A journey of a thousand miles begins with a single step

  https://hk.finance.yahoo.com/news/%E5%85%88%E9%8B%92%E9%9B%86%E5%9C%98%E5%AE%A3%E5%B8%83%E9%80%90%E6%AD%A5%E7%B5%90%E6%9D%9F%E9%A6%99%E6%B8%AF-%E6%97%A5%E6%9C%AC%E6%A5%AD%E5%8B%99-%E4%BA%9E%E6%B4%B2%E7%99%BC%E5%B1%95%E7%9B%AE%E6%A8%99%E7%A7%BB%E8%87%B3%E4%B8%AD%E5%9C%8B-104017298.html 本來有投資2805 and 83169, 變成需要逐步出場 目前考慮的投資標的有 1. VDEM (USD) https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-emerging-markets-ucits-etf-usd-distributing?intcmpgn=equityemerging%20markets_ftseemergingmarketsucitsetf_fund_link 3022.HK https://www.blackrock.com/hk/zh/products/314932/ishares-msci-emerging-markets-etf 2. 3188 華夏滬深300指數ETF (有RMB計價) 相對於A50的持股是比較分散的 但0.83%的expense ratio真的很高..... 滬深300以費用來看, 比較好的選擇是2846.HK, 不過成交量目前不多 https://www.blackrock.com/hk/zh/products/251754/ishares-csi-300-a-share-index-etf 3. 安碩亞洲除日 (有人民幣計價) 3010.HK https://www.blackrock.com/hk/zh/products/251579/ishares-core-msci-ac-asia-ex-japan-index-etf 0.28%的管理費, expense ratio尚未查明 4. ishare MSCI China (HKD only) 2801...

Volatility curve model ( link ) ( link ) ( link ) ( link ) DCC plc ( link ) Invision AG/Core laboratories ( link ) Essex Biotechnology from GlobalStockPicking ( link ) ( link ) CLNY by Clark Streek again ( link )

https://www.books.com.tw/products/0010748122 MBM stands for Market-Based Management 有原則的企業家精神 運用更少資源，為顧客創造卓越價值，而且時時刻刻遵守法規、誠實正直。好利潤來自於對社會有所貢獻，而非來自於企業福利補貼等佔人便宜的做法 MBM五大維度 願景: 提供客戶比其他替代選項更有價值的產品與服務, 同時更有效的利用資源。致力於在顧客與整個社會都受益的情況下獲取利潤, 這就是所謂的"好利潤" 品德與才能: 照聘時, 考量價值觀, 優先於才能 知識流程: 若員工有更好的答案, 有義務尊重有禮的挑戰上司。上司有義務打造歡迎員工挑戰的文化 決策權: 員工在工作上, 有明確界定的專屬領域, 會更有榮譽感與責任感 激勵: 創造的價值越高, 領得越多 只制定與推行大方向的通則, 好讓員工透過挑戰細節有所創新, 因而形成一種自發秩序, 這才是MBM的目標

background info  Joseph Stilwell would like to take control of WHLR started from 2019 "A Compelling Case For Change" ( link ) "Second letter to share holders" ( link ) Now, the hedge funds managed by Mr. Stilwell become a large share holder (12%) and the board/management team are under his control now. ( link ) investment idea In Mr. Stilwell presentation, preferred stock D is a "death spiral". So "Make the retirement of Series D shares" is a top priority to him. Right now, the company is controlled by him. I think Mr. Stilwell should fulfill the promise seriously. preferred stock D current price: 14.1 liquidation price: 25 cumulative dividend: 2.1875*1.5*0.7 ~= 2.3 winning bet = (25+2.3-14.1)/14.1 = 0.93 But WHLR needs to sell assets to buyback preferred stock and it takes some time to do so. Therefore, winning bet should be higher than 0.93. Assume it is 1. If winning rate is higher then 50% under this assumption, then it becomes a real opportu...