征服宇宙!!
Not many bands would make the bold claim of being the worst band in the universe, but 八十八顆芭樂籽 88balaz have made a motto out of this throughout their 20-plus-year career. This also carries over to their ethos of making uncanny music with an earnest attitude; a no-frills approach while embracing the old school tenants of rock ’n’ roll.
Formed in 1996, the band’s Mandarin name (pronounced as "ba shi ba ke ba le zi" in Chinese) simply translates to 88 guava seeds. Lead singer Balaz Lee initially wanted to take a poke at a popular Mandarin tongue twister 44 Stone Lions (pronounced as "si shi si zhi shi shi zi"). The tongue twister not only gave the band a memorable name, but 44 Stone Lions also went on to become one of the band’s album names. Musically, 88balaz were inspired by the likes of Guns N' Roses and Nirvana, which made the band’s sound a thick blend of blues rock, noise rock, and garage rock. In addition, Balaz Lee has a deep and rough voice that he often screams with, which fits perfectly with the band’s sound.
Taiwan experienced a wave of rock music at the turn of the millennium. This was when 88balaz found its footing in the emerging indie music scene. Often touted as Taiwan’s take on Woodstock and Coachella, the Spring Scream and Ho-Hai Yan music festivals were important to the band’s career: They played for 17 years consecutively at the former and being awarded top prize at the latter in 2001.
After rising to fame at Ho-Hai-Yan, many record labels expressed interest in signing the band. Though these offers seemed lucrative, they also meant the band would most likely be given pressure to pursue a more mainstream and commercial sound. Believing that the band should maintain complete creative control, Balaz Lee turned down the offers and the band has continued true to their indie roots. Though the band released their first full-length album Tsao Bao's Ambition back in the year 2000, it would take another eight years for the band’s second release 44 Stone Lions in 2008. As with most up-and-coming indie bands, 88balaz was also a victim of members coming and going. It wasn’t until 2012 that the band finally came to a more stable line-up, as bassist Kuan Ling, drummer DongYu Lee, and guitarist Bluez Lee became permanent fixtures in the band. 2010 and 2012 both saw releases from the band, with two albums closely associated in name: Worse Than an Animal and Handsome Than an Animal. The first being a critique of the indie scene based on years of observation by Balaz Lee, while the second tackled the difficult and oftentimes emotional creative process of writing music. The single “Handsome Than an Animal” has also become a staple of the band’s live sets.
Balaz Lee has always brought a touch of dark humor to his lyrics, while also being outlandishly wild in imagination and on occasion intentionally ambiguous. Songs such as "Viscera Party" and "JIMI & MARY" demonstrate this perfectly, drawing praise from both fans and critics alike. To commemorate the band’s 20th anniversary, they released the album Punk Floyd in 2016. The 10 songs on the album each represent a chapter that adds to the fictional titular young punker's cynicism. The album not only marked the band’s maturity in its age but also demonstrated how the band was also growing more mature creatively. For example, "Sun Chaser" a single from the album that was made into a music video, paid homage to the late poet Leonard Cohen, building the song upon one of his famous line of verse: "There is a crack in everything. That's how the light gets in". The song and video went on to become widely discussed within the local indie scene.
88balaz has an extensive performance schedule, as the band usually plays more than one hundred shows yearly. They have played more than a thousand shows to this date, quite a rare feat for Taiwanese indie bands to achieve. Often thought to be a band better seen live, they have continued to craft and build a strong stage presence throughout their career. This is also evident by the fact that they won two consecutive Golden Indie Music Awards for Best Live Performance. The band also has a knack for alcohol and all things B-grade, derived from the term “B-movies.” Their passion for alcohol has led them on a special unplugged tour around Taiwan, playing at any brewery that was willing to have them perform. Extending the B-grade concept, they have also been promoting their own “B festival”, carving out a market for festival goers with extremely cheap tickets and lots of fun.
Aside from continued touring in Taiwan, the band has also embarked on numerous over-seas tours, with the most recent being the B Walkman tour that spanned from Asia to Europe. Even after so many years, the band has stayed true to their indie roots, while never straying too far from the DIY spirit that helped them build a bond with fans.
同時也有10000部Youtube影片,追蹤數超過2,910的網紅コバにゃんチャンネル,也在其Youtube影片中提到,...
「maturity date bond」的推薦目錄:
maturity date bond 在 郭莉芳 X 理財講堂 Facebook 的最讚貼文
什麼時候,國內的基金業者才能走出自己的路?
別每次IPO都是搶在市場最熱、最高點,
然後,過了閉鎖期後,投資人又紛紛贖回,
這是一種惡性循環,如果基金募集後的半年,無法幫投資人賺錢,又如何能期待散戶不斷(眼神死)贖回出場。
對我來說,投資就像逛街,
哪裡人多、哪裡熱門,我就不去擠了,
投資市場也一樣,對於上班族來說,
薪水是賣肝、賣時間來的辛苦錢,
賺錢既然不容易,理財投資當然要小心不賠錢!
投資市場的鐘擺效應不要忽略,
市場就像鐘擺一樣,怎麼上去、怎麼下來,再回到另一邊,
耐心等待對的點,總遠比有錢就進場更重要。
600億未爆彈!這款熱賣的投資保單,不但不保本,還幫你買垃圾?(原文已被《天下》下架,這裡幫忙備份,本人在此發表不自殺聲明)
補充:《天下》已說明下架原因,這篇文章因上線後,金管會的說法比較晚來,希望把金管會的說法補上,文章才會比較完整,因此暫時下線,預計今天會有更新版本上線!
作者:楊卓翰
投資型保單再掀熱潮,這次領頭的是「目標到期債券基金」,它號稱能存老本、穩穩賺,最適合退休族群,這款保單已經吸金600億台幣。但是《天下》調查發現,這張保單連結的投資標的,屬於中高風險,更引起金管會的關切。它到底有什麼爭議?
過去一年,台灣保險業出現一種狂賣的保單,把債券和投資型保單結合,也就是連結「目標到期債券基金」的投資型保單。從去年3月問世後,狂銷狂賣,業者預估光今年前5月就賣出450億元。這讓投資型保單初年度保費是1264億元,創下金融海嘯後近十年新高,較去年同期增加了八成。14個月,目標到期債券保單賣出600億元。
這款保單連結的「目標到期債券基金」到底是什麼?
簡單地說,就是基金公司跟投資人拿一筆錢,依據目標的到期日,直接買進數十檔至100支債券。如果目標是六年後,基金公司就買六年期債券,三年就買三年期。這種保單每年就是領債息,解約時拿回本金。不像一般債券基金可以隨時賣出贖回,這種一旦買進就要持有至到期,提前贖回通常需繳2%手續費。
買了擺著、固定配息、六年後拿回本金,為什麼這麼熱賣?
答案是,這類保單預期年報酬率4~6%,比目前的儲蓄險宣告利率2.8%、銀行定存1%高很多。幾乎業界推銷此類基金的文宣上,都寫著「穩穩賺」、「風險較低」,以此吸引退休族、定存族。
報酬率是儲蓄險兩倍,又能低風險、穩穩賺?
宏利投信代理總經理梁雅倩解釋,目標到期之所以這麼熱門,就是因為搭到退休的訴求:簡單、好評估報酬。「現在市場上,還沒有這麼跟退休目標契合的產品。」
連結保單,銷售力更強,全台目標到期債基金,有一半是今年上半年成立,而且幾乎都連結保單。
台灣市場的第一張保單,是去年3月台灣人壽的「鑫富人生變額壽險」,連結施羅德投信的一檔新基金「六年到期新興市場主權債券目標到期基金」。短短一個多月,這張保單賣出34億元。
在施羅德「退休規劃」網頁寫著:「如果你年紀較長、已經到了退休後期,你需要是可預測性的收益,因此,「目標到期債券投資策略」的產品便是好選擇。什麼是「目標到期債券投資策略」?簡單說,就是設定投資時間,聚焦於領息、降低投資風險,類似於直接投資債券(類直投)的概念,是適合退休族群的理財好幫手。」
但《天下》記者詳閱基金的公開說明書上,卻看到完全不同的真相。
說明書上「本基金適合之投資人屬性分析」一欄上寫著:「本基金亦投資高收益債券,該債券違約相對較高,故本基金適合尋求固定收益商品收益率且能承受較高波動之非保守型投資人。」
白話文說,目標到期債券保單並不保本。而且跟儲蓄險,保險公司會承諾給付宣告利率不同,投資型保單不會承諾報酬率,風險由投資人承擔。
爭議一:目標到期債券保單不但不保本,還會買垃圾債
金融業用信用評等來代表違約風險,信評愈差,違約風險愈高。通常,BBB以上為投資等級,BBB以下就是非投資等級,也就是俗稱的高收益債,因為違約風險相對高,利率也比較高。違約的意思是借錢的公司付不出利息,到期還不出本金。
目前,信評A以上的六年期公司債,扣掉費用報酬率大概2.7%。換言之,為了滿足5%的報酬率,這些基金勢必得買非投資等級的高風險債券。
《天下》記者細看基金的持債明細,甚至能看到評等CCC+,已到「垃圾債券」風險等級的公司債。
如果細看每一檔目標到期基金的說明書,其實上面都會寫:「本基金非為保本型或保證型投資策略,非定存之替代品,亦不保證收益分配(如有)之金額與本金之全額返還。」
保險局官員透露,目標到期債券保單已出現爭議案件。6月份傳出,南山人壽業務員為了推銷目標到期債保單,告訴投資人「保本、保息」,還擅自更改投資人風險偏好。
隨著市場上類似產品暴增,金管會害怕這不是個案,已急急發出函釋,要求保險公司在銷售目標到期債券時必須「自律」。
「證期局核准募集的基金原本就是有風險,是否賣給適合的投資人,願意承擔這樣的風險,」保險局回應《天下》詢問。
「目標到期債券,只要沒有違約,就可以拿回本金,但是這還是不確定的收益,大部份的保險投資人還是希望保本、保息,」保險局官員警告:「保險公司一定要明確揭露收益不確定性。如果你告訴客戶這是保本商品,這就是不當銷售。」
爭議二:投資型保單不能賣垃圾債,現在開後門?
目標到期債券基金引發的另一個爭議是,監理套利。
依據「投資型保險投資管理辦法」,投資型保單只能直接投資信評A-以上債券。目標到期債券基金,等於開了個後門,讓保單連結垃圾債券。
「壽險自己不能做、透過投信就能做,這不是監管套利是什麼?」一位外資券商副總經理批評。
對此批評,保險局回應,目標到期債券基金持有多支債券,可以分散風險,因此可以投資一定程度的非投資等級債券,並持有CCC+這樣的高風險債券。
宏利投信代理總經理梁雅倩也解釋,「基金的平均信用評等是BBB-,但很低評級的真的很少。基金經理人在挑,一定是挑好的債券,評級稍微放寬,不代表整體曝險的部位就大。」
目標到期債基金發行大戶施羅德則強調,該集團所管理的新興市場債券目標到期投資組合,都沒有違約記錄。摩根大通也預測,明年垃圾債券違約率應該會降至2%,遠低於平均的3.5%,風險不高。
只是「假設買100檔債券,有1支債券違約,那本金就少了1%,」一位外資券商副總批評。目前市場最久的一張六年期保單,也不過持債一年,還有五年要走。。
全台灣第一筆、資歷最老的施羅德目標到期債基金,不到兩年規模已縮水36%,從成立時38億元變成24億元。因為基金成立不再募集,提前贖回也會影響資產配置及報酬率,這也是投資人遭遇的潛在風險。
除了保本與否,目標到期債券基金另一大爭議是,這樣的投資策略能跟投資人收這麼高的管理費嗎?投資人承擔高風險,有拿到足夠的高收益嗎?
爭議三:報酬率剝兩層皮,該收那麼高的管理費嗎?
一位外資券商副總經理不平地說,一般基金經理人操盤,收管理費是因為要做許多選股、操作和調整,但「目標到期債券基金就是買一個六年到期的東西,進場之後,買了之後就放著到期,中間要做的調整很小,但平均每年還是收1%的管理費。」
而六年期目標到期債基金的主要通路,就是透過投資型保單去賣。保戶還要額外再付保單費用,總共剝了兩層手續費。
「這種保單(扣完手續費)還能給4%以上的報酬率,表示他買的債券夠爛(風險夠高),可能跟高收益債基金差不多!承受這樣的風險,你的配息率卻只比儲蓄型保險高那麼一點點,」他說。目前,市場上的高收益債基金,平均報酬率有6%至8%。
海嘯禍首「連動債」的翻版?
《天下》調查也發現,目標到期債券基金(Target Maturity or Defined Maturity Bond Fund)在國外仍屬少數,且目標族群是高收益債投資人。國外盛行的「目標日期基金」(Target Date Fund)則是另一種產品。
「目標日期基金」是按照生命週期,配合投資人退休日,由基金經理人以倒數計時的方式,來幫投資人做資產組合、選股配置。愈接近退休日,愈不能冒風險,投資組合就會愈保守。
名字類似,連《天下》向金管會詢問此類產品時,官員都一度搞混。但是兩者投資策略完全不一樣,在國外「目標日期基金」是主流退休產品,而「目標到期債券基金」則是高收益債產品,在台灣,卻同樣被包裝成適合退休的產品。
「這根本是連動債的翻版!」淡江大學保險學系教授郝充仁抨擊:「它為了拉高報酬率,所以把風險較高的高收益債,跟安全的新興市場主權債包裝在一起,然後再用投資型保單賣出去。」
中央大學財務金融學系主任楊曉文認為,雖然釀成2008年金融海嘯的連動債,涉及更複雜的選擇權,目標到期債則較簡單,但是市場上已經出現錯誤行銷的個案。
「台灣投資人追求報酬率,但是經常忽視風險,」她提醒,投資型保單並不承諾保本,說明書上的高報酬也只是預估。若要避免重演連動債悲劇,投資人必須睜大眼睛,了解自己到底買了什麼。
承擔與高收益債一樣的風險,報酬率卻低了兩個百分點。高風險、不保本,卻被包裝成退休金商品,600億保單風暴,後座力不可小覷。(責任編輯:洪家寧)
maturity date bond 在 不負責任金融研究中心 Facebook 的最讚貼文
梧:唔減息,好似有新QE plan
[1228] 而家個市幾buy yield curve management,其實咪即係yield curve targeting,即係話而家條yield curve 太平要斜返......咁點斜?沽長債買短債
日經喪升,yen喪跌,10Y JGB yield升返去0
[1239] BoJ 個 website仲未入到去,睇唔到full statement,quote住FT先:
"Unveiling “QQE with yield curve control” the BoJ said:
1) Interest rates were kept on hold at minus 0.1 per cent, although further rate cuts are not ruled out;
2) The scale of its quantitative easing programme was also kept on hold, with overall asset purchases at ¥80tn a year. However the BoJ has scrapped the maturity target in its bond-buying programme, a move which will ease the pressure on banks as a consequence of negative interest rates. Currently, the average remaining maturity of the government bonds the BoJ buys is set at 7-12 years;
3) The timeframe for reaching 2 per cent inflation target, which has been repeatedly pushed back since being first announced in April 2013, has now been set as “the earliest possible time”, – likely to be longer than the target of during fiscal 2017, the most recent date range outlined."
你問在下嘅話,根本就係開嗮綠燈俾佢遲吓夾埋安倍一齊玩outright debt monetization。