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Can reading make you rich?

讀書能令人發達嗎? - 周顯
讀書能令人發達嗎?  俗語說﹕書中自有黃金屋。這句話究竟有多對?讀書真能令人發達嗎?以下是我在《我的揀股秘密》中的分析,節錄出來,以昭大眾。
3.1 學歷的重要性  我們首先要檢視的客觀條件,就是他的學歷。一個擁有甚麼學術能力的人,才會比其他人有著更高的成功機會呢?
3.1.1 閱讀能力到中學為止  讀書的第一步,是閱讀能力,即是識字,一般而言,小學畢業已可閱讀幾乎是所有 日常所見的文字,但要能閱讀繁複的業務報告,卻需要中學程度。我在大學時,唸的是新聞系,這是中英文成績都是極佳的同學才能考進的科目,到唸到臨近畢業 時,不少同學仍然覺得,當時的語文水平竟然比不上唸預科時,皆因預科時對語文死操爛練,但到大學時則很容易便荒廢下來。我的看法是,大學時所需唸的課文的 數量遠多於中學,這應該是對閱讀能力很有幫助的訓練,那些同學相信只是感覺自己的語文能力差了,而不是事實。
 《世說新語》有這麼的一段﹕「石勒不知書,使人讀《漢書》。聞酈食其勸立六國後,刻印將授之,大驚曰﹕「此法當失,云何得遂有天下?」至留侯諫,乃曰﹕「賴有此耳!」
(石勒是五胡亂華時代的第一號人物,我在《五胡戰史》中把他寫成氣概無敵的超級高手。這本書我寫了一半,居然有人冒名續寫下去,證明它頗受歡迎,然而僅限於內地和台灣。我打算在2010年把它改頭換面,重新出版。)
一個不識字的胡人,可以打下半壁江山,成為九五之尊。但這只是極罕有個案,實 則絕大部份馬上得天下的皇帝都是粗通文字,就算是五胡亂華的時代,能夠當上皇帝的,多半是漢化了的胡人,完全不識字如石勒者,我一時想不出有誰來。明熹宗 是皇帝當中罕有的文盲,結果便任由魏忠賢專政,令到明代政經繼續腐敗下去。我想,石勒是天才,但普通人要當皇帝,還是非得識字不可。
結論是﹕一個成功的商人應該擁有中學程度的閱讀能力,太低則會為管理添上麻煩,再高則是多餘,雖然也非壞事。記著一件事﹕老闆看的通常都是報告的撮要版,沒有人把半米厚的原始報告交給老闆細看。
3.1.2 寫作能力無關重要  作為一個從小就大量寫作的作家,我很遺憾但老實地告訴大家,寫作能力和做生意 完全沒有關係,我也沒見過那一個成功的企業家寫得一手好文章,噢,金庸可能是唯一的例外。閒話一句,周正毅的農凱集團的集團簡介小冊子是我見過同類型的中 文寫得最好的那一本,這位仁兄後來身陷囹圄,就這(小…

Jane Street

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Jane Street is a brand new company and becomes a super star in Wall Street. It is a proprietary trading company (i.e. no client fund) and emphasizes the use of high technology for quantitative finance.

I have little interest on the company but am surprised how fast Chinese students become international and competitve over HK students. Here are some comments made by Chinese students about the famous small (in terms of the number of employees) company:

这里我出20道初级和中级水平的题目,四大类:数学、金融、统计、计算机。如果你对自己诚实,请在不借助任何外力的情况下完成。后面我会提供详细的诊断。

数学:
1、:是一Brownian motion,给出在k>=2时的Closed Form Formula。
2、有一个信用卡卡号(一个整数),A要发送给B,发送过程中有很高的概率被窃听者C截获信息,请提出一个算法来加密,使得解密复杂度为NP级。A和B之间可以发送信息任意次。
3、提出至少三种Monte Carlo Simulation的Variance Reduction方法,并简单描述如何实现。
4、给出任一Levy Process的停时概率密度(Probability Density)。可以自己建立相应假设。
5、给出ODE 的通解。

金融:
1、给出Black-Scholes公式的假定(Assumptions),并从Black-Scholes PDE或条件期望的角度推导Black-Scholes公式。
2、什么是Implied Volatility Smile/Skew,为什么会有这样的现象。
3、说出任一Interest Rate Curve Model (BDT, HJM, Hull-White等等)并简单描述其特点。
4、讨论R…

How to start up a company

There are more startup companies in HK, as some analysts suggested, as post-80 youth do not like to be trapped inside traditional firms. EditGrid by TnC, a famous startup HK company, likely becomes a part of another technology giant as her chariman David Lee becomes an engineer of the giant.

The company shared her experience of funding at her blog. Here is the recap:
Funding Your StartupYesterday, I was interviewed by TVB Pearl Money Magazine, a local TV program, about startup funding, particularly VC funding. I’m no expert but EditGrid did run through a few stages and was supported by different types of fund including bank loan, angels, government fund and VC.
If you are doing a startup, perhaps the following Q&As may be interesting to you.
1. Background on your business (nature of what you do).
We make online spreadsheet: EditGrid. It runs on a “Software as a Service (SaaS)” business model.

2. Can you take us back to the beginning of your business: How did you start? What was …

Secret of Insurance

Someone submitted a post titled as Insurance Manager - Untalkable Secret 保險經理之 - 不能說的秘密. The post showed some negative sides about Insurance. Although the content has some discrepancy from my understanding, I just show it here for your fun.
保險經理之 - 不能說的秘密本人好耐都無玩forum, 今次上黎見到原來大部份人對保險呢個行業都不甚了解
(意思是agent的生涯,以及agent與客戶 / 保險公司的恩怨情仇)
故希望可以在此做一個少少既分享, 好讓有意入行既朋友在入行前可以三思
(因為係你入行前, 保險公司及recruit你的經理均不會對你講真話, 坊間關於保險行業既書籍多是報喜不報憂)

本人係大學畢業生, 於保險界打滾了兩年的日子, 但呢兩年令我經歷了很多事情, 我入行頭一年已經差唔多月入兩萬 (一個manager一年既quote數係45萬, 我半年已達標) 都叫做算請到下人, 曾經有兩、三個downline跟我
現在我希望可以糾正大家一d錯誤既觀念.....

錯誤觀念一
做保險好風光, 個個都身光頸靚?

答: 呢個要從佣金講起, 有朋友可能以為做保險好好搵, 講兩句就簽單, 張張單都成萬蚊落袋, 如果係咁保險公司既存活率就唔會入十個死九個啦! 以下就等小第大約講解下d佣金點計啦......

一般黎講唔同既單有唔同既佣金比率, 以下我就講一d比較流行d既單啦

人壽基金 - 57% (第一年), 10% (第二年), 2% (第三年及以後)
101月供基金 - 多數係30% (第一年), 5% (第二年), (第三年唔記得)

因為101單都有分前期定後期收費, 多數人瀨野既AA單(Asset Accumulator, 中文意思係我遲d殺你d資產) 係後期收費單, 呢d單既佣係按年期黎計佣金比率

e.g. 一張30年期既AA單 (我感覺上同MPF差唔多長時間) 佣金係54%
      但如果係一張5年期既AA單, 佣金係6%, 假設個客係魚腩咩都唔識,你係agent你會賣邊張? 5年期定30年期? 自己諗啦

lump sum既基金單 - 2-3%

Negative View on High Tech

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Someone asked me to consider high tech stocks such as Apple Inc (AAPL). or QQ (HKG:0700). Sorry, I say NO to such high tech stocks. Although their price up could be very fantastic, they are unpredictable and I always doubt their continuousness. Have you remembered Motorola and Nokia? Nokia has just sold its mobile business to Microsoft, where the mobile business was No. 1 in the world five years ago.
Let us have fun about High Tech:

President Buy In

It is reported that the president of China Oil and Gas (HKG: 0603) increased his stock from 22.4% to 22.93% by around HK$ 26M on 30 Aug. 中油燃氣(00603)主席許鐵良斥2675萬元增持 The buy-in action is definitely a good signal as the history shows: Date Stackholder Stock Change % Monthly Price Change% 2011-12-01 New Stamina Investments Limited +3.53% +14.04% 2011-06-02 關懿君 +0.36% -5%

Peaceful Ping An

In Wall Street, there is a saying "Sell in May, Go away". Likewise, in Central there is a saying Poor in May, Death in June, Rebirth in July 五窮六絕七翻身. When it steps into July, what should we buy?

Have you considered a stock which
1. the price has dropped to near the 52 week low ?
2. the book value is over HKD 300 billion ?
3. an index stock of the main local index ?

The answer is Ping An Insurance (HKG: 2318). The stock is $50.95 while the 52 week range is 48.35 - 72.70. The book value is around HK$ 3938.28 billion. It is an index stock of Hang Seng Index. By Fundamental Analysis, why not buy?

Lighthouse in Angry Sea

The Hang Seng Index has fallen from 22,668.30 (2 May 2013) to 20,382.87 (20 Jun 2013) because of QE Reverting. More than 10% down. On the other hand, some super stars are running in the opposite. One example is the one introduced in 2008. China Oil and Gas Limited 中油燃氣 (SEHK: 0603) has risen from 1.49 (2 May 2013) to 1.67 (20 Jun 2013). More than 10% up. Reference: 大摩:中油燃气增持评级 目标价2.05元

Memorial for Kong Ngai

Although the story and actors looked crazy, the concepts behind words are true.

http://www.youtube.com/watch?v=JahT5kFva8c
http://www.youtube.com/watch?v=0HZpzNv4g34