QUOTE:
1、不要以为三十岁离你还很遥远。当我二十岁时，曾经把三十岁看成一个遥远的未来，但现在回首一望，十年如一瞬间，虽整日碌碌而不知所为，时间却飞逝而去。我想当一个人的生命终结之时，回忆自己的一生时也会有同样的感觉。二十岁到三十岁，是一个人为自己的事业打基础的黄金年华，应当时刻警醒自己：三十岁而立，到三十岁时能否“立”起来？
2、23岁之前，请记得，爱情通常是假的，或者不是你所想象的那样纯洁和永远。如果你过了23岁，那么你应该懂得这个道理，又也许你要用一辈子来明白这个道理，但这样太悲哀了，希望您能尽快明白吧。
3、吃饭7成饱最舒服。对待男友最多你只能保持在3成。
4、30岁之前请爱惜自己的身体，前30年你找病，后30年病找你。如果你过了30岁，你自然也会懂得这个道理。（当然无论您是哪个年龄段的，都请爱惜身体，身体健康最重要哦）
5、事业远比爱情重要。（男女同理）如果说事业都不能永恒，那么爱情只能算是昙花一现。拥有事业的女人还怕没男人追求吗，要相信即使没事业无聊的男人也会不请自来的。
6、不要轻易接受追求你的男孩。男追女隔座山。如果你很容易就陷进去，你会发现你会错过很多东西，失去很多东西甚至最宝贵的东西，比如：青春啊……就让那些男人觉得你高不可攀吧。
7、请你相信，能用钱解决的问题，都不是问题。有钱有男人，没钱也有男人，那么男人更不是问题，那么别急着找男人。
8、请永远积极向上。每个女人都有她可爱的地方，但是最不可爱的地方只有不积极面对生活，希望您最好不是因为男人而如此，这样最不值得。
9、不要连续2次让同一个男人伤害。好马不吃回头草，是真理。如果认真考虑过该分手，那么请不要做任何舍不得的行动。
10、如果你和你前男友能做朋友，那么你要问自己：为什么？如果分手后还是朋友，那么只有2个可能：你们当初都只是玩玩而已，没付出彼此最真的感情。或者：必定有个人是在默默付出无怨无悔！
11、永远不要相信男人在恋爱时的甜言蜜语。都说女人爱听甜言蜜语，其实没本事的男人才会说甜言蜜语，反之是你对他说了。因此只当是耳旁风吧。
12、请不要为自己的身材或者相貌、身高过分担心和自卑。人是动物，但是区别于动物。先天条件并不是阻挡你好好生活的借口。人的心灵远胜于相貌，请相信这点。如果有人以相貌取人，那么你也没必要太在意。因为他从某种意义来讲，只是只动物。你会跟动物怄气吗？
13、失恋时，只有2种可能，要么你爱他他不爱你，或者相反。那么，当你爱的人不再爱你，或者从来没爱过你时。你没有遗憾，因为你失去的只是一个不爱你的人。
14、请不要欺骗善良的男孩。因为这个世界上，善良的男孩几乎绝种。
15、不能偏激地认为金钱万能，至少，金钱买不回你的青春和付出的感情。
16、请一定要有自信。你就是世界上一道最美丽的风景，没必要在别人风景里面仰视。
17、受到再大的打击，只要生命还在，请相信每天的太阳都是新的。
18、爱情永远不可能是天平。你想在爱情里幸福就必定是要伤心的。
19、如果你喜欢一个认为别人应该对他好的gg，请尽早放弃。没有人是应该对一个人好的。如果他不明白这个道理，也就是他根本不懂得珍惜。
20、不要因为寂寞而找bf，寂寞女孩请要学会品味寂寞。请记住：即使寂寞，远方黑暗的夜空下，一定有人和你一样，寂寞的人不同，仰望的星空却是唯一。
21、任何事没有永远。也别问怎样才能永远。生活有很多无奈。请尽量充实自己，充实生活。请善待生活、善待自己和家人。
15 Sept 2009
8 Sept 2009
Understanding annual reports
A few words from the auditor and chairman can be revealing.
By Stuart Wilson, Australian Shareholders' Association
It is a sad fact that most retail shareholders do not bother to read the annual reports of companies they own. If you challenge yourself to track down the electronic version of the annual report or request a hard copy from the company, you will be ahead of the majority of your peers in the marketplace.
It is the single most illuminating document you are entitled to each year and goes a long way to helping you understand the business in which you are a part owner.
Get in the habit of reading annual reports, not only of the companies you invest in but also competitors and other potential investments. The annual report is a goldmine of information and the nuggets you uncover could make, or save, you a small fortune over time.
Start with the audit certificate
When you open the report, first make sure the figures in it provide a true and fair view - you want to see that the auditor has no issues.
Many companies have an additional paragraph or two attached to their audit certificates. The 'emphasis of matter' is a way the auditor can draw your attention to an issue facing the company without qualifying the accounts. The main issue will relate to 'going concern', which usually means the auditor sees some uncertainty surrounding the company's ability to roll over bank debt.
Keeping the audit statement in mind, next delve into the actual accounts - income statement, balance sheet, statement of cash flows, and notes to the accounts.
Educate yourself on company analysis
If you are not in the business of accounting or investment, it is essential that you invest some time in educating yourself. Interpreting the results, performing ratio analysis and forecasting are all essential activities that make up the analysis of any company. The ASX website and the ASA education program are great places to start for the basics.
Look closely at debt
It would be neglectful not to take a close look at companies' debt positions at June 30. Excessive, or even only moderately high levels of debt, will require companies to explain their positions on interest cover and their relationship with their bankers.
Debt covenants are also in the spotlight this year. These are essentially trigger points at which a bank can call in loans. Covenants can be based on profitability, market capitalisation or asset values, or some other measure or event. Check the notes to the accounts to see if the company was in breach of any covenants. It is a huge warning signal.
Debt concerns have also left companies wanting to boost their balance sheets. Investors in the past 18 months or so have become jittery over companies with relatively high gearing ratios; and asset values have fallen, compounding the problem.
Valuations accountability
When asset values are rising, company management is content. When they are falling, usually the company blames the way the accounting standards require value to be measured, rather than admitting a substantive loss in value. If you read this type of obfuscation, question management's ability to hold themselves accountable and take responsibility.
Property valuations also have been slashed during this year's confession season. However, some have been less cut-throat than others. In particular, expect to see extra explanation and commentary on valuations that have been performed by directors, even down to the assumptions that have been used.
If these are not present, it is a signal that shareholders and analysts might not have the same rosy view as the directors.
Companies that have been on the expansion trail may incur write-downs in the value of intangible assets as they face up to the fact that they overpaid for businesses purchased during the past couple of years.
Governance and remuneration
Do not skip the corporate governance statement. It may look similar year after year but it should not be. Expect to see improvements in the way companies describe share trading policies, the approach to risk management and a tightening of remuneration practices this year.
Companies operate on an 'if not, why' regime for this report. If a company does not comply with best practice it must provide an explanation as to why. Carefully, even cynically, assess their reasoning and factor it into the overall risks associated with the company.
The way the senior executive team is remunerated can often have a huge effect on their decision-making. The remuneration report is mandatory reading because it indicates the amount of backbone the board of directors have (as reflected in pay restraint or otherwise). If pay is predominantly short-term in nature, or has performance hurdles that are easy to clear, this can ring alarm bells for long-term investors.
Looking back, going forward
The annual report is a review of the prior year, but for some time it has also been used to provide guidance on what the company expects to see over the next 12 months and beyond. Best-practice annual reports show the key performance indicators (KPIs) for the prior year, how the company performed relative to each KPI, and the KPIs for the next period.
Motherhood statements espousing quiet confidence in a period of uncertainty belie a lack of conviction on the part of management.
A key word from the chairman
The chairman's address is usually worth reading to find the word or phrase that has been used to describe the prior year's profit performance. Keep in mind that the spin doctors have often had their turn at wordsmithing in order to euphemise bad results.
Rest assured that if the chairman describes the result as terrific, excellent or stellar, it is likely that profits reached or exceeded optimistic forecasts.
Last reporting season saw the primary use of three adjectives - strong, solid and sound. Indeed, most of the 20 largest listed companies adopted one of the three words. They describe profits that were hard earned, by no means stellar, and possibly disappointing.
Watch out for words that sugar-coat terrible results, such as satisfactory or (worse still) mixed. It is an indication of how upfront the company's stewards are with their owners and how willing they are to take responsibility for the results.
So-called 'underlying profit'
Nothing beats the audited accounts as a starting point. You may want to make adjustments to earnings in order to better reflect the underlying performance of the business, but it is better that you do it rather than rely on the so-called 'underlying earnings/profits' provided by the company.
Underlying earnings or profits will be popular this year as some companies fail to resist the urge to dress up their results. Before relying on them, make sure they are treated consistently in prior years, they are fully reconciled to the actual result, and are not simply EBATB (Earnings Before All Things Bad).
I like pictures and graphs - my eyes are drawn to them. But I don't let this very human trait get in the way of my critical assessment of long-term company performance. When reviewing graphs, ask yourself why the particular metrics were selected and how appropriate they are. Have they been carefully selected to put the company in a positive light? Are there any graphs conspicuous in their absence (such as audited earnings per share)?
By Stuart Wilson, Australian Shareholders' Association
It is a sad fact that most retail shareholders do not bother to read the annual reports of companies they own. If you challenge yourself to track down the electronic version of the annual report or request a hard copy from the company, you will be ahead of the majority of your peers in the marketplace.
It is the single most illuminating document you are entitled to each year and goes a long way to helping you understand the business in which you are a part owner.
Get in the habit of reading annual reports, not only of the companies you invest in but also competitors and other potential investments. The annual report is a goldmine of information and the nuggets you uncover could make, or save, you a small fortune over time.
Start with the audit certificate
When you open the report, first make sure the figures in it provide a true and fair view - you want to see that the auditor has no issues.
Many companies have an additional paragraph or two attached to their audit certificates. The 'emphasis of matter' is a way the auditor can draw your attention to an issue facing the company without qualifying the accounts. The main issue will relate to 'going concern', which usually means the auditor sees some uncertainty surrounding the company's ability to roll over bank debt.
Keeping the audit statement in mind, next delve into the actual accounts - income statement, balance sheet, statement of cash flows, and notes to the accounts.
Educate yourself on company analysis
If you are not in the business of accounting or investment, it is essential that you invest some time in educating yourself. Interpreting the results, performing ratio analysis and forecasting are all essential activities that make up the analysis of any company. The ASX website and the ASA education program are great places to start for the basics.
Look closely at debt
It would be neglectful not to take a close look at companies' debt positions at June 30. Excessive, or even only moderately high levels of debt, will require companies to explain their positions on interest cover and their relationship with their bankers.
Debt covenants are also in the spotlight this year. These are essentially trigger points at which a bank can call in loans. Covenants can be based on profitability, market capitalisation or asset values, or some other measure or event. Check the notes to the accounts to see if the company was in breach of any covenants. It is a huge warning signal.
Debt concerns have also left companies wanting to boost their balance sheets. Investors in the past 18 months or so have become jittery over companies with relatively high gearing ratios; and asset values have fallen, compounding the problem.
Valuations accountability
When asset values are rising, company management is content. When they are falling, usually the company blames the way the accounting standards require value to be measured, rather than admitting a substantive loss in value. If you read this type of obfuscation, question management's ability to hold themselves accountable and take responsibility.
Property valuations also have been slashed during this year's confession season. However, some have been less cut-throat than others. In particular, expect to see extra explanation and commentary on valuations that have been performed by directors, even down to the assumptions that have been used.
If these are not present, it is a signal that shareholders and analysts might not have the same rosy view as the directors.
Companies that have been on the expansion trail may incur write-downs in the value of intangible assets as they face up to the fact that they overpaid for businesses purchased during the past couple of years.
Governance and remuneration
Do not skip the corporate governance statement. It may look similar year after year but it should not be. Expect to see improvements in the way companies describe share trading policies, the approach to risk management and a tightening of remuneration practices this year.
Companies operate on an 'if not, why' regime for this report. If a company does not comply with best practice it must provide an explanation as to why. Carefully, even cynically, assess their reasoning and factor it into the overall risks associated with the company.
The way the senior executive team is remunerated can often have a huge effect on their decision-making. The remuneration report is mandatory reading because it indicates the amount of backbone the board of directors have (as reflected in pay restraint or otherwise). If pay is predominantly short-term in nature, or has performance hurdles that are easy to clear, this can ring alarm bells for long-term investors.
Looking back, going forward
The annual report is a review of the prior year, but for some time it has also been used to provide guidance on what the company expects to see over the next 12 months and beyond. Best-practice annual reports show the key performance indicators (KPIs) for the prior year, how the company performed relative to each KPI, and the KPIs for the next period.
Motherhood statements espousing quiet confidence in a period of uncertainty belie a lack of conviction on the part of management.
A key word from the chairman
The chairman's address is usually worth reading to find the word or phrase that has been used to describe the prior year's profit performance. Keep in mind that the spin doctors have often had their turn at wordsmithing in order to euphemise bad results.
Rest assured that if the chairman describes the result as terrific, excellent or stellar, it is likely that profits reached or exceeded optimistic forecasts.
Last reporting season saw the primary use of three adjectives - strong, solid and sound. Indeed, most of the 20 largest listed companies adopted one of the three words. They describe profits that were hard earned, by no means stellar, and possibly disappointing.
Watch out for words that sugar-coat terrible results, such as satisfactory or (worse still) mixed. It is an indication of how upfront the company's stewards are with their owners and how willing they are to take responsibility for the results.
So-called 'underlying profit'
Nothing beats the audited accounts as a starting point. You may want to make adjustments to earnings in order to better reflect the underlying performance of the business, but it is better that you do it rather than rely on the so-called 'underlying earnings/profits' provided by the company.
Underlying earnings or profits will be popular this year as some companies fail to resist the urge to dress up their results. Before relying on them, make sure they are treated consistently in prior years, they are fully reconciled to the actual result, and are not simply EBATB (Earnings Before All Things Bad).
I like pictures and graphs - my eyes are drawn to them. But I don't let this very human trait get in the way of my critical assessment of long-term company performance. When reviewing graphs, ask yourself why the particular metrics were selected and how appropriate they are. Have they been carefully selected to put the company in a positive light? Are there any graphs conspicuous in their absence (such as audited earnings per share)?
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