猶太人對全球金融市場、金融體系、金融政策、金融操作的影響力，是令人難以想像的驚人與龐大……
你知道股神華倫‧巴菲特、投機大師索羅斯、Bloomberg 創辦人彭博、聯儲局前後任主席格林斯潘、伯南克、美國前後任財長桑默斯、魯賓、保爾森，這些人有甚麼共同特點嗎？
他們都是極為成功的金融巨擘，他們都是猶太人！
事實上，不少投資銀行的創辦人也都是猶太人，眾所週知的所羅門兄弟（Salomon Brothers）、高盛（Goldman Sachs）、雷曼兄弟（Lehman Brothers）、JP Morgan摩根、摩根士丹利（Morgan Stanley）都是猶太人所創辦，而且都是從猶太家族企業起家的。
而至今在全球金融重鎮華爾街，也有高達50%的金融菁英是猶太人，像是高盛知名的多頭總司令艾比柯恩（Abby Cohen）、花旗的衛爾（Sanford Weill）等人，都是猶太人。
猶太人對全球金融市場、金融體系、金融政策、金融操作的影響力，是令人難以想像的驚人與龐大！
高度決定視野、視野決定命運，如果不懂猶太民族，不懂猶太文化，那你很難在現代這個金融體系中，獲得多了不起的成功！因為當前的全球金融體系，就算稱為猶太金融帝國也不為過！只要猶太大亨打個噴嚏，全球金融界和銀行界就得重感冒！
猶太人到底多有錢？
根據富比士的統計，美國前40大富豪中，有45%是猶太人；全美國有三份之一的百萬富翁是猶太人。但全美僅有590萬猶太人，佔全美近3億人口中不到2%。
事實上，猶太民族在全世界算是少數民族，全球目前僅有1300萬猶太人，大約比台灣總人口的一半多一點而已，然而這些猶太人卻掌握全球主要金融金脈！
為甚麼猶太人這麼會賺錢？為甚麼世上有這麼多在金融領域取得相當成功的人都是猶太人？為甚麼猶太人可以掌握全球金融脈動？而想要在金融市場取得成功的人，又該如何學習猶太智慧？甚是創造出超越猶太智慧的地位？
為甚麼猶太人特別會賺錢
為甚麼猶太人特別會賺錢？是猶太人比較聰明嗎？數學能力比較好嗎？講到聰明與數學，全世界對於華人跟印度人的聰明與數學也都有相當程度的認同。這二種人在矽谷，在資訊科技業界也都有一定的影響力跟成就，然而，卻不是在金融業！為甚麼同樣都是聰明才智有目共睹的華人或印度人，卻沒有猶太人在金融領域中出色？顯然想要在金融領域成功，光是聰明是不夠的。
視學習為終生目的
猶太金融帝國得以如此龐大驚人的3大秘訣在於：
1. 智慧才是終生財富
全世界有二個民族都非常重視教育，也以數字能力優秀見長，一個是華人，另一個就是猶太人。
華人鼓勵教育、學習，但是華人的學習是工具，是手段，不是目的，讀書、學習只是作為金榜題名、出人頭地的手段與工具。一旦達不到目的，就變成：百無一用是書生。
但猶太人同樣崇尚教育，文化精神卻大不相同。猶太人把學習當作終生目的。在猶太文化中，學者的地位是很高的，而猶太文化也深信，良好的教育自然會帶來財富，終生的學習與智慧則是人生真正的大財富，別人怎樣也不能偷不能搶。
如果你問猶太人，人生最重要的是甚麼？猶太人的答案一定是智慧。
智慧來自猶太人的宗教傳統，在猶太人的心中，佔有舉足輕重的地位。猶太人不斷地受到迫害，富貴浮雲、房子財產都可能如曇花一現，因此猶太文化不斷教育後代，唯有智慧可以伴隨終生，可以幫助後人度過任何困難與挑戰，而有了智慧，財富自然也就隨之而來。
有個猶太人的經典故事如下：
猶太母親問孩子：“如果有一天，你房子被燒、財產被搶光，你要帶什麼東西逃跑？＂
一個孩子回答：“錢。”
另一個孩子說：“鑽石。”
猶太母親笑著說：“孩子。你們要帶走的不是錢，也不是鑽石，而是智慧。智慧是任何人都搶不走的，只要你還活著，智慧就永遠跟著你，無論如何，你都不會失去它。只有智慧，能夠幫你度過所有的難關。”
智慧的觀念就這樣深深紮根在猶太人的心中。
學者遠比富翁偉大
在猶太人文化中，學者遠比富翁偉大。猶太人把僅有知識而沒有智慧的人，比喻為“背著很多書本的驢子”。
猶太人崇尚創新，認為沒有創新的學習只是一種模仿，學習應該以思考為基礎，懷疑是開啟智慧大門的鑰匙。
猶太人喜歡思考宏觀的、深度的問題，喜歡抽象與邏輯，人類歷史上學術地位相當有成就的人物如科學家愛因斯坦、思想家馬克思和列寧等人，也都是猶太人。
星洲日報／投資廣場‧2008.05.26
Tuesday, May 27, 2008
學習猶太人險中致富
猶太人的經典《塔木德》，充滿了他們的生活及賺錢哲學；而《你沒讀過的塔木德商場聖經：和猶太人一起擁抱財富》就是一本以《塔木德》內容為藍本的財富管理著作。
近期股市之凶險，令人望而生畏，但在世上最有錢的民族─猶太人眼中，有風險才會有利潤，只要認為是值得的，便應該去冒險。
有風險才有希望
《塔木德》這部口傳的典籍，記錄了猶太人生活、宗教、處世、道德上的準則。當中提到：“兩頭狼由‘一個方向’來襲，羊倌不能視為不可抵抗，但由‘兩個方向’來襲，就可以視為不可抵抗嗎？”
我們都會碰到狼，數目可能是一頭、兩頭，或是更多的狼，問題是我們如何看待這些狼。
成功的商人在窮途末路，總會遷徒至夠生存的地方。更重要的是，他們能夠以處變不驚的態度去面對風險，並把賺錢的慾望化為行動。
冒險≠賭博
在猶太人眼中，冒險是勇敢與常識的結合，並不是賭博。
聰明的冒險者必須瞭解可能性和對能夠承受的損失一笑置之。而當猶太人發現風險難以抵禦時，就會尋找相對低風險的出路。
苦難換來豐碩成果
猶太人除了勻於面對風險之外，亦能樂觀地面羚苦難。他們認為只有嘗盡苦難和貧窮的人，才能在商場上有所作為，從而取得豐碩的成果。以下兩個故事，可讓大家明白他們的樂觀心境。
故事1：馬會飛上天
空古時有個叫哈比的猶太人，因惹怒了國王而被判死刑。這個人向國王求饒說：“只要給我一年時間，我就能使您心愛的馬兒飛上天空。如果過了一年，您的馬不能在天空自在地飛翔，那麼我被處以死刑，亦不會有半句怨言。”國王感到好奇，於是答應了他。
哈比回到牢房時力一位囚犯對他說：“簡直是異想天開，馬怎會飛到天上去呢？”哈比笑著回答說：“在這一年內，也許國王會死、也許我自己會病死、也許那匹馬出了意外送了命。總之，在這一年內甚麼事情都有可能發生，也許在這一年時間內，馬兒真的飛上天空呢！”
故事2：驢狗送命救主人
有一位猶太人拉比（老師）帶著一盞燈、一頭驢和一條狗去探望一位百里之外的朋友。夜幕低垂，猶太拉比在樹林旁邊看到一間閒置的倉庫，便決定在那兒留宿。半夜時分，風吹滅了油燈，老虎吃掉了他的狗，獅子吃掉了他的驢子，可是他當時仍在夢中，未知道身邊發生的一切。
第二天清晨，當他知道自己的驢子和狗慘遭不測後，便慌張地跑去附近的一個村莊。然而眼前所見，村莊裡血流成河，屍橫遍野。原來昨夜有一幫盜匪進了村子，搶劫財物兼大肆殺戮。
猶太拉比想到，昨天晚上如果犬吠、驢叫、燈明驚動了劫匪，自己恐怕亦難逃一劫。是狗和驢用自己的死，換取了主人的性命。是一盞燈用自己的黑暗，讓主人看到了第二天的太陽。於是猶太人悟出：看似最糟糕的事情往往會讓人進入佳境，所以人應活在希望中，不把苦難和貧窮視為壞事，更不可在苦難和貧窮中沉淪。
《塔木德》是甚麼？
猶太人可說是世上最有錢的民族。其人口僅佔世界人口的400份之一，但在最有錢的企業家之中，猶太人便佔了一半。他們的部份成功秘密，記載於《塔木德》（Talmud）之中。
書名：《你沒讀過的塔木德商場聖經：和猶太人一起擁抱財富》
作者：譚地洲、李越
出版社：漢湘文化
星洲日報／財富廣場／財富教室‧2008.05.10
近期股市之凶險，令人望而生畏，但在世上最有錢的民族─猶太人眼中，有風險才會有利潤，只要認為是值得的，便應該去冒險。
有風險才有希望
《塔木德》這部口傳的典籍，記錄了猶太人生活、宗教、處世、道德上的準則。當中提到：“兩頭狼由‘一個方向’來襲，羊倌不能視為不可抵抗，但由‘兩個方向’來襲，就可以視為不可抵抗嗎？”
我們都會碰到狼，數目可能是一頭、兩頭，或是更多的狼，問題是我們如何看待這些狼。
成功的商人在窮途末路，總會遷徒至夠生存的地方。更重要的是，他們能夠以處變不驚的態度去面對風險，並把賺錢的慾望化為行動。
冒險≠賭博
在猶太人眼中，冒險是勇敢與常識的結合，並不是賭博。
聰明的冒險者必須瞭解可能性和對能夠承受的損失一笑置之。而當猶太人發現風險難以抵禦時，就會尋找相對低風險的出路。
苦難換來豐碩成果
猶太人除了勻於面對風險之外，亦能樂觀地面羚苦難。他們認為只有嘗盡苦難和貧窮的人，才能在商場上有所作為，從而取得豐碩的成果。以下兩個故事，可讓大家明白他們的樂觀心境。
故事1：馬會飛上天
空古時有個叫哈比的猶太人，因惹怒了國王而被判死刑。這個人向國王求饒說：“只要給我一年時間，我就能使您心愛的馬兒飛上天空。如果過了一年，您的馬不能在天空自在地飛翔，那麼我被處以死刑，亦不會有半句怨言。”國王感到好奇，於是答應了他。
哈比回到牢房時力一位囚犯對他說：“簡直是異想天開，馬怎會飛到天上去呢？”哈比笑著回答說：“在這一年內，也許國王會死、也許我自己會病死、也許那匹馬出了意外送了命。總之，在這一年內甚麼事情都有可能發生，也許在這一年時間內，馬兒真的飛上天空呢！”
故事2：驢狗送命救主人
有一位猶太人拉比（老師）帶著一盞燈、一頭驢和一條狗去探望一位百里之外的朋友。夜幕低垂，猶太拉比在樹林旁邊看到一間閒置的倉庫，便決定在那兒留宿。半夜時分，風吹滅了油燈，老虎吃掉了他的狗，獅子吃掉了他的驢子，可是他當時仍在夢中，未知道身邊發生的一切。
第二天清晨，當他知道自己的驢子和狗慘遭不測後，便慌張地跑去附近的一個村莊。然而眼前所見，村莊裡血流成河，屍橫遍野。原來昨夜有一幫盜匪進了村子，搶劫財物兼大肆殺戮。
猶太拉比想到，昨天晚上如果犬吠、驢叫、燈明驚動了劫匪，自己恐怕亦難逃一劫。是狗和驢用自己的死，換取了主人的性命。是一盞燈用自己的黑暗，讓主人看到了第二天的太陽。於是猶太人悟出：看似最糟糕的事情往往會讓人進入佳境，所以人應活在希望中，不把苦難和貧窮視為壞事，更不可在苦難和貧窮中沉淪。
《塔木德》是甚麼？
猶太人可說是世上最有錢的民族。其人口僅佔世界人口的400份之一，但在最有錢的企業家之中，猶太人便佔了一半。他們的部份成功秘密，記載於《塔木德》（Talmud）之中。
書名：《你沒讀過的塔木德商場聖經：和猶太人一起擁抱財富》
作者：譚地洲、李越
出版社：漢湘文化
星洲日報／財富廣場／財富教室‧2008.05.10
Monday, May 26, 2008
Maintain Outperform on Dialog
(http://www.theedgedaily.com)
RHB Research expects Dialog Group Bhd to experience significant organic earnings growth in FY09 to FY10 due to the global advanced catalyst handling expansion to the US and Europe, and the company’s Tanjung Langsat Port tankage project.
The research house has raised its earnings per share (EPS) forecasts for Dialog by 8.5% for FY08 and 3.2% for FY09, factoring in better-than-expected recovery in margins.
It said Dialog’s 3QFY08 net profit of RM22.3 million was above its expectations, driven by growth contributions from engineering, procurement, construction and commissioning (EPCC) contracts plus growing profit from the advanced catalyst handling business.
Dialog’s overall net profit of RM59.2 million for the nine months accounted for 82% of RHB Research’s full-year forecast.
“Profit margins continued to improve, since the jump in 1QFY08, indicating that staff costs are not rising faster than profits (which was an issue between 2QFY07 and 4QFY07 as the company went on an aggressive hiring programme for its new businesses), and revenue mix has improved due to contribution from higher-margin businesses including catalyst handling,” it said.
The research house said Dialog was still beefing up its technical staff from the current 1,200 for its catalyst handling and tankage businesses, implying potential further increase in staff costs in FY09 to FY10.
RHB Research, however, said the impact would be mitigated as greater profit starts to flow in from these businesses.
On the company’s contracts, the research house said the Sabah Oil and Gas Terminal (SOGT) project that was still pending could potentially be more lucrative than the RM1.6 billion Sabah Sarawak Gas Pipeline that the Dialog consortium was awarded, given its expertise in building tank terminals.
Maintaining its outperform recommendation on the stock at RM1.52 with a new sum-of-parts fair value of RM2.36, it advocated a longer-term position on the counter, given FY10 price earnings ratio (PER) drops sharply to 9.5 times on 66% 3-year EPS compound annual growth rate (CAGR).
“Dialog is conservatively run, has an asset-light business strategy and proven long-term earnings track record,” it said.
“With only four years to go to the 2012 US$100 million (RM325 million) revenue target for the advanced catalyst handling business, there is potential for earnings disappointment. In addition, Dialog’s drilling fluids business is subject to drilling activity and thus to the crude oil price,” it said.
Meanwhile, OSK Research maintained its buy recommendation on Dialog with a target price of RM2.35, and said the counter remained one of its top picks in the oil and gas sector.
“(The) catalyst that we are looking forward to is the materialisation of another tank terminal either overseas or for the Tg Langsat land. Our target price has already factored in the additional value from the third tank farm. Its catalyst handling business is also expected to creep up to US$100 million by 2012 from less than US$15 million currently,” it said.
The research house said Dialog’s earnings before interest, tax, depreciation and amortisation (Ebitda) margin continued to improve, reaching 10.8% versus 9.8% in the preceding quarter.
“This was largely attributed to the better margin from the Malaysian operations. Margins for overseas dropped slightly, and we think this may have been due to some start-up costs arising from overseas acquisitions,” it said.
OSK Research said revenue and profits for the Malaysian operations grew 131% and 360% year-on-year, driven mainly by more EPCC contribution from the construction jobs such as the RM600 million Tg Langsat tank terminals.
“Current EPCC order book stands at RM1.4 billion. Going forward, we see business from all segments including EPCC and catalyst handling to grow, particularly when the construction for Sabah Sarawak Gas Pipeline project kicks off.”
“As for the SOGT project, Dialog is also one of the front runners. The project is estimated to worth close to RM2 billion. The award of contract is likely to be announced towards the end of this year due to delays in the announcements of some fabrication contracts by Petronas year-to-date,” it said.
At the close of yesterday’s trading, Dialog rose four sen to RM1.56.
RHB Research expects Dialog Group Bhd to experience significant organic earnings growth in FY09 to FY10 due to the global advanced catalyst handling expansion to the US and Europe, and the company’s Tanjung Langsat Port tankage project.
The research house has raised its earnings per share (EPS) forecasts for Dialog by 8.5% for FY08 and 3.2% for FY09, factoring in better-than-expected recovery in margins.
It said Dialog’s 3QFY08 net profit of RM22.3 million was above its expectations, driven by growth contributions from engineering, procurement, construction and commissioning (EPCC) contracts plus growing profit from the advanced catalyst handling business.
Dialog’s overall net profit of RM59.2 million for the nine months accounted for 82% of RHB Research’s full-year forecast.
“Profit margins continued to improve, since the jump in 1QFY08, indicating that staff costs are not rising faster than profits (which was an issue between 2QFY07 and 4QFY07 as the company went on an aggressive hiring programme for its new businesses), and revenue mix has improved due to contribution from higher-margin businesses including catalyst handling,” it said.
The research house said Dialog was still beefing up its technical staff from the current 1,200 for its catalyst handling and tankage businesses, implying potential further increase in staff costs in FY09 to FY10.
RHB Research, however, said the impact would be mitigated as greater profit starts to flow in from these businesses.
On the company’s contracts, the research house said the Sabah Oil and Gas Terminal (SOGT) project that was still pending could potentially be more lucrative than the RM1.6 billion Sabah Sarawak Gas Pipeline that the Dialog consortium was awarded, given its expertise in building tank terminals.
Maintaining its outperform recommendation on the stock at RM1.52 with a new sum-of-parts fair value of RM2.36, it advocated a longer-term position on the counter, given FY10 price earnings ratio (PER) drops sharply to 9.5 times on 66% 3-year EPS compound annual growth rate (CAGR).
“Dialog is conservatively run, has an asset-light business strategy and proven long-term earnings track record,” it said.
“With only four years to go to the 2012 US$100 million (RM325 million) revenue target for the advanced catalyst handling business, there is potential for earnings disappointment. In addition, Dialog’s drilling fluids business is subject to drilling activity and thus to the crude oil price,” it said.
Meanwhile, OSK Research maintained its buy recommendation on Dialog with a target price of RM2.35, and said the counter remained one of its top picks in the oil and gas sector.
“(The) catalyst that we are looking forward to is the materialisation of another tank terminal either overseas or for the Tg Langsat land. Our target price has already factored in the additional value from the third tank farm. Its catalyst handling business is also expected to creep up to US$100 million by 2012 from less than US$15 million currently,” it said.
The research house said Dialog’s earnings before interest, tax, depreciation and amortisation (Ebitda) margin continued to improve, reaching 10.8% versus 9.8% in the preceding quarter.
“This was largely attributed to the better margin from the Malaysian operations. Margins for overseas dropped slightly, and we think this may have been due to some start-up costs arising from overseas acquisitions,” it said.
OSK Research said revenue and profits for the Malaysian operations grew 131% and 360% year-on-year, driven mainly by more EPCC contribution from the construction jobs such as the RM600 million Tg Langsat tank terminals.
“Current EPCC order book stands at RM1.4 billion. Going forward, we see business from all segments including EPCC and catalyst handling to grow, particularly when the construction for Sabah Sarawak Gas Pipeline project kicks off.”
“As for the SOGT project, Dialog is also one of the front runners. The project is estimated to worth close to RM2 billion. The award of contract is likely to be announced towards the end of this year due to delays in the announcements of some fabrication contracts by Petronas year-to-date,” it said.
At the close of yesterday’s trading, Dialog rose four sen to RM1.56.
Thursday, May 22, 2008
Manchester United - Champions of Europe 2007/08
Another thriller down to the wire. Manchester United performed yet another lucky escape in the Champions League final. This time in Moscow. It seemed to me at one time just before Chelsea skipper John Terry missed the last of the routine penalty kicks (PK) that Manchester United were all but winning the championship. But God had another idea -- John Terry put the crucial PK wide. And that was it, Manchester United went on to score the sixth and seventh sudden death PK with Manchester United goalkeeper Edwin van der Sar saved the last PK of the night from Chelsea Nicolas Anelka.
The triumph did not come easy for Manchester United though. Having scored earlier in the night through a well-placed header from Cristiano Ronaldo, but Chelsea did not throw the towel as yet and scored just seconds before half-time from Frank Lampard's opportunistic strike.
Chelsea controlled most of the play and tempo in the second half. They came close to score with Didier Drogba hit the woodwork and Frank Lampard hit the crossbar. But basically that was it. The score was 1-1 on normal playing time and both teams had to play extra-time to decide the winner.
Didier Drogba was red-carded and ejected from the pitch towards the end of the extra-time period when he slapped Nemanja Vidic on the face. In retrospect, maybe this was the defining moment of Chelsea fate on the night. If Drogba had not been sent-off, he could be the one who will take the PK instead of John Terry. As we know, Drogba's chance of successfully converting the PK is much more higher than Terry's.
The rest was history. Manchester United is crowned Champions of Europe again for the third time. The victory is reminiscent of their famous Treble season in 1999 where Manchester United were on the brink of death before miracle happened in the final seconds of the match.
Way to go! Manchester United! Way to go!
The triumph did not come easy for Manchester United though. Having scored earlier in the night through a well-placed header from Cristiano Ronaldo, but Chelsea did not throw the towel as yet and scored just seconds before half-time from Frank Lampard's opportunistic strike.
Chelsea controlled most of the play and tempo in the second half. They came close to score with Didier Drogba hit the woodwork and Frank Lampard hit the crossbar. But basically that was it. The score was 1-1 on normal playing time and both teams had to play extra-time to decide the winner.
Didier Drogba was red-carded and ejected from the pitch towards the end of the extra-time period when he slapped Nemanja Vidic on the face. In retrospect, maybe this was the defining moment of Chelsea fate on the night. If Drogba had not been sent-off, he could be the one who will take the PK instead of John Terry. As we know, Drogba's chance of successfully converting the PK is much more higher than Terry's.
The rest was history. Manchester United is crowned Champions of Europe again for the third time. The victory is reminiscent of their famous Treble season in 1999 where Manchester United were on the brink of death before miracle happened in the final seconds of the match.
Way to go! Manchester United! Way to go!
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