巴黎：
早排說明會減倉美國金融股，美國銀行清了大部份，匯豐全被沽清，正式跟匯豐道別，富國亦沽了1成，雖然富國仍然佔環球總組合3成。AIG，永明，呢D會一直持有十年以上，學股神今期致股東信的一個例子說，即使有個傻佬出多錢求買，我都唔會理佢，繼續耕田。
最唔舍得就是隻富國銀行，但股神都是佔他組合兩成，我卻有四成，必須要嚴守紀律，看著他新高，也要說句唔賣唔得。沽了這些後回來的共三成的資金投進幾隻內銀，建行佔組合1成半，工商、中行共佔1成半，無見幾年，在外面轉了幾個圈，又買回工商，奇妙。
內銀會在6月派息，到時收到6.5%利息，又有新錢買野。
這晚，請教了一位價值投資師傅，師傅給了我一個已聽過，但我以往是未有做齊的建議------- 打聽、參予會面、發問、了解產品、政策、宏觀和看多年年報，師傅買得很集中，有兩隻持有幾年，下大注兼賺十多二十倍股，（是因為幾年業績跳升，並不是消息股）現實版Philip Fisher。
股票市場非常神奇，錢就放在那裡，師傅做多我多倍工作，所以就賺多我多倍，真是非常公平，繼續學習吧。
我參觀過富國銀行, 的確氣派不凡, 好靚.
回覆刪除你也有到那一遊。我只是隔山買牛.靠睇年報，有點失禮。
刪除我次次出街都见到Wells Fargo。 睇到都有亲切感。
刪除新开D铺头比以前D细，因为依家少佐人去铺头，好多都系internal banking, mobile banking.
Wells Fargo话要开多D铺，不过系细铺。
銀行開細舖方向算是正確吧，有了網上理財，細舖能減低成本，又不至被投訴太遠才有分行服務。
刪除年前有影片介绍特式屋，是一間富國銀行獨立铺，很三四十年代感。屋主保留了内部間格。朋友來訪，感觉必很特别。爲了防止誤會，屋前加了個“非銀行!私人屋“，真是很有趣！
刪除最有趣是過了幾年，工行的賺錢能力強了，但股價沒有動過，好像在等你今天買回似的，股息率就大升，真吸引。
回覆刪除幾支内銀也是，之前出了一篇交通比較匯豐，當時轉去匯豐是因爲交行未受考驗。但幾年後的今天，反而交行盈利對比是有增長而股價欲下跌，人心難測。
刪除買內銀只會賺息蝕價。
刪除再跌了3-4%應該到肉。
刪除內銀一面派高息，一面又發優先股可換股債券。
回覆刪除請引文。
刪除只是內銀在中國的資金缺口太大了，資本追不上貸款。
刪除只要你留意中國市場，他們公司有債轉股，以及發債，減記。
我有留意，除了工商年前有非常微的股數增多，但每股盈利也無甚影嚮。民生的資本比最低，所以需要或需增資。四大銀行唔覺資本比不足。
刪除What do you think about the Yuebao? This kind of online money market fund could drain those banks' low cost funding. If the yield spread between the 'too low' cost funding and the asset return is wide enough, even a little drain can make banks suffer a lot already.
回覆刪除我不認為呀里和騰訊能夠，但也不認為內銀能抗拒潮流，這是個十五年的發展，鹿死誰手未可知。
刪除I think it's hard to tell. The only sensible answer is this is 'too hard to know'. The timing could be as soon as 3-5 year later or as long as 15 years later. I think we always think with our traditional way of thinking, which is very different from ' the Internet Thinking'.
刪除I know it's dangerous to say this time is different as business principles do not change. But the application of the internet can be very different and our previous experience is not always applicable now. My logic can be articulated by the development of the department store industry in China. Things there are moving so much faster than in the US or Europe. You cannot say the industries in China will definitely follow their path anymore.
We really have to rethink the power of e-commerce or anything with an e.
其實是科技派掌門Bill Gate在擁抱未來一書說的：對未來三年過渡樂觀，十年後的變化太小觀。我的意思是一定會變，不過唔係只有你二馬懂，銀行不是綑綁雙手任你打。我個人擔心二馬十五年收入能否維持多過銀行。
刪除I like Bill Gates too! The guy really knows a lot and I bet his investing performance is extraordinary as well. I have been thinking, as philanthropy business works on the most difficult problems which aren't being solved by any government, know a thing or two about it probably enhances one's framework to understand the how all the complex things happening in the world and this should improve one's investing performance as well.
回覆刪除Warren Buffett says he is a good investor because he is a business owner as well. I think Bill Gates can say he is a damn good investor because he is a philanthropist as well. Haha!
佢兩個真的可以說＂一擔擔＂。商場上獅子大開囗，平常謙虛到像個普通人。完全唔似首、次富。
刪除係compliment 。
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