摘要: “This one time, at band camp…” Everyone knows that you do embarrassing things at “band camp” so the analogy seems fitting. A long time ago, I did something really dumb with my options trading, and I lost a significant amount of money because of it. In this article, I am going to share with you my story along with the lessons to be learned so that you can avoid unnecessary pain and loss in your own trading. The article includes real numbers and calculations because you have to be able to understand and calculate your costs and gains if you want to be a successful options trader. After the wonky stuff, I include some advice for how to avoid making the type of mistake that I did, as well as some advice on how to approach mistakes that inevitably happen anyway.

摘要: The Taiwan Futures Exchange (TAIFEX) and Taiwan Index Plus Corporation (“TIP”), a wholly-owned subsidiary of Taiwan Stock Exchange (“TWSE”), will jointly launch Taiwan Strategic Indices, composed of securities with cross-asset classes listed on the Taiwan’s financial market.

摘要: The stellar growth of ETFs is something we have discussed before. However, in that study we actually found that ETF turnover is falling, resulting in a far more gradual increase in ETF value traded than previously expected.

摘要: 經過 2008 年金融海嘯,智能投資動搖了財務顧問的地位,千禧世代出生的網路依賴族轉而投入機器人理財的懷抱,美國機器人顧問公司便在此時異軍突起,包括 Betterment、Wealthfront 這兩家最具代表性的公司,讓美國機器人顧問公司的管理規模快速成長。根據專業機構研究報告顯示,全球機器人理財產業將以每年 68% 的速度成長, 2020 年全球機器人理財管理的資產規模將上看 2.2 兆美元。

摘要: 一個中國獨角獸都害怕到要提早上市避開它、一個 2018 第一季虧損卻無損估值的企業、一個坐擁超過 2,700 億美元的貨幣基金,在今年第二季結束的融資拿了 140 億美元,目前估值超過 1,500 億美元,這是阿里巴巴馬雲旗下最大、也是目前全世界最大的獨角獸──螞蟻金服。

摘要: 我認為,因子可用性半衰期較短的說法基本上適用於高頻因子。如果對高頻因子進行回溯測試,它們有時看起來幾乎和風險不相關,只有非常高的回報,一旦人們發現這些因子好得令人難以置信,效果就會很快消失。而我們使用的是更長期的因子,回報期限為幾個月,有時甚至長達一年。我們意識到,與這些因子相關的風險是存在的,但事實證明它們能長期發揮作用。 人工智能和機器學習策略最終表現如何?新的數據類型在預測股票回報和風險方面有多大的利用價值?這些還有待觀察。我猜測,結果將令人大失所望。一些新的數據類型將具有價值,但很多類型可能將沒有價值。機器學習和人工智能同樣如此。在當今的AI工具中,可能只有一小部分工具將會有用。 我認為,機器人投顧是重大進展之一,可以在很大程度上改變資產管理行業的運作方式。進展是全方位的,也包括其他的服務提供商、投資組合分析提供商等等。

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