中潤證券 網誌 Blog

客亦友、友亦客,客客友友何其多

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這婚姻,甜美

上星期出席了一位朋友的婚宴,這次已是他第二段婚姻了。
特別的是他的表弟當他伴郎,但聽聞上年我朋友是當他表弟的伴郎,
為何結了婚可以當伴郎呢?
細問下原來他表弟像他一樣第一段婚姻失敗了,所以這次他結婚也找來表弟當伴郎 。
昨天,香港有一則新聞,老夫去世,老妻陪伴在他的屍體身边。兩天后,才被人发現。兩口子,能夠一起走到老。婚姻,甜美。
 
by   Winky

提高免疫能力

每年三月尾至五月中青梅上市,是浸梅酒的好時機,由於家人都很喜愛喝我浸的梅酒,所以今年就買了10磅青梅,祈待半年後,與家人分享我浸的梅酒。

梅酒的做法非常簡單,只要準備1公斤青梅,300克至500克冰糖,1.2公升米酒,及一個潔淨的玻璃瓶。先將青梅洗淨瀝乾水份,然後用叉在青梅上剌幾個小孔,加入冰糖及米酒,待半年即成。
喝梅酒可幫助消化、改善體質、提高免疫能力、延緩老化、抗病防癌、及減肥.................。 趁現在還是青梅當造的季節,大家不妨浸一瓶試試。
 
by:Mushroom

溝通四個心

最近一連發生多單逆子殺父弒母的新聞,看了不禁令人心寒,尤其是自己剛做了母親,生了一個兒子,心想如果自己生了個女兒的話是否會安全些,很多網友更戲稱覺得最近父母對自己比以前好!

其實父母與子女間相處貴乎關懷與溝通,溝通要有四個心︰喜悅心、包容心、讚美心、愛心。

by    Carmen

陪媽媽一起去花展

假期抽空陪媽媽一起到維園花展去賞花,正當賞花途中看到一群義工帶領的老人家參觀花展!

這群老人家排隊拍照後寫感謝卡多謝幫他們拍照的義工時,看到他們臉上愉快幸福滿足的表情,使我覺得其實老人家只要多些關心和有人陪伴就心滿意足,

看來我以後放假應該要多抽些時間陪爸爸媽媽了!

staff:    Zipper

拾荒者的遺產

拾荒者的遺產

 

      最近,在瑞典有一場官司,引出了一個動人的投資故事:在瑞典,有一個拾荒者,他每天早上都會到圖書館看<經濟報>,看完報紙後,他就會踩單車沿路拾價值一角幾分的汽水罐。每當他肚子餓了,他就吃快餐店裡別人吃剩的東西,他日復一日的過了四十幾年這樣的生活。然而,他的叔叔和他的表弟卻因為他的遺產引起了爭執。你可能會想,一個拾荒者的遺產能有多少啊,也不過是一千幾百元罷了。但令人訝異的是,他的遺產竟高達1300萬港元。

                                             

 

     原來,這個叫可特的拾荒者,他每天都透過看<經濟報>熟悉整個股票市場,而且他穿的是破爛的衣服,吃的是別人的剩飯,完全不用日常支出,因此他把拾汽水罐所得來的錢都投資到股票上。

 

 

     投資可以致富,可特的故事認證了這句話,他成功的關鍵在於四十年來有毅力地不斷增加投資,他將收入用在投資上。

 

 

投資可以致富,這句話,我們可能聽了很多遍,但是我們卻很難相信它。在股票投資這條道路上,我們看到太多的人跌倒了,失敗了,所以我們對這句話產生了抗拒和畏懼。看了可特的故事,我明白了一個道理,在股票市場上我們應該投資,有毅力地不斷增加投資,而不是投機。投資者,他們往往在買一只股票之前,會對這間公司進行深入的理解,他們買一只股票是因為看好這間公司的前���。投機者,他們往往利用股市的波動和炒賣的消息,進行瞬間的謀利,他們在乎的只是這次波動或這個炒賣消息能否幫他們賺取利潤。

 

 

      投��靠的是眼光而不是靠幸運,看股票要用眼,了解股票要用腦,買入股票要用心。所以我相信我們只要能用心去買每一只股票的話,我們也能致富的!

 

                    Z. H.   ZHI         2010-4-24

                                                                                       

 

 

 

又是一次「危」中「機」會

又是一次「危」中「機」會    by            Carmen Wong, BA.Fin, HKU       
               2008-7-31

      近期股市氣氛很差,本地投資者普遍對港股變得較為悲觀,事實上,中國對於金融危機是有強勁抵禦能力的。中國外向型製造業火速發展���動整體經濟,儘管中國已面臨人民幣升值和勞動力缺乏所帶來的成本上升問題,中國仍然有足夠競爭力在未來保持世界工廠的地位,既然中國的經濟發展依然在國際間名列前茅,內裡就沒有金融危機發生的空間。

      內地金融機構在風險防範技術層面確實與頂級跨國金融機構有差距,但外匯管制、行政色彩依然很強的金融、銀行、證券監管卻令內地可以在境外發生金融危機時較有效率地將危機封堵於國門之外,為中國金融安全提供保證。

      持貨不多的投資者可考累將���上資金分成數份,分段購入優質股,作長線投資,以97年股災及03年「沙士」為例,大部份優質股都能在下一個經濟循環時收復失地,甚至升至比大跌前更高,只有少數劣質股還未升回以前之價位。所以是次大跌,正好讓投資者有機會以低價購入優質股作長線投資。投資者亦應時刻檢討自己手上股票,沽出劣質股,換入優質股,待大市回升時,賺取更高的回報。

      現時港股市盈率已回落,為何股民往往於股市高位時喊入市,在低位時慌忙逃呢?需知道股市的必勝法門是高沽低入,但要做到這一點往往需要強大的心理受力,始終與大多數人持有不同意見是一件不容易的事,只要能夠除心理障礙,放眼於價值投資,中長線而言,這次股市下跌又是一次「危」中「機」會。

Crude Oil Price Analysis

Crude Oil Price Analysis
                       -------around 2010 with the onset of long-term shortage
 
by Carmen Wong (B.Fin HKU)


Introduction

Oil is one of the most important resources in our world. Crude oil price fluctuation could bring a lot of economic instability. In this report, the history of oil price and the data of rig count will be shown and discussed. With improving technology, how does it advance oil industry? Since there is resource constrain, can discovery really driven by higher oil price? What is the future of crude oil price?
 
Oil Price Outlook


The oil price rose from $2.50 in 1948 to about $3.10 in 1957. However, this apparent price increases were just keeping up with inflation. From 1958 to 1970 prices were stable at about $3.00 per barrel, but when we consider with inflation, the real price of crude oil declined actually. The decline in the price of crude when adjusted for inflation was further exacerbated in 1971 and 1972 by the weakness of the US dollar.
In 1972 the price of crude oil was about $3.40 and by the end of 1974 the price of oil had climb up to $12.00. The Yom Kippur War started with an attack on Israel by Syria and Egypt on October 5, 1973. The United States and many countries in the western world showed strong support for Israel. As a result of this support, Arab exporting nations imposed an embargo on the nations supporting Israel. Arab nations curtailed production by 5 million barrels per day (MMBPD) about 1 MMBPD was made up by increased production on other countries. The net loss of 4 MMBPD extended through March of 1974 and represented 7 percent of the free-world production. The extreme sensitivity of prices to supply shortages became all too apparent. Prices increased 400 percent in six short months.
 
From 1974 to 1978 crude oil prices increased at a moderate pace from $12 per barrel to $14 per barrel. When adjusted for inflation the prices were constant over this period of time.
 
Events in Iran and Iraq led to another round of crude oil price increases in 1979 and 1980. The Iranian revolution resulted in the loss of 2 to 2.5 million barrels of oil per day between November of 1978 and June of 1979. In 1980 Iraq's crude oil production fell 2.7 MMBPD and Iran's production by 600,000 barrels per day during the Iran/Iraq War. The combination of these two events resulted in crude oil prices more than doubling from $14 in 1978 to $35 per barrel in 1981.
 
From 1982 to 1985 OPEC attempted to set production quotas low enough to stabilize prices. These attempts met with repeated failure as various members of OPEC would produce beyond their quotas. During most of this period Saudi Arabia acted as the swing producer cutting its production to stem the free falling prices. In August of 1985, the Saudis tired of this roll. They linked their oil prices to the spot market for crude and by early 1986 increased production from 2 MMBPD to 5 MMBPD. Crude oil prices plummeted below $10 per barrel by mid year.
 
A December 1986 OPEC price accord set to target $18 per barrel was already breaking down by January of 1987. Prices remained weak. The price of crude oil spiked in 1990 with the uncertainty associated Iraqi invasion of Kuwait and the ensuing Gulf War, but following the war crude oil prices entered a steady decline until 1994.
 
The price cycle then turned up. With a strong economy in the United States and a booming economy in Asia increased demand led a steady price recovery well into 1997. This came to a rapid end when OPEC underestimated the impact of the financial crisis in Asia. In December, OPEC increased its quotas 10 percent to 27.5 MMBPD but the rapid growth in Asian economies had come to a halt. Crude oil price dropped to about $11 in 1999. Then, with the recovery in Asia and the decreased in oil quotas by OPEC, price bounced to over $28per barrel. In July2001, the price was about $26.
 
Rig Count
Rotary rigs running

 
The Rotary Rig Count is the average number of drilling rigs actively exploring for oil and gas. It indicates the health of the oil industry. Since drilling an oil well is a capital investment in the expectation of returns from the crude oil production, it is also a measure of how much confidence the oil industry has in the future.
 
At the end of the Arab Oil Embargo in 1974 rig count was below 1500. It rose steadily with regulated crude oil prices to over 2000 in 1979. From 1978 to the beginning of 1981 domestic crude oil prices exploded from a combination of the rapid growth in world energy prices and deregulation of domestic prices. Forecasts of crude oil prices in excess of $100 per barrel fueled a drilling frenzy. By 1982 the number of rotary rigs running had more than doubled.

It is important to noted that there was one year time lag between crude prices and rig count of drilling but it is now reduces to a matter of months after the steep decline of crude prices in 1986. Like any other industry that goes through hard times, the oil business emerged smarter and learner. Companies long familiar with accessing geologic risk added price risk to their decision making.
 
Rig count is only a good measure of oil exploration activity, but not success. However, the percentage of wells completed as oil or gas wells (completion rate) is often used as a measure of success.
 
In 1948, immediately after World War II, 65 percent of the wells drilled were completed as oil or gas wells. This percentage declined to about 57 percent by the end of the 1960s. It rose steadily during the 1970s to reach 70 percent at the end of the decade. This was followed by a modest decline through most of the 1980s. Beginning in 1990 shortly after the harsh lessons of the price collapse completion rates increased dramatically to 77 percent.
 
The steady drop of the completion rates in the 50s and 60s and the increases of the 70s were more related to price. When a well is drilled, the fact that oil or gas is found does not mean that the well will be completed as a producing well. The determining factor is economics. If the well can produce enough oil or gas to cover the cost of completion and the ongoing production costs it will be put into production. Otherwise, it's a dry hole even if crude oil or natural gas is found. The conclusion is that if real prices are increasing we can expect a higher percentage of successful wells. Conversely if prices are declining the opposite is true.
 
The increases of the 1990s, however, cannot be explained by higher prices. These increases are clearly the result of improved technology. The increased use of and improvements to 3-D seismic data and analysis combined with horizontal and directional drilling. Most dramatic is the improvement in the percentage exploratory wells completed. In the 1990s completion rates have soared from 25 to 45 percent.
 
Workover Rigs
Workover rig count is a measure of the industry's investment in the maintenance of oil and gas wells. It is another measure of the health of the oil and gas industry. Most workovers are associated with oil wells. Workover rigs are used to pull tubing for repair or replacement of rods, pumps and tubular goods which are subject to wear and corrosion.
It is quite worrisome with a low level of workover activity because it indicates deferral of maintenance. When operators are in a weak cash position workovers are delayed as long as possible.
 
Technology and market force
The flat earth economists tell us that if we want more oil, all we have to do is drill more wells. They believe that improving technology and higher oil price can increase oil supply. This is only true to a certain extent. No one disputes the huge technological advances of the industry. But, what has been the impact? In Exploration, it shows better both where oil is - and where it is not- thus allowing better estimates of the potential to be made. In Production, it keeps production rate higher for longer, but has little impact on the reserves themselves. Note that much of the oil in a reservoir cannot be extracted because it is held there by capillary forces and natural constrictions. The percentage recovered can be improved in some cases, but by no means all cases. Most modern fields are produced to maximum efficiency from the outset. It is important to know the endowment in nature. Oil is natural resource that supply will come to the end one day. Now, we have produced almost half what is there, and we have found about 90 percent. We produce 22 Gb a year but find only 6 Gb. That is to say, we find one for every four we consume from our inheritance of past discovery. The current depletion rate is about 2 % a year.
 
Facing the future
The world now faces two-phased crisis. The first is a price shock from the ever-greater dependence on the Middle East. The second comes around 2010 with the onset of long-term shortage. In short-term, crude price may have some pressure according to world economic depression and falling demand on oil. Nevertheless, it will be rising in long-term. Now, OPEC targets the price at $25 per barrel. Now we find one for every four we consume from our inheritance of past discovery. With this high depletion rate, will oil price still be $25 per barrel when oil supply become lesser and lesser and dependence on the Middle East become greater and greater? The answer is NO. Oil price must be on a long-term rising trend.
 
 
Carmen Wong (B.Fin HKU)
2002-1-15