Reference letters are a key component of an MBA application. Most MBA admission committees require two to three reference letters. They rely substantially on these to decide whether or not to grant an applicant an interview because they offer a more complete picture of who that person really is. However, they are also the least controllable part of an application. You can neither control what your referee writes, nor can you know in advance what they will write about you. It is therefore a risky component of the process.
Choosing the right referee is difficult. All admission committees and consultants will say that you should choose someone who knows you best. The trouble is that he or she may not necessarily be your best referee. You may want a referee with a fancy job title, but such a person may not know you well enough. On the other hand, the people who know you best may not have any experience of writing reference letters, and therefore make all the common mistakes: they may lack specific examples of what you did, how you did it, or rely too much on your input. Regardless of how good you are, the quality of your application will be affected by the quality of your reference letters.
Some applicants will want to offer referees assistance and help them draft their reference letters. This should be avoided at all costs. The trained eyes of admission committee members can identify similarities between your recommendation letters and your personal statement. They are exceptionally good at judging how authentic and genuine your recommendation letters are. Sometimes they will contact the referees directly via e-mail or by a phone call, and have a conversation with them. Once they find out the letter was not written primarily by the referee, your application will suffer, even without your knowing it. As such, even if you imagine you have found a referee with the perfect credentials, you need to decide whether they will commit meaningful time to write the letter instead of delegating it to their secretaries and subordinates. You should also give them plenty of time and follow up with them frequently.
Another common problem is that referees may not be good writers. They may not be able to write a reference letter that is eloquent or contains an in-depth insight into you. Even though some say that a recommendation letter is not a test of your referees’ English, the overall quality of the letter matters. In most cases, admission committees cannot afford to meet everyone’s referees; that’s why I feel that people judge how reliable your referee is by how well they write.
Given the above, it is obvious a good referee is not easy to come by. I believe that a better strategy is to develop relationships at your firm early on. Once you have identified people you can trust, and who are of a high calibre, develop a trusting relationship with them years before your application.This provides a pool of potential referees and mentors. It is also much easier to ask for assistance from someone whom you know well as a friend rather than co-workers or colleagues whom you know very little outside work.
Originally posted on Education Post.
2014年8月16日星期六
2014年8月14日星期四
How to manage the GMAT
The GMAT (graduate management admission test) is a prerequisite for any serious MBA programme. To impress prospective students and employers, the website of every top business school shows the average GMAT score of their MBA intakes. Even though I am not an advocate of this standardised test, it is an unavoidable and important step in any MBA application.
Comparing to the SAT (scholastic aptitude test) or A-Levels in high school, the GMAT is not that difficult. It does not give candidates the same level of anxiety as university entrance exams. After all, there isn’t a fixed deadline for the GMAT - candidates can always delay their MBA application to the next year. Also, there is no limit to the number of times you can take the test. But even so, preparing for the GMAT usually takes up a substantial portion of the time spent on an MBA application. After several years in the workplace, most people find their skills in taking a public exam have waned. Therefore, it takes extra effort to sit down and work through the sometimes tedious exercises in preparation for the GMAT.
Friends often ask me how much time to spend preparing and when to start. The simple answers are, of course, as much and as soon as possible, but that is easier said than done. It is common for young professionals in Hong Kong to work long hours and have very little free time at their disposal. The professional demands placed on junior bankers, lawyers and accountants alike make it extremely difficult to spare meaningful time to prepare for the test. So, the question should be how to make best use of the limited time available.
My approach is straightforward: identify your weakness early on and design a game plan to address it. Each GMAT question is weighted differently corresponding to its difficulty. Unlike most public exams, the weighted score and the difficulty of later questions depend on how well you answer the earlier ones. If you get one answer wrong, your next question will be easier and have a lower weighted score. The GMAT scoring matrix means a wrong answer has two implications, and it requires candidates to good all-rounders. In effect, for most candidates, their highest possible score is determined by their weakest, not their strongest, area.
Diligently going through the mock GMAT questions helps in overcoming weaknesses. As that happens, candidates can decide when to change focus or adjust their study plan. A good way to improve your score is by visiting GMAT discussion forums and forming study groups to exchange ideas. The key is to find people with similar aspirations and abilities who can also serve as allies as you go through the rest of the application process.
This is sound advice, but it is also sub-optimal. No working professional can afford to spend all their free time preparing for the GMAT. Quitting your job to do that is too risky – and a gap in your resume for that reason might even hurt your subsequent application. For that reason, possibly the best time to take your GMAT is in the last year of college. Any score recorded is valid for five years, and while it may be too early to tell whether an MBA is the path to take, having the GMAT early on gives an option to apply later with a head start.
Originally posted on Education Post.
Comparing to the SAT (scholastic aptitude test) or A-Levels in high school, the GMAT is not that difficult. It does not give candidates the same level of anxiety as university entrance exams. After all, there isn’t a fixed deadline for the GMAT - candidates can always delay their MBA application to the next year. Also, there is no limit to the number of times you can take the test. But even so, preparing for the GMAT usually takes up a substantial portion of the time spent on an MBA application. After several years in the workplace, most people find their skills in taking a public exam have waned. Therefore, it takes extra effort to sit down and work through the sometimes tedious exercises in preparation for the GMAT.
Friends often ask me how much time to spend preparing and when to start. The simple answers are, of course, as much and as soon as possible, but that is easier said than done. It is common for young professionals in Hong Kong to work long hours and have very little free time at their disposal. The professional demands placed on junior bankers, lawyers and accountants alike make it extremely difficult to spare meaningful time to prepare for the test. So, the question should be how to make best use of the limited time available.
My approach is straightforward: identify your weakness early on and design a game plan to address it. Each GMAT question is weighted differently corresponding to its difficulty. Unlike most public exams, the weighted score and the difficulty of later questions depend on how well you answer the earlier ones. If you get one answer wrong, your next question will be easier and have a lower weighted score. The GMAT scoring matrix means a wrong answer has two implications, and it requires candidates to good all-rounders. In effect, for most candidates, their highest possible score is determined by their weakest, not their strongest, area.
Diligently going through the mock GMAT questions helps in overcoming weaknesses. As that happens, candidates can decide when to change focus or adjust their study plan. A good way to improve your score is by visiting GMAT discussion forums and forming study groups to exchange ideas. The key is to find people with similar aspirations and abilities who can also serve as allies as you go through the rest of the application process.
This is sound advice, but it is also sub-optimal. No working professional can afford to spend all their free time preparing for the GMAT. Quitting your job to do that is too risky – and a gap in your resume for that reason might even hurt your subsequent application. For that reason, possibly the best time to take your GMAT is in the last year of college. Any score recorded is valid for five years, and while it may be too early to tell whether an MBA is the path to take, having the GMAT early on gives an option to apply later with a head start.
Originally posted on Education Post.
2014年8月13日星期三
Big4？別太大想頭！
在英美等國，在四大工作雖比不上投資銀行的工資，但絕對是一份體面的專業，並不會給其他專業比下去。這點，在香港就很不同。從「遠古」開始，國際性會計師事務所的大學生入職起薪已低於大學畢業生平均薪金一大截 ，工作時間亦比一般大學畢業生高出一大截。有很巧合，四大會計師事務所開出的入職起薪，每一年、每一家都是一樣的。結果大量優秀的會計系畢業生並沒有投身會業，轉投了其他行業。
曾經，拿取會計或法律專業資格是進入投資銀行的踏腳石。為數不小的香港資深銀行家都是ACA /CPA或者是律師。一方面，會計是商業的語言。要學懂怎樣看一盤生意，懂得會計是必要的。而且，除了審計行業以外，只有極少數的行業可以讓你看公司的商業機密。透過審計不同客戶的帳、審計不同種類的商業模式 ，其實初級審計員可以學到很多商業知識。不過，隨著美資投行及MBA的興起，以及CPA水平的下跌，大型跨國性投行已經越來越少直接在四大招收學徒，而轉投了甚麼好像都懂，但只懂皮毛的MBA / 美國法律學院的Juris Doctor （JD, 一般譯作法律博士，但其實只是一般的graduate degree, 所以美國人不會稱呼JD為Doctor）。因此，最好當然是擁有CPA再加上MBA或 JD。
在大學時期，我幸運地遇上了一位很好的mentor。Mentor的建議是先到四大學藝：如果喜歡的話，就努力攀上合夥人的位置。如果不喜歡的話，再回去投行也可以。雖然時間多花了，但到那時候你應已學到一身好武功，有一技旁身。亦因如此我幸運地接受了較低的工資，開展了會計的生涯。
縱然我上一篇文章下筆較重手，但我在四大的時間沒有白白浪費。少了的工資，就當作交學費罷了。持平地看，在四大工作薪幅加度大，而且每年升級，因此很快便可以追上並超過大學畢業生平均薪金。對於很多會計系畢業生來說，已經是很好了。
WYJimmy 寫，會計師公會剛公佈了一項會員統計，有10％會員參與。參與的會員中有38％年薪在60萬以上。而且參與者有過半數是35歲或以下。其實對於這統計數字我並沒有感到詫異。在四大待四年時間，即大部份審計員拿到CPA資格的半年左右吧，月薪應該已經有四萬多。計算13個月糧及加班補貼等，其實跟60萬年薪差距不太遠了。四大亦不看重碩士或以上學位，只要努力工作，踏實苦幹，加上國家財政部不再封殺，在四大工作而踏進60萬年薪的階層並非相信中困難。
原載在 Education Post: Big4？別太大想頭！
曾經，拿取會計或法律專業資格是進入投資銀行的踏腳石。為數不小的香港資深銀行家都是ACA /CPA或者是律師。一方面，會計是商業的語言。要學懂怎樣看一盤生意，懂得會計是必要的。而且，除了審計行業以外，只有極少數的行業可以讓你看公司的商業機密。透過審計不同客戶的帳、審計不同種類的商業模式 ，其實初級審計員可以學到很多商業知識。不過，隨著美資投行及MBA的興起，以及CPA水平的下跌，大型跨國性投行已經越來越少直接在四大招收學徒，而轉投了甚麼好像都懂，但只懂皮毛的MBA / 美國法律學院的Juris Doctor （JD, 一般譯作法律博士，但其實只是一般的graduate degree, 所以美國人不會稱呼JD為Doctor）。因此，最好當然是擁有CPA再加上MBA或 JD。
在大學時期，我幸運地遇上了一位很好的mentor。Mentor的建議是先到四大學藝：如果喜歡的話，就努力攀上合夥人的位置。如果不喜歡的話，再回去投行也可以。雖然時間多花了，但到那時候你應已學到一身好武功，有一技旁身。亦因如此我幸運地接受了較低的工資，開展了會計的生涯。
縱然我上一篇文章下筆較重手，但我在四大的時間沒有白白浪費。少了的工資，就當作交學費罷了。持平地看，在四大工作薪幅加度大，而且每年升級，因此很快便可以追上並超過大學畢業生平均薪金。對於很多會計系畢業生來說，已經是很好了。
WYJimmy 寫，會計師公會剛公佈了一項會員統計，有10％會員參與。參與的會員中有38％年薪在60萬以上。而且參與者有過半數是35歲或以下。其實對於這統計數字我並沒有感到詫異。在四大待四年時間，即大部份審計員拿到CPA資格的半年左右吧，月薪應該已經有四萬多。計算13個月糧及加班補貼等，其實跟60萬年薪差距不太遠了。四大亦不看重碩士或以上學位，只要努力工作，踏實苦幹，加上國家財政部不再封殺，在四大工作而踏進60萬年薪的階層並非相信中困難。
原載在 Education Post: Big4？別太大想頭！
2014年8月12日星期二
The Sage of Omaha
Every year on the first Saturday in May, more than 30,000 faithful disciples of Warren Buffett visit Omaha, Nebraska. They come from around the world to attend the annual shareholders’ meeting of Berkshire Hathaway, Buffett’s investment flagship and, this year, I was one of those fans of the “sage of Omaha” who spent their weekend in a small town in mid-west America.
The main highlight of the meeting, also known as the “Woodstock of capitalism”, was the question and answer session. Here, Buffett and Charlie Munger, his business partner, respond to queries raised by journalists, analysts and investors. The session ran from around 9am to 4pm, with an hour’s break for lunch. It was tiring even for me to stay focused, but you have to remember that Buffett is 83 and Munger recently turned 90. Therefore, the length of the meeting was impressive in itself.
The duo talked about business, investment and politics with insight and wit, which made for an entertaining and inspiring six hours. Their advice about careers is generally simple, old-fashioned and straightforward.
First of all, they say, you should do something you are passionate about and where your talent lies. Both Buffett and Munger love what they do, and so have no plans to retire. They also recommend knowing your core competencies, what you are good at, and your limits. If not, your efforts may be doomed to fail. In the meeting, Munger recounted how he flirted with a career in the academia while he was at Caltech, before realising that he could never be as good as his professors. One shareholder asked how he could know if he is good at what he is doing. “There are idiots around to help you figure that out – and they are never in short supply,” Munger replied in his characteristically forthright way.
The second important thing is to “remove your ignorance” continuously. Both Buffett and Munger attributed their success to being persistent in learning what they didn’t know through the years. Regarding target companies, no matter how much they may know in advance, they can always learn more after investing. They admitted that some mistaken investments had cost them dearly and that their biggest weakness is responding too slowly to personnel changes. However, any failure also provides a golden opportunity to learn, and they are both sure that there is still a lot they don’t know.
A young shareholder asked how best to decide which industry and which company to join. “Talk to as many people as you can and ask a lot of questions,” Buffett said. He then recalled his experience as a stock researcher when he would turn up uninvited on the doorstep of senior executives of major corporations. Usually, they were ready to spend up to an hour with a young man who was obviously eager to learn. In return for their time and generosity, Buffett put a series of probing questions about their business which made them think.
“People usually like to talk if you show them you have done your homework and know a few things,” he said. Meetings with a few executives can give a good idea about an organisation and an industry. And, Buffett said, it is always worth asking executives which company, other than theirs, they think is the best in the industry and why. Munger added that it is equally important to ask which ones are the worst.
Finally, people climbing the career ladder should remember that money doesn’t buy happiness. Once you pass a certain threshold of financial wealth, money can be more destructive than many think. It corrupts and invites trouble. That is why Buffett has a notably modest lifestyle and has lived in the same house for decades.
Originally posted on Education Post: The Sage of Omaha
The main highlight of the meeting, also known as the “Woodstock of capitalism”, was the question and answer session. Here, Buffett and Charlie Munger, his business partner, respond to queries raised by journalists, analysts and investors. The session ran from around 9am to 4pm, with an hour’s break for lunch. It was tiring even for me to stay focused, but you have to remember that Buffett is 83 and Munger recently turned 90. Therefore, the length of the meeting was impressive in itself.
The duo talked about business, investment and politics with insight and wit, which made for an entertaining and inspiring six hours. Their advice about careers is generally simple, old-fashioned and straightforward.
First of all, they say, you should do something you are passionate about and where your talent lies. Both Buffett and Munger love what they do, and so have no plans to retire. They also recommend knowing your core competencies, what you are good at, and your limits. If not, your efforts may be doomed to fail. In the meeting, Munger recounted how he flirted with a career in the academia while he was at Caltech, before realising that he could never be as good as his professors. One shareholder asked how he could know if he is good at what he is doing. “There are idiots around to help you figure that out – and they are never in short supply,” Munger replied in his characteristically forthright way.
The second important thing is to “remove your ignorance” continuously. Both Buffett and Munger attributed their success to being persistent in learning what they didn’t know through the years. Regarding target companies, no matter how much they may know in advance, they can always learn more after investing. They admitted that some mistaken investments had cost them dearly and that their biggest weakness is responding too slowly to personnel changes. However, any failure also provides a golden opportunity to learn, and they are both sure that there is still a lot they don’t know.
A young shareholder asked how best to decide which industry and which company to join. “Talk to as many people as you can and ask a lot of questions,” Buffett said. He then recalled his experience as a stock researcher when he would turn up uninvited on the doorstep of senior executives of major corporations. Usually, they were ready to spend up to an hour with a young man who was obviously eager to learn. In return for their time and generosity, Buffett put a series of probing questions about their business which made them think.
“People usually like to talk if you show them you have done your homework and know a few things,” he said. Meetings with a few executives can give a good idea about an organisation and an industry. And, Buffett said, it is always worth asking executives which company, other than theirs, they think is the best in the industry and why. Munger added that it is equally important to ask which ones are the worst.
Finally, people climbing the career ladder should remember that money doesn’t buy happiness. Once you pass a certain threshold of financial wealth, money can be more destructive than many think. It corrupts and invites trouble. That is why Buffett has a notably modest lifestyle and has lived in the same house for decades.
Originally posted on Education Post: The Sage of Omaha
股神朝聖之旅 - 武林秘笈
上文提到，在巴郡的週年大會上，股神巴菲特及查理芒格跟股東及記者的對答大都似曾相識，談話內容跟他倆的著作及訪問大同小異，因此我並沒有從他倆對答環節學到新金融知識。儘管如此，去了股東大會一趟，大開眼界，令我反思了多個商業上的問題。
這是甚麼原因呢？
巴菲特多次在不同的場合說過，他的投資哲學及分析方法其實非常簡單，亦很容易學。他聲稱自己的投資方法基本上只有一個信念，那就是他師傅葛拉漢 (Ben Graham) 所創的價值投資。他亦推薦了葛拉漢所寫的《聰明的投資者》(The Intelligent Investor) 及費雪 (Philip Fisher) 的《怎樣選擇成長股》(Common Stock and Uncommon Profit)。在股東大會上，巴菲特亦有重複以上的講法。
價值投資的概念雖易學，但極難精。又有誰不知道，以低廉的價錢，換取價值不菲的股票是必贏的策略？從一開始，股票的設計就是要令人難以知道每股的價值。用另外一個角度看，近代鈔票 (banknote) 的設計就是要令人容易找出其價值，所以我們付鈔時並不需要左想右想，因為我們知道面值一百元的鈔票就是值一百元。又有誰擁有百分百的信心，準確預測股票未來三天的收市價？有又誰有百分百的信心，判斷某股票的市價及價值是否有分歧？就算是做足功課，亦不代表能做到價值投資。有為數不少的基金經理，亦中了不少天仙局。這因為價值投資有大量主觀判斷，單單看一兩本書，看看年報沒有可能學會。
情況就如武俠小說裡面的令狐冲的絕學「獨孤九劍」。獨孤求敗創立的劍法很簡單，只有九式。令狐冲只憑九式，在江湖上已經是一等一的劍術高手。惟「九劍」如同價值投資一樣，易學難精。令狐冲從風清揚學得「九劍」的口訣時，風清揚亦有加以引導。但要成大器，令狐冲亦須跟不同的高手過招，經過反覆的考量，歷練。
價值投資的書看了數本，又反覆看了數遍。欠了的，就是看「風清揚」的演示。巴郡的年報詳細列出了巴菲特的投資及他的想法，但欠了的就是「臨場」示範。在報紙上看巴菲特的訪問已經過大量修改，跟原版比已面目全非。在現場看巴菲特及查理芒格跟股東及記者的對答，所直接感受到的，是他們的思路及處事方式。不論股東的問題有多麼差，巴菲特當場迅間的回應反映了他怎樣考量問題、他怎樣處理跟股東的關係。亦可看出他是個怎樣的人、他是怎樣待人接物。
更深一層的想，投資，很大程度是押注在人上。上市公司賺了錢，公司管理層亦不一定要同股東分。股東要獲得合理回報，公司管理層必須是明白事理的人。怎樣押注在人身上？怎樣激勵及回饋管理層？怎樣管理公司的管理層？怎樣跟管理層相處？這些問題，《聰明的投資者》及《怎樣選擇成長股》未有提過。去奧馬哈市一趟，最大的得著，就是感受到巴菲特是個怎樣的人。為甚麼明知道他是個極聰明的投資者，依然有很多人要賣自己的公司給他，賣了公司給他，依然願意留下來賣命？巴菲特價值投資的終極一招，是投資在人。而他的待人處世，就是成就他事業的秘密武器。雖然去股東大會依然學不到他的一招，但亦每有會意，獲益匪淺。
原載在 Education Post: 股神朝聖之旅 - 武林秘笈 及 終極武器
這是甚麼原因呢？
巴菲特多次在不同的場合說過，他的投資哲學及分析方法其實非常簡單，亦很容易學。他聲稱自己的投資方法基本上只有一個信念，那就是他師傅葛拉漢 (Ben Graham) 所創的價值投資。他亦推薦了葛拉漢所寫的《聰明的投資者》(The Intelligent Investor) 及費雪 (Philip Fisher) 的《怎樣選擇成長股》(Common Stock and Uncommon Profit)。在股東大會上，巴菲特亦有重複以上的講法。
價值投資的概念雖易學，但極難精。又有誰不知道，以低廉的價錢，換取價值不菲的股票是必贏的策略？從一開始，股票的設計就是要令人難以知道每股的價值。用另外一個角度看，近代鈔票 (banknote) 的設計就是要令人容易找出其價值，所以我們付鈔時並不需要左想右想，因為我們知道面值一百元的鈔票就是值一百元。又有誰擁有百分百的信心，準確預測股票未來三天的收市價？有又誰有百分百的信心，判斷某股票的市價及價值是否有分歧？就算是做足功課，亦不代表能做到價值投資。有為數不少的基金經理，亦中了不少天仙局。這因為價值投資有大量主觀判斷，單單看一兩本書，看看年報沒有可能學會。
情況就如武俠小說裡面的令狐冲的絕學「獨孤九劍」。獨孤求敗創立的劍法很簡單，只有九式。令狐冲只憑九式，在江湖上已經是一等一的劍術高手。惟「九劍」如同價值投資一樣，易學難精。令狐冲從風清揚學得「九劍」的口訣時，風清揚亦有加以引導。但要成大器，令狐冲亦須跟不同的高手過招，經過反覆的考量，歷練。
價值投資的書看了數本，又反覆看了數遍。欠了的，就是看「風清揚」的演示。巴郡的年報詳細列出了巴菲特的投資及他的想法，但欠了的就是「臨場」示範。在報紙上看巴菲特的訪問已經過大量修改，跟原版比已面目全非。在現場看巴菲特及查理芒格跟股東及記者的對答，所直接感受到的，是他們的思路及處事方式。不論股東的問題有多麼差，巴菲特當場迅間的回應反映了他怎樣考量問題、他怎樣處理跟股東的關係。亦可看出他是個怎樣的人、他是怎樣待人接物。
更深一層的想，投資，很大程度是押注在人上。上市公司賺了錢，公司管理層亦不一定要同股東分。股東要獲得合理回報，公司管理層必須是明白事理的人。怎樣押注在人身上？怎樣激勵及回饋管理層？怎樣管理公司的管理層？怎樣跟管理層相處？這些問題，《聰明的投資者》及《怎樣選擇成長股》未有提過。去奧馬哈市一趟，最大的得著，就是感受到巴菲特是個怎樣的人。為甚麼明知道他是個極聰明的投資者，依然有很多人要賣自己的公司給他，賣了公司給他，依然願意留下來賣命？巴菲特價值投資的終極一招，是投資在人。而他的待人處世，就是成就他事業的秘密武器。雖然去股東大會依然學不到他的一招，但亦每有會意，獲益匪淺。
原載在 Education Post: 股神朝聖之旅 - 武林秘笈 及 終極武器
股神朝聖之旅
我大概是在中四、五開始每天看南華早報及信報，亦大概是同一時間從報紙上讀到股神巴菲特的事蹟。之後一直有聽聞巴菲特在巴郡的股東周年大會與他的拍檔查理芒格 (Charlie Munger) 的對答環節非常精彩，亦一直想去拜訪他老人家，但就是沒有推動力老遠跑去美國中部的內布拉斯加州奧馬哈市。我要到2012年巴菲特患上前列腺癌後，才意識到巴菲特老了，時日可能無多。雖然他投資表現依然良好，但畢竟是八十多歲的老人家了，就算他可以活很久，難保他可保持精靈活潑多年。 於是，今年下定決心，要到奧馬哈一睹股神的風采。
今年的股東大會的主要活動從五月二號星期五開始，到星期天結束，高潮是星期六進行的股東大會。於該週末，奧馬哈市內所有的酒店房都爆滿，而酒店房價及內陸機票亦比會議前後一周漲了一到兩倍。據當地人說，該週奧馬哈的人口會增加百分之 5-10。巴菲特的 fans 從世界各地飛到奧馬哈，擠在一個只有40萬人口的小鎮，為的只是聽巴菲特及芒格數小時的分享。沒有親自到過奧馬哈，很難想像這是個怎樣的光景。
我在週五到達奧馬哈，抵步後就去了主場館 Century Link Center 拿入場證，之後就去了股東歡迎會。基本上是喝酒聽音樂的酒會，沒有甚麼特別。
股東大會星期六進行，主場館在七點鐘開門，活動在八點半開始。我的一位朋友每年也去奧馬哈朝聖，他說要坐在較前的位置的話，要在早上五點半開始排隊。五點半？Are you kidding me? 我去開股東大會啊，不是去音樂會！香港上市公司的股東大會一般只有小貓三兩隻，更肯定沒有人排隊。五點半排隊去開股東大會？原來我五點半到達的時候已經有一條龍。Are you kidding me?
等了很久…主場館終於開門了。為了霸占有利位置，一大班中年、禿頭，有肚腩男人一起開步跑，往講台前排衝！有人說香港人甚麼都要搶先，其實外國的月亮不一定特別圓。為了親近股神一點，大家也不太管規矩，爭先恐後了。
搶到位置安頓好之後，各股東就排隊拿簡單早餐，有咖啡、茶及獨立包裝的麵包，吃著等待股東大會正式開始。
股東大會的頭30分鐘是播放關於巴菲特及巴郡的短片，大部分是輕鬆搞笑的小品，亦有一些頗有意思的短片。之後從9點半到3點半都是巴菲特及查理芒格的回答記者、分析員及在場股東問題的環節，當中有一個小時的午飯時間。大部分問題財經報紙都有報導過，不冗。有不少的問題都很尖銳，但亦有不過爾爾的問題，多數是由股東提出。我印象是三分之一的問題在巴菲特致股東的信及芒格的 Poor Charlie’s Almanack 已有多次提過，問題質量令人失望。儘管問題水平參差不齊，巴菲特及芒格的對答不但有內容，有sound bite ，很多更有幽默感。而且，在整整五個小時，沒有冷場。
我看巴菲特及芒格的寫作多年，關於他們投資的哲學及具體操作已沒有甚麼大的問題。這是多年沒有成行的原因之一。但這是錯誤的判斷。聽他們講話的具體內容學到，比看書及看報紙立體很多，可以說是打開眼界。我離開奧馬哈一周後亦在咀嚼巴菲特及芒格的對答，令我想了很多關於投資及做生意的問題。
學到甚麼，下文再續。
原載在 Education Post: 股神朝聖之旅 及 股神朝聖之旅 - 絕無冷場
今年的股東大會的主要活動從五月二號星期五開始，到星期天結束，高潮是星期六進行的股東大會。於該週末，奧馬哈市內所有的酒店房都爆滿，而酒店房價及內陸機票亦比會議前後一周漲了一到兩倍。據當地人說，該週奧馬哈的人口會增加百分之 5-10。巴菲特的 fans 從世界各地飛到奧馬哈，擠在一個只有40萬人口的小鎮，為的只是聽巴菲特及芒格數小時的分享。沒有親自到過奧馬哈，很難想像這是個怎樣的光景。
我在週五到達奧馬哈，抵步後就去了主場館 Century Link Center 拿入場證，之後就去了股東歡迎會。基本上是喝酒聽音樂的酒會，沒有甚麼特別。
 |
| Century Link Center. 未到6點已出現有人龍。 |
股東大會星期六進行，主場館在七點鐘開門，活動在八點半開始。我的一位朋友每年也去奧馬哈朝聖，他說要坐在較前的位置的話，要在早上五點半開始排隊。五點半？Are you kidding me? 我去開股東大會啊，不是去音樂會！香港上市公司的股東大會一般只有小貓三兩隻，更肯定沒有人排隊。五點半排隊去開股東大會？原來我五點半到達的時候已經有一條龍。Are you kidding me?
等了很久…主場館終於開門了。為了霸占有利位置，一大班中年、禿頭，有肚腩男人一起開步跑，往講台前排衝！有人說香港人甚麼都要搶先，其實外國的月亮不一定特別圓。為了親近股神一點，大家也不太管規矩，爭先恐後了。
搶到位置安頓好之後，各股東就排隊拿簡單早餐，有咖啡、茶及獨立包裝的麵包，吃著等待股東大會正式開始。
股東大會的頭30分鐘是播放關於巴菲特及巴郡的短片，大部分是輕鬆搞笑的小品，亦有一些頗有意思的短片。之後從9點半到3點半都是巴菲特及查理芒格的回答記者、分析員及在場股東問題的環節，當中有一個小時的午飯時間。大部分問題財經報紙都有報導過，不冗。有不少的問題都很尖銳，但亦有不過爾爾的問題，多數是由股東提出。我印象是三分之一的問題在巴菲特致股東的信及芒格的 Poor Charlie’s Almanack 已有多次提過，問題質量令人失望。儘管問題水平參差不齊，巴菲特及芒格的對答不但有內容，有sound bite ，很多更有幽默感。而且，在整整五個小時，沒有冷場。
我看巴菲特及芒格的寫作多年，關於他們投資的哲學及具體操作已沒有甚麼大的問題。這是多年沒有成行的原因之一。但這是錯誤的判斷。聽他們講話的具體內容學到，比看書及看報紙立體很多，可以說是打開眼界。我離開奧馬哈一周後亦在咀嚼巴菲特及芒格的對答，令我想了很多關於投資及做生意的問題。
學到甚麼，下文再續。
原載在 Education Post: 股神朝聖之旅 及 股神朝聖之旅 - 絕無冷場
極不人道的會計生涯
在香港，經常見到不正常、不合理的事情。初入行會計師的極不人道的工作時間及極低的實際時薪，為一例。
這樣的待遇及制度，不同年代的會計師，不斷的罵。不滿的人不斷辭職，但制度依舊保存下來。為甚麼可以這樣？正所謂「有人辭官歸故里，有人漏夜趕科場」，希望踏上數萬月薪的大學生太多，願意放棄生命中種種美好事物的人，太多。甚至，有人會為了自己的事業，為了錢，可以把一些不合理，不負責任的事情合理化。最近觸動我神經的，是看到一篇「偽正面」的恐怖文章。
一位會計師作家蔚薇在蘋果日報寫她的一位當上媽媽的會計師朋友，雖然「家中的幼兒生病，心裏急得如熱鍋上的螞蟻，但為了能在死線前完成工作，也不能趕回家陪伴」。這位「媽媽會計師」對自己專業的投入及熱誠是無容置疑的。蔚薇認為媽媽會計師這樣「一點也不慘情，相反，為了理想而堅持的那團火、那份熱誠…型爆。」
為了自己的夢想，很多人都可以去到好盡。每一個人都有選擇自己命運的權利。不過，除了夢想及權利，每一個人亦有責任。成年人可以選擇生育與否，但小孩是無辜的，小孩沒有選擇自己媽媽的權利。即使是成年的孩子亦有情緒問題，需要父母的關心及支持，更遑論是幼兒？病倒了的幼兒，最需要的是親人的愛護照顧。因為無理的工作安排，因為那虛無縹緲的所謂「死線」，媽媽會計師竟然連當母親的最本的責任也不能兼顧。
你問，當媽媽有當媽媽的責任，但會計師也有會計師對客戶的責任啊。難道跑回家，不理「死線」在即的工作責任，不理客戶的利益才是好員工？當然不是。我在想，為甚麼公司不安排同事幫忙，頂一下？為甚麼合夥人自己不可以主動幫同事，頂一晚？實情是，公司沒有這樣的文化，而且大部分合夥人根本不會知道初中級同事的問題。大部分合夥人根本不care。大型跨國會計師事務所會關心公司有沒有拿下 Caring Company ，但只要同事繼續賣命，公司同事的turnover 在可控、可以接受的水平，公司根本不會太關心員工的去留。如果公司缺人、閣下的表現好，或者是經理，你一人的辭職可能會引起公司管理層的關注，但沒有人會從根本出發，改變制度，改善同事的生活。
「你唔做？大把人想做！」
我理解每個人都有自己的難處，份工（及人工）對不同人有不同的意義。既然行內大量會計師願意這樣付出，願意默默承受，默默忍耐，就得接受這個遊戲。但接受不代表要合理化，甚至美化。面對一點也不人性化的上司，「工作到凌晨五點，然後回家洗個澡小睡一會，十時回到公司，被上司投訴沒有準時上班」的遭遇，要默默忍耐，再用一個虛無縹緲的「夢想」來美化，是否有點兒那個？對於會計行業這樣的工作環境，蔚薇不單沒有反思，更正面回應，認為這樣「型爆」。
蔚薇，對不起，我不覺得連當父母最本的責任也不能兼顧的，是型爆。對不起，我認為，會計業出現困境，就是因為像你這樣的人，太多。
原載在 Education Post
這樣的待遇及制度，不同年代的會計師，不斷的罵。不滿的人不斷辭職，但制度依舊保存下來。為甚麼可以這樣？正所謂「有人辭官歸故里，有人漏夜趕科場」，希望踏上數萬月薪的大學生太多，願意放棄生命中種種美好事物的人，太多。甚至，有人會為了自己的事業，為了錢，可以把一些不合理，不負責任的事情合理化。最近觸動我神經的，是看到一篇「偽正面」的恐怖文章。
一位會計師作家蔚薇在蘋果日報寫她的一位當上媽媽的會計師朋友，雖然「家中的幼兒生病，心裏急得如熱鍋上的螞蟻，但為了能在死線前完成工作，也不能趕回家陪伴」。這位「媽媽會計師」對自己專業的投入及熱誠是無容置疑的。蔚薇認為媽媽會計師這樣「一點也不慘情，相反，為了理想而堅持的那團火、那份熱誠…型爆。」
為了自己的夢想，很多人都可以去到好盡。每一個人都有選擇自己命運的權利。不過，除了夢想及權利，每一個人亦有責任。成年人可以選擇生育與否，但小孩是無辜的，小孩沒有選擇自己媽媽的權利。即使是成年的孩子亦有情緒問題，需要父母的關心及支持，更遑論是幼兒？病倒了的幼兒，最需要的是親人的愛護照顧。因為無理的工作安排，因為那虛無縹緲的所謂「死線」，媽媽會計師竟然連當母親的最本的責任也不能兼顧。
你問，當媽媽有當媽媽的責任，但會計師也有會計師對客戶的責任啊。難道跑回家，不理「死線」在即的工作責任，不理客戶的利益才是好員工？當然不是。我在想，為甚麼公司不安排同事幫忙，頂一下？為甚麼合夥人自己不可以主動幫同事，頂一晚？實情是，公司沒有這樣的文化，而且大部分合夥人根本不會知道初中級同事的問題。大部分合夥人根本不care。大型跨國會計師事務所會關心公司有沒有拿下 Caring Company ，但只要同事繼續賣命，公司同事的turnover 在可控、可以接受的水平，公司根本不會太關心員工的去留。如果公司缺人、閣下的表現好，或者是經理，你一人的辭職可能會引起公司管理層的關注，但沒有人會從根本出發，改變制度，改善同事的生活。
「你唔做？大把人想做！」
我理解每個人都有自己的難處，份工（及人工）對不同人有不同的意義。既然行內大量會計師願意這樣付出，願意默默承受，默默忍耐，就得接受這個遊戲。但接受不代表要合理化，甚至美化。面對一點也不人性化的上司，「工作到凌晨五點，然後回家洗個澡小睡一會，十時回到公司，被上司投訴沒有準時上班」的遭遇，要默默忍耐，再用一個虛無縹緲的「夢想」來美化，是否有點兒那個？對於會計行業這樣的工作環境，蔚薇不單沒有反思，更正面回應，認為這樣「型爆」。
蔚薇，對不起，我不覺得連當父母最本的責任也不能兼顧的，是型爆。對不起，我認為，會計業出現困境，就是因為像你這樣的人，太多。
原載在 Education Post
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