Assume I have a child now, and I tell everyone that I will groom him into a very successful person in the future. I have the network, resources and expertise to help him succeed in life. Being born into such a family, people are more naturally inclined to believe whatever I say.
I then began to tell a few of my rich friends, ‘If you invest in my child’s education and training early on, I will be sure that he will give you a percentage of his future salary.’ A few of my rich friends thought it was a good idea, and invested some money in my child’s education. These friends are called ‘angel investors’.

As my child grows in age and capability, I am always going around telling people how good he is and how outstanding he will be in the future. I show off all the awards he has obtained in various competitions, his academic and extra-curricular achievements. More and more people are now asking if they could also contribute to my child’s training. So I thought long and hard. I do not want to disappoint the people who are interested in my child’s future. I also want more resources for my child’s education and training. But I need something concrete to show to the others.
At the pre-university exams, perhaps the A Levels, I put out my child’s straight As results. I told everyone that my child has big dreams – going to the outer space and be the first person to settle in Mars. He has proven himself in the past and will not disappoint everyone. I now openly accept investments from everyone, and this is called the Initial Public Offering (IPO). However I am only putting out a limited stake for people to grab, because my child and I have to keep a portion of his future earnings. How much the stakes in the market are worth is up to everyone to determine.

Through my consistent storytelling, everyone believed that my child will eventually take control of the outer space and go to Mars. They are willing to invest much money just to share a small percentage in my child’s future earnings. Do take note that at this time, my child is still just a teenager and has not yet entered the university. But people are already assuming that he has landed in Mars and priced in accordingly.

Perhaps when the price is right, I will sell off even more stakes that I have. I tell my rich friends to do the same too. Perhaps they can net in their investments now. Whether my child do well in university or not, I do not know. Whether he will make it to outer space or even Mars or not, I do not know. I will try my best. But who knows about the future, and how long it will take? But I gratefully accept all the investments from people all around the world for my child’s education.
In the world of finance, achievements are important. But more importantly is the storytelling.

Note: This post is just to explain some concepts in the form of a story. Any resemblance to actual persons or events is purely coincidental.
ๅ่จญๆ็พๅจๆๅๅญฉๅ ใๆๅฐ่ๅไบบ่ชชๆๆๅพ็กๆๆๆ็ไบบ่๏ผ่ณๆบๅๅฐๆฅญไพๆ ฝๅนไปๆไธๅๆๅไบบๅฃซใๅญฉๅ ่ฝๅบ็ๅจ้้บผไธๅๅฎถๅบญ๏ผๅคไบบ่ช็ถๆฏๅพๅๆผ็ธไฟกๆ่ชช็่ฉฑใ
ๅพไพๆๅๅนพๅๆ้ข็ๆๅ่ชช๏ผๅฆๆไฝ ๅจๆฉๆๆ่ณๆๅญฉๅ ็ๆ่ฒๅๅน่จ๏ผไปฅๅพๆๅญฉๅ ่ณบ็้ขๆๅไฝ ไธ้จๅใๆ้ฃๅนพๅๆๅ่ฆบๅพ๏ผ้้ปๅญไธ้ฏ๏ผไพฟๆฟๅบ้ขไพๆ่ณๆๅญฉๅ ็ๆ่ฒใ้ไบๆๅไนๅซๅคฉไฝฟๆ่ณๅฎถใ
้จ่ๅญฉๅ ็ๅนด้ฝกๅ่ฝๅ็ๅข้ท๏ผๆไธๆทๅฐ่ๅนไปๅค่ฝ่๏ผไปฅๅพ่ฝๅนนๅคๅฐๅคงไบใๆ็ซ่ไบไปๅ็จฎๆฏ่ณฝ๏ผๅญธๆฅญๅ่ชฒๅค็็็ใ็พๅจ่ถไพ่ถๅคไบบๅไปๅไน่ฝไธ่ฝๆ่ณๆๅญฉๅ ็ๆ่ฒๅๅน่จใๆ่ช็ถไธๆณไปค้ไบไบบๅคฑๆ๏ผ็ข็ซๆๅค้ป้ข่ฝ่ฎๆๅญฉๅ ่ฎๆดๅฅฝ็ๅคงๅญธใไฝๆไนๅพๆฟๅบ้ปๅฏฆ้็ๆ็ธพใ
ๅพไพๆๅญฉๅ ้ซ่ๅพๅฐไบ750ๅ๏ผๅคฉไธ็ฌฌไธใๆ่ชชๆๅญฉๅ ๆๅๅคง็ๅคขๆณ – ่ฆๅปๅคๅคช็ฉบ๏ผ็่ณๅป็ซๆๅฑ ไฝใ้ไบๅนดไพไปๅทฒ่ญๆ่ชๅทฑ๏ผๆชไพไนไธๆ่ฎๅคงๅฎถๅคฑๆใ็พๅจๆๅฏไปฅๅ ฌ้ๆฅๅๅคงๅฎถ็ๆ่ณ๏ผ่้ๅซๅไธๅธใไฝๆๅชๆฟๅบไธ้จๅ่ก็ฅจ๏ผ็ข็ซไปฅๅพๅญฉๅ ่ณบ็้ข๏ผ้คไบ็็ตฆ่ชๅทฑ๏ผ้ๅพไบคไธ้จๅ็ตฆๆ้ๅ็ถ่ฆชๅใ้ฃ้บผๅธๅ ดๆต้็่ก็ฅจ๏ผๅฎๅนๅคๅฐ๏ผไฝ ๅ่ชๅทฑๆฑบๅฎๅงใ
ๅ ็บ้ทๆ่ชชๅๅฅฝๆ ไบ๏ผๅคงๅฎถ็ๅฟ่ช็บๆๅญฉๅ ไปฅๅพๅฟ ๅฎ่ฝไธๅฐๅคๅคช็ฉบๅๅป็ซๆใไปๅ็บไบๅพๅฐๆๅญฉๅ ไปฅๅพ็ไธๅฐ้จๅ่ชๆฐด๏ผ้กๆๆ่ณ่จฑๅค้ขใๅผๅพๆณจๆ็ๆฏ๏ผๆๅญฉๅ ็พๅจๅชๆฏๅๅ้ซ่ๅฎ็ข๏ผ้ๆฒไธๅคงๅญธใไฝๆฏๅคงๅฎถ็พๅจๆดๅพๅฅฝๅไปๅทฒ็ปไธ็ซๆใ
ๅฏ่ฝๅนๆ ผๅ้ฉ็่ฉฑ๏ผๆๅ่ณฃๆๆไธ็ไธไบ่ก็ฅจๅงใๆไนๆ้ๆๆ้ข็ๆๅๅ๏ผๆฏๆๅๅฅๅฉไบใไปฅๅพๆๅญฉๅ ๅจๅคงๅญธ่ฝไธ่ฝ่็ๅฅฝ๏ผ่ฝไธ่ฝไธ็ซๆ๏ผๆไธ็ฅ้ใๆๆ็กๅ๏ผไฝๆฏ่ชฐ็ฅ้ๆชไพ็ไบๅข๏ผๅฐฑ็ฎ่ฝๅๅฐ๏ผ้่ฆๅคไน ๏ผๆฒไบบ็ฅ้ใไฝๆๆๆฟๆถ้ถ็ๆฅๅๅ จ็ไบบ็บไบๆ่ณๆๅญฉๅ ็ๆ่ฒๆ่ฒข็ปๅบไพ็่ณ้ใ
ๅจ็ถ่็๏ผๆ็ธพๅพ้่ฆใไฝ่ชชๅๅฅฝๆ ไบๆด้่ฆใ
่จป๏ผ้็ฏๆ็ซ ๅชๆฏๅฉ็จๆ ไบ็ๅฝขๅผ่ฌ่งฃไธไบๆฆๅฟตใๅฆๆ้ทๅ๏ผ็ดๅฑฌๅทงๅใ


