月供 5 滙豐控股 Apr 2015 - Jun 2017

Date	Cost	Share Price	No. of Shares	PE	Yield
2015-16	$104,283.05	$58.16	1,793	10.66	7.37
2017-01-11	$4,993.40	$63.80	78	13.29	5.94
2017-02-13	$4,963.90	$66.85	74	12.67	6.23
2017-03-13	$4,973.90	$63.55	78	117.24	6.24
2017-04-11	$4,985.60	$63.70	78	116.92	6.26
2017-05-11	$4,966.40	$67.80	73	124.64	5.85
2017-06-13	$4,960.60	$68.55	72	125.66	5.80
		Unit Cost		Avg PE	Avg Yield
Total	$134,126.85	$59.72	2,246	74.44	6.24
2015-16	$5,408.31	Dividend
2017-04-06	$3,172.35	US$0.21 (Fin Div)
	$8,580.66
Total (Ex-Div)	$125,546.19	$55.90	2,246

月供 2800 盈富基金 Jul 2013 - Jun 2017

恒指已升至二萬六, 所以月供減半至五千.

Date	Cost	Share Price	No. of Shares	HSI PE	HSI Yield
2013-16	$299,327.71	$22.96	13,038	10.09	4.01
2017-01-11	$9,990.60	$23.05	432	11.32	3.62
2017-02-13	$9,978.45	$23.85	417	11.69	3.5
2017-03-13	$9,996.20	$23.95	416	12.82	3.32
2017-04-11	$9,996.00	$24.60	405	13.91	3.52
2017-05-11	$9,995.55	$25.35	393	14.51	3.37
2017-06-13	$4,993.50	$26.15	190	14.51	3.35
		Unit Cost		Avg PE	Avg Yield
Total	$354,278.01	$23.17	15,291	12.69	3.53
2013-15	$17,167.69	Dividend
2017-05-31	$2,206.20	$0.15 (Int Div)
	$19,373.89
Total (Ex-Div)	$334,904.12	$21.90	15,291

耐性

股票市場的作用是一個重新配置資源的中心，資金通過這個中心從頻繁交易的投資者流向耐心持有的長期投資者。

by Warren Buffett

月供 5 滙豐控股 Apr 2015 - May 2017

Date	Cost	Share Price	No. of Shares	PE	Yield
2015-16	$104,283.05	$58.16	1,793	10.66	7.37
2017-01-11	$4,993.40	$63.80	78	13.29	5.94
2017-02-13	$4,963.90	$66.85	74	12.67	6.23
2017-03-13	$4,973.90	$63.55	78	117.24	6.24
2017-04-11	$4,985.60	$63.70	78	116.92	6.26
2017-05-11	$4,966.40	$67.80	73	124.64	5.85
		Unit Cost		Avg PE	Avg Yield
Total	$129,166.25	$59.41	2,174	65.90	6.32
2015-16	$5,408.31	Dividend
2017-04-06	$3,172.35	US$0.21 (Fin Div)
	$8,580.66
Total (Ex-Div)	$120,585.59	$55.47	2,174

月供 2800 盈富基金 Jul 2013 - May 2017

Date	Cost	Share Price	No. of Shares	HSI PE	HSI Yield
2013-16	$299,327.71	$22.96	13,038	10.09	4.01
2017-01-11	$9,990.60	$23.05	432	11.32	3.62
2017-02-13	$9,978.45	$23.85	417	11.69	3.5
2017-03-13	$9,996.20	$23.95	416	12.82	3.32
2017-04-11	$9,996.00	$24.60	405	13.91	3.52
2017-05-11	$9,995.55	$25.35	393	14.51	3.37
		Unit Cost		Avg PE	Avg Yield
Total	$349,284.51	$23.13	15,101	12.39	3.56
2013-15	$17,167.69	Dividend
	$17,167.69
Total (Ex-Div)	$332,116.82	$21.99	15,101

股票期權 May 2017

四月期權係 27 號 expire 左, 另四月再開了張六月既 SP, 但係隨著今日 HSBC 升左唔少, 全數平晒倉.

Open / Close Date	Stock	Strike	Month	Call / Put	Price	Qty	Option	Commission	Net Option	Open Position	Total Open Position
20 Mar 2017	5	62.5	May 2017	SP	1.59	10	$6,360	$28	$6,332	$250,000
22 Mar 2017	5	62.5	May 2017	SP	1.84	10	$7,360	$28	$7,332	$250,000
4 May 2017	5	62.5	May 2017	Buy - SP	0.16	20	-$1,280	$38	-$1,318	-$500,000
18 Apr 2017	5	62.5	Jun 2017	SP	1.93	10	$7,720	$28	$7,692	$250,000
4 May 2017	5	62.5	Jun 2017	Buy - SP	0.45	10	-$1,800	$28	-$1,828	-$250,000	$0

Thomas Kahn - 相反理論

價值投資本來就是一種持相反理論 (Contrarian) 的策略, 因為價值投資者總是購入不受注目的股票, 然後等待它在最後變成熱門股票. 這就好像你在盛行迷你裙的日子裡, 在平價商店買入一條長裙, 或在夏季時購買暖風機, 在冬季時購買冷氣機一樣.

投資的定義是為你的資本尋找增值機會, 並不是單純找有增長機會的企業; 有時候沒有增長的企業亦能為你增值財富!

Thomas Kahn

股票期權 Apr 2017

係 IB 做 SP 真係幾方便, 唔駛担心按金變動同接貨所需既錢, 只要 margin cover 到就 ok, 所以上月再 open 多兩轉.

Open Date	Stock	Strike	Month	Call / Put	Price	Qty	Option	Commission	Net Option	Open Position	Total Open Position
3 Mar 2017	5	62.5	Apr 2017	SP	1.15	10	$4,600	$28	$4,572	$250,000
20 Mar 2017	5	62.5	May 2017	SP	1.59	10	$6,360	$28	$6,332	$250,000
22 Mar 2017	5	62.5	May 2017	SP	1.84	10	$7,360	$28	$7,332	$250,000	$750,000

註: 接晒貨要七十五萬.