Here is the code the interviewee wrote.
Interviewer feedback
Interviewee feedback
Friday, March 20, 2020
Case study: Search in rotated sorted array
It is so surprising for me to learn good performance from a software engineer in Seattle. I had onsite interview on this algorithm in 2019 but I failed to write a correct solution, since my code has a few flaws, missing edge case etc.
Here is the code the interviewee wrote.
Here is the code the interviewee wrote.
What happened last 4 years in USA?
Here is the video I like to watch. The title is called "难道特朗普是经济奇才？他做了什么把美股推上绝路的！"
Cut tax - do not manufacture more products. Instead, purchase back stocks.
Loan ...
Cut tax - do not manufacture more products. Instead, purchase back stocks.
Loan ...
This is the most important level for S&P 500, chart watcher says
Here is the article.
If markets cannot hold above the 2,351 level and instead break and hold below. It may go down to 1,829 since early 2016. A drop in total will be 46% from records set a month ago.
If markets cannot hold above the 2,351 level and instead break and hold below. It may go down to 1,829 since early 2016. A drop in total will be 46% from records set a month ago.
Thursday, March 19, 2020
What I learn from market swings from January to March 2020?
March 19, 2020
I am a Christian and I like to review what I learn from market crash in March 2020. As an investor, a baby investor starting again from May 2019, age 53, I went through so many emotions, and asked so many questions to myself, and I learned so many things about business, how to understand the business work, and discipline myself.
I did not care about Chinese and corona virus at all. So I only spent a few times to talk to my young sister, less than 8 hours, but I could not anticipate that the virus is so easy to spread to the whole world. I should start to cut hours on business research, and learn basics of virus and people's health in January 2020.
Being a Christian, I understand that once I stop attending churches, somehow I was over confident and then went too far. I should understand that most of important is to care about myself health, others, relatives and others in the community.
I was so happy about market change from Nov. 2019 to early February 2020. I checked my five investment accounts, this was the first time I saw that I could invest VFV.TO $10,000 book value, and I was so glad to see the value went up 30%. I could not remember how many times I checked that unrealized gain.
I should spend some time to care about community, people in China. Specially they went through Chinese new year and virus was a very big issue.
I should understand that market change like 30% on SPX is not normal, and then I should understand how risky it was to stay highest after 10 year bull market.
Introduction
I am a Christian and I like to review what I learn from market crash in March 2020. As an investor, a baby investor starting again from May 2019, age 53, I went through so many emotions, and asked so many questions to myself, and I learned so many things about business, how to understand the business work, and discipline myself.
January 2020
I did not care about Chinese and corona virus at all. So I only spent a few times to talk to my young sister, less than 8 hours, but I could not anticipate that the virus is so easy to spread to the whole world. I should start to cut hours on business research, and learn basics of virus and people's health in January 2020.
Being a Christian, I understand that once I stop attending churches, somehow I was over confident and then went too far. I should understand that most of important is to care about myself health, others, relatives and others in the community.
I was so happy about market change from Nov. 2019 to early February 2020. I checked my five investment accounts, this was the first time I saw that I could invest VFV.TO $10,000 book value, and I was so glad to see the value went up 30%. I could not remember how many times I checked that unrealized gain.
I should spend some time to care about community, people in China. Specially they went through Chinese new year and virus was a very big issue.
I should understand that market change like 30% on SPX is not normal, and then I should understand how risky it was to stay highest after 10 year bull market.
February 2020
It is important to learn to control myself. No matter how big the market swing, I should not let it affect my emotion. I need to focus on my own life, health, exercise, and work, and practice of algorithm and data structure.
March 2020
I understand that it is so challenge for me to pay attention to allergy season, do not cough and having sneeze in this corona virus special, and also keep myself going as a software programmer. I do believe that it is better for me to learn how to invest, it takes so much time to learn, but it is better to compare to other risky investment, like a condo in British Columbia. It will take more time for me to manage a real estate property.
Right now, it is perfect position since market value is down 30%. I am going back to humble and learn more about business, see how each of them recover one by one. People are working hard, and make good things happen in the world.
Right now, it is perfect position since market value is down 30%. I am going back to humble and learn more about business, see how each of them recover one by one. People are working hard, and make good things happen in the world.
Wednesday, March 18, 2020
White House responds to Bill Ackman's comments that the govt. must do more
Here is the link.
The White House responds to Pershing Square's Bill Ackman and his comments that the government needs to do more to combat the coronavirus crisis. With CNBC's Brian Sullivan and Fast Money trader Dan Nathan.
The White House responds to Pershing Square's Bill Ackman and his comments that the government needs to do more to combat the coronavirus crisis. With CNBC's Brian Sullivan and Fast Money trader Dan Nathan.
Bill Ackman's plea to President Donald Trump to save U.S. from coronavirus' economic destruction
Here is the link.
Pershing Square Capital CEO Bill Ackman makes a plea to President Trump to shut the U.S. economy down.
Pershing Square Capital CEO Bill Ackman makes a plea to President Trump to shut the U.S. economy down.
There will be bounce back in second quarter despite coronavirus: Strategist
Here is the link.
CNBC's "Power Lunch" team discusses markets amid the coronavirus outbreak with Art Hogan of National Securities and Eric Marshall, Hodges Fund.
CNBC's "Power Lunch" team discusses markets amid the coronavirus outbreak with Art Hogan of National Securities and Eric Marshall, Hodges Fund.
Tuesday, March 17, 2020
Be humble - Do not react market change!
March 17, 2020
It is tough for me to learn as a passive investor. I have over $100,000 on my investment account, and then I saw so many opportunities for me to make money, in reality, now my market value is down over $13,000 dollars. I plan to buy high and sell low, cut loss today, and then I learned from my friend's advice, after two hour and twenty minutes conversation, I change my mind to stay put, continue to rebalance.
I like to make money in long term. Best choice is to time the market pefectly, so I should sell everything when SPX is 3300 to make 10% profit, and then get back in market today when SPX is around 2500, over 30% loss compared to highest position 3300.
I need to do a simple checking on my TFSA. Here is the snapshot:
I like to keep VDU.TO, VFV.TO, VAB.TO as a balance portfolio, 40% VAB.TO, 30% VDU.TO, 30% VFV.TO. Right now, VDU.TO is more than $2000 less compared to VFV.TO position.
Think about in other way, VDU.TO's price is $27.74, which has to go up 27% to price $25.37.
27% usually takes more than 10 years if interest rate is 1%.
Introduction
It is tough for me to learn as a passive investor. I have over $100,000 on my investment account, and then I saw so many opportunities for me to make money, in reality, now my market value is down over $13,000 dollars. I plan to buy high and sell low, cut loss today, and then I learned from my friend's advice, after two hour and twenty minutes conversation, I change my mind to stay put, continue to rebalance.
Case study
I like to make money in long term. Best choice is to time the market pefectly, so I should sell everything when SPX is 3300 to make 10% profit, and then get back in market today when SPX is around 2500, over 30% loss compared to highest position 3300.
I need to do a simple checking on my TFSA. Here is the snapshot:
I like to keep VDU.TO, VFV.TO, VAB.TO as a balance portfolio, 40% VAB.TO, 30% VDU.TO, 30% VFV.TO. Right now, VDU.TO is more than $2000 less compared to VFV.TO position.
Think about in other way, VDU.TO's price is $27.74, which has to go up 27% to price $25.37.
27% usually takes more than 10 years if interest rate is 1%.
Two hour twenty minutes phone call
March 17, 2020
It is important for me to work on decision making process. I took a sick day to stay at home, recover from my hay fever, and also I like to take some time to talk to my friend before I cut loss 25% of equity. We had two hour twenty minutes talk, after that, I decided to stay on the course, just discipline myself.
I have problems as an investor in the stock market, I have to learn to be patient and take one thing a time.
My idea is to sell 25% equity and then use those cash to hedge against my left 25% equity.
My friend asked me if I like to buy low and sell high, and lock in those losses. I told him that it will go down more, and then I can purchase more equity at that time.
Introduction
It is important for me to work on decision making process. I took a sick day to stay at home, recover from my hay fever, and also I like to take some time to talk to my friend before I cut loss 25% of equity. We had two hour twenty minutes talk, after that, I decided to stay on the course, just discipline myself.
Two hour twenty minutes conversation
My idea is to sell 25% equity and then use those cash to hedge against my left 25% equity.
My friend asked me if I like to buy low and sell high, and lock in those losses. I told him that it will go down more, and then I can purchase more equity at that time.
Monday, March 16, 2020
Change from balanced to low risk
March 16, 2020
It is not easy for me to stay humble, not over-confident on my investment strategy. I got contacted by my friend on March 10, 2020, I was over confident and I did not expect that things can get so serious related to corona virus. I need to make change and stay on the course, but reduce the risk.
It is so important for me to apply asset allocation instead of timing the market. But after carefully consideration, it is better for me to save some cash in my investment account, and I like to use those cash to hedge against equity asset instead.
Here is March 16, 2020 S & P 500 index:
If I stay humble, and do not be too greedy, then I will not invest another $13,000 Canada dollars on TFSA in February, 2020. Instead I should show concern about Chinese in China, and learn how to prevent Corona virus spread instead of focusing on SPX return for another year, another 30%.
If I am humble, then when my friend Pamela contacted me on March 10, 2020, I will carefully consider her suggestion, and then adjust my asset allocation, reduce equity from 50% to 25%, with total investment amount over $100,000 dollars.
Now I like to take loss, and sell 25% of equities, and then use those cash to hedge against equity. I do believe that SPX will continue to go down at least 500 points to meet 2000, or 2009 level.
Introduction
It is not easy for me to stay humble, not over-confident on my investment strategy. I got contacted by my friend on March 10, 2020, I was over confident and I did not expect that things can get so serious related to corona virus. I need to make change and stay on the course, but reduce the risk.
Asset allocation
It is so important for me to apply asset allocation instead of timing the market. But after carefully consideration, it is better for me to save some cash in my investment account, and I like to use those cash to hedge against equity asset instead.
Here is March 16, 2020 S & P 500 index:
If I stay humble, and do not be too greedy, then I will not invest another $13,000 Canada dollars on TFSA in February, 2020. Instead I should show concern about Chinese in China, and learn how to prevent Corona virus spread instead of focusing on SPX return for another year, another 30%.
If I am humble, then when my friend Pamela contacted me on March 10, 2020, I will carefully consider her suggestion, and then adjust my asset allocation, reduce equity from 50% to 25%, with total investment amount over $100,000 dollars.
Now I like to take loss, and sell 25% of equities, and then use those cash to hedge against equity. I do believe that SPX will continue to go down at least 500 points to meet 2000, or 2009 level.
Par 401 K - March 16 2020
March 16, 2020
It is another big loss day. I like to document my loss and think about make some corrections based on the market and corona virus situation.
Here is the summary on March 16, 2020.
I like to take loss as is. And then I will sell 50% into cash, and use it hedge against equity fund. I like to spend more time on other things in my life, and learn more about how to prevent corona virus spread instead.
Introduction
It is another big loss day. I like to document my loss and think about make some corrections based on the market and corona virus situation.
Case study
Here is the summary on March 16, 2020.
Actionable Items
I like to take loss as is. And then I will sell 50% into cash, and use it hedge against equity fund. I like to spend more time on other things in my life, and learn more about how to prevent corona virus spread instead.
Victoria portfolio - March 16 2020 biggest down swing
March 16, 2020
It is so hard to take time to learn how to invest, but I actually like to write topics related to Corona virus and how Canadian should work hard to learn how to prevent spread of virus instead. It is a big loss day, and I like to document the loss and consider carefully to time the market first time.
The economy is not in good shape, and I read some twitter about Chinese virus. I think that it is so hard for so many people to make a living in this economy hardship.
It is time for me to consider taking half loss around $4600 dollars. I plan to sell half of VAB.TO, VDU.TO and VFV.TO, and then use those cash to hedge against the equity asset. I do believe that it is possible SPX will go down 2000, or lower as 1400 in 2009.
I also consider that VAB.TO is very volatile, and I like to use cash to hedge against VFV.TO and VDU.TO instead.
April 4, 2020
SPX
Introduction
It is so hard to take time to learn how to invest, but I actually like to write topics related to Corona virus and how Canadian should work hard to learn how to prevent spread of virus instead. It is a big loss day, and I like to document the loss and consider carefully to time the market first time.
Case study
The economy is not in good shape, and I read some twitter about Chinese virus. I think that it is so hard for so many people to make a living in this economy hardship.
Actionable Items
It is time for me to consider taking half loss around $4600 dollars. I plan to sell half of VAB.TO, VDU.TO and VFV.TO, and then use those cash to hedge against the equity asset. I do believe that it is possible SPX will go down 2000, or lower as 1400 in 2009.
I also consider that VAB.TO is very volatile, and I like to use cash to hedge against VFV.TO and VDU.TO instead.
Follow up
April 4, 2020
SPX
Key largo portfolio - March 16 2020
March 16, 2020
It is tough decision to work on my own retirement portfolio. Considering the chaos of the whole world, I like to review my portfolio one day loss more than 7% again. I will carefully consider the situation of Chorona virus, and then reduce time to work on my investment.
I like to time the market, and take the loss of $1000 dollars on this key largo portfolio. I will sell half of BND, VEU, VOO, and put $8800 dollars into cash. And I will work on portfolio with VEU, VOO amount $5000 dollars in the equity, and use cash to hedge against the swings of the market.
After two days weekend study, I think that SPX may drop to 2000 or below the level of 2009. As long as I have cash reserved, I will continue to learn how to be a passive investor and enjoy the journey.
One of arguments is that bond BND is also volatile, and it is hard to take a 5% loss of BND and then hedge against 10% of VOO. It does not make sense.
Introduction
It is tough decision to work on my own retirement portfolio. Considering the chaos of the whole world, I like to review my portfolio one day loss more than 7% again. I will carefully consider the situation of Chorona virus, and then reduce time to work on my investment.
Case study
Actionable items
I like to time the market, and take the loss of $1000 dollars on this key largo portfolio. I will sell half of BND, VEU, VOO, and put $8800 dollars into cash. And I will work on portfolio with VEU, VOO amount $5000 dollars in the equity, and use cash to hedge against the swings of the market.
After two days weekend study, I think that SPX may drop to 2000 or below the level of 2009. As long as I have cash reserved, I will continue to learn how to be a passive investor and enjoy the journey.
One of arguments is that bond BND is also volatile, and it is hard to take a 5% loss of BND and then hedge against 10% of VOO. It does not make sense.
Sunday, March 15, 2020
Victoria portfolio - TFSA
March 15, 2020
It is important for me to learn as a passive investor. I like not to time the market and then make sure that I also do not take too risk to buy equities in dips. I like to rebalance when SPX goes down another 20% instead of 10%.
I like to concentrate my full time work, and let the market swing as big as it can. I have 50% bonds right now, it is definitely important for me to rebalance, so that I can buy low and sell high as a long term investor. I should enjoy the market swing, and work hard to live a frugal life style.
I like to work on more on frugal study, and it is also good time for me to learn how to stay calm, and focus on long term.
My goal is to own my shares of those ETFs. Ignore the market value, focus on short term, how to rebalance and then own more shares. When the market goes up, of course the market value with go up with more shares.
Introduction
It is important for me to learn as a passive investor. I like not to time the market and then make sure that I also do not take too risk to buy equities in dips. I like to rebalance when SPX goes down another 20% instead of 10%.
Case study
I like to concentrate my full time work, and let the market swing as big as it can. I have 50% bonds right now, it is definitely important for me to rebalance, so that I can buy low and sell high as a long term investor. I should enjoy the market swing, and work hard to live a frugal life style.
I like to work on more on frugal study, and it is also good time for me to learn how to stay calm, and focus on long term.
My goal is to own my shares of those ETFs. Ignore the market value, focus on short term, how to rebalance and then own more shares. When the market goes up, of course the market value with go up with more shares.
TD Ameritrade.com - balance history
March 15, 2020
It is important for me to get the up and downs from my Key Largo balance history, so I can make decision and learn the market swing better. I try to think about what if I am the product manager of Ameritrade.com and how to make the history feature better for customers.
Introduction
It is important for me to get the up and downs from my Key Largo balance history, so I can make decision and learn the market swing better. I try to think about what if I am the product manager of Ameritrade.com and how to make the history feature better for customers.
Balance history
I learn the lesson that I should not time the market. I have to learn buy low and sell high, and also invest in long term, and also do not time the market.
TD Ameritrade history & statements - My key largo crashes
March 15, 2020
It is time for me to look into what Ameritrade can provide for me to do analysis in this market crash last 30 days.
I did not rebalance in January, but I did not evaluate and see if I should sell everything. I got 9% market change .
I have to review my transaction and make sure that I do not time the market, and buy low and sell high.
Introduction
It is time for me to look into what Ameritrade can provide for me to do analysis in this market crash last 30 days.
History & statements
I did not rebalance in January, but I did not evaluate and see if I should sell everything. I got 9% market change .
Buy low and sell high
I have to review my transaction and make sure that I do not time the market, and buy low and sell high.
SIX ESSENTIAL INVESTING TIPS FOR NON-INVESTORS
Here is the article.
a unique solution—‘risk parity’—for achieving a stable return amidst economic turbulence.
a unique solution—‘risk parity’—for achieving a stable return amidst economic turbulence.
- There is no free lunch
- The more the promised return the higher the risk
- Buy indexes, not individual securities
- Don't try to master the market
- Diversification is a big deal
- Be disciplined
Your strategy should be consistent and unaffected by short-term swings, whether positive or negative.
Specific risk - buy an index rather than individual stocks
Beta investing - passive iinvesting
Diversification:
as many asset classes as possible in your portfolio.
Be disciplined
Rudyard Kipling
Poem "If"
"meet with Triumph and Disaster / and treat those two imposters just the same."
DR 164: Risk Parity Portfolio Construction with Dar Sandler
Here is the link.
In his book, Money–Master the Game: 7 Simple Steps to Financial Freedom, Tony Robbins describes what he calls an All Weather Portfolio. It’s very heavy in bonds, commodities, and gold, which makes it a questionable approach to investing. Yet it’s loosely based on an investing approach called risk parity that’s used by Ray Dalio of ...
In his book, Money–Master the Game: 7 Simple Steps to Financial Freedom, Tony Robbins describes what he calls an All Weather Portfolio. It’s very heavy in bonds, commodities, and gold, which makes it a questionable approach to investing. Yet it’s loosely based on an investing approach called risk parity that’s used by Ray Dalio of ...
Understand market crash as a passive investor
, March 15, 2020
It is important for me to learn something as a passive investor. One idea is to read more articles written in Chinese.
Here is the article.
从2月20日至3月12日，美股累计跌幅约20%，进入技术性熊市。一切始于两周前，美股遭遇史诗级单周暴跌，跌幅超10%，波动率一度逼近50。
在突发事件导致市场急转直下的情况下，华尔街最受欢迎的趋势跟踪策略往往导致基金亏损加剧，但也有多策略对冲基金逆势跑赢。
Look into Winton fund, Renaissance Technologies
美股已经有泡沫化迹象
美股已经在周期末端，本身也有修正的需要
ETF等被动性投资不断扩容，2004年时ETF规模约338亿美元，而2018年扩16倍
被动型ETF做的并不是价格发现，市场暴跌时存在助跌作用
第一波抛售的很可能是那些投机者；随着跌势扩大，抛售力量转换到CTA（趋势型商品交易顾问策略）、风险平价策略（risk parity），这些交易的抛售阀门被陆续触发；随后，ETF等被动投资也会遭遇赎回、加剧抛售；最后，一些中长线的投资者（如养老金、捐赠基金、社保基金等）也会开始调整投资组合，调仓出于其对经济前景转差的预期。
CTA策略追逐短期趋势，当市场的广泛下跌行情形成下降趋势时，CTA基金将随行就市，启动强制抛售模式，加剧市场抛压。高盛早在2018年就测算，CTA基金持有约700亿美元美股多仓，在全球股市持有约1900亿美元多仓。此次遭遇冲击的部分明星对冲基金也是使用类似趋势追踪的策略。
Introduction
It is important for me to learn something as a passive investor. One idea is to read more articles written in Chinese.
Here is the article.
从2月20日至3月12日，美股累计跌幅约20%，进入技术性熊市。一切始于两周前，美股遭遇史诗级单周暴跌，跌幅超10%，波动率一度逼近50。
在突发事件导致市场急转直下的情况下，华尔街最受欢迎的趋势跟踪策略往往导致基金亏损加剧，但也有多策略对冲基金逆势跑赢。
Look into Winton fund, Renaissance Technologies
美股已经有泡沫化迹象
美股已经在周期末端，本身也有修正的需要
ETF等被动性投资不断扩容，2004年时ETF规模约338亿美元，而2018年扩16倍
被动型ETF做的并不是价格发现，市场暴跌时存在助跌作用
Who are those sellers?
- 那些投机者
- CTA（趋势型商品交易顾问策略）、风险平价策略（risk parity）, 交易的抛售阀门
- ETF等被动投资也会遭遇赎回、加剧抛售
- 一些中长线的投资者（如养老金、捐赠基金、社保基金等）
- 调整投资组合，调仓出于其对经济前景转差的预期
第一波抛售的很可能是那些投机者；随着跌势扩大，抛售力量转换到CTA（趋势型商品交易顾问策略）、风险平价策略（risk parity），这些交易的抛售阀门被陆续触发；随后，ETF等被动投资也会遭遇赎回、加剧抛售；最后，一些中长线的投资者（如养老金、捐赠基金、社保基金等）也会开始调整投资组合，调仓出于其对经济前景转差的预期。
What is CTA fund?
CTA策略追逐短期趋势，当市场的广泛下跌行情形成下降趋势时，CTA基金将随行就市，启动强制抛售模式，加剧市场抛压。高盛早在2018年就测算，CTA基金持有约700亿美元美股多仓，在全球股市持有约1900亿美元多仓。此次遭遇冲击的部分明星对冲基金也是使用类似趋势追踪的策略。
巴菲特连续减仓透露什么信号？十年牛市后开始恐高，进行获利了结
Here is the article.
2019-08-06 01:20
值得注意的是，在投资者遭遇暴跌寻觅市场方向之际，巴菲特的最新操作动向透露了一个不应忽视的信号：伯克希尔连续两个季度净卖出所持有的股票资产，二季度净卖出额创下了2017年底以来的新纪录。有观点认为，这可能是持续了十年的美股牛市“见顶”的征兆。
2019-08-06 01:20
值得注意的是，在投资者遭遇暴跌寻觅市场方向之际，巴菲特的最新操作动向透露了一个不应忽视的信号：伯克希尔连续两个季度净卖出所持有的股票资产，二季度净卖出额创下了2017年底以来的新纪录。有观点认为，这可能是持续了十年的美股牛市“见顶”的征兆。
“虽然美联储降息预期兑现，但由于市场已经提前有所反应，美股上周反而是表现最差的一周。”杨德龙向记者指出，后市可能出现高位震荡的走势，“由于整体估值偏高，美股高位回落的风险现在变得比较大。巴菲特连续两个季度的减仓，实际上也是觉得估值过高了。”
连续两季度净卖出，巴菲特高位减仓
经过长达十年的上涨，美股估值水平已处于历史高位。杨德龙指出，道琼斯工业指数估值水平已超过26倍市盈率，这使得一些价值投资者开始减缓对于美股市场上股票的购买。
经过长达十年的上涨，美股估值水平已处于历史高位。杨德龙指出，道琼斯工业指数估值水平已超过26倍市盈率，这使得一些价值投资者开始减缓对于美股市场上股票的购买。
美股创历史新高 巴菲特却急着减仓
Here is the article.
巴菲特曾今公开自己的“股神指标”——用美股总市值占GDP比重衡量美股估值的泡沫程度——当前估值处于20年前互联网泡沫以来从未出现过的高水平。
在前面两次席卷全球的金融风暴中，这一指标均从顶峰直线下坠：科技股泡沫时期从136.9%的峰值跌至72.9%，次贷危机时期则从105.2%跌到56.8%。
此外，巴菲特向美联储寻求批准将增持美国银行股份超过10%，就算经济出现衰退，巴菲特也可以拿着分红和大把现金等着抄底。
早在2008年，巴菲特就成功为市场崩盘做好了准备，巴菲特事先将多余的现金储存起来，在危机期间将资金借给高盛和通用电气等陷入困境的公司，赚得盆满钵满。
Feb. 27 and March 15 comparison using Mint app trend
March 15, 2020
It is so tough for me as a 53 years old, and I did not know how to time the market. After 26% SPX crash from Feb. 24 to March 15, and I like to compare my investment accounts using Mint trend. I do not have time to get into each account and get total of all accounts, I plan to start to use Mint app trend to help.
Here is the comparison I like to share. Through the process, I like to ask myself questions, how to think, what to read in this recesssion. How to be a passive investor?
Market change before and after crash 26% SPX - Feb. 27 - March 13
I wrote a blog about my Victoria TFSA account on Feb. 25, 2020, 2 days loss over $2000 dollars. Here is the blog.
I need to work on my Questrade.com TFSA account, and see how I can track the balance.
Introduction
It is so tough for me as a 53 years old, and I did not know how to time the market. After 26% SPX crash from Feb. 24 to March 15, and I like to compare my investment accounts using Mint trend. I do not have time to get into each account and get total of all accounts, I plan to start to use Mint app trend to help.
Two day comparison
Here is the comparison I like to share. Through the process, I like to ask myself questions, how to think, what to read in this recesssion. How to be a passive investor?
Market change before and after crash 26% SPX - Feb. 27 - March 13
I wrote a blog about my Victoria TFSA account on Feb. 25, 2020, 2 days loss over $2000 dollars. Here is the blog.
Actionable Items
I need to work on my Questrade.com TFSA account, and see how I can track the balance.
We aren't close to the end of bad coronavirus headlines: Josh Brown
Here is the link.
CNBC's "Halftime Report" team breaks down how markets are trading amid the escalating coronavirus outbreak in the U.S. and what investors should do.
CNBC's "Halftime Report" team breaks down how markets are trading amid the escalating coronavirus outbreak in the U.S. and what investors should do.
Saturday, March 14, 2020
Because I invest SPX ETF
March 14, 2020
Introduction
I have to spend time to work on learning about world economy and everything about USA economy, because I am a passive investor on SPX ETF fund.
Case study
I need to push myself to learn more, so I can spot opportunities as an investor. I will understand swings of SPX index.
Introduction
I have to spend time to work on learning about world economy and everything about USA economy, because I am a passive investor on SPX ETF fund.
Case study
I need to push myself to learn more, so I can spot opportunities as an investor. I will understand swings of SPX index.
How Did Mark Cuban Get Rich?
Here is the article.
Broadcast.com was later acquired by Yahoo! now Altaba (AABA) and Mark took in $1.7 billion in Yahoo! stock. He accurately foresaw the dot-com bubble burst and began to option and liquidate his Yahoo! stock as a means to protect his wealth.
Broadcast.com was later acquired by Yahoo! now Altaba (AABA) and Mark took in $1.7 billion in Yahoo! stock. He accurately foresaw the dot-com bubble burst and began to option and liquidate his Yahoo! stock as a means to protect his wealth.
What investors need to prepare for: Former Cisco CEO John Chambers
Here is the link.
John Chambers, former CEO of Cisco, joins "Squawk Alley" to discuss the market sell-off and spread of coronavirus, and how its affecting businesses. Stocks plummeted once again on Thursday after President Donald Trump and the Federal Reserve both failed to quell concerns over the economic slowdown stemming from the coronavirus, leading to a historic drop for the U.S. markets. The Dow Jones Industrial Average closed 2,352.60 points lower, or 9.99%, at 21,200.62. The index had its worst drop since the 1987 “Black Monday” market crash, when it collapsed by more than 22%.The S&P 500 plummeted 9.5% to 2,480.64, joining the Dow in a bear market. The S&P 500 also had its worst day since 1987. The Nasdaq Composite closed 9.4% lower at 7,201.80. “The coronavirus is scary and people don’t know what to expect,” said Kathy Entwistle, senior vice president of wealth management at UBS. “It’s like the tsunami is coming. We know it’s going to hit any day and nobody knows what the outcome is going to be.” The major averages got a brief respite during the trading day after the Fed announced it will ramp up its overnight funding operations to more than $500 billion on Thursday. It will then offer more repo operations totaling $1 trillion on Friday. The Fed also expanded the types of securities it would purchase with reserves. However, stocks quickly traded back towards their session lows as investors awaited more aggressive measures to support the economy and target the virus outbreak directly. “These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” said the statement from the New York Federal Reserve, which conducts these operations on behalf of the Fed.
John Chambers, former CEO of Cisco, joins "Squawk Alley" to discuss the market sell-off and spread of coronavirus, and how its affecting businesses. Stocks plummeted once again on Thursday after President Donald Trump and the Federal Reserve both failed to quell concerns over the economic slowdown stemming from the coronavirus, leading to a historic drop for the U.S. markets. The Dow Jones Industrial Average closed 2,352.60 points lower, or 9.99%, at 21,200.62. The index had its worst drop since the 1987 “Black Monday” market crash, when it collapsed by more than 22%.The S&P 500 plummeted 9.5% to 2,480.64, joining the Dow in a bear market. The S&P 500 also had its worst day since 1987. The Nasdaq Composite closed 9.4% lower at 7,201.80. “The coronavirus is scary and people don’t know what to expect,” said Kathy Entwistle, senior vice president of wealth management at UBS. “It’s like the tsunami is coming. We know it’s going to hit any day and nobody knows what the outcome is going to be.” The major averages got a brief respite during the trading day after the Fed announced it will ramp up its overnight funding operations to more than $500 billion on Thursday. It will then offer more repo operations totaling $1 trillion on Friday. The Fed also expanded the types of securities it would purchase with reserves. However, stocks quickly traded back towards their session lows as investors awaited more aggressive measures to support the economy and target the virus outbreak directly. “These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” said the statement from the New York Federal Reserve, which conducts these operations on behalf of the Fed.
Markets just need to get through the next six weeks, says Bleakley's Boockvar
March 14, 2020
Peter Boockvar, chief investment officer at Bleakley Advisory Group, joins "Squawk Box" to help make sense of the coronavirus-driven market volatility.
2:47/ 3:47
worry about operation money?
Royal caribbean 36.60 +20.91%
Carnial corp. 17.25 +15.23%
Norwegian cruise line 11.11 +15.13%
Occidental petrol 13.40 +12.70%
Schlumberger 15.97 +10.75%
Stock futures bounce after biggest drop since '87
Balance sheet analysis
Get through next six weeks.
Peter Boockvar, chief investment officer at Bleakley Advisory Group, joins "Squawk Box" to help make sense of the coronavirus-driven market volatility.
2:47/ 3:47
worry about operation money?
Royal caribbean 36.60 +20.91%
Carnial corp. 17.25 +15.23%
Norwegian cruise line 11.11 +15.13%
Occidental petrol 13.40 +12.70%
Schlumberger 15.97 +10.75%
Stock futures bounce after biggest drop since '87
Balance sheet analysis
Get through next six weeks.
美国被动股基规模首超主动股基 十年间主动股基意外“失血”万亿美元
Here is the article.
由于ETF跟踪指数，一部分市场人士认为，在市场遭遇重创时，被动指数基金跟随指数卖出股票，会加剧指数下跌，而指数下跌之后，跟踪该指数的指数基金又必须随之卖出更多，从而形成恶性循环，加剧市场波动。近期，电影《大空头》的原型Scion基金创始人Michael Murry表示，代表被动投资的指数基金和ETF将导致市场崩盘。海外部分对冲基金人士也表达了类似的忧虑。
由于ETF跟踪指数，一部分市场人士认为，在市场遭遇重创时，被动指数基金跟随指数卖出股票，会加剧指数下跌，而指数下跌之后，跟踪该指数的指数基金又必须随之卖出更多，从而形成恶性循环，加剧市场波动。近期，电影《大空头》的原型Scion基金创始人Michael Murry表示，代表被动投资的指数基金和ETF将导致市场崩盘。海外部分对冲基金人士也表达了类似的忧虑。
Us stocks analysis
Here is the article.
著名的瑞·达利欧和他的桥水基金，就一直在唱空美股。桥水基金曾经在2019年4月时报告称，上市公司已经无法维持盈利水平，美股股价将会比当前低40%。2019年底，美国媒体报道，桥水基金预判全球股市将在2020年3月下跌，并在看跌期权上下注了大约15亿美元。
The article related to oil industry, here is the link.
著名的瑞·达利欧和他的桥水基金，就一直在唱空美股。桥水基金曾经在2019年4月时报告称，上市公司已经无法维持盈利水平，美股股价将会比当前低40%。2019年底，美国媒体报道，桥水基金预判全球股市将在2020年3月下跌，并在看跌期权上下注了大约15亿美元。
一根针就是新冠疫情。疫情开始在国际上蔓延，如果无法得到有效控制，那么对于美国甚至世界经济的影响显而易见。这一点风吹草动，立刻引发了市场一波恐慌。接下来，美国以及欧洲似乎并没有拿出有效措施应对，于是大家又争先恐后抛售，深怕股票砸在自己手里。
另一根针就是油价。新冠疫情导致石油需求减少，自然价格下跌，沙特就跟俄罗斯商量减产，来保住油价，但俄罗斯不同意。结果沙特一气之下发起价格战，这下大家更恐慌了。为啥？美国自己也是石油出口国，而且成本比沙特和俄罗斯高不少，这价格一跌，美国页岩气行业怎么办？另外，原油还有金融属性，一系列金融衍生品都和原油挂钩，这一跌，必然会影响到股市。
有多恐慌，看看芝加哥期权交易所VIX指数的变化，就能一目了然。这个被称为“恐慌指数”的数字越高，代表市场对未来越不确定，不久前还保持在20以下，现在多少？75！大家都想着赶紧卖掉走人，所以就出现了你看到的熔断。
ETF technical detail - triggers to sell
近年来，美股ETF等被动投资的规模不断增大，由机器、模型或被动型公式控制的自动交易系统盛行，但设置的交易策略却趋同，所以一旦短期内出现大幅下跌，系统就会选择抛售，大量类似的交易策略一拥而上，就造成了恶性循环。
Facts about stock buy backs
美股的高估值，都是美国减税和降息推上去的。为什么呢？减税让美国企业手里现金变多，低利率又方便美国企业低成本借钱，企业的现金越来越多，用到哪里去？投资？研发？生产？我们不能说没有，但是在美国，有很大一部分钱，被企业用来回购股票，提升自身股价。光2018年，美国上市公司股票回购规模竟然超过了一万亿美元。
股价涨了，但这些公司呢？营收和利润并没有任何改变。所以企业的基本面，其实已经配不上美股的高估值。
Actionable items
The article related to oil industry, here is the link.
Recession hasn't fully been priced in, yet, says economist
Here is the link.
David Rosenberg, chief economist at Rosenberg Research, and Liz Ann Sonders, Charles Schwab chief investment strategist, join "Squawk on the Street" to discuss the market sell-off and probability of a recession.
David Rosenberg, chief economist at Rosenberg Research, and Liz Ann Sonders, Charles Schwab chief investment strategist, join "Squawk on the Street" to discuss the market sell-off and probability of a recession.
Citi Oil Veteran Says $20s Likely on Unique Demand-Supply Shock
Here is the link.
Mar.12 -- Commodities tumbled with global markets as efforts by policy makers across the world failed to reassure investors worried over the fallout from the coronavirus outbreak. Oil declined 4.5%. On "Bloomberg Commodities Edge", Bloomberg's Alix Steel talks with Ed Morse, head of commodities research of Citigroup.
Mar.12 -- Commodities tumbled with global markets as efforts by policy makers across the world failed to reassure investors worried over the fallout from the coronavirus outbreak. Oil declined 4.5%. On "Bloomberg Commodities Edge", Bloomberg's Alix Steel talks with Ed Morse, head of commodities research of Citigroup.
Fancybox 3 - an app I like to use
March 14, 2020
Introduction
It is such a great app and I like to spend time to work on more on this app.
Introduction
It is such a great app and I like to spend time to work on more on this app.
Victoria portfolio - March 13 2020 recovery day - Make me happy
March 14, 2020
It brought me attention to be an investor. I have to focus on my daily work, but in order to handle special swings on stock market, I should get up at early 6:00 AM and before 9:00 AM I go to work, I should watch the market, and do not miss some opportunities. I need to learn from those swings.
As a passive investor, it is also very challenge for me to learn things from big swings. Ask whys?
Introduction
It brought me attention to be an investor. I have to focus on my daily work, but in order to handle special swings on stock market, I should get up at early 6:00 AM and before 9:00 AM I go to work, I should watch the market, and do not miss some opportunities. I need to learn from those swings.
March 13 2020 recovery day
As a passive investor, it is also very challenge for me to learn things from big swings. Ask whys?
The Stock Market is Flashing Warning Signs
Here is the link.
Business Insider CEO Henry Blodget talks about the warnings being issued by a growing faction of fund managers, including John Hussman, the president of the Hussman Investment Trust and a former economics professor. He outlines Hussman's argument that equity valuations are too high, and that technical indicators are flashing sell signals. Blodget sits down with Business Insider executive editor Sara Silverstein to discuss Hussman's bear arguments, as well as those posed by Societe Generale strategist Albert Edwards, who's another long-standing critic of the current equity bull market. She looks at recent comments made by Edwards that the number of Americans planning to take a vacation is signaling the type of complacency that can derail the ongoing rally. Silverstein and Blodget then debate whether these recent comments from Hussman and Edwards hold water, citing a handful of bull arguments that suggest the market will continue higher for much longer. Blodget says the current environment reminds him of the second half of the 1990s, when bearish value investors were shamed as the market continued to rally. He laments the fact that while Hussman and Edwards may be right at some point, that the lack of clarity around timing makes it difficult to react.
Business Insider CEO Henry Blodget talks about the warnings being issued by a growing faction of fund managers, including John Hussman, the president of the Hussman Investment Trust and a former economics professor. He outlines Hussman's argument that equity valuations are too high, and that technical indicators are flashing sell signals. Blodget sits down with Business Insider executive editor Sara Silverstein to discuss Hussman's bear arguments, as well as those posed by Societe Generale strategist Albert Edwards, who's another long-standing critic of the current equity bull market. She looks at recent comments made by Edwards that the number of Americans planning to take a vacation is signaling the type of complacency that can derail the ongoing rally. Silverstein and Blodget then debate whether these recent comments from Hussman and Edwards hold water, citing a handful of bull arguments that suggest the market will continue higher for much longer. Blodget says the current environment reminds him of the second half of the 1990s, when bearish value investors were shamed as the market continued to rally. He laments the fact that while Hussman and Edwards may be right at some point, that the lack of clarity around timing makes it difficult to react.
Hussman Sees `Dangerous' Signs in U.S. Stock Market : Video
Here is the link.
May 27 (Bloomberg) -- John Hussman, president of Hussman Econometrics Advisors, talks with Bloomberg's Julie Hyman about risk facing the U.S. stock market.
Hussman's Hussman Strategic Total Return Fund beat 99 percent of its peers for the past five years. (This report is an excerpt. Source: Bloomberg)
May 27 (Bloomberg) -- John Hussman, president of Hussman Econometrics Advisors, talks with Bloomberg's Julie Hyman about risk facing the U.S. stock market.
Hussman's Hussman Strategic Total Return Fund beat 99 percent of its peers for the past five years. (This report is an excerpt. Source: Bloomberg)
6 investment accounts - Mint app trend
March 14, 2020
I spent one hour to play with min.com, after I use mint.app more than one year, I came cross Trend feature yesterday and spent one hour to play the feature. I like to use it to understand my investment accounts last few months big swing.
I have to be patient to explore all product features on mint.com. I think that it may save me a lot of time in order to monitor investment.
Introduction
I spent one hour to play with min.com, after I use mint.app more than one year, I came cross Trend feature yesterday and spent one hour to play the feature. I like to use it to understand my investment accounts last few months big swing.
Mint app trend
I have to be patient to explore all product features on mint.com. I think that it may save me a lot of time in order to monitor investment.
The 10-Year Bull Market Just Died Of Coronavirus (John Hussman & Chris Martenson)
Here is the link of one hour interview.
Given the extraordinary and historic meltdown underway in the markets, we've just recorded interviews with two of the most prominent financial experts we know to make sense of what's happening, and what's most likely to come next. John Hussman is famous for his accurate predictions of both the 2001 and 2008 stock market crises, on which he made tremendous returns for investors. John makes very few public appearances -- this is his first media interview in years. Steen Jakobsen is the Chief Investment officer of Saxo Bank. His macro market and political outlook are in high demand, making him a regular (though often contrarian) on major media such as CNBC and Bloomberg News. Both have been warning of the structural excesses and instabilities in both the global economy and financial markets that set the stage for the current breakdown we're witnessing. That said, they remain extremely concerned that the carnage that has started is far from over. Here is video #1, of Chris in conversation with John Hussman, offering arguably the best and freshest insight on what's driving this violent market sell-off and what concerned investors should be paying most attention to at this point. And here's the link to video #2, Chris' discussion with Steen Jakobsen: https://youtu.be/a7m_WRxkzHg
Given the extraordinary and historic meltdown underway in the markets, we've just recorded interviews with two of the most prominent financial experts we know to make sense of what's happening, and what's most likely to come next. John Hussman is famous for his accurate predictions of both the 2001 and 2008 stock market crises, on which he made tremendous returns for investors. John makes very few public appearances -- this is his first media interview in years. Steen Jakobsen is the Chief Investment officer of Saxo Bank. His macro market and political outlook are in high demand, making him a regular (though often contrarian) on major media such as CNBC and Bloomberg News. Both have been warning of the structural excesses and instabilities in both the global economy and financial markets that set the stage for the current breakdown we're witnessing. That said, they remain extremely concerned that the carnage that has started is far from over. Here is video #1, of Chris in conversation with John Hussman, offering arguably the best and freshest insight on what's driving this violent market sell-off and what concerned investors should be paying most attention to at this point. And here's the link to video #2, Chris' discussion with Steen Jakobsen: https://youtu.be/a7m_WRxkzHg
超级空头：美股估值过高，未来将暴跌67％
Here is the article.
John Hussman
“市场当前的高估程度已经无以复加，这就意味着未来将发生重大的亏损行情，标普500指数可能失掉三分之二（67%）的价值。”他在研究报告当中写道，“我知道自己这个三分之二损失的说法看起来有点荒谬，但是2000年到2002年，以及2007年到2009年大崩盘前夕那些类似的预测，当时看上去不也是一样荒谬吗？”
“让我担心的是，许多投资者似乎已经得出了‘经验’，即估值已经不再有意义，联储是无所不能的，股票价格再高都值得投资。”
Hussman Strategic Advisors创始人
John Hussman
“市场当前的高估程度已经无以复加，这就意味着未来将发生重大的亏损行情，标普500指数可能失掉三分之二（67%）的价值。”他在研究报告当中写道，“我知道自己这个三分之二损失的说法看起来有点荒谬，但是2000年到2002年，以及2007年到2009年大崩盘前夕那些类似的预测，当时看上去不也是一样荒谬吗？”
“让我担心的是，许多投资者似乎已经得出了‘经验’，即估值已经不再有意义，联储是无所不能的，股票价格再高都值得投资。”
Hussman Strategic Advisors创始人
中欧基金：美股估值过高 下跌趋势不容乐观
Here is the article.
美股估值过高。本轮美股的牛熊周期始于2009年3月，企业盈利增长和以养老金入市为代表的长期资金持续流入是美股近十年来不断走高的主要原因。除此之外，过去几年量化投资策略盛行，进一步加强了美股的表现。以SP500指数为例，虽然今年10月以来美股估值水平经历了大幅回调，但是目前15倍的估值水平相对于本轮周期低点9倍左右的估值仍然偏高。随着美国经济周期见顶回落，美股估值存在下行风险，而量化投资策略则有可能进一步加速美股的下跌速度。
美国居民资产配置过于集中，美股下跌可能引发连锁反应。以2016年为例，美国共同基金中89％的持有人为家庭投资者，美国居民金融资产中养老金、股票、债券等固定资产投资占比分别达到30％、21％、7％，其中很大一部分被用于居民养老。目前美股的下跌趋势不容乐观，可能导致长期资金对美股的信心下降，并进一步引发连锁反应。
US stock loss summary - Feb. 18, 2020 - March 13, 2020
Here is the article.
First stage:
2.18 - 2.28 2%
2.24-28 -15%
3.2 - 3.6 -15%
3.3 - 3.13 -16.54%
第四，美股长达11年牛市，波动率一直很低投资者仓位很高，且指数化交易占比高，这导致波动率快速上升时仓位调整引起的踩踏。
数据来源：Wind，招商证券研究二部
美股估值趋向泡沫化
经济继续增长的动力衰减
American families will bankrupt?
Here is the article with the title:
其一，美国家庭资产负债表：美国家庭的金融资产占比63%，负债总额20.9%，净资产占比79.1%。
在金融资产结构里，多数资产为存款、保险、养老金、股票型基金、债券这些品种，这些金融资产类别，多数又为风险较小的稳健类基金资产，除了股票型基金外。要説美股暴跌，会给美国家庭带来收入减少，但破产倒还不至于。
其二，美国人通常自己不直接炒股票，而是购买股票型基金，由于美股有做空机制，金融市场也非常发达，机构投资者通常会配置对冲工具，以防美股出现系统性风险。所以，面对美股暴跌，多数机构是能够对冲风险能力。
首先，美国企业的债务已经达到最高，已经超过2008年债务危机时期，之前企业债务问题不大，是依托于企业的股票的持续上涨，如果企业股票持续重挫，那企业有破产和倒闭的风险，届时员工都要失业回家。
再者，美股如果出现暴跌，会使投资者损失惨重，就会减少消费和投资，而当大家减少消费和投资时，美国多数企业盈利就会进一步下跌，这时候企业间再恶性竞争，很多企业就无法生存下来。
Boeing 55% loss, Canival 79% loss - 波音仅剩0.5个茅台 恐怖游轮跌79%
Here is the article.
It is fun to read the article and learn a few facts in the following:
粗略统计显示，今年以来，全球已经有70多家股指最大跌幅超过20%。重要指数方面，俄罗斯RTS、巴西圣保罗IBOVESPA指数、法国CAC40、德国DAX、英国富时100等股指年内最大跌幅均超过30%，日经225、道琼斯指数、标普500、印度孟买SENSEX指数等最大跌幅均超过20%。
根据这种计算方式，全球重要市场年内市值高点超过千亿的公司中，数据宝统计显示，有110多家股价最大跌幅超过50%。符合条件的股票绝大部分为欧美公司。美国公司最多，达到48家，加拿大、巴西、法国、英国、意大利均超过5家。非欧美国家的公司并不多，包括利比里亚1家、南非1家、日本3家，中国1家等。
OVV.N 90%
CCL.N 71.37%
CNQ.N
VAL.O
CNQ.TO
BA.N - boeing 55.50%
0087.L
AIRBIS
It is fun to read the article and learn a few facts in the following:
粗略统计显示，今年以来，全球已经有70多家股指最大跌幅超过20%。重要指数方面，俄罗斯RTS、巴西圣保罗IBOVESPA指数、法国CAC40、德国DAX、英国富时100等股指年内最大跌幅均超过30%，日经225、道琼斯指数、标普500、印度孟买SENSEX指数等最大跌幅均超过20%。
周四暴跌后，美国能源巨头埃克森美孚市值仍超过万亿元，位居榜单首位，公司股价年内至3月12日期间最大跌幅超过50%。英国能源巨头壳牌石油市值超过7800亿元位居次席，年内最大跌幅超过54%。美国军工巨头波音飞机市值超过6000亿元，年内最大跌幅超55%。
加拿大能源的股价表现更令人心惊肉跳，2008年该股股价一度超过360美元，2014年超过100美元，而今仅剩3美元，简直跌到渣都不剩。
巨大利空影响下，嘉年华邮轮公司股价从最高的48美元跌到3月12日14美元下方，跌幅超过71%。高盛在一份报告中指出，预计该公司2020年的每股收益将较最初的预期减少40%-50%，其中主要影响来自于需求放缓。皇家加勒比海游轮公司股价跌幅更大，从133美元上方跌至最低30美元下方，不到两个月跌幅近79%。
OVV.N 90%
CCL.N 71.37%
CNQ.N
VAL.O
CNQ.TO
BA.N - boeing 55.50%
0087.L
AIRBIS
美股暴跌、暴力反弹背后的黑手找到了
Here is the article.
这只黑手就是目前华尔街最为流行的对冲基金模式：风险平价基金。野村跟踪的风险平价基金的仓位显示，这些基金所有的股票持仓经过过去三周的意外狂跌之后，已经基本全部降到0，也就是说这类对冲基金的空头子弹已经全部打光。
而这类基金的规模非常大，据2018年的一份研究报告估计，仅在美国管理的总金额就高达1.5万亿美元。更重要的是，这些基金有着相同的行为模式，所以“集体行动”的能量巨大。
平价基金（RiskParity或又称voltargeting）是桥水达里奥在90年代末的发明，并通过08年金融危机“一战成名”，迅速被同行大量复制。
而达里奥的发明强调的不是配置资产，而是根据资产的波动率属性来配置风险。也就是说，平价基金的关注重点在于各个资产间的风险关联度和历史关系，并通过配置资产来达到平衡各类资产的风险组合的终极目的。
同时，为了最大化收益，各类资产还会加不小的杠杆。因为组合里面的风险是平衡的且是互相抵消的，理论上较高杠杆是安全的。
平价基金（RiskParity或又称voltargeting）是桥水达里奥在90年代末的发明，并通过08年金融危机“一战成名”，迅速被同行大量复制。
I love number of six mark on interviewing.io
March 14, 2020
It is such great experience to work on interviewing.io as a volunteer interviewer. I have chance to get interviews a few more times this years. I have 9 more interviews and I got six interviews passed. I love mark number six. I like to write a blog to celebrate my achievement.
I like to show the mark in my blog. I just could not believe that I also learn so many things as a system design interviewer. I started to learn and like to learn more about system design.
Learning system design is so much fun once I have chance to be an interviewer, and interview Microsoft SDE II, MIT graduate, and engineers from booking.com. Life is not bad as a learner and in my 53 year old.
Introduction
It is such great experience to work on interviewing.io as a volunteer interviewer. I have chance to get interviews a few more times this years. I have 9 more interviews and I got six interviews passed. I love mark number six. I like to write a blog to celebrate my achievement.
6/ 13 mark
I like to show the mark in my blog. I just could not believe that I also learn so many things as a system design interviewer. I started to learn and like to learn more about system design.
Learning system design is so much fun once I have chance to be an interviewer, and interview Microsoft SDE II, MIT graduate, and engineers from booking.com. Life is not bad as a learner and in my 53 year old.
Friday, March 13, 2020
Thursday, March 12, 2020
Say yes to short term pain
March 12, 2020
It is so challenge to go through the bear market and see portfolio drop in one day, more than 7%. I know that people are risk aversion. It is also a good idea to review 7 traits for a good investor.
Here is the article I like to read again.
I like to review the following trait #7, and work on some research on arguments from hedge fund manager Mark Sellers.
Introduction
It is so challenge to go through the bear market and see portfolio drop in one day, more than 7%. I know that people are risk aversion. It is also a good idea to review 7 traits for a good investor.
Say yes to short pain
Here is the article I like to read again.
I like to review the following trait #7, and work on some research on arguments from hedge fund manager Mark Sellers.
Trait #7
And finally the most important, and rarest, trait of all: The ability to live through volatility without changing your investment thought process.
This is almost impossible for most people to do; when the chips are down they have a terrible time not selling their stocks at a loss. They have a really hard time getting themselves to average down or to put any money into stocks at all when the market is going down.
People don't like short term pain even if it would result in better long-term results. Very few investors can handle the volatility required for high portfolio returns.
They equate short-term volatility with risk. This is irrational; risk means that if you are wrong about a bet you make, you lose money. A swing up or down over a relatively short time period is not a loss and therefore not risk, unless you are prone to panicking at the bottom and locking in the loss.
But most people just can't see it that way; their brains won't let them. Their panic instinct steps in and shuts down the normal brain function.
I would argue that none of these traits can be learned once a person reaches adulthood. By that time, your potential to be an outstanding investor later in life has already been determined.
It can be honed, but not developed from scratch because it mostly has to do with the way your brain is wired and experiences you have as a child. That doesn't mean financial education and reading and investing experience aren't important.
Those are critical just to get into the game and keep playing. But those things can be copied by anyone.
Victoria portfolio TFSA - March 12, 2020
March 12, 2020
Say yes to short pain. I like to show my portfolio and learn how to grow my portfolio and build wealth.
I do believe that this is biggest loss day I ever see. What should I do?
Should I continue to balance the portfolio, and sell some bond and purchase VFV.TO? What I can do is to wait another two months to work on rebalance?
Introduction
Say yes to short pain. I like to show my portfolio and learn how to grow my portfolio and build wealth.
Case study
Actionable Items
I do believe that this is biggest loss day I ever see. What should I do?
Should I continue to balance the portfolio, and sell some bond and purchase VFV.TO? What I can do is to wait another two months to work on rebalance?
Key largo - March 12, 2020 11:36 PM
March 12, 2020
It is such a big loss in one day. My key largo portfolio lost 8.31% percent, and VOO position has 10.71% loss.
I like to work on a short case study. How should I stay as a passive investor, and stay disciplined.
Introduction
It is such a big loss in one day. My key largo portfolio lost 8.31% percent, and VOO position has 10.71% loss.
Case study
I like to work on a short case study. How should I stay as a passive investor, and stay disciplined.
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