Newsletter No. 485

05 # 4 8 5 | 1 9 . 1 0 . 2 0 1 6 write off autistic people as good-for-nothing as it is to idolize them as possessing perfect pitch or photographic memory, if not both. Among the general population there is always a certain percentage born with exceptional talents. The same odds apply to the autistic group as well.’ Turning Talent into Triumph Besides using music to enhance cognitive functions in autistic children, Pro-talent strives to transform their strengths and special interests into occupational skills needed for life as adults, in the hope that individuals with special needs can also lead independent and fulfilling lives when they grow up. ‘Many children with autism have speech disorders or don’t talk at all. It is difficult for them to walk the conventional education and career paths, let alone becoming professionals like university-goers do. As the name suggests, Pro-talent supports the development of gifts like music, painting, ceramics, cooking and gardening. By becoming musicians, painters, ceramists, cooks and gardeners, autistic youths can feel proud of what they do. After all, what they need most is not a job opportunity, but living a life of dignity.’ Bridging Gown and Town Mr. Perkins Ho of ORKTS is responsible for administering entrepreneurship and social innovation projects. He and his team have walked Pro-talent from its inception to fruition. ‘What I appreciate most about Professor Chan is that she sets specific goals and has a clear vision of them. With incredible persistence and no shortage of social capital, she is able to meet every challenge with grace and poise.’ On top of the HK$400,000 initial fund, Pro-talent can apply for the S-KPF again for the second year in business, with a HK$200,000 cap, to move ahead with its plan to form a chamber orchestra comprising individuals with autism. Bankroll aside, ORKTS also found Professor Chan a business consultant—Mr. Antony Pang who was former CEO of Dialogue in the Dark—to advise on the managing of a social enterprise. Mr. Ho said, ‘S-KPF targets professors who had benefited from the Knowledge Transfer Project Fund and encourages them to extend their experience and social capital from one-off projects to sustainable social enterprises. In doing so, they would reach out to a wider and more varied group of people in need. ‘What makes S-KPF unique is that it opens the way for academics to become social entrepreneurs. It promotes creative solutions to social problems as well as the art of running a sustainable business. Such crossover of social enterprise and the academia will surely tap into many possibilities.’ 財 金 淺 趣 / F inancially F riendly 你屬哪一類型投資者性格？（上） What Type of An Investor Are You? (Part 1) 強制性公積金計劃令每一位受薪族無可避免都成為投資者，我們於是有需要知道自己屬哪 一類型投資者性格。 Lipper Analytical Services（2008年歸併成湯森路透成員）創辦人 A. Michael Lipper ，在 證券與資產管理界打滾四十年，見盡無數投資者，從中歸納出十型投資者性格，在他2008年 出版的書 Money Wise: How to Create, Grow, and Preserve Your Wealth 逐一論述。 絕對型投資者 絕對型投資者性格強烈，不惜一切一心追求特定回報，注重的是高質素、低風險、愈長愈 好（甚至跨代）的回報期，因而對到期日湮遠的政府或主權債券和保險產品情有獨鍾。但 Lipper也得承認世界轉變得實在太快太多，任何追求絕對特定回報的人可能要失望。 自信型投資者 這類投資者對自己的眼光及手法信心十足，投資不只是為了贏而是為了贏到最多。他不惜 一切一心追求最佳回報，青睞高風險快回本的股票，對慢熱的債券不屑一顧。贏錢時意氣 風發，輸錢時諉過他人。Lipper 認為這類人的好處是不會花太多時間擔心其投資組合，但 正正因此，壞處也是他們不好好花時間擔心其投資組合。 遲疑型投資者 遲疑型投資者深明投資本身充滿風險的道理，他知道沒有人可以預知未來，而且世事難料， 他的策略因此是高度分散的組合，重價值，輕增長。他經常有穩健現金在手，以便趁低掃 貨，又或是在逆境應急。頗為諷刺地，Lipper認為這類投資者是最聰明的投資者。 The mandatory provident fund scheme has made every one of us, or each wage-earner among us, an investor. It is therefore important to know what type of an investor you are. A. Michael Lipper , founder of Lipper Analytical Services which became part of Thomson Reuters in 2008, thought he had seen enough investors over his 40 years in the business to identify some personality types. In his 2008 book Money Wise: How to Create, Grow, and Preserve Your Wealth , he gives the profiles of 10 types of people with different approaches to investing and wealth management. The first three: The Absolute Investor As the name suggests, such investors are usually strong in character and have only one thing on their mind—to have specific returns no matter what. They look for high-quality low-risk instruments with long-term returns (often cross-generational). Thus government or sovereign bonds with long maturities and insurance products are their favourites. But Lipper also admits, ‘the world is changing so much and so fast for anyone to seek the certainty of an absolute return.’ The Confident Investor Fully confident of their investment acumen and skills, this play-to-win investor looks for the best returns no matter what. He goes for high-risk fast-yield stocks based on their short- term performances, and rarely has time for bonds. When he succeeds, he has only himself to thank. When he fails, he lays the blame on others. The great advantage of this confident investor, according to Lipper, is ‘he doesn’t have to spend a lot of time worrying about his portfolio.’ The great disadvantage is, again quoting Lipper, ‘he does not spend a lot of time worrying about his portfolio.’ The Uncertain Investor An uncertain investor recognizes that investing is an inherently uncertain activity. He does not pretend to have a crystal ball and accepts that things can and often go wrong. His strategy is therefore to have a widely diversified portfolio and prefer value over growth. He always has a healthy stash of cash available so as to buy low or bail himself out in rough times. Ironically, Lipper thinks such investors are the most intelligent investors.