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今天晚上到台大去聽演講，參加的人不多，以學生為主
內容也是針對學生，談了一些在生涯中的幾段經歷。
簡單的講述一些外資的選股策略，
覺得最重要的重點是平衡的人生
健康、家庭、工作生涯.
很多人為了工作就忘記了其他更重要的事
讓我更珍惜現在的生活...
下面就是今天上課的筆記..
今天的演講power point 都是英文，
所以筆記也用英文整理，邊上邊整理的..
其中加入一些個人的註記..
有去聽演講的朋友比較看得懂，
對於內容有興趣的朋友，
可以參考最下面所列出的書目...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
管理學院金融講座—台新銀行
Speaker: 林維俊
Introduction
Why does he enter bank industry?
Working stages:
Stage 1.writing credit report – Taishin International bank, Taiwan
Social environment:
Lack of capital, banks as money providers.
Because of economic boom in Taiwan.
On the turning point, he decided to jump to the other field.
He transferred to investment industry - Merrill Lynch.
Stage 2. Merrill Lynch, London
Stage 3. Merrill Lynch, Japan
The toughest environment he ever encountered.
Features of Japanese:
1.Discrimination.
2.Respect someone who’s ability is better than him.
The more efforts the more benefits you will gain.
Chances:
Tokyo branch candidate fund manager must have:
Taiwanese, speaking English, technology background. Chances had came.
Why does he choose back to Taiwan？
1.age
2.What does he do?
Why does he decide back to Taishin Financial, Taiwan？
1. Dedicated himself to Taiwan.
2.Have a different role in working place.
3 kinds of money:（from stage 1 to stage 3）
A. Labor : 勞力財.
B. Profession專業財: Fund manager
C.Management 管理財
Investment concept discussion
What Merrill Lynch do.
Powerpoint 內容主要是以講者於Merrill Lynch所學的觀念為主
Power point content:
Stick with long term fundamental research
．Stock price reflects a company’s future earning power
．Market is not efficient
．Short term volatility is not predictable
．Long term value will converge with fundamental
買進賣出Holding六個月(long term fund)
Key fundamental factors
．Management
1.Management team, leader, CEO
2.Corporate governance, what does he thing about?
3 .Track record: cost conscience.
4.management efficiency
．Industry cycle
Not seasonal cycle
Identify industry cycle
Globe industry cycle from globe perspective
Demand and supply situation
Difficult to outperform in down cycle
Unlikely to underperform n up cycle
．Company competitiveness
Technology{tsmc
Vertical integration {Formosa group
Market share (size does mater
．Earning surprise
當盈餘高於預期。
You can forecast what is the real value in a company .
Solid research(P&Q)
Forecast vs market expectation
．Valuation
PER (the most popular)
PBR (getting more popular after internet bubble)
PSR: price to sales.. when economic bubble is coming.
ROE (Financial)
EV / EBITDA 利息稅．股利政策
Dividend yield
Q&A
1.When to use these pointer?
Every one of them.
2. Should I use history ROE or future ROE as my reference ROE?
Future earning power
Forcast ROE
Use history record to forecast future ROE, depend on which industry it belongs to.
．Stock dynamics
Political crises(war, peace agreement etc)
Natural disasters (earthquake)
All others
Side discussion: Core value in our life
．What are the most important items in your life?
．How much efforts should be allocated to each of the items?
．You manage your own “life portfolio”
life portfolio
Health
Family
Career
it requires lots lots lots of efforts to succeed in each and every one of them
many people don’t know how to balance his/her life
家庭需要經營、家人需要經營：It's improtant to maintain family relationships
Goolai’s 延伸書藉：
打敗外資賺大錢
內容也是針對學生，談了一些在生涯中的幾段經歷。
簡單的講述一些外資的選股策略，
覺得最重要的重點是平衡的人生
健康、家庭、工作生涯.
很多人為了工作就忘記了其他更重要的事
讓我更珍惜現在的生活...
下面就是今天上課的筆記..
今天的演講power point 都是英文，
所以筆記也用英文整理，邊上邊整理的..
其中加入一些個人的註記..
有去聽演講的朋友比較看得懂，
對於內容有興趣的朋友，
可以參考最下面所列出的書目...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
管理學院金融講座—台新銀行
Speaker: 林維俊
Introduction
Why does he enter bank industry?
Working stages:
Stage 1.writing credit report – Taishin International bank, Taiwan
Social environment:
Lack of capital, banks as money providers.
Because of economic boom in Taiwan.
On the turning point, he decided to jump to the other field.
He transferred to investment industry - Merrill Lynch.
Stage 2. Merrill Lynch, London
Stage 3. Merrill Lynch, Japan
The toughest environment he ever encountered.
Features of Japanese:
1.Discrimination.
2.Respect someone who’s ability is better than him.
The more efforts the more benefits you will gain.
Chances:
Tokyo branch candidate fund manager must have:
Taiwanese, speaking English, technology background. Chances had came.
Why does he choose back to Taiwan？
1.age
2.What does he do?
Why does he decide back to Taishin Financial, Taiwan？
1. Dedicated himself to Taiwan.
2.Have a different role in working place.
3 kinds of money:（from stage 1 to stage 3）
A. Labor : 勞力財.
B. Profession專業財: Fund manager
C.Management 管理財
Investment concept discussion
What Merrill Lynch do.
Powerpoint 內容主要是以講者於Merrill Lynch所學的觀念為主
Power point content:
Stick with long term fundamental research
．Stock price reflects a company’s future earning power
．Market is not efficient
．Short term volatility is not predictable
．Long term value will converge with fundamental
買進賣出Holding六個月(long term fund)
Key fundamental factors
．Management
1.Management team, leader, CEO
2.Corporate governance, what does he thing about?
3 .Track record: cost conscience.
4.management efficiency
．Industry cycle
Not seasonal cycle
Identify industry cycle
Globe industry cycle from globe perspective
Demand and supply situation
Difficult to outperform in down cycle
Unlikely to underperform n up cycle
．Company competitiveness
Technology{tsmc
Vertical integration {Formosa group
Market share (size does mater
．Earning surprise
當盈餘高於預期。
You can forecast what is the real value in a company .
Solid research(P&Q)
Forecast vs market expectation
．Valuation
PER (the most popular)
PBR (getting more popular after internet bubble)
PSR: price to sales.. when economic bubble is coming.
ROE (Financial)
EV / EBITDA 利息稅．股利政策
Dividend yield
Q&A
1.When to use these pointer?
Every one of them.
2. Should I use history ROE or future ROE as my reference ROE?
Future earning power
Forcast ROE
Use history record to forecast future ROE, depend on which industry it belongs to.
．Stock dynamics
Political crises(war, peace agreement etc)
Natural disasters (earthquake)
All others
Side discussion: Core value in our life
．What are the most important items in your life?
．How much efforts should be allocated to each of the items?
．You manage your own “life portfolio”
life portfolio
Health
Family
Career
it requires lots lots lots of efforts to succeed in each and every one of them
many people don’t know how to balance his/her life
家庭需要經營、家人需要經營：It's improtant to maintain family relationships
Goolai’s 延伸書藉：
打敗外資賺大錢
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