投资踩雷50年之2008：雪球前世Accumulate屠杀内地富豪

The author really doesn't want you to step on the thunder. This article is rather long, but if you want to buy snowball products, please be sure to read it. Some foreign bank bosses once said that they are still buying snowballs. It's all because in 2000, a financial product called Nian was popular all over Hong Kong. When the full name of this product was abbreviated as propaganda, it was said that it was to buy discounted stocks, but it turned into a rich killer. What did financial drugs do to the rich at that time? The worst thing was that CITIC Pacific, a subsidiary of CITIC Group, directly lost 100 million Hong Kong dollars. In addition, Country Garden also lost 100 million yuan. Nearly 10,000 victims of this wave of thunderstorm are the richest people in China, including many private entrepreneurs and corporate executives, including CITIC Pacific Country Garden, Eastern Airlines, China Air China Shennandian and other companies. Huang Ming, a professor of finance in cheung kong graduate school of business, also said that dozens of students have bought products. Most of them are entrepreneurs in real estate and international trade, and the amount of losses varies from tens of millions to hundreds of millions of yuan. You can Baidu the keywords to see the horrors of the year. What are the attractive terms under the news feeling? Why do you say he is a snowball? You can see the terms in previous lives. I also know that many derivatives, such as WeChat official account, emphasize snowball. However, when officials open their eyes, they will know that they will change their medicine, such as linking a stock with a current price of one yuan or an index or foreign exchange. It is agreed to sign a one-year contract and buy shares at a price of one yuan every day. If the stock price is higher than one yuan, the contract will end, and if the stock price is lower than one yuan, they will continue to buy. However, it is necessary to buy stocks every day. When the contract ends or expires, investors can choose to take stocks or indexes or settle in cash. Investors can place orders only by paying the deposit, and they don't have to invest in full cash. This clause is really attractive at first sight. The stocks in the current price block can be bought back to the leverage. Isn't this to send money? We will start to look like the snowball you usually see by changing the terms slightly. First, we will remove the leverage for one year and one trading day. Let's assume the most extreme situation. If we buy shares per share every day, we'll be ready. If we don't knock in and knock out directly, we can earn an annualized rate of return on the principal of 10,000 yuan every trading day before knocking out. This is the coupon in the snowball. If we knock out after knocking in, we can buy more and earn more every trading day. If we don't knock out after knocking out, the loss is the difference between the final price and the yuan. This loss is not annualized, but absolute. Have you found out to remove the leverage? After that, it is very similar to the snowball products you usually see. This is why I said snowball's previous life and snowball's all reduced the income when the stock rose to subsidize part of the downside risk. It is not equal to snowball, but the operation principle is the same, only the terms are slightly adjusted, which belongs to structured financial derivatives. What else is there to reduce snowball's double-reduction snowball leverage? Snowballs are actually the same kind of things. Why did the annual meeting sweep across Hong Kong? In the bull market, it has been making money and increasing trust, because. The stock market is better, and investors often knock in when they just buy it, and constantly strengthen their trust in this product. In the bull market, they often knock out when they just buy it, and then knock out when they buy it, and they have been making money, which leads to more and more investment. I originally bought this product in stock trading, but I feel safe, so I moved my savings and even started to leverage. Second, I think my friends who bought snowballs last year look beautiful. Only when the underlying stock or index plummets will they lose money. Everyone always feels that it is impossible to fall a lot sooner or later. When there is no extreme risk, people tend to be optimistic. Third, investors have a low awareness of structured derivatives. In the past, investors were not familiar with structured derivatives such as stocks, and they could not correctly judge their risk-return characteristics. The product design itself is complex and it is very easy to form information asymmetry between sales organizations and investors, which eventually leads to high commission and low cost performance. It seems very attractive. In the past, the total amount of Hong Kong was only US$ 100 million, but the investment was only US$ 100 million. According to Xie Guozhong, an independent economist of Morgan Stanley, the total commission at that time was around, and the proportion of bonuses sold was as high as that of the private bankers in Hong Kong who sold millions of dollars a year as easily as those who sold snowballs at the highest annual commission. How does it work if a friend earns $10,000 and sells more friends, so he doesn't need friends in his life? After investors give money to investment banks or brokers, investment banks and brokers will do a series of hedging actions. Let me put it simply to make a big idea for everyone to understand. For example, if you invest $10,000, the investment bank will take $10,000 to buy the corresponding underlying stock first. If it goes up, it will sell $10,000, and if it falls, it will buy $10,000. This is the source of the coupon. If it keeps rising to knock out that 10,000 shares, the investment bank has also earned money. At the end of the contract, I will share some of the earned money with you. If it keeps falling, the investment bank has been adding Man Cang to the position until the knock-in, then I will give you the stock. If it keeps fluctuating in the range, the investment bank will give you the coupon when it expires. The rest he earns himself is essentially a programmatic transaction. It is nothing special to package it and sell it to you. Don't be mysterious, it's just that he can raise the charge for this package. Anyway, you don't know how much money they have earned, but it can actually be calculated. The mainstream algorithm in the industry is to simulate the future stock trend with Monte Carlo, that is, to assume that the future stock will fluctuate randomly at a certain volatility to simulate 10 thousand possibilities, and then average the results brought by these 10 thousand possibilities, and then subtract the cost he wants to earn you to set the coupon, just like CITIC Group sent the general manager of CIC Securities after the accident of CITIC Pacific. Taking the derivatives team to investigate and calculate, it was found that CITIC Pacific had already lost HK$ 10,000 when signing the contract, and the buyer didn't know that HK$ 10,000 was the fee earned for investment banking and sales. Moreover, CITIC Pacific's single price was very favorable after the price reduction by foreign banks because of the huge amount of money, and the risk of supervision was useless. Although Weber, the former director of the Hong Kong Stock Exchange, called on investment banks to stop issuing such highly toxic derivatives so as not to poison investors, the CSRC could not take any compulsory measures to stop it, because such products were all private products traded over the counter and were only subject to private contracts 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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