Newsletter No. 487

05 # 4 8 7 | 1 9 . 1 1 . 2 0 1 6 財 金 淺 趣 / F inancially F riendly 你屬哪一類型投資者性格？（中） What Type of An Investor Are You? (Part 2) A. Michael Lipper 繼續分析以下 幾類投資者性格。 比較型投資者 比較型投資者通常選定一個基準 如美國的杜瓊斯指數或香港的恆 生指數，然後以之來比較、衡量 自己投資組合的表現，目的只有一 個，就是要「跑贏大市」。但他這樣 執着表現，少不免會忽略仔細分析 投資的質素和歷史。Lipper 認為 這類投資者自作聰明，其實不理解 什麼投資會有甚麼表現，他很少贏 大錢，卻往往賠上少少。 誠信型投資者 誠信型投資者自覺對未來享用本金的人有一份責任感，希望對某些人和慈善機構作出回 饋，所以他們會選擇高質素的投資產品，並會很小心地規劃資產增值和收入，分配給不同 的受益者。 巨星型投資者 巨星型投資者多是娛樂圈和體育界名人，年紀輕輕便已賺到很多錢。Lipper見盡不少不善 投資，最終散盡家財的例子。他對這類投資者有三個忠告：（一）要明白走紅的日子不會長 久；（二）要能拒絕旁人就投資事宜出謀獻策：（三）要明白分散投資的道理，而不是一味投 資在自己熟悉的娛樂或體育生意上。 納悶型投資者 納悶型投資者雖然擁有龐大的投資組合，但其實對投資的興趣不大。他的財富通常都是繼 承上幾代得來的，只覺得有責任繼續把它管理好。專家的意見他是會聽的，只是熱誠欠奉。 由於不想費耗心力，他會專揀大公司和藍籌股等來投資，他組合的表現因而相對穩定，但卻 驚喜欠奉。 A. Michael Lipper identifies a few more dramatis personae in the world of investment: The Relative Investor A relative investor is obsessed with measuring the performance of his portfolio against that of some benchmarks such as the Dow Jones Industrial Average in the US or the Hang Seng Index in Hong Kong. He is concerned with achieving a better return than the benchmark’s and by how much. However, his performance orientation often makes him neglect finer analyses of the quality and history of his investment and/or the benchmark’s he has chosen. Lipper thinks that the relative investor is actually fooling himself by failing to understand why his investment performed the way it did. He rarely wins big and mostly suffers small losses. The Fiduciary Investor A fiduciary investor holds himself responsible for the future beneficiaries of the capital he is currently investing. He is philanthropically inclined and looks to give back something to people or charities. Thus, he would focus on high-quality investment products and is careful in allocating income and capital appreciation to different groups of beneficiaries. Star Performers As the name suggests, star performers are those who have made a fortune when relatively young from their status as showbiz entertainers or professional athletes. Lipper has seen many examples of these star performers squandering their easily acquired fortunes. Lipper’s advice to the star performers is: first, understand that their career is tenuous; second, being able to say no (to those busybodies eager to offer investment advice); third, understand the concept of diversification (and not just invest in the show business or sports they are familiar with). The Bored Investor Ironically, a bored investor has a substantial portfolio but is not interested in investing. He usually inherits his fortune accumulated in previous generations and is thus obliged to tend to it while it lasts. But he has no real passion in financial matters. He just listens to his advisors perfunctorily. The performance of his portfolio, though stable, bears no surprises because sparing mental effort he would usually go for the top companies and the blue chips. © Can Stock Photo / Helioshammer children raised in a bimodal bilingual, mainstream learning environment get along well with their classmates; they have no trouble communicating with their hearing and deaf peers,’ added Chris Yiu , senior programme officer of the Centre. Benefits of a Bilingual Brain SLCO Community Resources targets not only deaf but also hearing children. When asked about the benefits of learning sign language for the hearing population, Prof. Tang answered: ‘Recent studies from abroad have shown that sign bilingualism spurs brain development. Signing stimulates areas of the left hemisphere of the brain responsible for language processing and logical thinking. Additionally, it activates the occipital lobe for vision, the parietal lobe for spatial relationships and the frontal lobe for voluntary motions. No one deaf or hearing, would say no to better brain activation. Learning sign language not only expands one’s linguistic knowledge but also boosts other functionalities of the brain.’ Kelly Kwan , research instructional officer of the Centre, pointed out that if babies under the age of three learn sign language with their families, it gives them a head start on parent-child communication. ‘Infants as young as nine months can begin to use basic signs covering objects such as “apple”, “flower”, “car” and concepts such as “I want” and “I don’t like” which normal children aren’t able to articulate until they are over 12 months of age. The earlier the babies are able to communicate well with their parents, the better their well-being. Parents are also happy to have a better idea of their babies’ needs and wishes before the onset of speech.’ Research assistant Raymond Wong added, ‘The new generation of parents are eager to explore all sorts of ways to improve their children’s development, and sign language for babies has caught the young parents’ attention in recent years. The Centre has been receiving enquires regarding baby signing courses, most of which from parents of hearing infants. It speaks of an improved public understanding of sign language, which bodes well for the future of SLCO Community Resources.’ Staunch Supporters Bankroll aside, ORKTS also found the SLCO team a business consultant— Elsie Tsui of CUHK’s Centre for Entrepreneurship—to advise on the managing of this social enterprise. ‘If sign language is only meant for deaf people, the market size will be too small. But when I heard of the many benefits of learning sign language for hearing people, I knew SLCO Community Resources could play a bigger role. I believe this project has potential to attract the interest of parents in general, so I support the SLCO team to develop a viable business model for this meaningful project.’ said Elsie. Professor Tang expressed deep gratitude for all ORKTS has done to help her team translate their research findings into concrete social impact. ‘The success of sign linguistics does not only hinge upon the number of publications, but also on whether this discipline will change the fate of the deaf and the attitude of the hearing towards deafness and sign language. SLCO Community Resources is set to enhance deaf children’s language and academic skills, as well as to nurture a group of sign bilingual hearing children with an inclusive attitude. Both of them will form an inclusive community, which drives the development of a much more inclusive world at large,’ said Professor Tang. 幼兒與家長跟聾健兩老師學習手語  Toddlers and their parents engaging in a sign class  led by a deaf and a hearing teacher