😢💔. إِنَّا للهِ وَإِنَّـا إِلَيْهِ رَاجِعونَ
@yahya_adel_ibrahim انا لله وانا اليه راجعون
Heartbreaking scenes as thirteen-year-old Ismail Mohamed Abdulwahab is buried without his family present, as his mother & siblings self-isolate.The teenager died alone in hospital after testing positive for the coronavirus.

I cannot imagine the heartache & sadness they are feeling. But we are a community of faith. Allah is ar-Rahman in all circumstances. The Prophet Sala Allahu alihi wasSalam said:
"No fatigue, nor disease, nor sorrow, nor sadness, nor hurt, nor distress befalls a Muslim, even if it were the prick he receives from a thorn, except that Allah expiates some of his sins for it. [Bukhari]

Losing a child is an incredibly difficult experience to go through, but as Muslims we are fortunate to be promised the best reward for our patience. He said Sala Allahu alihi wasSalam:

When a person’s child dies, Allah the Most High asks His angels, ‘Have you taken the life of the child of My slave?’ They reply in the affirmative.

Allah then asks them, ‘Have you taken the fruit of his heart?’ They reply in the affirmative.

Thereupon He asks, ‘What has My slave said?’ The Angels say, ‘He praised you and said ‘Inna lillahi wa inna ilayhi raji’oon (To Allah we belong and to Him we will return)’ At that Allah replies, ‘Build a home for my slave in Jannah and call it ‘Bayt-ul-Hamd’ (Home of Praise)’. [Tirmidhi]

The photo was taken with his families' permission by @aaronchown

Souced: https://t.co/and5k30f1T - #regrann

巴菲特致股東信昨天公佈，Geoff Gannon 這幾天也持續寫一些他的收穫。他討論的一個主題也給我一些想法

Geoff Gannon 文章連結：https://reurl.cc/XXvpaj

先節錄巴菲特的原文

“…the fallout from many of my errors has been reduced by a characteristic shared by most businesses that disappoint: As the years pass, the ‘poor’ business tends to stagnate, thereupon entering a state in which its operations require an ever smaller percentage of Berkshire’s capital. Meanwhile, our ‘good’ businesses often grow and find opportunities for investing additional capital at attractive rates. Because of these contrasting trajectories, the assets employed at Berkshire’s winners gradually become an expanding portion of our total capital.”

“我的許多（投資）錯誤會由於這些令人失望的公司的共同特性而使傷害下降：隨著時間的經過，表現不佳的公司會趨於停滯，隨即進入一種狀態：它們的業務所需資金占波克夏的資本比例會越來越小。與此同時，表現良好的公司往往會繼續增長，並找到更多投資回報可口的機會，並投入額外的資金。由於這兩種截然相反的軌跡，我們表現良好的公司的資產將佔據波克夏越來越大的比例”

不知道大家看這段有什麼想法，我是想到這蠻像指數投資的方法啊，有點動能的味道。在指數中表現好的公司，它們佔整個指數的比重就會越來越高，表現差的公司將被踢出指數。在波克夏旗下的公司也是如此

重點是上面說的不只適用巴菲特 100% 併購的公司，其實也適用巴菲特單純投股權的公司。Geoff 舉華盛頓郵報為例，在 1977 年巴菲特買了 1100 萬美元的郵報，這個數字到 2007 年也是 1100 萬美元。巴菲特說他買股票就像是買 100% 持有的公司，那是真的。當你持有一間公司 100%，你不會因為公司漲 50% 就減一些，跌 20% 就加一些，你不會這樣來回操作

當然，巴菲特對單純投股票還是有一些加減碼的操作，但我想大家可以明白上面那段想表達的意思

那這樣看來巴菲特這個模式，不就又跟指數投資差不多了嗎？S&P 不會 rebalance，不會因為今天 Apple 漲 100% 就讓它在指數的比重下降。這叫 buy and hold，這可能跟大家（我也是）理解的 buy and hold 不一樣

那最後就來想一下，既然巴菲特的操作模式（基本上）跟指數一樣，那他勝過指數不就是在選股能力了嗎？我想是的，這也是 Semper Augustus 2017 年報裡講的論點，主動投資還是能勝出的原因是因為他們還是能在 500 家公司裡挑出相對好的那幾十家。巴菲特目前管的資金其實能做的應該也是這樣吧，在 500 大裡找出最好的那幾家，然後買了就放著，等個十年二十年，看看這些公司會不會比整個 500 大來得厲害

Geoff 最後總結提了一個問題也值得思考：巴菲特的成功是因為他的選股？還是他在每一檔股票的配重？還是他在面對贏家和輸家時的態度跟一般的投資人不同？也許是這三個的綜合，但往往我們看到的討論只在第一項

這件事也給我自己一些提醒，這幾個月其實我蠻頻繁交易。不是一直換股，是一直在調整整個投資組合的比重：A 公司漲個 10-20%，也許我就減一點加到 B...之類的。但這跟上述講的完全不同、我之前討論的以上檔空間*信心度去優化投資組合比重也跟上面講的不同

沒有好壞，只是給了我一些思考的角度。Geoff 說讀這段可以思考：我們想變得跟巴菲特一樣？我們有那樣的性格？還是我們需要不斷調整投資組合比重好像我們有在做事（他們有幫別人管錢）？

我剛剛收到了英國外交部的官式回覆，有關2020年全面直選立法會，內容重點如下：

—英國關注香港事態
—歡迎香港政府透過11月24日區議會選舉讓民眾發聲
—關注林鄭月娥會否確實反映區選結果傳達的訊息
—現在是機會透過政治對話反映香港人的正當期許及尊重一國兩制，以解決當前危機
—少數堅持使用暴力的示威者應當停止
—繼續全力支持香港人多月以來和平示威的權利
—示威需和平合法，且當權者需按比例回應
—政治對話需各方參與，有心尋求和平解決
—對香港事故展開穩健、可信和獨立的調查，是解紛立信、支持對話和解決問題的重要一步
—英國完全承諾堅持香港高度自治、《中英聯合聲明》應許的權利自由及《基本法》列明的一國兩制
—《中英聯合聲明》今日依然生效，對英方有合法約束力，英方有責密切監察落實
—《基本法》列明行政長官及立法會選舉將導向全面普選，是保證香港長治久安和有利各方的最好途徑。

相同的「爭取2020年全面直選立法會」的陳情書，我已寄送德國、法國、西班牙、波蘭、捷克、斯洛伐克、意大利、保加利亞、克羅地亞、瑞典、荷蘭、瑞士、冰島、澳洲、紐西蘭、加拿大、新加坡等多個外交部、美國國務院、英聯邦及多個人權監察國際組織，在此感謝朋友不辭勞苦地翻譯，大家可以抄錄轉寄，一有新消息再跟大家匯報：

I am writing to earnestly plea for your support to our demand on the direct democratic election of the 2020 Hong Kong Legislative Council.

Since the outbreak of the protests movement over the extradition bill starting June 2019, there has been dozens of deaths and over 6000 arrests as a result to the Chinese Communist Party and the Hong Kong Government suppression over the protests. Nevertheless, we still keep on fighting, in the hopes that our efforts will not be forgotten by the rest of the world.

Backed by the Chinese Communist Party, the Hong Kong Police Force have been brazen about their violence and brutality against citizens, which has become a serious threat to our lives and properties. The government have turned a deaf ear to international condemnations and have refused to change nor to respond to our demands, instead they are protracting in the attempts of disintegrating the protests movement. Beijing have failed to fulfill their promises made under the Sino-British Joint Declaration signed in 1984, they continue to ruin “One Country, Two Systems” and damage the judicial system, and have hastened their speed in social and political infiltration in order to impede universal suffrage by 2047. In face of all the difficulties, we are, notwithstanding, at the front line against the Communists, and we resolutely defend our values and rights for freedom and democracy.

The election of Hong Kong Legislative Council (LegCo) will be held in September 2020. Just as what has been happening in recent years, half of the LegCo seats will continued to be sent by the Pro-Beijing camp, hence the LegCo will still be under Beijing control regardless of the number of votes and the number of seats that the Pro-Democracy camp wins, in which case the LegCo will continue to lose its function in keeping government legislation in check. And just as what has been happening, hundreds of billions dollars will continue to be sent from Hong Kong to China by passing the bills that are detrimental to Hong Kong, which will further undermine Hong Kong’s special status that was once highly favourable for international businesses and trades. In view of this, we appeal to your government’s support to urge the Hong Kong Government and Beijing to respond to Hong Kong people’s demand to elect 2020 LegCo by universal suffrage, and object to the upcoming LegCo election in September 2020 that is neither democratic and nor is elected by universal suffrage. As we all know, it is only through election by universal suffrage that the LegCo can legitimately and effectively represent people’s demands and interests, thereupon returning power to the people, so that our desire for transitional justice can be achieved.

Václav Havel, former President of Czech Republic, said "I really do inhabit a system in which words are capable of shaking the entire structure of government, where words can prove mightier than ten military divisions." I encourage you to believe that the power of words is suffice to change the world, and I hereby invite you to change the world for the better by vocally pressing Beijing and the Hong Kong Government to fulfill their promise on our rights for universal suffrage.

作者

#2020普選立法會
#2020取消功能組別