昨天看到一份不錯的投資書單。這份書單是 Corey Hoffstein 分享的，他是量化投資機構 Newfound Research 的投資長，所以裡面分享蠻多跟量化有關的書。大部分都只有英文，我把有中文翻譯的整理出來了，疫情在家來慢慢消化。

做量化的人很多都是看跟交易相關的書，如果今天投資週期比較長的人可以先略過。一般投資那幾本我都還蠻推薦的，之前也推過幾次了。風險管理有很多本沒看過，如果有人看過哪本不錯的歡迎推一下。

--

【程式】
- 決斷的演算
- Python 自動化的樂趣｜搞定重複瑣碎 & 單調無聊的工作
- 高效能 Python 程式設計

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【風險管理】
- Risk and Asset Allocation by Attilio Meucci
- Tail Risk Hedging: Creating Robust Portfolios for Volatile Markets
- The Second Leg Down: Strategies for Profiting after a Market Sell-Off (有簡體翻譯：如何應對第二輪下跌)
- Plight of the Fortune Tellers: Why We Need to Manage Financial Risk Differently
- 股價、棉花與尼羅河密碼：藏在金融圖表裡的風險
- 隨機騙局
- Red-Blooded Risk
- 風險之書

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【量化投資】
- The Laws of Trading
- Principles of Financial Engineering by Salih N. Neftci (有簡體翻譯：金融工程原理)
- Equity Smart Beta and Factor Investing for Practitioners
- Trend Following with Managed Futures
- Financial Hacking: Evaluate Risks, Price Derivatives, Structure Trades, and Build Your Intuition Quickly and Easily
- Expected Returns (有簡體翻譯：預期收益)
- The Volatility Smile
- Trading Volatility: Trading Volatility, Correlation, Term Structure and Skew

--
　
【一般投資】
- 金融投機史：揭開貪婪時代九大金融泡沫
- When Genius Failed (有簡體翻譯：賭金者：長期資本管理公司的升騰與隕落)
- Efficiently Inefficient

🌻[新書介紹]"從0開始打造財務自由的致富系統：暢銷10年經典「系統理財法」，教你變成有錢人"

這陣子一些個股的飆法, 是不是讓您覺得賺錢很容易呢? 這並不是常態, 所以正確的投資與理財觀念很重要. 也請不要認為這樣(買這些飆股)能一夕致富喔.

今天要介紹的一本書, 就是作者藉由分享自己的理財方式, 希望讀者能夠參考自己的方法, 來有系統地打造一個理財計劃.

我年紀不小了, 所以不是這本書的主要目標族群😅, 不過倒挺建議剛入社會, 或是年輕人看看, 說不定會從裡面得到一些啟發. 你不理財, 才不理你. 如果能從年輕時開始擬定適合自己的理財計劃, 並養成習慣, 好好執行, 那財富指日可待!

柏客來網站:
https://www.books.com.tw/products/0010882103?loc=P_0004_053

🌻Fidelity Contrafund的Will Danoff訪談摘要
很扎實, 有內容的一篇訪談. 雖然不少內容都已經在自己的實作上了, 但有從他的談話中應證了以前的一些想法, 於是還是整理了一下筆記(不過也不是完全100%同意他的觀點就是(有寫在下方))
https://makingsenseofusastocks.blogspot.com/2021/01/fidelity-contrafundwill-danoff.html

🌻Microsoft(MSFT)財報結果
節錄CNBC的重點:
1. Azure revenue growth accelerated and came in above analysts’ expectations for the quarter.
2. Sales of new Xbox consoles didn’t hurt the margin of the Windows business as much as analysts had expected.
3. Revenue guidance for the company quarter beat expectations.

CEO的話:「過去1年裡，我們見證了席捲每家公司和每個行業的第2波數位化轉型的曙光。」
(中文文字來源: https://tw.appledaily.com/property/20210127/YQPVSZAXC5HV5GFAWVZACAT5QQ/)
原文: What we are witnessing is the dawn of a second wave of digital transformation sweeping every company and every industry. Digital capability is key to both resilience and growth. It's no longer enough to just adopt technology. Businesses need to build their own technology to compete and grow. Microsoft is powering this shift with the world's largest and most comprehensive cloud platform.

官方財報新聞稿連結: https://www.microsoft.com/en-us/Investor/earnings/FY-2021-Q1/press-release-webcast

🌻沒太follow ARK的新聞, 不過最近連續有三個媒體在報導. 這些基金對我來說, 算是動能投資的操作方式. 若碰到修正, 會拉回很多. 供參.
https://www.cnbc.com/2021/01/22/cramer-worries-about-investors-mimicking-ark-invests-cathie-wood.html
https://www.barrons.com/articles/ark-etfs-might-be-too-popular-for-their-own-good-51611234009
https://www.wsj.com/articles/the-story-behind-the-markets-hottest-funds-thematic-etfs-arkg-vegn-11610722419

🌻關於SPAC
高盛：美股的確已有泡沫現象 SPAC火熱
https://news.cnyes.com/news/id/4562981

GS的CEO在財報上也有提到SPAC: Goldman Sachs warned of the risks in SPACs"I do think SPACs is a good use case, versus a traditional IPO, and advantages for sellers and for investors and looking at this ecosystem. But the ecosystem is not without flaws. I think it's still evolving. I think the incentive system is still evolving. One of the things we're watching very, very closely is the incentives of the sponsors, and also the incentives of somebody that selling. And while I think these activity levels continue to be very robust, and that they do continue as we head into 2021 continue to be very, very robust. I do not think this is sustainable in the medium term...things I certainly think is the case is you have something here it's a good capital markets innovation. But like many innovations, there's a point in time as they start, where they have a tendency, maybe to go a little bit too far, and then need to be pulled back or rebalanced in some way. And that's something my guess is we'll see over the course of 2021 or 2022, with SPAC" - Goldman Sachs (GS) CEO David Solomon

Pictures來源: 出版社提供; https://www.cnbc.com/2021/01/26/microsoft-msft-earnings-q2-2021.html

[時事英文] The Trump-Kim Summit & Agreement

美國總統川普與朝鮮領導人金正恩舉行了兩國首腦之間的首次會晤! 週二早間，川普和金正恩走向對方，彼此握手，接下則是舉辦川金會和共同簽署文件! 同學們，這可是歷史性的一刻!!!

關鍵詞彙 (錄音檔: https://wp.me/p44l9b-1wi):

1. hail the start of... 歡呼...的開始
2. a momentous step 重大的一步驟
3. an improbable courtship 一個不太可能的求愛
4. open a new chapter 打開新的篇章
5. a reclusive country 一個與世隔絕的國家

President Trump shook hands with Kim Jong-un of North Korea on Tuesday and hailed the start of a “terrific relationship,” a momentous step in an improbable courtship that has opened a new chapter for the world’s largest nuclear power and the most reclusive one.

★★★★★★★★★★★★

6. carefully choreographed 精心編排的
7. stride toward 邁向
8. in an attempt to 試圖
9. resolve the crisis 解決危機
10. a sitting American president 一位現任美國總統

In a carefully choreographed encounter, Mr. Trump and Mr. Kim strode toward each other, arms extended— the first time a sitting American president and North Korean leader have ever met. Posing before a wall of American and North Korean flags, Mr. Trump put his hand on the younger man’s shoulder. Then the two, alone except for their interpreters, walked off to meet privately in an attempt to resolve the crisis over North Korea’s nuclear program.

★★★★★★★★★★★★

11. have no doubt 毫無疑問
12. sober-sounding 聽起來清醒的; somber-sounding 聽起來嚴肅的
13. fetters on our limbs 在我們的四肢上的束縛
14. obstacles on our way forward 我們前進道路上的障礙

“I feel really great,” Mr. Trump said. “It’s gonna be a great discussion and I think tremendous success. I think it’s gonna be really successful and I think we will have a terrific relationship, I have no doubt.” A more sober-sounding Mr. Kim said: “It was not easy to get here. The past worked as fetters on our limbs, and the old prejudices and practices worked as obstacles on our way forward. But we overcame all of them, and we are here today.”

★★★★★★★★★★★★

15. reconvene with… 跟...重新集合 (開會)
16. nuclear impasse 核武的僵局

Later, as the two leaders reconvened with top aides, Mr. Trump declared of the nuclear impasse, “Working together, we will get it taken care of.”Mr. Kim responded, “There will be challenges ahead, but we will work with Trump.”

★★★★★★★★★★★★

17. work out nicely 圓滿的解決
18. confident tone 有自信的語氣
19. last-minute negotiation 最後一刻 ，最後的談判
20. bridge gaps 彌合差距
21. surrender its nuclear arsenal 放棄其核武庫

“I just think it’s going to work out very nicely,” Mr. Trump had said on Monday, with the confident tone he has used from the moment in March when he accepted Mr. Kim’s invitation to meet. Even as he spoke, American and North Korean diplomats were struggling in a last-minute negotiation to bridge gaps on some of the most basic issues dividing the two sides, including the terms and timing under which the North would surrender its nuclear arsenal.

★★★★★★★★★★★★

22. lock down 鎖定
23. joint communique 聯合的公報
24. serve as 作為
25. a road map for future negotiations 未來談判的藍圖
26. more than a mere photo opportunity 不僅是個接受媒體拍照的機會

The goal of the negotiators was to lock down the language of a joint communiqué to be issued by Mr. Trump and Mr. Kim at the end of their meeting. If robust and detailed, such a statement could serve as a road map for future negotiations between the sides — and proof that the meeting was more than a mere photo opportunity.

★★★★★★★★★★★★

川金簽署聲明: https://www.cnbc.com/2018/06/12/full-text-of-the-trump-kim-summit-agreement.html (英文); https://goo.gl/6eyAQc (中文)

聲明書有四項內容：

1. The United States and the DPRK commit to establish new U.S.-DPRK relations in accordance with the desire of the peoples of the two countries for peace and prosperity.

美國與朝鮮人民共和國共同朝向建立兩國新關係努力，合乎兩國人民對和平繁榮的期待。

2. The United States and the DPRK will join their efforts to build a lasting and stable peace regime on the Korean Peninsula.

美國與朝鮮人民共和國共同努力在朝鮮半島上建立長久穩定的和平政權。

3. Reaffirming the April 27, 2018 Panmunjom Declaration, the DPRK commits to work toward complete denuclearization of the Korean Peninsula.

重申4月27日的「板門店宣言」，北韓承諾朝向朝鮮半島完全無核化努力。

4. The United States and the DPRK commit to recovering POW/MIA remains, including the immediate repatriation of those already identified.

美國與朝鮮人民共和國承諾找回韓戰戰俘／失蹤人員遺骸，包括將已經辨別身分者送回。

★★★★★★★★★★★★

現場直播: https://www.youtube.com/watch?v=4akFLFq3b-g

★★★★★★★★★★★★

Full article: https://www.nytimes.com/2018/06/11/world/asia/trump-kim-summitmeeting.html

★★★★★★★★★★★★

高峰會的信件分析: https://goo.gl/FVHzVK

★★★★★★★★★★★★

時事英文新聞 (Breaking News): https://goo.gl/9M1sGM

*中文字幕/ chinese sub，請按影片右下角的CC（手機上是影片右上角的）
Miso stew (된장찌개 Doenjang-chigae) is a typical soul food which Koreans find nostalgia and comfort in. We consume it on weekly basis if not daily. Fermented soybean paste is versatile and packed with robust umami flavor.

YOU WILL NEED:
1 potato
4 mushrooms
1/2 onion
1/3 zucchini
1 garlic minced or pressed
1 spring onion
1 tablespoon Korean chilli paste (고추장 Gochujang)
2 tablespoons Korean miso (된장 doenjang)
1 small kombu
600 ml water

大醬湯是代表韓國媽媽的味道，大醬湯可以和很多食材搭配，海鮮，牛肉，蔬菜都很適合，
今天我要跟你分享最基本帶點辣味的大醬湯做法。
如果你喜歡我的影片，請多多按like鼓勵我，我會很開心喔。新影片很快跟大家見面喔～

你需要：
馬鈴薯 1個
香菇 4個
洋蔥 1/2個
櫛瓜 1/3個
大蒜 1個（切碎的或是蒜泥）
蔥 1個
韓式辣醬 1大匙 (고추장 Gochujang)
韓式大醬 2大匙 (된장 doenjang)
1片 公佈
水 600 ml

Korean cooking doesn't have to difficult!
I will share my home cooking recipes. Anyone can easily
create an authentic, healthy, and satisfying Korean meal.

***NEW VIDEOS EVERY WEEK!***
Subscribe to join the 韓國餐桌 Lazy Korean Cooking community.
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Instagram: lazy_korean_cooking
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"I will always choose a lazy person to do a difficult job because
a lazy person will find an easy way to do it" - Bill Gates

Every week I will share super yummy and authentic Korean
recipes. All made from scratch in fuss-free ways!
Mmm, tastes like home.

我是以前住在台北的韓國人。
我希望分享簡單容易的韓國料理食譜。
當兩個小朋友的媽媽，總是不容易花長的時間做菜，
可是每餐我都要吃美食，呵呵。 跟著容易的食譜做，
只需一點努力，一下子就可以完成。
歡迎來訂閱我的Youtube 韓國餐桌頻道lazy Korean cooking,

看看我中文blog的食譜：
http://hanguoliaoli.pixnet.net/blog

新菜上桌，快來我的Facebook按贊
www.facebook.com/pages/在台北的韓國餐桌/574161586045904