1、气质是你一生最好的名牌。一个人若有气质，远比穿一身名牌更美，更受人肯定。想拥有气质 你甚至不必花一毛钱，只需注意自己的脾气、端正自己的品格、净化自己的思想、充实自己的内在，无形之中，你的谈吐、态度、举止都会烙印上一股清新而脱俗的标籤。
2、不要过分在乎身边的人，也不要刻意去在意他人的事。在这世上，总会有人让你悲伤、让你嫉妒、让你咬牙切齿。并不是他们有多坏，而是因为你很在乎。所以想心安，首先就要不在乎。你对事不在乎，它就伤害不到你；你对人不在乎，他就不会令你生气。在乎了，你就已经输了。什麽都不在乎的人，才是无敌的。
3、活得糊塗的人，容易幸福；活得清醒的人，容易烦恼。这是因为，清醒的人看得太真切，一较真，生活中便烦恼遍地；而糊塗的人，计较得少，虽然活得简单粗糙，却因此觅得了人生的大滋味。
4、欲成大器，先要大气。大气之人，语气不惊不惧，性格不骄不躁，气势不张不扬，举止不猥不琐，静得优雅，动得从容，行得灑脱。大气之人，能安安心心做好本分的角色，认认真真幹好手头的事情，不为名利而争鬥，不为钱财而纠结。 大气之人能让自己的世界海阔天空，即便一时失意，终得大器晚成。
5、人生的忠告：再长的路，一步步也能走完；再短的路，不迈开双脚也无法到达。不要让太多的昨天占据你的今天。重複别人走过的路，是因为忽视了自己的双脚。 贪婪是最真实的贫穷，满足是最真实的财富。经受过严寒的人，才知道太阳的温暖；饱嚐人生艰辛的人，才懂得生命的可贵。
6、放下你的浮躁,放下你的懒惰，放下你的叁分钟热度，放空你禁不住诱惑的大脑，放开你容易被任何事物吸引的眼睛，放淡你什麽都想聊两句八卦的嘴巴，静下心来好好做你该做的事，如果你也觉得自己该努力了的话。
7、爱人是路，朋友是树，人生只有一条路，一条路上多些棵树。有钱的时候别迷路，缺钱的时候靠靠树，幸福的时候莫忘路，休息的时候浇浇树。
Friday, February 21, 2014
Thursday, February 6, 2014
Anxious period of uncertainties
By Tong Kooi Ong
This week, The Edge Malaysia carried a special report, The State of The Nation. It addresses the various issues of what you need to know about the economy, stock market and politics today.
Here are a few highlights:
There is no imminent or immediate economic crisis. However, the risk bandwidth has widened substantially.
Malaysia has a grace period of up to two years to successfully reform, rejuvenate and implement its transformation policies. These include widening its tax base, reducing subsidies, cutting wastages and leakages in government spending, instilling fiscal discipline, improving its current account surplus and increasing private sector competitiveness by eradicating rent-seeking and monopolistic practices.
Theoretically, the country could sustain its fiscal deficit by printing more ringgit. In reality, there are limits.
Foreign holdings of MGS (Malaysian Government Securities) are very high and the current account surplus is vulnerable. Too much of the government’s revenue is dependent on oil, and its operating expenditure is stubbornly rising.
In an environment where issues of politics, economics, race and religion are politicized, the bet is that politicians will likely resort to populist policies, or do nothing. They would be reluctant to push through painful and unpopular – but right – decisions.
Any sharp rise in US interest rates (the long-term yield is already steepening) or a major decline in oil and commodity prices will quickly reduce this two-year grace period we have to fix the problems.
Malaysian stock prices, based on fundamentals, are currently overvalued. Earnings growth will slow, interest rates will rise and capital outflows by foreign investors will likely continue.
Even if some foreign equity funds return to emerging markets should the US economic recovery be weaker than expected, the upside for Malaysian equities will be limited relative to the region. Since March 2013, the FBM KLCI has outperformed other benchmark indices in the region due to heavy buying by domestic institutional funds. If foreign appetite for equities in this region returns, the laggards and cheaper markets are likely to be re-rated upwards first.
Foreign holdings of MGS will fall further with the expected global rise in interest rates. The current level of almost 45% foreign ownership is one of the highest in the world, and creates a risk. When foreigners exit their holdings of MGS, the locals must replace them. This will require a re-balancing of the portfolios of major local funds such as the Employees Provident Fund (EPF) into MGS, leaving them less room to increase their equity investments.
The biggest risk going forward is that no amount of local institutional fund buying will be able to counter any accelerated and concurrent selling by both foreign and retail investors in the equities and bond markets.
At this stage, our view of the Malaysian stock market is that the potential risks overwhelm the potential rewards.
Using the horse as the analogy, given that this year is the year of the wooden horse in the lunar calendar, The Edge argues that for Malaysia, it is not a wooden but a WOUNDED HORSE.
The horse was overstretched the last few years, galloping strongly after being fed with financial steroids.
The fiscal indiscipline and consumption spree of the last few years were facilitated by the massive injection of cheap global liquidity and an enormous expansion in domestic bank loans to consumers.
The steroids are now being gradually withdrawn. Liquidity is moving out of emerging markets and interest rates are set to rise globally.
Below is the performance of major global stock markets since the start of the year of the horse:
Index on Index on
30 Jan 5 Feb % Change
Dow Jones 15,848.61 15,440.23 Down 2.58%
NASDAQ 4,123.13 4,011.55 Down 2.71%
FTSE 1000 6,538.45 6,457.89 Down 1.23%
DAX 9,373.48 9,116.32 Down 2.74%
Nikkei 225 15,007.06 14,180.38 Down 5.51%
Hang Seng 22,035.42 21,269.38 Down 3.48%
STI 3,027.22 2,960.09 Down 2.22%
FBM KLCI 1,804.03 1,785.88 Down 1.00%
Looking at the performance of the global stock markets so far, this horse is certainly not galloping. Whether this was due to the poorer than expected US and Chinese manufacturing data or the strengthening Yen, is really quite secondary.
The point is that the world is in an anxious period of uncertainties.
These stock markets not only fell over the last few trading days, but more significantly, it was universal with major single-day plunges in stock prices.
Japan’s Nikkei 225 plunged 4.18% and Hong Kong’s Hang Seng fell 2.89% on 4 February, while the Dow Jones Industrials Average fell 2.61% on 3 February.
Over the course of the coming months, The Edge will discuss these issues and attempt to provide essential insights, analysis and understanding.
And on every issue of The Edge for 2014, there will be a The State of The Nation Update, highlighting recent developments in the form of updating and analyzing further the charts used in the original report. This will help you track the key variables to assist you in making informed business and investment decisions.
For those of you without a copy of the special report by The Edge, The State of The Nation, we will send a free complimentary copy to you if you write to
The Edge (Special Report), Level 3, Menara KLK, No. 1, Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor
This week, The Edge Malaysia carried a special report, The State of The Nation. It addresses the various issues of what you need to know about the economy, stock market and politics today.
Here are a few highlights:
There is no imminent or immediate economic crisis. However, the risk bandwidth has widened substantially.
Malaysia has a grace period of up to two years to successfully reform, rejuvenate and implement its transformation policies. These include widening its tax base, reducing subsidies, cutting wastages and leakages in government spending, instilling fiscal discipline, improving its current account surplus and increasing private sector competitiveness by eradicating rent-seeking and monopolistic practices.
Theoretically, the country could sustain its fiscal deficit by printing more ringgit. In reality, there are limits.
Foreign holdings of MGS (Malaysian Government Securities) are very high and the current account surplus is vulnerable. Too much of the government’s revenue is dependent on oil, and its operating expenditure is stubbornly rising.
In an environment where issues of politics, economics, race and religion are politicized, the bet is that politicians will likely resort to populist policies, or do nothing. They would be reluctant to push through painful and unpopular – but right – decisions.
Any sharp rise in US interest rates (the long-term yield is already steepening) or a major decline in oil and commodity prices will quickly reduce this two-year grace period we have to fix the problems.
Malaysian stock prices, based on fundamentals, are currently overvalued. Earnings growth will slow, interest rates will rise and capital outflows by foreign investors will likely continue.
Even if some foreign equity funds return to emerging markets should the US economic recovery be weaker than expected, the upside for Malaysian equities will be limited relative to the region. Since March 2013, the FBM KLCI has outperformed other benchmark indices in the region due to heavy buying by domestic institutional funds. If foreign appetite for equities in this region returns, the laggards and cheaper markets are likely to be re-rated upwards first.
Foreign holdings of MGS will fall further with the expected global rise in interest rates. The current level of almost 45% foreign ownership is one of the highest in the world, and creates a risk. When foreigners exit their holdings of MGS, the locals must replace them. This will require a re-balancing of the portfolios of major local funds such as the Employees Provident Fund (EPF) into MGS, leaving them less room to increase their equity investments.
The biggest risk going forward is that no amount of local institutional fund buying will be able to counter any accelerated and concurrent selling by both foreign and retail investors in the equities and bond markets.
At this stage, our view of the Malaysian stock market is that the potential risks overwhelm the potential rewards.
Using the horse as the analogy, given that this year is the year of the wooden horse in the lunar calendar, The Edge argues that for Malaysia, it is not a wooden but a WOUNDED HORSE.
The horse was overstretched the last few years, galloping strongly after being fed with financial steroids.
The fiscal indiscipline and consumption spree of the last few years were facilitated by the massive injection of cheap global liquidity and an enormous expansion in domestic bank loans to consumers.
The steroids are now being gradually withdrawn. Liquidity is moving out of emerging markets and interest rates are set to rise globally.
Below is the performance of major global stock markets since the start of the year of the horse:
Index on Index on
30 Jan 5 Feb % Change
Dow Jones 15,848.61 15,440.23 Down 2.58%
NASDAQ 4,123.13 4,011.55 Down 2.71%
FTSE 1000 6,538.45 6,457.89 Down 1.23%
DAX 9,373.48 9,116.32 Down 2.74%
Nikkei 225 15,007.06 14,180.38 Down 5.51%
Hang Seng 22,035.42 21,269.38 Down 3.48%
STI 3,027.22 2,960.09 Down 2.22%
FBM KLCI 1,804.03 1,785.88 Down 1.00%
Looking at the performance of the global stock markets so far, this horse is certainly not galloping. Whether this was due to the poorer than expected US and Chinese manufacturing data or the strengthening Yen, is really quite secondary.
The point is that the world is in an anxious period of uncertainties.
These stock markets not only fell over the last few trading days, but more significantly, it was universal with major single-day plunges in stock prices.
Japan’s Nikkei 225 plunged 4.18% and Hong Kong’s Hang Seng fell 2.89% on 4 February, while the Dow Jones Industrials Average fell 2.61% on 3 February.
Over the course of the coming months, The Edge will discuss these issues and attempt to provide essential insights, analysis and understanding.
And on every issue of The Edge for 2014, there will be a The State of The Nation Update, highlighting recent developments in the form of updating and analyzing further the charts used in the original report. This will help you track the key variables to assist you in making informed business and investment decisions.
For those of you without a copy of the special report by The Edge, The State of The Nation, we will send a free complimentary copy to you if you write to
The Edge (Special Report), Level 3, Menara KLK, No. 1, Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor
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