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回眸August 07 期权期货词汇 zz 1 Futures market 期货市场 2 Futures contract 期货合约 3 Financial futures 金融期货 4 Commodity futures 商品期货 5 Financial futures contract 金融期货合约 6 Currency futures contract 货币期货合约 7 Interest rate futures contract 利率期货合约 8 Stock index futures contract 股票指数期货合约 9 Financial forward contract 金融远期合约 10 Clearing house 清算所 11 Initial margins 初始保证金 12 Settlement 交割 13 Short seller 卖空者 14 The Gilts 金边债券 15 Futures delivery 期货交割 16 Futures transaction 期货交易 17 Hedging mechanism 规避机制 18 Market expectation 市场预期 19 To defuse(attempted monopoly positions) 冲破（形成的市场垄断状况） 20 Net settlement status 净结算状况，净结算头寸 21 Synthetic financial futures positon 综合金融期货头寸 22 Status inquiry 信用状况调查 23 Stock indexes 股票指数 24 Stock index futures 股票指数期货 25 Currency futures 外币期货 26 Distant futures 远期期货 27 Nearby futures 近期期货 28 On a discount basis 以折价形式 29 A long position 多头部位，利多形势 30 A short position 空头部位，短缺头寸 31 Short purchase 买空，空头补进 32 Shifting risk 转嫁风险，转移风险 33 Basis risk 基差风险 34 Converge 集聚，（为共同利益而）结合一起 35 Swing 变动（幅度），摆动，涨跌 36 Cross hedge 交叉套做 37 Volatile 易变的，不稳定的 38 Volatile market 不稳定的市场行情 39 Margin money 预收保证金，开设信用证保证金 40 position 头寸，交易部位，部位 41 Long position 多头寸，买进的期货合同 42 Short position 空头 43 Exchange position 外汇头寸，外汇动态 44 Interest position 利率头寸 45 Swap position 调期汇率头寸 46 Square position 差额轧平（未抵冲的外汇买卖余额的轧平状况） 47 Brokerage firm 经纪商（号） 48 Security bond 保付单 49 Post 登记总帐，过帐 50 Brokerage 经纪业，付给经纪人的佣金 51 FX futures contract 外汇期货合约 52 Foreign currency futures 外汇期货 53 Futures price 期货价格 54 Go long 买金，多头 55 Total FX portfolio 外汇投资总额 56 A long position 多头寸，买进的期货合约 57 Go short 短缺，卖空，空头 58 A short position 空头，卖出的期货合约 59 Place an order 订购，下单 60 Trading pit 交易场 61 Open outcry 公开喊价，公开叫价 62 Floor broker 场内经纪人 63 Transactions costs 交易费用 64 Zero-sum game 零和竞争 65 Current futures price 现时的期货价格 66 The open interest 未结清权益 67 Building agreement 具有约束力的协定 68 Pay up 付清，缴清 69 In force （法律上的）有效的 70 Kill a bet 终止赌博 71 Settlement price 结算价格 72 Date of delivery 交割期 73 Point of delivery 交割地点 74 Futures commission merchants 期货经纪公司 75 Market order 市价订单 76 Time order 限时订单 77 Opening order 开市价订单 78 Closing order 收市价订单 79 Basis order 基差订单 80 Corners 垄断 81 Outright positon 单笔头寸 82 Direct hedging 直接套做 83 Indirect hedging 间接套做 84 Short hedging 空头套做 85 Long arbitrage 多头套做 86 Back spreads 反套利 87 Margin call 保证金统治 88 Price discovery 价格发现 1 Option 期权，选择权，买卖权 2 Call and put options 买入期权和卖出期权 3 Option buyer 期权的买方 4 Option seller 期权的卖方 5 Underlying securities 标的证券 6 Exercise price, striking price 履约价格，认购价格 7 Option fee =option premium or premium on option 期权费 8 Intrinsic value 实际价值，内部价值 9 Intrinsic utility 内在效用 10 Arbitrage opportunity 套价机会 11 Arbitrage 套购，套利，套汇 12 Arbitrage of exchange or stock 套汇或套股 13 Speculation on foreign exchange 外汇投机 14 Speculation in stock 股票投机 15 To be hedging 进行套做保值 16 A put option on a debt security 债务证券的卖出期权 17 Call options on an equity 权益（证券）的买入期权 18 Cover 弥补，补进（卖完的商品等） 19 Write 签发，签署，承保，编写 20 Margin call 追加保证金的通知 21 Close out 平仓，结清（帐） 22 Notional sum 名义金额 23 Notional principal 名义本金 24 Equity portfolio 股票资产 25 predetermined 预先约定的 26 Strike price 协定价格 27 Put (option) 卖方期权，看跌期权 28 Call (option) 买方期权，看涨期权 29 Open market 公开市场 30 premium 期权费 31 downside 下降趋势 32 Open-ended 开口的，无限制的，无限度的 33 Out-of-the-money 无内在价值的期权 34 In-the-money 有内在价值的期权 35 At-the-money 平值期权 36 Crop up(out) 出现，呈现 37 cap 带利率上限的期权 38 floor 带利率下限的期权 39 collar 带利率上限的期权 40 Break-even 不亏不盈，收支相抵 41 asymmetry 不对称 42 symmetry 对称 43 Sell forward 远期卖出 44 Up-front fee 预付费用，先期费用 45 Change hands 交换，换手 46 Contractual value 合同价格 47 Over-the-counter 场外的，不同过交易所的 48 customize 按顾客要求制作 49 Futures margin 期货保证金 50 Initial margin 初始保证金 51 Open position 头寸 52 Maintenance margin 最低保证金，维持保证金 53 Variation margin 盈亏保证金，变动保证 54 Market makers 造市者 55 Extrinsic value 外在价值 56 Contracts of difference 差异合约 57 Market-clearing 市场结算 58 Adaptive expectations 适应性预期 59 Bid-ask spread 递盘虚盘差价 60 Small-order automatic system 小额定单执行系统 61 dealers 批发商 62 Dual trading 双重交易 63 Mature liquid contracts 到期合约 64 Back wardation 现货溢价 65 Nearby contract 近期合约 66 Short-lived securities 短期有效证券 67 Cash-and-carry arbitrage 现货持有套利 68 Open positions 敞口头寸 69 Uncovered interest arbitrage 未担保利率套利 70 prumium 期权权利金 71 Call-options 认购期权 72 Put-options 认售期权 73 speculation 投机 74 Cross hedging 交叉保值 75 Hedging risk 套期保值风险 76 Synthetic options 合成期权 77 Option purchase price 期权的购进价格 78 Options on futures contract 期货合同的期权交易 79 Forward swap 远期掉期 80 Swap rate 掉期率 81 Risk transformation 风险转移 82 Contract size 合约容量 83 Daily limit 每日涨跌停板 84 Double option 双向期权 June 06 小鸟死了，伤心 昨晚和妈妈通电话，得知我们家的小鸟死了，好伤心啊。那么聪明可爱的小鸟就这样走了，为何生命这般脆弱？！
春节回家的时候，它还每天早早地起来说话呢。它叫小宝宝，每天勤奋地复习着“你好，祝你健康，恭喜发财，你挺好的”；它会叫我的名字，也会叫它自己的名字；它会两个英文单词“Hello，Byebye”，还会两首唐诗--骆宾王的《咏鹅》和王之涣的《登鹳雀楼》；它在妈妈接电话的时候会抢着说“喂，喂喂”，它还向窗外卖东西的人那里学会了人家卖东西说的话。小宝宝是一只很聪明的小鸟，它是妈妈的朋友从新疆带回来的，它有着优质的血统，它的爸爸和妈妈能够背诵将近三百首唐诗。
当我挂断电话的时候，我落泪了。小宝宝很乖巧，妈妈每天都把它当成小孩子一样看待，一早给它洗澡，给它做美食，拿它在掌心把玩，让它在家里自由地飞来飞去，想必妈妈一定比我更伤心。失去小鸟的经历，让我不能想象震区人民失去亲人是什么样的感觉。
再也听不到小宝宝清脆的叫声了，再也不能和它开心地对话了，希望它能够给另外一个世界带去欢乐 June 01 儿童节 上午Lab举行了小组杯篮球赛，可怜我们组在第一轮就被淘汰了。。。话说我们组的学生的平均身高是最高的（据说这是我导师的招人标准：），但是主力篮球队员都受伤了，还不让我们请外援
 最后P2P小组大获全胜，clj同学还光荣负伤了，他们的礼品是玩具，很有儿童节特色 中午睡了个午觉，要珍惜毕业之前的每一个中午，一定要睡午觉：）
下午开始死磕期权、期货、外汇之类我还一窍不通的东西，下周一就要去工行参加培训了。周五nice的郑处给我讲了1个小时的衍生品交易，我还是觉得云里雾里的。看来还有很长的一段路要走啊。
晚上准备去吃大餐。原谅我，我又写了一篇流水帐，嘿嘿
 公告一下，我最后签了工总的金融市场部，大家见了我表说“你怎么又变了呀”，请大家表忘记“一天一变是女生的本性”，不过这次不会变了，我已经签了三方了，而PKU是不能毁三方滴，公告结束。 May 28 巴菲特：什么是生活中最快乐的事情？Emory:
How do you define happiness and what about your life makes you most happy? Wh en you make good on an investment, do you allow yourself to enjoy that succes s by getting excited - and on the flip-side, when an investment turns down, d o you find yourself equally disappointed - or do you try to remove emotion fr om your work, as much as possible? Buffett: I enjoy what I do, I tap dance to work every day. I work with people I love, doing what I love. The only thing I would pay to get rid of is firing people. I spend my time thinking about the future, not the past. The future is excit ing. As Bertrand Russell says, “Success is getting what you want, happiness is wanting what you get.” I won the ovarian lottery the day I was born and s o did all of you. We’re all successful, intelligent, educated. To focus on w hat you don’t have is a terrible mistake. With the gifts all of us have, if you are unhappy, it’s your own fault. I know a woman in her 80’s, a Polish Jew woman forced into a concentration c amp with her family but not all of them came out. She says, “I am slow to ma ke friends because when I look at people, I have one question in mind; would they hide me?” If you get to be my age, or younger for that matter, and have a lot of people that would hide you, then you can feel pretty good about how you’ve lived your life. I know people on the Forbes 400 list whose children would not hide them. “He’s in the attic, he’s in the attic.” Some of the m keep compensating by joining board seats or getting honorary degrees, but i t doesn’t change the fact that no one will give a damn when they are gone. T he most powerful force in the world is unconditional love. To horde it is a t errible mistake in life. The more you try to give it away, the more you get i t back. At an individual level, it’s important to make sure that for the peo ple that count to you, you count to them. What if you could buy 10% of one of your classmates and their future earnings ? You wouldn’t buy the ones with the highest IQ, the best grades, etc, but t he most effective. You like people who are generous, go out of their way, str aight shooters. Now imagine that you could short 10% of one of your classmate s. This part is usually more fun as you start looking around the room. You wo uldn’t choose the ones with the poorest grades. Look for people nobody wants to be around, that are obnoxious or like to take all the credit. If you have a 500 HP engine and only get 50 HP out of it, you’ll be beat by someone els e that has a 300 HP engine but gets 250 HP output. The difference between pot ential and output comes from human qualities. You can make a list of the qual ities you admire and those you despise. To turn the tables, think if this is the way I react to the qualities on the list, which is the way the world will react to me. You can learn to turn on those qualities you want and turn off those qualities you wish to avoid. The chains of habit are too light to be fe lt until they are too heavy to be broken. You can’t change at 60; the time t o look at that list is now. Austin: Given your business success, your immense fortune, and your celebrity status, how do you stay so down to earth and humble? Are there specific people or le ssons you have learned throughout your life that enable you to maintain this outlook? Buffett: I was lucky to have the right heroes. Tell me who your heroes are and I’ll t ell you how you’ll turn out to be. One of your most important jobs in life w ill be raising your children. They will learn more from you than they will in graduate school. My father was a huge influence, and later on Graham came al ong. I was also never let down by my heroes. I had nothing to do with my own success. My father was a securities broker an d after the Great Crash, he had no one to call. Consequently, I was born in 1 930 in the United States during the time of one of the greatest capital marke ts. I was born with the wiring for capital asset allocation. I had the right wiring at the right time. Temperament is a large part of my wiring. I was nat urally good at it, and I used some feedback to develop it better. There is no thing to be arrogant about. Gates says if I had been born earlier, I would’v e been some animal’s lunch. I can’t run, I can’t climb. I’d be talking ab out allocating capital and the animal would think, “Those are the kind that taste the best.” You have all won the ovarian lottery. There is no reason to feel guilty about it. I have never given away a dime that has any meaning on how I live. There are people that go to church and they put money in the offering plate that truly makes a difference in how they will live their lives, what they will eat, wha t presents they will buy for their children. There’s no reason to get puffed up over things you didn’t control. Austin: There is always mention that some of your success could be attributed to not buying in to the Wall Street mania b/c you are in Omaha—what importance do y ou give to balance as it pertains to work and life and what do you do to main tain your appropriate balance? Buffett: I have so much fun that it’s not work. I get to do what I want, where I want – on a boat, wherever. My wife was responsible for bringing up the children . Neither of us had problems with that arrangement, and it made sense from an Adam Smith “division of labor” perspective. It will be a much tougher choi ce for women, and always be somewhat unequal. In my own life I did virtually no social functions or meetings that I didn’t want to do. In my adult busine ss life I have never had to make a choice of trading between professional and personal. I have simple pleasures. I play bridge online for 12 hours a week. Bill and I play, he’s “chalengr” and I’m “tbone”. After a talk at Harvard, I told them to work for who they admired the most, s o they all become self-employed. It’s important to go to work for someone or some organization you admire. I’ve not seen many males having to make tough choices. But women are the ones who have tough situations. Emory大学学生： 你怎么定义幸福？你生活中的什么事物使你感觉最幸福？当你做了一笔成功的投资，你会 允许自己兴高采烈地享受成功吗？从另一面讲，如果一笔投资失败了，你会不会感觉到同 样的失望？或者说，你尝试尽可能地把感情排除出你的工作？ 巴菲特： 我享受我做的事情，我每天都跳着踢踏舞去工作。我和我喜欢的人一起工作，做我喜欢的 事情。我唯一希望尽可能避免的事情是解雇员工。我把我的时间用来思考未来，而不是过 去。未来是激动人心的。正如伯特兰德-罗素说的，“成功是得到自己想要的，快乐是想 要自己得到的。”我出生的那天赢得了卵巢彩票（注：指精子发育为受精卵的过程），你 们所有人都一样。我们都很成功，聪明，受过教育。专注于那些你没有的东西是一个可怕 的错误。在我们人人拥有的天赋之下，如果你仍然不快乐，那是你自己的错误。 我认识一个八十多岁的妇人，她是一个波兰犹太人，曾经和全家一起被赶进集中营，其中 有人死在了里面。她说：“我慢慢地开始交朋友，因为我看着人们，脑海中有一个问题： 他们会把我藏起来吗？”如果你到了我这个岁数（注：沃伦-巴菲特已经年满77岁），或 者年轻一点，而有一大群人愿意把你藏起来，那么你完全可以为自己过去的生活感到骄傲 。我认识一些出现在《财富》400富豪排行榜上的人，他们的子女不会把他们藏起来的。 （他们的子女会说：） “他在阁楼上面！他在阁楼上面！”其中有些人占据着董事会席 位，或者获得名誉学位，借此褒扬自己；但这不会改变事实 ——在他们死了之后，没有 人会有一丁点在乎他们。世界上最强大的力量是无条件的爱。把它私藏起来是人生的巨大 错误。你给别人的爱越多，你获得的回报就越多。从个人角度来讲，重要的是谁对你有价 值，你就一定要对他们有价值。 如果你能购买一个同班同学未来收入的10%，你会怎么做？你不会购买那些IQ最高的人， 成绩最好的人，等等，但你会买那些给你留下最深刻印象的人。你喜欢那些慷慨的人，尽 力而为的人，正直坦率的人。现在想象一下你可以卖空你的一个同班同学的10%。当你开 始环顾整个房间的时候，这一般会更有趣。看看那些没有人愿意与之相处的人，那些惹人 厌恶或者只顾自己利益的人。如果你有一副500匹马力的引擎却只发挥出了50马力，你会 被另外一个拥有 300匹马力引擎却发挥出了250马力的人击败。潜在能力和实际发挥之间 的区别取决于人的品质。你可以列出你最仰慕的品质，以及你最厌恶的那些。转换一下角 色，想想如果这是我对以上品质的反应，这个世界对我会有怎样的反应？你可以学着养成 那些你想要的品质，戒掉那些你不想要的品质。你很难察觉由习惯构成的枷锁；一旦你察 觉到了，又很难破除它。你不可能到了60岁才去改变；现在就是做一个列表的时候了。 德克萨斯大学奥斯丁分校学生： 你拥有商业的成功，巨额的财富，以及崇高的声望，为什么你仍然如此平易近人、如此谦 虚？在你的一生中，是否有什么特殊的人，或者学到了什么特殊的经验，使你保持这种生 活态度？ 巴菲特： 我很幸运，成为了一个恰当的英雄。告诉我你们心目中的英雄是谁，我会告诉你你将来会 成为什么样的人。你一生中最重要的工作之一将是抚养子女。他们从你这里学到的会比他 们从研究生院学到的更多。我的父亲对我造成了巨大的影响，后来格雷厄姆（注：即“华 尔街教父”本杰明-格雷厄姆）也出现了。我的英雄从来没有让我失望。 我和我自己的成功没有任何关系。我父亲是一个证券经纪人，在大股灾（注：指1929年的 股灾）之后，他没有任何可以联系的人。紧接着，我出生在1930年的美国，一个最伟大的 资本市场的时代。我和资本资产配置的武器一起出生。我在正确的时间拥有正确的武器。 气质是我的一个非常重要的武器。我天生就善于运用气质，并且通过交流反馈了进一步提 高它。没有任何傲慢的理由。盖茨说如果我出生的早了一点，我可能早已变成某些动物的 午餐了。我不能跑步，我不能攀爬。我会讨论资本配置，而动物会想，“那些人是最好吃 的。”你们都赢得了卵巢彩票。没有任何理由感到内疚。 我从来没有捐献我自己生活必须的哪怕一角钱。有许多人去教堂，把钱放在捐款盘里，这 些钱绝对会影响他们的生活方式，影响他们吃什么，他们能给自己的子女买什么礼物。没 有必要因为那些你没有控制的事情而趾高气扬。 德克萨斯大学奥斯丁分校学生： 总是有人提到你的成功应该部分归功于没有陷入华尔街的狂热情绪，因为你住在奥马哈— —你认为在工作和生活之间保持恰当的平衡有多重要？你怎样保持恰当的平衡？ 巴菲特： 在工作之外我有太多的乐趣。我做自己想做的，去自己想去的地方——乘坐小船，等等。 我的妻子负责抚养子女。我们两个对这种安排都没有问题，而且它符合亚当-斯密的“劳 动分工”理论。这对于女性来说是一个更加艰难的选择，而且总是有那么一点不公平。在 我的个人生活中我几乎不参加自己不想做的活动或会议。在我成年之后的商业生活中，我 从来没有被迫选择在职业和个人生活之间进行交换。我拥有简单的乐趣。我每个星期在网 上玩12个小时的桥牌。比尔（注：即比尔- 盖茨）和我一起玩，他的代号是"chalengr", 而我是"tbone". 在哈佛的一场讲座之后，我告诉他们为自己最仰慕的人工作，结果他们都成了自由职业者 （自我雇佣）。为你仰慕的某个人或某个组织工作是很重要的。我很少见到男性被迫做出 艰难的选择。但是女性会面临艰难的情形。
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Invite as friend
