之前因為要印postcard的關係，所以請designer友人 @chandingyin 設計咗個logo，我好中意啊，一take過冇改過多謝 ʅ（◞‿◟）ʃ

另一designer友人 @tongchan_daily 睇到呢個logo之後，幫我好認真打咗篇rationale出來😂😂😂寫得好好，可以present，記個錄，如下：

「海倫視角」四字以明體為骨幹，帶著大方得體的書卷味。筆劃重疊的地方黏連起來，破了一般明體字的工整，這些小細節，讓字型變得溫婉又帶點日式感。「海」「倫」「視」三字各斷開一撇的做法令人感受到按下快門一剎的俐落感。而最後「角」字以閃光取代一撇，除了使人聯想到快門閃光，更是因為海倫視角一直拍攝的相片都是充滿溫度，淡淡然地捕捉著每個kirakira（キラキラ：閃爍）𣊬間，帶著「曖曖內含光」的意思。

😂😂😂

至於我本人點解最初會改呢個名，除咗係因為受到男友或女友視角呢個term的啟發，更是因為「xx視角」通常都隱藏咗一份感情於當中 — 我希望我影出嚟嘅相係有溫度同有「真實的感情」，例如人與人之間，人與景物之間，死物與環境之間⋯太作狀的，不了😂而漸漸都有人咁樣評價小妹嘅作品，都算係冇out brief😂

分享鉛筆✏️（留意返，唔係「覺」，係「角」😂）

#海倫視角 #logodesign #hkdesign #hkphotographer #キラキラ #ロゴデザイン

孳息曲線倒掛的真正訊號 (二) – 最後的關鍵時刻

在上一篇文章《孳息曲線倒掛的真正訊號》中，有不少朋友都加入討論，討論氣氛熾熱，水平相當高，這是我樂於見到的交流。為方便其他讀者閱讀，我在這篇文章會嘗試重新組織和recap討論中我的觀點與推論，做一個完整的總結，好讓大家能更清淅明白我的「重點」。

市場上有不少的人認為孳息曲線倒掛會引致銀行息差收窄，使銀行信貸收縮，從而拖慢經濟增長，最後導致經濟衰退。然而，這個傳統的說法多年前已被市場認為是一個not sufficient去引致經濟衰退的因素，這最多只是傳統市場下阻礙經濟增長的其中一個成因，但不足以解釋和支持孳息曲線倒掛和經濟衰退的「因果關係」。特別在這個新經濟年代，傳統銀行在融資方面的角色已進一步淡化，今天市場的資金流動性比起當年實不能同日而語。孳息曲線倒掛反映債券投資者預期市場將會減息或低息環境會持續，這雖然也同時反映債券投資者對經濟環境抱不樂觀的看法，但經濟增長放緩與經濟衰退是兩碼子的事，孳息曲線倒掛導致世界末日更是第三碼子的事。

另一方面，有讀者表示，聯儲局和美國政府持有美國國債總額只佔約38%，而美國和外國投資者則佔62%，因此不認同美聯署作為美國國債市場「莊家」的說法。其實，做「莊家」並不代表要擁有市場最大的債務持份，重點在於聯儲局本身對市場的影響力。在目前這個市場下，債券投資者所考慮的並不單單是經濟環境健康與否的問題，而是聯儲局下一步的政策性舉動。換言之，美債市場上，不論是美國或是海外投資者，某程度上都是被聯儲局的思想/「言詞」牽著走。要留意是甚麼因素主導投資者的情緒，之前聯儲局加息，同時唱好美國經濟數據時，投資者的取態又不一樣。直到最近宣布停止加息後，市場債券投資者的即時反應大家都有目共睹。

傳統以來，大家都認為「聯儲局的政策本身是建基於經濟去制定」，這句話正確但不完全正確。聯儲局的政策除考慮目前經濟狀況外，在中長線也在有政治和戰略部署上的考慮，這是為何聯儲局在過去幾年也曾試圖去進行利率正常化和縮表。

這些年來，我多次提及QE就如吸毒，美國就如染上毒癮的癮君子。大家都知道毒癮是不健康的，但要戒毒談何容易，要成功戒毒必須要先有強健的體魄，否則，在身體仍然虛弱的情況下強行戒毒，隨時命危。

站在聯儲局的立場，QE一段時間後動作上「嘗試」正常化貨幣政策可以說是必要的，至少這動作是讓全世界知道其方向是將貨幣政策從「不健康」的結構「正常化」，使全世界對美元不至於失去信心。要知道對美元來說，信心就是一切，只要市場對美元尚存信心，即使美國繼續放寬債務上限或再次推出量化寬鬆仍是可行的(儘管效用不如以前)，美債依然會有市場。因此，表面上的「強美元政策」是必須的。然而，不認不認還須認，美國本身並未「恢復強健的體魄」去進行「正常化」，最後必須要面對現實停止加息縮表。

最後，我想表達的是，孳息曲線倒掛到底帶給了我們甚麼訊息，這觀點是相對個人的，以上只是我個人的觀點，而每個人都應該要有自己的觀點，當中最重要是推論。作為投資者，最重要的是在自己的觀點下如何部署，無論在任何情況下，投資行為要去到「極端化」都是不正確的，因此不論孳息曲線倒掛的預測能力如何，作為投資者都無須恐慌，更不應當作世界末日，只有「特殊目的」的人才會有這想法，再去影響其他人。如果有人說「加息將會導致資產泡沫爆破」，然後過了一段時間又說「減息或孳息曲線倒掛代表經濟衰退，資產泡沫爆得更厲害」，這些「公我贏，字你輸」的說法明顯是「先結論，後推論」，儘管這可能是你想要的結論，但如果你仍然堅持盲目去相信，you deserve to be a loser。

我一再花時間撰文，目的是希望大家能在亂世之中保持客觀理性的態度進行分析，做到「自保」。要是大家在過去十年已經被市場「拋甩」了一次，今天大家便需要更少心去看待，因為估錯而再次「等待」機會重來的時間可能更長。要明白，在QE後這個已被扭曲的新常態下，經濟環境和資產價格的關係性相對十年前已明顯減低，投資有風險，但不投資的風險可能更大。

市場結構性「不健康」是事實，經濟增長將會放緩可能都是事實，但正因為如此，我們知道後續只有一個選擇，就是低息環境將會長期持續，經濟進入長期低增長時期但也難進入衰退，保守的投資策略是合理的，正如我上一篇文章所講，這可能是一個投資債券的良佳時機，但絕非只是恐慌地坐著等待，因為「等待」的風險實在太大。

謹記，投資有「進攻」有「防守」，市場的變化只會影響我們「進攻」和「防守」的比例。如果大家曾經讀過我第二本書(《現2》)解釋「REITs + Bond」背後rationale的文章，相信便會更明白箇中的意思。

全文：https://starnman84.blogspot.com/2019/04/blog-post.html?m=1

相關文章：

孳息曲線倒掛的真正訊號
https://starnman84.blogspot.com/2019/03/blog-post.html?m=1

「REIT+Bond」的現金流再投資操作
http://starnman84.blogspot.com/2016/08/reitbond.html?m=1

「REITs + Bond」資產配置的Rationale
http://starnman84.blogspot.com/…/…/reits-bondrationale.html…

《互相尊重的認知》
Understanding Mutual Respect (English version below)

吾有兩位女學生，犯了佛教的「不飲酒」戒。

一位30歲左右的，說是公司聚會，上司一直叫她喝，不好拒絕。吾弟子問她，明明是白領佳人，難不成還得兼職「陪酒小姐」？

這位學生，也因爲飲酒，而多次欺騙老公與公婆，說是在公司加班。

另一位學生是位中年婦女。她受老闆之託，旅行回國時幫老闆買酒。她也說，不懂得如何拒絕老闆。

這位中年婦女與吾皈依同一位根本上師，當代法王蓮生活佛，卻藐視根本上師的教義，忤逆吾的教誨。她從不好好閱讀根本上師的文集與開示，一直祇求吾以風水八字來解決她家人的問題，治標不治本。

因此，她忽略了師佛近期的開示：「拿酒給人喝，犯了不飲酒戒，五百世沒有手。」

（如蚯蚓等動物。）

這兩位學生，同樣的都沒告訴老闆她們的戒律。

妳自己都不尊敬妳的信仰，不會有人尊重妳的信仰。

如果妳不開妳的金口，介紹妳信仰的戒律給他人，他人又怎麼知道妳有這條戒律呢？

如果說出來了，他自然不會叫妳買酒或帶妳去喝酒。

自己要先有守戒的精神。如果妳沒有，妳一定也是爲了不好意思或怕炒魷魚，就這樣犯戒。

這個世界上不是只有一份工作可以做。

如果妳明知故犯，折了這個福，妳認為妳未來還會有好的發展嗎？

我們所要的一切都是建立在德。

天，因爲有德，所以常覆，地有德，所以常載，日月星有德，所以常照。

人要有德，才能夠常順、常旺、常樂。

妳不能說妳怕拒絕，以免什麼會發生在妳身上。東家不打打西家，人要有志氣，要有守戒的精神，才會得善神的擁護。

妳自己都不尊重妳的信仰，試問人家怎麼會尊重妳的信仰呢？他看妳也不過是那種人，可能暗地裡還瞧不起妳，覺得妳外表說妳已皈依，原來妳根本沒有皈依，還是犯戒。

千萬不要這樣做。

做爲一個老闆，一個上司，必須要以德服人。下屬因爲是你的員工，她當然不敢得罪你，冒犯你，因爲她需要這個薪水來養家或過活。就算她爲了順從你，而犯戒，你在她心中的形象一定大打折扣。如果有一天，她有了另外一份工作邀約，她一定不考慮就走，因爲她覺得你是一個敗德的上司，不值得她忠心。

如果她留下來，那必定只有一個原因，因爲她也敗德。敗德的上司 + 敗德的下屬，能做出什麼好成績來？

學佛人，得懂得匡正自己，也匡正別人，所以必須得解釋給妳老闆，或任何不明白的人，妳你爲何會拒絕他做某樣事情，尤其是買賣酒、買賣煙、買賣色情刊物等等。

大家要明白什麼叫戒律，戒律不是有宗教信仰的人，才要守的律法。戒律是一個正人君子的準則，是止惡揚善的基礎，根本沒有分誰應該守。

只要是人，都必須守。走在正道上，沒有過失下，才不會損失我們的福德。

那位中年婦女的老闆，「勸」吾的學生不必執著戒律，佛陀不是說斷執著嗎？

沒有皈依學佛的，千萬不要不懂裝懂，以免斷人慧命，造了殺生業。

佛陀涅槃時，阿難問佛：「佛在世時，我們以佛為師，佛滅度後大眾以何為師呢？」

佛言：「以戒為師。」

喝酒，會亂人本性，生出無量的過失，如酒後駕駛、醉酒打人、儀態盡失、胡言亂語、淫慾熾盛、惡人相近等等。

一位老客人，七旬老翁，生性節儉。一家大小雖是佛教徒，老翁卻酗酒成性。長子乃吾弟子，之前爲了迎合父親要求，常買酒「供養」他。

後來，媳婦（也是吾弟子也）顧及老翁的健康和戒律，阻止先生助紂為虐，也勸其家婆、小姑和弟弟不要買酒，卻惹來老翁辱罵長子：「沒有用！」

事隔數年，老翁喝壞了身體，今年年中入院開刀。吾於心不忍，以玄學來幫助這位老客人能早日康復。

喝酒的人愚癡，送酒的人愚孝。

吾，玳瑚師父，滴酒不沾，任何有酒精的食物，吾也不食。不飲酒者，有何果報？

意念清明，智慧超群，不會精神分裂、不會神智恍惚、不會胡思亂想，更不會被迷惑。

⋯⋯⋯⋯⋯⋯⋯

2 of my female students flouted the Buddhism precept of abstinence from alcohol.

One of them, in her early 30s, told me that it was a company gathering, and her supervisor egged her to drink. She could not refuse. My disciple asked her, isn't it absurd that as a white-collared employee, she has to "part-time" as a drinking hostess?

This student of mine also lied to her husband and parents-in-laws numerous times, that she was working overtime when, in fact, she was out drinking.

Another student of mine is a middle-aged lady, who was requested by her superior to buy duty-free alcohol on her return from travelling. She also told me that she did not know how to say no to her boss.

This lady, like me, took refuge under the same Root Guru, Living Buddha Lian Sheng. However, she blantantly ignored His Teachings and my reminders. She did not diligently read the Dharma books and discourses from our Root Guru Master, yet always sought my help in Feng Shui and Bazi to solve her family woes. This is not solving the root causes at all.

Hence, she missed out on a recent Dharma discourse by our Root Guru: If you give alcohol to others, you are breaking the precept of abstinence from alcohol, and the consequence is 500 rebirths without limbs.

(Eg. like a millipede)

These 2 students did not tell their superiors of their precepts.

If you do not respect your own faith, nobody will give your faith the due respect too.

If you don't break your silence and let others know about the precepts in your religion, how would others know about your precept on abstinence from alcohol?

If you voice it out, naturally your superior will not ask you to buy alcohol nor bring you along for drinking sessions.

You must first have the spirit to uphold the precepts, lacking which you will be easily swayed by situations such as embarrassment or fear of losing your job, and eventually flouting the precepts.

There is more than one job for you in this world.

If you flout the precepts intentionally, and lose your merits, what good future do you think is left for you?

Our merit and virtues are the source of all that we desire.

The Heavens and Earth have virtues , therefore can encompass all. The Sun, moon and the stars have virtues, hence their never ending radiance.

Man must have virtues, in order to enjoy peace, prosperity and bliss.

You cannot give the excuse that you fear the consequence of saying no. There is always another job out there. A person must have higher aspirations, and the willpower to observe the precepts in order to be blessed by the virtuous gods.

If you do not respect your own faith, how would another person respect it? He will not be impressed, and may even secretly despise you for being a hypocrite in taking refuge, as you are not steadfast in upholding your precepts.

Do not ever do this.

As a boss, as a superior, you must command the respect of your subordinates with your merits and virtues. It is natural that your subordinate will not dare to offend you because she needs the job and salary to make a living or feed their families.

Even if she follow your instructions, at the expense of flouting her precepts, deep in her heart, she will think lesser of you. If one day she receives another job offer, she will not hesitate to leave you because she feel that you are lacking in virtues and unworthy of her loyalty.

If she stays on, then it must be for the reason that she too is lacking in virtues. A non-virtuous superior + a non-virtuous employee, what good result can they produce?

A practicing Buddhist must learn to correct oneself, and others. Therefore, you need to explain to you boss, or any other people who do not understand your rationale, why you refuse to help him/her in certain things such as buying alcohol, cigarettes, R-rated publications, etc.

Everyone must understand what exactly precepts are. It is not applicable solely to people with a religious faith. Precepts are the cornerstone of a upright and righteous human being. They are the foundation of spreading goodness and curbing the non-virtuous in us, and applicable to every one of us

As long as you are human, you should observe the precepts. Walking on the right path, and not committing any sin, will ensure that our merits are not taken away.

The boss of my middle-aged student "advised" her not to be too attached to the precepts. Didn't Buddha proclaim non-attachment? So said the boss.

If one has not taken refuge and properly learn the Dharma, please do not behave like a know-it-all and dish out irresponsible "advice" to others. This grave act of recklessness may destroy the life of wisdom in the listener, akin to the act of killing.

When Lord Buddha was about to enter Nirvana, his disciple, Ananda, asked, "When the Buddha is in this world, He is revered as our Teacher. But when the Buddha enters Nirvana, who should we follow as our Teacher?"

Buddha expounded: "I have already given you the precepts. The precepts are your teacher".

Drinking alcohol will create chaos to the human nature, and countless sins arise, such as drunk driving, drunk fighting, loss of etiquette, blabbering of nonsense, sexual indecency, attracting bad company, etc.

An old client of mine, in his 70s, lives frugally. Together with his wife and children, they are Buddhists. However, the elderly man is an alcoholic.

His eldest son is my disciple. Previously, to make his father happy, he would buy him liquor and beer whenever the elderly man asks for it.

Subsequently, his wife (also my disciple) prevented him from buying alcohol, out of consideration for the elderly man's health and their precepts. They also told the mother and younger siblings to refrain from buying.

However, all the eldest son got was a bellow of "Useless son!" from the elderly man.

A few years later, alcoholism took a toil on the old man and he was warded for an operation in the middle of this year.

I pitied him and helped him towards a smoother recovery with my Metaphysics abilities.

Deluded is the man who drinks.

Ignorant is the filial piety of the children who feed his alcoholism.

I have abstained from intoxicants for over a decade, and neither do I consume food with alcohol in it.

What are the merits from such abstinence?

Beside mental clarity and supreme wisdom, one will not be stricken with schizophrenia, mental disarray, mental disturbance and fall prey to temptations.