26.5.06

B老篤

孔少林對P╱B那個B有興趣,正合朕意。除了免我費煞思量找尋題材外,又可以跟他開拖,來個真相愈辯愈明。可恨他懂得移形換影,累我有時殺錯良民,殃及無辜,實屬不幸。

  他認為B未算太差,仍有可為,我推算他身邊應該沒有像雲妮美蓮那樣的女子,對魔術未有涉獵。當然,我無意介紹給她認識,以他這樣一表人才,自然要對他有點兒提防。

   B在孔少林眼中,是公司的賬面資產(又或者嚴格來說,是淨資產,但無礙以下所說)。所以當B愈估得接近市值,P╱B就愈有參考價值,並非過往保守的成本 賬面值可以比擬。他舉了鱷魚恤(122)為例,指投資物業在新會計制度一估之下,與賬面值相差超過一倍。托新準則的鴻福,令鱷魚恤的P╱B重獲新生,更具 意思。

  如果孔少林認識美蓮的話,她必定會輕托眼鏡,然後淡淡然道:「投資物業在舊例下一樣要重估,就算沒有新例,鱷魚恤那個B一樣會升。」當然,此時我會出來打圓場:「都有少許不同,新例直去bottom-line,會有更大誘因估準些少。」

  另外,孔少林又說,新會計制度有一死穴,是對新收購資產太過寬鬆。所以去年幾單上市公司大型收購,高價買入的商譽都可以完好無缺,毋須撇賬。

   如果孔少林認識雲妮,她必然會低聲一笑,輕輕說道:「其實剛好相反,新例對於撇賬更嚴,指明要出示將來現金收入預算圖,確保這些隱形資產可以賺回票價, 才能夠免於一死。以前我們口講無憑,現在可以拿着份預算圖考慮應否撇賬。」OK,我又會出來救駕:「預算圖都是老作,老作即是牙力嘛,孔少林都錯唔晒。」

  究竟雲妮美蓮又會如何解讀這個B?明天再講。還有,我自小家貧,用報紙墊枱食飯,都食我唔死。

14 comments:

Anonymous said...

其實我好讚成你"隊"阿精電佬,隊佢la。

高呼清場的林行止 said...

還記得319鎗擊案後,國親支持者在總統府前示威,通宵不去。林行止便在專欄中,呼籲台灣當局要武力清場:

-------------

...總統府前的泛藍支持者持續三天的「靜」坐,已屬「非法集會」,把他們驅散,台北市政府責無旁貸;至於說此事已演變成政治事件,市長無能為力,則欠缺說服力,因為不論示威的性質、動機與口號是什麼,在那裏生事那裏的地方政府便要負責清場...

---------

當日小弟曾給了林行止一封信,指責他比北京 89 年 6-4 屠城派更不堪。當年李鵬等也容忍學生在天安門示威個多月才清場。想不到國親支持者示威才兩三天,林行止便高呼「清場」。

這便是林行止。不知他看到他所支持的陳水扁和民進黨,今天貪污腐化到了這個地步,有何感想。更加重要的是,林行止是否贊同 6-4 的清場行動。

請林行止在他的專欄回應。

多謝林生 said...

尊敬的林行止先生:

多謝您替小弟平反。

小弟是尼泊爾國王賈南德拉。早前有些刁民,在首都加德滿都發動示威抗議。這些示威,都是「非法」的。小弟想起先生的金石良言:「因為不論示威的性質、動機與口號是什麼,在那裏生事那裏的地方政府便要負責清場...」,所以便決定「清場」。

不料這清場行動,卻被很多媒體批評,小弟甚覺委屈。遵從先生的建議行事,難道有錯嗎?


賈南德拉
拜上

Michael said...

甚麼是"雙重標準"?

當示威遊行是反對自己"不"喜歡的人時,便是"正義"。

當示威遊行是反對自己"所"喜歡的人時,便是"非法",便要"清場"。

林生是人,不是神,有私心,有錯誤,正常不過。

Anonymous said...

嘩,今日先至知道,原來林先支持政府拉長毛同四五行動.

Anonymous said...

"當日小弟曾給了林行止一封信,指責他比北京 89 年 6-4 屠城派更不堪。"

一個政權不合民意,就要推翻;
一個立論不成理由,亦要推翻。

水炮糊椒噴霧橡膠子彈是武力,
89 年 6-4 屠城是流血驅散,
林生指的是前者,雖則林生的偏頗觀點已路人皆見。

Anonymous said...

"因為不論示威的性質、動機與口號是什麼,在那裏生事那裏的地方政府便要負責清場..."

This is probably the worst comment I have seen from years of reading Mr. Lam’s articles.

Lam’s view has been roundly refuted by Martin Luther King, Jr., in his famous “Letter from Birmingham Jail.”

For full text of the letter, please visit:

http://almaz.com/nobel/peace/MLK-jail.html

Anonymous said...

鳳凰衛視中文台星期六晚上9時35分有一個關於近期陳水扁家族和高層一連串弊案的特輯,不要錯過。

Anonymous said...

Speaking from experience, I totally agree with Mr. Fong's point of view regarding the "B". In essence, it is a contest of muscle between the auditor and the auditee. Valuation report provided by valuer may contain considerable amount of discrepancy and subject to debate if examined closely. Since the auditor is being paid by the auditee to audit its account and it is difficult to differentiate whether the auditor's agreement to sign off the audit is because the auditor has successfully convinced the auditor that this is the way to do it regarding the "B" and not the other way around, it would be a wise move for investors to proceed with caution when they read the balance sheet and P/L, including putting them under the hot pot for a heat test regardless of their poisonous nature. Besides, the amount of toxic within the balance sheet and P/L is far more deadly and above all instantaneous than the chemical that comes with it.

By saying that the auditor could be bent forward and backward could be a overstatement, but, bending to some degree is understandably a mandatory action that is within the auditor's scope of work. This is precisely why experieced investors consider professionalism and integrity of the top management are such an important factors in their investment decision, among others.

hc said...

上面那篇"賈南德拉的信",十分抵死傳神,有方生文章的風格,讚!

Anonymous said...

陳水扁這種靠挑動種族仇恨(外省vs本省)和推動台獨而執政上台的人,林行止先生竟然支持,令人對林生的判斷,產生疑問。

天安門 said...

"因為不論示威的性質、動機與口號是什麼,在那裏生事那裏的地方政府便要負責清場..."

According to this logic, then Beijing was correct in clearing out the students from the Tiananmen Square. Actually this reasoning was used by the then Chinsese government to justify its action.

It is sad that Mr Lam was falling into the same mental and attitudianl trap after the demonstration was held against his favored candidate and party in Taiwan.

反思 said...

根據林先生的思維,6-4清場行動是對的。林生所不同意的,只是清場的「手法」而已。

Anonymous said...

不知昂山素姬和曼特拉,看了林生的金句,有何感想.

(寫以上這句評語,是因為看了報導,緬甸軍政府,把昂山素姬的軟禁期,延長一年.)