關於 american infrastructure services ，我們在網路上蒐集到這些相關的討論、資訊與評價

🌻另一個Zoom會議(第二次貼......有補上一些內容)
繼上次的年報導讀會議後, 讓我們再做另一個會議! 這次很榮幸邀請到一位對估值很有見解的股友前輩來帶大家了解估值(恩, 這次我會是主持人, 不是主講人).
主題: 估值(valuation)分享會(Cat: 這不算基礎的估值會議)
主講人: 小揚(from安泰價值投資)
https://www.facebook.com/antaiinvestment　(此為小揚的粉絲頁)
參與者: 具基本估值能力. 若打算參加者, 請事先跟我(請私訊)提出一個關於估值的case study, 到時候可在會議中分享(最好是以投影片形式呈現, 這樣到時候好跟大家分享). 若有估值的問題, 也可以提出.
Case study可以是美股, 也可以是台股.
時間: 台灣時間07/10 (周六)晚間９點.
預計一個小時(不會像上次那樣冗長了😅): 前30分鐘由小揚做分享, 後30分鐘大家分享估值案例&提問
進行方式: 以Zoom進行(之後會私訊會議資訊給參與者)

🌻Morgan Stanley Mid-year Investor Outlook: A tricky transition

https://www.morganstanley.com/ideas/midyear-2021-global-markets-outlook

🌻在您投資生涯中, 有沒有一些觀念讓您受用很多?
下面這位投資名人的好觀念影響我很深. 他的意思是, 一般投資人, 只要能説出三個買一家公司的理由, 就很夠了. 這也迫使我, 每次在買股票時, 問自己對這家公司的了解有多少. 也會去衡量公司的優點與缺點在哪裡.

"It is vital (重要的) that you know what you own, that if I asked you on the street why you like a certain stock, you can give me three reasons. If you don't know how they make their money, who their key clients are and what they make if, then I will tell you that you are over your head and should not own individual stocks."

全文在此:
Jim Cramer: In Times Like This, Go for the Easy Money
Look at the stocks you own. Can you tell me why you've got them? If you can't answer the following three questions, then have a look at several I like right now.

We've endured the meme stock craziness, with all of its love for heavily shorted stocks. We have watched the collapse of bitcoin to levels viewed as shocking, even if they are still more than double where they were not that long ago. We've dealt with Fed officials making it clear that they are no longer on the side of the bulls or the bears. They are on the side of job growth, but are wary of inflation. We've seen the end of the rush to get vaccines, which means that millions of people are going to get the new COVID variant, because there is no natural immunity to it. We've watched as the hopes for an infrastructure bill have collapsed. We've endured shortages of everything from chips to plastic to imported goods and labor.

And we're still standing, yeah, yeah, yeah.

Yep, we are in one of those halcyon moments, where the masks are off -- even if they shouldn't be -- and Americans are back doing what they do best: consume, spend, go out to eat and then consume and spend some more.

There are times in the stock market where the collective mindset is revealed. This is one of those times: Things are cool, it's not a big moment, there's no real news for a bit, it's the historically strong period and we can reach some conclusions about where we are.

When things are like this, it is important to remember that buyers like to revert to tried-and-true companies that thrive no matter what. These are companies that have an edge and are better at what they do than other companies.

You know that I am a great believer in index funds, that the average person doesn't have the time or the inclination to research individual stocks. It's a difficult barrier. I think you need to make time to read the quarterly report and listen to the conference call, to Google articles and, if possible, get some research about the companies you own. It is vital that you know what you own, that if I asked you on the street why you like a certain stock, you can give me three reasons. If you don't know how they make their money, who their key clients are and what they make if, then I will tell you that you are over your head and should not own individual stocks. I am reminded by this, because, once again, without a mask, I can be recognized and if I am not holding "Nvidia the Second," I can carry on a conversation.

I have had many in the last two weeks and when I have asked this litany of questions, I find myself at a loss as to why almost no one knew what they owned. But they thirsted for individual stocks, because they, like me, think things are better post pandemic. No, that's not a facetious comment. Many, many stocks did better with a stay-at-home economy. A huge number.

So what do I do? I revert to what others do when you are stumped about how to stay in touch with stocks, but want to do less homework. That means buying stocks that are accessible, not stocks like Unity (U) or Snowflake (SNOW) or Twilio (TWLO) or Okta (OKTA) .

I revert to normal businesses people know and I suggest they Google some articles, peruse the conference call, but, above all, like the company's products so you can buy more if it goes down.

Here's some that I have been telling people I like:

First is Ford (F) . I think the Ford lineup is amazing. The electric F-150 series will be incredible. I am eager to get a Maverick for my family, because it is a smaller pickup that will get the job done for the myriad little things I need to do with this farm I bought from that crazy bitcoin foray. I like the competitive edge of the CEO, who says he is going to bury Elon Musk when the Lightning comes out. I even think the Bronco is cool as all get out. Most important, though? I think the chip shortage is ending. My semiconductor friends are telling me the foundries are producing more feature-rich chips and that means Ford can pump out the trucks small business people love and need. Plus, the used car prices at last have plateaued, according to their most important pricing index. Halcyon times.

Second, Costco (COST) : The samples are coming back. Tell me you don't love the samples. You need things in bulk. You want low prices. You want to get all of the things that people don't think of with Costco, like insurance, hearing-aids -- hey, they are a fortune -- jewelry, things around the house. You go and you will buy far more than you first came for. My kind of store.

The kids love this American Eagle Outfitters (AEO) , which we just bought for my charitable trust, which you can follow along by joining the Action Alerts PLUS club. Jay Schottenstein, the CEO, came on "Mad Money" recently and it's clear that his Aerie model has real staying power: 26 consecutive quarters of double digit growth. No flash in the pan, that one. Number one brand in jeans for the 15 to 25 year old group. The best in the mall. How did I know this? I see the credit card bills.

I got up this morning to do my physical therapy. I have been doing it ever since I hurt my back in February. I have this really cool pair of sneakers that fit me perfectly and I love them, but I am fortunate enough to have a vacation house and I am always taking those shoes with me.

So I went on Amazon (AMZN) this morning and lo and behold I saw them for half price. I bought two pairs. Then I went over everything I have bought in the last year and got a bunch of those things. Then I bought a pair of binoculars, because mine were stolen. I paid half price.

Yep, Amazon's universal. I was talking to Alexa, while I was ordering, getting some new music on, asking questions. I saw that despite all of the Sturm und Drang of Amazon being late with things, all the delivery dates were within range. I didn't click on any ads, and I didn't need the speed of Web Services, but the whole thing reminded me about how special the darned company is. I don't care if it's ahead or behind plan for the moment. I would just buy some more when it goes down.

Finally, Apple (AAPL) . I think people who don't own Apple should look what they are holding at this very moment. Yes, right now. Or look at what's in your lap or on the table besides your fork. And then think about the bill you paid last night without knowing it. Think about what you bought in the App store yesterday. Think about what would happen if it would break or get stolen or, left in the Uber (UBER) , or heaven forbid, be dropped into the pool or in the, yes, toilet.

There, that's what you buy in halcyon times. Stocks of companies you know that if they go lower, because things get less halcyon, you are fine with it and buy more. If things go up, believe me, you will participate.

So accept the moment. Don't try for the hard money. Go for the easy kind. That's the best kind.

https://realmoney.thestreet.com/jim-cramer/jim-cramer--15692051

Picture: 牡丹(peony)花開. 恨不得院子裡有一塊地是牡丹園.

黃浩銘：

//法官閣下，我能夠參與雨傘運動，爭取民主，實是毫無悔意，畢生榮幸。我已花了最青春的10年在社會運動上，假若我有80歲，我仍有50年可以與港人同行，繼續奮鬥。要是法官不信，且即管以刑罰來考驗我的意志，試煉我的決心，希望我的戰友們在我囚禁的時候，可以激發愛心，勉勵行善，更加有勇氣和力量作個真誠的人對抗謊言治國的中共政權。

　　「希望在於人民，改變始於抗爭」，唯有透過群眾力量，直接行動，才能改變社會。8年前如是，今日亦如是。但願港人堅定不移，爭取民主，打倒特權，彰顯公義。自由萬歲！民主社會主義萬歲！願公義和慈愛的　主耶穌基督與我同在，與法官先生同在，與香港人同在！//

希望在於人民　改變始於抗爭
—雨傘運動公眾妨擾案陳情書

陳法官仲衡閣下：

　　自2011年你審理只有23歲的我，追問時任特首曾蔭權知否米貴涉擾亂公眾秩序的案件距今已有8年。在命運的安排下，我再次站在你面前，只是當你讀到這封陳情書的時候，我已經不是當年被你宣判無罪釋放的年青人，而是一個準備迎接第三次入獄的積犯。然而，今天我不是尋求你的憐憫，而是希望道明我參與雨傘運動，公民抗命的緣由，讓法官閣下可以從我的動機及行為來給予合理判刑。

　　8年以來，我們的崗位稍有轉變，但香港的變化更大，充滿爭議的各個大白象基建均已落成，更多旅客走訪社區，似是一片繁華景象，但同時，更多窮人住在劏房，更多群眾走上街頭，亦有更多我們愛惜的年青人進入監牢。從前我們認為香港不會發生的事，都一一在這8年間發生了。當我8年前站在你面前那一刻，我們都不會想像得到香港人可被挾持返大陸，亦想像不到原來有一天大陸的執法人員可在香港某地方正當執法，更想像不到中共政府除了透過人大釋法外，還可藉著「一言九鼎」的人大決定，甚至中央公函來決定香港人的前途命運和收緊憲制權利。

爭取民主的本意

　　民主只是口號嗎？當年，我痛罵無視100萬窮人及30萬貧窮長者利益，卻慶祝不知辛亥革命本意的前行政長官曾蔭權，並要求設立全民退休保障，廢除強積金，因此首次被捕被控。但時至今日，香港仍然有過百萬貧窮人口，超過30萬貧窮長者，貧富懸殊及房屋短缺的問題愈加嚴重。2014年，我見過一位75歲的伯伯跪在立法會公聽會向時任勞工及福利局局長張建宗下跪，懇求政府不要拆遷古洞石仔嶺安老院。2019年，我又見到一位67歲執紙皮維生的婆婆在立法會公聽會哭訴難以找工作，現任勞工及福利局局長羅致光竟然叫她找勞工處。為何官員如此冷酷無情？為何我們的意見均未能影響政府施政？歸根結柢，就是因為香港人沒有真正的選擇，喪失本來應有制訂政策及監督的權力！

　　所謂民主，就是人民當家作主。任何施政，應當由人民倡議監督，公義分配，改善公共服務，使得貧者脫貧，富者節約。今日香港，顧全大陸，官商勾結，貧富懸殊，耗資千億的大白象跨境基建接踵而來，但當遇見護士猝死，教師自殺，老人下跪，政府政策就只有小修小補，小恩小惠，試問如何服眾？由1966年蘇守忠、盧麒公民抗命反對天星小輪加價，乃至1967年暴動及1989年中國愛國民主運動，甚至2003年反廿三條大遊行，無不是因政權專政，政策傾斜，分配不公，引致大規模民眾反抗。2014年雨傘運動的起點，亦是如此。

　　多年來，港人爭取民主，為求有公義分配，有尊嚴生活，有自主空間，但我們得到的是甚麼？1984年，中英兩國簽署《聯合聲明》前夕，前中共總書記趙紫陽曾回覆香港大學學生會要求「民主治港，普選特首」的訴求，清楚承諾「你們所說的『民主治港』是理所當然的」。當時，不少港人信以為真，誤以為回歸之後可得民主，但自1989年六四血腥鎮壓及2003年50萬人反對《廿三條》立法大遊行後，中共圖窮匕現，在2004年透過人大釋法收緊政制改革程序，並粗暴地決定2007及2008不會普選行政長官及立法會。自此，完全不民主的中國立法機關－全國人民代表大會常務委員會掌控香港人的命運福祉，人大釋法及人大決定可以隨時隨地配合極權政府的主張，命令香港法庭跟從，打壓香港的民主和法治。

　　2014年8月31日，是歷史的轉捩點。儘管多少溫和學者苦苦規勸，中共仍以6月的＜一國兩制白皮書＞為基礎，展示全面管治權的氣派，包括法官閣下在內，都要屈從愛國之說。在《8‧31人大決定》之後，中共完全暴露其假民主假普選的面目，其時，我們認為對抗方法就只有公民抗命。

公民抗命的起點

　　違法就是罪惡嗎？我們違法，稱之為「公民抗命」，就是公民憑良心為公眾利益，以非暴力形式不服從法律命令，以求改變不義制度或法律。終審法院非常任法官賀輔明（Leonard Hoffmann）勳爵曾在英國著名案例 R v Jones (Margaret) [2007] 1 AC 136 案提出：「發自良知的公民抗命，有着悠久及光榮的傳統。那些因着信念認為法律及政府行為是不義而違法的人，歷史很多時候都證明他們是正確的……能包容這種抗爭或示威，是文明社會的印記。」

　　終審法院在最近的公民廣場案（Secretary for Justice v Wong Chi Fung (2018) 21 HKCFAR 35）亦道明「公民抗命」的概念可獲肯定（該案判詞第70至72段）。因此，亦印證我等9人及其他公民抗命者並非可以一般「違法犯事」來解釋及施刑。港人以一般遊行示威爭取民主30年，無論從殖民年代乃至特區年代，皆無顯著改進，今日以更進步主張，公民抗命爭取民主，正如印度、南非、波蘭等對抗強權，實在無可厚非。誠然，堵塞主要幹道，影響民眾上班下課，實非我所願，但回想過來，中共及特區政府多年來豈不更堵塞香港民主之路，妨擾公眾獲得真正的發聲機會？

　　如果我是公民抗命，又何以不認罪承擔刑責？2014年12月，警方以成文法「出席未經批准集結」及「煽動參與未經批准集結」在村口將我逮捕。2017年3月，警方改以普通法「煽惑他人作出公眾妨擾」及「煽惑他人煽惑公眾妨擾」提控。正如戴耀廷先生在其結案陳詞引述英國劍橋大學法學教授 John R. Spencer 提及以普通法提訴的問題：「近年差不多所有以『公眾妨擾罪』來起訴的案件，都出現以下兩種情況的其中一個：一、當被告人的行為是觸犯了成文法律，通常懲罰是輕微的，檢控官想要以一支更大或額外的棒子去打他；二、當被告人的行為看來是明顯完全不涉及刑事責任的，檢控官找不到其他罪名可控訴他」，無獨有偶，前終審法院常任法官鄧楨在其2018年退休致詞提及：「普通法同樣可被用作欺壓的工具。它是一種變化多端的權力，除非妥善地運用人權法加以適當控制，否則可被不當使用。」如今看來，所言非虛。

　　今我遭控二罪，必定據理力爭，冀借助法官閣下明智判決推翻檢控不義，但法庭定讞，我自當承擔刑責，絕無怨言，以成全公民抗命之道。

試問誰還未覺醒

　　我是刻意求刑標榜自己，讓年青人跟從走進監獄大門嗎？我反覆推敲這個問題。然而，我的答案是，正正是希望後輩不用像我此般走進牢獄，我更要無懼怕地爭取人們所當得的。縱使今日面對強權，惡法將至，烏雲密佈，我依然一如既往，毋忘初衷地認為真普選才是港人獲得真正自由之路。任何一個聲稱為下一代福祉者，理應為後輩爭取自由平等的選擇權利，讓他們能自立成長，辨明是非，而非家長式管控思想，讓下一代淪為生財工具，朝廷鷹犬。

　　主耶穌基督說：「我確確實實地告訴你們：一粒麥子如果不落在地裡死去，它仍然是一粒；如果死了，就結出很多子粒來。（《約翰福音》第12章24節）」沒有犧牲，沒有收穫。故然，我不希望年青人跟我一樣要踏上公民抗命之路，承受牢獄之苦，但我請教所有智慧之士，既然舉牌示威遊行均已無顯其效，公民抗命和平抗爭為何不是能令政權受壓求變之策？若非偌大群眾運動，梁振英豈不仍安坐其位？

　　刑罰於我而言，無情可求，唯一我心中所想，就是希望法庭能顧念75歲的朱耀明牧師年事已高，望以非監禁方式處之，讓港人瞥見法庭對良心公民抗命者寬容一面。美國法哲學家羅納德‧德沃金（Ronald Dworkin）在1968年論及公民抗命時（On Not Prosecuting Civil Disobedience），不但認為法庭應給予公民抗命者寬鬆刑罰，甚至應不予起訴。事實上，終審法院非常任法官賀輔明在2014年12月4日，即雨傘運動尾聲（已發生大規模堵路多日），佔中三子自首之後一日，接受《蘋果日報》及《南華早報》訪問時提到「抗爭者及掌權者均未有逾越公民抗命的『遊戲規則』，抗爭活動並沒有損害香港法治」，更進一步提到「一旦他們被判有罪，應該從輕發落，認為這是傳統，因為自首的公民不是邪惡的人」，由此，我期盼法庭將有人道的判刑。

　　法官閣下，我能夠參與雨傘運動，爭取民主，實是毫無悔意，畢生榮幸。我已花了最青春的10年在社會運動上，假若我有80歲，我仍有50年可以與港人同行，繼續奮鬥。要是法官不信，且即管以刑罰來考驗我的意志，試煉我的決心，希望我的戰友們在我囚禁的時候，可以激發愛心，勉勵行善，更加有勇氣和力量作個真誠的人對抗謊言治國的中共政權。

　　「希望在於人民，改變始於抗爭」，唯有透過群眾力量，直接行動，才能改變社會。8年前如是，今日亦如是。但願港人堅定不移，爭取民主，打倒特權，彰顯公義。自由萬歲！民主社會主義萬歲！

　　願公義和慈愛的　主耶穌基督與我同在，與法官先生同在，與香港人同在！

社會民主連線副主席、雨傘運動案第八被告
黃浩銘
二零一九年四月九日

Hope lies in the people
Changes come from resistance
- Umbrella Movement Public Nuisance Case Statement

Your Honour Judge Johnny Chan,

It has been 8 years since I have met you in court. You were the judge to my case on disorder in public places. It was in 2011 and I was only 23 years old. I chased after the then Chief Executive Mr. Donald Tsang and asked if he knew the price of rice and whether he understood the struggles of the poor. Fate has brought us here again, I am before you once again, but I am no longer the young man who was acquitted. When you are reading this statement, I am a “recidivist”, ready to be sent to prison for the third time. However, I do not seek your mercy today, but wish to explain the reasons for my participation in the Umbrella Movement and civil disobedience, so that your honour can give a reasonable sentence through understanding my motives and actions.

Our positions have slightly altered in the past 8 years, but not as great as the changes that took place in Hong Kong. The controversial big white elephant infrastructures were completed. More tourists are visiting, making Hong Kong a bustling city. At the same time, however, more poor people are living in sub-divided flats, more people are forced to the street to protest, more young people are sent to jail. Things we wouldn’t have imagined 8 years are now happening in Hong Kong. When I was before you 8 years ago, we would not have imagined Hong Kong people could be kidnapped by the Chinese authority to Mainland China. We wouldn’t have imagined that one day, the Mainland law enforcement officers could perform their duties in Hong Kong. We wouldn’t have imagined, not only could the Community Chinese government interpret our law, but they could decide on our future and tightened the rule on constitutional rights through the National People’s Congress Decision.

The Original Intention

Is democracy just a slogan? 8 years ago, I criticised the then Chief Executive Mr. Donald Tsang for ignoring the interests of 1 million poor people and 300,000 elderly. I scolded him for celebrating the 1911 Revolution without understanding its preliminary belief. I called for the establishment of universal retirement protection and the abolition of MPF, and was arrested for the first time. Yet, there are still over a million poor people in Hong Kong today, with more than 300,000 of poor elderly. The disparity between the rich and the poor and housing problem have only become worsen.

In 2014, I witnessed a 75-year-old man kneeling before the Secretary for Labour and Welfare Mr. Matthew Cheung Kin-Chung at a public hearing in the Legislative Council. The old man begged the government not to demolish the elderly home in Kwu Tung Dills Corner. In 2019, a 67-year-old woman, who scavenges for cardboards to make a living, cried during the Legislative Council public hearing. She cried because it was impossible for her to get a job. The Secretary for Labour and Welfare Mr. Law Chi-Kwong simply told her to ask for help in the Labour Department. Why are the government officials so callous? Why have our opinions failed to affect the government’s administration? The root of the problem is that Hong Kong people do not have real choices, we have been deprived of the power to supervise the government and to formulate policies.

What is democracy? Democracy means people are the masters. Any policies should be supervised by the people, the society’s resources should be justly distributed to improve the public services, so that the poor is no longer in poverty. However, in today’s Hong Kong, the focus is on the Mainland China, there is collusion between the government and the businesses, there is a great disparity between the rich and the poor, and multi-billion-dollar big white elephant cross-border infrastructure are built one after another. Nurses die from overexertion at work, teachers commit suicide and old man kneels to beg for what he deserves. Yet, the government policies were only minor repairs here and there, giving small treats and favours to the people. How can you win the support of the people? From the civil disobedience movement in 1966 by So Sau-chung and Lo Kei against the increase of Star Ferry fare, until the 1967 riots and 1989 China Patriotic Democratic Movement, even the 2003 march against the purported legistlation of Article 23, they were all due to the political dictatorship, imbalance policies as well as unfair distribution of public resources. It is for these reasons that led to large scale protests. It is for the same reason that the 2014 Umbrella Movement started.

For so many years, Hong Kong people have been fighting for democracy. We demand a just allocation, a life with dignity and space of freedom. However, what do we get in return? On the eve of the signing of the Joint Declaration in 1984, the then premier of the Communist Chinese government Zhao Ziyang in his reply to the demand for democracy and universal suffrage by the University of Hong Kong Student Council clearly promised that ‘what you referred to, namely “rule Hong Kong by democracy” is a matter that goes without saying.’ At the time, a lot of Hong Kong people believed it. They thought they would have democracy after the handover. However, since the bloody suppression on 4th June 1989 and the 500,000 people demonstration against Article 23 in 2003, the plot of the Chinese communist revealed itself. They decided by force through the NPC interpretation in 2004 that there would be no universal suffrage of the Chief Executive and the Legislative Council in 2007 and 2008. Since then, the undemocratic authority of NPC kept a tight grip on the destiny of Hong Kong people. NPC’s interpretation and decisions can be deployed anytime when convenient to assist the propaganda of the authoritative government, forcing the hands of the Hong Kong court and suppressing Hong Kong democracy and the rule of law.

31st August 2014 was a turning point in history. No matter how the moderate scholars tried to persuade it from happening, the Community Chinese government has used the One Country Two System White Paper in June as the foundation and forced its way down onto the people. Even your honour was among them, succumbed to the so called patriotism. After the 8.31 Decision of the National People’s Congress, the plot of the Communist Chinese government has revealed itself, the Chinese government has been lying to the Hong Kong people, they never intended to give Hong Kong genuine universal suffrage. At that time, we believed that civil disobedience was inevitable and was the only way out.

The Starting Point of Civil Disobedience

Is breaking the law sinful? We broke the law with a cause, as “civil disobedience” is the refusal to comply with certain laws considered unjust, as a peaceful form of political protest in the interest of the public to change the unjust system or law. Non-Permanent Judge of the Court of Final Appeal Honourable Leonard Hoffman stated in the well-known R v Jones (Margaret) [2007] 1 AC 136 case that, “civil disobedience on conscientious grounds has a long and honourable history in this country. People who break the law to affirm their belief in the injustice of a law or government action are sometime vindicated by history. It is the mark of a civilised community that it can accommodate protests and demonstrations of this kind.”

The recent decision by the Court of Appeal concerning the Civic Square outside the government headquarter（Secretary for Justice v Wong Chi Fung (2018) 21 HKCFAR 35) also confirmed the idea of civil disobedience(paragraphs 70-72 of the judgment refer). This , therefore, confirmed that myself and the other 8 defendants as well as other civil disobedience protestors, should not be understood as “breaking the law” in its general circumstances, nor should our sentencing be weighted against the usual standard. Hong Kong people have been fighting for democracy through protest for 30 years already, whether it was during the times of colonial British rule or during the special administrative region, there has been no improvement. Today, we fought for democracy, just as the fights for freedom and democracy in India, South Africa and Poland, and civil disobedience is inevitable. It is true that we did not want to block the roads or affect Hong Kong citizens attending to work or school. But on reflection, didn’t the Communist Chinese and Special Administrative governments block our road to democracy and interfere with our rights to speak up?

If what I did was in the name of civil disobedience, why should I defend my case and not bear the criminal responsibility? In December 2014, the police made use of the statutory offences of “attending unauthorised assembly and inciting participation in unauthorised assembly” and arrested me at the village I live in. In March 2017, the police amended their charges to common law offences of “incitement to commit public nuisance and incitement to incite public nuisance”. As Mr. Benny Tai said in his closing submissions, quoting law professor of Cambridge University John R. Spencer on common law charges, “...almost all the prosecutions for public nuisance in recent years seem to have taken place in one of two situations: first, where the defendant’s behaviour amounted to a statutory offence, typically punishable with a small penalty, and the prosecutor wanted a bigger or extra stick to beat him with, and secondly, where the defendant’s behaviour was not obviously criminal at all and the prosecutor could think of nothing else to charge him with.” Coincidentally, the then Court of Appeal Honourable Mr Justice Robert Tang Kwok-ching stated in his retirement speech in 2018 that, “Common law can be used oppressively. It is protean power, unless adequately controlled by the proper application of human rights law, can be misused.” What he said has become true today.

Faced with 2 charges, I am going to stand by reasons and my principles, in order to assist the Court to overturn an unjust prosecution. However, should the court find me guilty, I shall bear the criminal responsibility. I have no qualm or regrets, in fulfilment of my chosen path of civil disobedience.

Who has not yet awoken?

I do reflect as to whether I am simply seeking a criminal sentence in order to make a point, or to encourage other young men to follow my footsteps into the gates of the prison. I have reflected upon this repeatedly. However, my answer is that, I am doing this precisely because I do not wish to see other young men following my suit into the prison. Because of this, I need to fight for what is ours fearlessly. Although today we are confronted by an oppressive authority, the looming legislation of unjust laws and a clouded future, I shall be as I always am: relentless maintaining my stance that a real election is the path to freedom for Hong Kong people. Anyone who claims to be acting in the interest of the next generation should fight for a free and equal choice for their youths. This is in order for them to learn to be independent, to be able to tell rights from wrongs. There should be no paternal thinking, simply teaching the next generation to be slaves of money and accessories to the oppressor.

My Lord Jesus Christ has said: ‘Very truly I tell you, unless a kernel of wheat falls to the ground and dies, it remains only a single seed. But if it dies, it produces many seeds. (Book of John 12:24.) Without sacrifice, there is no reward. I don’t wish to see any more young men having to join the path of civil disobedience as I did, and to pay the price as I did. However, I ask this of all men and women of wisdom: if peaceful demonstration in the old fashioned way has lost its effectiveness and was simply ignored, why is peaceful civil disobedience not a good way to bring about change whilst one is being oppressed? If not for this crowd movement, C Y Leung would still be sitting comfortably on the throne.

I have no mitigation to submit. I only wish that the Court would spare Reverend Chu, who is an elderly of 75 years of age. I pray that a non-custodial sentence may be passed for Reverend Chu. I hope that the Court will have leniency and mercy for Reverend Chu. I refer to the work of the American legal philosopher Ronald Dworkin in 1968, namely: ‘On Not Prosecuting Civil Disobedience’. He opined that, not only should the Court allow leniency to civil disobedience participants, but also should they not be prosecuted. In fact, Lord Hoffmann NPJ of the CFA stated the following in an interview with Apple Daily and South China Morning Post on 4th December 2014 (which was at the end of the Umbrella Movement, a day before the surrender of the 3 initiators of the Occupy Central Movement): ‘In any civilised society, there is room for people making political points by civil disobedience.’ ‘These are not wicked people.’ Civil disobedience had ‘an old tradition’ in the common law world. ‘When it comes to punishment, the court should take into account their personal convictions.’ In light of this, I hope the Court shall pass a humane sentence.

Your honour, I have no regret for participating in the Umbrella Movement and the fight for democracy. It was an honour of a lifetime. I have spent the best 10 years of my youth in social movements. If I can live up to 80-year-old, I would still have 50 years to walk alongside the people of Hong Kong, to continue the fight. If this is in doubt, please test my will against the whips of criminal punishment. I shall take this as a trial of my determination. I only hope that my brothers and sisters-in-arms can be inspired whilst I am imprisoned, to do goods and encourage others. I hope they shall have further courage and strength to be honest men and women, to fight against the lies of the ruling Chinese Communist authority.

“Hope lies in the hands of the people, change starts from resistance.’ It’s only through the power of the people and direct action that the society can be changed. This was so 8 years ago. This is still the case today. May the will of the people of Hong Kong be firm and determined, to fight for democracy, overthrow the privileged, and let justice be done. All hail for freedom! All hail for democratic socialism!

May justice and peace of my Lord Jesus Christ be with me, with your Honour and with the People of Hong Kong!

Vice President of the League of Social Democrats,
the 8th Defendant of the Umbrella Movement Case

Raphael Wong Ho Ming
10th April 2019

[趨勢]

高盛今天跟美國一家投資網站Motifinvesting.com推出了以主題為主的ETF. 大家可以從中看一下產業趨勢. 也可以從ETF的持股中, 去挑選自己想要投資的個股.

This morning, Motif and Goldman Sachs have launched a suite of five exchange-traded funds based off of thematic trends that Goldman Sachs researchers identified as critical.

“They gave us 25 innovations and we packaged them into five ETFs that have consistent relevance,” Walia says.

這些是關於ETF的詳細說明, 以及其中的最大持股(資料來源: https://247wallst.com/investing/2019/03/07/goldman-sachs-targets-5-thematic-etfs-for-next-wave-of-innovation-with-motif/):

24/7 Wall St. has identified each new thematic ETF here, showing a simplified strategy and target from the Motif site. We also included the top 10 constituents listed in their subindex data as of February 28.

Data-Driven World (GDAT) targets data and the impact on the lifecycle of data delivery and processing. This includes artificial intelligence, big data, cybersecurity, Internet of Things and data infrastructure. The top index constituents as of February 28 were Intel, Microsoft, Alphabet, Nvidia, IBM, Amazon, Apple, Oracle, Cisco and SAP.

Finance Reimagined (GFIN) targets structural changes in the support and delivery of financial services. This includes technologies like the digitization of finance, blockchain and the rise of passive investing. Top constituents as of February 28 were MasterCard, Visa, PayPal, American Express, Square, Intuit, Fiserv, Fidelity National Information, Fleetcor and Wirecard.

Human Evolution (GDNA) targets the development of new knowledge, medicines and technologies for the treatment of human conditions. This spans precision medicine, robotic surgery, genomics, digital health and life extension. Its top constituents were Intuitive Surgical, Medtronic, AstraZeneca, Boston Scientific, Abbott, Fresenius, Johnson & Johnson, Novartis, Roche and Align.

Manufacturing Revolution (GMAN) targets the so-called factories of the future. This includes new materials and energy sources, robotics, 3D printing, renewable energy, drones and future mobility. The manufacturing revolution ETF’s underlying index included the top constituents as Dassault Systems, Tesla, ABB, Rockwell, Schneider Electric, Amazon, Honeywell, Toyota, Emerson Electric and Intel.

New Age Consumer (GBUY) targets consumer preferences of digital natives and their evolving tech-enabled lifestyle. These fall under e-commerce, the evolution of education, experiences over goods, health and wellness, social media, online video and music, and online gaming. The new age consumer index had among its top constituents Alibaba and Amazon of course, followed by Facebook, Tencent, Nike, Netflix, Pinduoduo, Adidas, Weibo and Booking Holdings.