Jiazheng Chen
这本书讲美国股票市场是怎么运转的。它不教你赚钱，也不预测任何价格、利率或政策。它做的是另一件事：把这个市场的机制一层一层拆开，讲到你能看懂为止。全书十一个部分、七十八章--·市场的基本机制--市场存在的理由、价格是怎么冒出来的、里面都有谁、风险和回报之间那条谁也绕不过去的关系。·股票--股票到底是什么、分红、回购、财报、指数怎么编，以及关于股票的常见误区。·ETF 与基金--申赎机制、跟踪误差、费用怎么吃掉你的钱、杠杆与反向产品、基金清盘。·债券与固定收益--价格和利率为什么反向、久期、收益率曲线、信用、通胀保护，以及债券 ETF 和债券本身的区别。·订单、账户与券商--订单类型、现金账户与保证金账户、交易时段、结算，以及券商在你看不见的地方替你做了什么。·期权--从一份合约的构造讲到四个基本仓位、时间价值、隐含波动率、行权与指派、裸卖期权。·做空、杠杆与保证金--借券、召回、轧空、维持要求、追缴、强制平仓，以及这三样东西共同的性质：最坏结果没有边界。·概率、统计与怎么看结果--期望值不描述路径、正态分布漏掉了什么、胜率单独出现没有信息量、随机为什么看起来像规律。·风险管理，以及人们是怎么亏光的--为什么活下来排在赚钱前面、分散化那堵降不下去的墙、回本的算术、情绪怎么替你做决定。·宏观、监管与市场的大图景--利率、通胀、机构投资者身上的约束、金融监管到底在保护什么。·开始之前该弄清楚的事--费用、税务结构，以及三个必须先回答的问题。另附四篇附录：中英术语对照、常见问题、核心公式的直觉解释、全书风险披露与免责汇总。本书为教育性内容，不构成投资建议。作者非持牌投资顾问。证券交易存在重大风险，你可能损失部分甚至全部本金。请在做任何决定前咨询持牌专业人士，并自行承担全部后果。This book explains how the U.S. stock market actually works, and how people lose money in it. It does not teach you how to make money. It does something else instead: it takes the machinery apart, one layer at a time, until you can see it.Eleven parts, seventy-eight chapters: how markets and prices work; stocks, dividends, buybacks, filings, and index construction; ETFs and funds, including creation and redemption, tracking error, fees, leveraged and inverse products, and liquidation; bonds and fixed income, including duration, the yield curve, credit, inflation protection, and how a bond fund differs from a bond; orders, accounts, brokers, trading sessions, and settlement; options, from contract mechanics to assignment and naked writing; short selling, leverage, and margin, and the property those three share - a worst case with no boundary; probability and statistics, and how to read an outcome; risk management, and the specific ways people are wiped out; macroeconomics, regulation, and the larger picture; and what to settle before you begin. Four appendices follow: a Chinese-English glossary, common questions, plain-language explanations of the core formulas, and a consolidated risk disclosure.Educational content only; not investment advice. The author is not a licensed investment adviser. Securities trading involves substantial risk, and you may lose part or all of your principal. Consult a licensed professional before making any decision.
