千橙工坊
04302ea3d7643728b943b3e5ecc928cdb8efecf6-qiancheng.bitcron.com
2020-10-25T02:32:00Z
「文明、现代化、价值投资与中国」读书笔记
2020-10-25T02:32:00Z
life/civilization.modernization.value.investing.and.china.2020
千橙工坊
<blockquote class="blockquote_lines_1">
<p class="md_block">
<span class="md_line md_line_start md_line_end"> 人类就本性而言,情感上追求结果平等,理性上追求机会平等。对结果平等的追求使得人类文明的任何进步都会最终传播到地球的每一个角落;建立了提供机会平等制度的社会都会繁荣进步、长治久安。 </span>
</p>
</blockquote>
<h3 id="toc_0" class="h16">现代化的本质</h3>
<p class="md_block">
<span class="md_line md_line_start">现代化的本质就是<strong>现代科技与自由市场经济的结合</strong>,使得人类经济进入到一个可持续的复合增长的状态。而进入到这种状态的社会和国家就是现代化的社会和国家。<br /></span>
<span class="md_line">怎么理解现代科技与自由市场经济结合可以进入到可持续的复合增长状态呢?<br /></span>
<span class="md_line">举个例子:<br /></span>
<span class="md_line">两个具有不同能力的个人,如果他们专注于自己的特长,他们创造出来的价值在交换后总和反而更多,即<code>1+1>2</code>。参与交换的人越多,市场越大,最后创造出的增量就越多,自由市场是一种规模经济。<br /></span>
<span class="md_line">但是如果仅仅是1+1>2,那么当最终所有的人都加入到这个自由交换市场后增长也就到了极限了,如何实现持续复合增长?因为人的知识积累对社会分工和交换所产生增量的放大作用。<br /></span>
<span class="md_line md_line_dom_embed"><strong>不同的思想交换的时候,交换双方不仅保留了自己的思想,获得了对方的思想,而且在交流中还碰撞火花,创造出全新的思想。即1+1>4。</strong><br /></span>
<span class="md_line">正是因为人的知识积累的这种特性,使得现代科学技术不断进步和创新,当现代科技与自由市场结合时,效率的增加、财富的增量以及规模效应都成倍放大。<br /></span>
<span class="md_line md_line_end">而知识增长的程度几乎无限(人类知识总量约每10年翻倍),最新科技能够提供的产品几乎是无限的,能够降低的成本几乎也是无限的,这就和人需求的无限完美地结合在一起,形成了一个不断累进增长的现代化经济。</span>
</p>
<h3 id="toc_1" class="h16">现代化什么没有首先出现在中国</h3>
<p class="md_block">
<span class="md_line md_line_start">中国封建时代不具备诞生现代化的条件。<br /></span>
<span class="md_line">现代化来自于发现新大陆后形成的大西洋经济圈,这是在无政府管制下发展起来的自由市场经济,私人资本在里面起着主要作用,而政府只提供有限的保障作用,这种自由市场经济在中国封建时代是难以想象的。<br /></span>
<span class="md_line">欧美是有限政府,政府为商人服务,而中国自秦汉建立大统一帝国,配合九品中正、科举等形成的士大夫官僚阶层,王权、政权达到最发达、最稳固的状态,此后2000年都基本沿袭了这一套体制,王朝或者说政府对经济、思想、文化方方面面都加以干预和控制。就是到了今天,让政府不对经济活动干预都是不可能的。<br /></span>
<span class="md_line md_line_end">欧洲的有限政府、大西洋经济和启蒙运动新思潮促进了自由市场经济和现代科学技术的发展,并最终诞生了现代化。</span>
</p>
<h3 id="toc_2" class="h16">3.0文明的铁律</h3>
<p class="md_block">
<span class="md_line md_line_start">1.0文明是狩猎采集文明,2.0文明是农业文明,3.0文明是科技文明。当今时代,最大的市场最终将会成为唯一的市场,谁离开,谁落后。<br /></span>
<span class="md_line"><strong>当自由交换市场里参与的人越多,交换的人越多,它创造出来的价值增量也越多</strong>,越大的市场资源分配越合理、越有效率、越富有、越成功,也就越能够产生和支持更高端的科技。<br /></span>
<span class="md_line">自由竞争的市场具备自我进化、自我进步、自我完善的机制,er现代科技的加入更使得这一过程更加迅猛。因此,在相互竞争的不同的市场之间,最大的市场最终会成为唯一的市场,任何人、社会、企业、国家,离开这个最大的市场之后就会不断落后,并最终被迫加入。<br /></span>
<span class="md_line">20世纪苏联华约组织的市场也很大,但不是自由市场机制,效率远不如当时美国和战后欧洲建立起来的共同市场,短短30年,整个苏联体系相比全球主流市场越来越落后,最后在冷战中失败,被迫加入到全球市场中去。<br /></span>
<span class="md_line">对于我们中国来说,明清时期的“海禁”、“闭关锁国”的政策使得中国隔离在全球科学技术和贸易之外,逐渐落后于国土面积和人口总量远小于我们的欧洲国家,最终经历了耻辱、痛苦的一百多年。而在改革开放后,我们一直在向全球市场前进,加入了WTO,共和国迎来了腾飞的40年。<br /></span>
<span class="md_line">一个国家增加实力最好的方法是放弃自己的关税壁垒,加入到这个全球最大的国际自由市场体系里去,与全球市场联系、与全世界的科学技术信息联通;反之,闭关锁国就会导致相对落后。<br /></span>
<span class="md_line">近几年中美之间的博弈和冲突一直不断,美国不断打压中国和中国企业、退出多个全球性组织,这个时候我们反而应该坚持改革开放,并且还要继续扩大与全球市场的交融。<br /></span>
<span class="md_line md_line_end">时代会眷顾站在舞台上的人而不是闭门造车的人。</span>
</p>
<h3 id="toc_3" class="h16">对中国经济的预测</h3>
<p class="md_block">
<span class="md_line md_line_start md_line_end"><strong>从以政府为主导的市场经济转为以政府为辅的全面自由市场经济。</strong>近几十年来,为什么没有完全实现自由市场经济的中国能取得了奇迹般的经济增长?</span>
</p>
<h4 id="toc_4" class="h16">原因一:</h4>
<p class="md_block">
<span class="md_line md_line_start">过去中国参与全球市场经济的形式主要是外贸,政府利用超强的执行力设置了从外汇、资金到土地、劳工等一系列有利的政策条件,把中国劳动力纳入到整个世界经济市场,最终让中国成为世界工厂。<br /></span>
<span class="md_line md_line_end">外贸毕竟只是国际自由市场中的一小部分,中国仅在占全球自由市场一小部分的地方由政府来主导问题并不大。</span>
</p>
<h4 id="toc_5" class="h16">原因二:</h4>
<p class="md_block">
<span class="md_line md_line_start">中国是从后向前追,当前面已经有清楚的目标,有其他国家发展经济的历史经验可供借鉴和参考时,政府这只“看得见的手”就能通过强大的动员力量和政治权力推动人民沿着道路前进,并且决策比很多有限政府更有效率。<br /></span>
<span class="md_line">最让人耳熟能详的莫过于“基建狂魔”这个称号了,中国在政府主导下可以在几年时间内建完的基建工程,换成欧美等其他国家可能都还在一次次的投票表决中。<br /></span>
<span class="md_line">然而,追赶总有尽头,当我们赶上来的时候,政府就不得不预测未来的状况。<br /></span>
<span class="md_line">自由市场经济是通过创造性的破坏来实现资源的有效配置,而这与政府的基本属性存在悖论。政府是一个庞大的官僚机构,需要可预测、可计划的目标,从而调配资源开展建设。但当我们需要自己去摸索发展道路的时候,政府就不如市场有效了。<br /></span>
<span class="md_line">市场竞争是瞬息万变的,不断地筛选赢家、淘汰输家,在自由市场里,无数资本在追寻盈利的目标下去冒险、去尝试,最终的成功者必然是市场需要的,也是对资源分配最有效率的。政府无法预知未来的赢家是谁、谁对于资源分配最有效率,这是和其基本属性相悖的。<br /></span>
<span class="md_line md_line_end">中国未来的经济改革最核心的就是<strong>从政府主导的市场经济向政府为辅助的自由市场经济转变</strong>。内需、服务将占GDP主要部分,国有企业特权逐渐减少、逐步与民营企业自由竞争,国有企业也将通过改制、引入民营资本逐步市场化,资源将通过市场机制对全民放开,以公平价格在市场上流通。</span>
</p>
<h3 id="toc_6" class="h16">价值投资的基本思维框架</h3>
<p class="md_block">
<span class="md_line md_line_start">四个基本概念:<strong>股票是所有权,安全边际,市场先生,能力圈。</strong><br /></span>
<span class="md_line">① <strong>股票不仅仅是可以买卖的证券,实际上代表的是对公司所有权的证书,是对公司的部分所有权。</strong>. <br /></span>
<span class="md_line">投资股票实际上是投资一个公司,公司在市场经济持续增长的时候,价值本身会被不断地创造。那么在创造价值的过程中,作为部分所有者,我们所持有部分的价值也会随着公司价值的增长而增长。<br /></span>
<span class="md_line">这是我们作为出资人获得的应得的利益,是一条可持续的正道。有别于依靠快进快出来获利的投机行为。<br><br /></span>
<span class="md_line">② <strong>投资的本质是对未来进行预测,而预测结果不可能百分之百准确,那么当我们做判断的时候,就必须要预留很大的空间,叫安全边际。</strong><br /></span>
<span class="md_line">因为你没有办法分辨,所以无论你多有把握的事情都要牢记安全边际,你的买入价格一定要大大低于公司的内在价值。<br /></span>
<span class="md_line">③ <strong>证券市场不是来指导你怎么做的,而是用来为你服务的。</strong><br /></span>
<span class="md_line">股票一方面是部分所有权,另一方面它也是一个可以随时买卖的证券,这个市场里永远都有人在叫价。在价值投资者看来,市场的存在只是为你而服务的,能够给你提供机会,让你去购买所有权,也会给你个机会,在你很多年之后需要钱的时候,能够把它换成现金。<br /></span>
<span class="md_line">证券市场从来都不能告诉你真正的价值是什么,它只能告诉你此刻的价格是多少,你不能把市场当作你的老师,你只能把它当作一个可以利用的工具。<br /></span>
<span class="md_line">④ <strong>明白自己的能力圈,同时持续学习、扩展边界。</strong><br /></span>
<span class="md_line md_line_end">“能力圈”是巴菲特经过自己50年的实践增加的一个概念。投资人可以通过长期不懈的努力,真正建立起自己的能力圈,能够对某些公司、某些行业获得比几乎所有人更深的理解,而且能够对公司未来长期的表现,做出比所有其他人更准确的判断。</span>
</p>
Windows Spotlight lock screen picture won't change [Fixed]
2018-09-12T15:12:00Z
uncategorized/windows-spotlight-lock-screen-picture-wont-change
千橙工坊
<h1 id="toc_0" class="h16">Case</h1><blockquote class="blockquote_lines_5">
<p class="md_block">
<span class="md_line md_line_start">Hello,<br /></span>
<span class="md_line"> <br /></span>
<span class="md_line">I have an laptop running Windows 10, and usually when my laptop is locked, the picture changes every now and then on my lock screen and I really enjoyed that. But recently for the past month or two, it's been stuck on the same picture and it stopped changing to new pictures. I checked my settings and I still have "Windows Spotlight" set as my lock screen but still nothing happens. It just stopped working and changing pictures for some reason.<br /></span>
<span class="md_line"> <br /></span>
<span class="md_line md_line_end">If anyone can help, please do!</span>
</p>
</blockquote>
<h1 id="toc_1" class="h16">Solution</h1>
<ol>
<li class="md_li"><span> Open Start.
</span></li>
<li class="md_li"><span> Search for <code>Windows PowerShell</code>, right-click the result, and select Run as administrator.
</span></li>
<li class="md_li"><span> Enter the following command and press Enter to reset the Windows Spotlight:
</span></li>
</ol>
<div class="codehilite code_lang_bash highlight"><pre><span></span>Get-AppxPackage -allusers *ContentDeliveryManager* <span class="p">|</span> foreach <span class="o">{</span>Add-AppxPackage <span class="s2">"</span><span class="k">$(</span><span class="nv">$_</span>.InstallLocation<span class="k">)</span><span class="s2">\appxmanifest.xml"</span> -DisableDevelopmentMode -register <span class="o">}</span>
</pre></div>
<!--block_code_end-->
<p class="md_block">
<span class="md_line md_line_start">Hope it works.<br /></span>
<span class="md_line md_line_end">^_^</span>
</p>
<h1 id="toc_2" class="h16">Reference</h1>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_start"><a class="md_compiled" href="https://answers.microsoft.com/en-us/windows/forum/windows_10-hello/windows-spotlight-lock-screen-picture-wont-change/443cc26c-29f1-4481-80c9-6fb7130f6191">windows spotlight lock screen picture won't change</a><br /></span>
<span class="md_line md_line_dom_embed md_line_end"><a class="md_compiled" href="https://www.drivereasy.com/knowledge/windows-10-spotlight-not-working-fixed/">windows 10 spotlight not working fixed</a></span>
</p>
Dapper, a Large-Scale Distributed Systems Tracing Infrastructure
2018-07-13T11:27:00Z
coding/dapper
千橙工坊
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="/coding/media/15315460448461.png" alt="" title="" ></span>
</p>
<p class="md_block">
<span class="md_line md_line_start">Here we introduce the design of Dapper, Google’s production distributed systems tracing infrastructure, and describe how our design goals of low overhead, application-level transparency, and ubiquitous deployment on a very large scale system were met. Dapper shares conceptual similarities with other tracing systems, particularly Magpie [3] and X-Trace [12], but certain design choices were made that have been key to its success in our environment, such as the use of sampling and restricting the instrumentation to a rather small number of common libraries.<br /></span>
<span class="md_line md_line_end">The main goal of this paper is to report on our experience building, deploying and using the system for over two years, since Dapper’s foremost measure of success has been its usefulness to developer and operations teams. Dapper began as a self-contained tracing tool but evolved into a monitoring platform which has enabled the creation of many different tools, some of which were not anticipated by its designers. We describe a few of the analysis tools that have been built using Dapper, share statistics about its usage within Google, present some example use cases, and discuss lessons learned so far.</span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_start"><a class="md_compiled" href="https://static.googleusercontent.com/media/research.google.com/zh-CN//archive/papers/dapper-2010-1.pdf">papers: dapper-2010-1.pdf</a><br /></span>
<span class="md_line md_line_dom_embed"><a class="md_compiled" href="http://bigbully.github.io/Dapper-translation/">Dapper,大规模分布式系统的跟踪系统(中文翻译)</a><br /></span>
<span class="md_line md_line_dom_embed"><a class="md_compiled" href="https://gocn.vip/article/849">另一个对Dapper论文的分析</a><br /></span>
<span class="md_line md_line_dom_embed"><a class="md_compiled" href="https://blog.frognew.com/2016/01/understand-distributed-tracing.html#dapper%E8%AE%BA%E6%96%87%E4%B8%AD%E7%9A%84%E4%BE%8B%E5%AD%90">分布式跟踪系统Dapper的简单理解</a><br /></span>
<span class="md_line md_line_dom_embed"><a class="md_compiled" href="https://cattail.me/tech/2017/03/15/distributed-tracing.html">Trail:分布式追踪</a><br /></span>
<span class="md_line md_line_dom_embed md_line_end"><a class="md_compiled" href="http://manzhizhen.iteye.com/blog/2347153">分布式跟踪系统(二):Zipkin的Span模型</a></span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_start md_line_end"><a class="md_compiled" href="http://www.pdl.cmu.edu/PDL-FTP/SelfStar/CMU-PDL-14-102.pdf">CMU: So, you want to trace your distributed system? Key design insights from years of practical experience</a></span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_start md_line_end"><a class="md_compiled" href="http://muratbuffalo.blogspot.com/2014/03/dapper-large-scale-distributed-systems.html">Murat Demirbas:on distributed systems broadly defined</a></span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="/coding/media/15315461170464.png" alt="" title="" ></span>
</p>
这些希望是我的, 这个夏天是你的
2018-06-07T03:22:00Z
life/to-18-years-young-man
千橙工坊
<blockquote class="blockquote_lines_1">
<p class="md_block">
<span class="md_line md_line_start md_line_end">注:6日晚上我和犬侄汤臣在金坛某龙虾馆进行了我俩认识以来最重要的一次会谈。由于时间仓促,讲的很不理想逻辑紊乱、要点遗漏。于是这几天抽空整理成文字、略加修饰之后给他存档。朋友看了觉得挺有意思,认为可能对现在的年轻人有借鉴意义。故原文转发,特此</span>
</p>
</blockquote>
<h3 id="toc_0" class="h16">今天你是成年人 --致汤臣</h3>
<p class="md_block">
<span class="md_line md_line_start md_line_end">虽然说现在的年轻人有很多途径过自己想要的生活,但<strong>对于像你我这样出生在社会底层的人而言,高考依然是最好的选择,甚至是唯一的选择―即使应试教育有种种弊端,即使高考成败和人生成败之间的逻辑关系越来越松散。但改变命运不应该是你参加高考的唯一目的,至少在准备高考的那些日子里,你承受的一系列对身心折磨的训练要远比之重要,最重要的是:高考是未成年人和成年人的分界点。</strong>下面的观点全是关于“成年人“。</span>
</p>
<h4 id="toc_1" class="h16">一、决定 (Decision)</h4>
<p class="md_block">
<span class="md_line md_line_start">1,可以为自己做决定。在不违反法律和道德的前提之下,没有人可以干涉你的行为和思维,即使是我的讲话你也可以不采纳(我有告诉你的义务)。<strong>过自己想要的生活不是自私,让别人过自己想要的生活才是自私,这是王尔德的观点。</strong><br /></span>
<span class="md_line">2,必须为自己做决定。过去十八年你习喷了家长帮你做决定,偶尔有自己的想法也习惯先得到家长的认可。现在开始要抛弃这些,要逐渐养成自己做决定的习惯,因为没有人能让你一直依靠(成年人也不应该依靠他人),只有自己才是自己的主人。<br /></span>
<span class="md_line md_line_end">3,对自己的决定负责。有决定的权利就有负责的义务,两者并存,所以既然你要决定,你能决定,那么不管决定带来多么严重的后果,你都应该主动去承担,绝不可逃避和推卸。</span>
</p>
<h4 id="toc_2" class="h16">二、善良 (Mercy)</h4>
<p class="md_block">
<span class="md_line md_line_start">直到今天我也不知道什么是善、什么是恶,很多时候我会被自己的反复所痛苦:同样的做法今夭觉得是善,明天觉得是恶,后夭又觉得是善既然没有能力明辨全部的善恶,那么行为只能依据当下的判断:<br /></span>
<span class="md_line">A 不要有伤害别人的主观意识。<br /></span>
<span class="md_line">B 不要因“善良”于带来的“恶果”而怀疑“善良”本身。<br /></span>
<span class="md_line">C 力所能及的帮助他人。 <br /></span>
<span class="md_line">D 尽量不给别人添麻烦。<br /></span>
<span class="md_line md_line_end">关于善良,最大的困难不是它的定义,而是有时候你明明知道是善却做不到,有时候你明明知道是恶却不得不做。</span>
</p>
<h4 id="toc_3" class="h16">三、知识 (Knowledge)</h4>
<p class="md_block">
<span class="md_line md_line_start">不管你听到什么或者看到什么,永远记住:知识是好的,学习知识是对的。知识能让你更好的理解自己和世界,只有清晰了对自己和世界的理解,你才能做好自己。以下三种方式可以获取知识:<br /></span>
<span class="md_line">A 读书。包括看电视,看电影趁年轻时记忆力好,什么书都要看,不能仅限于自己喜爱的门类。<br /></span>
<span class="md_line">B 旅游。旅游它会让你对知识的理解更加深刻。<br /></span>
<span class="md_line md_line_end">C 交友。每个人都有优点和缺点,不要被他的缺点所蒙蔽,要努力观察优点并学习之。</span>
</p>
<h4 id="toc_4" class="h16">四、爱情 (Love)</h4>
<p class="md_block">
<span class="md_line md_line_start">1,恋爱要理性。<br /></span>
<span class="md_line">2,相互喜爱就努力在一起,一方不成立就不要勉强;如果你喜爱别人但别人不喜爱你,没关系,你可以保持你的爱,但不能因此给对方带来麻烦;如果别人喜爱你但你不喜爱别人,尽快有礼貌的拒绝,不能利用别人的喜爱满足自己的需求,更不能嘲笑别人的喜爱。记住,没有一种爱是龌龊的。<br /></span>
<span class="md_line">3,如果你是同性恋或者双性恋。不要自卑也不要有负罪感,就算所有人都反对,我也会和你在一起。<br /></span>
<span class="md_line md_line_end">4,性生活要戴安全套。</span>
</p>
<h4 id="toc_5" class="h16">五、不要 (DO NOT)</h4>
<p class="md_block">
<span class="md_line md_line_start">1,不要养成抽烟的习惯,酒可以少喝一点,但不要酗酒,不能让酒精控制你的行为。<br /></span>
<span class="md_line">2,不要打架。成年人要控制好自己的情绪。<br /></span>
<span class="md_line">3,不要懒隋。勤奋是改变生活最可靠的方式。<br /></span>
<span class="md_line">4,不要赌博,游戏的乐趣是智力不是钱财。<br /></span>
<span class="md_line md_line_end">5,不要xx。</span>
</p>
<h4 id="toc_6" class="h16">六、完美夏天 (This Summer)</h4>
<p class="md_block">
<span class="md_line md_line_start">你父亲高考失利之后度过了一个艰难的夏天,白天在建筑工地打工为复读筹集学费,晚上回家挑灯夜读。我高考结束那个夏天一直住在你父亲的单位宿舍,每天和他一起吃饭洗澡打篮球下象棋听音乐,用他的破吉他练习老狼的歌。<br /></span>
<span class="md_line md_line_end">这是新的时代,你们新青年应该有新的想法,所以不管你打算怎么度过我都支持你,我希望这是你漫长人生中的一个完美夏天。我希望你尽快完成独立,为自己负责为他人负责为社会负责;我希望你能从我和你父亲的不堪经历中吸取经验,然后做的比我们好;我希望自己能像你一样年轻,和你一起把人生重过一次。然而这些希望是我的,这个夏天是你的,这令人沮丧但还得继续,成年可能就是这样。</span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="/life/../media/reward-code.jpg" alt="" title="" ></span>
</p>
TWR(时间加权回报率) vs. MWR(价值加权回报率)
2018-05-22T10:07:00Z
cfa/twr.vs.mwr
千橙工坊
<blockquote class="blockquote_lines_1">
<p class="md_block">
<span class="md_line md_line_start md_line_end">TWR(Time-Weighted rate of Return) vesus MWR(Money-Weighted rate of Return)</span>
</p>
</blockquote>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="http://wiki.mbalib.com/w/images/4/4c/%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E5%9B%BE.jpg" alt="" title="" ></span>
</p>
<p class="md_block">
<span class="md_line md_line_start">TWR(时间加权回报率) 和 MWR(货币加权回报率)的对比, 是在投资组合中的考点. TWR是计算整个时间区间的收益率的几何平均数(geomertic means), 考虑了资金的时间价值, 是复利的运用.<br /></span>
<span class="md_line md_line_end">MWR(货币加权回报率,也叫做价值加权回报率), MWR accounts for the timing and amount of all cash flows into and out of the portfolio. If more funds to invest at a favorable time, MWR will tend to be elevated.是在考虑所有的现金流入及流出的情况下,一个投资组合的内部回报率。所有的现金流入和流出都会影响价值加权的回报,且现金流大的所占权重更大;</span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end">e.g. </span>
</p>
<table>
<thead>
<tr>
<th style="text-align: center">Year</th>
<th style="text-align: right">Beginning price</th>
<th style="text-align: right">Ending price</th>
<th style="text-align: right">Annual rate of return</th>
</tr>
</thead>
<tbody>
<tr>
<td style="text-align: center">1</td>
<td style="text-align: right">$100</td>
<td style="text-align: right">$120</td>
<td style="text-align: right">20%</td>
</tr>
<tr>
<td style="text-align: center">2</td>
<td style="text-align: right">$120</td>
<td style="text-align: right">$150</td>
<td style="text-align: right">25%</td>
</tr>
<tr>
<td style="text-align: center">3</td>
<td style="text-align: right">$150</td>
<td style="text-align: right">$130</td>
<td style="text-align: right">-13.33%</td>
</tr>
<tr>
<td style="text-align: center">4</td>
<td style="text-align: right">$130</td>
<td style="text-align: right">$140</td>
<td style="text-align: right">7.69%</td>
</tr>
</tbody>
</table>
<p class="md_block md_block_as_opening md_has_block_below md_has_block_below_ul">
<span class="md_line md_line_start md_line_end">Difference:</span>
</p>
<ul>
<li class="md_li"><span>价值加权划分的每一期间(时间间隔)都是相等的,时间加权的每一期间可以不等;
</span></li>
<li class="md_li"><span>期间现金流入或流入对于时间加权没有影响,而会影响价值加权法;
</span></li>
<li class="md_li"><span>大的现金流在价值加权回报中占据较大的权重;因为价值权重要求每期的长度相等,所以划分时间区间时要以没有重大现金流的的最小区间为准;
</span></li>
</ul>
<p class="md_block">
<span class="md_line md_line_start md_line_end"><em>考点:</em>一般会考两者的<strong>计算</strong>,或者<strong>比较两者的大小</strong>.</span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end">年金 / 投资收益 / 债券贴现 / 债券比较 /</span>
</p>
当我们谈论"久期"(Macaulay Duration)的时候, 在说什么?
2018-05-21T04:26:00Z
cfa/macaulay-duration
千橙工坊
<blockquote class="blockquote_lines_3">
<p class="md_block">
<span class="md_line md_line_start md_line_end"> 债券属性「久期」<sup id="fnref1"><a href="#fn1" rel="footnote">1</a></sup>的本质是什么?</span>
</p>
</blockquote><blockquote>
<p class="md_block">
<span class="md_line md_line_start"> 把债券相像成一系列排在跷跷板上的积木,每个积木代表一个现金流,现金流越多,积木越长。把这些木块按时间顺序从左到右排列在跷跷板上,大多数积木都是矮短的(每期的利息),最右边一块(到期还本付息)则擎天一柱比其他的高出很多。那么,债券的久期就是:<br /></span>
<span class="md_line md_line_dom_embed md_line_end"><strong>从跷跷板的左端到使跷跷板平衡的支点的距离。</strong></span>
</p>
</blockquote>
<p class="md_block">
<span class="md_line md_line_start"> -- <a class="md_compiled" href="https://www.zhihu.com/question/21860362/answer/131929977">周召</a>(via. 知乎) 这样形象描述.<br /></span>
<span class="md_line md_line_dom_embed md_line_with_image md_line_end"><img class="md_compiled " src="/cfa/media/15280282931910.jpg" alt="" title="" ></span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_start md_line_end"><strong>久期就是投资者购买一个债券后,把本金和利息全都收回的加权时间总和。</strong></span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end"> $$ \begin{equation} D = \frac{\sum_{t=1}^T \frac{c_t}{(1+y)^t}\times t}{P} \text {, 麦考利久期的計算公式} \end{equation}$$ </span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end">$$ MacD = \frac{\sum_{t=1}^T PV\left( c_t\right) \times t}{P} = \sum_{t=1}^T \left[ \frac{PV\left( C_t\right)}{P} \times t \right] \tag{2}$$</span>
</p>
<p class="md_block">
<span class="md_line md_line_start">其中,<br /></span>
<span class="md_line"> • MacD是久期,<br /></span>
<span class="md_line"> • P是債券當前的市場價格,<br /></span>
<span class="md_line"> • $PV\left( c_t\right)$ 是債券未來第t期可現金流(利息或資本)的現值,<br /></span>
<span class="md_line"> • T是債券的到期時間。<br /></span>
<span class="md_line"> • t為從當前到t時刻現金流發生的持續時間。<br /></span>
<span class="md_line"> • y為債券的風險程度相適應的收益率。假設未來所有現金流的貼現率(discount ratio)都固定為y。可以理解为IRR 或者 YTM 或者 MWR.<br /></span>
<span class="md_line md_line_end">需要指出的是在債券發行時以及發行後,都可以計算久期。<strong>計算發行時的久期,T(到期時間)等於債券的期限;計算發行後的久期,T(到期時間)小於債券的期限。</strong></span>
</p>
<h3 id="toc_0" class="h16">定理</h3>
<ol>
<li class="md_li"><span>零息债券(Zero-coupon bonds)的久期等于它的到期时间
</span></li>
<li class="md_li"><span>直接债券(Direct bond)的久期小于或等于它的到期时间
</span></li>
<li class="md_li"><span>统一公债(Unified Bond)的久期等于$ 1+ {1\over Y} $,其中Y是计算现值的贴现率
</span></li>
<li class="md_li"><span>到期时间相同的条件下,息票率(Coupon rate)越高,久期越短
</span></li>
<li class="md_li"><span>息票率不变的条件下,到期时间越久,久期也越长
</span></li>
<li class="md_li"><span>其他条件不变的情况下,债券的到期收益率(YTM)越低,久期越长
</span></li>
</ol>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_start md_line_end"><strong>久期既可以反应债权价格对于利率变化的敏感程度,也能够显示购买债权后,收回全部本金和利息的加权时间总和。</strong></span>
</p>
<p class="md_block">
<span class="md_line md_line_start">在实际的债券分析中,投资者更多地需要衡量债券价格变动比例对利率变化的敏感度,因此就有了修正久期这个概念。修正久期不同于久期,久期度量的是投资回收的平均时间,而修正久期实质上度量的是债券价格对收益率的一阶导数。<br /></span>
<span class="md_line md_line_end">投资者除了用久期来衡量利率风险以外,还可以使用<strong>基点价值(Basis Point Value, BPV 或 DV01)。基点价值是指利率每变化一个基点(0.01 个百分点)时引起的债券价格变动的绝对额。</strong>因此,基点价值和修正久期最主要的不同体现在,基点价值衡量的是利率变动引起债券价格变动的绝对值,而修正久期衡量的是利率变动引起的债券价格变动的相对值。</span>
</p>
<h3 id="toc_1" class="h16">債券凸性與馬考勒久期之間的關係</h3>
<div class="footnotes">
<hr>
<ol>
<li id="fn1">
<p class="md_block">
<span class="md_line md_line_start md_line_end">久期的维基百科: http://wiki.mbalib.com/zh-tw/%E4%B9%85%E6%9C%9F</span>
<a href="#fnref1" rev="footnote">↩</a></p>
</li>
</ol>
</div>
Print your admission ticket (打印准考证)
2018-05-17T14:31:00Z
cfa/print-admission-ticket
千橙工坊
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start"><img class="md_compiled " src="/cfa/media/15278680322648.jpg" alt="" title="" ><br /></span>
<span class="md_line img_before only_img_before">Dear Candidate, <br /></span>
<span class="md_line">Your CFA® Program exam is approaching quickly. Be prepared by printing your admission ticket now, reviewing it for accuracy, and keeping it safe until exam day on Saturday, 23 June 2018. <br /></span>
<span class="md_line">1.Log in to access your exam admission ticket.<br /></span>
<span class="md_line">2.<strong>Review your ticket and passport.</strong> You must present your valid international travel passport during check-in for both sessions on exam day, as outlined in the <a class="md_compiled" href="http://info.cfa-institute.info/F32Rc00es1T0l19q000Hv7Y">Identification Policy</a>. The last four digits of your passport number, the name, and the expiration date on your passport must exactly match the information on your ticket. If your passport information does not exactly match the information you have provided to CFA Institute, <a class="md_compiled" href="http://info.cfa-institute.info/HT0011q07lt29HY0c3R00fv">update your CFA Institute account (PDF)</a> immediately. Carefully read the instructions at the top of the form.<br /></span>
<span class="md_line">3.<strong>Check your test center location and address.</strong> Special instructions regarding directions, parking, lunch options, and other details about your test center can be found <a class="md_compiled" href="http://info.cfa-institute.info/dv0cl3g79q0H200RYu110T0">here</a>. Please familiarize yourself with your test center location and the time of your test. Plan your route in advance to ensure a smooth exam day experience.<br /></span>
<span class="md_line">4.<strong>Print your ticket.</strong> The ticket must be printed on clean, unused paper. Do not write on it. Please bring your ticket with you on exam day. You will NOT be admitted into the testing room without an admission ticket.<br /></span>
<span class="md_line">Admission tickets are not yet available for the following test centers, but will be in the coming days: <br /></span>
<span class="md_line"> • Birmingham, AL<br /></span>
<span class="md_line"> • Bogota, Colombia<br /></span>
<span class="md_line"> • Buenos Aires, Argentina<br /></span>
<span class="md_line"> • Honolulu, HI<br /></span>
<span class="md_line"> • Providence, RI<br><br /></span>
<span class="md_line md_line_end">Please <a class="md_compiled" href="http://info.cfa-institute.info/l9Rqv000c32l1H1vY070h0T">contact us</a> if you have any questions about our identification policy.</span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="/cfa/media/15278715444862.jpg" alt="" title="" ></span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end">准考证就长这样, 邮件中主要 <strong>提醒 Candidate 要核对护照是否在有效期内, 如果需要更新姓名, 考场等尽快联系 CFA Institute.</strong> 打印出来发现我所在的考场在SZX4远在龙岗万国城, 最近的地铁貌似还有4公里. (扶额! 我能怎么办, 我也很绝望啊!) 准考证上面有一个座位号, 应该是考试当天考官来填写, 下面特别提醒了 <strong>不要在准考证上涂写</strong>. 否则后果会比较严重~</span>
</p>
<p class="md_block md_has_block_below md_has_block_below_blockquote">
<span class="md_line md_line_dom_embed md_line_start md_line_end"><strong>Test Center</strong></span>
</p>
<blockquote class="blockquote_lines_11">
<p class="md_block">
<span class="md_line md_line_start"> World Food City<br /></span>
<span class="md_line">Special Instructions<br /></span>
<span class="md_line">June 2018 CFA Exam<br /></span>
<span class="md_line">Transportation and Getting to the Venue
There are five venues in Shenzhen for the June 2018 CFA exam. <strong>Please make sure you review your admission ticket carefully and report to the venue indicated on your admission ticket. Take subway Line 3 and get off at Dafen Station, then transfer by bus K359 and get off at World Food City Station, or transfer by bus 322 or M300 and get off at Jinjijia Kejiyuan Station.</strong> For more information on the venue, please visit the venue website.<br /></span>
<span class="md_line">Parking
World Food City has 1,500 complimentary parking spaces. This offer is subject to change without notice.<br /></span>
<span class="md_line">Personal Belongings Area
Enter the venue via South Gate and proceed to the personal belongings area in the atrium on the first floor. Follow the instructions of hallway proctors and signs in the foyer area on the first floor.<br /></span>
<span class="md_line">Candidate Entrances to Testing Rooms
Candidates should proceed to the assigned sections for check-in through the corresponding elevators/escalators listed below.<br /></span>
<span class="md_line">Sections 101-116: take escalator to the fourth floor.
Sections 117-129: take elevator 17, 18, 19 and 20 to the fourth floor.<br /></span>
<span class="md_line">Check-in Times
The check-in process will start at 7:45 a.m. for the morning session and 1:00 p.m. for the afternoon session.<br /></span>
<span class="md_line">Toilet Breaks
CFA Institute asks that candidates not take toilet breaks during the last ten minutes of each session.<br /></span>
<span class="md_line md_line_end">Lunch Break
Lunch concessions will be available in the atrium on the first floor. Candidates may purchase a boxed lunch and eat in the area. The concession stands will be open between 12:00 p.m. and 1:15 p.m. on Saturday, 23 June 2018.</span>
</p>
</blockquote>
<p class="md_block">
<span class="md_line md_line_start">看了一下这个考场的介绍, 万国城考场(深圳龙岗)是一个非常开阔的场地, 有扶梯和垂直电梯, Section117~129的考生乘垂直电梯到4楼. 上午场7:45就开始签到了, 下午场1:00开始签到. 午饭可以在1楼专门区域吃盒饭.<br><br /></span>
<span class="md_line md_line_end">特别提醒: <strong>考试结束前10分钟内禁止上厕所</strong>, So 要上厕所可以提前或者在考试中间时段上厕所. 所有人都必须等考试时间截止, 并收完试卷方可离场.</span>
</p>
<h3 id="toc_0" class="h16">Typical Exam Day Schedule</h3>
<p class="md_block">
<span class="md_line md_line_start">Activity Morning Session Afternoon Session<br /></span>
<span class="md_line">Candidates begin check-in process. 8:00 a.m. 1:00 p.m.<br /></span>
<span class="md_line">Doors close and announcements begin. 8:30 a.m. 1:30 p.m.<br /></span>
<span class="md_line">Timed session begins. Candidates must remain in the room. 9:00 a.m. 2:00 p.m.<br /></span>
<span class="md_line md_line_end">Timed session ends. Candidates must remain seated until dismissed. 12:00 p.m. 5:00 p.m.</span>
</p>
<h3 id="toc_1" class="h16">Exam Day Logistics</h3>
<p class="md_block">
<span class="md_line md_line_start">Bring your valid international travel passport, your exam admission ticket, an approved calculator, and No. 2 or HB pencils (or pens, for Level III).<br /></span>
<span class="md_line">Dress comfortably and wear soft-soled shoes to keep noise in the testing room to a minimum.<br /></span>
<span class="md_line">Check-in and find your seat before testing personnel close the doors. If you arrive more than 30 minutes past the start of a timed session, you will not be admitted.<br /></span>
<span class="md_line">You are not permitted to leave either timed session early.<br /></span>
<span class="md_line">If you don’t sit for the morning session, you can’t sit for the afternoon session. You must sit for both sessions or you will not receive your exam result.<br /></span>
<span class="md_line">Listen for testing personnel to give you instructions, such as when you can open your exam book, when to sign the candidate pledge, and when you must stop writing. Writing past the stop time is one of the most common reasons CFA Institute has to void a candidate's exam result.<br /></span>
<span class="md_line md_line_end">View all CFA exam policies</span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end">Learn more about exam-related disciplinary actions</span>
</p>
<h3 id="toc_2" class="h16">Testing Rooms without Clocks</h3>
<p class="md_block">
<span class="md_line md_line_start md_line_end">In testing rooms that do not have clocks, the timekeeper will mark time remaining on a chalkboard or flip chart in the following increments.</span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end">Every 30 minutes:</span>
</p>
<p class="md_block">
<span class="md_line md_line_start">Less than 2.5 hours remain<br /></span>
<span class="md_line">Less than 2 hours remain<br /></span>
<span class="md_line">Less than 1.5 hours remain<br /></span>
<span class="md_line">Less than 60 minutes remain<br /></span>
<span class="md_line md_line_end">Then every 15 minutes:</span>
</p>
<p class="md_block">
<span class="md_line md_line_start">Less than 45 minutes remain<br /></span>
<span class="md_line">Less than 30 minutes remain (verbal announcement)<br /></span>
<span class="md_line md_line_end">Less than 15 minutes remain (verbal announcement)</span>
</p>
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="/cfa/../media/reward-code.jpg" alt="" title="" ></span>
</p>
CFA 实用小词典(持续更新)
2018-01-21T09:07:00Z
cfa/cfa-dictionary
千橙工坊
<p class="md_block">
<span class="md_line md_line_start md_line_end">CFA考试分为十个模块: Ethical and Professional Standards, Quant, Econ, <strong>Financial Reporting and Analysis</strong>, <strong>Coporate Finance</strong>, Protoflio Management, Equity, <strong>Fixed Income</strong>, Derivatives, Alternative Investments. 将从我遇到的单词持续收集整理分类到这十门课中.</span>
</p>
<h2 id="toc_0" class="h16">Ethical and Professional Standards</h2>
<p class="md_block">
<span class="md_line md_line_start md_line_end">ethic 职业道德</span>
</p>
<h2 id="toc_1" class="h16">Quant</h2>
<p class="md_block">
<span class="md_line md_line_start md_line_end">quant 量化</span>
</p>
<h2 id="toc_2" class="h16">Econ</h2>
<p class="md_block">
<span class="md_line md_line_start">econ 经济学<br /></span>
<span class="md_line">estimate 估算<br /></span>
<span class="md_line">commodity prices 商品价格<br /></span>
<span class="md_line">inflation 通货膨胀<br /></span>
<span class="md_line">Higher than expected inflation 通胀超过预期 (Higher than anticipated)<br /></span>
<span class="md_line">structural deficit 结构性赤字<br /></span>
<span class="md_line">borrowing declines 借款下降<br /></span>
<span class="md_line">full employment 充分就业<br /></span>
<span class="md_line">indicator 指标<br /></span>
<span class="md_line">fiscal 经济学家<br /></span>
<span class="md_line">Cost–push inflation 成本推动型通胀<br /></span>
<span class="md_line">wages 工资<br /></span>
<span class="md_line">materials prices 原材料价格<br /></span>
<span class="md_line">demand curve 需求曲线<br /></span>
<span class="md_line">inventory 库存<br /></span>
<span class="md_line">debt-to-equity 债券权益率<br /></span>
<span class="md_line">retained earnings 留存收益 <br /></span>
<span class="md_line">deducting its liabilities 扣除债务<br /></span>
<span class="md_line md_line_end">The residual interest in a company’s assets 留存收益</span>
</p>
<h2 id="toc_3" class="h16">FSA</h2>
<p class="md_block">
<span class="md_line md_line_start">Opterating Activities 经营性活动<br /></span>
<span class="md_line">Finacing Activities 融资性活动<br /></span>
<span class="md_line">Financial Statement 财务报表 (区别于财务报告 Report)<br /></span>
<span class="md_line">Revenue 销售收入, 同义表述有 Sales / Turnover <br /></span>
<span class="md_line">Other Incomes 其他收入<br /></span>
<span class="md_line">Gain 利得<br /></span>
<span class="md_line">Ordinary / Normal Course of Business 主营业务收入<br /></span>
<span class="md_line">COGS (Cost of Goods Sold) 销售成本<br /></span>
<span class="md_line">Selling, General and Administration Costs 销售及一般管理费用, SG&A<br /></span>
<span class="md_line">Depreciation and Amortisation 折旧与摊销 (就是DA, 后面计算EBITDA中要加回来的部分)<br /></span>
<span class="md_line">Tax Expense 税费<br /></span>
<span class="md_line">Interest Expense 息税<br /></span>
<span class="md_line">Loss 损失<br /></span>
<span class="md_line">Cash Equivalent 现金等价物<br /></span>
<span class="md_line">Accumulated Depreciation 累计折旧<br /></span>
<span class="md_line">Trademark 商标<br /></span>
<span class="md_line">Patent 专利<br /></span>
<span class="md_line">Copyrights 版权<br /></span>
<span class="md_line">Goodwill 商誉<br /></span>
<span class="md_line">Accumulated Amortisation 累计摊销<br /></span>
<span class="md_line">Capital 股本 / 资本<br /></span>
<span class="md_line">Paid-In Capital 股本溢价<br /></span>
<span class="md_line">Liability 负债<br /></span>
<span class="md_line">Equity 权益, (可以理解为剩余的权利 Residual Interest)<br /></span>
<span class="md_line">Retained Earning 留存收益 RE<br /></span>
<span class="md_line">Contributed Capital 注入资本<br /></span>
<span class="md_line">Dividend 分红<br /></span>
<span class="md_line md_line_end">Accounting Equation 会计恒等式 , </span>
</p>
<p class="md_block">
<span class="md_line md_line_start">$$ Asset = Liability + Owner's\ Equity \tag{1} $$<br /></span>
<span class="md_line">$$ Owner's\ Equity = Contributed\ Capital + Retained\ Earning \tag{2} $$<br /></span>
<span class="md_line md_line_end">$$ Ending\ RE = Beginning\ RE + Net\ Income - Dividend\ Declared \tag{3} $$</span>
</p>
<p class="md_block">
<span class="md_line md_line_start">Net Income = Revenue - Expense ;<br /></span>
<span class="md_line">Accrual Accounting 权责发生制<br /></span>
<span class="md_line">Unearned Revenue / Deferred Revenue 预收收入<br /></span>
<span class="md_line">Unearned Revenue 负债 (Liability)<br /></span>
<span class="md_line">Prepaid Expense 预付费用<br /></span>
<span class="md_line">Accrued Revenue / Unbilled Revenue 应计收入<br /></span>
<span class="md_line">Accounts Receivable 应收帐款<br /></span>
<span class="md_line">economic 经济的<br /></span>
<span class="md_line">Accounting Flow 会计流程<br /></span>
<span class="md_line">Journal Entries 日记账分录<br /></span>
<span class="md_line">General Journal 日记账<br /></span>
<span class="md_line">General Ledger 总分类账<br /></span>
<span class="md_line">Initial Trial Balance 初始试算平衡表<br /></span>
<span class="md_line">Adjusted Trial Balance 调整试算平衡表<br /></span>
<span class="md_line">Financial Statement 财务报表<br /></span>
<span class="md_line">By Accounts 按科目...<br /></span>
<span class="md_line">IASB (International Accounting Standards Board) 国际会计准则理事会 ,制定了 IFRS<br /></span>
<span class="md_line">IFRS (International Financial Reporting Standards) 国际财务报告准则<br /></span>
<span class="md_line">US. GAAP 美国通用会计准则, 是由FASB (美国财务会计理事会)制定<br /></span>
<span class="md_line">Regulatory Authorities 监管机构<br /></span>
<span class="md_line">SEC 美国证券交易委员会<br /></span>
<span class="md_line">Securities Offerings Registration Statement 证券发行登记文件<br /></span>
<span class="md_line">Proxy Statement 股东委托书<br /></span>
<span class="md_line">IOSCO 国际证监会组织<br /></span>
<span class="md_line">Investor 投资人 <br /></span>
<span class="md_line">Fairness 公平<br /></span>
<span class="md_line">Efficiency 有效<br /></span>
<span class="md_line">Transparency 透明<br /></span>
<span class="md_line">Systemic risk 系统性风险<br /></span>
<span class="md_line">Objective 目标 (e.g. Objective of Financial Reports 财务报告目标)<br /></span>
<span class="md_line">Qualitative Characteristics 质量特征<br /></span>
<span class="md_line">Fundamental Characteristics 基础质量特征<br /></span>
<span class="md_line">Relevance 相关性 , 基础质量特征之一<br /></span>
<span class="md_line">Faithful Representation 忠实表述, 基础质量特征之二 (Complete , Neutral , Free from Error)<br /></span>
<span class="md_line">Comparability 可比性<br /></span>
<span class="md_line">Verifiability 可验证性<br /></span>
<span class="md_line">Timeliness 及时性<br /></span>
<span class="md_line">Understandability 可理解性<br /></span>
<span class="md_line">consistent 一贯, 一直<br /></span>
<span class="md_line">Materiality 实质性, 重要性<br /></span>
<span class="md_line">Constrains 限制<br /></span>
<span class="md_line">Underlying Assumption 假设, 基础假设 Underlying也有<strong>标的</strong>的意思<br /></span>
<span class="md_line">Going Concern 持续经营<br /></span>
<span class="md_line">Required Financial Statements 需披露的财务报表<br /></span>
<span class="md_line">IAS (International Accounting Standards) 国际财务准则<br /></span>
<span class="md_line">General Features of Financial Statements 财务报告的一般特性<br /></span>
<span class="md_line">Fair Presentation 公允陈述<br /></span>
<span class="md_line">Accrual Basis 权证发生制<br /></span>
<span class="md_line">Materiality and Aggregation 重要性和归类<br /></span>
<span class="md_line">No Offsetting 不可抵消<br /></span>
<span class="md_line">Frequency of Reporting 财务报告的频率<br /></span>
<span class="md_line">Comparative Information 可比信息<br /></span>
<span class="md_line">Consistency 一致性<br /></span>
<span class="md_line">Current Assets 流动资产<br /></span>
<span class="md_line">Non-Current Assets 非流动资产<br /></span>
<span class="md_line">Current Liability 流动负债<br /></span>
<span class="md_line">Non-Current Liability 非流动负债<br /></span>
<span class="md_line">Comprehensiveness 综合性<br /></span>
<span class="md_line">Valuation 估值局限性<br /></span>
<span class="md_line">Standard Setting Approach 准则制定方式<br /></span>
<span class="md_line">Income statement 利润表, 同义表述还有 Statements of Opterations / Statement of Earnings / Profit and Loss Statement<br /></span>
<span class="md_line">Income Tax Expense 所得税费<br /></span>
<span class="md_line md_line_end">Gains and Losses 利得和损失</span>
</p>
<p class="md_block">
<span class="md_line md_line_start md_line_end">$$ Net\ Income = Revenue - Ordinary\ expenses + \\ Other\ Income - Other\ Expense + Gains - Losses \\ \text{(利润表的全要素等式)} \tag{4} $$</span>
</p>
<p class="md_block">
<span class="md_line md_line_start">EBIT 息税前利润 (Earnings Before Interests and Taxs)<br /></span>
<span class="md_line">EBT 税前利润 (Earnings Before Taxs)<br /></span>
<span class="md_line">EBITDA 息税前利润和折旧摊销 (Earnings Before Interests and Taxs & Deprecations and Acumulations) <br /></span>
<span class="md_line">Gross Profit 毛利<br /></span>
<span class="md_line">Operating Profit 经营利润<br /></span>
<span class="md_line">Net Income 净利润<br /></span>
<span class="md_line">Discontinued Operations 非持续经营<br /></span>
<span class="md_line">Net of income tax 税后金额<br /></span>
<span class="md_line">Unusual of Infrequent Items 异常或非常见事项<br /></span>
<span class="md_line">Accounting Policies 会计政策<br /></span>
<span class="md_line">Accounting Estimate 会计估计<br /></span>
<span class="md_line">Accounting Adjusment 会计调整<br /></span>
<span class="md_line">Retrospective Application 追溯调整法, 会计调整用的就是这个方法 比如LIFO 调整为 FIFO<br /></span>
<span class="md_line">Prospective Application 未来适用法 , 会计估计用的就是这个方法<br /></span>
<span class="md_line">Balance Sheet 资产负债表<br /></span>
<span class="md_line">Income Statemens 利润表<br /></span>
<span class="md_line md_line_end">Free-Cash Flow 现金流量表</span>
</p>
<h2 id="toc_4" class="h16">Coporate Finance</h2>
<p class="md_block">
<span class="md_line md_line_start md_line_end">coporate finance 公司财务</span>
</p>
<h2 id="toc_5" class="h16">Protoflio Management</h2>
<p class="md_block">
<span class="md_line md_line_start md_line_end">protoflio 投资组合</span>
</p>
<h2 id="toc_6" class="h16">Equity</h2>
<p class="md_block">
<span class="md_line md_line_start md_line_end">equity 权益</span>
</p>
<h2 id="toc_7" class="h16">Fixed Income</h2><h2 id="toc_8" class="h16">Derivatives</h2>
<p class="md_block">
<span class="md_line md_line_start">Warrants 认股权证 / 权证 / 窝轮(港)<br /></span>
<span class="md_line">options 期权<br /></span>
<span class="md_line">indices 指数<br /></span>
<span class="md_line">Repurchase 回购 (repo)<br /></span>
<span class="md_line">exercise price 行权价 / 行使价<br /></span>
<span class="md_line">expiration date 到期时间<br /></span>
<span class="md_line">entitles 授权<br /></span>
<span class="md_line">underlying asset 标的资产<br /></span>
<span class="md_line">issue 发行<br /></span>
<span class="md_line">flexible 灵活的, 弹性的<br /></span>
<span class="md_line md_line_end">circulation 流通, 循环</span>
</p>
<h2 id="toc_9" class="h16">Alternative Investments</h2>
<p class="md_block">
<span class="md_line md_line_start">Alternative Investments 另类投资/备择投资<br /></span>
<span class="md_line md_line_end">determinate 准确的</span>
</p>
<hr>
<blockquote class="blockquote_lines_5">
<p class="md_block">
<span class="md_line md_line_start">Dear Cadidate<sup id="fnref1"><a href="#fn1" rel="footnote">1</a></sup>,<br /></span>
<span class="md_line">Thank you for registering for the CFA exam. This email confirms your registration and provides important information about accessing study materials, our testing policies, and contacting CFA Institute. Please read carefully and save this for future reference.<br /></span>
<span class="md_line">...<br /></span>
<span class="md_line">We are excited to have you in the CFA Program and wish you the best in your preparation!<br /></span>
<span class="md_line md_line_end">Best regards,
CFA Institute</span>
</p>
</blockquote>
<p class="md_block">
<span class="md_line md_line_start">从今天开始 CFA Program Registration , 接下来的时间好好准备.去成为CFA持证人, 頑張れ 2018 !<br /></span>
<span class="md_line md_line_dom_embed md_line_with_image md_line_end"><img class="md_compiled " src="/cfa/../media/reward-code.jpg" alt="" title="" ></span>
</p>
<div class="footnotes">
<hr>
<ol>
<li id="fn1">
<p class="md_block">
<span class="md_line md_line_start md_line_end">A registration conformation from CFA Institute.</span>
<a href="#fnref1" rev="footnote">↩</a></p>
</li>
</ol>
</div>
你应该知道的JAVA面试题
2017-08-25T11:27:00Z
coding/interview-java-questions
千橙工坊
<blockquote class="blockquote_lines_1">
<p class="md_block">
<span class="md_line md_line_start md_line_end">出自蚂蚁金服方腾飞在并发编程网上的面试题总结,结合了我工作中遇到的候选人的面试经验整理而来。</span>
</p>
</blockquote>
<p class="md_block">
<span class="md_line md_line_start md_line_end">经常面试一些候选人,整理了下我面试使用的题目,陆陆续续整理出来的题目很多,所以每次会抽一部分来问。答案会在后面的文章中逐渐发布出来。</span>
</p>
<h3 id="toc_0" class="h16">基础题目</h3>
<p class="md_block">
<span class="md_line md_line_start">1.Java线程的状态<br /></span>
<span class="md_line">2.进程和线程的区别,进程间如何通讯,线程间如何通讯<br /></span>
<span class="md_line">3.HashMap的数据结构是什么?如何实现的。和HashTable,ConcurrentHashMap的区别<br /></span>
<span class="md_line">4.Cookie和Session的区别<br /></span>
<span class="md_line">5.索引有什么用?如何建索引?<br /></span>
<span class="md_line">6.ArrayList是如何实现的,ArrayList和LinkedList的区别?ArrayList如何实现扩容。<br /></span>
<span class="md_line">7.equals方法实现<br /></span>
<span class="md_line">8.面向对象<br /></span>
<span class="md_line">9.线程状态,BLOCKED和WAITING有什么区别<br /></span>
<span class="md_line">10.JVM如何加载字节码文件<br /></span>
<span class="md_line">11.JVM GC,GC算法。<br /></span>
<span class="md_line">12.什么情况会出现Full GC,什么情况会出现yong GC。<br /></span>
<span class="md_line">13.JVM内存模型<br /></span>
<span class="md_line">14.Java运行时数据区<br /></span>
<span class="md_line">15.事务的实现原理<br /></span>
<span class="md_line">16.SQL查询效率优化<br /></span>
<span class="md_line md_line_end"> </span>
</p>
<h3 id="toc_1" class="h16">技术深度 </h3>
<p class="md_block">
<span class="md_line md_line_start">1.有没有看过JDK源码,看过的类实现原理是什么。<br /></span>
<span class="md_line">2.HTTP协议<br /></span>
<span class="md_line">3.TCP协议<br /></span>
<span class="md_line">4.一致性Hash算法<br /></span>
<span class="md_line">5.JVM如何加载字节码文件<br /></span>
<span class="md_line">6.类加载器如何卸载字节码<br /></span>
<span class="md_line">7.IO和NIO的区别,NIO优点<br /></span>
<span class="md_line">8.Java线程池的实现原理,keepAliveTime等参数的作用。<br /></span>
<span class="md_line">9.HTTP连接池实现原理<br /></span>
<span class="md_line">10.数据库连接池实现原理<br /></span>
<span class="md_line">11.数据库的实现原理<br /></span>
<span class="md_line md_line_end"> </span>
</p>
<h3 id="toc_2" class="h16">技术框架</h3>
<p class="md_block">
<span class="md_line md_line_start">1.看过哪些开源框架的源码<br /></span>
<span class="md_line">2.为什么要用Redis,Redis有哪些优缺点?Redis如何实现扩容?<br /></span>
<span class="md_line">3.Netty是如何使用线程池的,为什么这么使用<br /></span>
<span class="md_line">4.为什么要使用Spring,Spring的优缺点有哪些<br /></span>
<span class="md_line">5.Spring的IOC容器初始化流程<br /></span>
<span class="md_line">6.Spring的IOC容器实现原理,为什么可以通过byName和ByType找到Bean<br /></span>
<span class="md_line">7.Spring AOP实现原理<br /></span>
<span class="md_line">8.消息中间件是如何实现的,技术难点有哪些<br /></span>
<span class="md_line md_line_end"> </span>
</p>
<h3 id="toc_3" class="h16">系统架构</h3>
<p class="md_block">
<span class="md_line md_line_start">1.如何搭建一个高可用系统<br /></span>
<span class="md_line">2.哪些设计模式可以增加系统的可扩展性<br /></span>
<span class="md_line">3.介绍设计模式,如模板模式,命令模式,策略模式,适配器模式、桥接模式、装饰模式,观察者模式,状态模式,访问者模式。<br /></span>
<span class="md_line">4.抽象能力,怎么提高研发效率。<br /></span>
<span class="md_line">5.什么是高内聚低耦合,请举例子如何实现<br /></span>
<span class="md_line">6.什么情况用接口,什么情况用消息<br /></span>
<span class="md_line">7.如果AB两个系统互相依赖,如何解除依赖<br /></span>
<span class="md_line">8.如何写一篇设计文档,目录是什么<br /></span>
<span class="md_line">9.什么场景应该拆分系统,什么场景应该合并系统<br /></span>
<span class="md_line">10.系统和模块的区别,分别在什么场景下使用<br /></span>
<span class="md_line md_line_end"> </span>
</p>
<h3 id="toc_4" class="h16">分布式系统</h3>
<p class="md_block">
<span class="md_line md_line_start">1.分布式事务,两阶段提交。<br /></span>
<span class="md_line">2.如何实现分布式锁<br /></span>
<span class="md_line">3.如何实现分布式Session<br /></span>
<span class="md_line">4.如何保证消息的一致性<br /></span>
<span class="md_line">5.负载均衡<br /></span>
<span class="md_line">6.正向代理(客户端代理)和反向代理(服务器端代理)<br /></span>
<span class="md_line">7.CDN实现原理<br /></span>
<span class="md_line">8.怎么提升系统的QPS和吞吐量<br /></span>
<span class="md_line md_line_end"> </span>
</p>
<h3 id="toc_5" class="h16">实战能力</h3>
<p class="md_block">
<span class="md_line md_line_start">1.有没有处理过线上问题?出现内存泄露,CPU利用率标高,应用无响应时如何处理的。<br /></span>
<span class="md_line">2.开发中有没有遇到什么技术问题?如何解决的<br /></span>
<span class="md_line">3.如果有几十亿的白名单,每天白天需要高并发查询,晚上需要更新一次,如何设计这个功能。<br /></span>
<span class="md_line">4.新浪微博是如何实现把微博推给订阅者<br /></span>
<span class="md_line">5.Google是如何在一秒内把搜索结果返回给用户的。<br /></span>
<span class="md_line">6.12306网站的订票系统如何实现,如何保证不会票不被超卖。<br /></span>
<span class="md_line">7.如何实现一个秒杀系统,保证只有几位用户能买到某件商品。<br /></span>
<span class="md_line md_line_end"> </span>
</p>
<h3 id="toc_6" class="h16">软能力</h3>
<p class="md_block">
<span class="md_line md_line_start">1.如何学习一项新技术,比如如何学习Java的,重点学习什么<br /></span>
<span class="md_line">2.有关注哪些新的技术<br /></span>
<span class="md_line">3.工作任务非常多非常杂时如何处理<br /></span>
<span class="md_line">4.项目出现延迟如何处理<br /></span>
<span class="md_line">5.和同事的设计思路不一样怎么处理<br /></span>
<span class="md_line">6.如何保证开发质量<br /></span>
<span class="md_line">7.职业规划是什么?短期,长期目标是什么<br /></span>
<span class="md_line">8.团队的规划是什么<br /></span>
<span class="md_line md_line_end">9.能介绍下从工作到现在自己的成长在那里</span>
</p>
<h2 id="toc_7" class="h16">Reference</h2><p class="md_compiled md_paragraph_html"><a href="http://ifeve.com/java-interview-question/">http://ifeve.com/java-interview-question/</a></p>
使用curl命令发送较长的请求参数(突破请求长度限制)
2017-08-01T11:27:00Z
coding/breakthrough-curl-request-length-limit
千橙工坊
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="/coding/media/15016433390862.jpg" alt="" title="" ></span>
</p>
<h3 id="toc_0" class="h16">问题表现</h3>
<p class="md_block md_has_block_below md_has_block_below_blockquote">
<span class="md_line md_line_start md_line_end">在 dev/pre 上通过curl命令来模拟hsf_http请求时,遇到一个问题,请求发出之后直接报下面的错误:</span>
</p>
<blockquote class="blockquote_lines_1">
<p class="md_block">
<span class="md_line md_line_start md_line_end"> curl: (52) Empty reply from server</span>
</p>
</blockquote>
<p class="md_block md_has_block_below md_has_block_below_blockquote">
<span class="md_line md_line_start md_line_end">通过Google之后发现问题的本质是curl发送的请求报文超过1024以上字节时的HTTP/1.1特性,curl客户端直接放弃发起请求。</span>
</p>
<blockquote class="blockquote_lines_2">
<p class="md_block">
<span class="md_line md_line_start">HTTP/1.1 协议里设计 100 (Continue) HTTP 状态码的的目的是,在客户端发送 Request Message 之前,HTTP/1.1 协议允许客户端先判定服务器是否愿意接受客户端发来的消息主体(基于 Request Headers)。即, Client 和 Server 在 Post (较大)数据之前,允许双方“握手”,如果匹配上了,Client 才开始发送(较大)数据。<br /></span>
<span class="md_line md_line_end">这么做的原因是,如果客户端直接发送请求数据,但是服务器又将该请求拒绝的话,这种行为将带来很大的资源开销。</span>
</p>
</blockquote>
<p class="md_block">
<span class="md_line md_line_start">协议对 HTTP/1.1 clients 的要求:<br /></span>
<span class="md_line">如果 client 预期等待“<code>100-continue</code>”的应答,那么它发的请求必须包含一个 <code>Expect: 100-continue</code> 的头域!<br /></span>
<span class="md_line md_line_end"> </span>
</p>
<h3 id="toc_1" class="h16">解决方案</h3>
<ol>
<li class="md_li"><span>我们将参数存放到文本文件中
</span></li>
</ol>
<div class="codehilite code_lang_shell highlight"><pre><span></span><span class="c1"># 参数存放到文件中</span>
$ cat >aa.txt
</pre></div>
<!--block_code_end-->
<p class="md_block md_has_block_below md_has_block_below_ol">
<span class="md_line md_line_dom_embed md_line_with_image md_line_start md_line_end"><img class="md_compiled " src="/coding/media/15016431603307.jpg" alt="" title="" ></span>
</p>
<ol>
<li class="md_li"><span>发起Http请求(指定参数文件和header)
</span></li>
</ol>
<div class="codehilite code_lang_sh highlight"><pre><span></span>$ curl --header <span class="s1">'Expect:'</span> -d@aa.txt http://192.168.101.7:52433/com.xxx.api.LoanApplyService:1.0.0/loanApply
<span class="c1"># --header 'Expect:'会去掉curl对参数长度1024的限制</span>
<span class="c1"># -d@aa.txt 指定使用aa.txt中的内容作为参数</span>
</pre></div>
<!--block_code_end-->
<p class="md_block">
<span class="md_line md_line_dom_embed md_line_start"><strong>curl脚本格式化之后如下</strong><br /></span>
<span class="md_line md_line_dom_embed md_line_end"><pre class="embedcurl" width="100%">curl -X POST --header 'Expect:' -d@aa.txt http://192.168.101.7:52433/com.xxx.api.LoanApplyService:1.0.0/loanApply</pre></span>
</p>
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