從心理生理飲食下手‧強身解壓抗衰老

抗衰老專家藍寧仕醫生教導大家，從心理、生理與飲食3處著手，強化身體、驅趕毒素、共同對抗衰老。

曾為多位奧林匹克選手擔任復健顧問的藍寧仕指出，許多疾病是因體內發炎造成，而導致身體發炎的原因包括壓力、不當的飲食、攝取毒素或疾病等。


對於壓力，藍寧仕認為，它是許多疾病的導因，而人類身體中有個壓力指數，等同反映了我們累計壓力的指標。

須休息釋放壓力

“很多人在日常生活中，不知道身體內的壓力指數高企，只有在休假真正放鬆後，才感到身體很疲累，其實那正是壓力開始釋放的症狀，所以大家一定要找時間，好好休息，讓壓力釋放。”


遇高溫會釋出致癌物
蔬菜油不適合熱炒

身為希臘人，能操一口流利的華語的藍寧仕，現場以華語演講。他擁有美國洛杉磯脊椎神經醫學院的學位，並有美國醫生的執業資格，以及希臘和歐盟國家的治療執照。

除了現場示範健康操，身為烹飪高手的藍寧仕，也與聽眾分享以低溫烹飪方式留住身體健康的方法，其中就包括烹飪用油、烹煮溫度等細節。

他主張，蔬菜油不適合用在華人熱愛的煮炒方式上，因油質不如豬油穩定，面對高溫時會質變，釋出致癌物質，而一向來被標簽為健康食油的橄欖油，同樣不適合用以熱炒。

堅果酪梨提供健康油

“攝取正確的油份，可協助穩定體內的荷爾蒙，而一些食物如堅果、酪梨（又稱牛油果）就能提供健康的油給人體。”

他也與在場觀眾，分享了具有抗老成份的食物，如核桃、蘋果、石榴、柿子、莓果類、巧克力及肉桂粉。

甲之補藥‧乙之砒霜‧飲食須配合體格

針對飲食，藍寧仕認為，現今的營養學主要的問題，是把所有人一概而論，忽略了每一人種的體格對飲食與營養，都會略有不同。

他指出，屬於不同基因的人，飲食習慣也大不同，對一人有益的食物，不一定就對另一人有效，甚至還可能造成另一人身體產生毒素，可謂甲之補藥，乙之砒霜。

人類劃分為3種體格

“每個個體都是獨特，所以每個人所需要的生活型態、飲食也不盡相同，目前人類主要劃分為3種體格；即瘦長的人、肥胖的人與體格均勻者。”

他說，身形較肥胖、矮小或容易發胖者，多屬於古老基因人種，此類人種不適宜食用淀粉類食品如米飯、面包或奶製品、豆類等；反之應多進食以低溫方式烹調的肉類、新鮮蔬果、堅果類食品。

而屬於另2種較新基因的體格即瘦長體型與體格均勻者，雖然飲食上沒有太多避忌，但保持健康運動就非常重要。

林则徐的《十无益格言》

林则徐的《十无益格言》

林则徐（一七八三年─一八五０年）清末政治家，福建侯官人，嘉庆进土。也是一位虔诚的佛教信奉者。
　　林则徐虽然身居要职，公务很忙，但还是坚持每日早晚功课。他将《金刚经》、《佛说阿弥陀经》、《心经》、《往生咒》等佛经写在四寸见方的小本子上，便于在旅途中坚持早晚课诵，从这点可见他精进修持之一斑。

　　他不但自己精进修持，并将佛陀慈悲利人的精神，落实于爱国爱民的具体行动。早年曾修治黄河、白茆、浏河等水利，使一方众生免除水患、干旱之灾；曾力排 种种干扰和压力，严禁鸦片，成绩卓著，使许多百姓摆脱迷毒之害；鸦片战争爆发又严密设防，使英军在奥无法得逞，力使中土人民免于侵略者的奴役蹂躏；为了国 家的强盛，民族的兴旺，曾派人翻译外文书报，编成《四洲志》，借此学习、借鉴外国人的一技之长。可见工作、事业和修持佛法并不矛盾，两者完全可以相辅相 成，融为一体。

　　鸦片战争前夕林则徐针对世风日下的时弊，于一八三九年九月巡视澳门后，在前山写了《十无益格言》：

　　存心不善，风水无益；
　　父母不孝，奉视无益；
　　兄弟不和，交友无益；
　　行止不端，读书无益；
　　作事乖张，聪明无益；
　　心高气傲，博学无益；
　　为富不仁，积聚无益；
　　巧取人财，布施无益；
　　不惜元气，服药无益。
　　淫逸骄奢，仕途无益。

　　这《十无益格言》对现代人仍然有深刻的教育和鞭策意义

Understanding the risks of investing in bonds

By knowing and understanding the risks associated with their investments, investors can limit unnecessary loss to their investments.

THIS third article of our bond series seeks to show where bonds stand in the risk/reward spectrum compared to other investments and explain the risks involved when investing in bonds. Risk, an undeniable important element, needs to be understood as all investments carry with them some amount of risk.

How Bonds Compare With OtherInvestments in the Risk/Reward Spectrum

All investments offer a balance between risk and potential return. The balance between risk and return varies depending on the type of investment. Generally, the riskier the investment, the greater is the reward. The Diagram on the right shows that bonds are riskier and more rewarding than fixed deposits, but are less risky and thus less rewarding than equities.

What Are the Risks of Investing in Bonds?

Investors need to realise that investing in bonds entail risks which could affect the values of bonds. There are many types of risks associated with bonds but this article will touch only on a few significant ones.

* Interest Rate Risk

Interest rate risk is the risk of rising market interest rates that will reduce the market price of a bond. This is because bond prices have an inverse relationship with market interest rates. If market interest rates increase, the price of the bond will decrease and vice versa.

By buying a bond, the bondholder will receive a coupon rate (fixed interest payment) from the issuer for the entire life of the bond. This stated coupon rate is predetermined at the time when the bond was issued depending on the issuer's projected repayment ability in the future.

The coupon is a fixed payment which cannot be changed over the life of the bond even if market interest rates change. Therefore, should the market interest rates rise, bonds which pay less than this rate will become unattractive and the bond's price will fall accordingly.

For example, if the coupon is set at 10 per cent and market interest rates increase to 20 per cent, the price of the bond will decrease. This will lower the value and returns that the bondholder can make on the bond.

* Credit Risk

Credit risk, also known as default risk, is the risk of bond issuer not being able to meet its interest and debt obligation to its bondholders. If the bond issuer cannot repay principal and interest on time, the bond is said to be in default and all investors' investments are lost.

There is a rating system that enables investors to know the amount of credit risk each class of bond entails.

In Malaysia, the ratings of credit quality of bonds are undertaken by bond rating agencies, namely Rating Agency Malaysia Bhd (RAM) and Malaysian Rating Corp Bhd (MARC). These credit ratings services help investors to gauge the likelihood of the issuers not being able to fulfil their obligations.

For instance, bonds issued by governments usually have very high credit ratings as they are deemed risk-free. This is because governments have the ability to generate revenues through taxation or reprint money to repay the bondholders.

Bonds issued by corporations, on the other hand, can start from AAA (highest quality) to D (lowest quality or defaulted). Bonds which are ascribed ratings of BBB and above are "investment grade" bonds while those which are below BBB are "non-investment" grade bonds.

Ratings are ascribed differently to corporations depending on their financial stability and the prospect of their business models and ventures. Non-investment grade bonds carry higher yields compared to investment grade bonds as investors need to be compensated for taking additional risk.

* Inflation Risk

Inflation risk is the risk that investor's investment (principal and coupon received) may not grow or generate income at a rate that keeps pace with inflation. Rising prices make today's money worth less in the future than they are worth today. When a bond locks up money for as long as 10 years, rising rate of inflation can have an eroding effect. The impact of this risk is more so for longer tenure bonds with fixed interest rates.

For illustration to show how inflation can erode an investor's investment, assume an investor invests RM100 million in a bond which gives 10 per cent coupon rate, but inflation is at 5 per cent per year. Although the return is RM10 million (10 per cent x RM100 million) after one year, inflation cuts the actual worth of this return from RM10 million to RM9.5 million - (100-5) per cent x RM10 million. On top of that, the face value RM100 million is also eroded by the 5 per cent inflation to RM95 million [(100-5) per cent x RM100 million].

To hedge against this risk, investors can maintain the investment value by investing in a bond which has a total return that keeps pace with the inflation rate. For example, an investor can invest in floating-rate bonds which have interest rates that are adjusted periodically to match inflation rates.

* Prepayment Risk

Prepayment risk is the risk of the bond issuer paying back the debt to the bondholders before the bond's maturity date. While it is not as bad as the issuers not paying the debt at all, investors will have to suffer the loss of having to reinvest in lower interest rate bonds or less lucrative investments.

Bonds, such as callable bonds, have terms which allow the issuers to redeem the bonds. Bonds are usually called back by the issuer when the market interest rates have fallen substantially to benefit from lower interest rates.

By doing so, the issuer can redeem the old bonds with high interest rates and then issue new bonds with low interest rates. Unlike the issuers who will benefit from the lower market interest rate, the investor will have to bear the opportunity loss.

Conclusion

Investors need to recognise that all investments are not shielded from risks. By knowing and understanding the risks associated with their investments, investors can limit unnecessary loss to their investments.

As average investors have limited resources and expertise, they could benefit from asset managers' professional management of bond funds. Investors can leverage on fund houses' technical expertise and infrastructure, especially those established ones with proven track records.

With a structured investment process that combines intensive research, vigilant risk management and disciplined portfolio construction, investors can have peace of mind knowing that their investments are guided by distinctive risk-based approach geared to provide potentially greater than average total return.

This article is contributed by the Funds Management Division of AmInvestment Bank Group.