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瑞士国际学校 校园新鲜动态03.05 艾格隆国际学校： 艾格隆男女子篮球队的成员们准备参加2019年丹麦篮球挑战赛。祝篮球健儿好运！上周学校Year9,10的学生、学校教职工和朋友们，共同筹办了传统又著名的燃情晚宴，感谢全体参与者共同铸就了这次堪称最好的活动之一。艾格隆的同学们在科技课上进行搭建桥梁的挑战任务！学校低年级的学生们正在和Barre老师齐心协力，把所学知识运用在构建桥梁上。 一组艾格隆的同学参加了正在海牙举行的年度MUN竞赛，他们取得了骄人的成绩。很荣幸艾格隆学院可以承办这次SGIS滑雪运动盛会，这次冬季盛会共有16只学校代表队参加，其中包括了130名滑雪选手。提前祝贺他们能取得令人欣喜的结果。 休息放松一下，学生们正在享受他们的期中假期，伴随着这次假期，艾格隆学院同样还组织了不少学生前往肯尼亚和泰国来参加一些慈善援助的活动。 在泰国，艾格隆的学生通过潜水的方式来到深海，做海洋环境的清扫工作，这样可以维系和保持生态平衡，让学生们树立起保护环境的重要意识。 艾格隆学院本周末的时装秀 展示出了一种独特的风格。学生们传递出他们对时尚的理解。 艾格隆在艺术方面是如何培养和做准备工作的？学校的职业规划部门会在今后申请过程中，分享出他们独特的视角和丰富的经验，来最大限度地发掘学生的艺术价值。 博索雷学院： 你们都准备好去滑雪了吗？学生可以通过个人定制教学来优先享有与老师之间的互动关系。 在这场思想探讨会上，感谢博索雷的女同学们所提供的美味小蛋糕。 让我们在巴厘岛竞逐浪花 在这周的开始，Renardiere的学生们让大家对营养健康重视起来，在我们的日常生活中吃得好且营养是非常关键的，部分学生和老师们享受着简单但美味的早餐，祝你也有一个好的胃口！ 该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com

《传承宝典》3培养孩子的财商 如何和你的孩子谈论金钱? 无论是聊起鸟儿或小蜜蜂，还是解释某一爱宠的离世，父母们都会知道：这类艰难的谈话，对孩子情感和智力的成长至关重要。而对许多父母来说，事关乎钱的对话，却是他们最不想与孩子探讨的话题之一。根据普信集团（T. Rowe Price）2015年的一项研究，超过四分之一的受访家长表示：让孩子参与家庭财务的讨论并不重要；41%的人表示，他们有时会避免与孩子谈论钱的问题。但是，父母越早教会孩子金钱，他们就越能有效地培养财务成功的成年人。那么，如何以一种有意义、易于理解、引人入胜的方式开始对话呢?这里，有一些关于如何与你的孩子谈论多种理财概念的想法。 指导他们制定预算 许多父母用零花钱来教育孩子有关金钱的知识。但您可以更进一步，帮助他们为自己的现金制定好预算 （可以遵照50:30:20的原则，来付费/消费/储蓄）。运用真实的例子，来阐明每个月的花销——比如：足球队服、给小朋友的生日礼物、新校服、或者最吃喜欢的零食——这样，您的孩子就能知道每一美元的价值。通过列举现实生活中的例子，您可以和孩子们分享：如何做才能够维持他们目前的生活方式。 大多数的孩子想要新东西——鞋子、电子游戏或是新奇的小玩意。为什么不让他们存够钱来自己买呢？您一旦向孩子们展示了他们想要之物的成本，就可以适时地向他们介绍、引入、创建并实施一个长期储蓄的计划。想要追踪零花钱与存钱的去向，您可以试试 Bankaroo 这款手机应用程序，它是由一位11岁的女孩突发奇想、并由她的家人开发出来的。通过制定储蓄计划、运用真实起效的具体例子，来帮助您的孩子们，您正在为他们日后思考更复杂的目标铺平了道路——比如：为了上大学而提前储蓄。 解释借贷 孩子们可能甚至从未意识到：您的家庭有财务上的责任必须考虑，比如为您的房子所申请的抵押贷款。为了解释贷款的概念，给您的孩子提供一个他们可以产生联系的例子，好比：借钱吃午饭。让您的孩子想象一下，他们借给小朋友几美元买午餐，过了不多久，朋友还了钱。朋友扔了一袋薯片作为对于借款的额外“感谢”。抵押贷款就是这样, 银行贷款给你买房子，并要求你以利息的形式表示额外的“感谢”（利息是一个复杂的概念，但零食会有所帮助。)如果那个朋友不还借款，您的孩子以后就不会想借给他吃午饭的钱了。同样，银行也不愿贷款给那些过去没有还清借款的人。 参与以钱为主题的游戏 这个活动将能实际演示出（而非告诉孩子）：钱是如何运作、并帮上很多家庭的，尤其是那些不愿与孩子谈论钱的父母。孩子们想要玩得开心，所以要好好利用这一点，使用适合他们年龄的电脑游戏、应用程序和玩具，来教授他们理财技能。试试看 PayDay 或者 Cashflow for Kids 软件，这些游戏能以吸引人的方式，模拟出真实生活中的财务策略和情况。也有经典的选择，如玩收银机、大富翁、或Game of Life 等应用程序，其原理都基于米尔顿-布拉德利（Milton Bradley）的1860年棋盘游戏。 启蒙越早越关键 孩子的未来是您一生中最重要的投资，所以早点开始对话吧！诀窍是从小处做起：在家里，用日常生活中的例子来教您的孩子关于金钱的知识。随着时间的推移，您将能够解释更复杂的话题，比如：为上大学存钱和买房（著名金融网站NerdWallet上的各个专题性分论坛）。最终，您的投资会得到回报：您将更有可能看到您的孩子成长为一个快乐、财务上自信的成年人。 English Version How to talk to your kids about money Whether it’s talking about the birds and the bees or explaining the death of a loved one, parents know that difficult conversations are essential for their kids emotional and intellectual growth. For many parents, talking about money is one of the hard conversations they least want to have with their kids. According to a 2015 T. Rowe Price study, over a quarter of surveyed parents sayit’s not important to include kids in discussions about family finances; 41% report that they sometimes avoid talking to their kids about money.But the sooner parents teach children about money, the more effective they’ll be in raising financially successful adults. So how do you start the conversation in a way that will be meaningful, comprehensible and engaging?Here are some ideas for how to talk to your children about a variety of financial concepts. Guide them through a budget Many parents use an allowance as a way to teach children about money. You can take it one step further by helping them create a budget for their cash.Use real-world examples of monthly expenses — like a soccer uniform, a birthday present for a friend, new school clothes, or favorite snacks — so your kids can see what a dollar is worth. By including real-life examples, you’ll share with your children what it takes to maintain their lifestyle. Help set long-term savings goals Most kids want something new — shoes, video games or gadgets. Why not have them save enough to make the purchase themselves?Once you show your children the cost of what they want, introduce the idea of creating and putting into place a long-term savings plan.To track allowance and save toward goals try the app Bankaroo, thought up by an 11-year-old girl and developed by her family.By helping your kids create a savings plan using concrete examples that actually matter to them, you pave the way for them to think about more complex goals, such as saving for college. Explain borrowing Children might not even realize that your family has financial obligations to consider, such as getting amortgage for your home. To explain the concept of a loan, provide your children with an example they can relate to, like borrowing money for lunch.Ask your children to imagine that they loan a friend a few dollars to buy lunch, and the friend pays it back after a little while. The friend throws in a bag of chips as an extra “thanks” for the loan. A mortgageis like that — the bank loans you money to buy the house and requires thatextra “thanks” in the form of interest. (Interest is a tricky concept, but snacks help.)And if that friend doesn’t pay back the loan, your childisn’t going to want to lend him lunch money in the future. Similarly, bankshes itate to lend money to people who haven’t paid off loans in the past. Play money themed games An activity that shows, instead of tells, how money works would be helpful for many families, especially for parents who are hesitant totalk to their kids about money. Kids want to have fun, so capitalize on this byusing age-appropriate games, apps and toys that teach financial skills.Try PayDay or Cashflow for Kids, games that simulate real life financial strategies and situations in an engaging way. There are also classic options such as play cash registers, Monopoly, or the Game of Life app based on Milton Bradley’s 1860 board game. Starting early is key Your child’s future is the most important investment you’ll ever make, so start the conversation early. The trick is to start small and at home, using everyday examples to teach your children about money. Over time,you’ll be able to explain more complex topics, such as saving for college and buying a home. And eventually the investment will pay off: You’ll be more likely to see your children grow into happy, financially confident adults. 该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com

《传承宝典》2更广泛的财富理念 超越遗嘱的“宪法（家族宪章）”，或一整套规则，有助于防止家庭分裂。说到理财计划，大多数人只关心存够钱，让自己过得舒服，或许还会留一点给子女或孙辈。然而，有些家族是幸运的，他们已经创造了足够多的财富，留下了可以代代相传的遗产。对这些家族来说，虽然重在保全并维持他们的财富直至未来，但更令人关切的是：以一种家庭单位完整维系的方式来管理家族。国际家族事务办公室 Stonehage Fleming 的合伙人马修•弗莱明(Matthew Fleming)表示:“每个家庭都有自己的动力（dynamics），但根据我们的经验，这些动力往往与财富有关。”他当然清楚。因为他是弗莱明的第五代子孙。弗莱明家族所有200位在世成员,都是其家族办公室的客户和股东。“我理解与财富相对应的特权，以及随之而来的责任。”他还明白，如果没有适当的结构和规则来管理这些遗产，家族内部的瓦解——乃至财富蒸发——是多么地容易。正是基于这一点，该机构大约每两年进行一次调查，以了解诸多家族正在面临的问题。其最新的报告《资本的四大支柱：变革时代的实践智慧和领导力》概述了财富跨代转移的挑战。 该报告的标题暗示了这样一个事实，即：一个家族的有形资产，只是其更广泛遗产的一部分，就像桌子的四根柱或四条腿一样，每一支柱（资本）都有其发挥的作用：金融资本——构成家族财富的有形资产、企业和财产; 智力资本——一个家族应用于管理其财富、对社会的贡献和集体福祉的技能、知识、经验和智慧; 文化资本——通过确定家族成员在生活中的共同观点和主题，将一个家庭(或无法)凝聚在一起; 社会资本——家族与社会、及其生活所在的社区之间的联系和参与方式. 弗莱明先生通过伦敦的一个视频连线，与媒体建立了联系，他说：年轻一代正在努力应对的正是这种社会资本。“他们非常清楚不平等的加剧，以及许多人与资本主义的脱节。”越来越多的人认为：财富只有被用来为社会做出积极贡献，同时满足家庭的财务需求，才能代代相传。 “软问题”更加复杂 越来越多的家族也开始意识到，保本只是管理财富的一个简单部分。而“软问题”则要复杂得多。其中就包括：继承规划、家族领导权和激励下一代。弗莱明先生表示:“家族成员意识到，家族领导权不应简单地传给长子，而应是精英管理，培训则是必不可少的。”虽然南非有许多跨越4代、5代、6代或更久的家族，但Stonehage Fleming在当地的家族办公室也为那些最近才赚到大钱的家庭提供支持。当地办事处CEO约翰•范•齐尔表示:“这些人可能包括当地商界人士、体育明星或其他人才。” 虽然财富的创造者们可能会说：他们不想从坟墓里来延续统治，但拥有一部“宪法（家族宪章）”，或一整套超越遗嘱的规则来管理您的财富，的确可以帮助防止家庭分裂。曼德拉家族或许可以证明这一点。 English Version A ‘constitution’ or set of rules that goes beyond a will can help to prevent division in families. When it comes to financial planning, most people are concerned simply with saving enough to see out their lives comfortably and perhaps leaving a little for their children or grand children. However, some families are in the fortunate position where sufficient wealth has been generated to leave a legacy that can be handed down from generation to generation. For these families, while the focus is on preserving and sustaining their wealth into the future, of greater concern is managing the family in a way that preserves the integrity of the family unit. “Every family has their own dynamics, but in our experience, these are very often compounded by wealth,”says Matthew Fleming, a partner at international family office Stonehage Fleming. He should know. He is a fifth-generation Fleming. All 200 living members of the Fleming family are clients of and shareholders in the family office. “I understand the privilege of relative wealth and the responsibilities that come with that.” He also understands how easily families can implode – and wealthe vaporate – if there are no structures and rules in place to manage that legacy. It is with this in mind that the firm conducts a survey, roughly every two years, to understand the issues facing families. Its latest report, Four Pillars of Capital: Practical Wisdom and Leadership for Changing Times, outlines the challenges in the transfer of wealth across generations. The title of the report alludes to the fact that a family’s tangible assets are just one part of a broader legacy and – like four pillars or legs of a table – each has a role to play. Financial Capital: The tangible assets, businesses and properties that make up a familys wealth Intellectual Capital: The skill, knowledge, experience and wisdom that a family can apply to the management of its wealth, its contribution to society, and its collective well-being Cultural Capital: That which brings a family together (or not) by identifying shared perspectives and themes in the way its members conduct their lives, and Social capital – the way in which a family relates to and engages with society and the communities in which it lives and operates. Social Capital: It is this social capital that the younger generation is grappling with,says Fleming, who connected with media via a video link from London. “They are very aware of growing inequality and the disconnect that many people are feeling from capitalism. There is a growing belief that wealth can only be created and preserved through generations if it is used to make a positive contribution to the community, as well as providing for a family’s financial needs,” he says. The report notes that the gulf in perceptions and values between the generations is significantly greater than in the past, which has an impact onlong-term planning objectives. However, inter generational relationships are less hierarchical than before, which makes discussion on previously taboo topics – like money – easier than in the past. ‘Softer issues’ more complex Increasingly families are also coming to realise that capital preservationis the easy part of managing wealth. Far more complex are the ‘softer issues’.These include succession planning, family leadership and engaging the next generation. “Families realise that instead of the leadership baton simply being passed on to the eldest son, family leadership should be about meritocracy and that training is essential,” says Fleming. While South Africa is home to many families that span four, five, six generations or more, the local offices of Stonehage Fleming also provide support to families who may have come into money more recently. “These can include local business people, as well as sports stars and other talented individuals,” says Johan van Zyl, CEO of the local office. “While the wealth creator may say that they do not want to rule from the grave, having a ‘constitution’ or set of rules – that goes beyond a will – forthe management of your wealth can help to prevent division in families.”The Mandela family could perhaps attest to this. 该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com

2019年2月资产管理月度简报 今年伊始，股市一路高歌猛进 摩根士丹利资本国际全球指数（MSCI）在短短两个月内上涨了11.1%，主要受美国标准普尔500指数上涨11.4%的推动。中国，一个近年来的股灾区，大涨了18.4%（上证综指）。即使是增长缓慢的欧元区也上涨了9.4%，尤其是在欧元区的主要驱动体德国；甚至连欧洲的落后者意大利，其股票指数也上涨了11.9%。然而，经合组织（OECD）已经降低了对2019年全球GDP增长和贸易的预期。制造业也正在放缓增速（见下图）。英国和欧盟在脱欧问题上仍处于僵局。为什么投资者却如此乐观？分析师指出，各国央行最近都采取了谨慎态度：美联储已停止上调基准利率，并减少了美国国债的持有量；欧洲央行也推迟了削减刺激的计划。在中国，政府鼓励银行增加放贷，以应对经济放缓。但这些政策是对经济增长负面前景的回应，也是对企业利润的负面回应，而后者本应支撑起股市的表现。 股市复苏的定论尚为时过早 到目前为止，工业、房地产和能源是2019年美国股市最强劲的板块，都属于周期类股。数码信息化的蓬勃令信息科技（IT）板块在2018年末达到峰值，上涨了14%，这表明之前从11月中旬到圣诞节的抛售有些过头了。标准普尔500指数已经从12月24日的中间低点上涨了近20%，但我们仍不愿重返市场。看看下面的图表就知道原因了。美国股市再次突破200日移动均线，虽是一个好势头，但它刚巧处于前三次未能成功反弹的区间顶部。根据我们的投资模型，我们在2月14日确实收到了买入的信号。该指数目前仅上涨1.9%，比我们10月25日的销售点高出3.4%。只有看到该指数显著突破过去未能成功反弹的高点，我们才能确信新一轮牛市的到来。标普500指数目前的点位，较9月份的高点低了7.7%，这也是一个潜在的阻力位，说明短期内上行空间有限。 中国和美国即将达成贸易协定 特朗普总统对无限期推迟中国对美出口关税提高25%的谈判进展，感到欢欣鼓舞；只是最终协议的细节尚未明朗。让我们设想一处“特朗普团队”可能没有考虑到的方面：中国已将对美巨额贸易顺差投资于1.3万亿美元的美国国债；随着贸易顺差的下降，中国对美元的外汇顺差会减少，随之购买美国国债的“胃口”会缩小。与此同时，特朗普的减税政策和美国经济增长放缓，意味着美国的预算赤字不断上升，由此美国国债的发行会增多。 我们的投资策略 诚如读者所知，雷梭勒家族办公室不会根据经济、行业或公司分析结果进行市场预测。我们只按照市场趋势和其它指标判断市场走势。在资产管理方面，我们遵循以下四个原则： 确定并遵循利好趋势（追逐风险）； 下跌时迅速杀跌（规避风险）； 确认触底时再次建仓(再次追逐风险);利用行业、国家和区域指数跟踪基金和一篮子组合进行分散投资, 尽量降低投资一种股票或债券的风险。我们采用价格-概率数学建模法判断市场是否显现利好或下跌趋势，是否走强或走弱，是否有可能在下一个周期（对我们而言是一个月）继续利好或下跌行情，以此控制“摩擦性”交易成本。雷梭勒家族办公室不随股市走势而决定是否投资，尤其是在股市从触底反弹之时。 小结与展望 除了上证综指之外，2019年迄今为止表现最好的国家股指是：阿根廷(+ 16.7%)、土耳其（+13.3%）和埃及(+13.3%)，都是以美元计价的，而没有一个国家的政治或经济环境具备足够的吸引力。由于上述原因，我们将保持100%的现金，直到新的上升趋势得以确认。 James Cunningham Chief Investment Officer 首席投资官 La Soleille Family Office (Suisse) SA 瑞士雷梭勒家族办公 Feburary 28th, 2019 2019年2月28日 English Version Equities start the year on a roll The MSCI World global index is up +11.1% in just two months, driven mostly by the American S&P 500 index’ gain of +11.4%. China, a loser over recent years, is up +18.4% (Shanghai). Even the Euro area has gained + 9.4%, despite slowing growth, especially in its main economic driver, Germany. Even Italy, Europe’s laggard, has seen its stock index rise + 11.9%. Yet the OECD has reduced its estimates of global GDP growth as well as for trade for 2019. Manufacturing is slowing (see chart below). Britain and the EU are still at an impasse over Brexit. Why the investor optimism? Analysts point to central banks’ newly cautious attitude: the US Federal Reserve has stopped raising its benchmark interestrates and reducing its stock of Treasury bonds; the European Central Bank has postponed cutting its stimulus. In China, the government has encouraged banks to lend more to counter a slowing economy. But these policies are a response to a negative outlook for growth and therefore for the corporate profits that should underpin stock markets’ performance. The recovery in stocks looks overstretched Industrials, Real Estate and Energy are the strongest sectors in American stocks thus far in 2019, all cyclicals. IT, hit in late 2018, is up 14% thanks to ongoing digitalization. That suggests that the prior sell-off from mid-November through Christmas was overdone. The S&P 500 has risen by nearly 20% from its December 24th interim low, and yet we are reluctant to reenter the market. A glance at the chart below shows why. The US market is again above its 200-day moving average, a positive indicator, but it is right in the zone of the previous three failed rally tops. We did have a buy signal according to our model on February 14th. The index is now only 1.9% higher, and 3.4% above our selling point on October 25th. We need to see the index decisively above the old failed rally highs to have confidence in a new bull run. At its current level, the S&P is 7.7% below the old September high, also a potential resistance level: near-term,upside is limited. China and America are nearer to a trade agreement President Trump is encouraged enough by progress in negotiations to postpone indefinitely a 25% increase in tariffs on Chinese exports to the US. Just what the eventual agreement will be in detail is still unclear. Consider one aspect that “Team Trump” may not have considered: China has invested its massive trade surpluses with America in $1.3 trillion of US Treasury bonds. As that trade surplus falls, so will China’s surplus dollars, and with it its appetite for Treasuries. Meanwhile, Trump’s tax cuts and slowing US growth point to a rising US budget deficit and therefore an increase in the issuance of Treasury bonds. Our Policy As our readers know, La Soleille does not make predictions based on economic, industry or company analysis. We act on market trends and other technical signals alone. In asset management we follow four principles: Identify and follow positive trends (risk on); Sell fast when they turn negative (risk off); Buy again when a bottom is confirmed (risk back on); Diversify by using sector, national and regional index-tracking funds and baskets, thus minimizing exposure to any particular stock or bond; We use mathematical modeling of prices and probabilities to determine if a trend is positive or negative, strengthening or weakening, and likely or not to continue for the next period (which for us is one month, to control trading cost “friction”). La Soleille is contrarian at the trend change, particularly when a downtrend turns positive. Summary and Outlook After Shanghai, the best national stock index performances thus far in 2019 are Argentina (+ 16.7%), Turkey (+ 13.3%), and Egypt (+13.3%), all in US dollars, none of which have an attractive political or economic environment. For reasons indicated above, we remain 100% in cash until the new uptrend is confirmed. James CunninghamChief Investment OfficerLa Soleille Family Office (Suisse) SAFeburary 28th, 2019 该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com