9/26

ADR有雙重課稅問題 相較其它金融工具之下稅較重
ADR divident income= $1M
加入ADR Dividend income, US gov 課稅總額 2040000
2 cases: 分離課稅率 30%, 35% what's tax credit(租稅抵減)
30%-taiwan, 35%-switzerland
美國政府就其重複課稅部分
租稅抵減頂多到邊際稅率 (1M x 34%=34萬)不可能倒貼錢給你
book:worldwide coporate tax


China stock mkt like taiwan 10 yrs ago
1. 外匯管制 strict capital control, 不讓前歲隨意進出 (外幣流入轉成RMBàRMB升值)
甲、FDI foreign direct investment 外國直接投資
乙、FPI foreign portfolio investment 外國證券投資
丙、投資標的少 c.f. 民79 ,即使有錢 也無法到國外投資 無法買海外信託基金
2. China 採taiwan QFII制度 qualified foreign institutional investor
甲、民79 投資標的少 錢太多 供需失衡 什麼都漲(古董 郵票…)


中國股市術語
l B股(原本大陸人只能投資A股,造成A股飆高) 2001開放 台灣(境外自然人)買B股
l PT, ST股: 特別處理special treatment 連兩年負值 類似全額交割 現券現金交易 流動性低 爛股票 怕投資人反悔 欲穩收現金eg.台開股被打入全額交割
l N : new
l XD 除息 exclude divident
l DR dividend, right 除息除權
l 國有股 中國上市公司大多國營事業 cf 官股
l 送股:配股
l 配股:現金增資
l 拆細: split, 公司價值不變,單位股價變小 增加流動性à窮人可買的起
l 收購概念股:




2000扁上任 台股跌 中國股生 反向關係
許多大中華基金 從台灣抽資 (原本40%Taiwan 30% PRC ) à 轉投資中國 新加坡 才符合契約規定資金配置 要符合亞洲百分之多少

基本分析:決定價值 績優股 財務報表三個月公佈一次 但週轉率極高 活絡
技術分析:供需決定價格,由歷史價量預測未來
e.g 元向

數字台灣 30分鐘 25分鐘技術分析 5分鐘基本分析
山水大師: 投顧規定不可代客操作 以出版品 課程當藉口 被檢調

台灣無老公司 台灣無法長期投資 否則變全額交割
Eg力霸 早上交易 下午重整 故禮拜五才宣佈 v008.wav-57:00

初級市場: 剛開始大眾募資

融券:雙重保證 現金不可定存單
萬一大漲 付不出錢 gov set高門檻 (why? 融券打壓股市)

力霸
1.中華銀 存款戶à放款茂德, 前提 買嘉泥公司債
2.嘉泥
三角: 同中華銀直接拿錢給嘉泥
茂德(memory)一次打消17億
刀架在胡洪九 不得以

內線交易
Eg力霸 檢調人員 先知重整資訊 若進行交易 則違法
施俊吉下台



CAPM
Ri=Rf + Beta x (Rm – Rf)
資本資產報酬率=無風險利率 + 風險係數 x 風險貼水

Rm 市場報酬率

Beta:風險係數: Rm上升一單位 Ri上升beta單位


Portfolio theory
Max return, min risk


台灣300萬以下利率高 鼓勵儲蓄
盡量存公銀行庫 國有股銀行
蔡英文買公債 利息採分離課稅 透過公債節稅1”45’00



Book value: equity 歷史成本法 需重新評價
Market value: 每股股價 x 流通在外股數
兩者差異大

Values of network marketing

• Equal opportunities, good education
  
• low entrance- anybody with determination can do it
• people in network want you to be good, want to see you improve, want to help you because helping you helps them
• Friends and people network
• Robert Metcalfe (3Com): value of a network = ( number of users)^2
• Don't surround yourself with people who neither want to change nor see you change. Surround yourself with people who think alike as you do, people also working towards their FREEDOM.
• people in the employee mindset (E quadrant) are usually driven by fear. They fear for becoming jobless, fear of changing. They will laugh at you, pull you back- all because they are afraid.
  
• Develop personal selling/marketing skills
• selling is the most basic skill of the B quadrant
• people who despise selling are usually in fact hiding their fears
  
• e.g. "selling is below me", "I've got a good education, why should I sell?"
• overcome fear of rejection
• most successful people = people who get rejected the most!
• the reason one's unsuccessful: because they don't get rejected enough!
• START GETTING REJECTED, LEARN AND ADJUST
• overcoming fear is advantageous for every aspect of life
• find girl of your dreams - how Robert met Mrs. Kiyoaski
  
• convince & persuade
• traditional salesman vs. network marketing salesman
• traditional: get fired for not having enough sales, competition
  
• network marketing: leaders want you to improve and will help you do it
  
• Don't work for money!
• jump out of the employee's mindset- don't work for that pay rise, work to build a system
  
• know the difference between MONEY & WEALTH
• WEALTH is not measured by MONEY, but TIME
• WEALTH is how long you can support your living without working (avg American family = 42 days)
• TIME is you greatest asset! If you want to be rich, you need a lot of free TIME. By getting a job you are selling your greatest asset- TIME.
  
• Work for your wealth, don't work for money!
  
• Pursue your dreams
• You are what you dream
  
• "I can't afford it." vs. "How can I afford it?"
• Having no money is only temporary, not having a dream is more frightening.
  
• A lot of people are poor because they gave up on their dreams
• Families
• network marketing encourages families
• work with you spouse, family
• having same objectives brings family members closer
• learn together
  
• work on own schedule, more time together with family
• Tax advantages
• government encourage building business
• tax write-offs for daily expenses
  

Chapter 4: The Gloomy Presentiments

• Adam Smith founded Classical Economics (optimistic). Ironically, chief spokesmen of this school are pessimistic:
• David Ricardo
• successful Jewish stockbroker, reached financial independence at age 26
• widely popular, "the man who educated the Commons"
• a practical man in financial matters, but a theorist with dry, mechanistic view of society
  
• Thomas Malthus
  
• Reverend with modest income
• continually criticized, "the best abused man of his age"
• academical researcher, but practical in economic views
  

• Disagrees with each other fiercely on economic views (exception: danger of overpopulation), but personally on good terms
• David Ricardo (1772-1823)
• background that led to Ricardo's views:
• 40 years after Wealth of Nations, England dominated by
• rising capitalists
• conservative aristocracy: the landlords
• Capitalists want low grain prices
• because capitalists must pay at least subsistence wage to workers
• thus welcomed cheap imported wheat & corn
• Landlords want high grain prices
• resented imports, because lower profits from their own grains
• landlords held majority in Parliament --> pass Corn Laws
• impose duties on imported grains, kept cheap import out of England
  
• was not repealed until 30 years later
• Ricardo's view on society: a bitter competition (instead of Smith's balanced, harmonious society)
• Workers:
• automatons, only human expression was indulgence in sex
• doomed to no more than subsistence wages, because:
  
• unable to raise living standards when wages rose (because produced more children)
• high birth rate, thus increasing labor supply
• labor supply exceeds demand, wages couldn't rise
• Capitalists:
• at fierce competition with other capitalists, reducing profits
• profits eaten by landlords, because:
  
• profits depended on wages
• high grain price raised wages, thus lower profits
• Landlords:
• the "villains" (as seen by Ricardo)
• unique beneficiary, gained at everyone else's expense
• landlords' income: the rent
• not held in line by either competition or power of population
  
• a very special kind of return, not just the price for usage of soil (c.f. interest=price of capital, wages=price of labor)
  
• originates from differences in cost between productive land & less-productive land
• 
  
• Thomas Malthus (1776-1834)

Terms:

• The Iron Law of Wages (David Ricardo)
  
• Labor's wages remain at subsistence level (aka natural price), because of worker's tendency to produce more children
• Malthusian Doctrine
• Population, unless controlled, grows at higher rate than means of subsistence, results in starvation
• Neo-Malthusianism: a name originally denoting birth control

First Step - See the differences between mindsets

The first step to one's financial education would be a change in the mindset. Start thinking like the rich if you want to be rich. Below are some quotes from Rich Dad, Poor Dad by Robert Kiyosaki. Can you start to see the differences between Poor Dad's mindset and Rich Dad's?

• "The love of money is the root of all evil."
• "The lack of money is the root of all evil."


• "I can't afford it." (sign of mental laziness)
  
• "How can I afford it?"
  

• "The rich should pay more in taxes to take care of those less fortunate."
• "Taxes punish those who produce and reward those who don't produce."

• "Study hard so you can find a good company to work for."
• "Study hard so you can find a good company to buy."

• "The reason I'm not rich is because I have you kids."
• "The reason I must be rich is because I have you kids."

• One encouraged talking about money and business at the dinner table.
• The other forbade the subject of money to be discussed over a meal.

• "When it comes to money, play it safe, don't take risks."
• "Learn to manage risk."

• "Our home is our largest investment and our greatest asset."
• "My house is a liability, and if your house is your largest investment, you're in trouble."

• One dad pays his bills first
• The other dad pays his bills last

• One dad believes in the company/government protecting you, raises, benefits, retirement plans, sick leaves, vacation days, life-long job protection, tenure systems...etc
• The other believes in total financial self reliance. Thinks the "entitlement" mindset only creates weak and financially needy people.

The six lessons from Rich Dad

• Lesson #1 The Rich Don't Work for Money
• Lesson #2 Why Teach Financial Literacy?
• Lesson #3 Mind Your own Business
• Lesson #4 The History of Taxes and the Power of Corporations
• Lesson #5 The Rich Invent Money
• Lesson #6 Work to Learn Don't Work for Money

CHAPTER 2: The Economic Revolution

• The conflict
• man's self-centered nature
• the need to cooperate as society for survival

• Primitive society: environment forces men to work together for survival
• Advanced societies: economy falls apart if each man not faithful to his work
• e.g. not enough miners work the mines, not enough farmers plow the fields, not enough students study medicine/engineering...
• the society threatens to break down if any one of the countless interdependences should fail

• History has come up with only three solutions to this calamity
• Customs & Tradition
• carpenter's son becomes carpenter, farmer's children take over family farm...etc
• esp. Medieval ages
• Command/centralized authoritarian rule
• enforcement by dictatorship
• e.g. building of pyramids in Egypt, Five-Year-Plans of Soviet Union in post- WWII era
  
• Free Market Mechanism
• the above two were simple solutions ("the pull of tradition or whip of authority"), and thus no need for economists
• aka. Capitalism
• a system of buyers and sellers, motivated by self-interest, conduct business with the goal of making profits
• decentralized: each man decides what job to take, each household decides what to buy with income, each business decides what to produce, what method of production, where to sell product...etc
  
• supports & maintains a whole society, NOT same as simple exchange of goods in primitive society, nor commercial fairs of Middle Ages, nor a farm produce market/stock exchange
• brought about through Economic Revolution

• Factors that caused Economic Revolution
• The Renaissance (1350-1600)
• weakening religion: inquiring, skeptical attitude
• encouraged individualism in economic affairs
• contributed to breakdown of guild system
  
• The Scientific Revolution (1500-1700)
• laid foundation of Industrial Revolution
  
• Emergence of Nation-States (15th-17th century)
• gave rise to royal patronage for favored industries
• maritime trades
• standardization of laws, measurements, currencies
  
• Age of Exploration & Discovery (15th-17th century)
• rise of wealth in gold, silver, raw resources from colonies of New World
  
• Protestant Reformation(1500-1648)
• old religious thinkers: Thomas Aquinas, St. Augustine
• importance of salvation over acquisition of earthly goods
• "Love of money is root of all evil" (I Timothy 6:10)
• Calvinism
• encouraged enterprise
• prosperity as God's grace, poverty as evidence of damnation
• obliterated old concepts
• "just price"
• ban against charging interest on loans
• Basic Agents of Production (factors of production)
• Land
• Labor
• Capital
  

CHAPTER 1: Intro

• The Worldly Philosophers
• economists shape & sway man's mind, a power greater than the sword or the sceptre
• the philosophy concerning man's most worldly activities- his drive for wealth
• search for order & meaning of social history
  
• an odd group of men- economists covered in this book
• a philosopher- Adam Smith
• a parson- Thomas R. Malthus
• a stockbroker- David Ricardo
• a nobleman- Saint Simon
• a madman- Charles Fourier
• a revolutionary- Karl Marx
• an asthete- John Maynard Keynes
• a tramp- Henry George
• a skeptic- Thorstein Veblen
• An odd fact: economic problems arose long before time of Pharaohs, in time history produced philosophers, scientists, artists, political thinkers, but why no economists until the 18th century (Adam Smith)?
• Explained in CHAPTER 2: The Economic Revolution - why economists were not only unnecessary, but impossible in earlier times before the modern age
  

Deferred Life Plan vs. Whole Life Plan

Deferred Life Plan:

• Step 1: Do what you have to do
• Step 2: Do what you want to do
• "In the Defered Life Plan, there will always be another prize to covet, another distraction, a new hunger to sate. You will forever come up short."

Whole Life Plan:

• "Only the Whole Life Plan leads to personal success. It has the greatest chance of providing satisfaction and contentment that one can take to the grave, tomorrow."
• "If your life were to end suddenly and unexpectedly tomorrow, would you be able to say you've been doing what you truly care about today? What would you be willing to do for the rest of your life?"
• "When all is said and done, the journey is the reward."