速寫 Day22

來源：ASK

今天打了疫苗。
三劑人士。
話說學校比司多也沒開了。
乾，高機率員工確診。
學餐已經夠膩了
現在比司多沒了
我現在真的是不知道要吃甚麼嗚嗚。

commingled ─ 混和的
sovereign debt ─ 公債 (主權的債)
fund’s Net Asset Value (NAV)\(=\dfrac{\sum {(Asset-Liability)}}{{shares}\quad {outstanding}}\)
front-end load: upon initial investment.
back-end load: when investor sells an investment in the fund.

1. close-end mutual fund’s # shares remains static.
1. open-end fund share can only be bought or sold at specific times (and can only be bought or sold using a market order), while close-end can be bought or sold at any time.
1. open-end fund always transact at the next available NAV, while close-end can transact at a price other than NAV.
Exchange-traded funds (ETFs): enable instant diversification like an open-end fund, but they are exchanged-traded as a closed-end fund (typically trade at their NAV).

Late trading
Market timing
Front running
Directed brokerage (經濟): involves a quid pro quo (交換條件) whereby a mutual fund will direct trades to a broker in exchange for the broker investing its clients in the mutual fund. (not illegal)

Since hedge funds are not required to redeem shares any time an investor requests, they have lockup periods.
Lockup period is a certain amount of time in which the investor is not able to withdraw his funds.
fee structure: 2 plus 20%, which means flat 2% of all assets + additional 20% of all profits above a specified benchmark. (the additional is so-called incentive fee.)
incentive fee = \( 0.2\times \max{(R\times A-0.02\times A,0)}\)
Safeguards (for investors) :
1. hurdle (柵欄) rate. (like a benchmark)
1. high-water mark clause(條款): previous losses must be recouped (補償) and hurdle rate surpassed.
1. clawback (奪回) clause: enables investors to retain a portion of previously paid incentive fees in an escrow (第三方託管) account. (to offset subsequent losses)

Long/Short Equity: find mispriced securities.
Dedicated short: find a company is overvalued and then short sell.
Distressed Debt: search for those junk bonds.
Merger Arbitrage: find arbitrage opportunities after mergers are announced.
Convertible Arbitrage: develop model to estimate convertible bonds.
Fixed-Income Arbitrage: exploit perceived mispricing long positions in underpriced bonds, vice versa.
Emerging Market: investments in developing countries.
Global Macro: profit from a macroeconomic trend that they feel is in disequilibrium.
Managed Futures: try to predict future movements in commodity prices and invest according to those predictions.

There’s no standardization for forward contracts, which are traded in the OTC.
Futures contracts are more formalized, which are traded on an exchange.

我會繼續努力的。