（第七章）：您是否都具備，精明投資者，必備的條件？
投資者，把金錢交給基金經理管理，把金錢投資在金融市場，基金經理結果把資金虧損了，投資者除了自嘆運氣欠佳之外，投資人士，究竟有沒有值得檢討的地方？
Investors put their money to the fund manager to invest the money in the financial markets, the fund manager results to a loss of funds, investors except itself to blame bad luck, the investors, is there a place worthy of review?
基金業績虧損，投資基金的客戶，小投資者及公眾，看起來是好像是受害者，根據我自己的觀點，投資者是有不可推卸的責任。
Fund performance losses, investment fund clients, small investors and the public, looks like the victim, according to my own point of view, investors cannot shirk its responsibility.
大家把自己的金錢交給專業投資人或基金為我們投資增值，利用金錢賺取利潤，希望收益勝過通貨膨脹，大家其實都在接受，甚至鼓勵投資人，打茅波及巧取豪奪。
Everyone put their money to professional investors or investment funds for our value-added, using the money to make a profit, hope returns than inflation, actually we are to accept, even encourage investors, against the rules affect predatory.
老實說，每一年都要找到，能夠戰勝通貨膨脹的機會，根本是不可能的事，再加上投進的資金，越來越多，基金公司，互相競爭下，找到獲利的投資工具，越來越困難。
Honestly, every year must be found, the chance to beat inflation is virtually impossible to do, coupled with the input of funds, more and more fund companies compete with each other, find profitable investment tools , more and more difficult.
就是這樣，各種包裝精美，派頭十足，但風險不明顯的金融產品，應運而生；
Is such that a variety of packaged, flamboyant, but the risk is not obvious financial products, came into being;
有的標榜，提供的投資產品，經過科學運算，失敗風險很低；有些利用諾貝爾經濟學獎得主，以作招徠；有些則以回報高於股市指數，吸引客戶投入金錢。
Some profess to provide investment products, a scientific computing, risk of failure is low; some use of the Nobel laureate in economics, as an attraction; while others return higher than the stock market index, to attract customers to invest money.
市場上的金融產品，對投資人為害很深遠，基金的管理者，說明白一些，他們只是追求投資增長的人。
Financial products on the market, far-reaching harm to investors, fund managers, to understand some of that, they are just people who pursue investment growth.
追逐利潤的最極端表現，基金經理便要卸下（誠信）這件美麗的外衣。
The most extreme manifestation of the pursuit of profit, fund managers will have to remove the (Integrity) this beautiful coat.
基金經理的產品銷售合約，永遠都是嚴謹，投資人難於追索的，因為它們背後，都有龐大的法律顧問團隊作支援。
Fund manager's sales contracts are always strict, hard investor recourse, because behind them, have a huge team of legal counsel for assistance.
這些金融產品，包裝再包裝，整合再整合，產品內究竟包括甚麼東西、回報如何，已難以計算及令人明白。
These financial products, packaging re-packaging, re-integration integration, including what exactly the product, how the return has been calculated and it is difficult to understand.
所以每一次有金融巨浪湧來，投資人發現手上持有的東西價值成疑時，泡沫便爆破，投資升值遊戲完結，金融危機便來臨，科網股熱潮爆破，按揭風暴，令投資人損失慘重。
So every time a financial waves coming in, investors found something worth holding hands in doubt, the bubble will burst, investment appreciation end of the game, the financial crisis will come, dot.com shares boom burst, mortgage crisis, and so investor losses.
這些金融產品都不堪一擊，小投資者都焦頭爛額，血本無歸，投訴無門。
These financial products are vulnerable, small investors are bruised and battered down the drain, lodge complaints.
您投資在基金公司，銀行高利息的產品，無聲無息中消失得無影無踪，您情願嗎？
Your investment in the fund companies, banks high interest products, quietly disappeared without a trace, you prefer it?
在目前金融體制下，每一個人，都按貪婪的本性，扮演自己的角色，作出各種指定的動作。
In the current financial system, everyone is greedy by nature, to play their role, to make a variety of specific actions.
真正的分別是，有些人及時全身而退，賺得一筆金錢；有些人，沒有保護自己的能力，當音樂停止的時候，還在傳遞炸彈，他們不願離開座位，最終成為受害者。
The real difference is that some people get out in time, earn a sum of money; some people, there is no ability to protect themselves, when the music stops, still pass the bomb, they do not want to leave the seat, eventually become victims.
這就是一個沉鬱的故事。這是一個殘酷的現實。
This is a gloomy story. This is a harsh reality.
現實既然是這樣無情，您為甚麼還要把金錢，交給別人管理？
Since it is so cruel reality, why put your money over to someone else manage?
金融危機，根本是金融制度的一部份，就算政府嚴密監管，增加更多法例，也是不能避免的。
Financial crisis, there is a part of the financial system, even if the government closely monitored, adding more laws, but also inevitable.
現實既然如此，那麼，您應該訓練自己，成為一個精明的投資者。
Reality being the case, then you should train yourself to become a smart investor.
寫這篇博客的時候，傳來一則電訊：2011年11月30日(11:13 am) Hong Kong time
When writing this blog, came a telecommunications: November 30, 2011 (11:13 am) Hong Kong time
歐元集團主席表示，由於希臘已經達到相關要求，歐元區財長開會同意，向希臘發放第六次價值80億歐元援助貸款。
Euro Group Chairman said that as Greece has reached the relevant requirements, the Euro zone finance ministers meeting agreed to grant Greece the sixth value of 80 billion Euros aid loans.
另外，受政府瘦身影響，超過1.4萬名希臘公務員於本月28日被迫提前退休（原定2013年）。同日，約4000名已達退休年齡卻仍在國家單位留任的員工被勒令立即退休。
In addition, the impact of downsizing by the government, more than 14,000 civil servants on the 28th of this month Greece was forced to retire early (scheduled 2013). On the same day, about 4,000 units in the country has reached retirement age are still remaining staff were ordered to retire immediately.
當我看到這則通訊時，我不禁遙搖頭嘆息，不斷借錢給一名負債累累的人，究竟是幫助他脫困，抑或陷他於泥濘中？越多的債款，越高的利息，只靠緊縮開支，沒有創造經濟復甦的辦法，以增加收入，償還欠款，怎能解決財困？
When I see this communication, I cannot help but shake my heads away, and constantly lend money to a debt-ridden people, whether it is to help him rescue, or trap him in the mud? The more debt, higher interest rates, rely on belt-tightening, there is no way to create economic recovery, to increase income, to pay the debt, how to solve financial difficulties?
目前，就算將歐洲的共公財政的制定權，收歸布魯塞爾，讓歐洲央行用整個歐洲作抵押，發行歐元債券。
At present, even if the total of public finances in Europe to develop the right reverted to Brussels, so that the whole of Europe with the European Central Bank as collateral to issue Euro bonds.
集權中央的提議，剝削歐洲人的民主自治，這種行為，實際上這是不帶血的奪權。
Authoritarian central proposal, the exploitation of European democracy and autonomy, such behavior, in fact, it is not bloody seizure of power.
今天歐洲的政治矛盾，日益加深，事態發展下去，只有一個結果，便是欠債國被逐出歐元區。
Today, Europe's political conflicts, deepening, the situation continues, there is only one result in the debtor country was expelled from the Euro zone.
歐盟和國際貨幣基金組織2010年5月決定向希臘提供1100億歐元救援貸款，以幫助其擺脫債務危機。
European Union and the International Monetary Fund in May 2010 decided to provide € 110 billion rescue of Greece loans to help them get rid of the debt crisis.
希臘當時未能按期實現，減少財政赤字等主要目標，歐盟推遲發放，原定2010年9月份發放的第6次救援貸款。
Greece was not achieved on schedule; reduce the fiscal deficit and other major targets, the EU delayed release, scheduled for release in September 2010, the 6th rescue loans.
事隔一年多，方案還未真正落實並執行。明年聖誕節前後，當歐洲新上任的領袖表現出，無法解決債務危機時，便是歐元解體日。
More than a year later, the program has not yet been implemented and executed. Next year around Christmas, when the newly appointed leader of the European show, cannot solve the debt crisis, the disintegration of the Euro is the day.
我們從大局判斷，只要您能認定歐債危機一定爆發，並且不可收拾，那麼，現在這正是適當時候作出部署，做一名精明的投資者。
We judge the overall situation, as long as you are able to identify certain debt crisis broke out, and out of control, then this is now an appropriate time to make arrangements, to be a shrewd investor.
Next Issue：
(Chapter 8) Disintegration of the euro, there is the fact that sooner or later, you should prepare as soon as possible, the policy response to large storm?
But how can I do?
Come on, friends!
I have here a series of views available to you to consider.
下期預告：
（第八章）歐元解體，是遲早出現的事實，您應該及早擬定，應對大風暴來臨的策略？
但是，我可以怎麼做？
來吧，朋友！我這裡有一系列的意見，提供給您考慮。
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