憾動不了它
  • 因此,QE結束時,LIBOR 將成為美元利率、債市、股市重要觀察指標;
  • 另一觀察指標是:以美元為主之三大 債卷 ETF美國不動產證卷商品 ( US real Estate ETF ) 、天然氣之股票及ETF;這些指標讓大家往前觀差,當QE結束時發生利率暴衝之前兆訊號,事實上,美國長期國債 ETF ( US treasure ETF )已經上升過,QE接近結束時反而又下降,表示全球仍對美元有信心,由貨幣 ETF 表格統計出美元仍是最強,美元仍比歐元強,就看出來;因為,