China Tells

Wall Street Journal: 2008 will be remembered in the history of finance for long. In 2008 one of the greatest financial crisis after WWII unfolded, and the bottom is still unclear. 2008 also sees a great volatility in terms of market performance, including equity, commodity and fixed income. The rich people in Asia, quantifiable as those who have net worth for at least USD 1 million, have been hit hard during the turmoil and volatility in the market. Given this reality there is notable change in the industry of wealth management: people are fraying away from involving in complicated deals such as accumulator or non-vanilla derivatives, and appetite for risk or access to global ‘elite’ banks have waned significantly. In my view, complicated derivative or option or vanilla are hardly suitable for non-professional investors, no matter how wealthy he/she is. It is too complicated and in the end still comes from a core view: you have to either be bullish, or bearish.

华尔街日报：2008年世界股票市场的剧烈动荡令亚洲的富人们损失惨重。据报道他们平均损失了35%的财富。而在重灾区香港，大约60%的富人阶层由于损失过重被踢出了‘富人’圈子。看来穷也并没什么不好，至少不用每天担心被踢出去。