過去三十年我做過很多不同的工作，除了投資者的身份外，還做過上市公司副主席、投資銀行、零售銀行、按揭證券公司、強積金基金等……不過最深刻及有意義的工作，應該是在大學教書，今天仍非常懷念。

我在二○○五年的時候，剛完成上海交通大學博士後，開始在中文大學教授MSc in Finance，當時課程主任是蘇偉文（目前是運房局副局長），教過的科目包括房地產證券化、投資心理學及Wealth Management等，時間主要在平日晚上及星期六，所以我仍可維持日間本來的工作；但經過兩年之後，時間上實在應付不了，就沒有繼續下去。

由於我的背景主要在市場打滾，不似其他教授般完成博士學位就立刻教書，所以教學方式很不一樣，有些人會覺得創新突破，但可能也有一些人會覺得我唔知做乜。例如教授房地產證券化的時候，雖然MBS在美國已經非常流行（更在二○○八年引發金融海嘯），但在香港仍算是一個頗新的概念，極少本地投資者參與，幸好我做過香港按揭證券公司開業時的第一批員工，是少數接觸過MBS的人。

構思課程大綱的時候，MBS全是數學計算，如果我齋講理論，會否悶到生菇？於是我將課程變成一個實戰遊戲，讓同學們通過購買資產及MBS基金管理，學習Securitization的過程。開始時每組分派一億元資金，唔夠可以問大莊家借錢（這個大莊家就是我了）。大莊家每周公開售賣按揭Portfolio，由同學自由投標購買，價高者得，然後他們組合成MBS，公開做投資者Roadshow吸引其他組別購買，定期也要做Investor Presentation及AGM。最刺激是每堂由同學代表抽一張Poker Card，上面寫了息率、Prepayment Rate及壞帳率等數據，直接影響MBS的盈利及虧損。

這安排最具挑戰的地方，就是學生的成績，完全按照基金贏輸來決定！這概念不要說老一輩較難接受，就算有些學生也很難適應，覺得過程中講求運氣，點可以當成績？例如有同學高價投標買入資產，但Poker Card抽出負面數據，害他們虧了大錢，連帶成績也下滑呢！不過我的理據是：假如你將來成為基金經理，唯一的成績表也是贏輸！客戶不會理你是否努力，只有你輸錢，成績表就是不合格。

另一科的投資心理學也是非常有趣，當時Daniel Kahneman和Amos Tversky通過Prospect Theory獲得諾貝爾獎，所以全球對這題目都非常火熱，我也根據Prospect Theory做了一個全新課程。由於這是一個心理學課程，齋講理論是非常沉悶的，剛好我當時與有線電視做了一個投資心理學的電視節目，每週播放一次，每集都會做一個卡通動畫介紹一個理論，維持超過一年時間，於是我將這些卡通動畫做成DVD，成為學生功課材料，才讓課程變得沒有那麼沉悶。

這都是十六年前的經驗，今天仍覺得非常好玩，現在我開始步入退休生涯，如果時間許可，也可能回到大學教書，搞一些非傳統的另類課程……當然先決條件，要像當年中大蘇偉文教授一樣，可以給我很大自由空間，從不過問我這個奇怪老師的奇怪教學方法。

【Joshua Wong speaking to the Italian Senate】#意大利國會研討會演說 —— 呼籲世界在大學保衛戰一週年後與香港人站在同一陣線

中文、意大利文演說全文：https://www.patreon.com/posts/44167118

感謝開創未來基金會（Fondazione Farefuturo）邀請，讓我透過視像方式在意大利國會裡舉辦的研討會發言，呼籲世界繼續關注香港，與香港人站在同一陣線。

意大利作為絕無僅有參與一帶一路發展的國家，理應對中共打壓有更全面的理解，如今正值大學保衛戰一週年，以致大搜捕的時刻，當打壓更為嚴峻，香港更需要世界與我們同行。

為了讓各地朋友也能更了解香港狀況，我已在Patreon發佈當天演說的中文、英文和意大利文發言稿，盼望在如此困難的時勢裡，繼續讓世界知道我們未曾心息的反抗意志。

【The Value of Freedom: Burning Questions for Hong Kongers】

Good morning. I have the privilege today to share some of my thoughts and reflections about freedom, after taking part in social activism for eight years in Hong Kong. A movement calling for the withdrawal of the extradition law starting from last year had escalated into a demand for democracy and freedom. This city used to be prestigious for being the world’s most liberal economy, but now the infamous authoritarian government took away our freedom to election, freedom of assembly, freedom of expression and ideas.

Sometimes, we cannot avoid questioning the cause we are fighting for, the value of freedom. Despite a rather bleak prospect, why do we have to continue in this struggle? Why do we have to cherish freedom? What can we do to safeguard freedom at home and stay alert to attacks on freedom? In answering these questions, I hope to walk through three episodes in the previous year.

Turning to 2020, protests are not seen as frequently as they used to be on the media lens, partly because of the pandemic, but more importantly for the authoritarian rule. While the world is busy fighting the pandemic, our government took advantage of the virus to exert a tighter grip over our freedom. Putting the emergency laws in place, public assemblies in Hong Kong were banned. Most recently, a rally to support press freedom organized by journalists was also forbidden. While many people may ask if it is the end of street activism, ahead of us in the fight for freedom is another battleground: the court and the prison.

Freedom Fighters in Courtrooms and in Jail

Part of the huge cost incurred in the fight for freedom and democracy in Hong Kong is the increasing judicial casualties. As of today, more than 10 thousand people have been arrested since the movement broke out, more than a hundred of them are already locked up in prison. Among the 2,300 protestors who are prosecuted, 700 of them may be sentenced up to ten years for rioting charges.

Putting these figures into context, I wish to tell you what life is like, as a youngster in today’s Hong Kong. I was humbled by a lot of younger protestors and students whose exceptional maturity are demonstrated in courtrooms and in prison. What is thought to be normal university life is completely out of the question because very likely the neighbour next door or the roommate who cooked you lunch today will be thrown to jail on the next.

I do prison visits a few times a month to talk to activists who are facing criminal charges or serving sentences for their involvement in the movement. It is not just a routine of my political work, but it becomes my life as an activist. Since the movement, prison visits has also become the daily lives of many families.

But it is always an unpleasant experience passing through the iron gates one after one to enter the visitors’ room, speaking to someone who is deprived of liberty, for a selflessly noble cause. As an activist serving three brief jail terms, I understand that the banality of the four walls is not the most difficult to endure in jail. What is more unbearable is the control of thought and ideas in every single part of our daily routine enforced by the prison system. It will diminish your ability to think critically and the worst of it will persuade you to give up on what you are fighting for, if you have not prepared it well. Three years ago when I wrote on the first page of prison letters, which later turned into a publication called the ‘Unfree Speech’, I was alarmed at the environment of the prison cell. Those letters were written in a state in which freedom was deprived of and in which censorship was obvious. It brings us to question ourselves: other than physical constraints like prison bars, what makes us continue in the fight for freedom and democracy?

Mutual Support to activists behind-the-scene

The support for this movement is undiminished over these 17 months. There are many beautiful parts in the movement that continue to revitalise the ways we contribute to this city, instead of making money on our own in the so-called global financial centre. In particular, it is the fraternity, the mutual assistance among protestors that I cherished the most.

As more protestors are arrested, people offer help and assistance wholeheartedly -- we sit in court hearings even if we don’t know each other, and do frequent prison visits and write letters to protesters in detention. In major festivals and holidays, people gathered outside the prison to chant slogans so that they won’t feel alone and disconnected. This is the most touching part to me for I also experienced life in jail.

The cohesion, the connection and bonding among protestors are the cornerstone to the movement. At the same time, these virtues gave so much empowerment to the mass public who might not be able to fight bravely in the escalating protests. These scenes are not able to be captured by cameras, but I’m sure it is some of the most important parts of Hong Kong’s movement that I hope the world will remember.

I believe this mutual support transcends nationality or territory because the value of freedom does not alter in different places. More recently, Twelve Hongkong activists, all involved in the movement last year, were kidnapped by China’s coastal guard when fleeing to Taiwan for political refugee in late-August. All of them are now detained secretly in China, with the youngest aged only 16. We suspect they are under torture during detention and we call for help on the international level, putting up #SAVE12 campaign on twitter. In fact, how surprising it is to see people all over the world standing with the dozen detained protestors for the same cause. I’m moved by activists in Italy, who barely knew these Hong Kong activists, even took part in a hunger strike last month calling for immediate release of them. This form of interconnectivity keeps us in spirit and to continue our struggle to freedom and democracy.

Understanding Value of freedom in the university battle
A year ago on this day, Hong Kong was embroiled in burning clashes as the police besieged the Polytechnic University. It was a day we will not forget and this wound is still bleeding in the hearts of many Hong Kongers. A journalist stationed in the university at that time once told me that being at the scene could only remind him of the Tiananmen Square Massacre 31 years ago in Beijing. There was basically no exit except going for the dangerous sewage drains.

That day, thousands of people, old or young, flocked to districts close to the university before dawn, trying to rescue protestors trapped inside the campus. The reinforcements faced grave danger too, for police raided every corner of the small streets and alleys, arresting a lot of them. Among the 800+ arrested on a single day, 213 people were charged with rioting. For sure these people know there will be repercussions. It is the conscience driving them to take to the streets regardless of the danger, the conscience that we should stand up to brutality and authoritarianism, and ultimately to fight for freedoms that are guaranteed in our constitution. As my dear friend, Brian Leung once said, ‘’Hong Kong Belongs to Everyone Who Shares Its Pain’’. I believe the value of freedom is exemplified through our compassion to whom we love, so much that we are willing to sacrifice the freedom of our own.

Defending freedom behind the bars

No doubt there is a terrible price to pay in standing up to the Beijing and Hong Kong government. But after serving a few brief jail sentences and facing the continuing threat of harassment, I learnt to cherish the freedom I have for now, and I shall devote every bit what I have to strive for the freedom of those who have been ruthlessly denied.

The three episodes I shared with you today -- the courtroom, visiting prisoners and the battle of university continue to remind me of the fact that the fight for freedom has not ended yet. In the coming months, I will be facing a maximum of 5 years in jail for unauthorized assembly and up to one ridiculous year for wearing a mask in protest. But prison bars would never stop me from activism and thinking critically.

I only wish that during my absence, you can continue to stand with the people of Hong Kong, by following closely to the development, no matter the ill-fated election, the large-scale arrest under National Security Law or the twelve activists in China. To defy the greatest human rights abusers is the essential way to restore democracy of our generation, and the generation following us.

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今日（11月15號）輪到英國《The Times》泰晤士報出社評
（Leading Article係代表整個報社，唔係個別專欄）

"Two Systems"

//The idea of a university has always been that it is a place for the exercise of free speech, a place where different views are exchanged and put to a test of scholarly truth. Yesterday, in pursuit of such an ideal, the Chinese University in Hong Kong erupted into violence, the latest outburst in the long-running battle between campaigners and the government. //
（大學嘅理念從來係一個行使言論自由嘅地方，接受唔同角度嘅見解去體現學術真理。為咗追求呢個理念，（香港）示威者同政府長期抗爭中，昨天响中文大學演變成為最近期嘅暴力衝突。）

泰晤士報竟然將中大保衛戰，推到去保衛言論自由幾層樓咁高嘅道德層面？

//Indeed, the rule of law is close to collapse and the prospect of full authoritarian repression, with all the echoes of Tiananmen Square, is real.//
（其實法治已接近崩潰，而全面嘅獨裁壓制亦非常接近，令人諗起天安門，喂，真係黎喇！）

結論：靠耐性（win a test of patience）拖到玩完實得嘅，不過咁樣做唔只係不智（unwise），衰啲講（worse）直情係錯（wrong）。"The requests of the protesters are for no more than basic freedoms and these should be met."

P.S. 先唔好理內容啱唔啱心水，其實呢個幾星期香港警察係有利用英國輿論吹到好行，講什麼"Rule of Law" "Blink of collapse"，的確有唔少媒體報導，然後好巧合地有唔少傳媒將中大「弓箭手」（足）放大。

不過，睇黎英國大報唔係好似某啲族裔咁，剩係識攞一兩個畫面黎無限放大，知道咩係因，乜係果。所以連續兩日英國三大報《Financial Time》同《The Guardian》到今日《The Times》好齊心咁用唔同角度出社評，真係好似定海神針一樣。

原文傳送門：https://www.thetimes.co.uk/…/the-times-view-on-hong-kong-pr…

#國際明眼人