Loss Aversion Bias | Behavioral Finance

Loss aversion bias was developed by Daniel Kahneman and Amos Tversky in 1979 as part of the original prospect theory. Basically, it suggests that psychologically, the possibility of a loss is on average twice as powerful a motivator as the possibility of making a gain of equal magnitude. In short, it suggests that people woud prefer to avoid a loss to realizing a gain. 
Loss aversion can prevent people from cutting losing trades, even when they see no prospect of a turnaround. Some industry veterans have coined a diagnosis of "get-even-itis" to describe this widespread affliction, whereby a person waits too long for a trade to rebound instead of cutting their losses. This is dangerous because the best response to a loss is to cut it fast and move on to a better trade.
Similarly, loss aversion bias can make traders dwell excessively on risk avoidance when evaluating possible gains, since dodging a loss is a more urgent concern than seeking a profit. When their trades start to show a profit, loss-averse traders hasten to lock in profits, fearing that, the market might reverse itself and rescind their profits. The problem here is that exiting too early to protect gains severely limits upside potential. This prevents traders from catching the big moves.
This is where the importance of the stoploss comes in. If a trader is disciplined, and has a preset stoploss point, the trader will exit a losing trade once the stoploss point is breached. This removes any blind hope of a rebound, and by squaring off positions, it puts the trader in a neutral frame of mind to enter the next trade, and at the same time frees up the capital for it.

買賣股票是一項營業？

買賣股票是一項營業？

 

黃先生問：在馬來西亞，沒收入人士在股票賺到的錢合法嗎？股票資本收益（Share Capital Gain）需要或如何報稅？

另外，沒收入的人士，將來可以動用從股票賺到的錢買房子嗎（現金購買）？如果有一天內陸稅收局來查詢時，就提出證明；就是拿出股票所每個月寄出的每月結單可以嗎、足夠嗎？

股票所每個月寄出的月結單大概要收幾年？需要收每一項交易記錄嗎？如果是每日交易者，內陸稅收局會當做營業收入來徵稅嗎？

請問：每日交易者是如何定義？是每日交易的獲利（每一天結賬？），對敲收益（4天裡結賬？），或者一個月裡超過某些數字，買賣交易同一隻股票是否屬於每日交易者？可從哪方面尋求進一步資料？有任何教導投資者如何報稅的課程嗎？

答：宏願理財機構稅務與財務咨詢總監蔡兆源說，在1967年大馬所得稅法令下， 營業（business）包括專才執業（profession）、討生活的方式（vocation）、交易（trade）、每項有商業性質的製造、冒險或 動作（every manufacture，adventure or concern in the nature of trade），但不包括員工僱用（employment）。

基本上，如果你是在投資股票（Investment in shares），就無需繳所得稅；反之，如果你是在買賣股票（Dealing in shares），就必須繳所得稅。怎麼樣來鑒定一項股票交易是投資或買賣呢？請參考以下例子：黃先生在今天購買一隻股票，隔天賣出，之後又再購買一隻股 票，再賣出。黃先生一直頻密進行同樣的交易。這是有商業性質的冒險或動作，而那賺幅就是營業盈利，黃先生被視為進行一項股票買賣，須繳個人所得稅。

另一個相對的例子是：吳先生今天購買一隻股票，賺取股息，10年後吳先生把它賣掉，賺了一筆錢。這賺幅是資本進款（capital receipt），不是一項有商業性質的冒險或動作，吳先生被視為進行一項股票投資，不須繳所得稅。

“投資股票”和“買賣股票”的差別

若要分辨“投資股票”和“買賣股票”是不容易，且又具爭論性的。一般來說，有更多商業特徵（badges of trade）的罕有動作或交易，被視為一項營業的可能性就更大。

在股票交易來說，擁有期越短，意思就是說，買和賣股票的日期越接近，商業性質就越高，盈利須繳稅的可能性也就越大。此外，同樣交易的次數越高，那商業性質就越高，盈利須繳稅的可能性也就越大。例如，頻密地買賣了好幾次股票。

“投資股票”和“買賣股票”的虧損

值得注意的是，當股票交易被視為一項營業，其虧損就是商業虧損（business loss），可以用來抵銷其他收入，包括其他商業或非商業收入，而未被抵銷的商業虧損（unabsorbed business loss），可以被結轉至下一個估稅年，用來抵銷下一個估稅年的任何商業收入（business income）。

從股票投資的非商業虧損（non-business loss）是不能用來抵銷任何收入的；同樣的，未被抵銷的非商業虧損（unabsorbed non-business loss）不可以被結轉至下一個估稅年。

須保存記錄最少7年

雖然在自行估稅的制度下，除了報稅表格，很多文件都不須被呈上去給稅收局，但這並不代表納稅人，不須保存這些文件以供稅務局審查。在沒逃稅的情況下，納稅人最少要保存過去7年的文件。因此，如果你是買賣股票，必須保存有關股票的月結單，最少要保存7年。

如果對買賣股票的稅務事宜不甚瞭解或不清楚如何處理，納稅人應該諮詢稅收局的官員。查閱稅收局網站http://www.hasil.gov.my或諮詢稅務顧問的意見。（星洲日報／投資致富‧財富問診室）

Winner vs Loser

The Winner is always part of the answer;
The Loser is always part of the problem.

The Winner always has a program;
The Loser always has an excuse.

The Winner says, "Let me do it for you";
The Loser says, "That is not my job."

The Winner sees an answer for every problem;
The Loser sees a problem for every answer.

The Winner says, "It may be difficult but it is possible";
The Loser says, "It may be possible but it is too difficult."

When a Winner makes a mistake, he says, "I was wrong";
When a Loser makes a mistake, he says, "It wasn't my fault."

A Winner makes commitments;
A Loser makes promises.

Winners have dreams;
Losers have schemes.

Winners say, "I must do something";
Losers say, "Something must be done."

Winners are a part of the team;
Losers are apart from the team.

Winners see the gain;
Losers see the pain.

Winners see possibilities;
Losers see problems.

Winners believe in win-win;
Losers believe for them to win someone has to lose.

Winners see the potential;
Losers see the past.

Winners are like a thermostat;
Losers are like thermometers.

Winners choose what they say;
Losers say what they choose.

Winners use hard arguments but soft words;
Losers use soft arguments but hard words.

Winners stand firm on values but compromise on petty things;
Losers stand firm on petty things but compromise on values.

Winners follow the philosophy of empathy: "Don't do to others what you would not want them to do to you";
Losers follow the philosophy, "Do it to others before they do it to you."

Winners make it happen;
Losers let it happen.

Winners plan and prepare to win.
The key word is preparation.

超神的印度的九九乘法

超神的印度的九九乘法印度的九九乘法 ，可以很快地算出11X11 到 19X19了喔，真是太神奇了！

請試著用心算算出下面的答案： 13 X 12 = ？
(被乘數) (乘數)

第一步：
先把被乘數 (13)跟乘數的個位數(2)加起來

13 + 2 = 15

第二步：
再把被乘數的個位數 (3)乘以乘數的個位數(2)

2 X 3 = 6

第三步：
然後把第一步的答案乘以 10(→也就是說後面加個0 )之後再加上第二 步的答案就行了

15 X 10 + 6 = 156

10 Golden Lessons From Steve Jobs

“I think we’re having fun. I think our customers really like our products. And we’re always trying to do better.”

- Steve Jobs

His accomplishments and character helped define a generation and change the world. He is co-founder of the fairytale company we now know as Apple Computers. And he is the visionary of the personal computers world that led the entire computer hardware and software industry to restructure itself.

This man with boundless energy and charisma is also a master of hype, hyperbole and the catchy phrase. And even when he’s trying to talk normally, brilliant verbiage comes tumbling out.
Here’s a selection of some of the most insanely great things he said, golden lessons to help you succeed in life, Jobs-style:

“1. Steve Jobs said: “Innovation distinguishes between a leader and a follower.”

Innovation has no limits. The only limit is your imagination. It’s time for you to begin thinking out of the box. If you are involved in a growing industry, think of ways to become more efficient; more customer friendly; and easier to do business with. If you are involved in a shrinking industry – get out of it quick and change before you become obsolete; out of work; or out of business. And remember that procrastination is not an option here. Start innovating now!

2. Steve Jobs said: “Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.”

There is no shortcut to excellence. You will have to make the commitment to make excellence your priority. Use your talents, abilities, and skills in the best way possible and get ahead of others by giving that little extra. Live by a higher standard and pay attention to the details that really do make the difference. Excellence is not difficult – simply decide right now to give it your best shot – and you will be amazed with what life gives you back.

3. Steve Jobs said: “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”

I’ve got it down to four words: “Do what you love.” Seek out an occupation that gives you a sense of meaning, direction and satisfaction in life. Having a sense of purpose and striving towards goals gives life meaning, direction and satisfaction. It not only contributes to health and longevity, but also makes you feel better in difficult times. Do you jump out of bed on Monday mornings and look forward to the work week? If the answer is ‘no’ keep looking, you’ll know when you find it.

4. Steve Jobs said: “You know, we don’t grow most of the food we eat. We wear clothes other people make. We speak a language that other people developed. We use a mathematics that other people evolved… I mean, we’re constantly taking things. It’s a wonderful, ecstatic feeling to create something that puts it back in the pool of human experience and knowledge.”

Live in a way that is ethically responsible. Try to make a difference in this world and contribute to the higher good. You’ll find it gives more meaning to your life and it’s a great antidote to boredom. There is always so much to be done. And talk to others about what you are doing. Don’t preach or be self-righteous, or fanatical about it, that just puts people off, but at the same time, don’t be shy about setting an example, and use opportunities that arise to let others know what you are doing.

5. Steve Jobs said: “There’s a phrase in Buddhism, ‘Beginner’s mind.’ It’s wonderful to have a beginner’s mind.”

It is the kind of mind that can see things as they are, which step by step and in a flash can realize the original nature of everything. Beginner’s mind is Zen practice in action. It is the mind that is innocent of preconceptions and expectations, judgments and prejudices. Think of beginner’s mind as the mind that faces life like a small child, full of curiosity and wonder and amazement.

6. Steve Jobs said: “We think basically you watch television to turn your brain off, and you work on your computer when you want to turn your brain on.”

Reams of academic studies over the decades have amply confirmed television’s pernicious mental and moral influences. And most TV watchers know that their habit is mind-numbing and wasteful, but still spend most of their time in front of that box. So turn your TV off and save some brain cells. But be cautious, you can turn your brain off by using a computer also. Try and have an intelligent conversation with someone who plays first person shooters for 8 hours a day. Or auto race games, or role-playing games.

7. Steve Jobs said: “I’m the only person I know that’s lost a quarter of a billion dollars in one year…. It’s very character-building.”

Don’t equate making mistakes with being a mistake. There is no such thing as a successful person who has not failed or made mistakes, there are successful people who made mistakes and changed their lives or performance in response to them, and so got it right the next time. They viewed mistakes as warnings rather than signs of hopeless inadequacy. Never making a mistake means never living life to the full.

8. Steve Jobs said: “I would trade all of my technology for an afternoon with Socrates.”

Over the last decade, numerous books featuring lessons from historical figures have appeared on the shelves of bookstores around the world. And Socrates stands with Leonardo da Vinci, Nicholas Copernicus, Charles Darwin and Albert Einstein as a beacon of inspiration for independent thinkers. But he came first. Cicero said of Socrates that, “He called philosophy down from the skies and into the lives of men.” So use Socrates’ principles in your life, your work, your learning, and your relationships. It’s not about Socrates, it’s really about you, and how you can bring more truth, beauty and goodness into your life everyday.

9. Steve Jobs said: “We’re here to put a dent in the universe. Otherwise why else even be here?”

Did you know that you have big things to accomplish in life? And did you know that those big things are getting rather dusty while you pour yourself another cup of coffee, and decide to mull things over rather than do them? We were all born with a gift to give in life, one which informs all of our desires, interests, passions and curiosities. This gift is, in fact, our purpose. And you don’t need permission to decide your own purpose. No boss, teacher, parent, priest or other authority can decide this for you. Just find that unique purpose.

10. Steve Jobs said: “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”

Are you tired of living someone else’s dream? No doubt, its your life and you have every right to spend it in your own individual way without any hurdles or barriers from others. Give yourself a chance to nurture your creative qualities in a fear-free and pressure-free climate. Live a life that YOU choose and be your own boss.

Each lesson might be difficult to integrate into your life at first, but if you ease your way into each lesson, one at a time, you’ll notice an immediate improvement in your overall performance. So go ahead, give them a try.