Shu Ge 1: I'm glad that there is such a monograph, which can touch the truest you and me from a small point and focus on the core and most important macro issues from a big point.
Zhixing 1: I also hope I can learn to touch life from the financial point of view and understand this society from the core and important issues.
Shu Ge 2: She is good at seeing the essence through phenomena and interpreting stories from the perspective of macroeconomic environment and historical evolution.
Zhixing II: My financial knowledge has accumulated very little. I was a little worried when I read this book. If I am not familiar with the storyline deduced in the book, can I understand the financial principles and logic explained by the author through the story?
Shu Ge 3: Sometimes I think that the best state in a person's life is nothing more than a few: wisdom, tenacity, study, a little enthusiasm, and a little attitude of dance academy.
Zhixing 3: I feel it is difficult to do the first three points. The passion for life is always there, but it often dissipates. The attitude of the dance academy seems to be a master's trick, but it is also true that life really needs to be so serious forever.
Money never sleeps 65438+1October 65438+June 2
Shu Ge 1: Looking back at history, Hong Kong took off for the first time in the 1940s and 1960s, relying on export processing industry. On the one hand, it has something to do with the change of political power in the mainland, on the other hand, it has caught up with the historical opportunity of the post-war western economic recovery and the wide opening of European and American markets. The second leap, that is, the years when the stone turned into gold in the 1970s and 1980s, was the result of several major historical opportunities.
Zhixing 1: Hong Kong, a tiny place, has become the financial center of the world, which is closely related to the political environment in the Mainland. It is foreign financial capital that has entered the seesaw in Chinese mainland, and it is also the result of the massive accumulation of mainland capital there on the eve of liberation. Reminiscent of lei jun's famous saying: standing on the tuyere, pigs can fly. Of course, this is closely related to the geographical location of Hong Kong.
Shu Ge 2: One of the differences between modern finance and traditional lending is credit creation with liquidity as the core. Through the issuance and trading of (financial) securities, the linear lending relationship will be developed into a network (or more complex) "financial relationship", thus creating huge liquidity and promoting the regeneration and transmission of credit. All financial transactions and innovations are based on this network. The stable ecology of this network depends on two basic elements: first, clear property rights and protection of property rights; Second, the property rights protection law can be implemented smoothly.
Knowing and Doing 2: Can it be understood that if China wants to make continuous progress in the field of financial innovation, it must rely on this clear and definite property rights protection policy and legal guarantee? The construction of credit system is our weakness. Without the guarantee of a perfect credit system, it is difficult to give full play to the great role of finance.
Shu Ge 3: Reform is a gradual learning process from bottom to top and then from top to bottom. Once the learning process of this open system is stopped, no matter how grand the design is, it is ultimately a matter of finding fish from the edge of the tree.
Line 3: Will the reform continue? Will the pace of progress stop? The course of history seems to be anybody's guess.
Money never sleeps 65438+ 10 month 17 day 3
Shu Ge 1: The reform of China in the 1980s and 1990s was a history in which the south wind spread northward, and the core of this history was the pioneering spirit of pragmatism, courage, responsibility and good advice represented by Shenzhen and Shekou. The story reflected by this spirit is the so-called "China miracle", a miracle that a big country with one-fifth of the world's population changed from poverty and depression to one of the most dynamic market economies.
Zhixing 1: I don't know much about Yuan Geng's deeds and contributions, and I can only leave a general impression on this conclusion drawn by the author. Shenzhen and Shekou are the benchmarks and samples of China's development in the past 30 years. Those "great" and "legendary" stories will eventually show their shining brilliance in the long river of history.
Shu Ge II: Since the Spring and Autumn Period and the Warring States Period, the business environment, policies and status of China businessmen have never been satisfactory for thousands of years. What kind of era is needed to place our Ma Yun?
Knowing and Doing 2: Taking Ma Yun as the introduction, the author analyzes the commercial and financial environment under various political backgrounds in the past 5,000 years from a historical perspective. My impression is that this is a unique and good time in history.
Money never sleeps 65438+ 10 month 18 day 4
Shu Ge 1: Like life, the hardest thing for a country is to face its own mistakes. After experiencing the prosperity of the rising world nation forest, the Korean nation is a little confused after the bubble recedes. Fortunately, Kim Dae-jung's government made a decisive decision and put forward a plan of "parallel development of democracy and market economy", which was forced by the crisis and healed the political economy of South Korea.
Knowing and Doing 1: It is difficult for a person or a country to correctly understand mistakes. It is even more difficult to know the root cause of the error and propose the correct solution. Scraping bones and healing will certainly hurt some people's interests, but Qi Xin's ability to work together with Qi Xin to tide over the difficulties shows that Kim Dae-jung's government has won the trust of the people, and water can carry a boat and overturn it. Those in power can realize that people's hearts cannot be lost, and the country has a way to go.
Shu Ge 2: There is nothing new under the sun. Old wine in new bottles is still a familiar formula and taste: the stock market soared-the regulatory authorities purged-the market plummeted-the regulatory authorities rescued the market.
Knowing and Doing 2: China's stock market and regulatory authorities are like a rebellious child corresponding to a parent who has confidence in his discipline. Anyway, the left and right sides can't get along well, as long as they get along well, the world will be at peace. It is also more like a mechanical device with improper feedback and callback links, which is always overshooted or improperly adjusted. Maybe it's time to change the formula.
Money never sleeps 65438+ 10 month 19 Day 5
Shu Ge 1: The logic of "market segmentation leads to arbitrage opportunities" often discussed in financial literature is the same as that of market segmentation leading to arbitrage opportunities. In the integrated financial market, separate supervision will also lead to regulatory arbitrage.
Zhixing 1: It makes sense that there are many bacteria where the sun can't shine. However, I don't think it is necessary to be accountable to those who supervise it.
Shu Ge 2: And "credit" is the core factor for the stability and sustainable development of financial markets in a country and region. In a sense, the financial market is the credit market. Without credit, all financial behaviors and financial products are just a mirage.
Zhixing 2: But if you look at this vast land, where is the footprint of pursuing credit? Who will respect and maintain credit as a belief? Credit is only used as a tool when it is needed. Whether it is government agencies or ordinary people, they don't know that credit is a kind of belief and needs careful care.
Shu Ge 3: In a world full of uncertainties, only a good system construction is the only effective prescription, and only a solid market can really resist risks.
Zhixing 3: The system may prevent more risks from disturbing the stability of the financial market, but another sentence in the book-"Innovation is ahead of the system and supervision, just like there are no dams and sluices without water", I ask again, can the system resist the greed of human nature?
Money never sleeps 65438+1October 20th 6
Shu Ge 1: This hierarchical capital allocation structure is similar to the principle of packaging and leveraging subprime mortgage products in the US market through financial engineering. The subject matter of secondary products is subprime loans, and the underlying subject matter of these fund-raising is stock prices.
Knowing and Doing 1: Many people will lose their awareness of prevention in the face of interests. Just like a gambler, I will wash my hands of it and stop thinking about losing money. Reason is just a legend. In the case of national madness, your reason is more like a fool. People are not as rational as they think.
Shu Ge 2: The second thing to reflect on is that the financial market has its own operating logic, and the national will cannot replace the market rules.
Zhixing 2: Investment is risky, so be cautious when entering the market. Every adult should be responsible for his own actions and thoughts. When natural and man-made disasters come, I expect the national will to save you. I think it's better to abandon this fantasy.
Shu Ge 3: For ordinary people in China, they are faced with an embarrassing demographic structure, a pension system that cannot make ends meet, high housing prices, high birth costs and medical expenses. There is great uncertainty in their future, and high savings is almost their only choice. The preservation and appreciation of savings will undoubtedly be the most painful thorn in the hearts of ordinary people.
Knowing and Doing 3: A scholar who cares about the country and the people, looking on coldly, can only make such a weak cry because of the chaos in the financial market. Scholars' rationality cannot shoulder the heavy responsibility of managing state affairs, and government agencies lack the spirit of continuous learning and enterprising. There is a big gap between ignorance and knowledge.
Money never sleeps 65438+1October 2 1 day 7
Shu Ge 1: A word of light in the temple means the longevity of many ordinary people below.
Zhixing 1: A person's fate, even the fate of a family and the whole family, is closely related to various policies of the country. But how easy is it for us to grasp the ups and downs of our lives in the trend of various policies?
Shu Ge 2: Many successors have disappeared, but as long as the entrepreneurial spirit does not die, the new generation will grow rapidly.
Zhixing 2: As the author said in the book, Zhejiang is a land lacking in natural resources, less state capital investment and less special preferential policies. Only through personal efforts can we survive. There is no gene to sit still and wait for death in this land, only the tenacious demeanor of finding a way out in a difficult situation. Perhaps this is what the author calls entrepreneurship!
Money never sleeps 65438+1October 22nd Day 8
? Shu Ge 1: Burning money to fight the price war, homogenization competition is unsustainable, and holding a group to keep warm is the right way. ?
? Zhixing 1: If we don't fight price wars, we won't think that turning arms into friendship is the best way to solve market disputes. I feel that the market is also a life-and-death battlefield. ?
? Shu Ge 2: True internationalization is to abandon the inherent mode of thinking and use international thinking and methods to deal with various problems in the process of internationalization.
? The second line: Fortunately, respecting constitutional authority is a basic principle in American judicial decisions, so Sany Group can win the lawsuit in the United States. Of course, it is also a clever effort for them to go to court with the party's territory. If it is your country, think about it. This is a project involving national security. Is it possible for you to go to court? Finally, I have to spit out that the author's phrase "orange to Huaibei is a bitter orange" has been used too many times.
Money never sleeps 65438+1Day 9 of October 23rd.
Shu Ge 1: In fact, from a global perspective, mergers and acquisitions are also regarded as an important means of "external corporate governance". Whether barbarians or civilized people knock at the door, it will bring great pressure to the management of enterprises, asking them to improve and forcing them to act better for the benefit of all shareholders.
Zhixing 1: After reading this section, I feel that the management of Vanke has too few shares. They don't pay much attention to the fact that the company's share price is seriously undervalued. They are a group of entrepreneurs with a sense of mission But it conflicts with the interests of shareholders. It is precisely because of this that Baoneng, which seeks the stable value-added path of the company's assets, forcibly acquired most of Vanke's shares and became the largest shareholder. Also known as "barbarians" who don't know how to operate.
Shu Ge 2: In the real world, the absence of owners in a company with decentralized shares will lead to the conflict between the actual control of the company by management and the interests of shareholders. "Corporate governance" is to coordinate the interests between management and owners through various means (equity incentives, external directors, market mergers and acquisitions, etc.). ).
Zhixing II: Vanke didn't allocate the equity ratio reasonably at the right time, which led to the inconsistency between the interests of the operators and shareholders. The dispute between the control right and the management right of the enterprise is actually an avoidable consumption. The survival and development of an enterprise is king, and experienced founders may avoid such risks in advance in the setting of equity.
Shu Ge 3: Times are changing, but Vanke has not. As an enterprise whose core asset is "management team ability", 10 has not made efforts in terms of system or enterprise operation mode for many years, so that the proportion of enterprise equity and the endowment of enterprise core elements have not been correctly matched.
Zhixing 3: I feel that Vanke's management team is a group of business managers living in an ideal society.
Money never sleeps 65438+1October 24th 10
Shu Ge 1: In the traditional western language family, modern finance generally refers to micro-finance. According to the different research objects, it can be divided into "corporate finance" and "investment science".
Shu Ge 2: markowitz's portfolio theory and Fama's efficient market theory were the starting points for the prosperity of American securities market, especially fund market, and the rise of behavioral finance provided strong support for the rise of hedge funds.
Shu Ge's 3: Black-Scholes model completely breaks away from the general equilibrium framework of economics and directly uses the arbitrage-free method to price securities. It has provided great help for the global derivatives market to enter its heyday.
Zhixing: After reading these three sections, I don't understand many financial terms in the book, but at least I know some related financial terms. Have a general understanding of the theoretical basis of fund classification and fund portfolio, and have a little understanding of futures common sense.
Money never sleeps 65438+1October 25th 1 1
Shu Ge 1: No arbitrage is only a partial equilibrium-there must be no arbitrage opportunity when the market is balanced, but the situation without arbitrage may not reach equilibrium. This makes financial research break away from the crossroads of general equilibrium.
Shu Ge II: In China A-share market, whether it is a bull market or a bear market, the trading strategy based on speculative factors can always bring a yield far below the average level of Gao Qian market.
Shu Ge III: Since everyone's mood is so high and prices still have room to rise, you naturally have to "go with the flow"-this is what Wall Street often calls the "smart capital effect".
Zhixing: If you don't know financial knowledge and swim proudly in the financial market with a smart mind, you will forget the existence of danger. Knowing that financial risks are closely related to interests, if you still know the relevant theoretical knowledge, you will quit in time at the right time. This ability to make money by using financial knowledge may be the source of our study of financial knowledge.
Money never sleeps 65438+1October 26th 12
Shu Ge: What have Wall Street financiers done for more than half a century? In fact, if you think about it, you will "securitize" all kinds of cash flows-from bonds and stocks to asset-backed securities.
Zhixing: After understanding the essence of finance, if you want to get wealth through financial investment, you must have the ability to accurately judge the future cash flow. The so-called value investment means that the future cash flow you see is real, not a speculative opportunity.
Money never sleeps 65438+1October 27th Day 13 Resume
The final completion of the whole book can be said to be thrilling, and it is a bloody battlefield without smoke and life and death. Fortunately, ordinary people can continue to live in misery even if their wealth is exhausted, which shows that money is still something outside, not food and water for survival, otherwise it will really be killed by the blood shed by the financial community. I finally understand how the tragedy of jumping off a building in stock trading is caused and how inflation is formed. If you don't understand finance, you will feel that the world is safe. If you know a little about finance, you will understand that after the sun and the moon are well, the cold wind is fierce.