Newsletter No. 489/490

08 # 4 8 9 / 4 9 0 | 1 9 . 1 2 . 2 0 1 6 財 金 淺 趣 / F inancially F riendly 你屬哪一類型投資者性格？（下） What Type of An Investor Are You? (Part 3) A. Michael Lipper 把他在投資生涯中見過的投資者歸類成十型。這裏要談的最後三型，與 一般人心目中精明審慎的典型投資者可謂南轅北轍。 充滿罪疚感的投資者 叫人難以置信的是，Lipper遇過的投資者當中，有些似乎竟是為了蝕錢來投資。這類人對 累積得來的財富似乎深感歉疚，但卻不把全部財產捐出，而是透過一連串差勁的投資(垃圾 債券、大上大落的股票，或是其他高風險的計劃) 來逐步輸光。 財務上有自毁傾向的投資者 這類型投資者更令人摸不著頭腦，他們各自在其專業領域內都是頂尖人物，憑其業藝或專 利產物賺了大錢，在行內幾乎無人不識，開風氣之先。但一旦要用自己的錢來投資，那股勁 兒及智慧便不復見。他們似乎沒興趣熟習資本市場的運作，發展出一套自己的增值策略。 這類人多選擇高風險產品，因而每每虧損累累，最終求仁得仁。 四肢不動的投資者 這類人其實稱不上「投資者」，因為他們很少作出投資，不論是出於無知還是懶惰，或是兩 者都有。他們坐擁積蓄、遺產或財富，卻不大願意作任何資產增值的決定（但其實不作決 定本身已是一項決定）。他們只知把錢放在銀行收息，卻不知在這個息口接近零甚至負利 率的年頭，這副德性真可算得上是「四肢不動」了。 由快意豪賭到內向消極，Lipper描繪的投資者性格容或有誇張之處，但卻是大千投資生態 中頗為真實的眾生相。 A. Michael Lipper divides the investors he has come across into 10 types. The last three may not be the typical prudent investors that often come to one’s mind. In fact, they look to be the antithesis of the financially sound mind which sets out to achieve the most profit for itself. The Guilty Investor It may be hard to believe, but Lipper has known investors who seem to be determined to lose their wealth by investing. They act as if they harbour some kind of unnamed guilt for the wealth they have amassed and, rather than simply giving it away, engage in a series of bad investments (junk bonds, volatile stocks or other highly speculative schemes) so that continuous and steady losses result. The Financial Death-wish Investor This type is even more mystifying. People in this category are usually successful in their own fields and generally got their wealth from highly lucrative expertise or patented products. They have studied and know everything in their areas of expertise and are usually trendsetters or trailblazers. But when it comes to investing their own money, the same level of intensity and prudence is nowhere to be found. They show no interest in knowing about the capital market or developing a strategy to preserve or enhance their assets, and often engage in high-risk investments that result in progressive losses, hence fulfilling their ‘death-wish’. The Paralytic Investor The last type barely qualifies for the name ‘investor’, for they do very little investing, often out of neglect or laziness or both. They sit on their savings, inheritance or fund and are unwilling to make any decision (which is itself a decision) as regards how to grow it. Bank deposit is the only means they know. In this era of nil or negative interest rates, these investors are truly ‘paralytic’. From the most aggressive high-stake gambler to the introvert paralytic, Lipper has painted a much caricatured but nonetheless candid picture of the museum of investors. Information in this section can only  be accessed with CWEM password .  若要瀏覽本部分的資料， 請須輸入 中大校園電子郵件密碼 。