未來十年係一個大時代，現在讀緊大學嘅經濟糸學生，你讀嘅嘢將無曬參考價值，因為歐美爭人周身債，唯一揾快錢嘅途徑就係將市場扭曲，第日你哋見倒金價上萬美元、太古城要一億銀一間！

請唔好問點解？唔吹大個泡沫，點揾華人笨？

點將中國嘅儲備自動轉賬去拒哋嘅户口？？

希望未來中國嘅財金官員，唔係好似幾拾年前嗰啲日本仔咁蠢啦！

湯博士, 如果歐豬國家月內爆煲, 香江樓市耐震能力如何?

可否下篇以此為題賜教愚弟, 謝!

其實AAA評級都出事, 又有邊個可以預料呢... 議員們真係無腦, 淨係覺得佢面對的市民大眾, 想就番???

歐洲點爆, 當大家都是用家時, 其實關你X事

雷曼迷債, 金管局和監管機構當然有應負的責任, 但主要責任還是要由投資者自己負責.

當年銀行職員也有向我推銷迷債, 講到有數碼相機 / 數碼錄影機 / 大電視作為贈品時, 我就保持了警覺, 因為羊毛出在羊身上. 除非是很熟悉的投資工具或產品, 否則在遇到推廣時, 都應打一個問號.

大多數迷債的投資者不但沒有疑問, 而且還開心地用數碼相機影全家福, 用數碼錄影機拍旅遊風景, 安坐家中欣賞大電視. 當迷債爆煲時才發現, 原來這些免費贈品是如此昂貴, 但為時已晚!

實際上, 迷債投資者取回的本金及收益, 比同時期大多數其他投資工具為高(香港樓市除外). 但當中有些人的確很不地道. 有人在爆煲初期, 認為取回6-7成已滿意. 隨著風暴漸平息, 又提高要求至回本. 到後期, 更要求按合約的回報率付全息, 而不顧香港銀行的代理性質, 與合約的另一方己破產的事實.

有這種心態之人, 心智未成熟, 今日是雷曼兄弟騙了你, 明日可能是萊特兄弟放你飛機. 不吸取教訓, 仍會重蹈復轍.

雲兄, 當時莫講話買這些迷債的投資者, 就算是分銷迷債的前線人員和有關銀行和證券公司, 都未必很清楚這種產品的結構. 所以, 用債券這個名稱的確很誤導小市民. 所以, 我不同意當時官員解說用這個名稱只是"網名", 發行商想用甚麼名稱都可以? 這太兒戲了.

This statement is wrong:

"若果那些金融產品，在香港得到口碑，行銷中國，最後才爆煲，這就是最理想"
1. FCY securities are not allowed in China (capital control)
2. All "structured" deposits have to be capital guarantteed at maturity, or under more recently: after 2007??, that limited (80-90% at maturity) capital guarantteed were allowed.

The Chinese regulators knew that in case something went wrong, the investors will be camping outside their office (they knew their quality of their people too well). So they simply stop doing it.

I had been laughing at them all those years until.......many Lehman investors claimed themselves as idiots like......

回五樓, "歐洲點爆, 當大家都是用家時, 其實關你X事",

你錯了. 若歐洲爆, 香港大部份金融從業員必受影響, 先不說會否出現銀主盤, 但起碼購買力已不見一大截, 一手樓真的還可大賣嗎?

老實說, 我現在真的想把手上的樓儘快放售, 不是說供不起, (現供款比例只佔25%), 但問題是若果比人炒左, 真係唔知要幾耐先搵到另一份工, 又人工會否大縮水.

My point is you will still be hit as a user only if you are being fired due to the collpase of Euro countries. In history, you never see so many countries collapse at once. This impact is times of Leman brothers and it cannot be saved by US or China for sure, not to mention they are also in trouble. I really have no clue how the people can pay the mortgage if the unemployment rate increase sharply. You know the unemplyment is now more than 8% in US and double digit for Europe and higher than 20% for Spain. What you think so special in HK that we can keep 3% unemployment despite the global recession?

Dr.  Tong, you are hitting right onto the bull's eye "要譴責，應該是那些評級公司".  The whole financial market is functioning based on the credit rating by those rubbish rating agencies.  Who had the guts to say that mini-bond should be the junk grade at that time??

If HKMA had to be blamed, in my point of view, should blame them for wrongly forcing banks to repay those investors who bought mini bonds.   The key accusation to banks was the sales misrepresentation (misleading sales).  And with all the cases entering legal processes, so far, none was successful in the conviction.  In this case, why should banks repay those investors??

It set a bad practice and will encourage investors for not prudently taking care of their own investment....

To: Small Potato in Investment Bank

They are just being naive to think HK is so special to keep 3% unemployment rate.  They are also super naive that they think that property price can drop by 50% to 70% without hurting the economy and their own jobs...

Just amazed that people so naive can still survive in the world....maybe our govn't just too good in protecting them...so, people can keep their idiotic way of thinking without starving to death and still with a shelter to live....

12 agree with you. 

how can people claim that they do not know anything about what they are investing when they are putting in a whole good trunk of their assets?  If they really do, then they have to take the responsibilty of their greed and ignorance. 

regarding to those 評級公司, they openly defend that the AAA grade granted to Lehman (it was still at the highest grade by one day before going bankrupted) was just OPINIONS.  That means it is up to you to believe in them when you invest and they are clear from any responsibilty.  One of the biggest bullshit I have heard ever. 

I just want to have a resonable discussion and I don't want to get into fight so I would not use the word "naive" etc.

I think the banks and govt miss the most important point in doing the stress test is what if the borrower get fired scenario, can he still pay the mortgage if he is out of work for 6 months?

Now, all the stress test is based on his current income. Under such low interest rate, it is no doubt that many people can still pass the stress test even if the interest rate doubles. But has any people asked what if he is out of work?

TO:14. 目标三间屋

Can't agree more!!

TO HongKongPeople, SmallPotato

Naive distinguishs different level of people on their ability to "see" the same thing with different view point. Simply taken being employer as an example, how many steps beyond had been considered is always quite direct to reflect his/her level of involvement in an organization no matter it is small or big.

Totally agree 2 chings mentioned about the economics situation vs property price; it is too stupid to hope price down in that way...

To Small Potato in Investment Bank,

Sorry that I used a strong word "naive".  I will be more cautious in the future comment ....but the truth is there

To: 15. A small potato in investment bank

"But has any people asked what if he is out of work?"

銀行借款給你時, 你一定是 "On the job", 所以不能假定"Out of work"。

銀行借錢給你之前, 會審慎看你的資產狀況, 包括有否額外存款可以保證"Out of work"半年而仍然能夠繼續還款。

既然借了錢給你, 還款的責任便在你身上, 如果無能力還款, 銀行可以收樓拍賣。 租樓是很簡單, 但買樓是需要有決心, 包括不能做月光族, 而需要留有一些儲備。

does anybody know why those 雷迷債券 available for sell in HK and Singapore?  is it because hk investors are especially stupid or the rugulations for retail financial products are especially relax in hk?

To small potato in ibank:

面对欧元区的乱局，小弟只会问一个问题＂IF THE SHIT HITS THE FAN。。。＂,香港情况亦然。