24 December 2013
FXI - ISHARES CHINA LARGE-CAP ETF
Bought FXI at 37.25. SSE oversold and rarely cheap historically (PE at around 10).
Overall Portfolio Composition (%)
Stocks: 99.87
Bonds: 0.00
Top 10 Holdings (60.4% of Total Assets)
Company
Symbol
% Assets
China Mobile Ltd. 00941 9.04
China Construction Bank Corp H Shares 00939 8.88
Industrial And Commercial Bank Of China Ltd. H Shares 01398 7.74
Tencent Holdings Ltd. 00700 7.25
BANK OF CHINA BEIJIN BACHF 6.05
PING AN INSURANCE PIAIF 4.61
China Life Insurance Co Ltd H Shares 02628 4.48
CHINA PETE & CHEM CO SNPMF 4.17
Agricultural Bank of China Ltd. H Shares 01288 4.17
PETROCHINA CO LTD PCCYF 4.01
Equity Holdings
Ratio
FXI
Average Price/Earnings 8.40
Average Price/Book 1.29
Average Price/Sales 1.14
Average Price/Cashflow 1.83
Sector Weightings (%)
Sector
FXI
Basic Materials
5.78
Consumer Cyclical
2.50
Financial Services
53.42
Realestate
3.87
Consumer Defensive 0.00
Healthcare 0.00
Utilities 0.00
Communication Services
15.23
Energy
11.95
Industrials 0.00
Technology
7.26
Overall Portfolio Composition (%)
Stocks: 99.87
Bonds: 0.00
Top 10 Holdings (60.4% of Total Assets)
Company
Symbol
% Assets
China Mobile Ltd. 00941 9.04
China Construction Bank Corp H Shares 00939 8.88
Industrial And Commercial Bank Of China Ltd. H Shares 01398 7.74
Tencent Holdings Ltd. 00700 7.25
BANK OF CHINA BEIJIN BACHF 6.05
PING AN INSURANCE PIAIF 4.61
China Life Insurance Co Ltd H Shares 02628 4.48
CHINA PETE & CHEM CO SNPMF 4.17
Agricultural Bank of China Ltd. H Shares 01288 4.17
PETROCHINA CO LTD PCCYF 4.01
Equity Holdings
Ratio
FXI
Average Price/Earnings 8.40
Average Price/Book 1.29
Average Price/Sales 1.14
Average Price/Cashflow 1.83
Sector Weightings (%)
Sector
FXI
Basic Materials
5.78
Consumer Cyclical
2.50
Financial Services
53.42
Realestate
3.87
Consumer Defensive 0.00
Healthcare 0.00
Utilities 0.00
Communication Services
15.23
Energy
11.95
Industrials 0.00
Technology
7.26
Labels: Live Trading Records
20 December 2013
G3B
Bought G3B at 3.11.
Labels: Live Trading Records
19 December 2013
OIH
Bought OIH at 46.80 on 18 Dec 2013.
Overall Portfolio Composition (%)
Stocks: 100.00
Bonds: 0.00
Top 10 Holdings (71.88% of Total Assets)
Company
Symbol
% Assets
Schlumberger N.V. Common Stock SLB 20.62
Halliburton Company Common Stoc HAL 11.87
National Oilwell Varco, Inc. Co NOV 8.43
Baker Hughes Incorporated Commo BHI 5.62
Transocean Ltd (Switzerland) Co RIG 4.84
Weatherford International, Ltd WFT 4.31
Seadrill Limited Ordinary Share SDRL 4.24
Ensco PLC Class A ESV.L 4.03
Cameron International Corporati CAM 3.97
FMC Technologies, Inc. Common S FTI 3.95
Equity Holdings
Ratio
OIH
Average Price/Earnings 17.12
Average Price/Book 1.92
Average Price/Sales 1.69
Average Price/Cashflow 9.58
Sector Weightings (%)
Sector
OIH
Basic Materials 0.00
Consumer Cyclical 0.00
Financial Services 0.00
Realestate 0.00
Consumer Defensive 0.00
Healthcare 0.00
Utilities 0.00
Communication Services 0.00
Energy
96.30
Industrials
3.70
Technology 0.00
Overall Portfolio Composition (%)
Stocks: 100.00
Bonds: 0.00
Top 10 Holdings (71.88% of Total Assets)
Company
Symbol
% Assets
Schlumberger N.V. Common Stock SLB 20.62
Halliburton Company Common Stoc HAL 11.87
National Oilwell Varco, Inc. Co NOV 8.43
Baker Hughes Incorporated Commo BHI 5.62
Transocean Ltd (Switzerland) Co RIG 4.84
Weatherford International, Ltd WFT 4.31
Seadrill Limited Ordinary Share SDRL 4.24
Ensco PLC Class A ESV.L 4.03
Cameron International Corporati CAM 3.97
FMC Technologies, Inc. Common S FTI 3.95
Equity Holdings
Ratio
OIH
Average Price/Earnings 17.12
Average Price/Book 1.92
Average Price/Sales 1.69
Average Price/Cashflow 9.58
Sector Weightings (%)
Sector
OIH
Basic Materials 0.00
Consumer Cyclical 0.00
Financial Services 0.00
Realestate 0.00
Consumer Defensive 0.00
Healthcare 0.00
Utilities 0.00
Communication Services 0.00
Energy
96.30
Industrials
3.70
Technology 0.00
Labels: Live Trading Records
EWT
Bought EWT at 13.77 on 18 Dec 2013.
Overall Portfolio Composition (%)
Stocks: 99.71
Bonds: 0.00
Top 10 Holdings (47.86% of Total Assets)
Company
Symbol
% Assets
TAIWAN SEMICON MAN TWD10 2330.TW 20.01
Hon Hai Precision Ind. Co., Ltd. HNHAF.TW 6.70
MediaTek Inc MDTKF.TW 4.10
CATHAY FINL HLDG TWD10 2882.TW 2.79
CHUNGHWA TELECOM TWD10 2412.TW 2.73
FORMOSA PLASTIC TWD10 1301.TW 2.47
NAN YA PLASTIC TWD10 1303.TW 2.39
China Steel Corporation CISEF.TW 2.25
DELTA ELECTRONIC TWD10 2308.TW 2.23
FUBON FINANCIAL HL TWD10 2881.TW 2.19
Equity Holdings
Ratio
EWT
Average Price/Earnings 15.58
Average Price/Book 1.69
Average Price/Sales 0.67
Average Price/Cashflow 5.91
Sector Weightings (%)
Sector
EWT
Basic Materials
9.48
Consumer Cyclical
8.60
Financial Services
17.59
Realestate
0.57
Consumer Defensive
3.04
Healthcare
0.11
Utilities 0.00
Communication Services
5.04
Energy
0.67
Industrials
2.03
Technology
52.88
Overall Portfolio Composition (%)
Stocks: 99.71
Bonds: 0.00
Top 10 Holdings (47.86% of Total Assets)
Company
Symbol
% Assets
TAIWAN SEMICON MAN TWD10 2330.TW 20.01
Hon Hai Precision Ind. Co., Ltd. HNHAF.TW 6.70
MediaTek Inc MDTKF.TW 4.10
CATHAY FINL HLDG TWD10 2882.TW 2.79
CHUNGHWA TELECOM TWD10 2412.TW 2.73
FORMOSA PLASTIC TWD10 1301.TW 2.47
NAN YA PLASTIC TWD10 1303.TW 2.39
China Steel Corporation CISEF.TW 2.25
DELTA ELECTRONIC TWD10 2308.TW 2.23
FUBON FINANCIAL HL TWD10 2881.TW 2.19
Equity Holdings
Ratio
EWT
Average Price/Earnings 15.58
Average Price/Book 1.69
Average Price/Sales 0.67
Average Price/Cashflow 5.91
Sector Weightings (%)
Sector
EWT
Basic Materials
9.48
Consumer Cyclical
8.60
Financial Services
17.59
Realestate
0.57
Consumer Defensive
3.04
Healthcare
0.11
Utilities 0.00
Communication Services
5.04
Energy
0.67
Industrials
2.03
Technology
52.88
Labels: Live Trading Records
EEM
Bought EEM at 40.33 on 18 Dec 2013.
Overall Portfolio Composition (%)
Stocks: 96.09
Bonds: 0.00
Top 10 Holdings (16.81% of Total Assets)
Company
Symbol
% Assets
Samsung Electronics Co Ltd SSNLF.KS 4.04
TAIWAN SEMICON MAN TWD10 2330.TW 2.27
China Mobile Ltd. 00941 1.69
Tencent Holdings Ltd. 00700 1.55
China Construction Bank Corp H Shares 00939 1.52
Industrial And Commercial Bank Of China Ltd. H Shares 01398 1.38
OAO Gazprom FDGAZP 1.31
America Movil, S.A.B. de C.V. AMX L.MX 1.08
HyundaiMtr 005380.KS 0.99
Naspers Ltd NPN.JO 0.98
Equity Holdings
Ratio
EEM
Average Price/Earnings 11.61
Average Price/Book 1.42
Average Price/Sales 0.94
Average Price/Cashflow 4.09
Sector Weightings (%)
Sector
EEM
Basic Materials
9.12
Consumer Cyclical
9.21
Financial Services
24.99
Realestate
2.03
Consumer Defensive
8.63
Healthcare
1.57
Utilities
3.20
Communication Services
8.83
Energy
10.18
Industrials
6.22
Technology
16.01
Overall Portfolio Composition (%)
Stocks: 96.09
Bonds: 0.00
Top 10 Holdings (16.81% of Total Assets)
Company
Symbol
% Assets
Samsung Electronics Co Ltd SSNLF.KS 4.04
TAIWAN SEMICON MAN TWD10 2330.TW 2.27
China Mobile Ltd. 00941 1.69
Tencent Holdings Ltd. 00700 1.55
China Construction Bank Corp H Shares 00939 1.52
Industrial And Commercial Bank Of China Ltd. H Shares 01398 1.38
OAO Gazprom FDGAZP 1.31
America Movil, S.A.B. de C.V. AMX L.MX 1.08
HyundaiMtr 005380.KS 0.99
Naspers Ltd NPN.JO 0.98
Equity Holdings
Ratio
EEM
Average Price/Earnings 11.61
Average Price/Book 1.42
Average Price/Sales 0.94
Average Price/Cashflow 4.09
Sector Weightings (%)
Sector
EEM
Basic Materials
9.12
Consumer Cyclical
9.21
Financial Services
24.99
Realestate
2.03
Consumer Defensive
8.63
Healthcare
1.57
Utilities
3.20
Communication Services
8.83
Energy
10.18
Industrials
6.22
Technology
16.01
Labels: Live Trading Records
G3B
Bought G3B at 3.11.
Labels: Live Trading Records
18 December 2013
ENZL - iShares MSCI New Zealand Capped ETF
Bought ENZL at 37.10.
Overall Portfolio Composition (%)
Stocks: 99.95
Bonds: 0.00
Top 10 Holdings (68.01% of Total Assets)
Company
Symbol
% Assets
Fletcher Building Limited Ordin FBU.NZ 16.28
Telecom Corporation of New Zeal TEL.NZ 9.84
Auckland International Airport AIA.NZ 8.10
Ryman Healthcare Limited RHCGF.NZ 6.13
XERO LIMITED NPV XRO.NZ 5.67
SKYCITY Entertainment Group Lim SKC.NZ 4.75
Sky Network Television Limited SKT.NZ 4.68
Fisher & Paykel Healthcare Corp FPH.NZ 4.27
Infratil Limited Ordinary Share IFT.NZ 4.15
Trade Me Group Ltd TRMEF.NZ 4.14
Equity Holdings
Ratio
ENZL
Average Price/Earnings 16.79
Average Price/Book 1.95
Average Price/Sales 1.23
Average Price/Cashflow 8.55
Sector Weightings (%)
Sector
ENZL
Basic Materials
19.21
Consumer Cyclical
6.40
Financial Services 0.00
Realestate
9.30
Consumer Defensive 0.00
Healthcare
12.67
Utilities
8.48
Communication Services
14.98
Energy
1.32
Industrials
16.33
Technology
11.29
Overall Portfolio Composition (%)
Stocks: 99.95
Bonds: 0.00
Top 10 Holdings (68.01% of Total Assets)
Company
Symbol
% Assets
Fletcher Building Limited Ordin FBU.NZ 16.28
Telecom Corporation of New Zeal TEL.NZ 9.84
Auckland International Airport AIA.NZ 8.10
Ryman Healthcare Limited RHCGF.NZ 6.13
XERO LIMITED NPV XRO.NZ 5.67
SKYCITY Entertainment Group Lim SKC.NZ 4.75
Sky Network Television Limited SKT.NZ 4.68
Fisher & Paykel Healthcare Corp FPH.NZ 4.27
Infratil Limited Ordinary Share IFT.NZ 4.15
Trade Me Group Ltd TRMEF.NZ 4.14
Equity Holdings
Ratio
ENZL
Average Price/Earnings 16.79
Average Price/Book 1.95
Average Price/Sales 1.23
Average Price/Cashflow 8.55
Sector Weightings (%)
Sector
ENZL
Basic Materials
19.21
Consumer Cyclical
6.40
Financial Services 0.00
Realestate
9.30
Consumer Defensive 0.00
Healthcare
12.67
Utilities
8.48
Communication Services
14.98
Energy
1.32
Industrials
16.33
Technology
11.29
Labels: Live Trading Records
G3B
Bought G3B at 3.10.
Labels: Live Trading Records
TUR - ISHARES MSCI TURKEY ETF
Bought TUR at 51.72.
Overall Portfolio Composition (%)
Stocks: 99.36
Bonds: 0.00
Top 10 Holdings (57.3% of Total Assets)
Company Symbol % Assets
Turkiye Garanti Bankasi AS GARAN 10.88
Akbank TAS AKBNF 8.23
Bim Birlesik Magazalar A.S. BIMAS 5.99
Turkiye Halk Bankasi A.S. HALKB 5.99
Turkcell Iletisim Hizmetleri AS TCELL 5.81
Turkiye Is Bankasi AS Class C ISCTR 5.06
Haci Omer Sabanci Holding A.S. SAHOL 4.65
Koc Holding A.S. KCHOL 3.74
Turkiye Petrol Rafinerileri AS TUPRS 3.55
EMLAK KONUT EKKGF 3.40
Equity Holdings
Ratio TUR
Average Price/Earnings 10.20
Average Price/Book 1.35
Average Price/Sales 0.75
Average Price/Cashflow 3.69
Sector Weightings (%)
Sector TUR
Basic Materials
7.59
Consumer Cyclical
4.73
Financial Services
42.47
Realestate
4.99
Consumer Defensive
12.97
Healthcare
0.25
Utilities
0.32
Communication Services
7.71
Energy
4.01
Industrials
12.63
Technology
2.32
Overall Portfolio Composition (%)
Stocks: 99.36
Bonds: 0.00
Top 10 Holdings (57.3% of Total Assets)
Company Symbol % Assets
Turkiye Garanti Bankasi AS GARAN 10.88
Akbank TAS AKBNF 8.23
Bim Birlesik Magazalar A.S. BIMAS 5.99
Turkiye Halk Bankasi A.S. HALKB 5.99
Turkcell Iletisim Hizmetleri AS TCELL 5.81
Turkiye Is Bankasi AS Class C ISCTR 5.06
Haci Omer Sabanci Holding A.S. SAHOL 4.65
Koc Holding A.S. KCHOL 3.74
Turkiye Petrol Rafinerileri AS TUPRS 3.55
EMLAK KONUT EKKGF 3.40
Equity Holdings
Ratio TUR
Average Price/Earnings 10.20
Average Price/Book 1.35
Average Price/Sales 0.75
Average Price/Cashflow 3.69
Sector Weightings (%)
Sector TUR
Basic Materials
7.59
Consumer Cyclical
4.73
Financial Services
42.47
Realestate
4.99
Consumer Defensive
12.97
Healthcare
0.25
Utilities
0.32
Communication Services
7.71
Energy
4.01
Industrials
12.63
Technology
2.32
Labels: Live Trading Records
17 December 2013
G3B
Bought G3B at 3.12 / 3.10.
Labels: Live Trading Records
16 December 2013
G3B
Bought G3B at 3.10 / 3.10. STI returned to previous low and very oversold. Just keep on accumulating.
Labels: Live Trading Records
15 December 2013
EWQ - ISHARES MSCI FRANCE ETF
Bought EWQ at 26.84 on 13 Dec 2013.
Overall Portfolio Composition (%)
Stocks: 99.45
Bonds: 0.00
Top 10 Holdings (48.8% of Total Assets)
Company
Symbol
% Assets
TOTAL FP.PA 9.91
SANOFI SAN.PA 9.65
BNP PARIBAS-A- BNP.PA 5.71
LVMH Moet Hennessy Louis Vuitton SA LVMHF.PA 3.66
AXA SA AXAHF.PA 3.59
SCHNEIDER ELECTRIC SU.PA 3.44
AIR LIQUIDE AI.PA 3.32
Wells Fargo Advantage Income Op EAD 3.21
SOCIETE GENERALE GLE.PA 3.16
DANONE BN.PA 3.15
Equity Holdings
Ratio
EWQ
Average Price/Earnings 14.97
Average Price/Book 1.31
Average Price/Sales 0.82
Average Price/Cashflow 3.98
Sector Weightings (%)
Sector
EWQ
Basic Materials
8.61
Consumer Cyclical
12.23
Financial Services
14.56
Realestate
2.97
Consumer Defensive
10.92
Healthcare
11.36
Utilities
3.43
Communication Services
4.69
Energy
11.00
Industrials
15.78
Technology
4.47
Overall Portfolio Composition (%)
Stocks: 99.45
Bonds: 0.00
Top 10 Holdings (48.8% of Total Assets)
Company
Symbol
% Assets
TOTAL FP.PA 9.91
SANOFI SAN.PA 9.65
BNP PARIBAS-A- BNP.PA 5.71
LVMH Moet Hennessy Louis Vuitton SA LVMHF.PA 3.66
AXA SA AXAHF.PA 3.59
SCHNEIDER ELECTRIC SU.PA 3.44
AIR LIQUIDE AI.PA 3.32
Wells Fargo Advantage Income Op EAD 3.21
SOCIETE GENERALE GLE.PA 3.16
DANONE BN.PA 3.15
Equity Holdings
Ratio
EWQ
Average Price/Earnings 14.97
Average Price/Book 1.31
Average Price/Sales 0.82
Average Price/Cashflow 3.98
Sector Weightings (%)
Sector
EWQ
Basic Materials
8.61
Consumer Cyclical
12.23
Financial Services
14.56
Realestate
2.97
Consumer Defensive
10.92
Healthcare
11.36
Utilities
3.43
Communication Services
4.69
Energy
11.00
Industrials
15.78
Technology
4.47
Labels: Live Trading Records
EWU - ISHARES MSCI UNITED KINGDOM ETF
Bought EWU at 19.96 on 12 Dec 2013.
Overall Portfolio Composition (%)
Stocks: 99.73
Bonds: 0.00
Top 10 Holdings (42.18% of Total Assets)
Company
Symbol
% Assets
HSBC Holdings PLC HBCYF.L 7.28
Vodafone Group PLC VODPF.L 6.29
BP PLC BPAQF.L 5.21
GlaxoSmithKline PLC GLAXF.L 4.54
Royal Dutch Shell PLC Class A RYDAF.L 4.48
BRIT AMER TOBACCO BATS.L 3.55
ROYAL DUTCH SHELL-B RDSB.L 3.08
DIAGEO DGE.L 2.80
ASTRAZENECA AZN.L 2.52
BG Group PLC BG..L 2.43
Equity Holdings
Ratio
EWU
Average Price/Earnings 13.54
Average Price/Book 1.89
Average Price/Sales 0.98
Average Price/Cashflow 8.58
Sector Weightings (%)
Sector
EWU
Basic Materials
8.95
Consumer Cyclical
7.50
Financial Services
20.85
Realestate
1.24
Consumer Defensive
16.53
Healthcare
8.44
Utilities
3.91
Communication Services
8.72
Energy
16.18
Industrials
6.64
Technology
1.05
Overall Portfolio Composition (%)
Stocks: 99.73
Bonds: 0.00
Top 10 Holdings (42.18% of Total Assets)
Company
Symbol
% Assets
HSBC Holdings PLC HBCYF.L 7.28
Vodafone Group PLC VODPF.L 6.29
BP PLC BPAQF.L 5.21
GlaxoSmithKline PLC GLAXF.L 4.54
Royal Dutch Shell PLC Class A RYDAF.L 4.48
BRIT AMER TOBACCO BATS.L 3.55
ROYAL DUTCH SHELL-B RDSB.L 3.08
DIAGEO DGE.L 2.80
ASTRAZENECA AZN.L 2.52
BG Group PLC BG..L 2.43
Equity Holdings
Ratio
EWU
Average Price/Earnings 13.54
Average Price/Book 1.89
Average Price/Sales 0.98
Average Price/Cashflow 8.58
Sector Weightings (%)
Sector
EWU
Basic Materials
8.95
Consumer Cyclical
7.50
Financial Services
20.85
Realestate
1.24
Consumer Defensive
16.53
Healthcare
8.44
Utilities
3.91
Communication Services
8.72
Energy
16.18
Industrials
6.64
Technology
1.05
Labels: Live Trading Records
EWC - ISHARES MSCI CANADA ETF
Bought EWC at 28.36 on 12 Dec 2013.
Overall Portfolio Composition (%)
Stocks: 95.63
Bonds: 0.00
Top 10 Holdings (41.45% of Total Assets)
Company
Symbol
% Assets
ROYAL BANK OF CANADA RY.TO 7.38
Toronto Dominion Bank N/A 6.49
BANK OF NOVA SCOTIA BNS.TO 5.71
SUNCOR ENERGY INC. SU.TO 3.98
Canadian National Railway Co CNI.TO 3.66
BANK OF MONTREAL BMO.TO 3.46
MANULIFE FIN MFC.TO 2.74
CDN NATURAL RES CNQ.TO 2.74
CIBC N/A 2.65
VALEANT PHARMACEUTICALS INTL IN VRX.TO 2.64
Equity Holdings
Ratio
EWC
Average Price/Earnings 16.29
Average Price/Book 1.91
Average Price/Sales 1.79
Average Price/Cashflow 2.88
Sector Weightings (%)
Sector
EWC
Basic Materials
12.22
Consumer Cyclical
4.47
Financial Services
37.17
Realestate
2.27
Consumer Defensive
3.25
Healthcare
3.60
Utilities
0.63
Communication Services
3.01
Energy
24.52
Industrials
7.80
Technology
1.05
Overall Portfolio Composition (%)
Stocks: 95.63
Bonds: 0.00
Top 10 Holdings (41.45% of Total Assets)
Company
Symbol
% Assets
ROYAL BANK OF CANADA RY.TO 7.38
Toronto Dominion Bank N/A 6.49
BANK OF NOVA SCOTIA BNS.TO 5.71
SUNCOR ENERGY INC. SU.TO 3.98
Canadian National Railway Co CNI.TO 3.66
BANK OF MONTREAL BMO.TO 3.46
MANULIFE FIN MFC.TO 2.74
CDN NATURAL RES CNQ.TO 2.74
CIBC N/A 2.65
VALEANT PHARMACEUTICALS INTL IN VRX.TO 2.64
Equity Holdings
Ratio
EWC
Average Price/Earnings 16.29
Average Price/Book 1.91
Average Price/Sales 1.79
Average Price/Cashflow 2.88
Sector Weightings (%)
Sector
EWC
Basic Materials
12.22
Consumer Cyclical
4.47
Financial Services
37.17
Realestate
2.27
Consumer Defensive
3.25
Healthcare
3.60
Utilities
0.63
Communication Services
3.01
Energy
24.52
Industrials
7.80
Technology
1.05
Labels: Live Trading Records
EWS - iShares MSCI Singapore ETF
Bought EWS at 13.11 on 10 Dec 2013.
Overall Portfolio Composition (%)
Stocks: 98.70
Bonds: 0.00
Top 10 Holdings (66.01% of Total Assets)
Company
Symbol
% Assets
SingTel Z74.SI 11.72
DBS Group Holdings Ltd DBSDF.SI 11.03
UOB U11.SI 10.99
Oversea-Chinese Banking Corp Ltd OVCHF.SI 10.97
Keppel Corp Ltd KPELF.SI 5.39
GLP MC0.SI 3.62
Genting SP G13.SI 3.60
Singapore Press Holdings Limited SGPRF.SI 3.01
Capitaland C31.SI 3.01
Wilmar F34.SI 2.67
Equity Holdings
Ratio
EWS
Average Price/Earnings 14.66
Average Price/Book 1.29
Average Price/Sales 1.15
Average Price/Cashflow 10.89
Sector Weightings (%)
Sector
EWS
Basic Materials 0.00
Consumer Cyclical
8.78
Financial Services
35.99
Realestate
16.73
Consumer Defensive
5.25
Healthcare 0.00
Utilities
2.24
Communication Services
12.88
Energy
1.89
Industrials
16.24
Technology 0.00
Overall Portfolio Composition (%)
Stocks: 98.70
Bonds: 0.00
Top 10 Holdings (66.01% of Total Assets)
Company
Symbol
% Assets
SingTel Z74.SI 11.72
DBS Group Holdings Ltd DBSDF.SI 11.03
UOB U11.SI 10.99
Oversea-Chinese Banking Corp Ltd OVCHF.SI 10.97
Keppel Corp Ltd KPELF.SI 5.39
GLP MC0.SI 3.62
Genting SP G13.SI 3.60
Singapore Press Holdings Limited SGPRF.SI 3.01
Capitaland C31.SI 3.01
Wilmar F34.SI 2.67
Equity Holdings
Ratio
EWS
Average Price/Earnings 14.66
Average Price/Book 1.29
Average Price/Sales 1.15
Average Price/Cashflow 10.89
Sector Weightings (%)
Sector
EWS
Basic Materials 0.00
Consumer Cyclical
8.78
Financial Services
35.99
Realestate
16.73
Consumer Defensive
5.25
Healthcare 0.00
Utilities
2.24
Communication Services
12.88
Energy
1.89
Industrials
16.24
Technology 0.00
Labels: Live Trading Records
G3B
Bought G3B at 3.12 / 3.10 on 11 Mar 2013.
Labels: Live Trading Records
10 December 2013
G3B
Bought G3B at 3.15 / 3.13.
Labels: Live Trading Records
09 December 2013
EWA - iShares MSCI Australia ETF
Bought EWA at 24.45.
Overall Portfolio Composition (%)
Stocks: 99.79
Bonds: 0.00
Top 10 Holdings (62.51% of Total Assets)
Company
Symbol
% Assets
CWLTH BANK FPO CBA.AX 10.95
BHP Billiton Ltd BHPLF.AX 10.80
WESTPAC FPO WBC.AX 9.51
Australia and New Zealand Banking Group Limited ANEWF.AX 8.29
NAT. BANK FPO NAB.AX 7.39
Woolworths Limited WOLWF.AX 3.88
WESFARMER FPO WES.AX 3.86
CSL FPO CSL.AX 3.05
RIO TINTO FPO RIO.AX 2.49
Woodside Petroleum Limited WOPEF.AX 2.29
Equity Holdings
Ratio
EWA
Average Price/Earnings 15.74
Average Price/Book 2.08
Average Price/Sales 2.05
Average Price/Cashflow 4.82
Sector Weightings (%)
Sector
EWA
Basic Materials
17.34
Consumer Cyclical
2.86
Financial Services
44.25
Realestate
6.81
Consumer Defensive
9.13
Healthcare
4.37
Utilities
1.42
Communication Services
2.02
Energy
5.68
Industrials
5.30
Technology
0.83
Overall Portfolio Composition (%)
Stocks: 99.79
Bonds: 0.00
Top 10 Holdings (62.51% of Total Assets)
Company
Symbol
% Assets
CWLTH BANK FPO CBA.AX 10.95
BHP Billiton Ltd BHPLF.AX 10.80
WESTPAC FPO WBC.AX 9.51
Australia and New Zealand Banking Group Limited ANEWF.AX 8.29
NAT. BANK FPO NAB.AX 7.39
Woolworths Limited WOLWF.AX 3.88
WESFARMER FPO WES.AX 3.86
CSL FPO CSL.AX 3.05
RIO TINTO FPO RIO.AX 2.49
Woodside Petroleum Limited WOPEF.AX 2.29
Equity Holdings
Ratio
EWA
Average Price/Earnings 15.74
Average Price/Book 2.08
Average Price/Sales 2.05
Average Price/Cashflow 4.82
Sector Weightings (%)
Sector
EWA
Basic Materials
17.34
Consumer Cyclical
2.86
Financial Services
44.25
Realestate
6.81
Consumer Defensive
9.13
Healthcare
4.37
Utilities
1.42
Communication Services
2.02
Energy
5.68
Industrials
5.30
Technology
0.83
Labels: Live Trading Records
EPP - iShares MSCI Pacific ex-Japan ETF
Bought EPP at 46.84.
Overall Portfolio Composition (%)
Stocks: 99.82
Bonds: 0.00
Top 10 Holdings (41.13% of Total Assets)
Company
Symbol
% Assets
CWLTH BANK FPO CBA.AX 7.02
BHP Billiton Ltd BHPLF.AX 6.92
WESTPAC FPO WBC.AX 6.09
Australia and New Zealand Banking Group Limited ANEWF.AX 4.50
NAT. BANK FPO NAB.AX 4.30
AIA Group Ltd. AAIGF.HK 3.69
Woolworths Limited WOLWF.AX 2.52
WESFARMER FPO WES.AX 2.51
CSL FPO CSL.AX 1.96
RIO TINTO FPO RIO.AX 1.62
Equity Holdings
Ratio
EPP
Average Price/Earnings 15.73
Average Price/Book 1.62
Average Price/Sales 1.98
Average Price/Cashflow 6.02
Sector Weightings (%)
Sector
EPP
Basic Materials
11.56
Consumer Cyclical
7.80
Financial Services
38.68
Realestate
13.46
Consumer Defensive
6.57
Healthcare
2.80
Utilities
3.66
Communication Services
3.39
Energy
3.87
Industrials
7.32
Technology
0.90
Overall Portfolio Composition (%)
Stocks: 99.82
Bonds: 0.00
Top 10 Holdings (41.13% of Total Assets)
Company
Symbol
% Assets
CWLTH BANK FPO CBA.AX 7.02
BHP Billiton Ltd BHPLF.AX 6.92
WESTPAC FPO WBC.AX 6.09
Australia and New Zealand Banking Group Limited ANEWF.AX 4.50
NAT. BANK FPO NAB.AX 4.30
AIA Group Ltd. AAIGF.HK 3.69
Woolworths Limited WOLWF.AX 2.52
WESFARMER FPO WES.AX 2.51
CSL FPO CSL.AX 1.96
RIO TINTO FPO RIO.AX 1.62
Equity Holdings
Ratio
EPP
Average Price/Earnings 15.73
Average Price/Book 1.62
Average Price/Sales 1.98
Average Price/Cashflow 6.02
Sector Weightings (%)
Sector
EPP
Basic Materials
11.56
Consumer Cyclical
7.80
Financial Services
38.68
Realestate
13.46
Consumer Defensive
6.57
Healthcare
2.80
Utilities
3.66
Communication Services
3.39
Energy
3.87
Industrials
7.32
Technology
0.90
Labels: Live Trading Records
06 December 2013
华人交易员的投资忠告(ZT)
本文为江平在华尔街征战多年的经验总结，相信市场是相通的，以此为A股投资者提供借鉴。
四点忠告
1.树立劳动致富的人生观
古今中外历朝历代只有极少数人可以不劳而获。普通老百姓应在本职工作上精益求精，依靠辛勤劳动而致富。炒卖股票不属于劳动。不少人本是勤奋节俭，但总是担心别人不劳而获赚大了，华尔街(泛指) 很善于投其所好，以小利相诱，终将其血汗所得窃为己有。
2.保卫劳动果实以死守不战为上策
绝大部分人不可能真正弄清市场规律，不可能识破华尔街圈套，千万不要盲目自信而进入市场，更不要相信华尔街经纪人的花言巧语，自己辛勤所得应守护好。
然而不战并非不做事，并非将钱压在床底，或是简单存入银行。指数化投资属于防守型的好策略，按月有规律地将部分收入投入股市也是好办法。关键是不要受华尔街影响，不要受媒体影响，不要受左邻右舍影响，要持之以恒地进行指数化投资。
有道德的职业投资者拿着别人的钱，也应当成自己的钱一样保守，在弄清情况之前主力资金不要轻易出击。
3.投资行业是一种特殊劳动
其特殊性在于，行业门槛很高，很不容易进，但进去后并不难。滥竽充数者不少，日子也都不错。当然，像其他行业一样，做得好也不容易。不过这一行做得稍好一些的，收入之高与其付出似乎不成比例。
医生要为病人解除病痛，厨师要做出可口饭菜，才能算劳动。华尔街所谓职业投资，绝大部分情况下并不是指帮投资者赚钱，而是指从投资者手中圈钱，不管赚了赔了，都大收一笔手续费。华尔街将职业投资美化为每个基金经理都绞尽脑汁为投资者赚钱，与真实情况大相径庭。实情更接近于江湖郎中兜售灵丹，自称包治百病，或是厨师画饼与人充饥，账单上却写上美味佳肴的价钱。
商学院MBA学投资，大部分人并不想像普通投资者那样，将自己的钱来炒作股票，望眼欲穿，期待股票大涨，而是想削尖脑袋，进入华尔街，学会圈钱之术以致富。
4.九死一生，百炼成钢
与死守不战的战术相比，业余投资者95％以上亏钱，职业投资者90％以上亏钱。当然，职业亏钱者，仍可靠其“劳动”收取管理费而致富，只不过在行业内，他们得不到尊重而已。
如何成为那不亏的10％？如何成为1％？天赋、机遇、勤奋都很重要。但在投资这一特殊行业，这些词也许有一些特殊意义。做工种地、教育科研与交易投资所需的聪明都不一样。在自己行业也许已是极为出色，但进入投资业后仍应以哀兵姿态，以守为上。对普通人来说机遇也很难得到，碰上了要珍惜。至于勤奋更不可肤浅地理解。若是死盯屏幕，输了钱想翻本，则越勤奋越糟糕。也可以说一般人的聪明勤奋，在投资这一行未必管用。
世上很多行业都有“子承父业”之现象。即使是很残酷的打仗这一行，父子名将也不在少数。但投资这一行竟找不出一个真正意义上的“子承父业”。索罗斯的大型对冲基金是由其子接任总裁，但其子什么都管，就是不管投资。美国最大共同基金富达投资集团(Fidelity Investments)，老板约翰逊曾是明星基金经理，其女也将继承父业，但她只做过很短时间基金经理。她的接位，颇有英国王子也要当一年兵再接位的味道。
子女不愿承父业，至少不愿承事业中最难、最残酷的那一块，这对想进入这一行，并希望投资赚钱致富而非圈钱致富者，应算一个警钟。想要成功，要有一定的天分、机遇，要废寝忘食，要有韧性，要有顽强的意志，要有耐心，要细致入微。最后万事俱备了，东风也起了，还要做好九死一生的打算。
如果在看了以上警告后仍想走投资赚钱（而非圈钱赚钱）这条险路，下面我的一些心得可能会有些帮助。
交易过程需要理论、实践，再理论、再实践，反复循环，以至无穷。
十项平衡术
有很多关于市场基本分析、技术分析的好书，其交易原则我早年也都看过，不少也同意。有心做交易员的读者，应将这些书全都看了。但必须从中总结出适合自己的法则来。我想要强调的是两个字：平衡。平衡这两个字用于生活，用于交易都有好处，下面仅仅是举些例子。这些原则说起来容易，自己也很难全做到。
1.人生的平衡
胸无大志、不求上进固然不可，强求功名也同样不可。投资与交易（不同于圈钱）这一职业，一方面有其惊险刺激、点石成金的魔力，另一方面，世上竟无一人子承父业，可见其必定有得有失。
2.战略与战术的平衡
战略上要自信，要有打败一切敌人的信心和勇气；战术上要谨慎，要时刻认识到自己知识与水平的局限性。准备交易时必须如临深渊、如履薄冰，对每一个细节都不要放过。
3.与华尔街的距离保持平衡
在华尔街要做到出淤泥而不染很难。在短线上与华尔街结盟也能赚不少钱，但要长期取得好回报，则必须独立于华尔街之外进行思考。为华尔街做事，有时不得不向钱低头，属于情有可原，但绝不可做出卖国求荣之事。
4.正与奇的平衡
初入市场当循正道，防守为上，对市场上流行的交易法则一一研究并试用。待有相当资金与经验的积累，并确信对局部市场有独到发现后，可以寻求机会，以奇兵出击，获取全胜。
5.长线投资与短线投机的平衡
长线以价值为本，短线交易以技术分析、资金流动分析为主。长线投资有了利润，须耐心让利润成长，及至价值基本面改变。短线交易若有损失，必须尽快止损，不可有侥幸之心。
有热门股票，可以少量资金顺势炒作，适可而止, 但需时刻提醒自己这是在做短线。对冷门资产，则当潜心分析，像科学家一样有独创性，找出别人没发现的东西，找出超级价值，不战屈人。
6.低进高出，还是高进低出？
乍一看这不成问题，当然是低进高出。然而普通投资者，包括大部分职业投资者失败之处就在这看似不成问题的问题上。
普通投资者短线操作时喜欢自作聪明，低进高出。“掉这么多，可以进了” ，“涨了不少，赶快卖掉”。而长线投资时，则受华尔街蒙蔽而高进低出。市场长时间大幅升值后，华尔街祭出其绝招，“技术革命，日新月异”，“经济腾飞，潜力无限”，怎可手中有钱而不入市? 市场上也并非没有冷静的声音，然而忠言逆耳，投资者听不进去。
一个职业交易员首先要训练“高进低出”的直觉。一个向上涨的市场，明天多半是不变或继续上涨；一个向下掉的市场，明天多半是不变或再掉。如果自己及周围人都觉得高，则买进，如果觉得太低，则卖出。短线交易，要顺势而行。“逢低吸纳，逢高出售”不可用于短线。
但职业交易员又容易在短线交易高进低出这一关走火入魔。高进低出，顺应华尔街，对于早期生存很重要。但即使短线技术炉火纯青，也须返璞归真，寻求价值，长线投资，低进高出，顺其自然。市场有一种无形的力量，使得长期回报回归平均。要找出长线价值，必须远离华尔街时尚，独立以最基本的道理分析市场。
业余投资者很难学职业交易员的一套，最好远离短线。但业余投资者可以学做分析起家的投资大师们，不做短线，耐心做长线。
7.分散风险与集中投资的平衡
价值平庸而又不得不投资时，分散风险。一旦有独创性研究发现超优价值，可以考虑集中投资，但必须少用或不用杠杆。
华尔街喜欢用“风险值”(Value at Risk, VAR) 来分析风险。这个概念漏洞很大。用一大堆价值平庸的资产分散风险，再加以杠杆，“VAR”不高，是对冲基金最常见的做法。然而，由于全球金融一体化，资产价格短期涨跌往往与基本面关系不大。同时投看似毫不相干的资产，能够分散经济风险，但未必能够分散市场风险，一旦再与杠杆相结合，则危险极大。
8.仓位大小的平衡
市场整体高估时，仓位要小，要灵活，不能眼红别人还在挣大钱。市场整体低估时，尤其是在市场持续多年走低，价值改观，而大部分投资者对经济和政策基本面的改善视而不见，不愿入市时，则当加大投入。
若是市场整体估值较好，但短线风险较大，则仓位须适中。平衡的关键在于一个赢者心态: 仓位必须足够大，市场涨上去后不要说“我看得很准，可惜没买” ；仓位又不能太大，市场短期续跌后不要说“我知道还得跌，再等等就好了” 。涨是利润，跌是机会；涨不足喜，跌不足忧。
9.简单性与复杂性之间的平衡
好的长线投资都较简单。复杂的多头套利对冲交易不是不可以做，但一定要严格跟踪市场流动性。
初入华尔街的人，千万不要一发现某复杂资产价格与模型不符，便做多做空套利。可以少做一点，同时深入研究。要知道，世界上聪明人有的是，自己所发现的，多半早已有人做过。一旦确实发现套利机会，要制定周密的行动方案。
10.供与求之间的平衡
基本的经济学规律告诉我们，供应多，价格会下降，供应少价格会上升。金融市场上长线也是如此。但短期内价格是由华尔街操纵的。比如，1999～2000年，高科技行业内部高管不停地将手中股票甩给华尔街经纪人。供应越来越多。为了便于出手，华尔街号召全世界投资者买进，市场几乎日创新高，供应多反到引起价格上升。投资者应根据华尔街这一特殊的供求现象制定相应对策。
理论方面，我个人从以下几类训练中受益较多。
六类训练
1.数学类：
四则运算；开根、乘方、指数、对数、复合利率；线性优化，基本统计。
2.经济、金融类：
微观、宏观及国际经济学；货币市场（Marcia Stigum 经典）；衍生物（John Hull经典）；经济与金融历史。
3.实用类：
彼得·林奇（Peter Lynch，Beating the Street），彼得·林奇很可能是金融史上唯一一个大规模投资靠选股而打败华尔街的投资专家。他并非名校毕业。想模仿他的人应看一看他四十岁时的照片（已白发苍苍），然后问问自己及家人是否也愿意在40岁时变成那样；杰克·许瓦格(Jack Schwager)，许瓦格写过很多书，都值得反复看。
4.其他书籍：
开卷有益，知识面越广越好。大部分书可速读，但也有些必须精读，各人可根据具体情况。非专业书中，我喜欢反复看，书翻破了再买了看的，以《BANNED选集》与《金庸全集》为首。现在没时间看书了，靠锻炼时间反复听两个评书，一个是刘兰芳女士的《岳飞》，一个是袁阔成的先生《三国演义》。以正克邪、将计就计、以弱胜强等人生观和交易观，也得益于这些书籍。精读几十遍的故事，每次再听，都有新的体会。
5.各类活动：
现在的教育体制，太注重读书，甚至鼓励读死书。生活中自有学问。打工种地、文娱体育、三教九流，都应尽可能有所了解，有所参与。我小学时功课不重，学校经常组织学工学农学军。这些经历，对于日后以常识分析经济运作，看穿华尔街烟幕，很有帮助。
即使有些活动不登大雅之堂，只要把握得恰当，也会有益，甚至可以化腐朽为神奇。我做交易，得益于象棋、围棋自不必多言。但从小学至研究生，打牌、打麻将一直没有停过。算牌、记牌、分析对手的习惯，在那时就已养成。麻将桌上，人人想赢怕输，牌内牌外同时下工夫，赢了的想套现，输了的想翻本。我在墨西哥比索交易过程中与对手都很熟，不少对手身上都有当年“麻友”的原型。
6.高深理论类：
高深理论有没有用？肯定有用。但我几乎拿了两个博士，所学的高深东西，对找到工作有用，但并未直接对交易起到多少作用。这些理论最大的作用是，当一班华尔街总策略师、总分析师、总经济师抖出他们的名校学位、显赫经历，顺口引用“随机微分方程”、“GARCH”、“多元回归宏观预测”等名词，我可以冷眼旁观其闹剧。这些人当中有少数是高手，而且也算正派。但大部分人并不真懂，且对投资者常怀歹意。这些理论，我当年就学得比他们好，他们骗不了我。只要自己功夫正、功夫深，对手以阴毒功夫来袭，可叫他自受其害。一般人如没学过这些理论也不要怕，华尔街宣传机器开动时，将耳朵塞上即可。
四点忠告
1.树立劳动致富的人生观
古今中外历朝历代只有极少数人可以不劳而获。普通老百姓应在本职工作上精益求精，依靠辛勤劳动而致富。炒卖股票不属于劳动。不少人本是勤奋节俭，但总是担心别人不劳而获赚大了，华尔街(泛指) 很善于投其所好，以小利相诱，终将其血汗所得窃为己有。
2.保卫劳动果实以死守不战为上策
绝大部分人不可能真正弄清市场规律，不可能识破华尔街圈套，千万不要盲目自信而进入市场，更不要相信华尔街经纪人的花言巧语，自己辛勤所得应守护好。
然而不战并非不做事，并非将钱压在床底，或是简单存入银行。指数化投资属于防守型的好策略，按月有规律地将部分收入投入股市也是好办法。关键是不要受华尔街影响，不要受媒体影响，不要受左邻右舍影响，要持之以恒地进行指数化投资。
有道德的职业投资者拿着别人的钱，也应当成自己的钱一样保守，在弄清情况之前主力资金不要轻易出击。
3.投资行业是一种特殊劳动
其特殊性在于，行业门槛很高，很不容易进，但进去后并不难。滥竽充数者不少，日子也都不错。当然，像其他行业一样，做得好也不容易。不过这一行做得稍好一些的，收入之高与其付出似乎不成比例。
医生要为病人解除病痛，厨师要做出可口饭菜，才能算劳动。华尔街所谓职业投资，绝大部分情况下并不是指帮投资者赚钱，而是指从投资者手中圈钱，不管赚了赔了，都大收一笔手续费。华尔街将职业投资美化为每个基金经理都绞尽脑汁为投资者赚钱，与真实情况大相径庭。实情更接近于江湖郎中兜售灵丹，自称包治百病，或是厨师画饼与人充饥，账单上却写上美味佳肴的价钱。
商学院MBA学投资，大部分人并不想像普通投资者那样，将自己的钱来炒作股票，望眼欲穿，期待股票大涨，而是想削尖脑袋，进入华尔街，学会圈钱之术以致富。
4.九死一生，百炼成钢
与死守不战的战术相比，业余投资者95％以上亏钱，职业投资者90％以上亏钱。当然，职业亏钱者，仍可靠其“劳动”收取管理费而致富，只不过在行业内，他们得不到尊重而已。
如何成为那不亏的10％？如何成为1％？天赋、机遇、勤奋都很重要。但在投资这一特殊行业，这些词也许有一些特殊意义。做工种地、教育科研与交易投资所需的聪明都不一样。在自己行业也许已是极为出色，但进入投资业后仍应以哀兵姿态，以守为上。对普通人来说机遇也很难得到，碰上了要珍惜。至于勤奋更不可肤浅地理解。若是死盯屏幕，输了钱想翻本，则越勤奋越糟糕。也可以说一般人的聪明勤奋，在投资这一行未必管用。
世上很多行业都有“子承父业”之现象。即使是很残酷的打仗这一行，父子名将也不在少数。但投资这一行竟找不出一个真正意义上的“子承父业”。索罗斯的大型对冲基金是由其子接任总裁，但其子什么都管，就是不管投资。美国最大共同基金富达投资集团(Fidelity Investments)，老板约翰逊曾是明星基金经理，其女也将继承父业，但她只做过很短时间基金经理。她的接位，颇有英国王子也要当一年兵再接位的味道。
子女不愿承父业，至少不愿承事业中最难、最残酷的那一块，这对想进入这一行，并希望投资赚钱致富而非圈钱致富者，应算一个警钟。想要成功，要有一定的天分、机遇，要废寝忘食，要有韧性，要有顽强的意志，要有耐心，要细致入微。最后万事俱备了，东风也起了，还要做好九死一生的打算。
如果在看了以上警告后仍想走投资赚钱（而非圈钱赚钱）这条险路，下面我的一些心得可能会有些帮助。
交易过程需要理论、实践，再理论、再实践，反复循环，以至无穷。
十项平衡术
有很多关于市场基本分析、技术分析的好书，其交易原则我早年也都看过，不少也同意。有心做交易员的读者，应将这些书全都看了。但必须从中总结出适合自己的法则来。我想要强调的是两个字：平衡。平衡这两个字用于生活，用于交易都有好处，下面仅仅是举些例子。这些原则说起来容易，自己也很难全做到。
1.人生的平衡
胸无大志、不求上进固然不可，强求功名也同样不可。投资与交易（不同于圈钱）这一职业，一方面有其惊险刺激、点石成金的魔力，另一方面，世上竟无一人子承父业，可见其必定有得有失。
2.战略与战术的平衡
战略上要自信，要有打败一切敌人的信心和勇气；战术上要谨慎，要时刻认识到自己知识与水平的局限性。准备交易时必须如临深渊、如履薄冰，对每一个细节都不要放过。
3.与华尔街的距离保持平衡
在华尔街要做到出淤泥而不染很难。在短线上与华尔街结盟也能赚不少钱，但要长期取得好回报，则必须独立于华尔街之外进行思考。为华尔街做事，有时不得不向钱低头，属于情有可原，但绝不可做出卖国求荣之事。
4.正与奇的平衡
初入市场当循正道，防守为上，对市场上流行的交易法则一一研究并试用。待有相当资金与经验的积累，并确信对局部市场有独到发现后，可以寻求机会，以奇兵出击，获取全胜。
5.长线投资与短线投机的平衡
长线以价值为本，短线交易以技术分析、资金流动分析为主。长线投资有了利润，须耐心让利润成长，及至价值基本面改变。短线交易若有损失，必须尽快止损，不可有侥幸之心。
有热门股票，可以少量资金顺势炒作，适可而止, 但需时刻提醒自己这是在做短线。对冷门资产，则当潜心分析，像科学家一样有独创性，找出别人没发现的东西，找出超级价值，不战屈人。
6.低进高出，还是高进低出？
乍一看这不成问题，当然是低进高出。然而普通投资者，包括大部分职业投资者失败之处就在这看似不成问题的问题上。
普通投资者短线操作时喜欢自作聪明，低进高出。“掉这么多，可以进了” ，“涨了不少，赶快卖掉”。而长线投资时，则受华尔街蒙蔽而高进低出。市场长时间大幅升值后，华尔街祭出其绝招，“技术革命，日新月异”，“经济腾飞，潜力无限”，怎可手中有钱而不入市? 市场上也并非没有冷静的声音，然而忠言逆耳，投资者听不进去。
一个职业交易员首先要训练“高进低出”的直觉。一个向上涨的市场，明天多半是不变或继续上涨；一个向下掉的市场，明天多半是不变或再掉。如果自己及周围人都觉得高，则买进，如果觉得太低，则卖出。短线交易，要顺势而行。“逢低吸纳，逢高出售”不可用于短线。
但职业交易员又容易在短线交易高进低出这一关走火入魔。高进低出，顺应华尔街，对于早期生存很重要。但即使短线技术炉火纯青，也须返璞归真，寻求价值，长线投资，低进高出，顺其自然。市场有一种无形的力量，使得长期回报回归平均。要找出长线价值，必须远离华尔街时尚，独立以最基本的道理分析市场。
业余投资者很难学职业交易员的一套，最好远离短线。但业余投资者可以学做分析起家的投资大师们，不做短线，耐心做长线。
7.分散风险与集中投资的平衡
价值平庸而又不得不投资时，分散风险。一旦有独创性研究发现超优价值，可以考虑集中投资，但必须少用或不用杠杆。
华尔街喜欢用“风险值”(Value at Risk, VAR) 来分析风险。这个概念漏洞很大。用一大堆价值平庸的资产分散风险，再加以杠杆，“VAR”不高，是对冲基金最常见的做法。然而，由于全球金融一体化，资产价格短期涨跌往往与基本面关系不大。同时投看似毫不相干的资产，能够分散经济风险，但未必能够分散市场风险，一旦再与杠杆相结合，则危险极大。
8.仓位大小的平衡
市场整体高估时，仓位要小，要灵活，不能眼红别人还在挣大钱。市场整体低估时，尤其是在市场持续多年走低，价值改观，而大部分投资者对经济和政策基本面的改善视而不见，不愿入市时，则当加大投入。
若是市场整体估值较好，但短线风险较大，则仓位须适中。平衡的关键在于一个赢者心态: 仓位必须足够大，市场涨上去后不要说“我看得很准，可惜没买” ；仓位又不能太大，市场短期续跌后不要说“我知道还得跌，再等等就好了” 。涨是利润，跌是机会；涨不足喜，跌不足忧。
9.简单性与复杂性之间的平衡
好的长线投资都较简单。复杂的多头套利对冲交易不是不可以做，但一定要严格跟踪市场流动性。
初入华尔街的人，千万不要一发现某复杂资产价格与模型不符，便做多做空套利。可以少做一点，同时深入研究。要知道，世界上聪明人有的是，自己所发现的，多半早已有人做过。一旦确实发现套利机会，要制定周密的行动方案。
10.供与求之间的平衡
基本的经济学规律告诉我们，供应多，价格会下降，供应少价格会上升。金融市场上长线也是如此。但短期内价格是由华尔街操纵的。比如，1999～2000年，高科技行业内部高管不停地将手中股票甩给华尔街经纪人。供应越来越多。为了便于出手，华尔街号召全世界投资者买进，市场几乎日创新高，供应多反到引起价格上升。投资者应根据华尔街这一特殊的供求现象制定相应对策。
理论方面，我个人从以下几类训练中受益较多。
六类训练
1.数学类：
四则运算；开根、乘方、指数、对数、复合利率；线性优化，基本统计。
2.经济、金融类：
微观、宏观及国际经济学；货币市场（Marcia Stigum 经典）；衍生物（John Hull经典）；经济与金融历史。
3.实用类：
彼得·林奇（Peter Lynch，Beating the Street），彼得·林奇很可能是金融史上唯一一个大规模投资靠选股而打败华尔街的投资专家。他并非名校毕业。想模仿他的人应看一看他四十岁时的照片（已白发苍苍），然后问问自己及家人是否也愿意在40岁时变成那样；杰克·许瓦格(Jack Schwager)，许瓦格写过很多书，都值得反复看。
4.其他书籍：
开卷有益，知识面越广越好。大部分书可速读，但也有些必须精读，各人可根据具体情况。非专业书中，我喜欢反复看，书翻破了再买了看的，以《BANNED选集》与《金庸全集》为首。现在没时间看书了，靠锻炼时间反复听两个评书，一个是刘兰芳女士的《岳飞》，一个是袁阔成的先生《三国演义》。以正克邪、将计就计、以弱胜强等人生观和交易观，也得益于这些书籍。精读几十遍的故事，每次再听，都有新的体会。
5.各类活动：
现在的教育体制，太注重读书，甚至鼓励读死书。生活中自有学问。打工种地、文娱体育、三教九流，都应尽可能有所了解，有所参与。我小学时功课不重，学校经常组织学工学农学军。这些经历，对于日后以常识分析经济运作，看穿华尔街烟幕，很有帮助。
即使有些活动不登大雅之堂，只要把握得恰当，也会有益，甚至可以化腐朽为神奇。我做交易，得益于象棋、围棋自不必多言。但从小学至研究生，打牌、打麻将一直没有停过。算牌、记牌、分析对手的习惯，在那时就已养成。麻将桌上，人人想赢怕输，牌内牌外同时下工夫，赢了的想套现，输了的想翻本。我在墨西哥比索交易过程中与对手都很熟，不少对手身上都有当年“麻友”的原型。
6.高深理论类：
高深理论有没有用？肯定有用。但我几乎拿了两个博士，所学的高深东西，对找到工作有用，但并未直接对交易起到多少作用。这些理论最大的作用是，当一班华尔街总策略师、总分析师、总经济师抖出他们的名校学位、显赫经历，顺口引用“随机微分方程”、“GARCH”、“多元回归宏观预测”等名词，我可以冷眼旁观其闹剧。这些人当中有少数是高手，而且也算正派。但大部分人并不真懂，且对投资者常怀歹意。这些理论，我当年就学得比他们好，他们骗不了我。只要自己功夫正、功夫深，对手以阴毒功夫来袭，可叫他自受其害。一般人如没学过这些理论也不要怕，华尔街宣传机器开动时，将耳朵塞上即可。
05 December 2013
GXG - GLOBAL X FTSE COLOMBIA 20 ETF
Bought GXG at 18.62.
Overall Portfolio Composition (%)
Stocks: 87.89
Bonds: 0.00
Top 10 Holdings (67.47% of Total Assets)
Company Symbol % Assets
Ecopetrol S.A. American Deposit EC 14.50
BanColombia S.A. Common Stock CIB 10.87
Pacific Rubiales Energy Corp. PEGFF.TO 8.19
Grupo de Inversiones Suramericana SA GRUPOSURA 5.77
Cementos Argos S.A. CEMARGOS 5.03
Corporacion Financiera Colombiana SA CORFICOLCF 4.70
Inversiones Argos SA GRUPOARGOS 4.64
Grupo Nutresa S.A. NUTRESA 4.60
Banco De Bogota SA BOGOTA 4.59
Almacenes Exito SA EXITO 4.58
Equity Holdings
Ratio GXG
Average Price/Earnings 17.65
Average Price/Book 1.58
Average Price/Sales 2.00
Average Price/Cashflow 7.79
Sector Weightings (%)
Sector GXG
Basic Materials
15.03
Consumer Cyclical
5.26
Financial Services
30.29
Realestate 0.00
Consumer Defensive
5.24
Healthcare 0.00
Utilities
17.14
Communication Services 0.00
Energy
27.05
Industrials 0.00
Technology 0.00
Overall Portfolio Composition (%)
Stocks: 87.89
Bonds: 0.00
Top 10 Holdings (67.47% of Total Assets)
Company Symbol % Assets
Ecopetrol S.A. American Deposit EC 14.50
BanColombia S.A. Common Stock CIB 10.87
Pacific Rubiales Energy Corp. PEGFF.TO 8.19
Grupo de Inversiones Suramericana SA GRUPOSURA 5.77
Cementos Argos S.A. CEMARGOS 5.03
Corporacion Financiera Colombiana SA CORFICOLCF 4.70
Inversiones Argos SA GRUPOARGOS 4.64
Grupo Nutresa S.A. NUTRESA 4.60
Banco De Bogota SA BOGOTA 4.59
Almacenes Exito SA EXITO 4.58
Equity Holdings
Ratio GXG
Average Price/Earnings 17.65
Average Price/Book 1.58
Average Price/Sales 2.00
Average Price/Cashflow 7.79
Sector Weightings (%)
Sector GXG
Basic Materials
15.03
Consumer Cyclical
5.26
Financial Services
30.29
Realestate 0.00
Consumer Defensive
5.24
Healthcare 0.00
Utilities
17.14
Communication Services 0.00
Energy
27.05
Industrials 0.00
Technology 0.00
Labels: Live Trading Records
GML - SPDR S&P EMERGING LATIN AMERICA ETF
Bought GML at 61.66.
Overall Portfolio Composition (%)
Stocks: 95.41
Bonds: 0.00
Top 10 Holdings (29.16% of Total Assets)
Company Symbol % Assets
America Movil, S.A.B. de C.V. AMX L.MX 5.61
Itau Unibanco Holding SA ADR ITUB.SA 4.63
Bank Bradesco ADR BBD.SA 3.73
Cia de Bebidas das Americas-Ambev ADR ABV.SA 3.46
Companhia de Bebidas das Americas Ambev ADR ABV.SA 3.46
Petroleo Brasileiro SA Petrobras ADR PBR.SA 2.37
Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D) FEMSA UBD. 2.18
Vale SA ADR VALE.SA 1.93
Wal - Mart de Mexico, S.A.B. de C.V. Class V WMMVF.MX 1.79
Equity Holdings
Ratio GML
Average Price/Earnings 15.11
Average Price/Book 1.71
Average Price/Sales 0.90
Average Price/Cashflow 3.66
Sector Weightings (%)
Sector GML
Basic Materials
16.16
Consumer Cyclical
7.28
Financial Services
22.03
Realestate
1.84
Consumer Defensive
17.73
Healthcare
0.55
Utilities
4.35
Communication Services
8.48
Energy
10.49
Industrials
9.52
Technology
1.57
Overall Portfolio Composition (%)
Stocks: 95.41
Bonds: 0.00
Top 10 Holdings (29.16% of Total Assets)
Company Symbol % Assets
America Movil, S.A.B. de C.V. AMX L.MX 5.61
Itau Unibanco Holding SA ADR ITUB.SA 4.63
Bank Bradesco ADR BBD.SA 3.73
Cia de Bebidas das Americas-Ambev ADR ABV.SA 3.46
Companhia de Bebidas das Americas Ambev ADR ABV.SA 3.46
Petroleo Brasileiro SA Petrobras ADR PBR.SA 2.37
Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D) FEMSA UBD. 2.18
Vale SA ADR VALE.SA 1.93
Wal - Mart de Mexico, S.A.B. de C.V. Class V WMMVF.MX 1.79
Equity Holdings
Ratio GML
Average Price/Earnings 15.11
Average Price/Book 1.71
Average Price/Sales 0.90
Average Price/Cashflow 3.66
Sector Weightings (%)
Sector GML
Basic Materials
16.16
Consumer Cyclical
7.28
Financial Services
22.03
Realestate
1.84
Consumer Defensive
17.73
Healthcare
0.55
Utilities
4.35
Communication Services
8.48
Energy
10.49
Industrials
9.52
Technology
1.57
Labels: Live Trading Records
03 December 2013
RSX - MARKET VECTORS RUSSIA ETF
Bought RSX at 27.91.
Overall Portfolio Composition (%)
Stocks: 98.48
Bonds: 0.00
Top 10 Holdings (59.98% of Total Assets)
Company
Symbol
% Assets
SBERBANK RUSSIA SBRCY 8.40
OAO GAZPROM ADR OGZPY 7.90
LUKOIL CO SPONS ADR LUKOY 7.11
NOVATEK JT STK NOVKY 6.67
OJSC Magnit GDR MGNT 6.13
JSC MMC NORILSK ADR NILSY 5.70
OJSC OC ROSNEFT OJSCY 4.64
Mobile TeleSystems OJSC MBT 4.59
SURGUTNEFTEGAZ ADR SGTZY 4.49
OAO TATNEFT OAOFY 4.35
Equity Holdings
Ratio
RSX
Average Price/Earnings 17.26
Average Price/Book 0.82
Average Price/Sales 0.51
Average Price/Cashflow 3.45
Sector Weightings (%)
Sector
RSX
Basic Materials
15.48
Consumer Cyclical
0.65
Financial Services
11.12
Realestate
0.40
Consumer Defensive
7.03
Healthcare
0.53
Utilities
2.70
Communication Services
14.34
Energy
41.79
Industrials
1.22
Technology
4.74
Overall Portfolio Composition (%)
Stocks: 98.48
Bonds: 0.00
Top 10 Holdings (59.98% of Total Assets)
Company
Symbol
% Assets
SBERBANK RUSSIA SBRCY 8.40
OAO GAZPROM ADR OGZPY 7.90
LUKOIL CO SPONS ADR LUKOY 7.11
NOVATEK JT STK NOVKY 6.67
OJSC Magnit GDR MGNT 6.13
JSC MMC NORILSK ADR NILSY 5.70
OJSC OC ROSNEFT OJSCY 4.64
Mobile TeleSystems OJSC MBT 4.59
SURGUTNEFTEGAZ ADR SGTZY 4.49
OAO TATNEFT OAOFY 4.35
Equity Holdings
Ratio
RSX
Average Price/Earnings 17.26
Average Price/Book 0.82
Average Price/Sales 0.51
Average Price/Cashflow 3.45
Sector Weightings (%)
Sector
RSX
Basic Materials
15.48
Consumer Cyclical
0.65
Financial Services
11.12
Realestate
0.40
Consumer Defensive
7.03
Healthcare
0.53
Utilities
2.70
Communication Services
14.34
Energy
41.79
Industrials
1.22
Technology
4.74
Labels: Live Trading Records
RBL - SPDR S&P RUSSIA ETF
Added RBL at 27.03.
Labels: Live Trading Records
ILF - ISHARES LATIN AMERICA 40 ETF
Bought ILF at 37.11.
Overall Portfolio Composition (%)
Stocks: 99.82
Bonds: 0.00
Top 10 Holdings (59.73% of Total Assets)
Company
Symbol
% Assets
America Movil, S.A.B. de C.V. AMX L.MX 10.47
Itau Unibanco Holding SA ADR ITUB.SA 8.39
Petroleo Brasileiro SA Petrobras ADR PBR.A.SA 8.05
Vale SA ADR VALE.P.SA 6.69
Bank Bradesco ADR BBD.SA 6.58
Companhia de Bebidas das Americas Ambev ADR ABV.SA 6.10
Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D) FEMSA UBD. 3.93
BRF SA ADR BRFS.SA 3.28
BRASIL -ON ED NM BBAS3.SA 3.24
Wal - Mart de Mexico, S.A.B. de C.V. Class V WMMVF.MX 3.00
Equity Holdings
Ratio
ILF
Average Price/Earnings 13.64
Average Price/Book 1.80
Average Price/Sales 1.06
Average Price/Cashflow 3.27
Sector Weightings (%)
Sector
ILF
Basic Materials
16.67
Consumer Cyclical
6.13
Financial Services
24.92
Realestate 0.00
Consumer Defensive
16.34
Healthcare 0.00
Utilities
4.21
Communication Services
10.80
Energy
10.61
Industrials
8.08
Technology
2.25
Overall Portfolio Composition (%)
Stocks: 99.82
Bonds: 0.00
Top 10 Holdings (59.73% of Total Assets)
Company
Symbol
% Assets
America Movil, S.A.B. de C.V. AMX L.MX 10.47
Itau Unibanco Holding SA ADR ITUB.SA 8.39
Petroleo Brasileiro SA Petrobras ADR PBR.A.SA 8.05
Vale SA ADR VALE.P.SA 6.69
Bank Bradesco ADR BBD.SA 6.58
Companhia de Bebidas das Americas Ambev ADR ABV.SA 6.10
Fomento Economico Mexicano SAB de CV Units (1 Series B, 4 Series D) FEMSA UBD. 3.93
BRF SA ADR BRFS.SA 3.28
BRASIL -ON ED NM BBAS3.SA 3.24
Wal - Mart de Mexico, S.A.B. de C.V. Class V WMMVF.MX 3.00
Equity Holdings
Ratio
ILF
Average Price/Earnings 13.64
Average Price/Book 1.80
Average Price/Sales 1.06
Average Price/Cashflow 3.27
Sector Weightings (%)
Sector
ILF
Basic Materials
16.67
Consumer Cyclical
6.13
Financial Services
24.92
Realestate 0.00
Consumer Defensive
16.34
Healthcare 0.00
Utilities
4.21
Communication Services
10.80
Energy
10.61
Industrials
8.08
Technology
2.25
Labels: Live Trading Records
EWZ - ISHARES MSCI BRAZIL CAPPED ETF
Bought EWZ 46.15.
Overall Portfolio Composition (%)
Stocks: 77.48
Bonds: 0.00
Top 10 Holdings (42.29% of Total Assets)
Company
Symbol
% Assets
ITAUUNIBANCO-ON ED N1 ITUB3.SA 7.82
BRADESCO -PN N1 BBDC4.SA 6.02
VALE -PNA N1 VALE5.SA 5.70
Ambev Cia De Bebid N/A 5.25
PETROBRAS -ON PETR3.SA 4.97
Vale SA VALEF.SA 3.77
BRF SA -ON NM BRFS3.SA 3.67
Cielo SA CIOXF.SA 2.66
BMFBOVESPA -ON NM BVMF3.SA 2.43
Equity Holdings
Ratio
EWZ
Average Price/Earnings 15.26
Average Price/Book 1.59
Average Price/Sales 0.95
Average Price/Cashflow 5.51
Sector Weightings (%)
Sector
EWZ
Basic Materials
9.81
Consumer Cyclical
5.81
Financial Services
25.13
Realestate
3.09
Consumer Defensive
21.16
Healthcare
0.50
Utilities
4.24
Communication Services
4.21
Energy
11.54
Industrials
9.75
Technology
4.77
Overall Portfolio Composition (%)
Stocks: 77.48
Bonds: 0.00
Top 10 Holdings (42.29% of Total Assets)
Company
Symbol
% Assets
ITAUUNIBANCO-ON ED N1 ITUB3.SA 7.82
BRADESCO -PN N1 BBDC4.SA 6.02
VALE -PNA N1 VALE5.SA 5.70
Ambev Cia De Bebid N/A 5.25
PETROBRAS -ON PETR3.SA 4.97
Vale SA VALEF.SA 3.77
BRF SA -ON NM BRFS3.SA 3.67
Cielo SA CIOXF.SA 2.66
BMFBOVESPA -ON NM BVMF3.SA 2.43
Equity Holdings
Ratio
EWZ
Average Price/Earnings 15.26
Average Price/Book 1.59
Average Price/Sales 0.95
Average Price/Cashflow 5.51
Sector Weightings (%)
Sector
EWZ
Basic Materials
9.81
Consumer Cyclical
5.81
Financial Services
25.13
Realestate
3.09
Consumer Defensive
21.16
Healthcare
0.50
Utilities
4.24
Communication Services
4.21
Energy
11.54
Industrials
9.75
Technology
4.77
Labels: Live Trading Records
ESR - ISHARES MSCI EMERGING MARKET ETF
Bought ESR at 25.91.
Overall Portfolio Composition (%)
Stocks: 98.09
Bonds: 0.00
Top 10 Holdings (63.03% of Total Assets)
Company
Symbol
% Assets
OAO Gazprom FDGAZP 17.15
Sberbank Of Russia SBER 10.68
LUKOIL CO LUKOF 10.34
OJSC Magnit GDR MGNT 5.16
NOVATEK JT STK NOVKY 3.95
Mobile TeleSystems OJSC MBT 3.64
Pimco Income Opportunity Fund C PKO 3.59
OAO Tatneft TATN 3.01
OJSC Rosneft Oil Company ROSN 2.86
Powszechny Zaklad Ubezpieczen SA PZU 2.65
Equity Holdings
Ratio
ESR
Average Price/Earnings 6.11
Average Price/Book 0.69
Average Price/Sales 0.65
Average Price/Cashflow 3.43
Sector Weightings (%)
Sector
ESR
Basic Materials
8.18
Consumer Cyclical 0.00
Financial Services
26.72
Realestate
0.23
Consumer Defensive
5.89
Healthcare 0.00
Utilities
4.70
Communication Services
7.79
Energy
46.50
Industrials 0.00
Technology 0.00
Overall Portfolio Composition (%)
Stocks: 98.09
Bonds: 0.00
Top 10 Holdings (63.03% of Total Assets)
Company
Symbol
% Assets
OAO Gazprom FDGAZP 17.15
Sberbank Of Russia SBER 10.68
LUKOIL CO LUKOF 10.34
OJSC Magnit GDR MGNT 5.16
NOVATEK JT STK NOVKY 3.95
Mobile TeleSystems OJSC MBT 3.64
Pimco Income Opportunity Fund C PKO 3.59
OAO Tatneft TATN 3.01
OJSC Rosneft Oil Company ROSN 2.86
Powszechny Zaklad Ubezpieczen SA PZU 2.65
Equity Holdings
Ratio
ESR
Average Price/Earnings 6.11
Average Price/Book 0.69
Average Price/Sales 0.65
Average Price/Cashflow 3.43
Sector Weightings (%)
Sector
ESR
Basic Materials
8.18
Consumer Cyclical 0.00
Financial Services
26.72
Realestate
0.23
Consumer Defensive
5.89
Healthcare 0.00
Utilities
4.70
Communication Services
7.79
Energy
46.50
Industrials 0.00
Technology 0.00
Labels: Live Trading Records
