這宗交易終告完成，AT&T主席Ed Whitacre肯定最開心。眾所周知，由於Antitrust，AT&T於1984一開七。1988 Whitacre成為Southwestern Bell總裁，其後平步青雲，1995成為集團主席。工程師出身的他，上任後走上重組AT&T之路，把昔日分割開去的Baby Bell，逐一收歸旗下。
Of course big corps have some advantage over small corps, but they are often too expensive because everybody thinks so!
I think both small and big corps can be good investment. For example, Peter lynch loves small corps.
Having read the Long Tail Theory, I am amazed that one important market has been missed Perhaps this market is too obvious that makes the author 眼大睇過濃.
The internet acts as a platform where the Long Tail theory play its role. And the author use digital music as a good example. Think twice the Long Tail theory can be applied to the STOCK MARKET … yes the market you and I interact everyday :
1. The most active stocks constitutes 80%+ of the transaction amount … however no matter how 冷門 a stock , there will be transaction (sometimes I wonder how queer the taste of the buyer is)
2. The transaction ‘costs’ (I dont mean the commission) for purchase of 1 lot of HSBC is the same as l lot of junk stock.
3. The author has named a book suddenly becomes hot because there is cross-reference recommendation. In the stock market the same applies … just look at the price of Sino Golf when Webb recommends
4. Virtually the stock listed can goes on forever provided it fit the listing requirement
5. No storage required for physical ‘stock’
“388″ has long been my flag ship investment that i start to buy it at $20 whenever i have spare money. I regret I understand the Long Tail market too late that can boost me the confidence of keep buying it at over $60.
Actually of the 4 stocks you quoted (388, 2628, 1398, 3988) only 388 is worth a high PE.
Another concept that I always apply to 388 is that it is a 賭業概念股. Imagine your friend 金手指 always recommend readers “一注獨嬴", the ever increasing day traders , the increased popularity of warrants etc. To me 圖表派 is no different with the ladies and gentlemen who sit at the bagammon or big/small table, seriously took down the “trend" and hope to predict the outcome. (I consider 價值投資法 the only investment principle that stands emprical test). 港交所is actually the biggest casino in Hong Kong. What’s more it’s the one and only! it dont need to face competition (So goldfinger please dont ask for more stock market :-P). If you buy “Macau casino concep" stock you need to evaluate competition from Wynn or Sands but you never worry if you hold 388.
Yes, monopoly has its advantage!
And again while monopoly also applies to some public utility stock, the profit is always restricted and heavy capital investment is usally required, say if the electricity consumption increased by double. But look at the stock market capital investment need not be increased even the transaction triple or quadrupled! 真是多D嚟蜜D手, 大大都殺得起.
I declare 388 the King of Stock !!
I am a loyal reader of Apple Daily since it inception but I cannot agree with your view in this aspect.
Of course I agree 100% that a newspaper should stand firm and has its own viewpoint, however this should be done through the editorial or columns but never reflect it in the news. The problem of Apple Daily on the treatment of news is that the reporters always makes conclusive statement (or sometimes assumptions). The readers look like idiots or fools who cannot make judgement of their own. Actually everyone has its own benchmark to decide what’s black and white or right and wrong.
The phenomenum of ‘trusted source’ of Stewart or Colbert is itself a danger. Their standpoint may be 99.9% ‘correct’ but ‘to err is human’. How come one become ‘trusted’ because he clearly take his side? In fact,in this information-flooded area, one should critically review ‘news’ or ‘information’ received before accepted it as ‘truth’.
On the contrary, many people nowadays take for granted on whatever listed in the newpaper as ‘truth’; I have seen too many examples youngsters believe hoax or urban legends received from e-mails.
I am particularly not pleased that Apple Daily published blogs from nowhere and disagree that this is the way forward.
aant︰那就要看一個投資者有否turn over every rock的毅力和洞察力了。當然，我也明白世上有不少很好的SmallCap是best kept as SmallCap，不過，對大多數「求其」要一個數字的散戶，還是隨眾穩妥一點。而且不少散戶的心理質素一般，有「輸谷贏縮」者，更多是「短炒變長線」。既然如此，何不投資在LargeCap呢？
Steward和Colbert是美國25歲以下年青人最取信的新聞來源，因為他們夠cynical，而他們也非常明確地將他們的立場呈現在觀眾眼前。（By the way，Steward和Colbert是Talk Show 評論，不是新聞呢！）