Tuesday, 7 January 2014

官有缘先生的一封信

之前有读者要求我写关于Margin Financing的文章。由于最近还在工作转换的时期,实在无法花太多的时间去写稿,加上本身并没有使用margin,顶多也只能写一些知识,而不太能分享到真正的感受。很高兴周末收到管有缘(Mr Koon)的电邮,也在讲着着一个话题,那么借此机会就翻译一下这篇文章。


为什么和如何使用 Margin Finance 增加盈利

我写这一篇文章的目的是要教你们怎样使用Margin赚更多的钱或者增加你们的盈利。
我时常都说,我说到做到。透过六间的投资银行,我的妻子和我一共拥有超过一亿的贷款。

如果一个商人或者投资者只用他们的资本,那么他们就不够有效率。大多数成功的商人和投资者都愿意贷款做更多的生意或投资更多的股票。你们一定要知道,银行给予贷款是一个生意,他们并不是要欺骗你。当我们做生意或投资股票时,千万不要害怕贷款。

现在的借贷率是BLR 6.6%- 2%,也就是一年的利息是4.6%。第一年是没有Rollover fees。过了第一年,Rollover fees是每三个月 0.5%,如果这三个月里没有交易。如果12月之内,完全没有交易,那么年利率就是6.6%。这个你们可以询问CIMB或其他银行。
让我来讲解我是怎么利用我的Margin Finance。一开始,我一定会选择成长股,盈利成长多过于我给的利息。如果你不知道如何选择好的股票,那么你就不要借钱买股票。
一般上,我会有几个公司的股票。这些公司的价钱都会有一定的波动,那么我就会借此机会卖出,借着我才能买到我自己已经此有的被低估公司还是新发现被低估的公司。因此,我不必给Rollover fee。在任何时候,我都不会使用完我的限额,避免margin call。
相信你也知道,接近年尾时,一个大卖家不停地抛售Jaya Tiasa,也导致我们的借贷几乎到了极限。我询问了好几个专业的基金经理,他们也想不到很适合的抛售原因。很大可能是因为这个大卖家认为可能迟些可以买到更便宜的价钱。如果是一个想要抛售的,他也会慢慢以比较好的价钱来交易。

一位年长的基金经理告诉我说,这个大卖家也许是外资基金,也许是紧急把本地户口结算。

其实是很容易找到一些公司的盈利成大%大过你的借贷率。大部分稳健的金融,房地产和种植公司都拥有每年超过6%的增长。如果价钱下滑,买进的风险是很低的。

当你找到适合的公司,你必须要有耐心地等待,因为时常都会有卖家。同样的,也是时常都会有买家去买你的股票。因此,你不必着急的去买或卖。加上这不像做生意,我不会有管理上的困难,并且在大马,股票上赚取的盈利是不会被征税的。

我有义务告诉你们Jaya Tiasa目前是我最主要的投资项目,不过我并不是叫你们去买。

祝福你们

管有缘---

原文:

Why & How to use Margin Finance to increase PROFIT
Koon Yew Yin
My purpose of writing this piece is to teach you how to make more money or how to improve your profit from the stock market by using margin finance. As I often said, I walk the talk. My wife and I have a total borrowing facility of more than Rm 100 million from 6 local financial institutions.
If a businessman or investor trades within his capital, he is considered inefficient. Almost all successful businessmen and investors borrow money to do more business or to buy more shares. You must remember, it is the business of the financial institutions or banks to lend out money and they are not there to cheat you. We must not be afraid to borrow to do more business or buy more shares to sell to make more profit.  
The current lending rate is base lending rate of 6.6% minus 2% equal to 4.6% per annum. There is no rollover fee for the first year. After the first year, the rollover fee is 0.5% for 3 months, if you have not traded within the 3 months. If you have not traded for 12 months, the total interest rate will be 6.6%. You can check this out from CIMB or other banks.
Let me tell you how I use my margin finance. For a start I must be able to select shares that have profit growth prospect of more than the interest I have to pay. If you do not know how to select good shares, then you must not borrow to buy more shares.
I normally have shares from a few companies. Often their prices fluctuate up and down and I take advantage of this phenomenon to sell some so that I have funds to buy those really undervalued shares which I already owned or one I newly discovered. As a result, I do not need to pay roll over fee. In any case, I do not use up to the limit of my borrowings to avoid margin call.   
As you know, a big seller was aggressively selling Jaya Tiasa in the last few days before year end and we borrowed almost to our limit to buy it. I asked a few professional fund managers and they all could not think of any good reason why  anyone would want to sell so aggressively just to push down the price purposely. Probably he thought he could buy cheaper later on. Even if anyone wants to sell, he should sell slowly to get a better price.
An old fund manager told me that the big seller could be a foreign fund manager who wanted to close his account urgently in Malaysia.
It is very easy to find companies that can increase their profit annually by more than your borrowing rate. Almost all the well established companies in the finance, real estate and plantation can make more than 6% per year. It is very safe to buy them especially when their share prices are down.  
After you have identified them, you have to wait patiently to buy. There are always some sellers. In the same way, there are always some buyers to buy your shares. So, you do not need to buy or sell in a hurry. Moreover, unlike doing business, I have no administration difficulties and my profit from share investment is tax free in Malaysia.     
I am obliged to tell you that Jaya Tiasa is our largest holding in our investment portfolio and I am not asking you to buy it.
Best wishes for 2014
Koon Yew Yin
4th Jan 2014






9 comments:

  1. 谢谢雨文对share margin的分享。最近有在探讨可行性。

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    1. 刚刚和顾客研究过,若谨慎使用,应该可行的。

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    2. This comment has been removed by the author.

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    3. 想找一个比较可靠的dealer,可以email我吗?owen812014@gmail.com. Thanks

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  2. 阿钢觉得margin只适合一些思想成熟的股票投资者。
    谢谢雨文。

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  3. 你说的没错,至少也要有一定的投资经验,滥用可是会倾家荡产...哈哈

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  4. 請問雨文,那個企業家的姓氏有寫錯嗎?好像是“官”。。。

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    Replies
    1. 对哦,你真细心,我都不好意思,原来我写错了。

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    2. 沒有細心啦,因為之前也有讀過你寫到關於官先生的文章 =)

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