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Jingdong book

金融这点事 1 道法篇

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金融这点事 1 道法篇

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金融现象是层出不穷的,不形而上地总结、归纳并分析这些现象的规律,也就找不到此中的“道”。无道则没有方向,道是天道,即金融固有的规律,我们只能认知、探求,但无法改变。
法以人定,顺应天道之法为良法,逆天道之法为劣法。人之性情、能力不同,法无定法,但听君一席话,胜读十年书,便是学法。金融启蒙的主要工作是将悟道者之成法公之于众,以期产生强烈的外部效应。
金融是在不确定条件下对稀缺资源进行的跨期选择,这种选择要遵循风险收益匹配(对称定律)与无风险套利(一价定律)两大原则。对称定律可以通俗地解读为“没有免费的午餐”,一价定律则可以理解为“水流千里归大海”。
掌握道的方法有多种,虽然因人而异,但对一些常识的理解还是存在着共性的。这些常识可以称之为法则,它包括时间与不确定性、收益与风险、效用与责任、套利与对冲等。金融的道与法尽在“这点事”

Content Description

《金融这点事 1 道法篇》通过设五位代表人物————金大启、融小萌、博教授、牛博士、时晶晶,采用情景对话的形式,结合日常生活实践,深入浅出地讲解了金融、投资、理财等方面的知识和理论,甚至包括理论界大师们的生活轶事和趣事,在保证知识性的前提下,颇具可读性,是一本非常吸引人的面向非金融专业人士的理财投资科普读本。
Author Description

博时基金管理有限公司,中国金融博物馆(集团)成立于2013年6月,与天津、苏州、北京三地政府合作设立了中国金融博物馆(2010)、中国基金博物馆(2011)、国际金融博物馆(2012)三家专业主题博物馆。中国金融博物馆理事会、专家委员会及金融启盟委员会由知名专家、学者组成。
博时基金成立于1998年,是国内首五家公募基金管理公司之一,拥有资产管理全牌照及跨境业务平台,是国内投资管理能力突出、客户服务能力优秀的大型资产管理公司。
中国金融博物馆金融启盟委员会联合博时基金撰写金融启蒙系列丛书,希望通过这项公益活动提升国民金融素质,促进中国金融业的健康发展。
Comments

★金融是我们的朋友,不是敌人,它让我们生活得更安全、更自由和更幸福。这样简单的事实却被长期垄断演化为机构的傲慢、手段的霸道和监管的局限。这本书还原了真相,值得推广。
——中国金融博物馆理事长王巍

★《金融这点事》不是学术专著,却值得包括专业人士在内的社会大众一读,书中讲到的金融思维穿越人类历史,关乎芸芸众生,是驱动金融实践与研究的根本规律。
——耶鲁大学金融学教授陈志武

★欲望是人类的本性,哥伦布因为它片帆浮海、横渡大洋发现了美州。理性是人类的禀赋,哥白尼因为它仰望星空、冥想终生提出了日心说。在金融市场上没有理智的欲望会走向毁灭,没有欲望的理智会永守清贫。在财富喧嚣的时代,如何让欲望和理智和谐共处,这本书给你启迪。
——安信证券首席经济学家高善文

★虽然不能说把专业的东西讲得晦涩是不专业的表现,但是把专业无味的东西讲得通俗有味儿,一定是最专业的表现。《金融这点事》,行文举重若轻,化专业内容为通俗表达。最专业的人才能写出最简单的内容。
——CCTV财经频道主持人姚振山
Catalogue

场景 金融让生活更美好

第一章 时间
一寸光阴寸金,
寸金难买寸光阴,
寸金使尽金还在,
过去光阴哪里寻?

第二章 效用
鱼,我所欲也,
熊掌亦我所欲也;
二者不可得兼,
舍鱼而取熊掌者也。

第三章 收益
不入虎穴,焉得虎子。

第四章 效用
世事难料,
未来变幻莫测。
只有承蒙上苍垂怜从此能。
幸福以终的人,
我们才能称之为幸福快乐。

第五章 变现
夫兵形像水,
水之形避高而趋下,
兵之形避实而击虚。
水因地而制流,
兵因敌而制胜。
故兵无常势,
水无常形,
能因敌变化而取胜谓之神。
故五行无常胜,
四时无常位:
日有短长,月有死生。

第六章 责任
死生契阔,与子相悦
执子之手,与子偕老

第七章 信用
信则人任焉。
人而无信,不知其可也。
人无信不立。

第八章 套利
天下熙熙,皆为利来,
天下攘攘,皆为利往。

第九章 对冲
不知道未来会发生什么并不可怕,
可怕的是不知道如果发生什么该如何应对。

第十章 责任
日出而作,日入而息,
逍遥于天地之间而心意自得
Book Abstract

《金融这点事 1 道法篇》:
要给予他更多的消费物品来补偿,多的这部分就是时间价值。但在大多数时候,你所获得的收益并不仅仅是货币的时间价值,还有一部分是为了补偿你在这段时间所承受的风险。你把钱借给我是有风险的,在借钱的这段时间,有意外发生的可能性,比如我破产了或者我违约了,从而使你将来不但没有利息,甚至连本金都拿不到,因此你一定会要求增加一些收益来补偿你所承受的风险。所以最后你能拿到的收益是一个无风险收益率和风险溢价的组合。将来有机会我会给你们再详细地讲一讲金融学中的风险概念,认识风险是很有必要的。
时晶晶:那无风险收益率指的就是单纯的时间价值了。
博教授:是这样的。有一些投资产品一直都会获得它告诉你的那个收益,而你根本不需要费心去看它是不是在骗你。比如你在银行柜台拼抢到的国债,它的收益是可以确定的。在每次付息的时候你拿得到全额的利息,在还本的时候你也能拿得到本金。
但是要提醒两点:一是没有绝对无风险的投资,只能说风险已经降到了极低的水平;二是我用咱们自己的国债做例子,但不是所有的国债都是“无风险”的,有些国家其实在过去很多年都在赖账。2012年10月的时候,有艘阿根廷的军舰停靠在非洲国家加纳的时候被扣了,就是因为一个美国基金公司故意购买阿根廷已经开始赖账的国债,然后要求加纳扣掉阿根廷的军舰,不给钱就不放。赖账,在金融行话里面有个稍微文雅点的词,叫“违约”。
金大启:这政府要违起约来还真拿它没什么办法。
博教授:结果到最后那家基金公司也没拿到钱,军舰最后还是给放了,这是国际海洋法庭的判决。在我们的日常研究中,这种无风险收益率可以被看作一个基准,就是你完全不需要费劲都能获得的收益。现在有大量的投资品会告诉你它的回报大致是多少,预期是多少,知道这样一个无风险投资的回报率,是看那些投资品回报是否合理的第一步。
假设这个时候有人跑过来和你说可以给出40%的年化投资回报率。你首先该想什么呢?第一步你需要做的就是将这个40%的回报率和无风险利率相比较,我们暂且将余额宝收益率当作无风险收益率,大概有5%吧。
……
Introduction

中国已当之无愧地成为经济大国,我们的国内生产总值排名世界第二,仅次于美国。与经济发展相伴而生的是金融体系的完善,中国正在从经济大国步入金融大国的行列。但中国还不是一个经济强国,中国企业的竞争力还不强,中国经济发展的质量还不高,中国的金融业在国际竞争中也还远未强壮。而公民基础金融素质的提高将决定一国金融发展的质量和能力。2013年由中国金融博物馆和中国金融教育发展基金会组织了首次中国公民金融素质调查活动,结果并不尽如人意,中国公民对金融知识的了解存在严重不足。这些现象强烈地提醒我们要关注民众的金融普及教育问题。
提高全体公民的金融素质,要依靠全社会努力。除了在学校中加强金融学教育外,还应有更广阔的渠道。中国金融博物馆在这方面已经做出了表率。开馆4年,中国金融博物馆已接待了参观者20多万人次,为普及金融知识做出了重要贡献。但这与中国十几亿的人口基数相比,实在是沧海一粟。公民金融素质的提高需要更多元化的知识普及手段,需要政府、学校以及社会公益机构更多地参与进来。
在这一背景下,由中国金融博物馆金融启蒙委员会发起并组织编写的《金融这点事》系列丛书为金融普及提供了又一新渠道。
金融是一门比较复杂高深的学科,它不仅仅是一门具体的课程,而是由货币银行学、货币经济学、国际金融、金融市场学、中央银行学、数理金融学、公司金融学、投资学、金融工程等一系列课程共同构成的系统理论。学习金融是一个系统而艰难的过程,因此也容易让人望而生畏。
但这并不代表金融知识本身枯燥难懂。在我看来,金融是有趣的,它存在于我们生活的方方面面,影响着我们的生活和工作。用浅显的语言介绍金融知识,应是金融从业者的一项社会责任。正如科学理论的艰深并不妨碍科学本身的有趣一样,少儿科普读物《十万个为什么》是我们许多人童年的美好回忆。许多科学大家同时也是科普大家,如美国的天体物理学家卡尔·萨根和我们的华罗庚教授,在科学研究之余,都致力于科普工作,为提高公众的科学素养做出了极大贡献。
金融学知识的普及工作也该如此,我们社会中应该出现一批类似于《十万个为什么》这样的金融学普及读物。《金融这点事》系列丛书为此开了个好头。这套书绕开了可能会让人生厌的公式,用通俗的语言来描述金融市场的运行规则;在情节设计上贴近生活,问题从生活中来,结论也回归到生活中去,又不影响书的专业性。博时基金编写团队中的每一位成员都是国内著名大学金融学专业毕业的博士,他们扎实的知识背景和在金融机构的工作经验,是这套丛书专业性的保障。我也希望读者从阅读中获得乐趣的同时,也能获得正确的金融学知识。这仅仅是一个开始,将来的工作还任重道远。希望更多热心公益事业的社会机构和专业人士加入到金融启蒙志愿者的队伍中来,让我们共同为这一事业尽一份力!
吴晓灵
2014年10月15日

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Jingdong book