{"id":7667,"date":"2007-04-28T03:20:11","date_gmt":"2007-04-27T19:20:11","guid":{"rendered":"http:\/\/www.dadicdk.com\/2007\/04\/28\/%e4%ba%ba%e7%89%a9-108\/"},"modified":"2007-04-28T03:20:11","modified_gmt":"2007-04-27T19:20:11","slug":"%e4%ba%ba%e7%89%a9-108","status":"publish","type":"post","link":"http:\/\/www.dadicdk.com\/?p=7667","title":{"rendered":"\u7c9f\u8000\u83b9&#8226;\u52a0\u5dde\u7406\u5de5-\u9ad8\u76db\u94f6\u884c5"},"content":{"rendered":"<p><DIV align=left><B>[14] <\/B><B>\u9ea6\u80af\u9521<\/B><B>McKinsey &amp; Co.<\/B><B>\u68a6\u788e\u8fdb\u519b\u534e\u5c14\u8857<\/B><BR><BR><BR>\u3000\u3000\u5f53\u9ea6\u80af\u9521\u6ca1\u6709\u5f55\u53d6\u6211\u4e4b\u540e\uff0c\u6211\u624d\u5f00\u59cb\u6ce8\u610f\u5230\u534e\u5c14\u8857\u7684\u6821\u56ed\u5f81\u624d\u3002\u90a3\u65f6\u867d\u7136\u542c\u8bf4\u9ad8\u76db\u516c\u53f8Goldman Sachs &amp; Co.\u662f\u534e\u5c14\u8857\u7684\u8001\u5927\uff0c\u53ef\u60dc\u5df2\u7ecf\u9519\u8fc7\u9ad8\u76db\u516c\u53f8\u5728\u52a0\u5dde\u7406\u5de5\u8fdb\u884c\u7684\u7b2c\u4e00\u8f6e\u9762\u8bd5\u3002\u867d\u7136\u9519\u8fc7\u4e86\u9ad8\u76db\u516c\u53f8\uff0c\u4f46\u5e78\u597d\u8fd8\u8d76\u4e0a\u4e86\u6295\u8d44\u94f6\u884cSalomon\uff0c\u548c\u907f\u9669\u57fa\u91d1\u5982Long Term Capital Management (LTCM)\uff0c\u548cD. E. Shaw\u7b49\uff0c\u5728\u52a0\u5dde\u7406\u5de5\u8fdb\u884c\u7684\u7b2c\u4e00\u8f6e\u9762\u8bd5\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u90a3\u65f6\u5eb7\u5948\u5c14\u5b66\u201c\u8d85\u5f26\u8bba\u201d (Super-String Theory) \u7684\u949f\u5a01\u5df2\u7ecf\u5f03\u7269\u7406\u8f6c\u534e\u5c14\u8857\u4e86\uff0c\u5728Morgan Stanley \u66ff\u4eba\u5bb6\u4f5c\u91d1\u878d\u5de5\u7a0b\u53ca\u6a21\u578b (Financial Engineering and Modeling)\u3002\u6211\u6253\u7535\u8bdd\u5411\u4ed6\u8bf7\u6559\uff0c\u4ed6\u8bf4\uff0c\u7406\u5de5\u79d1\u7684\u535a\u58eb\u53bb\u534e\u5c14\u8857\u8981\u5f88\u5c0f\u5fc3\uff0c\u5728\u9762\u8c08\u65f6\u8981\u6ce8\u610f\u662f\u9762\u8c08\u91d1\u878d\u8d22\u52a1\u65b9\u9762\u7684\u5de5\u4f5c (financial engineering)\uff0c\u50cf\u4ed6\u4e00\u6837\uff0c\u6216\u8005\u53ea\u662f\u63d0\u522b\u4eba\u5199\u8ba1\u7b97\u673a\u7a0b\u5e8f (computer programmer)\u3002\u5982\u679c\u53ea\u662f\u63d0\u4eba\u5199\u8ba1\u7b97\u673a\u7a0b\u5e8f\uff0c\u4f60\u53ef\u80fd\u4e00\u8f88\u5b50\u90fd\u7ffb\u4e0d\u4e86\u8eab\u3002<BR>\u3000\u3000 <BR>\u3000\u3000Salomon\u662f\u5176\u5206\u6790\u80fd\u529b\u6700\u6709\u540d\u7684Yield Book\u90e8\u95e8\u5728\u62db\u4eba\u3002Yield Book\u662fSalomon\u5bf9\u6240\u6709\u5e02\u573a\u53c2\u4e0e\u8005\u63d0\u4f9b\u7684\u91d1\u878d\u8f6f\u4ef6\uff0c\u4e0a\u9762\u6709\u534e\u5c14\u8857\u5e38\u7528\u7684\u6240\u6709\u91d1\u878d\u6a21\u578b\uff0c\u8ba9\u4f7f\u7528\u8005\u90fd\u80fd\u4f5c\u4ea7\u54c1\u5b9a\u4ef7\u53ca\u98ce\u9669\u7ba1\u7406\u3002<BR>\u3000\u3000 <BR>\u3000\u3000Salomon\u5728\u6240\u6709\u52a0\u5dde\u7406\u5de5\u7b2c\u4e00\u8f6e\u9762\u8bd5\u8003\u4e86\u4e00\u5927\u5806\u6570\u5b66\u95ee\u9898\uff0c\u53ea\u9009\u4e86\u4e09\u4e2a\u4eba\u975e\u5230San Francisco\u505a\u7b2c\u4e8c\u8f6e\u9762\u8bd5\u3002\u6211\u4e00\u5230San Francisco\u624d\u53d1\u73b0\u6240\u6709\u897f\u5cb8\u6709\u540d\u7684\u5b66\u6821\u5982Stanford\uff0cBerkeley\u7b2c\u4e00\u8f6e\u901a\u8fc7\u7684\u4eba\uff0c\u90fd\u5728\u4e00\u8d77\u3002\u8fd9\u65f6\u5019Salomon\u6bd4\u8f83\u8d44\u6df1\u7684\u957f\u5b98\u90fd\u51fa\u73b0\u4e86\uff0c\u6280\u672f\u4e0a\u7684\u95ee\u9898\u95ee\u5f97\u5c11\uff0c\u4f46\u91cd\u89c6\u4f60\u5bf9Salomon\u7684\u4e86\u89e3\uff0c\u548c\u4f60\u662f\u5426\u6709\u5176\u5b83\u5730\u65b9\u7684\u9762\u8bd5\u3002\u6211\u90a3\u65f6\u4e3a\u4e86Salomon\u7684\u9762\u8bd5\uff0c\u7279\u522b\u4e70\u4e86\u4e00\u672c\u201cLiar\u2019s Poker\u201d \u6765\u770b\u3002\u540c\u65f6\u6211\u4e5f\u88ab\u534e\u5c14\u8857\u5f53\u65f6\u6700\u6709\u540d\u7684\u4e24\u5bb6LTCM\u548cD. E. Shaw\u907f\u9669\u57fa\u91d1\u8bf7\u53bbGreenwich \u548cNew York \u505a\u7b2c\u4e8c\u8f6e\u7684\u9762\u8bd5\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u534e\u5c14\u8857\u662f\u7279\u522b\u8bb2\u7a76\u5e02\u573a\u6548\u7387\u7684\u5730\u65b9\uff0c\u4ed6\u4eec\u7279\u522b\u559c\u6b22\u4e92\u76f8\u62a2\u3002\u4ed6\u4eec\u770b\u4e0a\u7684\u901a\u5e38\u662f\u6700\u597d\u7684\uff0c\u4e5f\u4ee5\u6bd4\u8c01\u62a2\u5230\u6700\u597d\u7684\u8d27\u8272\u4e3a\u50b2\u3002Salomon\u4e00\u542c\u6211\u548c LTCM \u548c D. E. Shaw \u90fd\u4f1a\u5728\u4e1c\u5cb8\u8fdb\u884c\u516c\u53f8\u5185\u9762\u8bd5\uff0c\u4e8c\u8bdd\u4e0d\u8bf4\uff0c\u4e5f\u53eb\u6211\u53bb New York \u603b\u90e8\u9762\u8bd5\u3002\u6211\u53bb\u4e86New York\u4e4b\u540e\uff0c\u624d\u77e5\u9053\u6211\u5df2\u51fb\u8d25Stanford\uff0cBerkeley\u7684\u535a\u58eb\u4eec\uff0c\u662f\u897f\u5cb8\u7684\u4ee3\u8868\u3002 <BR><BR>\u3000\u3000Salomon\u8fd9\u4efd\u5de5\u4f5c\u4e0d\u662f\u597d\u62ff\u7684\uff0c\u56e0\u4e3a\u8fd9\u4e2a\u5de5\u4f5c\u4e0d\u5199\u8ba1\u7b97\u673a\u7a0b\u5e8f\uff0c\u800c\u662f\u4e3aYield Book Group\u4f5c\u91d1\u878d\u6a21\u578b\uff0c\u5c24\u5176\u662f Term Structure \u548c Prepayment Modeling\u3002\u534e\u5c14\u8857\u5728\u4ea4\u6613\u65b9\u9762\u5bf9\u91d1\u878d\u6a21\u578b\u975e\u5e38\u6ce8\u91cd\uff0c\u56e0\u4e3a\u5982\u679c\u4f60\u7684\u6a21\u578b\u9519\u4e86\uff0c\u4f60\u5c31\u56de\u7528\u9ad8\u4ef7\u4e70\u8fdb\u4f4e\u4ef7\u8d27\uff0c\u6216\u7528\u8d31\u4ef7\u51fa\u552e\u9ad8\u4ef7\u8d27\uff0c\u8ba9\u522b\u4eba\u8d5a\u94b1\uff0c\u4f60\u5c31\u8981\u5173\u95e8\u4e86\u3002\u7406\u5de5\u79d1\u7684\u535a\u58eb\u751f\u5982\u679c\u60f3\u8fdb\u534e\u5c14\u8857\u7ffb\u8eab\u4f5c\u91d1\u878d\uff0c\u8fd9\u662f\u4e00\u4e2a\u5f88\u597d\u7684\u8df3\u677f\uff0c\u602a\u4e0d\u5f97\u6324\u7834\u5934\u3002\u5f88\u5e78\u8fd0\u7684\uff0c\u51b3\u5b9a\u8fd9\u4efd\u5de5\u4f5c\u7684\u4eba\u662f\u4e9a\u6d32\u4eba\uff0c\u4e5f\u559c\u6b22\u6211\uff0c\u5728\u6240\u6709\u4eba\u90fd\u52bf\u5747\u529b\u654c\u7684\u60c5\u51b5\u4e0b\uff0c\u628a\u552f\u4e00\u7684\u5de5\u4f5c\u627f\u8bfa\u7ed9\u4e86\u6211\uff0c\u5e74\u85aa\u5341\u56db\u4e07\u7f8e\u91d1\u3002\u7eaf\u5199\u8ba1\u7b97\u673a\u7a0b\u5e8f\u7684\u5de5\u4f5c\uff0c\u540e\u6765\u7ed9\u4e86\u52a0\u5dde\u7406\u5de5\u7684\u53e6\u4e00\u4e2a\u5927\u5b66\u6bd5\u4e1a\u751f\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u6709\u4e86Salomon\u7684\u5de5\u4f5c\u627f\u8bfa\u4e4b\u540e\uff0c\u6211\u8fd8\u662f\u5fc5\u987b\u4e0eLTCM\u548cD. E. Shaw\u8fd9\u4e9b\u907f\u9669\u57fa\u91d1\u4f5c\u6700\u540e\u7684\u9762\u8bd5\u3002\u201cLiar \u2019s Poker\u201d \u8fd9\u672c\u4e66\u5199\u7684\u662f Salomon \u4ee5\u524d\u7684\u8d85\u7ea7\u503a\u5238\u4ea4\u6613\u5458 (\u8fd9\u4e9b\u4eba\u6709\u4e2a\u4e0d\u592a\u96c5\u7684\u7edf\u79f0\uff0c\u53eb\u5927\u8001\u4e8c Big Swinging Dick)\uff0c\u8fd9\u4e9b\u4e66\u672c\u4e0a\u7684\u4eba\u7269\uff0c\u6211\u7adf\u7136\u5728 LTCM \u90fd\u89c1\u5230\u4e86\u3002LTCM \u7684\u5408\u4f19\u4ebaGreg Hawkins \u662f\u4e66\u4e2d\u7684\u4e00\u5458\uff0c\u4eb2\u81ea\u6765\u52a0\u5dde\u7406\u5de5\u6311\u4eba\uff0c\u6311\u4e86\u6211\u548c\u5176\u5b83\u4e24\u4e2a\u4eba\u53bbGreenwich\u3002LTCM \u7684\u529e\u516c\u5ba4\u5728 Greenwich\uff0c\u662f\u4e1c\u5cb8\u5f88\u591a\u6709\u94b1\u4eba\u4f4f\u7684\u5730\u65b9\u3002\u4f46\u6211\u5728\u897f\u5cb8\u5929\u6c14\u597d\u7684\u5730\u65b9\u4f4f\u4e45\u4e86\uff0c\u770b\u5230\u4e0d\u7ba1\u662fGreenwich \u6216 New York \u90fd\u5f88\u4e0d\u4e60\u60ef\u548c\u5bb3\u6015\u3002\u4e1c\u5cb8\u5f88\u51b7\uff0cGreenwich\u7684\u6811\u90fd\u67af\u4e86\uff0cNew York \u4eba\u597d\u591a\u53c8\u90fd\u662f\u6469\u5929\u697c\uff0c\u8ba9\u6211\u8fd9\u4e2a\u4ece\u897f\u5cb8\u6765\u7684\u4e61\u5427\u8001\u5f88\u5bb3\u6015\u3002D. E. Shaw\u662f\u534e\u5c14\u8857\u6709\u540d\u7684Quant Shop\u91cc\u9762\u5168\u662f\u6570\u5b66\u7ade\u8d5b\u51a0\u519b\u3002\u6211\u548cLTCM \u548c D. E. Shaw\u8fd9\u4e9b\u907f\u9669\u57fa\u91d1\u90fd\u8c08\u5f97\u5f88\u597d\uff0c\u56e0\u4e3a\u5927\u5bb6\u90fd\u4e00\u6837\u4f1a\u7b97\u6570\u5b66\u3002LTCM\u671f\u671b\u6211\u80fd\u53bb\u65e5\u672c\u3002\u5f53\u65f6\u6211\u56e0\u5728\u52a0\u5dde\u6709\u4e2a\u5f88\u597d\u7684\u505a\u72ec\u7acb\u7535\u5f71\u5bfc\u6f14\u7684\u7537\u53cb\uff0c\u6545\u5e0c\u671b\u7559\u5728\u52a0\u5dde\u3002<BR>\u3000\u3000 <BR>\u3000\u30001997\u52301998\u5e74\uff0c\u52a0\u5dde\u7406\u5de5\u65b0\u51fa\u7089\u7684\u535a\u58eb\u7684\u884c\u60c5\uff0c\u4e00\u822c\u662f\u516b\u4e07\u7f8e\u91d1\u4e00\u5e74\uff0c\u5341\u56db\u4e07\u5df2\u771f\u662f\u9ad8\u85aa\u3002\u5f53\u6211\u4ece\u7ebd\u7ea6\u56de\u5230\u5df4\u6c99\u5e95\u90a3\uff0c\u51c6\u5907\u6536\u62fe\u884c\u88c5\u53bb\u8d74\u4efb\u7684\u65f6\u5019\uff0c\u5728\u6821\u56ed\u91cc\u78b0\u5230\u4e00\u4e2a\u5b66\u957f\uff0c\u4ed6\u5411\u6211\u8bf4\uff0cNewport Beach\u65b0\u6e2f\u6709\u4e00\u4e2a\u53ebPIMCO\u7684\u6295\u8d44\u7ba1\u7406\u516c\u53f8\u6709\u4e00\u4e2a\u7f8e\u91d1\u5eff\u4e07\u5e74\u85aa\u7684\u5de5\u4f5c\u673a\u4f1a(PIMCO\u662fPacific Investment Management Company \u592a\u5e73\u6d0b\u6295\u8d44\u7ba1\u7406\u516c\u53f8\u7684\u7b80\u79f0)\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u90a3\u4e2a\u5b66\u957f\u6765\u5934\u4e0d\u5c0f\uff0c\u53ebOleg\uff0c\u4fc4\u7f57\u65af\u4eba\uff0c\u662f\u52a0\u5dde\u7406\u5de5\u5e94\u5c4a\u72ec\u4e00\u65e0\u4e8c\u7684\u91d1\u878d\u535a\u58eb\uff0c\u4ee5\u524d\u4ee3\u8868\u4fc4\u7f57\u65af\u53c2\u52a0\u5168\u4e16\u754c\u7684\u6570\u5b66\u5965\u6797\u5339\u514b\u7ade\u8bd5\uff0c\u5f97\u8fc7\u7b2c\u4e00\u540d\u3002\u4ed6\u53bbPIMCO\u5e94\u8bd5\u540e\uff0cPIMCO\u60ca\u4e3a\u5929\u4eba\uff0c\u7ed9\u4ed6\u7f8e\u91d1\u5eff\u4e07\u5e74\u85aa\u3002\u4f46\u4ed6\u6ca1\u6709\u63a5\u53d7\uff0c\u56e0\u4e3a\u4ed6\u60f3\u7559\u5728\u5b66\u672f\u754c\u3002\u52a0\u5dde\u7406\u5de5\u5185\u53c8\u5f88\u591a\u50cf\u8fd9\u6837\u7684\u602a\u624d\uff0c\u5929\u8d4b\u5f02\u79c9\uff0c\u4f46\u5bf9\u94b1\u5b8c\u5168\u4e0d\u7a00\u7f55\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u6211\u60f3\uff0c\u4ed6\u4e0d\u53bb\uff0c\u90a3\u6211\u53bb\u8bd5\u8bd5\u770b\u3002\u4e8e\u662f\u6211\u5411\u90a3\u4e2a\u5b66\u957f\u8981\u4e86PIMCO\u7684\u5730\u5740\u548c\u8054\u7edc\u4eba\uff0c\u9a6c\u4e0a\u5199\u4fe1\u8fc7\u53bb\u3002<BR><BR>\u3000\u3000\u6211\u7684\u4fe1\u53d1\u51fa\u4e0d\u8fc7\u4e00\u4e24\u5929\uff0c\u5c31\u63a5\u5230\u4e86\u516c\u53f8\u7684\u56de\u4fe1\uff0c\u8981\u6211\u53bb\u9762\u8bd5\u3002<BR><BR><\/DIV><br \/>\n<DIV align=left><B>[15] <\/B><B>\u4e00\u661f\u671f\u5185\u641e\u61c2<\/B><B>\u201c<\/B><B>\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u7684\u5723\u7ecf<\/B><B>\u201d<\/B><B>\u8fdb\u5165<\/B><B>PIMCO<\/B><BR><BR>\u3000\u3000\u65b0\u6e2f\u79bb\u5df4\u6c99\u5e95\u90a3\u4e0d\u8fdc\uff0c\u5f00\u8f66\u4e5f\u5c31\u662f\u4e00\u4e2a\u949f\u5934\u5de6\u53f3\u3002\u6211\u5f00\u7740\u4e00\u90e81983\u5e74\u7f8e\u91d11500\u5143\u7684Chevy\u70c2\u8f66\uff0c\u6709\u70b9\u6015\u534a\u8def\u629b\u951a\u3002\u8f66\u4e00\u5f00\u8fdb\u65b0\u6e2f\uff0c\u9a6c\u4e0a\u5929\u7a7a\u6f84\u84dd\uff0c\u9a6c\u8def\u5e73\u5766\u5bbd\u9614\uff0c\u548c\u98ce\u5f90\u5f90\uff0c\u604d\u5982\u5ba4\u5916\u6843\u56ed\u3002\u4ee4\u6211\u611f\u89c9\u6700\u6df1\u7684\uff0c\u662f\u548c\u5df4\u6c99\u5e95\u90a3\u53ca\u843d\u5c71\u673a\u6bd4\u8d77\u6765\uff0c\u5ffd\u7136\u597d\u8f66\u5982\u9f99\uff0cBMW\uff0cMercedes\uff0cPorche\uff0cJaquar\u6700\u591a\uff0cFerrari\u4e5f\u5076\u6709\u3002\u6211\u90a3\u4e00\u4e2a\u5927Chevy\u70c2\u8f66\u5728\u4e2d\u95f4\u771f\u7684\u683c\u683c\u4e0d\u5165\u3002\u6d77\u8fb9\u671b\u53bb\uff0c\u8fd8\u6709\u8bb8\u591a\u6e38\u8247\u548c\u5e06\u8239\u3002\u65c1\u8fb9\u7684Fashion Island\u6709\u6700\u8d35\uff0c\u6700\u65b0\uff0c\u6700\u9ad8\u6863\u7684\u9650\u91cf\u6b27\u7f8e\u670d\u88c5\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u65b0\u6e2f\u662f\u7f8e\u56fd\u6700\u6709\u94b1\u7684\u4eba\u9000\u4f11\u5723\u5730\u4e4b\u4e00\uff0c\u548c\u4e1c\u5cb8\u7684Greenwich\u5e76\u63d0\u3002\u602a\u4e0d\u5f97\u5f88\u591a\u9000\u4f11\u91d1\u7ba1\u7406\u516c\u53f8\u90fd\u5728\u8fd9\u91cc\u3002\u5728\u5df4\u6c99\u5e95\u90a3\u53ca\u843d\u5c71\u673a\u5e38\u89c1\u7684\u58a8\u897f\u54e5\u4eba\uff0c\u65b0\u6e2f\u534a\u4e2a\u90fd\u770b\u4e0d\u51fa\u5230\u3002\u4e5f\u51e0\u4e4e\u6ca1\u6709\u4e9a\u6d32\u4eba\uff0c\u5168\u90e8\u662f\u767d\u4eba\u3002\u66f4\u4e0d\u7528\u8bf4\u662f\u975e\u88d4\u7f8e\u4eba\u4e86\u3002\u548c\u4e1c\u5cb8\u534e\u5c14\u8857\u4e25\u5bd2\u67af\u9ec4\u7684\u666f\u8c61\u6bd4\u8d77\u6765\uff0c\u65b0\u6e2f\u7684\u611f\u89c9\u771f\u50cf\u5929\u5802\u3002\u6211\u5fc3\u60f3\uff0c\u82e5\u80fd\u5728\u8fd9\u91cc\u5de5\u4f5c\u5c45\u4f4f\uff0c\u8be5\u6709\u591a\u597d\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u5728PIMCO\u89c1\u5230\u7684\u7b2c\u4e00\u4eba\u662f\u4e00\u4f4d\u91d1\u53d1\u5e74\u8f7b\u7684\u5e05\u54e5\uff0c\u5750\u5728\u4e00\u4e2a\u5927\u529e\u516c\u5ba4\uff0c\u5e74\u7eaa\u4e48\u7ea6\u4e09\u5341\u51fa\u5934\uff0c\u5df2\u7ecf\u662fExecutive Vice President\u3002\u4ed6\u548c\u6211\u5bd2\u6684\u4e86\u4e00\u4e0b\uff0c\u5ffd\u7136\u8bdd\u950b\u4e00\u8f6c\uff0c\u95ee\u6211\u4e00\u4e9b\u6570\u5b66\u95ee\u9898\u3002\u6211\u56de\u7b54\u7684\u5f88\u597d\uff0c\u4ed6\u53c8\u95ee\u4e86\u4e00\u4e9b\u91d1\u878d\u95ee\u9898\u3002\u6211\u5bf9\u91d1\u878d\u7684\u95ee\u9898\u5176\u5b9e\u4e0d\u5f88\u61c2\uff0c\u4f46\u662f\u6211\u544a\u8bc9\u4ed6\u6211\u4f1a\u7528\u5982\u4f55\u7684\u601d\u60f3\u67b6\u6784\u53bb\u89e3\u51b3\u8fd9\u6837\u7684\u95ee\u9898\u65f6\uff0c\u4ed6\u53ef\u4ee5\u611f\u5230\u6211\u6709\u5929\u5206\uff0c\u4f46\u6ca1\u6709\u53d7\u8fc7\u6b63\u89c4\u7684\u91d1\u878d\u8bad\u7ec3\uff0c\u6545\u4ece\u4e66\u67b6\u4e0a\u62ff\u4e86\u4e00\u672c\u4e66\uff0c\u5411\u6211\u626c\u4e86\u626c\uff0c\u95ee\u6211\u4ee5\u524d\u770b\u8fc7\u8fd9\u672c\u4e66\u5417?<BR>\u3000\u3000 <BR>\u3000\u3000\u6211\u63a5\u8fc7\u90a3\u672c\u4e66\u770b\u4e86\u770b\uff0c\u90a3\u672c\u4e66\u5c31\u662fHull and White on Derivatives\uff0c\u6211\u542c\u8fc7\u534e\u5c14\u8857\u7684\u949f\u5a01\u5b66\u957f\u63d0\u8fc7\uff0c\u4f46\u5728\u52a0\u5dde\u7406\u5de5\u4e66\u5e97\u5185\u627e\u4e0d\u5230\u7684\u4e66\u3002\u6211\u8001\u5b9e\u544a\u8bc9\u4ed6\uff0c\u6211\u542c\u8fc7\uff0c\u4f46\u4ece\u6765\u6ca1\u6709\u771f\u6b63\u89c1\u8fc7\u8fd9\u672c\u4e66\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u90a3\u4f4d\u5148\u751f\u8bf4\uff1a\u300c\u6211\u53d1\u89c9\u4f60\u786e\u5b9e\u5f88\u806a\u660e\uff0c\u6570\u5b66\u80fd\u529b\u8d85\u5f3a\uff0c\u73b0\u5728\u6211\u60f3\u6d4b\u8bd5\u4e00\u4e0b\u4f60\u7684\u7406\u80fd\u529b\u548c\u5438\u6536\u80fd\u529b\uff0c\u4f60\u628a\u8fd9\u672c\u4e66\u62ff\u56de\u53bb\uff0c\u597d\u597d\u5ff5\u5ff5\uff0c\u4e00\u4e2a\u661f\u671f\u540e\u6765\u8ddf\u6211\u4eec\u8ba8\u8bba\u300d\u3002\u8bf4\u5b8c\uff0c\u6211\u77e5\u9053\u8fd9\u4e00\u573a\u53e3\u8bd5\u5df2\u7ed3\u675f\u4e86\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u90a3\u4f4d\u91d1\u53d1\u5e74\u8f7b\u7684\u5e05\u54e5\u662fPIMCO\u7684\u5927\u7ea2\u4eba\uff0c\u5e74\u7eaa\u8f7b\u8f7b\u5c31\u722c\u5230\u5f88\u591a\u4eba\u4e00\u8f88\u5b50\u4e5f\u722c\u4e0d\u5230\u7684\u5730\u4f4d\uff0c\u51e0\u767e\u4e07\u7f8e\u91d1\u7684\u5e74\u85aa\uff0c\u6211\u79bb\u5f00PIMCO\u7684\u90a3\u4e00\u5e74\uff0c\u4ed6\u88ab\u5c01\u4e3aPartner\u662fPIMCO\u6709\u53f2\u4ee5\u6765\u6700\u5e74\u8f7b\u7684Partner\u3002\u4ed6\u672c\u6765\u5728 Upenn \u7684 Wharton \u4ece\u5927\u5b66\u90e8\u76f4\u5347\u535a\u58eb\u73ed\uff0c\u662f\u91d1\u878d\u79d1\u7684\u52a9\u6559\uff0c\u4e5f\u6559 Executive Education \u4e2d\u7684\u7ba1\u7406\u5c42\u4eec\u5982\u4f55\u5e94\u7528\u91d1\u878d\uff0cWharton\u4e0a\u4e0a\u4e0b\u4e0b\u90fd\u8ba4\u8bc6\u4ed6\uff0c\u6545\u535a\u58eb\u73ed\u624d\u8fdb\u4e86\u4e00\u5e74\uff0c\u5c31\u88ab\u534e\u5c14\u8857\u6316\u8d70\u4e86\u3002\u5c31\u662f\u4ed6\u548c\u52a0\u5dde\u7406\u5de5\u7684Oleg\u5b66\u957f\u60fa\u60fa\u76f8\u60dc\uff0c\u7ed9\u4e86Oleg\u7f8e\u91d1\u4e8c\u5341\u4e07\u5e74\u85aa\u7684\u5de5\u4f5c\u627f\u8bfa\u3002Oleg\u7ed9\u6211PIMCO\u7684\u8054\u7edc\u4eba\u5c31\u662f\u4ed6\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u5f53\u5929\u8fd8\u6709\u4e24\u4e2a\u9762\u8bd5\uff0c\u4e24\u4e2a\u90fd\u662fPIMCO\u7684Partner\u3002\u4e00\u4e2a\u4ee5\u524d\u5728Salomon\u4e00\u4e2a\u4ee5\u524d\u5728Goldman Sachs\u3002PIMCO\u7684\u6700\u4e0a\u5c42\uff0c\u5f88\u591a\u662f\u4ee5Salomon\u7684\u8d85\u7ea7\u503a\u6743\u4ea4\u6613\u5458\uff0c\u5373Liar\u2019s Poker\u4e2d\u6240\u79f0\u7684\u5927\u8001\u4e8c Big Swinging Dick\u3002\u4ed6\u4eec\u544a\u8bc9\u6211\uff0cPIMCO\u662f\u975e\u5e38\u72ec\u7279\u7684\u5730\u65b9\uff0c\u4e0d\u53ec\u4e2d\u95f4\u7684\u7ba1\u7406\u5c42\uff0c\u4f46\u7528\u6bd4\u534e\u5c14\u8857\u8fd8\u9ad8\u7684\u4ef7\u94b1\uff0c\u534e\u5c14\u8857\u6700\u597d\u7684\u6709\u591a\u5e74\u7ecf\u9a8c\u7684\u4eba\u624d\u505a\u6700\u4e0a\u5c42\u6295\u8d44\u7ba1\u7406\u5458Portfolio Manager\u3002\u6bcf\u5e74\u65b0\u8fdb\u7684\u91d1\u878d\u5de5\u7a0b\u5e08\u6700\u591a\u53ea\u62db\u4e00\u4e2a\u3002\u5728\u534e\u5c14\u8857\u6bcf\u5e74\u65b0\u8fdb\u7684\u4eba\u5f88\u591a\uff0c\u8981\u548c\u4e0a\u5c42\u7684\u4eba\u89c1\u9762\u4e0d\u6613\u3002PIMCO\u7684\u597d\u5904\u662f\u65b0\u8fdb\u7684\u4eba\u5c11\uff0c\u5982\u679c\u4f60\u771f\u7684\u6709\u672c\u4e8b\uff0c\u51fa\u5934\u5f88\u5bb9\u6613\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u6211\u62ff\u4e86\u90a3\u672cPIMCO\u65b9\u9762\u7ed9\u6211\u7684\u4e66\u56de\u5230\u5df4\u6c99\u5e95\u90a3\uff0c\u597d\u597d\u628a\u5b83\u7ffb\u4e86\u4e00\u4e0b\u3002\u6240\u8c13\u9694\u884c\u5982\u9694\u5c71\uff0c\u6211\u5bf9\u90a3\u65b9\u9762\u7684\u5185\u5bb9\u51e0\u4e4e\u6ca1\u6cd5\u9886\u4f1a\u3002\u4f46\u662f\uff0c\u8fd9\u4ef6\u4e8b\u662f\u6211\u81ea\u5df1\u627e\u4e0a\u53bb\u7684\uff0c\u5728\u8fd9\u4e2a\u300c\u96be\u300d\u5b57\u9762\u524d\uff0c\u6211\u600e\u4e48\u80fd\u9000\u7f29?\u65f6\u95f4\u8fd8\u6709\u4e00\u4e2a\u793c\u62dc\uff0c\u6211\u5c31\u597d\u597d\u62fc\u4e00\u4e0b\u5427\uff01<BR>\u3000\u3000 <BR>\u3000\u3000\u4e2d\u56fd\u53e4\u8bad\u6709\uff1a\u300c\u5929\u4e0b\u65e0\u96be\u4e8b\uff0c\u53ea\u6015\u6709\u5fc3\u4eba\uff01\u300d\u90a3\u672cHull\u5199\u7684\u5927\u4e66\uff0c\u7adf\u88ab\u6211\u5728\u4e00\u4e2a\u661f\u671f\u4e2d\u5f04\u6e05\u695a\u4e86\u3002\u6211\u5982\u671f\u524d\u5f80PIMCO\u3002<BR>\u3000\u3000 <BR>\u3000\u3000PIMCO\u662f\u4e00\u4e2a\u975e\u5e38\u6709\u6548\u7387\uff0c\u6ce8\u91cd\u5b9e\u6548\u7684\u5730\u65b9\uff0c\u6211\u7b2c\u4e8c\u6b21\u5230\u516c\u53f8\uff0c\u4e8c\u8bdd\u4e0d\u8bf4\uff0c\u5c31\u88ab\u5e26\u5165\u4e00\u4e2a\u623f\u95f4\u8003\u8bd5\u3002\u8003\u4e86\u4e00\u4e2a\u4e0a\u5348 Hull \u90a3\u672c\u4e66\u7684\u5185\u5bb9\u3002\u9898\u76ee\u662f\u4e00\u4e2a\u4fc4\u56fd\u4eba\uff0cYuri\uff0c\u51fa\u7684\u3002Yuri\u662f\u6bd4\u6211\u65e9\u8fdb PIMCO \u51e0\u5e74\u7684\u91d1\u878d\u5de5\u7a0b\u5e08\uff0c\u662fChicago\u7269\u7406\u535a\u58eb\u8f6c\u5ff5Chicago Business School\u7684\u91d1\u878dMBA\uff0c\u4ed6\u628a\u4ee5\u524dChicago Business School\u7684\u671f\u672b\u8003\u9898\u76ee\u62ff\u6765\u8003\u6211\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u6211\u5f88\u51b7\u9759\u5730\u5b9a\u4e0b\u5fc3\u6765\uff0c\u63a5\u53d7\u8003\u8bd5\uff0c\u7ed3\u679c\uff0c\u6211\u8003\u4e86\u5c06\u8fd1\u6ee1\u5206\u3002\u8fd9\u4e2a\u516c\u53f8\u5f55\u7528\u4e86\u6211\uff0c\u5e74\u85aa\u6bd4\u7167\u52a0\u5dde\u7406\u5de5\u7684Oleg\u5b66\u957f\u3002\u6211\u4e0d\u5f97\u5df2\u544a\u8bc9Salomon\u90a3\u4f4d\u5bf9\u6211\u5f88\u597d\u7684\u4e9a\u6d32\u4e3b\u7ba1\uff0c\u6211\u9009\u62e9\u5230PIMCO\u3002\u867d\u7136\u8bf4\u8fd9\u53e5\u8bdd\u4e0d\u5bb9\u6613\uff0c\u5c24\u5176Salomon\u7684\u90a3\u4e2a\u5de5\u4f5c\u627f\u8bfa\u4e5f\u662f\u8d39\u5c3d\u5fc3\u8840\u62ff\u4e0b\u6765\u7684\uff0c\u6211\u60f3\uff0c\u628aSalomon\u7684\u673a\u4f1a\u7ed9\u4e86\u53e6\u4e00\u4e2a\u9700\u8981\u90a3\u4efd\u5de5\u4f5c\u7684\u4eba\uff0c\u4e5f\u662f\u597d\u4e8b\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u540e\u6765\u6211\u624d\u77e5\u9053\uff0cHull\u90a3\u672c\u4e66\uff0c\u5728\uff2d\uff22\uff21\u8bfe\u7a0b\u4e2d\u8981\u5ff5\u4e00\u5e74\uff0c\u800c\u4e14\u5f97\u6709\u6559\u6388\u8bb2\u89e3\u3002\u6211\u8fdb\u4e86PIMCO\u4e4b\u540e\uff0cYuri\u8fd9\u4e2a\u81ea\u8d1f\u7684\u8001\u4fc4\uff0cChicago Finance MBA\u52a0\u7269\u7406\u535a\u58eb\u5bf9\u6211\u8bf4\uff1a\u300c\u4f60\u4e00\u4e2a\u661f\u671f\u80fd\u8bfb\u901a\u90a3\u672c\u4e66\uff0c\u7a0b\u5ea6\u8fd8\u7b97\u4e0d\u9519\u300d\uff01<BR>\u3000\u3000 <BR>\u3000\u30001998\u5e74\u6700\u540e\u4e00\u4e2a\u5b66\u671f\uff0c\u6211\u5230\u52a0\u5dde\u7406\u5de5\u7684\u91d1\u878d\u7cfb\u4fee\u4e86\u4e00\u4e2aOption Pricing\uff0c\u5c31\u662fOLEG\u7684\u6307\u5bfc\u6559\u6388\u5f00\u7684\u8bfe\u7a0b\uff0c\u7528Hull\u8fd9\u672c\u4e66\uff0c\u6211\u5f97\u4e86\u4e00\u4e2aA+\u3002<BR><BR><\/DIV><B>[16] \u6211\u5728PIMCO\u53d7\u7684\u8bad\u7ec3<\/B><BR><BR><BR>\u3000\u30001998\u5e74\u6211\u4ece\u52a0\u5dde\u7406\u5de5\u6bd5\u4e1a\u4e4b\u540e\u8fdb\u5165PIMCO\uff0c\u642c\u5230 Newport Beach \u65b0\u6e2f\u5c45\u4f4f\uff0c\u6b63\u5f0f\u8131\u79bb\u5b66\u6821\u7684\u751f\u6d3b\uff0c\u5f00\u59cb\u4e86\u6211\u4ece\u5546\u7684\u7b2c\u4e00\u6b65\u3002PIMCO \u7ed9\u6211\u5f88\u597d\u7684\u52a0\u5165\u7ea2\u5229 Signing Bonus\uff0c\u6211\u4fbf\u62ff\u8fd9\u4efd\u94b1\u4e70\u4e86\u4e00\u90e8\u91d1\u8272\u7684\u655e\u84ec\u8f66\uff0c\u4e5f\u7167\u7740\u65b0\u6e2f\u7684\u8863\u7740\u89c4\u8ddd(dress code)\u7f6e\u88c5\u3002\u540e\u6765\u9ea6\u80af\u9521\u53f0\u5317\u516c\u53f8\u628a\u6211\u8bc4\u4e3a\u8863\u7740\u6700\u4f18\u96c5The Most Elegant Dresser\uff0c\u5f88\u591a\u9ad8\u76db\u7684\u5ba2\u4eba\u4e5f\u5938\u6211\u7684\u6253\u626e\u6709\u9ad8\u8d35\u6709\u6c14\u8d28\uff0c\u8fd9\u90fd\u62dc\u65b0\u6e2f\u7684\u6587\u5316\u718f\u9676\u6240\u8d50\u3002<BR>\u3000\u3000 <BR>\u3000\u3000PIMCO\u662f\u4e2a\u5f88\u4e86\u4e0d\u8d77\u7684\u516c\u53f8\uff0c\u56e0\u4e3a\u4ed6\u4ed8\u7684\u94b1\u6bd4\u534e\u5c14\u8857\u8fd8\u9ad8\u3002\u5728\u534e\u5c14\u8857\u8fd9\u79cd\u5b8c\u5168\u91d1\u94b1\u5bfc\u5411\u7684\u6587\u5316\u4e0b\uff0cPIMCO\u662f\u6700\u4e86\u4e0d\u8d77\u7684\u516c\u53f8\u4e4b\u4e00\u5f53\u4e4b\u65e0\u6127\u3002PIMCO\u62db\u8fdb\u6765\u7684\u4eba\u5f88\u5c11\uff0c\u6700\u4e0a\u5c42\u90fd\u662f\u91cd\u91d1\u8bf7\u6765\u534e\u5c14\u8857\u6709\u591a\u5e74\u7ecf\u9a8c\u6700\u597d\u7684\u4ea4\u6613\u5458 TRADER\u505aPIMCO \u7684Portfolio Manager\u3002\u8fd9\u4e9b\u534e\u5c14\u8857\u6700\u597d\u7684\u4ea4\u6613\u5458\u4e4b\u6240\u4ee5\u4f1a\u4ece\u534e\u5c14\u8857\u8df3\u69fd\u5230PIMCO\uff0c\u6ca1\u6709\u94b1\u662f\u4e0d\u53ef\u80fd\u7684\u3002\u6211\u8fdb\u6765\u7684\u90a3\u4e00\u5e74\uff0c\u4ed6\u4eec\u4ece\u9ad8\u76db\u62db\u4e86\u4e00\u4e2a\u5728\u9ad8\u76db\u6709\u540d\u7684\u4ea4\u6613\u5458\uff0c\u4ed6\u548c\u4ed6\u5728New York\u534e\u5c14\u8857\u7684\u670b\u53cb\u6700\u5e38\u7528\u6765\u4ecb\u7ecdPIMCO \u7684\u5b57\u773c\uff0c\u5c31\u662f \u201cUpside better than Goldman Sachs \u6700\u4e0a\u5c42\u6bd4\u9ad8\u76db\u4ed8\u5f97\u591a\u201d\u3002Allianz \u628aPIMCO\u4e70\u4e0b\u6765\u65f6\uff0c\u5c31\u4ee55\u5e74\u7f8e\u91d1\u4e24\u4ebf US$ 200 mm GURANTEED\u4fdd\u8bc1\u62ff\u5230\u7684\u85aa\u6c34\u7b7e\u4e0bPIMCO\u7684\u5927\u8001\u677f\uff0cBill Gross\u3002<BR>\u3000\u3000 <BR>\u3000\u3000PIMCO\u628a\u8fd9\u4e9b\u534e\u5c14\u8857\u6700\u8d35\u7684\u4ea4\u6613\u5458\u4e70\u6765\u540e\uff0c\u5168\u90e8\u653e\u5728\u4ea4\u6613\u5ba4Trading Room\u91cc\u9762\u3002\u8fd9\u4e2a\u4ea4\u6613\u5ba4\u662f\u975e\u5e38\u5c0f\u7684\u623f\u95f4\uff0c\u662fPIMCO\u6700\u795e\u5723\u7684\u5730\u65b9\uff0c\u6240\u6709\u7684\u5ba2\u6237\u7684\u8d44\u4ea7\u8d85\u8fc7\u7f8e\u91d1\u4e24\u5343\u4ebfUS$ 200 bn\uff0c\u5c31\u662f\u5728\u8fd9\u4e2a\u5c0f\u4ea4\u6613\u5ba4\u7edf\u4e00\u7ba1\u7406\u3002\u6211\u8fdbPIMCO\u65f6\uff0c\u4ed6\u4eec\u7ed9\u6211\u7684\u5934\u8854\u662fFinancial Engineer \u8d22\u52a1\u5de5\u7a0b\u5e08\uff0c\u9636\u7ea7\u5728Portfolio Manager\u5e95\u4e0b\uff0c\u505aPortfolio Manager\u7684\u52a9\u624b\u3002\u5728\u6211\u4e4b\u524d\uff0cFinancial Engineer \u662f\u4e0d\u7ed9\u8fdb\u4ea4\u6613\u5ba4\u7684\u3002\u90a3\u4f4d\u91d1\u53d1\u5e74\u8f7b\u7684\u5e05\u54e5 Executive Vice President \u5bf9\u6211\u7279\u522b\u597d\uff0c\u628a\u6211\u62db\u8fdbPIMCO\u540e\uff0c\u4fbf\u5b89\u6392\u6211\u8fdb\u4ea4\u6613\u5ba4\u5b9e\u4e60\u3002<BR>\u3000\u3000 <BR>\u3000\u3000PIMCO\u7684\u4ea4\u6613\u5ba4\u65e9\u4e0a4:30\u5c31\u6709\u4eba\u5728\uff0c\u8fd8\u4e0d\u7b97\u524d\u4e00\u665a\u4e0a\u7559\u5728\u4ea4\u6613\u5ba4\u7684\uff0c5:30\u6bcf\u4e2a\u4eba\u4e00\u5b9a\u5230\u9f50\uff0c6:00\u8fdb\u6765\u5c31\u7b97\u665a\u4e86\uff0c\u6bcf\u4e00\u5929\u90fd\u5982\u6b64\u3002PIMCO\u6709\u4e00\u4e2a\u975e\u5e38\u5162\u5162\u4e1a\u4e1a\u7684\u6295\u8d44\u6587\u5316\uff0c\u548c\u519b\u961f\u5dee\u4e0d\u591a\uff0c\u91cd\u89c6\u7eaa\u5f55\u3002\u5bb3\u6211\u6bcf\u5929\u5929\u8272\u8fd8\u6ca1\u4eae\u5c31\u6478\u9ed1\u722c\u8d77\u6765\uff0c\u5f00\u7740\u91d1\u8272\u655e\u84ec\u8f66\u4ece\u5c71\u4e0a\u4e0b\u6765\uff0c\u4e00\u5b9a\u655e\u84ec\uff0c\u8ba9\u51b7\u98ce\u628a\u6211\u5439\u9192\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u6211\u8fdb\u4ea4\u6613\u5ba4\u662f\u89c1\u4e60\u6027\u8d28\uff0c\u8fd8\u4e0d\u80fd\u8ddf\u534e\u5c14\u8857\u65b9\u9762\u5bf9\u8bdd\uff0c\u4f46\u53ef\u4ee5\u5728\u770b\u4e86\u94f6\u5c4f\u4e0a\u7684\u6570\u636e\u540e\uff0c\u5411\u4e0a\u7ea7\u63d0\u51fa\u610f\u89c1\u3002PIMCO\u5bf9\u6211\u5f88\u597d\uff0c\u8ba9\u6211\u4ece\u7b2c\u4e8c\u652f\u7535\u8bdd\u542c\u4ed6\u4eec\u548c\u534e\u5c14\u8857\u7684\u8c08\u8bdd\u6765\u5b66\u4e60\u3002\u56e0\u4e3aPIMCO\u662f\u534e\u5c14\u8857\u7684\u5927\u6237\uff0c\u4e00\u4e3e\u4e00\u52a8\u82e5\u4e0d\u5c0f\u5fc3\u4f1a\u79fb\u52a8\u5e02\u573a\uff0c\u6545\u884c\u52a8\u5feb\u901f\u4f4e\u8c03\u3002\u534e\u5c14\u8857\u7684\u5927\u884c\uff0c\u5bf9PIMCO\u975e\u5e38\u5c0a\u656c\u548c\u5bb3\u6015\uff0c\u7ed9PIMCO\u53d6\u540d\u53eb\u201c\u6c89\u6ca1\u7684\u9ca8\u201d (Quiet Sharks)\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u6211\u5728\u4ea4\u6613\u5ba4\u5f85\u4e86\u4e00\u6bb5\u65f6\u95f4\uff0c\u4e3b\u8981\u8d1f\u8d23\u4e09\u4e2a\u90e8\u5206\uff0cCMO(Collateralized Mortgaged Obligations)\uff0cTreasury Derivatives\uff0c\u548cInternational bonds\u3002\u8d1f\u8d23\u8fd9\u4e9b\u4ea7\u54c1\u7684 Portfolio Manager \u5982\u679c\u60f3\u77e5\u9053\u4ea7\u54c1\u7684\u5b9e\u9645\u4ef7\u503c\uff0cFinancial Engineer \u5c31\u8981\u7528\u73b0\u6210\u6216\u5df2\u6709\u7684\u6a21\u578b\u7b97\u7ed9\u4ed6\u4eec\u770b\uff0c\u8ba9\u4ed6\u4eec\u6bd4\u8f83\u6211\u4eec\u7b97\u7684\u4ef7\u94b1\u548c\u534e\u5c14\u8857\u7684\u4ef7\u94b1\u5dee\u591a\u5c11\uff0c\u5dee\u5728\u54ea\u91cc\uff0c\u6211\u4eec\u548c\u534e\u5c14\u8857\u7684\u5047\u8bbe\u6709\u4ec0\u4e48\u4e0d\u540c\u3002\u4ed6\u4eec\u591a\u5e74\u7684\u7ecf\u9a8c\u7ed9\u4ed6\u4eec\u5f88\u597d\u7684\u76f4\u89c9\u548c\u81ea\u5df1\u7684\u4e00\u5957\u65b9\u6cd5\uff0c\u4ed6\u4eec\u5411\u6211\u4eec\u8981\u7684\u662f\u4e00\u79cdBottom Up \u7531\u4e0b\u5f80\u4e0a\u7684\u5efa\u8bae\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u56e0\u4e3aPIMCO\u662f\u4e70\u65b9\uff0c\u534e\u5c14\u8857\u662f\u5356\u65b9\uff0cPIMCO \u9001\u6211\u5230\u534e\u5c14\u8857\u53bb\u53d7\u8bad\uff0c\u4e00\u6765\u662f\u4e70\u65b9\u8be5\u5c3d\u91cf\u5229\u7528\u5356\u65b9\u7684\u8d44\u6e90\uff0c\u4e8c\u6765\u662f\u8981\u591a\u548c\u534e\u5c14\u8857\u6253\u4ea4\u9053\uff0c\u77e5\u9053\u5e76\u63d0\u5347\u81ea\u5df1\u7684\u7a0b\u5ea6\uff0c\u4e09\u6765\u662f\u6700\u597d\u628a\u534e\u5c14\u8857\u6709\u540d\u7684\u6a21\u578b\u5b66\u4f1a\uff0c\u642c\u5230PIMCO\u6765\u3002PIMCO\u8fd9\u79cd\u516c\u53f8\uff0c\u8981\u8d5a\u4ed6\u7684\u94b1\u8fd8\u771f\u4e0d\u5bb9\u6613\u3002\u5728Mortgage Backed Securities\u65b9\u9762\uff0cBear Stearns \u548cSalomon\u4e24\u5bb6\u7279\u522b\u5f3a\uff0c\u6240\u4ee5\u6211\u5c31\u5e38\u53bb\u3002<BR>\u3000\u3000 <BR>\u3000\u3000Bear Stearns \u6709\u4e00\u6b21\u529e\u5b8c\u57f9\u8bad\u540e\uff0c\u5927\u5bb6\u665a\u4e0a\u5230\u4e00\u4e2a\u9152\u5427\u53bb\uff0c\u90a3\u4e9bBear Stearns\u7684\u4ea4\u6613\u5458\u5c31\u5f00\u59cb\u6253\u649e\u7403\uff0c\u6709\u4e9b\u6253\u684c\u7403\u3002\u6211\u548c\u53e6\u4e00\u4e2aBear Stearns\u7684\u7537\u4ea4\u6613\u5458\u4e00\u7ec4\uff0c\u5bf9\u6253\u5bf9\u9762\u7684\u4e24\u4e2aBear Stearns\u7684\u7537\u4ea4\u6613\u5458\u3002\u4ea4\u6613\u5458\u53ef\u7231\u7684\u5730\u65b9\u5c31\u662f\u559c\u6b22\u6bd4\u8d5b\uff0c\u559c\u6b22\u8d62\u3002\u5bf9\u5bb6\u4e24\u4e2a\u7537\u4ea4\u6613\u5458\u770b\u6211\u4e0d\u8fc7\u662f\u4e00\u4ecb\u5973\u5b50\uff0c\u8fd8\u7a7f\u7740\u5957\u88c5\u548c\u9ad8\u8ddf\u978b\uff0c\u6839\u672c\u4e0d\u628a\u6211\u653e\u5728\u773c\u91cc\u3002\u88ab\u6211\u6740\u4e86\u51e0\u4e2a\u7403\u4e4b\u540e\uff0c\u624d\u53d1\u73b0\u4e0d\u5bf9\uff0c\u9a6c\u4e0a\u5168\u529b\u4ee5\u8d74\u3002\u7ed3\u679c\u6211\u548c\u6211\u7684\u642d\u6321\u4ee52\u6bd40\u628a\u4ed6\u4eec\u5e72\u6389\u3002\u672c\u6765\u6211\u4e0d\u4ee5\u4e3a\u610f\uff0c\u7ed3\u679c\u9a6c\u4e0a\u8bdd\u5c31\u4f20\u5230PIMCO\uff0c\u90a3\u4f4d\u91d1\u53d1\u5e74\u8f7b\u7684\u5e05\u54e5Executive Vice President \u5728\u6211\u56dePIMCO\u4e0a\u73ed\u65f6\u5bf9\u6211\u8bf4\uff0c\u6ca1\u60f3\u5230\u4f60\u684c\u7403\u6253\u8fd9\u4e48\u597d\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u5230Salomon\u65f6\uff0c\u4e5f\u62dc\u8bbf\u4e86\u5f53\u5e74\u7ed9\u6211\u5de5\u4f5c\u627f\u8bfa\u7684Yield Book Group\uff0c\u4ed6\u4eec\u5bf9\u6211\u5f88\u597d\uff0c\u6211\u4e5f\u5f88\u611f\u8c22\u4ed6\u4eec\u3002Salomon\u90a3\u65f6\u6709\u4e2a\u53ebY.K.Chan\u7684\u6709\u540d\u4e2d\u56fd\u4eba\u505a\u6a21\u578b\u7684\u3002\u4ed6\u5199\u4e86\u4e2a2-factor\u7684term structure\u6a21\u578b\uff0c\u5f53\u5e74\u5f88\u7ea2\u7684\uff0c\u56e0\u4e3a\u522b\u5bb6\u7684\u6a21\u578b\u90fd\u662f1-factor\uff0c\u90a3\u65f6\u56e0\u4e3aYield Curve \u53d8\u52a8\u7684\u5f88\u5389\u5bb3\uff0c\u5f88\u591a\u534e\u5c14\u8857\u7684\u516c\u53f8\u56e0\u6ca1\u67092-factor\u7684\u6a21\u578b\uff0c\u65e0\u6cd5\u6293\u4f4fYield Curve \u7684\u53d8\u52a8\uff0c\u8f93\u4e86\u94b1\u3002PIMCO\u5c31\u6d3e\u6211\u53bb\u770b\u8fd92-factor\u7684\u6a21\u578b\u5230\u5e95\u600e\u4e48\u641e\u6cd5\u3002Y. K. Chan\u5199\u4e86\u4e00\u7bc7\u6709\u540d\u7684\u6587\u7ae0\uff0c\u8bf4\u660e\u8fd92-factor\u7684\u6a21\u578b\u662f\u5982\u4f55\u505a\u51fa\u6765\u7684\u3002\u6211\u5728PIMCO\u770b\u4e86\u4ed6\u7684\u6587\u7ae0\u4ee5\u540e\uff0c\u6253\u7535\u62a5\u548cY. K. Chan\u8ba8\u8bba\uff0c\u4e5f\u6307\u51fa\u6587\u7ae0\u6709\u4e00\u4e9b\u770b\u6765\u6709\u5fc3\u7684\u9519\u522b\u65b9\u7a0b\u5f0f\uff0c\u8ba9\u8bfb\u8005\u5f88\u96be\u91cd\u590d\u4ed6\u7684\u7ed3\u679c\u3002Y. K. Chan\u8bf4\u6211\u662f\u7b2c\u4e00\u4e2a\u5356\u65b9\u770b\u5f97\u61c2\u4ed6\u5728\u5199\u4ec0\u4e48\uff0c\u8fd8\u80fd\u4e86\u89e3\u4ed6\u4e3a\u4ec0\u4e48\u8fd9\u4e48\u505a\u7684\u4eba\u3002\u5230\u534e\u5c14\u8857\u65f6\u548cY. K. Chan\u548c\u4ed6\u7684\u56e2\u961f\u8ba8\u8bba\u4e86\u5f88\u4e45\uff0c\u56de\u5230PIMCO\u5c31\u4f5c\u51fa\u4e86\u4e00\u4e2a\u5c0f\u6a21\u578b\u3002\u7b2c\u4e8c\u6b21\u5230\u534e\u5c14\u8857\u8981\u548cY. K. Chan\u8ba8\u8bba\u65f6\uff0cY. K. Chan\u548c\u4ed6\u7684\u56e2\u961f\u5c31\u501f\u6545\u56de\u907f\uff0c\u6d3e\u51fa\u4e00\u4e9b\u4e0d\u592a\u61c2\u7684\u4eba\u5e94\u4ed8\u6211\u4eec\u3002\u56e0\u4e3aY. K. Chan\u6015\u7167\u6211\u8fd9\u79cd\u641e\u6cd5\uff0c\u628a\u4ed6\u534e\u5c14\u8857\u7684\u8d5a\u94b1\u6a21\u578b\u5168\u5077\u8d70\u4e86\u3002<BR>\u3000\u3000 <BR>\u3000\u3000\u90a3\u65f6\u77e5\u9053PIMCO\u5bf9\u4e9a\u6d32\u5e02\u573a\u7684\u5f00\u53d1\u6709\u5174\u8da3\u3002\u4fbf\u8bf7\u5bb6\u6bcd\u5f15\u89c1PIMCO\u7684\u4e1a\u52a1\u4ee3\u8868\u548c\u53f0\u6e7e\u7ba1\u515a\u4ea7\u53ca\u9000\u4f11\u91d1\u7684\u957f\u5b98\u89c1\u9762\u3002\u90a3\u65f6\u5f88\u591a\u53f0\u6e7e\u7684\u5927\u7684\u8d44\u4ea7\u7ba1\u7406\u673a\u6784\u90fd\u6ca1\u6709\u542c\u8fc7PIMCO\uff0c\u4f46\u5728\u5bb6\u6bcd\u7684\u5f15\u89c1\u4e0b\uff0c\u90a3\u4e9b\u957f\u5b98\u9a6c\u4e0a\u5bf9PIMCO\u7559\u4e0b\u4e86\u5f88\u6df1\u5f88\u597d\u7684\u5370\u8c61\u3002PIMCO\u4e3a\u4e86\u611f\u8c22\u6211\uff0c\u7279\u522b\u8ba9\u6211\u548c\u4e9a\u6d32\u5546\u52a1\u4ee3\u8868\uff0c\u548c\u90a3\u4f4d\u91d1\u53d1\u5e74\u8f7b\u7684\u5e05\u54e5Executive Vice President\u5230\u5317\u4eac\uff0c\u9999\u6e2f\uff0c\u65b0\u52a0\u5761\uff0c\u4e00\u8d77\u5411\u8fd9\u4e9b\u533a\u57df\u6700\u5927\u7684\u8d44\u4ea7\u7ba1\u7406\u673a\u6784\u63a8\u9500PIMCO\u7684\u670d\u52a1\u3002<BR>\u3000\u3000 <BR>\u3000\u3000PIMCO \u7684 Secular Forum \u662f\u6bcf\u5b63\u90fd\u4f1a\u4e3e\u884c\u7684\u6295\u8d44\u5c55\u671b\u5927\u4f1a\u3002\u6bcf\u6b21\u5927\u4f1a\u90fd\u4f1a\u8bf7\u5230\u5168\u4e16\u754c\u7684\u6295\u8d44\u6743\u5a01\u8bb2\u7ed3\u4ed6\u4eec\u7684\u770b\u6cd5\u30021999\u5e74\u8bf7\u5230\u4e86\u9999\u6e2f\u7684 Marc Faber\u3002Marc Faber\u63d0 Forbes \u5199\u4e13\u680f\uff0c\u5bf9\u8001\u5916\u800c\u8a00\uff0c\u662f\u4e2d\u56fd\u7684\u4e13\u5bb6\u3002Marc Faber\u8bb2\u5b8c\u7684\u90a3\u5929\u665a\u4e0a\uff0cPIMCO\u5f00\u4e86\u4e00\u4e2a cocktail reception\uff0cFaber\u5bf9\u6211\u5f88\u597d\uff0c\u95ee\u6211\u7b49\u4e00\u4e0b\u8981\u4e0d\u8981\u548c\u4ed6\u4e00\u8d77\u53bb\u665a\u996d\u3002\u90a3\u5929\u665a\u996d\u5728\u9644\u8fd1\u7684\u4e00\u4e2a\u4e61\u6751\u4ff1\u4e50\u90e8\u4e3e\u884c\uff0c\u540c\u684c\u7684\u8fd8\u6709PIMCO\u7684\u4e00\u4e2a\u5408\u4f19\u4eba\u3002\u90a3\u4e2a\u5408\u4f19\u4eba\u540e\u6765\u544a\u8bc9\u6211\uff0c\u4ed6\u4e00\u8d77\u6765\u665a\u9910\u662f\u8981\u6765\u4fdd\u62a4\u6211\uff0c\u4ed6\u6015Faber\u4f1a\u5bf9\u6211\u52a8\u624b\u52a8\u811a\u3002\u8fd9\u4e2a\u5408\u4f19\u4eba\u5bf9\u6211\u5f88\u597d\uff0c\u6211\u4eec\u4e00\u8d77\u5199\u4e86\u4e00\u7bc7\u6587\u7ae0\uff0c\u53d1\u8868\u5728Investment and Pensions Europe\uff0c\u8bb2Treasury Inflation Protected Securities\u3002<BR><BR><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[14] \u9ea6\u80af\u9521McKinsey &amp; Co.\u68a6\u788e\u8fdb\u519b\u534e\u5c14\u8857\u3000\u3000\u5f53\u9ea6\u80af\u9521\u6ca1\u6709\u5f55\u53d6\u6211\u4e4b\u540e\uff0c\u6211\u624d\u5f00\u59cb\u6ce8\u610f\u5230\u534e [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-7667","post","type-post","status-publish","format-standard","hentry","category-rw1-shwx"],"_links":{"self":[{"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=\/wp\/v2\/posts\/7667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7667"}],"version-history":[{"count":0,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=\/wp\/v2\/posts\/7667\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7667"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}