{"id":9013,"date":"2015-05-21T19:12:01","date_gmt":"2015-05-22T03:12:01","guid":{"rendered":"http:\/\/www.horace.org\/blog\/?p=9013"},"modified":"2015-10-28T15:08:12","modified_gmt":"2015-10-28T23:08:12","slug":"flash-boys-michael-lewis","status":"publish","type":"post","link":"https:\/\/www.horace.org\/blog\/2015\/05\/21\/flash-boys-michael-lewis\/","title":{"rendered":"Flash Boys – Michael Lewis"},"content":{"rendered":"

\"\"<\/a><\/p>\n

\u6642\u9593\u503c\u5e7e\u591a\u9322\uff1f\u81ea\u4ee5\u70ba\u5927\u6642\u4ee3\u80a1\u795e\u4e0a\u8eab\u7684\u4eba\uff0c\u6703\u544a\u8a34\u4f60\u6bcf\u79d2\u9418\u5e7e\u767e\u842c\u4e0a\u843d\u3002\u4e0d\u904e\u4ee5\u79d2\u70ba\u8a08\u6642\u55ae\u4f4d\uff0c\u90a3\u662f\u4e0a\u4e16\u7d00\u904e\u6642\u7684\u80a1\u7968\u601d\u7dad\u3002\u5728\u73fe\u4eca\u96fb\u8166\u53d6\u4ee3\u4eba\u8166\u4ea4\u6613\u7684\u5e74\u4ee3\uff0c\u6642\u9593\u662f\u4ee5\u6beb\u79d2(\u5343\u4efd\u4e4b\u4e00\u79d2)\u4f86\u8a08\u7b97\u3002\u4e09\u6beb\u79d2\u503c\u591a\u5c11\u9322\uff1f\u4fdd\u5b88\u4f30\u8a08\u7d04\u4e8c\u5341\u81f3\u56db\u5341\u5104\u7f8e\u5143\uff0c\u90a3\u662f\u9ad8\u983b\u4ea4\u6613\u6bcf\u5e74\u7684\u6536\u5165\u7e3d\u548c\u3002\u6b63\u6240\u8b02\u300c\u80fd\u77e5\u534a\u65e5\u4e8b\uff0c\u5bcc\u8cb4\u842c\u5343\u5e74\u300d\uff0c\u82e5\u679c\u4f60\u80fd\u5920\u6bd4\u5e02\u5834\u65e9\u4e00\u9ede\u77e5\u9053\u80a1\u50f9\u4e0a\u843d\uff0c\u4f60\u4fbf\u80fd\u7a69\u505a\u53ea\u8cfa\u4e0d\u8ce0\u7684\u8cb7\u8ce3\u3002\u5c0d\u9ad8\u983b\u4ea4\u6613\u7684\u8d85\u7d1a\u96fb\u8166\u4f86\u8aaa\uff0c\u5e7e\u6beb\u79d2\u7684\u5148\u6a5f\u4fbf\u8db3\u5920\u4ed6\u5011\u6436\u5148\u4e00\u6b65\u5165\u8ca8\u548c\u51fa\u8ca8\uff0c\u622a\u64ca\u80a1\u7968\u8cb7\u8ce3\u96d9\u65b9\u7684\u4e9b\u5fae\u5dee\u50f9\uff0c\u5f9e\u4e2d\u8cfa\u53d6\u6bcf\u80a1\u96f6\u9ede\u5e7e\u4ed9\u7684\u8584\u5229\u3002\u6bcf\u80a1\u96f6\u9ede\u5e7e\u4ed9\u770b\u4f3c\u4e0d\u591a\uff0c\u4e0d\u904e\u6bcf\u65e5\u6709\u5e7e\u767e\u5104\u7684\u80a1\u7968\u4ea4\u6613\uff0c\u5c71\u5927\u780d\u57cb\u6709\u67f4\uff0c\u4f55\u6cc1\u9019\u662f\u4e00\u5ea7\u8d85\u5927\u5c71\uff0c\u7121\u77e5\u7684\u6295\u8cc7\u8005\u5728\u4e0d\u77e5\u4e0d\u89ba\u9593\uff0c\u88ab\u9019\u73ed\u7121\u672c\u751f\u5229\u7684\u4e2d\u9593\u4eba\u62bd\u6389\u5e7e\u5341\u5104\u3002<\/p>\n

\u9ad8\u983b\u4ea4\u6613\u7684\u4e16\u754c\u5341\u5206\u4f4e\u8abf\u795e\u79d8\uff0c\u8207\u50b3\u7d71\u83ef\u723e\u8857\u91d1\u878d\u4f6c\u7684\u81ea\u5927\u81ea\u8de8\u5f62\u50cf\u622a\u7136\u4e0d\u540c\uff0c\u90a3\u662f\u4e00\u500b\u5de5\u7a0b\u5e2b\uff0c\u7a0b\u5f0f\u54e1\uff0c\u6578\u5b78\u5bb6\u7684\u4e16\u754c\uff0c\u4e00\u500b\u9023\u83ef\u723e\u8857\u90fd\u4e0d\u660e\u767d\u7684\u4e16\u754c\u3002Michael Lewis\u53bb\u5e74\u7684\u65b0\u4f5cFlash Boy\uff0c\u6b63\u597d\u70ba\u6211\u5011\u6253\u958b\u4e00\u6247\u7a97\uff0c\u8b93\u6211\u5011\u95da\u63a2\u9ad8\u983b\u4ea4\u6613\u7684\u79d8\u5bc6\u3002\u4f5c\u8005\u76f8\u4fe1\u6211\u4e0d\u7528\u591a\u4f5c\u4ecb\u7d39\uff0c\u4ed6\u53ef\u662f\u7576\u4eca\u9996\u5c48\u4e00\u6307\u7684\u91d1\u878d\u8a18\u8005\uff0c\u4ed6\u7684\u820a\u4f5cLiar\u2019s Poker\uff0cThe Big Shot\u628a\u83ef\u723e\u8857\u7684\u904b\u4f5c\u5448\u73fe\u8b80\u8005\u773c\u524d\uff0c\u800c\u4ed6\u8b1b\u6367\u7403\u661f\u63a2\u7684Money Ball\u66f4\u88ab\u6539\u7bc7\u6210\u8377\u91cc\u6d3b\u96fb\u5f71\u3002\u4ed6\u6700\u64c5\u9577\u628a\u8271\u6df1\u8907\u96dc\u7684\u91d1\u878d\u77e5\u8b58\u5316\u7e41\u70ba\u7c21\uff0c\u4e00\u5c64\u5c64\u5730\u5f15\u9818\u8b80\u8005\u62bd\u7d72\u525d\u7e6d\u627e\u51fa\u7b54\u6848\u3002\u5728\u6253\u958b\u83ef\u723e\u8857\u7684\u795e\u79d8\u9762\u7d17\u7684\u540c\u6642\uff0c\u4ea6\u70ba\u8b80\u8005\u5a13\u5a13\u9053\u4f86\u4e00\u500b\u5982\u5075\u63a2\u5c0f\u8aaa\u822c\u7dca\u5f35\u523a\u6fc0\u7684\u6545\u4e8b\u3002\u9019\u6b21\u6545\u4e8b\u662f\u8b1b\u8ff0IEX\u8a95\u751f\u7684\u524d\u56e0\u5f8c\u679c\uff0c\u4e00\u9593\u5c08\u9580\u91dd\u5c0d\u9ad8\u983b\u4ea4\u6613\u904e\u6c34\u6fd5\u8173\u800c\u8a2d\u7684\u4ea4\u6613\u6240\uff0c\u8b93\u80a1\u7968\u5e02\u5834\u56de\u5fa9\u5176\u5e02\u5834\u878d\u8cc7\u529f\u80fd\uff0c\u800c\u4e0d\u662f\u6dea\u70ba\u4e00\u500b\u9b25\u8ab0\u7684\u5149\u7e96\u7db2\u7d61\u66f4\u5feb\u8ab0\u7684\u96fb\u8166\u66f4\u53b2\u5bb3\u7684\u91d1\u878d\u7af6\u6280\u5834\u3002<\/p>\n

\u5951\u5b50\u5f9e\u4e00\u689d\u96a7\u9053\u958b\u59cb\uff0c\u4e00\u7fa4\u5de5\u4eba\u5728\u8cd3\u6d32\u67d0\u5ea7\u5927\u5c71\u947d\u6d1e\u92ea\u5149\u7e96\uff0c\u800c\u7136\u6c92\u6709\u4e00\u500b\u5de5\u4eba\u77e5\u9053\uff0c\u4ed6\u5011\u70ba\u4ec0\u9ebc\u4e0d\u7e5e\u904e\u5927\u5c71\u6cbf\u8457\u6cb3\u9053\u92ea\u7dda\uff0c\u6368\u6613\u53d6\u96e3\u7121\u8b02\u5730\u589e\u52a0\u6210\u672c\u548c\u96e3\u5ea6\u3002\u5de5\u4eba\u5011\u6240\u4e0d\u77e5\u9053\u7684\u662f\uff0c\u9019\u689d\u5149\u7e96\u8d70\u662f\u7d10\u7d04\u80a1\u7968\u4ea4\u6613\u6240\u5230\u829d\u52a0\u54e5\u671f\u8ca8\u4ea4\u6613\u6240\u6700\u77ed\u7684\u76f4\u7dda\u8ddd\u96e2\uff0c\u50b3\u9001\u6642\u9593\u6bd4\u4e00\u822c\u96fb\u8a0a\u516c\u53f8\u6cbf\u9435\u8def\u5efa\u7684\u5149\u7e96\u7db2\u7d61\u5feb\u4e09\u4eb3\u79d2\u3002\u5728\u96fb\u8166\u64cd\u76e4\u4ea4\u6613\u7684\u4eca\u5929\uff0c\u4e09\u4eb3\u79d2\u7684\u6642\u5dee\u7b49\u540c\u672a\u535c\u5148\u77e5\u3002\u5229\u7528\u8cc7\u8a0a\u7684\u6642\u5dee\u7372\u5229\u7531\u4f86\u800c\u4e45\uff0c\u6700\u51fa\u540d\u53ef\u8aaa\u662f\u7576\u5e74\u62ff\u7834\u502b\u5728\u6ed1\u9435\u76e7\u6253\u6557\u4ed7\uff0cRothschild\u9280\u884c\u7684\u98db\u9d3f\u50b3\u66f8\u6bd4\u5225\u4eba\u66f4\u65e9\u6536\u5230\u6d88\u606f\uff0c\u8d81\u6a5f\u5dee\u6cbd\u7a7a\u6cd5\u570b\u50b5\u5238\u8cfa\u500b\u76e4\u6eff\u7835\u6eff\u3002<\/p>\n

\u6545\u4e8b\u7684\u4e3b\u89d2\u662fIEX\u7684CEO Brad Katsuyama\uff0c\u7576\u4ed6\u9084\u5728\u52a0\u62ff\u5927\u7687\u5bb6\u9280\u884c\u7576\u4ea4\u6613\u54e1\u6642\uff0c\u5bdf\u89ba\u5230\u80a1\u7968\u4ea4\u6536\u51fa\u73fe\u7570\u5e38\uff0c\u8cb7\u8ce3\u5831\u50f9\u4e0d\u6642\u51fa\u73fe\u6975\u5fae\u5c11\u7684\u8aa4\u5831\uff0c\u65bc\u662f\u4ed6\u5c55\u958b\u6df1\u5165\u8abf\u67e5\uff0c\u8a93\u8981\u627e\u51fa\u5e02\u5834\u7570\u5e38\u7684\u5143\u5147\u3002\u9019\u672c\u66f8\u7684\u524d\u534a\u90e8\uff0c\u8b80\u8005\u5728\u4f5c\u8005\u7684\u7b46\u5e36\u9818\u4e0b \u4f34\u8457\u4e3b\u89d2\u5728\u80a1\u7968\u4ea4\u6613\u5e02\u5834\u505a\u8cb7\u8ce3\u5be6\u9a57\uff0c\u5b78\u7fd2\u80a1\u7968\u5e02\u5834\u80cc\u5f8c\u7684\u904b\u4f5c\uff0c\u5404\u4ea4\u6613\u6240\u56e0\u5730\u7406\u4f4d\u7f6e\u800c\u51fa\u73fe\u8cc7\u8a0a\u6642\u5dee\uff0c\u6162\u6162\u63a8\u7406\u51fa\u5147\u624b\u4fbf\u662f\u9ad8\u983b\u4ea4\u6613\u3002\u5728\u627e\u51fa\u5143\u5147\u5f8c\uff0c\u4ed6\u5011\u66f4\u958b\u767c\u51fa\u4e00\u5957\u61c9\u5c0d\u7684\u4ea4\u6613\u8edf\u4ef6\uff0c\u5728\u50b3\u9001\u4e2d\u52a0\u5165\u4e0d\u540c\u6642\u5dee\uff0c\u4f7f\u843d\u55ae\u540c\u6642\u62b5\u9054\u6240\u6709\u4ea4\u6613\u6240\uff0c\u8b93\u9ad8\u983b\u4ea4\u6613\u7121\u5f9e\u4e0b\u624b\u62bd\u6c34\u3002\u6b63\u5982\u6240\u6709\u5192\u96aa\u5c0f\u8aaa\u4e2d\u6bb5\u4e00\u6a23\uff0c\u7576\u4e3b\u89d2\u548c\u4ed6\u7684\u4f19\u4f34\u4ee5\u70ba\u6253\u5012\u58de\u4eba\u800c\u9ad8\u8208\u6642\uff0c\u4ed6\u5011\u624d\u767c\u73fe\u5012\u4e0b\u7684\u4e0d\u904e\u662f\u560d\u56c9\uff0c\u9084\u6709\u66f4\u53b2\u5bb3\u7684\u5927\u4f6c\u8eb2\u5728\u5e55\u5f8c\uff0c\u4ee3\u8868\u6574\u500b\u7f8e\u570b\u91d1\u878d\u7cfb\u7d71\u7684\u4ea4\u6613\u6240\u548c\u6295\u8cc7\u9280\u884c\u3002\u7576\u4ed6\u5011\u767c\u73fe\u6574\u500b\u91d1\u878d\u7cfb\u7d71\u7684\u73a9\u5bb6\u806f\u624b\u6709\u7cfb\u7d71\u5730\u525d\u524a\u6240\u6709\u6295\u8cc7\u8005\uff0c\u4ed6\u5011\u6c7a\u5b9a\u8981\u6253\u4e00\u5834\u5e79\u6539\u9769\u9019\u8150\u6557\u91d1\u878d\u5236\u5ea6\u7684\u786c\u4ed7\u3002\u56e0\u70ba\u7bc7\u5e45\u6240\u9650\uff0c\u6b32\u77e5\u7d50\u5c40\u5982\u4f55\uff0c\u8acb\u81ea\u884c\u770b\u66f8\u3002\u4e0d\u904e\u6211\u4e0d\u4fdd\u8b49\u4f60\u770b\u5b8c\u66f8\u5f8c\uff0c\u5c0d\u91d1\u878d\u7cfb\u7d71\u9084\u5269\u4e0b\u591a\u5c11\u4fe1\u5fc3\u3002<\/p>\n

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\u9999\u6e2f\u4eba\u5f88\u5c11\u807d\u904e\u9ad8\u983b\u4ea4\u6613\uff0c\u56e0\u70ba\u5728\u9999\u6e2f\u8ce3\u8cb7\u80a1\u7968\u8981\u4ea4\u5370\u82b1\u7a05\uff0c\u800c\u9ad8\u983b\u4ea4\u6613\u8cfa\u90a3\u4e9b\u7684\u5fae\u5dee\u50f9\u9023\u4ea4\u7a05\u4e5f\u4e0d\u5920\uff0c\u6c92\u6709\u751f\u5b58\u7a7a\u9593\u3002\u4e0d\u904e\u7f8e\u570b\u80a1\u5e02\u662f\u4e16\u754c\u91d1\u878d\u4e2d\u5fc3\uff0c\u4efb\u4f55\u98a8\u5439\u8349\u52d5\u90fd\u6703\u5f71\u97ff\u5168\u7403\u80a1\u5e02\uff0c\u9999\u6e2f\u80a1\u5e02\u81ea\u4e0d\u80fd\u5e78\u514d\u3002\u9ad8\u983b\u4ea4\u6613\u5e36\u4f86\u4e0d\u6b63\u5e38\u50f9\u683c\u6ce2\u52d5\uff0c\u56e0\u6280\u8853\u6545\u969c\u800c\u51fa\u73fe\u7684flash crash\uff0c\u4f5c\u8005\u9810\u8a00\u4e0d\u4e8b\u751f\u7522\u7684\u9ad8\u983b\u4ea4\u6613\u6ce1\u6cab\uff0c\u53ef\u80fd\u6703\u662f\u5f15\u7206\u4e0b\u4e00\u500b\u91d1\u878d\u98a8\u66b4\u7684\u9ede\u706b\u5668\u3002\u4e0d\u8ad6IEX\u80fd\u5426\u5728\u98a8\u66b4\u5439\u4f86\u524d\u6539\u9769\u80a1\u5e02\u62ef\u6551\u91d1\u878d\u696d\uff0c\u6295\u8cc7\u8005\u90fd\u61c9\u8a72\u8981\u5c0d\u9019\u672c\u66f8\u7684\u5167\u5bb9\u6709\u6240\u8a8d\u8b58\uff0c\u65b9\u80fd\u4f5c\u51fa\u4fdd\u969c\u81ea\u5df2\u7684\u6295\u8cc7\u9078\u64c7\u3002\u53ea\u4e0d\u904e\u5c0d\u4e2d\u4e86\u51a7\u628a\u964d\u81ea\u5c01\u80a1\u795e\u7684\u963f\u5a46\u963f\u53d4\uff0c\u8b1b\u592a\u5e73\u6d0b\u5f7c\u5cb8\u7684\u91d1\u878d\u50f9\u683c\u7406\u8ad6\uff0c\u4ed6\u5011\u6703\u807d\u5f97\u5165\u8033\u55ce\uff1f<\/p>\n","protected":false},"excerpt":{"rendered":"

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Boys - Michael Lewis - \u54f2\u5b50\u6232 Philosophist\u2019s Camp<\/title>\n<meta name=\"description\" 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Livermore\uff0c\u4ed6\u7684\u6295\u8cc7\u5fc3\u6cd5\u66f4\u88ab\u5949\u70ba\u91d1\u79d1\u7389\u5f8b\u3002\u80a1\u795e\u662f\u904e\u767e\u5e74\u524d\u7684\u50b3\u5947\u4eba\u7269\uff0c\u53ea\u6191\u7092\u8ce3\u80a1\u7968\u671f\u8ca8\u6210\u70ba\u7f8e\u570b\u9996\u5bcc\u4e4b\u4e00\uff0c\u8eab\u5bb6\u8d85\u904e\u4e00\u5104\u7f8e\u5143\u3002\u9019\u672c\u300a\u80a1\u795e\u56de\u61b6\u9304\u300b1923\u5e74\u51fa\u7248\uff0c\u8a18\u9304\u4ed6\u4e0a\u4e16\u7d00\u4e8c\u5341\u5e74\u4ee3\u7684\u767c\u8de1\u53f2\uff0c\u4ea6\u662f\u4ed6\u6700\u7147\u714c\u7684\u6295\u8cc7\u751f\u6daf\u9ad8\u5cf0\u3002\u5e02\u5834\u5e95\u4e0b\u7121\u65b0\u9bae\u4e8b\uff0c\u4e00\u767e\u5e74\u524d\u7684\u667a\u6167\u4eca\u5929\u4f9d\u7136\u9069\u7528\uff0c\u64da\u8aaa\u83ef\u723e\u8857\u4eba\u624b\u4e00\u672c\u7684\u6307\u5b9a\u8ab2\u672c\u3002\u8af7\u523a\u662f\u4e00\u4ee3\u80a1\u795e\u7684\u4e0b\u5834\uff0c\u7adf\u7136\u662f\u5728\u4e09\u5341\u5e74\u4ee3\u5927\u856d\u689d\u6642\uff0c\u7092\u8f38\u80a1\u7968\u7834\u7522\u81ea\u6bba\u6536\u5834\u3002\u9019\u672c\u66f8\u6700\u5f8c\u4e00\u7ae0\uff0c\u80a1\u795e\u4ea6\u52f8\u8aa1\u8b80\u8005\uff0c\u6c92\u6709\u4eba\u53ef\u4ee5\u6c38\u9060\u8dd1\u8d0f\u5927\u5e02\uff0c\u6295\u8cc7\u80a1\u5e02\u7684\u4eba\u4e00\u534a\u640d\u624b\u96e2\u5834\u3002 \u9019\u672c\u66f8\u4e26\u4e0d\u662f\u7092\u8ce3\u80a1\u7968\u7684\u6559\u5b78\u624b\u518a\uff0c\u80a1\u795e\u7684\u5e74\u4ee3\u9084\u672a\u767c\u660e\u4eca\u5929\u5e38\u7528\u7684\u5716\u8868\u6280\u8853\u5206\u6790\uff0c\u4ed6\u81e8\u7d42\u6642\u5beb\u4e86\u4e00\u672c\u300aHow to Trade in 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\u80a1\u795e\u6700\u521d\u662f\u5728\u7d93\u7d00\u884c\u7684\u5831\u50f9\u54e1\uff0c\u6bcf\u5929\u770b\u8457\u50f9\u683c\u4e0a\u843d\uff0c\u81ea\u884c\u7814\u767c\u51fa\u4e00\u5957\u6280\u8853\u5206\u6790\u7cfb\u7d71\uff0c\u5728\u5916\u570d\u8ced\u5834bucket shop\u8cfa\u5230\u7b2c\u4e00\u6876\u91d1\u5f8c\uff0c\u8f49\u6230\u7d10\u7d04\u4ea4\u6613\u6240\u6b63\u5f0f\u8ce3\u8cb7\u80a1\u7968\uff0c\u5927\u8d77\u5927\u8dcc\u66fe\u7834\u7522\u516d\u6b21\u3002\u80a1\u795e\u8cb7\u8ce3\u6cbd\u7a7a\u505a\u5e02\u6210\u4ea4\u91cf\u6703\u5927\u5f97\u5e36\u52d5\u80a1\u50f9\uff0c\u6240\u4ee5\u4ed6\u624d\u9700\u8981\u6709\u7d30\u6ce8\u78bc\u8a66\u6c34\u6eab\uff0c\u65b9\u5411\u5c0d\u7136\u5f8c\u518d\u52a0\u6ce8\u7684\u7b56\u7565\uff0c\u8cb7\u8ce3\u7684\u6642\u6a5f\u8981\u8003\u616e\u5e02\u5834\u7684\u627f\u6258\u529b\u3002\u6211\u5011\u6563\u6236\u7092\u80a1\u7968\u53ea\u662f\u5927\u6d77\u4e2d\u7684\u4e00\u6ef4\u6c34\uff0c\u5c0d\u80a1\u50f9\u5b8c\u5168\u6c92\u6709\u4efb\u4f55\u5f71\u97ff\uff0cday trade\u6216swing trade\u5927\u6168\u548c\u80a1\u795e\u5c11\u5e74\u6642\u5728bucket shop\u8ced\u5347\u8dcc\u5dee\u4e0d\u591a\u3002 \u4e00\u767e\u5e74\u524d\u7684\u80a1\u5e02\u548c\u4eca\u5929\u5f88\u4e0d\u540c\uff0c\u82e5\u679c\u628a\u9019\u672c\u66f8\u7576\u91d1\u878d\u6b77\u53f2\u770b\u53cd\u800c\u66f4\u6709\u8da3\u5473\u6027\u3002\u80a1\u795e\u5e74\u4ee3\u9084\u672a\u6709perfect market theory\uff0cSEC\u9084\u672a\u6210\u7acb\u5167\u5e55\u6d88\u606f\u6eff\u5929\u98db\uff0c\u672a\u6709high frequency trading\u6709\u5f88\u591a\u6a5f\u6703\u8cfa\u53d6\u50f9\u683c\u5206\u6b67\uff0c\u66f4\u52a0\u672a\u6709\u9577\u63f8ETF\u7684\u88ab\u52d5\u6295\u8cc7\u6cd5\u3002\u90a3\u500b\u5e74\u4ee3\u53ea\u6709\u6295\u6a5f\u8005\u624d\u73a9\u80a1\u7968\uff0c\u4e00\u822c\u4eba\u5132\u84c4\u662f\u8cfc\u8cb7\u50b5\u5238\u5b89\u5b89\u7a69\u7a69\u6536\u5229\u606f\u3002\u73fe\u4eca\u4f4e\u606f\u5e74\u4ee3\u628a\u6240\u6709\u4eba\u90fd\u63a8\u5411\u80a1\u5e02\uff0c\u57fa\u672c\u4e0a\u6240\u6709\u4eba\u7684\u9000\u4f11\u91d1\uff0c\u6709\u4e00\u534a\u4ee5\u4e0a\u9593\u63a5\u76f4\u63a5\u5728\u80a1\u5e02\u88cf\uff0c\u4e0d\u8ad6\u559c\u6b61\u8207\u5426\u90fd\u8981\u9f4a\u9f4a\u53c3\u52a0\u80a1\u5e02\u904a\u6232\u3002 \u9019\u672c\u66f8\u4e0d\u80a1\u5e02\u5fc5\u8d0f\u7684\u79d8\u6280\uff0c\u6211\u8b80\u5b8c\u7684\u6700\u5927\u5f97\u8457\uff0c\u53cd\u800c\u662f\u8f38\u9322\u6642\u7684\u5fc3\u614b\u3002\u8cb7\u4e86\u80a1\u7968\u8dcc\u5343\u842c\u4e0d\u8981\u6e9d\u8ca8\uff0c\u6b62\u8755\u96e2\u5834\u7b49\u5019\u80a1\u7968\u8f49\u52e2\u624d\u91cd\u65b0\u5165\u8ca8\u3002\u6bcf\u4e00\u523b\u90fd\u662f\u4e00\u500b\u65b0\u7684\u7368\u7acb\u6295\u8cc7\u6c7a\u5b9a\uff0c\u4e0d\u8981\u88ab\u4f60\u624b\u4e0a\u64c1\u6709\u6216\u4ee5\u524d\u8cb7\u904e\u7684\u80a1\u7968\uff0c\u5f71\u97ff\u4f60\u7684\u6295\u8cc7\u6c7a\u5b9a\uff0c\u4f60\u53ea\u9700\u8981\u8003\u616e\u672a\u4f86\u7684\u5347\u8dcc\u3002\u4e0d\u8981\u60f3\u5728\u80a1\u5e02\u4e2d\u8cfa\u9322\uff0c\u82e5\u679c\u4f60\u628a\u8cb7\u8ce3\u80a1\u7968\u7684\u9322\u7576\u662f\u9322\uff0c\u5c31\u6703\u5fc3\u6025\u6253\u4e82\u4f60\u7684\u6295\u8cc7\u6b65\u4f10\u3002\u9019\u672c\u66f8\u4e0d\u80fd\u4ee4\u8cb7\u5230\u5fc5\u8cfa\u7684\u80a1\u7968\uff0c\u4f46\u82e5\u679c\u4f60\u597d\u5f69\u8cb7\u4e2d\u80a1\u7968\u5347\u7684\u8a71\uff0c\u9019\u672c\u66f8\u6703\u8b93\u4f60\u8cfa\u5f97\u66f4\u591a\uff0c\u5728\u4e0d\u5e78\u8cb7\u932f\u80a1\u7968\u8dcc\u6642\uff0c\u9019\u672c\u66f8\u5247\u8b93\u4f60\u8f38\u5f97\u5c11\u4e9b\u9322\u3002","rel":"","context":"In "\u6295\u8cc7\u8ced\u535a"","block_context":{"text":"\u6295\u8cc7\u8ced\u535a","link":"https:\/\/www.horace.org\/blog\/category\/_market\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/10\/71EDugNUU-L.jpg?fit=887%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/10\/71EDugNUU-L.jpg?fit=887%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/10\/71EDugNUU-L.jpg?fit=887%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/10\/71EDugNUU-L.jpg?fit=887%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":7879,"url":"https:\/\/www.horace.org\/blog\/2014\/01\/06\/the-big-shot-michael-lewis-%e5%a4%a7%e8%b3%a3%e7%a9%ba\/","url_meta":{"origin":9013,"position":3},"title":"The Big Shot – Michael Lewis \u5927\u8ce3\u7a7a","author":"hevangel","date":"January 6, 2014","format":false,"excerpt":"\u96f6\u516b\u5e74\u91d1\u878d\u6d77\u562f\uff0c\u6b21\u6309\u5371\u6a5f\uff0cBear Stearns\u5012\u9589\uff0c\u96f7\u66fc\u5144\u5f1f\u7206\u7172\uff0c\u4ee4\u5f88\u591a\u4eba\u50be\u5bb6\u8569\u7522\u3002\u4f46\u5728\u90a3\u500b\u5927\u6642\u4ee3\u4e2d\uff0c\u6709\u4e00\u4e9b\u4eba\u537b\u7368\u5177\u6167\u773c\uff0c\u5728\u4e82\u4e16\u4e2d\u8cfa\u904e\u76c6\u6eff\u9262\u6eff\u3002\u4ed6\u5011\u4e0d\u662f\u91d1\u878d\u5927\u9c77\uff0c\u53ea\u662f\u9810\u65e9\u770b\u7a7f\u4e86\u5e02\u5834\u8b0a\u8a00\u7684\u5c0f\u4eba\u7269\uff0c\u7576\u83ef\u723e\u8857\u9084\u6c89\u9189\u5728\u53ea\u5347\u4e0d\u8dcc\u7684\u6ce1\u6cac\u4e2d\uff0c\u4ed6\u5011\u4fbf\u5df2\u505a\u597d\u6e96\u5099\u8fce\u63a5\u97f3\u6a02\u505c\u6b62\u6642\uff0c\u770b\u8ab0\u9084\u5728\u8dd1\u5708\u6c92\u4f4d\u5b50\u5750\uff0c\u9019\u672c\u300c\u5927\u8ce3\u7a7a\u300d\u4fbf\u662f\u8a18\u9304\u95dc\u65bc\u4ed6\u5011\u7684\u6545\u4e8b\u3002\u4f5c\u8005Michael Lewis\u6700\u64c5\u9577\u628a\u6c89\u60b6\u7684\u8cc7\u6599\uff0c\u8f49\u5316\u70ba\u5f15\u4eba\u5165\u52dd\u8b80\u4f86\u7684\u7cbe\u5f69\u6545\u4e8b\u3002\u800c\u4ed6\u5927\u6168\u662f\u6700\u6709\u8cc7\u683c\u5beb\u91d1\u878d\u6d77\u562f\u7684\u8a18\u8005\uff0c\u4ed6\u7684\u6210\u540d\u4f5cLiars Poker\u4fbf\u662f\u8b1b\u8ff0\u7576\u5e74\u4ed6\u5728\u83ef\u723e\u8857\u7684\u6240\u898b\u6240\u805e\uff0c\u66f8\u4e2d\u63cf\u8ff0\u7684\u6240\u7f85\u9580\u5144\u5f1f\u7684\u50b5\u5238\u696d\u52d9\uff0c\u6b63\u6b63\u5c31\u662f\u8655\u65bc\u6d77\u562f\u98a8\u66b4\u6b63\u4e2d\u5fc3\u8ff7\u4f60\u50b5\u5238\u7684\u59cb\u7956\u3002 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