關於 a is equal to b and b is equal to c ，我們在網路上蒐集到這些相關的討論、資訊與評價

【近日股市資金行情之我見】

這兩個月忙著跨海搬家，沒太多時間寫長文。這篇文章從今年1月斷斷續續寫到現在，主要嘗試回答兩個問題：

1. 2021年初是否存在市場過熱現象？

2. 美國政府2020年的瘋狂印鈔行為（參見下圖）是否會引發嚴重通貨膨脹？投資人應該如何因應？



首先關於第一個問題，在今年2月份我們看到美國股市的option契約數量大增，從19M/每日增加至30M/每日；SPACs形式2020年增加200件，募資$74B；GME軋空炒作行情。

這樣是否存在擦鞋童現象？

這部分我想先回顧17世紀荷蘭鬱金香投機事件。

傳說當年荷蘭鬱金香莖球被瘋狂炒作，價格上漲幾百倍，荷蘭舉國人民紛紛陷入投機熱潮，甚至20世紀德國知名投資客柯斯多蘭尼稱當年有駝背侏儒光是出租其後背供投資客們寫上最金莖球價格，然後穿梭人群中賺了一小筆。

隨後鬱金香莖球炒作泡沫破裂，荷蘭國家經濟受到重創，進而影響當年曾是海上商業王國的地位。

然而史實是如此嗎？

美國經濟學家Peter Garber專門研究此一投機炒作的經濟史，並寫下幾篇著名論文。而依據其著作"Famous First Bubbles The Fundamentals of Early Manias" 一書，我整理幾個重點：

1. 實際上鬱金香熱潮時間相當短，價格明顯彈升發生在1636年11月～1637年1月份。

2. 參與人數總共約350人，全是職業商人；真正支付高價（超過300荷蘭盾）者約莫10人，多數人其實是透過遠期合約的方式進行炒作，而最後多以違約拒絕真實支付現金，直到荷蘭當地鬱金香相關商會與政府出面介入，才以履約價格的10%甚至5%方式解除合約。

3. 非常昂貴的品種，如Semper Augustus 的真實漲幅只有5倍（從原本的1千出頭荷蘭盾漲至5千多），並非都市傳說中幾百倍的漲幅。

漲幅較大的主要是那些本來就平價的品種，例如Gouda buds，起漲價格約２荷蘭盾，最高價50多荷蘭頓。即便存在瘋漲，但至多也是一、二十倍，這即便放在現代農產品供需失調時的價格軌跡來比較，也並不離奇。例如台灣颱風後的香菜價格漲幅。

這邊可以題外話說明為何Semper Augustus這品種售價昂貴。因為這特殊品種本不存在於大自然，而是農夫必須將快開花的鬱金香球莖人工嫁接罹患某種病毒的鬱金香，才能開出特殊花色。而這種嫁接病毒的球莖將會死亡，不再具備繁衍後代的能力。此外，嫁接後的成功率在當年也並不高，不保證存活也不保證開出特殊花色。

物以稀為貴下使得Semper Augustus這品種本來售價就高昂，是一般品種的百倍。

讀者可參見以下幾張當年不同品種的價格走勢圖：

4. 也因為這個事件的範圍與熱潮都比傳說中小得多，因此並未對實質荷蘭資本市場或經濟體造成多少負面影響。

荷蘭鬱金香泡沫事件有三點啟示：

a. 即便在當年差不多時期的著作、媒體都有對其瘋狂投機炒作的描述，但實證來看誇大成分居多。很可能受到作家喜歡站在道德高點批判投機行為的習慣影響，但做為投資人或經濟史研究者在考據曾經的泡沫事件，始終必須以事實為依歸。

b. 小範圍小規模的投機炒作，無論價格哄抬得多麼高聳入天，事實是「毀約」始終是一種選項，有行無市的價格不存在經濟學意義。

c. 同樣地，小範圍小規模的投機炒作，無論價格哄抬得多麼高聳入天，對整體經濟乃至於資本市場的影響同樣不會太大。這意味著我們雖然應該警醒擦鞋童現象，但也無需杯弓蛇影。

如同我在去年幾篇文章中談到的，我認為Covid-19疫情本身造成的經濟損害遠不如人為的隔離措施所造成。目前看到的全世界生產力衰退，人禍成分高過天災。但與2009年不同之處在於：

「Personal savings soared as high as 33.7% in April following the Cares Act and were still a healthy 13.7% in December before Congress passed another $900 billion in Covid aid. This means that, unlike during the 2009 recession, households aren’t weighed down by debt.
Personal bankruptcies, home foreclosures and loan delinquencies last fall were the lowest since at least 2003. The mortgage delinquency rate was 0.7% in the third quarter of 2020 compared to 7% in the first quarter of 2009. ...」

出自Wrong Stimulus, Wrong Time - WSJ （ Feb. 5, 2021）報導。

因此在我看來，此文撰寫的時間點，雖然多多少少某些類股上存在擦鞋童現象，投資人不必過度擔憂。投資人真正該做好未雨綢繆準備的，是美國瘋狂印鈔下必然到來的嚴重通貨膨脹。

問題二：通貨膨脹下股票標的如何選擇？

高資產或高負債的公司在嚴重通膨時期的股價表現優於高現金部位的公司。在經濟學大師Armen A. Alchian 1965年的論文 "Effects of Inflation Upon Stock Prices "中，特別指出傳統經濟學如凱因斯、費雪等著名學者之見認為銀行身為典型債務人，在通貨膨脹環境下應該有較好的股價表現。而Alchian則點出這些學者大老忽略銀行雖然集債務於一身（大眾存款之於銀行就是債務），然而銀行受限於法規與現實，其資產多是「現金資產（money-type assets）」，故在嚴重通貨膨脹影響下，銀行實際經濟損失大過通膨泡沫所得，股價表現當然好不到哪去。

Alchian此文對我的啟發甚大，揭櫫面對貨幣因素影響甚大時的投資方向。

但我們要知道Armen Alchian的論文寫作時期與如今的投資環境又有幾個重大侷限條件之不同，因此我們不能生吞活剝地硬套Alchian的觀點，而是必須真實理解背後隱含的正確經濟學邏輯，並依據當今侷限條件之不同而修改並應用。

引入費雪的利息理論與張五常的財富倉庫概念，現今世界何謂資產、何謂債權債務、何謂現金？我們必須要能超脫會計學、法學的思維侷限，而從真正在投資決策上有效益的經濟學角度切入。

一個我認為值得投資人注意的重點是：投資人對於高商譽（goodwill）的公司能否有正確地、在經濟學層面的深度理解與評價機制。

這點同樣也適用在面對新科技寵兒如電動車之流之正確價格評估。

以長期投資角度看，如果以夠低的成本入手高資產或高品牌價值公司，本身部位又很大，則隨後的股市大幅修正甚至崩盤基本可以無視

如果部位不大，則可以視隨後散戶瘋狂狀況逐漸增加現金部位。

回到現實面，我認為通膨現象確實在發生，有兩個現象值得注意：

a. 機構法人買入加密貨幣的金流增加

「...JPMorgan, said the size of the bitcoin market had grown to equal about a fifth of gold held for investment and trading purposes, with a market capitalisation for the cryptocurrency of $750bn at its peak earlier this year, meaning it “is far from a niche asset class”. 」

「...Analysts at Canadian insurance company Manulife said in late January that the expansion in central banks’ balance sheets and rising public debt would push investors further into alternative asset classes ...」

「...Xangle showing that investors have lost more than $16bn to fraud since 2012 ...」

b. 近日美國美國前25大銀行對私人之貸款佔總資產比例從去年54.1%下降之45.7%，且放在Fed reserve account總金額達$3.15兆美元。

（The 25 largest U.S. banks currently hold 45.7% of their assets in loans and leases, according to Fed data released Friday, down from 54.1% this time last year. .. reserve balances in their Federal Reserve depository accounts at sky-high levels, $3.15 trillion at present
）

通膨現象將會更嚴重，因為「...According to a recent House Budget Committee estimate, $1 trillion from last year’s bills hasn’t been spent—including $59 billion for schools, $239 billion for health care and $452 billion in small business loans. State and local governments added 67,000 jobs in January. They don’t need more federal cash. ...」
WSJ "wrong-stimulus-wrong-time " Feb. 5, 2021

如同我在「論比特幣」一文中闡述過：比特幣顯然不是被當作交易貨幣而是某種無根財富倉庫，因此其價格之暴漲暴跌均同時具備「合理與不合理」之雙面性。因為不存在適當的評價方式去推估其價格之合理性。

但在此文我想進一步指出，從另一層面來看，這種無根倉庫的價格變動本身卻可提供我們對於貨幣因素下真實通貨膨脹的現狀診斷。這好比我們切脈在左關中層把得一數滑脈，搭配右關心位或肝位的脈相，或胃經、肝經或經外奇穴的壓痛診斷，或舌診眼診等等訊息，我們可以推知患者是肝臟、胰臟有惡性腫瘤亦或慢性胃潰瘍。

比特幣的暴漲本身也是一個類似性質的市場訊號。

換言之，當我們把貨幣看做經濟體的血液/體液時，投資人懂不懂得把經濟的脈？是否可以從貨幣的脈相得知經濟血液/體液的品質、健康度、病理變異方向程度與進程...等等。當我們脈診上發現血液/體液堆積於某經絡時，我們看到某類型資產價格飛漲甚至軋空時，診斷者有沒有能力正確推測隨後的、不同時間點地病程發展與相對應的症狀發作？

中美貿易戰框架與因應Covid-19疫情的政府舉措則是結構性地在解剖學層面改變經濟體本身，所需要的制度經濟學知識又是否足夠投資人能趨吉避凶甚或從中獲利？

這些都是參與投資市場者必須時時捫心自問的問題。

我文末再強調一次：美國主要銀行減少對私人企業放款而增加手中政府債券這現象。

參考：

Financial Times "Bitcoin boom backstopped by central banks’ easy-money policies" 2021/2/4

Financial Times "US mortgage executives forecast a $3tn year in 2021 " 2021/01/08

WSJ "For One GameStop Trader, the Wild Ride Was Almost as Good as the Enormous Payoff " 2021/02/03

Armen A. Alchian, "Effects of Inflation Upon Stock Prices" (1965)

Peter M. Garber, Famous First Bubbles The Fundamentals of Early Manias (2000）

WSJ, "Fed Policy Is Smothering Private Lending" (2021/03/08)

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Opinion｜The Police is duty-bound to enforce the law resolutely

HK Current

2020.10.06 11:05

By Athena Kung

According to the statement made by the US Department of State on 3rd of October 2020 (local time), the arrests made by the Hong Kong Police on 1st of October 2020 were criticized by the Department as malicious ones. It has been alleged by the US Department of State that the Hong Kong Police merely enforces the law for the aim of achieving political goals, which amounts to serious violation of Hong Kong's rule of law and thus strongly attack individual's human rights as well as Hong Kong people's freedom of expression, procession and assembly. The Central Government was commented by the US Department of State as being given up the undertaking of "One country, Two systems" completely. Obviously, such allegations against both the Central Government and HKSAR made by US Government were very serious. To examine whether such comments were fair ones, we have to carefully consider if the allegations really have any valid legal basis or foundation.

According to both the Hong Kong Bill of Rights Ordinance, Cap. 383, Laws of Hong Kong (hereinafter referred to as "the BORO“) and and the International Covenant on Civil and Political Rights (hereinafter referred to as the "ICCPR "), the freedoms of expression, procession and assembly were not absolute, and might be subject to restrictions as prescribed by law. Article 16 and 17 of the BORO relates to the freedom of opinion and expression and right of peaceful assembly which can be enjoyed by Hong Kong people:
"Article 16
Freedom of opinion and expression
(1) Everyone shall have the right to hold opinions without interference.
(2) Everyone shall have the right to freedom of expression; this right shall include freedom to seek, receive and impart information and ideas of all kinds, regardless of frontiers, either orally, in writing or in print, in the form of art, or through any other media of his choice.
(3) The exercise of the rights provided for in paragraph (2) of this article carries with it special duties and responsibilities. It may therefore be subject to certain restrictions, but these shall only be such as are provided by law and are necessary—
(a) for respect of the rights or reputations of others; or
(b) for the protection of national security or of public order (ordre public), or of public health or morals.
[cf. ICCPR Art. 19]

Article 17
Right of peaceful assembly
The right of peaceful assembly shall be recognized. No restrictions may be placed on the exercise of this right other than those imposed in conformity with the law and which are necessary in a democratic society in the interests of national security or public safety, public order (ordre public), the protection of public health or morals or the protection of the rights and freedoms of others.
[cf. ICCPR Art. 21]"

Thus, freedom of expression, procession and assembly in Hong Kong are not absolute. On the other hand, such rights are subject to restrictions as prescribed by law in the interests of public order, public safety and the interests of others, and so on.

Besides, Section 10(a) to (e) of the Police Force Ordinance, Cap 232, Laws of Hong Kong has clearly stated inter alia that:
"10. The duties of the police force shall be to take lawful measures for—
(a) preserving the public peace;
(b) preventing and detecting crimes and offences;
(c) preventing injury to life and property;
(d) apprehending all persons whom it is lawful to apprehend and for whose apprehension sufficient grounds exists;
(e) regulating processions and assemblies in public places or places of public resort;
…………"

What has really occurred in Hong Kong in various districts on 1st of October 2020?
(1) At around 1400 hours, a group of people gathered and yelled along Great George Street in Causeway Bay, which might have constituted offences related to unauthorised assemblies under the Public Order Ordinance, Cap 245, Laws of Hong Kong and offences related to prohibited group gatherings under the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation, Cap 599G, Laws of Hong Kong. Even though the Police had given multiple warnings at the scene and raised the blue flag requesting participants to leave the scene, at around 1500 hours, a large group of protesters still remained at the same place. Some of them even commenced to chant the slogan “Liberate Hong Kong, Revolution of Our Times” over and over again. Thus, they were suspected of inciting or abetting others to commit acts of secession, which might constitute relevant offences under the HKSAR National Security Law. Afterwards, some protesters even spilled onto the road and breached public peace.

(2) At around 1500 hours, 2 men in the vicinity of Tin Ma Court in Wong Tai Sin hurled some petrol bombs and large objects at Lung Cheung Road. Having attended the scene, the police noticed that traces of the road being charred, as well as fences and traffic cones left on it. After investigation, the Police found that even though a large amount of vehicles were travelling along the road at the time of the incident, fortunately, no vehicle was hit by the petrol bombs and objects successfully. In any event, the rioters’ such heinous acts had severely endangered road users and breached public peace.

(3) The Police intercepted a man at Stewart Road in Wanchai at about 1600 hours and found him in possession of a foldable sharp knife which was at the same size of a business card. The 23-year-old man was subsequently arrested on suspicion of possession of an offensive weapon, as there stood a strong likelihood that he might intend to use the said item to injure members of the public or police officers.

(4) At around 1500 hours, the Police set up a roadblock along a section of the Tuen Mun Road near Summit Terrace in Tsuen Wan to intercept suspicious vehicles, and found extendable sticks, a helmet, face masks and a large amount of promotional leaflets inside a private car with an expired vehicle licence. Some of the leaflets contained slogans suspected of calling for “Hong Kong independence” written on them. The 35-year-old male driver of the car was arrested on suspicion of various offences including “Possession of Instrument Fit for Unlawful Purpose”, “Driving an Unlicenced Vehicle” and “Driving Without Third Party Insurance”.
(5) At around 1630 hours, the Police stopped and searched a man in the vicinity of Tonnochy Road and Lockhart Road in Causeway Bay, and found items including a cutter, a spanner, plastic straps and a pair of gloves in his backpack. The 20-year-old man was subsequently arrested on suspicion of possession of offensive weapons.
(6) After nightfall, protesters continued to gather in different districts. To ensure public safety, the Police have enforced the law resolutely according to the situations arising in different districts. At 2200 hours, not less than 86 persons have been arrested in multiple districts. Among them, 74 persons including four District Councillors were arrested on suspicion of taking part in unauthorised assemblies in Causeway Bay, while the rest were arrested on suspicion of committing offences including possession of offensive weapon, failing to produce proof of identity, possession of forged identity card, disorderly conduct in a public place and driving an unlicenced vehicle. Besides, 20 persons were given fixed penalty notices for suspectedly breaching the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation.

Actually, the Police is duty-bound to enforce the law resolutely. On the facts, all arrests taken place on 1st of October 2020 were absolutely lawful and necessary to maintain law and order in the society and protect the life and property of all Hong Kong residents. Undoubtedly, the US officials have all along been adopting "double standards" in expressing utterly irresponsible remarks on law enforcement actions in the HKSAR. Everyone is equal before the law. So long as there is evidence supporting that someone has violated the law, no matter what his or her status or background is, he or she must face the legal consequence. Being a law enforcement agency, the Police must take action whenever they come across any unlawful acts in strict accordance with the laws in force. All cases must be handled in a fair, just and impartial manner by the Police in accordance with the law, which is the only and real reason as to why the Police arrested the 86 odd people on 1st of October 2020. To conclude, all criticizms made by the US towards the Hong Kong Police, HKSAR Government and Central Government were all unfair without any legal or concrete support at all.

It appears that the US government has always been refusing to accept the truth that the HKSAR is an inalienable part of the People's Republic of China (hereinafter referred to as "the PRC") and a local administrative region which enjoys a high degree of autonomy, as contrary to absolute autonomy, and comes directly under the Central People's Government. Hong Kong affairs are internal matters of the PRC. The system in Hong Kong is not "Two countries, Two systems". Hong Kong will never be an independent country with a pro-American government formed by the Opposition Camp in Hong Kong. Any foreign governments like the US must at once stop scaremongering and interfering in any form in Hong Kong's affairs. The "Colour Revolution" promoted by the US in Hong Kong should be terminated in no time.

The author is Barrister-at-law.

The views don't necessarily reflect those of Orange News.

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(a) Watch Tian Kong Live Sessions and share the link of the video(s) to your Facebook feed.
(b) 點贊及追蹤天空音樂節與店家的FB或IG專頁
(b) Like and follow Facebook pages of ‘Tian Kong Music Festival’ & respective vendor(s)
(c) 截圖店家出現在「天有不測風雲」跑馬燈的新聞字幕。
(c) Screenshot the vendor(s’) advertising lines that appear in the ‘news crawler text’ in the Tian Kong Live Sessions videos.
(d) 獲取店家優惠時，請出示a，b，c項截圖即可。
(d) For redemption of said promotion, simply present the items stated in clause a, b, & c for verification.
温馨提示：兌換此優惠時可現場咨询店家，若店家於線上營業，可通過網路方式聯繫與兌換。
Gentle reminder: Kindly engage the respective vendor(s) when redeeming the promotion, if said vendor(s) operates online, contact the vendor(s) to facilitate redemption.
5. 每位Facebook用戶可不限次數參加此活動，並於整個活動中贏取各店家的優惠，同一個人只限贏取不超過一份獎品。但可多次截圖，贏取各店家各一份獎品。如有Facebook用戶兌換同一店家多於一次，店家只會接受其第一次之兌換資格。截圖優惠份額根據每個店家規定之數量，送完為止。
5. Number of participation is not limited for each Facebook user, and a participant can participate in the ‘Screenshot Promo Activity' for all vendor(s) included in the activity. However, note that each participant can only redeem once per participating vendor, and in the event of duplicated redemption, vendor(s) will only be liable to honour the earliest redemption. The amount of redemption available is in accordance with the limit(s) set by the respective vendor(s).
6. 如果優惠因在店家不可控制之情況下以致未能提供，店家將保留以其他價值相等之禮品或優惠代替之權利。因延遲、押後或取消任何活動而引致之任何開支、不便或費用，主辦單位恕不負責。
6. If the redemption is unavailable due to circumstances beyond the control of the vendor(s), the vendor(s) reserves the right to substitute the redemption for one of equal or equivalent value. The organiser shall not be responsible for any expenses, inconvenience or costs incurred due to the delay, postponement or cancellation of any event.
7. 除有關Facebook用戶及主辦單位以外，並無其他人士有權按《合約（第三者權利）條例》強制執行本條款及細則的任何條文，或享有本條款及細則的任何條文下的利益。
7. No person other than the participants and the organiser will have any right under the Contracts (Rights of Third Parties) Ordinance to enforce or enjoy the benefit of any of the provisions of these terms and conditions.
8. 如有任何源自或有關本條款及細則的爭議，主辦單位保留最終決定權。
8. In the event of any dispute arising out of or in connection with these terms and conditions, the decision of the organiser shall be final and conclusive.
9. 主辦單位保留權利隨時更改本條款及細則並終止活動，而不作事先通知。主辦單位對於任何更改或終止概不承擔任何責任。
9. The organiser reserves the right to change these terms and conditions and terminate the activity at any time without prior notice. The organiser accepts no liability for any such change or termination.
10. 參加用戶如違反本條款及細則，干擾活動，就活動作出具有濫用、舞弊或欺詐成分的行為，作出虛假聲明或陳述或違反適用的法律或法規，則主辦單位保留權利取消該參加用戶之參加資格，其後並可能會撤銷及追討任何損失。
10.The organiser reserves the right to exclude a participant who violates these terms and conditions, tampers with the activity, engages in abusive, deceit or fraudulent behaviour in relation to the activity or makes false representations or statements or violates applicable law or regulations. If a participant is excluded, any offer may be subsequently revoked and reclaimed.
11.如本條款及細則的英文版本和中文版本之間有任何差異或不一致，概以英文版本為準。
11. In the event of any discrepancy or inconsistency between the Chinese and English versions of these terms and conditions, the English version shall apply and prevail.
由 天空音樂節 Tian Kong Music Festival 刊發
Issued by Tian Kong Music Festival

かわいいひとくちピザのご紹介です！
発酵なしで時間はかかりません♪
くるっと結ぶだけなので、お子さんと一緒に楽しく作れちゃいます♡
ガーリック味のひとくちサイズなので、お酒にもぴったりなレシピです♪
とっても簡単で美味しいので、ぜひ作ってみてくださいね！

ひとくちガーリックピザ
12個分

材料：
■生地
A強力粉　250g
A薄力粉　50g
A粗挽き黒コショウ　小さじ1/2
Aベーキングパウダー　 5g
A塩　5g
Aオリーブオイル　大さじ2
水　140〜150ml
オリーブオイル（塗り用）　小さじ1

■ガーリックバター
Bバター　30g
Bにんにく（みじん切り）　2片
B塩　小さじ1/2
B粗挽き黒コショウ　少々
Bオリーブオイル　小さじ1
ドライパセリ　適量

作り方：
1.生地を作る。ボウルにAを入れて、全体を混ぜ合わせる。

2.水を加え入れ、ひとまとまりになるまでこねて、丸めたらボウルに入れてふんわりとラップをし、生地を30分置く。

3.オーブンを220度に予熱しておく。

4.ボウルから生地を出し、たて10cm、よこ30cm程に伸ばし、2.5cmくらいの幅に12等分になるように切る。

5.切った生地はひとつずつ、伸ばしながら数回ねじり、結び目を作ってクッキングシートをしいた天板の上にのせる。

6.(5)の生地にオリーブオイル（塗り用）を塗り、オーブンで15分程焼き、一度取り出す。

7.ガーリックバターを作る。小鍋にBを入れ、火にかけてバターが溶け切ったらドライパセリを加える。

8.一度取り出した(6)の生地に手早くガーリックバターを塗り、再び200℃のオーブンで10〜15分ほどほんのり色づくまで焼いたら、完成！


Garlic Bread Knots
Servings:12

INGREDIENTS
A 250g Bread flour
A 50g Flour
A 1/2 teaspoon Pepper
A 5g Baking powder
A 5g Salt
A 2 Tablespoons Olive oil
150ml Water
1 teaspoon Olive oil (for coating)

■Garlic butter
B 30g Butter
B 2 pieces Garlic (chopped)
B 1/2 teaspoon Salt
B Pepper
B 1 Teaspoon Olive oil
Dry parsley

PREPARATION
1. Make the dough. Put A ingredients in a bowl and mix.

2. Add water, knead until it becomes uniform, roll it into a ball and cover with plastic wrap, rest for 30 minutes.

3. Preheat the oven to 220 degrees.

4. Take the dough out of the bowl, stretch it to a length of 10 cm and a width of 30 cm, cut it into 12 equal parts with a width of about 2.5 cm.

5. Stretch the dough enough to tie a knot and place it on a baking sheet lined with the parchment paper.

6. Coat the knots with olive oil, bake in the oven for about 15 minutes, and take out to the oven.

7. Make garlic butter. Put B in a small pan and heat until butter is fully melted, add dry parsley and remove from heat.

8. Quickly apply garlic butter to the knots (6) , and bake it again at 200 ° C for 10 to 15 minutes until slightly colored, and you're done!

9. Enjoy!

#TastyJapan

#レシピ

MUSIC
Licensed via Audio Network

Our 15-year-old junior high school daughter used AUTODESK's 3D modeling software "Fusion 360" to create a MosoGourmet Bu-chan cookie mold, and our 20-year-old university sophomore son made a cookie mold with a 3D printer! This is what the family channel MosoGourmet is all about!
It was a month and a half of mold making and cookie dough mold cutting work, repeating many mistakes, and trial and error. Now it is finally finished! Please take a look!
*Recipe* (16 Bu-chans)
1. Soften 120g of unsalted butter.
2. Add 90g of sugar and mix.
3. Add 45g of milk and mix.
4. Divide #3 into three equal parts (82g each).
5. a. Sift and mix 45g of flour and 45g of corn starch.
b. Combine 36g of flour, 45g of cornstarch and 4g of strawberry powder and sift it together.
c. Combine 35g of flour, 45g of corn starch and 10g of cocoa powder and sift it together.
6. Put the dough together, wrap it in saran wrap and rest in the refrigerator for about 30 minutes.
7. Cut with the mold and assemble.
8. Bake in an oven preheated to 180 degrees for 12 minutes. To stop it from getting too burned, at 6 minutes we placed aluminum foil over it.
9. Make the eyes and nose with icing, and it's complete. It doesn't look like much when written as a recipe, but it was a lot of hard work. But maybe this could be commercialized. It's a masterpiece!

中学3年生15歳の娘がAUTODESKの3Dモデリングソフト「Fusion360」で描いた妄想パペット（名前はぶーちゃん）を大学2年生20歳の二男が3Dプリンターでクッキー型にしてくれました！これぞファミリーチャンネル妄想グルメ！
型作りやクッキー生地の型の抜き作業、数々の失敗や試行錯誤を繰り返すこと1ヶ月半。やっとできた！見てね！

*レシピ*（16ぶーちゃん）
１．無塩バター 120gを柔らかくする。
２．砂糖 90gを加え、混ぜる。
３．牛乳 45gを入れ、混ぜる。
４．３を3等分（各82g）する。
５．a.薄力粉 45g、コーンスターチ 45gをふるい入れ混ぜる。
　　b.薄力粉 36g、コーンスターチ 45g、イチゴパウダー 4gを合わせてふるい入れ混ぜる。
　　c.薄力粉 35g、コーンスターチ 45g、ココアパウダー 10gを合わせてふるい入れ混ぜる。
６．生地をひとまとめにし、ラップに包み冷蔵庫で30分ほど休ませる。
７．型で抜き、組み立てる。
８．180度に予熱したオーブンで12分焼く。焼き色が付きすぎないように途中6分でアルミ箔をかけて焼きました。
９．目と鼻をアイシングしたら できあがり。レシピに書くとこれだけのことなんだけど、いろいろと大変やった。でもこれ商品化できるかも。力作です！

#3Dprinter #DIY #Cookie #Mold #Food #CoLiDoD1315PlusDelta

ご視聴ありがとうございます♪
* There is English explanation after Japanese.

秦基博さんの「Mr.HOBBYLESS」をカバーさせていただきました。
この曲はアナログEP盤「花」のc/wとして収録されています。
（デジタル配信もされています）
※原曲はこちら！
https://youtu.be/F4nFAqBPSgo

秦さんが「遊び心溢れる作品」と言われているだけあって、
弾いていて楽しい曲だなと感じました。
（「楽しい」＝「難しい」、でもありますが…💦）
また、秦さんの曲には珍しく、ラスサビ前に半音上げがあります。
試行錯誤した結果、今回はグラカポを使ってカバーしました。
それにしても、グラカポで0→1フレットの移動は「至難の業」ですね…

耳コピにつき、まだまだ違和感が残る部分も多いのですが、
この曲のカバーがyoutubeに見当たらないこともあり、
ご参考までに、一旦、現状のバージョンでupさせて頂きます。
最後までご視聴いただけますと嬉しいです!


Thank you so much for watching♪
I covered "Mr.HOBBYLESS" by Motohiro Hata.
This song is B-side of the analog EP record "Hana".
(Also, this is on sale at the digital distribution)
* The original song is here!
https://youtu.be/F4nFAqBPSgo

I felt this song enjoyable, as expected Hata-san says "this is a playfulness song".
(Although "enjoyable" is equal "difficult"...💦)
Also, this song transpose semitone before climax of last part.
It's unusual as Hata-san's song.
As a result of trial and error, I used the glider capo for this cover.
Even so, it was very difficult to move from zero flet to first flet using the glider capo...

Although I played it by ear, I'm feeling something error at some part.
However, I could not find this cover on Youtube, so, just for your information, I will share the current cover version once.
I would be grateful if you would watch this till the end.
Thanks my friends!


☆その他のmasa-masaカバー曲はこちら♪

・秦基博　弾き語りカバー（再生リスト）※カバー全曲リスト
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuyryzYlU_GNgvCypz9RIv2f

・秦基博　弾き語りアルバム【evergreen】カバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxux8bgXhBEvaF6VujOYHNfEM

・秦基博がカバーした曲の弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuxTBhwbu6q-aTI3RAkvOMYh

・秦基博　インディーズアルバム【オレンジの背景の赤い静物】　弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuwfvBVGeffHBOrmSPPohSl6

・Mr.Children 19thアルバム『重力と呼吸』弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuxaypFLk8k10z8KGrxJ2GnC

・Mr.Children & Bank Band 弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuxa_GZdF3BAdWMpdEGESQ4G

・玉置浩二　弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuwXphZKgpUQEfNRchAbOzky

・スキマスイッチ 弾き語りカバー（再生リスト）
https://www.youtube.com/playlist?list=PLTRCxUfnPxuykVcR5GwafqAYXPVHPc0cn

・米津玄師　弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuzFkTdjXJsKigr6PET4vRTA

・back number　弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuwZ_4s5indkEQ0uVaAD27Um

・スピッツ　弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxuw--NxbvyGU4WtCBzMUzQac

・吉田拓郎　弾き語りカバー（再生リスト）
https://www.youtube.com/playlist?list=PLTRCxUfnPxuzbeRI8JSW3oelVUWd2vkyN

・Mizuna　弾き語りカバー（再生リスト）
　https://www.youtube.com/playlist?list=PLTRCxUfnPxux7Y7g4N8o-lzKuQcqVpO3V