从零开始的finance旅途

我对finance的了解少到写标题时把它打成了fiancé.
大多从wiki和油管摘抄过来,“从零开始”是绝对保证的.
如果这篇文章里有逻辑不自洽的地方,那是我没搞懂.

Finance, investopedia给的定义是用各种方式进行的金钱投资活动.
概括来说是各种都伴随风险的经济活动.

从简单的定义开始.

Money

Money is a medium of exchange.是人们给予金钱价值,作为货物交换的媒介.
既然已经明白金钱,那么我们拿各种经济行为来练习一下叭!

Economic indicator

Inflation

通货膨胀.

今天上的课有点意思.
提问:通货膨胀(inflation)是好事吗.
答:通货膨胀本身是件好事.
如果市场的物品价格五年内不变,你的工资五年内也不变,那你会失去工作的动力.
一定的通货膨胀会让公司获利,研究新产品新技术.但过多的通货膨胀会让人买不起东西生活艰苦.
所以通货膨胀一般政府会想控制在2%左右.
稍等,那2%的工资上涨或者是2%的银行利息都是一种谎言吗.

9 Common Effects of Inflation.

Investopedia讲了其他的例子.
适量的通货膨胀会刺激消费.
相对膨胀得太厉害,银行升息会将钱收回,升息会刺激银行存款缓慢经济,会加大还款减少贷款消费.
(当然银行的利息是一种调控手段,并不是促使膨胀与否的决定因素.)

Deflation

通货膨胀的反面.
Deflation creates higher rates of unemployment.
因为价格降低,利润降低,整体经济下滑,反而会导致失业.

HyperInflation

传说买东西得用麻袋钱为单位的超级通货膨胀.

五年不见的crash course.
在视频中讲到liquidity trap,“因为期待价格会降低,于是等待价格降低,需求减少,价格真的会降低,同时工厂也会低利润而倒闭”.
很有意思,毕竟金钱是人类赋予的意义,有很多经济现象跟心理行为有关.

视频中除了超级通货膨胀外还讲了stagflation和stagflation + inflation.

stagflation: when output slows down or stops, or stagnates, at the same time that prices rise.

Combination of high unemployment and economic stagnation with inflation.
什么地狱模式.

Consumer Price Index

用来测量通货膨胀.

简单来说是测试特定的商品和服务(market basket)在不同年份的价格,来计算通货膨胀.

Gross Domestic Product

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced within a country by a year.
这并不绝对完全完美得展示国家的生产总值(比如有些东西很难计算价值),但是一个很好计算数值.

A final goods and services is one that will not be sold again as part of some other good.
When a baker buys flour, eggs and butter, we do not count these sales in GDP, since they are intermediate good, for selling a cake.

There are some goods that are used to make other goods but are still considered finished goods.
There are called capital goods.
比如刚刚例子的,baker所卖的蛋糕制造工具.

Produced也是一个限制.是当年所生产的东西纳入GDP计算.
如果是旧的房子交易,是不算在GDP中的.当盖好的新房可以算入.

Within a country指的是本国所生产的价值.美国卖苹果去英国,苹果的价格算在美国头上.

Budget deficit(预算赤字)

Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus.

Areas of finance

• Capital Markets and capital market theory
• Investment management
• Financial management

Capital Markets

Financial system

System的构成是由financial regulator监控,在financial markets (stock market, fund market, insurance, derivative, commodity, real estate), financial intermediaries (banks, investment firms), savers, borrowers之间进行的borrow funds and returns.

Savers和borrowers可以当作在finance这个赌场里的玩家,分为households, firms and governments.

在这个system里面,比如说bank.公司向bank借钱,钱从哪里来,从把钱存在bank里的人那里来:
像这样钱是流通的,并没有存在银行就一成不变.

Financial regulator: guarantee things fair.

• Financial management (corporate finance / business finance)

Bank helping business to make decisions, decisions make company grow bigger.
Maybe sell bonds to market place, maybe take the company public (sell shares for money), or get business loan.
And the bank will get fees from the company.

• Investment management (portfolio / asset / wealth management)

管理投资(portfolio)的感觉.
我记得收到过几次cibc的,美女大姐姐,精炼大帅哥的邀请,拿出纸头对着花花绿绿的饼图说,这个投资这块是cash,这块是投股票,这块是投石油之类之类的.
大概做的就是这个.

Financial markets types

市场交易种类.

Money market - short term borrowing less than 1 year

• treasury bills
• commercial papers
• certificate of deposits
• banker’s acceptance

Capital market - longer than 1 year

• debt instruments - bonds (>10Y) and notes (<10Y)
• equity instruments - also known as stocks or shares

Foreign exchange

外汇交换.

Commodity

• trade of corn, wheat, oil, gas: things

Derivatives market

中文翻译叫金融衍生市场.

Financial intermediaries roles

• depository institutions: commercial banks
• regulated investment companies: mutual fund or ETF companies
• investment banks
• insurance companies

Basic financial statments

• balance sheet
• income statement
• statement of cash flows

Retail vs investment bank

Retail bank和investment bank是不同的,这是我两年前才知道的事.
虽然加拿大的银行,比如cibc retail和investment都做,但investment有专门的部门,叫做cibc world markets.
btw还有一个investment的retail部门叫cibc wood gundy.
这个细节就不明觉厉了…

Retail bank的业务:

• Chequing account
• Saving account
• Loans, overdraft lines of credit and mortgages
• Pension (RRSP)
• Tax free saving account (TFSA)
• Collective investment products (mutual funds)
• Insurance - auto, home and life
• Stocks (equity)
• Bonds (fixed income) investing

Investment bank的业务:

• Providing access to financial markets
• Managing high networth individuals money
• Assisting companies to raise money
• Trading / speculating with the banks own funds
• Providing companies with advice on mergers and acquistions

Tax

至今觉得第一个发明了tax的人真是个天才.
income tax在加拿大每年自行上报,需要填写taxable income, deductions 和 tax credits.

Debt instruments

money market instruments:

• T-bills
• Commercial papers
• Certificate of deposits
• Bankers’ acceptance
• Eurodollars
• Repo (repurchase agreement)

T-bills

Aka treasury bills.
是国家政府发行的 short term “I owe you” bill,用来raise fund.
由政府担保(no risk)的,在 3m/6m/1y 之后还钱的bill.
银行会购买treasury bill through auction.
一张100元的t bill,一般会以99/98的价格成交.

Commercial papers

Similar to T-bills but issued by corporations. Higher risk than tbills.

Certificate of deposits

Fixed time GIC. Fixed date and fixed interest rate.

Bankers’ acceptance

Kind of a business loan but involved a specific business.
这也是很有意思的一项debt.
Investopedia给的定义是在帮助两方单位提供信誉(credit)完成某个交易(business)的方式.经常用在sales transaction上.
BA provides assurance to the seller that he will be paid for the goods he sells to a purchaser with whom he is not familiar.
除了not familiar的理由外,还有比如,销售方需要一部分钱银行来提前cover投资,之后才获利还款银行,这样的时间差credit.

Eurodollars

并不是真正一定要euro.
概念是:在A国家做生意,但人居住在B国家.所以在B国家开通放A国货币的账号.

Repurchase agreement

字面意义的repurchase,当铺的运作方式.

Bonds and notes

Issued by governments or corporations.
固定每段时间发放利息,一般一年一次或一年两次.
时间长, bonds > 10Y , notes < 10Y.
因为时间长,虽然有给固定利息,但因为通膨会缩水不少.

Bonds的好处是可以变卖.

Foreign exchange trading

It is over the counter(or “OTC”), 不需要第三平台,bank之间可以直接交易.
出价术语:

• Bid - the highest price a buyer is willing to pay
• Ask - the lowest price a seller is willing to accept
• Spread - the difference between bid and asking prices

Spot transaction: the money will be settled 2 business days (open days) after the deal was struck.

Forward transaction: the deal is struck on a particular date at an agreed price, and this is the price paid on the agreed date, regardless of how the prices have changed in the meantime.

Commodity markets

Commodity基础物品.commodity market的特点是比如养一头猪需要五六个月,但猪仔出生时养家就可以卖出【五六个月后的猪仔】了.
于是在这五六个月内的时间差是有利可图.

• Energy (ICE - intercontinental exchange)
  Oil, gas.

• Hard commodities (LME - london metals exchange)
  Metals (iron, copper, gold, silver, platinum)

• Soft commodities (NYBOT and NYMEX)
  Agriculture (orange juice, wheat, oats)
  Livestock and meet (live cattle, pork bellies)

因为commodity的货物是基础货物,肯定(大概率)最终会有人需要.
一些人进入commdity市场是变卖contract,并不会真正购买货物.
也就是用货物mature时间赚差价.

Derivatives

我觉得最牛逼的一种“用时间赚差价”方式.

在derivative里会bid on的事物:

• Equities
• Rates
• Indices
• Currencies
• Commodities
• Synthetics (something made especially for trade, eg credit default swap)

Forwards

An OTC contract to do a specified trade at an agreed price on a fixed date in the future (obligation).

Future

An exchange traded contract to do a specified trade at an agreed price on a fixed date in the future (obligation).

Options

Gives the buyer right but not obligation to buy/sell specified quantity of underlying at pre-agreed (exercise) price and maturity.

• Call - right to buy
• Put - right to sell
• Exercise - 最后的购入

Swaps

Interest rate swap.

Credit default swaps.

以上是基础术语扫盲.