Jottings

GIPS(Global Investment Performance Standards) said that a variety of reporting procedures were misleading at best. Some of these misleading practices included representative accounts, survivorship bias and varying time periods.

Representative accounts: showing a top-performing portfolio as representative of firm’s results.

Survivorship bias: excluding “weak performance” accounts that have been terminate.

Varying time periods: showing performance for selected time periods with outstanding returns.

I found that the job I were working as a intern in SCB had touched the standards lightly when I study throughout this part. Every day, I told to my clients like this, “if you select SCB you will get the best returns and services.” Then I may take out a pile of materials to show you that the historical triumphs SCB made are outstanding accomplishment. You must trust me. It sounds crazy beyond the standard. I think it is a typical difference between commercial bank and investment bank.

I know it is not fair and honest. But why I always do that? Someone perfectly said, if you want to survive all the time in China you must obey Chinese rules when you put your investment into such a market. That’s insane and ironical!

CFA study notes and handbook said that, GIPS is a set of ethical principles based on a standardized, industry-wide approach. Investment firms can voluntarily follow GIPS in their presentation of historical investment results to prospective clients. These standards seek to avoid misrepresentations of performance.

Yang Kaisheng, president of the Industrial and Commercial Bank of China, the country’s largest state-owned commercial lender, said that ICBC plans to launch its IPO in 2006. According to Yang, ICBC will avoid listing its stocks within the same month as Bank of China. He said ICBC has boosted its capital adequacy ratio to 10%. The bank has not decided if it will issue new stocks for the IPO, or allow the central government to sell some of its shares in the bank.

ICBC has received a total of US$3.8 billion in strategic investments from Goldman Sachs, American Express and German insurer Allianz. These partners have no significant operations in commercial banking, which rules out competition and conflict of interests between their respective business interests in China, Yang said.

Please forgive me to distort the SCB slogan, I think I must start to exert myself right now. It is possible that I was provoked during journey.

CFA is a new target in my life. Maybe I am influenced by the alluring income.

I don’t know what the pressure is. But I only know I nearly get off duty after 7:00p.m. Then I am tired out to go home in subway. Listen to some light music and wander. Outside is always dark when I am out of subway.

As an intern, I unexpectedly release from work later than others. Actually, SCB’s work is not limited strictly, yet I still be compelled working till night. Although everything is done, I stay office to finish several trivial things. My leader demanded me to keep staying here with him as a company. But everyone knows that he is a crazy ghost for work and a thorough bachelor.

Thank heaven! CB colleagues include me eventually moved to another big new good-looking work-station in Floor 12, Tower W2 Oriental Plaza. All the afternoon, we were busy crawling between two offices and were reading documents I had never read one by one. But some of the documents have been thrown away forever. I’m so sorry. For the future, I will treat my files well as caring for my parents. Don’t hate me!

The work ought to do was instead of boxes, boxes, boxes……

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Order Watching Service.

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Presently, I am busy dedicating to it. But I ask for leave today. It’s time to return TJUFE for my essay, also being a rest.

At last being weekend! I finally can control my own time to do whatever I like. But Sunday has been arranged with a splendid wedding. This wedding, held by my brother, will invite more than 200 people to attend. I can ensure that in that day I will be full with hunger satisfied and talk with a lot of stranger who contains the beauties with a great chance. Now I have to complete my essay and exert all my strength in copy words from one article to another. This huge project made me on the run to pursuit excitement at the time of finish. I only get several writings to do a preparation. Presently it is chaotic inside my brain. Only a abstract still afflicts me whole day. I must say sorry and thanks to my practical training. If without its plenty time, I can’t take it into my essay’s imagination. And also because of it, I feel guilty of my absent-minded behavior. I vow never to follow the same old disastrous road. But now, let me enjoy games amusement!