● 陈美凤 By Goh Mui Hong

　Stock prices have fallen considerably during the current

economic malaise. Although there is the risk that stock

markets may not have bottomed, the current low stock prices

offer an opportunity for retail investors to gradually

invest in selected blue chip stocks that may have previously

been out of reach.

　In the event that you decide to invest, here is a list of

pitfalls you should avoid:

　Inadequate Asset Allocation-- Asset allocation is the

process of dividing your pool of money among different asset

classes, e.g. between income investments such as fixed

deposits and bond funds, and growth investments which will

include riskier investments such as stocks or physical

property. The former is considered the safer option,

however bond funds are riskier than fixed deposits although

they may offer a higher return in the long run. Growth

investments are more volatile and have been very popular in

Singapore because they offer the potential for higher

returns.

　The mistake most investors make is to put most of their

money in one form of investment, say stocks or properties.

As a result, when the property and stock markets decline,

these investors are in an extremely vulnerable position. It

is always prudent to keep aside at least enough cash to

provide a cushion of about 6 months' monthly income as a

safeguard against sharp declines in the stock and property

markets or in the event that you need cash urgently.

　Lack of Diversification--Having decided that you want to

put aside some money in an investment portfolio comprising

say equities, you should always aim to diversify the stocks

within your portfolio so as to minimise your risk exposure

to any one stock. Not only should you diversify between

stocks, you should also diversify between different industry

sectors, and if resources permit, within different

geographical regions. This would reduce your risk exposure

should any one company or sector or region suddenly

experience a sharp decline.

　If you are a first-time investor, you may not have much

funds at your disposal. The purchase of one stock alone

could utilise the bulk of your investible savings. One way

to diversify is to invest in unit trusts which usually cost

about $1 per unit when launched. These unit trusts are

investment portfolios managed by a professional fund

manager. As the fund manager pools the funds from many

investors, he can invest in a diversified portfolio that

offers lower risk. Unit trusts may also enable investors to

diversify across regions, e.g. a European fund paired with

an Asia Pacific Fund, or between assets, e.g. investing

under an umbrella fund in an equity fund, a bond fund and a

money market fund.

　Market timing--Some investors try to "time" the market, i.e. waiting for the market peak to sell and bottom to buy. Such strategies are difficult to implement even for the professional fund managers. You may also incur higher transaction costs as a result of such a strategy. 　Investments should be made with a long-term view. The ups and downs in the market can be made to work in your favour. If you think a stock is good, you can pick it up in small amounts so that you average out the cost of the investment over time. For example, buying 1 lot of stock each month over a 4-month period at say $0.70, $0.80 and $0.90 and $1.00 would result in an average cost of $0.85. 　Letting Go--If you have made a bad investment decision, do consider selling the stock even if it results in a loss. The mistake some investors make is in trying to average down their losses by buying the stock again at a lower price without analysing the cause of the decline. The price of the stock may have fallen due to the deterioration of the company"s financial position, poor business prospects, or potential law suits. If the stock is not good, you are essentially throwing good money after bad. 　Herd Instinct--Some investors buy shares when they see hectic buying in the market by other investors, i.e. chasing the price of the stock up. Huge price fluctuations can occur and fade very quickly leaving naive investors stranded and holding on to stocks purchased at high prices. 　Inadequate Research --Before you invest in anything, you should familiarise yourself with the instruments and their risks. Such information can be obtained from newspapers, financial magazines or even on the Internet. For example, in the case of stocks you may wish to ask yourself the following questions: Does the company have a good management? What type of business is the company in? Does the business have growth potential? Does the company have a good profit track record? What are its prospects? How volatile is the company's stock price? If the price of the stock is volatile, will you be able to tolerate the risk if the price of the stock rise or decline sharply? (The writer is the Chief Executive Officer of OUB Asset Management Ltd. This fortnightly series on unit trust investing is supported by The Investment Management Association of Singapore and the Stock Exchange of Singapore.)
投资者常犯的错
　　股票价格因为当前的金融危机已大幅度下跌。虽然目前还不肯定 是否已见底，但小投资者还是可考虑趁目前的低价买进一些从前遥不 可及的蓝筹股。 　　如果你决定投资了，应避免犯以下的错误： ＊资产分配不足：你把资金分配于不同等级的资产，例如带来固定收 入的定期存款和债券基金，或是具增值潜能的股票或房地产。 许多投资者都犯上把大部分资金集中于一项投资的错误，如股票或 房地产。一旦房地产市场或股市下滑，他们所受的冲击将不小。谨慎 的做法是拥有一笔相等于六个月薪金的储蓄，在股市和房地产市场突 然下滑或是急需现金时，可作为后盾。 ＊投资不够多元化：决定利用部分资金投资后，你应该尽量使投资组 合多元化。举例说，如果你投资的是股票，应尽可能不要过度集中于 某只股票。除此之外，也应确保组合内的股票不是都从事某个行业。 如果有足够的资源，甚至投资的地区也应多元化。 如果你初次接触投资，你可能没有足够的资金，一只股票可能就用 尽所有的资金。投资单位信托基金是其中一个分散投资的方式，而投 资一个单位通常只需1元左右。负责管理基金的专业经理会集合许多 投资者的资金，组成一个风险分散的投资组合。 投资者也可借这个途径投资于其他地区，如欧洲基金和亚太基金， 或是投资于不同的资产，如包括股票基金、债券基金和货币基金的雨 伞基金。 ＊投资时机：有些投资者想等到市场升至顶峰时卖掉，跌至谷底时买 入。这样的投资策略，对专业的基金经理来说，也不容易执行。此外 ，它的交易费用可能会较高。 　投资时应把眼光放长远，市场的起起落落也可能对你有利。如果你 认为一只股　具投资潜能，可考虑分几次买入以把平均价拉低。举例 说，你在4个月内分四次买入4000股，买入价分别是0.70元、0.80元 、0.90元和1.00元，平均买入价是0.85元。 ＊不懂得放手：如果你做了个错误的投资决定，即使会蒙受亏损，还 是应考虑脱售。一些投资者犯的错误便是在没有研究股价下跌的情形 下继续买进，期望能因此减少亏损。 　股价下滑可能是因为财务状况欠佳、业务前景不理想或是公司可能 面对诉讼。 　因此，你可能是在浪费时间和金钱。 ＊羊群效应：一些投资者见其他投资者在市场上追购某只股票，也不 落人后跟着买入。股价是有可能在瞬息间大起大落的，经验不多的投 资者若在高价时买入而没来得及卖出，就会被套牢。 ＊研究不足：投资任何东西前，你应该对它和其风险有足够的认识。 这些资讯可从报章、财经杂志甚至是网际网络上得到。 　　假设你要投资股票，先问问自己以下的问题：这家公司有没有好 的管理层？从事什么业务？业务有没有发展潜能？盈利记录好不好？ 股价波动大吗？如果大，有能力承受大起大落的风险吗？ （作者是华联资产管理公司的执行总裁。本栏是新加坡股票交易所和 新加坡投资管理协会联办的公众教育计划。）