【#Podcast更新了】
#菜雞變司機
EP3:為什麼不該拿學校教的東西來投資?你只要學會這些就不用花大錢去上 ___ 了!(會計篇)
🎙️ Podcast 連結:https://gamma.soci.vip/
📩 免費電子報訂閱: https://bit.ly/39U5HKw
✍🏻 分析全文:https://gamma.to/notes/RlQonteyuo9mfv8Lxd2Y
🔖 各位投資人要謹記於心的是,會計學、金融、稅務等知識都只是投資的基礎,投資有 99% 的時間都應該花在了解一間公司的商業本質、產業狀況和了解自己在公開市場中參與的賽局(誰是你與你對做的對手,為什麼你比對方更有優勢)。這些知識都只是基礎中的基礎,了解這些知識後並不會給你任何投資上的優勢(因為公開市場上的投資人都知道這些基礎知識了)。
🔖 會計學 (Accounting):在學校,你會學到複式簿記 (Double bookkeeping)、損益表 (Income Statement)、資產負債表 (Balance Sheet)、現金流量表 (Cash Flow Statement) 和成本會計 (Cost accounting),也可能會在更進階的課程中學到移轉訂價 (Transfer Pricing)。
成本會計和移轉訂價只對那些在大公司會計部門工作的人是重要的,負責這些工作的人會獲得他們應得的報酬。但是對於一般公司投資人而言,這兩個可以說是最沒有用處的知識。
🔖 1. 資產項目 (Assets)
-現金與約當現金 (Cash & Cash Equivalents):有價證券 (Marketable Securities,市場流動性高的證券) 與現金沒有任何差別,所以有價證券被當成現金與約當現金。
-應收帳款 (Account Receivable):應收賬款是指企業因銷售商品、提供勞務等業務,應向購買單位收取的款項。應收帳款可以透過 Factoring 來改善現金部位。
-存貨:有許多方法可以來計算存貨,比如說先進先出法 (First In, First Out - FIFO)、後進先出法 (Last In, First Out - LIFO) 和移動平均法,這是一個非常有趣的項目。但你如果你不是從事不良資產投資的話,那麼不用去在意這些不同的方法。
-淨土地、廠房和設備 (Net PPnE):資本支出 (Capex) 花出去後就會變成這個項目。這個項目可以被質押來獲得優惠利率的有擔保借款。
-無形資產 (Intangibles):這可以是從軟體資本化得到的商譽 (Goodwill) 或是來自併購行為的商譽。當資產負債表上有這個項目,攤銷 (被當做支出) 不會影響到現金流,所以當你發現一間公司有很龐大的無形資產和攤銷項目時,你應該要去觀察這家公司的 EBITDA 或是 EBITA (因為兩者都是計算攤銷前盈餘),把這兩個當成產生現金流能力的替代指標會是更好的觀察方式。
🔖 2. 負債項目 (Liabilities)
-應付帳款 (Account Payable):需要付出去的款項。
-債務 (Debt):這個項目是從銀行借來的資金或是透過公司發行公司債所獲得的資金。這個項目在計算淨負債時很重要。
-財務租賃 / 營運租賃 (Financial Leases / Operating Leases) :這兩個項目是否該被歸類成負債是有爭議的。但 Gamma 通常只要這兩個項目出現在資產負債表,就會把這兩個項目當成負債。
-遞延營收 (Deferred Revenue):這個項目對於 SaaS 公司而言通常是很重要的指標,可以當成在滿足客戶需求前,客戶所做出的訂單,並當成未來的債務。這是一個營收的領先指標,所以追蹤一家公司的遞延營收在預測未來的營收上是很重要的。
🔖 3. 權益項目 (Equity)
-少數股東權益 (Minority Interest):這是由少數股東所持有的股東權益,這大部分是由母公司所持有。
-股東權益 (Shareholder equity):這個項目只對一些很看重資產負債表的商業模式才重要(例如:金融機構就需要去注意的數字),因為他們被規定必須要維持一些資本項目上要求。除非你正計算一間公司在清算的情況下會如何 (商業價值是負的),不然這個項目其實不是很重要。
🔖 你只需要搞懂這些損益表的項目
-營收:每間公司對營收的定義都不同。當你使用一些會用到營收的指標,比如說 EV / Sales 並拿來比較多間公司,你會想要確保這些公司對於營收的定義都是一樣的。打個比方,$ADYEN vs $SQ vs $PTPL 或 $TTD vs $APPS 這兩種比較組合中,它們對於營收的定義是不一樣的,所以在兩個例子中,直接拿 EV / Sales 不會是一個估值的好指標。
#更多內容於全文中
equity transfer 在 唐家婕 - Jane Tang Facebook 的精選貼文
Breaking‼️
美東時間1月5日傍晚,川普以國家安全為由,用行政命令方式禁止阿里支付寶、微信支付、QQ錢包在內的8款中國應用程式(App)。
行政命令發佈後45天,禁止任何人與實體與這8款中國應用程式(App)進行交易。
按照日程,美國下任政府將在15天後,1月20日上任。
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美國商務部長在同一時間發聲明表示,已指示商務部按行政命令執行禁令,「支持川普總統保護美國人民隱私與安全,免於受到中國共產黨的威脅。」
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▫️8款App:
支付寶(Alipay)、掃描全能王(CamScanner)、QQ錢包(QQ Wallet)、茄子快傳(SHAREit)、騰訊QQ(Tencent QQ)、阿里巴巴旗下海外短視頻應用VMate、微信支付(WeChat Pay)和辦公型App WPS Office。
圖三:美國商務部聲明
圖四:美國國安顧問聲明
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▫️白宮行政命令全文:
The White House
Office of the Press Secretary
FOR IMMEDIATE RELEASE
January 5, 2021
EXECUTIVE ORDER
- - - - - - -
ADDRESSING THE THREAT POSED BY APPLICATIONS AND OTHER SOFTWARE DEVELOPED OR CONTROLLED BY CHINESE COMPANIES
By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code,
I, DONALD J. TRUMP, President of the United States of America, find that additional steps must be taken to deal with the national emergency with respect to the information and communications technology and services supply chain declared in Executive Order 13873 of May 15, 2019 (Securing the Information and Communications Technology and Services Supply Chain). Specifically, the pace and pervasiveness of the spread in the United States of certain connected mobile and desktop applications and other software developed or controlled by persons in the People's Republic of China, to include Hong Kong and Macau (China), continue to threaten the national security, foreign policy, and economy of the United States. At this time, action must be taken to address the threat posed by these Chinese connected software applications.
By accessing personal electronic devices such as smartphones, tablets, and computers, Chinese connected software applications can access and capture vast swaths of information from users, including sensitive personally identifiable information and private information. This data collection threatens to provide the Government of the People's Republic of China (PRC) and the Chinese Communist Party (CCP) with access to Americans' personal and proprietary information -- which would permit China to track the locations of Federal employees and contractors, and build dossiers of personal information.
The continuing activity of the PRC and the CCP to steal or otherwise obtain United States persons' data makes clear that there is an intent to use bulk data collection to advance China's economic and national security agenda. For example, the 2014 cyber intrusions of the Office of Personnel Management of security clearance records of more than 21 million people were orchestrated by Chinese agents. In 2015, a Chinese hacking group breached the United States health insurance company Anthem, affecting more than 78 million Americans. And the Department of Justice indicted members of the Chinese military for the 2017 Equifax cyber intrusion that compromised the personal information of almost half of all Americans.
In light of these risks, many executive departments and agencies (agencies) have prohibited the use of Chinese connected software applications and other dangerous software on Federal Government computers and mobile phones. These prohibitions, however, are not enough given the nature of the threat from Chinese connected software applications. In fact, the Government of India has banned the use of more than 200 Chinese connected software applications throughout the country; in a statement, India's Ministry of Electronics and Information Technology asserted that the applications were "stealing and surreptitiously transmitting users' data in an unauthorized manner to servers which have locations outside India."
The United States has assessed that a number of Chinese connected software applications automatically capture vast swaths of information from millions of users in the United States, including sensitive personally identifiable information and private information, which would allow the PRC and CCP access to Americans' personal and proprietary information.
The United States must take aggressive action against those who develop or control Chinese connected software applications to protect our national security.
Accordingly, I hereby order:
Section 1. (a) The following actions shall be prohibited beginning 45 days after the date of this order, to the extent permitted under applicable law: any transaction by any person, or with respect to any property, subject to the jurisdiction of the United States, with persons that develop or control the following Chinese connected software applications, or with their subsidiaries, as those transactions and persons are identified by the Secretary of Commerce (Secretary) under subsection (e) of this section: Alipay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and WPS Office.
(b) The Secretary is directed to continue to evaluate Chinese connected software applications that may pose an unacceptable risk to the national security, foreign policy, or economy of the United States, and to take appropriate action in accordance with Executive Order 13873.
(c) Not later than 45 days after the date of this order, the Secretary, in consultation with the Attorney General and the Director of National Intelligence, shall provide a report to the Assistant to the President for National Security Affairs with recommendations to prevent the sale or transfer of United States user data to, or access of such data by, foreign adversaries, including through the establishment of regulations and policies to identify, control, and license the export of such data.
(d) The prohibitions in subsection (a) of this section apply except to the extent provided by statutes, or in regulations, orders, directives, or licenses that may be issued pursuant to this order, and notwithstanding any contract entered into or any license or permit granted before the date of this order.
(e) Not earlier than 45 days after the date of this order, the Secretary shall identify the transactions and persons that develop or control the Chinese connected software applications subject to subsection (a) of this section.
Sec. 2. (a) Any transaction by a United States person or within the United States that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate the prohibition set forth in this order is prohibited.
(b) Any conspiracy formed to violate any of the prohibitions set forth in this order is prohibited.
Sec. 3. For the purposes of this order:
(a) the term "connected software application" means software, a software program, or group of software programs, designed to be used by an end user on an end-point computing device and designed to collect, process, or transmit data via the Internet as an integral part of its functionality.
(b) the term "entity" means a government or instrumentality of such government, partnership, association, trust, joint venture, corporation, group, subgroup, or other organization, including an international organization;
(c) the term "person" means an individual or entity;
(d) the term "personally identifiable information" (PII) is information that, when used alone or with other relevant data, can identify an individual. PII may contain direct identifiers (e.g., passport information) that can identify a person uniquely, or quasi-identifiers (e.g., race) that can be combined with other quasi-identifiers (e.g., date of birth) to successfully recognize an individual.
(e) the term "United States person" means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States.
Sec. 4. (a) The Secretary, in consultation with the Secretary of the Treasury and the Attorney General, is hereby authorized to take such actions, including adopting rules and regulations, and to employ all powers granted to me by IEEPA, as may be necessary to implement this order. All agencies shall take all appropriate measures within their authority to implement this order.
(b) The heads of agencies shall provide, in their discretion and to the extent permitted by law, such resources, information, and assistance to the Department of Commerce as required to implement this order, including the assignment of staff to the Department of Commerce to perform the duties described in this order.
Sec. 5. Severability. If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its other provisions to any other persons or circumstances shall not be affected thereby.
Sec. 6. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department, agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
DONALD J. TRUMP
THE WHITE HOUSE,
January 5, 2021.
equity transfer 在 Anchor Taiwan Facebook 的最佳貼文
【 She Loves Tech | #台灣隊奪冠 #太古集團主席都來了 】
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Such a treat to be an ecosystem partner and a judge for this incredible event! 10 teams from HK, Macau and Taiwan competed for the regional final, and the winner walked away with a US$15K equity free investment. 😍
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We were touched to see the involvement of so many senior executives (including the Chairman of Swire Pacific himself!), the calibre of the teams, and what's possible during a year full of challenges. 🙇♀️🙇
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Congrats to the winning team, A.V. Mapping (🇹🇼 ). Onward and upward!
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【評審名單 Judges】
▧ Merlin Swire: Chairman (首席執行官), Swire Pacific (太古集團)
▧ Leo Luk: Investor, HKSTP Venture (香港科技園創投基金)
▧ Ivy Chan: Head of Ecosystem and Collaboration, Cyberport (香港數碼港)
▧ Leo Chiu: Chief Technology Partner, Click Venture
▧ Helena Lei: Senior Manager, Macau Productivity and Technology Transfer Center (澳門生產力暨科技轉移中心)
▧ Jacky Wang: Venture Partner, 500 Startups
▧ Elisa Chiu : Founder, Anchor Taiwan | Anchor Venture Partners
【爐邊談話講者名單 Speakers of Fireside Chat】
🔺 Raymond Lao: Founding Partner, Macau Envision Accelerator (澳門創見加速器)
🔺 Vincent See: Head of New Ventures, Swire Properties (太古地產)
🔺 Joyce Yang: Managing Director, Opsis MCube Capital(立思資本);Former Commercial Director, Shopee (台灣蝦皮購物)
🔺 Jacqueline Chong: Chief Strategy Officer, Green Tomato Limited
【決賽創業團隊 Start-up teams】
🇭🇰 香港 Hong Kong
1. A4Alpha - #EdTech
2. Carbonbase - #CleanTech/ #FinTech
3. Mediconcen 醫結 - #InsurTech
4. WildFaces.ai - Vision-based #AI
🇲🇴 澳門 Macau
5. 趣眼精釀 Funny Eye Brewing - #FoodTech/ #Hospitality
🇹🇼 台灣Taiwan
6. 酷氏基因 Guzip Biomarkers Corp. - #BioTech/ #MedTech
7. AegisCustody - #FinTech
8. Genlab Biotech 精磊生技實業有限公司 - #BioTech
9. ERCM 艾斯科 - #CleanTech
10. A.V. Mapping - #audiovisualtech
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She Loves Tech 2020 #womenintech #startups 500 Startups Cyberport 數碼港 Global Shapers Taipei Hub Click Ventures