Www Homeequityloanmorgages Tag Photography Photography 2010 01 1 13 Home Equity Loan Morgages Stay hungry & Stay foolish

交易员：从不预测未来，未来对他们来说就是个未知数，他们要做的事情就是跟着市场走，市场千变万化，所以你看见他们也是千变万化的。

经济学家：来不来就分析现状，预测未来，理论一大堆，不过都是马后炮。而这些理论都是在前人的模型上得出来的，没有一点创新的东西。教育下一代，推广知识，那是值得肯定的，不过要说投资交易，一定破产。

交易员：赚钱就是他们的第一目的，没有感情色彩。在他们的心中，感情色彩荡然无存。他们的唯一信念就是赚钱。

经济学家：来之不同的学术派，就有不同的观点和见解。感情色彩占主要部分。通常分析得很精彩，不过也很模糊。你不要想在他们那里得到他们的想法。他们唯一能告诉你的就是他们的所见所闻，如一得给你讲解。这就是所谓的大师。当然还有些笨蛋，喜欢发表自己的观点，希望能在群雄逐鹿的时代，说出一片自己的天空。如果你能保证你10次预测10次全对，那么你就问问你自己你的第11次预测正确吗？如果不能肯定，最好不要说，不然你就是下一个被世人唾弃的“大师”

交易员：很少受新闻所左右，新闻对他们来说不过是工作之余的一点休闲话题。没有人会以新闻作为投资交易的准则。唯一相信的就是市场，市场决定一切。

经济学家：新闻就是他们的生存的唯一来源。获得新闻，分析新闻，讲述新闻，这就是他们的工作。

交易员：今天可以是牛市，明天就可能是熊市。对和错就是在一线之间，怎么能赚钱，怎么干。

经济学家：今天我说了牛市，不管市场怎么变化，我总会找些东西来证明市场是牛市。对和错成为了衡量他们水平的高低。

交易员：低调！有钱不外露！

经济学家：低调？哈哈，低调我就不当经济学家了。哈哈

无聊的文章，不要当真。

When people are used to follow bullish market, there are always two groups of players in the market when market becomes fluctuant. One is very optimistic about the market because of greed; the other is very pessimistic about the market because of panic!

Who is right? Who is wrong?

 I am not sure because I am human being. I am one of them. But actually, there are 3 patterns in the market. 

1. Up (bullish)
2. Down (bearish)
3. No direction (range trading)

It seems that no body does think about range trading. That is human being and that is the market which is given by human!  

That is What I feel. How do you think?

上次给大家推荐了一本《货币战争》，不知道大家敢想如何？

今天又给大家推荐一本书《炒股的智慧》，　和《货币战争》不一样，前者主要从货币的角度去解释国家和国家的经济问题，经济发展，经济的来龙去脉。读了后，你会对金融的基本层面更加了解，但是对你交易却毫无帮助。

交易讲的是快，准，狠，而《炒股的智慧》本书用简单而幽默的语言解释着交易的过程，交易心态，交易准则，交易艺术。如果你是个有一定经验的交易员，会很容易和作者产生共鸣，你会很容易理解什么是寻找临界点，什么是制损，什么是交易的孤独。

还有就是作者的经历，那确实是一笔很大的财富。世界上没有免费的午餐，世界上也没有昂贵的午餐，失意也是一种财富，从某种意义上讲，失意比得意更值钱，更有价值。好了，越说越远，好好享受本书的智慧吧。

下载地址：

《炒股的智慧》

昨天晚上美国股市想火箭一样冲破了大气层，不能不说是一奇迹。

The Dow Jones industrial average jumped 283.86 points, or 2.09 percent, to end at a record 13,861.73. The Standard & Poor’s 500 Index shot up 28.94 points, or 1.91 percent, to finish at a record 1,547.70. The Nasdaq Composite Index climbed 49.94 points, or 1.88 percent, to close at 2,701.73.

你又看见过一晚上跑283.86点的DJA吗？一直看低走的我昨晚上可以宣布破产。这让我想起一句话，淹死的通常是不会游泳的人和游泳很厉害的人。

在市场上，如果你有80%的机会你觉得你是正确的，那就请告诉你自己，你有80%的机会破产。

 不过在我破产之前，能有人给我一个合理的解释吗？真正一夜284点的背后原因是什么吗？不然我死不瞑目!

13 Jule 2007, 一个辈子不能忘怀的一天

之前一直听见什么美国Subprime出现危机什么的，并且大肆的报道。其实当时就听热闹，一点都不知道subprime对全美国到底有多大的冲击力。前几天在一本杂志上看见关于subprime的详细讲解，觉得很有必要和大家一起分享分享，因为其实subprime和我们的生活息息相关，不管你在美国还是在其他国家。

How subprime mortgages can end up in your investment

• Home buyers: Buyers with weak, or subprime, credit typically pay annual mortgage rates that are at least 2 percentage points than the rates that banks charge people with good credit.

• Mortgage brokers: brokers, many of them based in California, lie at the heart of the once-profitable partnership between subprime lenders and Wall Street. They handle as much as 70 percent of originations.

• Subprime lenders: Lenders lure people with exotic mortgages such as no-doc loans, which don’t requireevidence of income or savings. A record $805 billion of subprime mortgages were originated in 2005.

• Big banks/wholesalers: Big banks buy the subprime loans. Many banks then bundle the debt and sell it to Wall Street firm. Banks such as HSBC Holdings have been hurt by the subprime bust.

• Securitization/manufacture of CDOs: Wall Street banks package subprime loans into mortgage-backed securities and collateralized debt obligagtions. Sales of new MBSs soared to $2.4 trillion in 2006.

• Rating Companies: When a bank creates a CDO, it meets with credit raters to discuss the quality of the contents, including subprime debt. They divide the CDO into pieces in order to get the desired rating for each portion.

• Securities/CDOs: CDOs include a mix of bonds and securities backed by mortgages and home equity loans. In 2006, an estimated $100 billion of subprime debt went into the $375 billion in CDOs sold in the U.S.

• Investors: Investors like CDOs because they offer potentially higher returns than bonds with the same rating. Banks, insurance companies and pension funds take on more risk in pursuit of yields as high as 20 percent.

不要不相信，看看你自己是否有在什么什么公司投资了。看看你投资的是什么东西，说不定你很大部分钱就在CDOs。看来美国就是这个东西的源头，CDOs相信也扩散到了全世界，信不信那就要看你了。要是源头出了纰漏，估计全世界日子都不好过。谁叫美国人最能发明这种金融产品了。

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