与田祐希
唔該晒
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GOGL
1974年香港股市幾近瘋狂，我靠著賣空（即放空）賺了許多錢。當時我有炒股的想法後，幾個月間看過不下2、30本投資、炒股票的書。當我把《Reminiscence of a stock operator by Edwin Lefevre》(按編：此書有中文譯本，書名為《股票作手回憶錄》)看得滾瓜爛熟後，我知道已找到了炒股的竅門。接著以1萬元資金炒股，很快就賺到錢。
記得有一天，我賺了港幣4萬多元，晚上到一間飯店的餐廳吃飯，門口停了一藍一紅兩部嶄新的賓士轎車，一部約22,000元，我愣住了，一天便可以賺到眼前的名車，當時我真的high到以為自己是神仙。
開始炒股沒多久，就知道那樣賺到的錢全憑運氣，毫無竅門、技巧可言，每天賣出、買入，只要運氣好、正中標的，就有錢賺，要不是有神仙般的精靈，誰可以靠玩這種遊戲發達？
但我只是凡人，不是神仙，炒股票時我實在睡得很差，賺了錢，興奮到睡不著；虧了錢，同樣緊張到失眠，生活並不如想像中好過。
後來，當我賺到港幣25萬元後，我決定出場，跪在祖先的神主牌前面燒元寶蠟燭，再用剪刀刺手指滴血發誓，日後決不再炒股，我知道沈迷下去，最終會輸個精光，幸好及時領悟，否則後果不堪設想，那番領悟真是天公搭救我。
最後，借用母親給我的一句話：「錢財沒了遲早會回來，得失不重要，但千萬要記住，鈔票買不到的東西，一點一滴都不要浪費。」我靠著事業的成功，讓財富增加，但對錢的價值觀卻一直遵循著母親的教誨，沒有改變。
做生意虧本可以再賺回來，但親情、家人與愛，這些錢買不到的東西，損失了，就無法挽回。家才是幸福所在，但家不是上天無償的恩賜，而是付出高昂代價才能享受到的幸福，希望大家都能珍惜！
記得有一天，我賺了港幣4萬多元，晚上到一間飯店的餐廳吃飯，門口停了一藍一紅兩部嶄新的賓士轎車，一部約22,000元，我愣住了，一天便可以賺到眼前的名車，當時我真的high到以為自己是神仙。
開始炒股沒多久，就知道那樣賺到的錢全憑運氣，毫無竅門、技巧可言，每天賣出、買入，只要運氣好、正中標的，就有錢賺，要不是有神仙般的精靈，誰可以靠玩這種遊戲發達？
但我只是凡人，不是神仙，炒股票時我實在睡得很差，賺了錢，興奮到睡不著；虧了錢，同樣緊張到失眠，生活並不如想像中好過。
後來，當我賺到港幣25萬元後，我決定出場，跪在祖先的神主牌前面燒元寶蠟燭，再用剪刀刺手指滴血發誓，日後決不再炒股，我知道沈迷下去，最終會輸個精光，幸好及時領悟，否則後果不堪設想，那番領悟真是天公搭救我。
最後，借用母親給我的一句話：「錢財沒了遲早會回來，得失不重要，但千萬要記住，鈔票買不到的東西，一點一滴都不要浪費。」我靠著事業的成功，讓財富增加，但對錢的價值觀卻一直遵循著母親的教誨，沒有改變。
做生意虧本可以再賺回來，但親情、家人與愛，這些錢買不到的東西，損失了，就無法挽回。家才是幸福所在，但家不是上天無償的恩賜，而是付出高昂代價才能享受到的幸福，希望大家都能珍惜！
GOGL
This paper makes a strong argument to consider hedging in a portfolio framework especially as interest rates have approached historic lows and the cost of protective puts have been reduced due to the implementation of large-scale option and volatility selling strategies over the last few years. This study was not meant to be advancing any one strategy but showing how systematically owning protective puts rebalanced quarterly can be competitive to using bonds as a diversifier in the current environment. One should consider the potential value that can be added by firms that specialize in managing hedging solutions as their core business to improve on the basic hedging example. Nassim Taleb, author of the seminal work Black Swan, pointed out in a Bloomberg TV interview that, “a lot of people think they can call a broker, buy puts and its done, It’s much harder than that.”
HEDGING VS. DIVERSIFICATION COMPARING THE COST OF HEDGING TO THE “COST” OF DIVERSIFICATION Dominick Paoloni, CIMA®
:^(
:^(
This paper makes a strong argument to consider hedging in a portfolio framework especially as interest rates have approached historic lows and the cost of protective puts have been reduced due to the implementation of large-scale option and volatility selling strategies over the last few years. This study was not meant to be advancing any one strategy but showing how systematically owning protective puts rebalanced quarterly can be competitive to using bonds as a diversifier in the current environment. One should consider the potential value that can be added by firms that specialize in managing hedging solutions as their core business to improve on the basic hedging example. Nassim Taleb, author of the seminal work Black Swan, pointed out in a Bloomberg TV interview that, “a lot of people think they can call a broker, buy puts and its done, It’s much harder than that.”
HEDGING VS. DIVERSIFICATION COMPARING THE COST OF HEDGING TO THE “COST” OF DIVERSIFICATION Dominick Paoloni, CIMA®
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