Comments re: Apple Daily article about 浸會大學 投資學會基金

After reading AppleSimon’s article “利字當頭:給炒股學生的一點建議“, it got me interested enough to read the original article (see posted below). Simon’s discussions re 「集體負責」, Other’s People Money, and Principle-Agent problem are worth thinking about. What Simon and the original article did not talk about was some of the potential “structural problem” with the HKBU investment club‘s design/setup.

– “每股最少持有一個月” Questions: How often do they buy and sell the stocks inside the portfolio? Since they are “learning”, how do they resist the urge to actively do something to show that they are learning?

– “除設有主席、副主席外,另設四名分析員。” Questions: These positions, I presume, are picked/volunteered/elected? And are they changed yearly? Presumably, the chair person is the most senior student in the group? Again, the most fundamental issue I have with this is that many investments may take long time to mature and the lessons “learned” here may create a very short-term mindset, unfortunately, mirroring the many Hong Kong “investors”/gamblers. Again, I am not saying these students day-trade, but then an effective time horizon of “months” and, I am guessing, “around 12 months” is not a great idea.

– “避免學生養成炒賣習慣” Comment: Really? I guess it is all a matter of degree. To me, flipping stocks in the frequency that I suspect (but have no prove) is already “炒賣習慣”!

– “老師會充當顧問,確保每個落盤都緊守投資原則,而非短線投機。” Comment: Again, I am very curious how frequent the stocks are bought and sold in the portfolio? Here is a simple question: How many stocks in the portfolio have been there continuously for more than one, two, or three years? Any one investment that qualify?

– “六年賺22%,年均回報4%” Comment: Finally, and may be the least important of all in terms of learning. Even with the financial crisis, I thought there would be more investments that return more than an average of 4% per year? What is HK government bond’s return during those time periods?

For the record.

打本買賣 – 浸大「實錢」基金 學生做 Fund佬 (Apple Daily 2012 July 05)

不是每位大學生也有父母打本炒股,但浸會大學於06年成立了真金白銀的投資學會基金,同學仔可以一嘗 Fund佬的滋味。不過,基金表現由同學們集體負責,亦要先問老師意見,所以特別手緊。

集體問責 限買藍籌
浸大投資學會於06年獲社會人士捐出90萬元成立基金,予投資學會成員實彈炒股。基金現資產總值約110萬元,六年賺22%,年均回報4%。基金雖由學生主理,但因集體「問責」,作風審慎,只限買藍籌,每股最少持有一個月,除設有主席、副主席外,另設四名分析員。
其中一名分析員、就讀浸大財務學系一年級的李獻章稱,受歐債困擾,4月份基金已將銀行、內銀股套現,換馬至公用股。
負責監督基金運作的財務及決策學系系主任鄧裕南指出,成立學會旨在予學生機會,運用課堂知識,經分析後再作投資決定,避免學生養成炒賣習慣。雖然有多個機構舉辦投資模擬比賽,但由於未有「真金白銀」,學生炒賣心態濃厚。相反,投資學會以真錢投資,集體負責,老師會充當顧問,確保每個落盤都緊守投資原則,而非短線投機。

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