[17] <\/B>\u8d62\u5f97\u300c\u503a\u5238\u738b\u300d<\/B>Bill Gross<\/B>\u7684\u5fc3<\/B>

\u3000\u3000PIMCO\u7684\u8001\u677f\u540d\u53eb\u6bd4\u5c14\u00b7\u683c\u7f57\u65af(Bill Gross)\uff0c\u4ed6\u662f\u7f8e\u56fd\u91d1\u878d\u754c\u5927\u5927\u6709\u540d\u7684\u300cBond King\u300d\u2500\u503a\u5238\u738b\uff0c\u4ed6\u767d\u624b\u8d77\u5bb6\uff0c\u9760\u505a\u503a\u5238\u800c\u805a\u96c6\u4e86\u5927\u91cf\u8d22\u5bcc\uff0c\u6211\u8fdb\u4ed6\u7684\u516c\u53f8\u65f6\uff0c\u4ed6\u5df2\u6709\u8c03\u62e8\u4e24\u5343\u4ebf\u7f8e\u91d1\u7684\u5b9e\u529b\u3002\u4ed6\u7684\u300c\u503a\u5238\u738b\u300d\u7684\u7ef0\u53f7\uff0c\u6709\u4eba\u8bf4\u662f\u300c\u8d22\u5bcc\u300d\u6742\u5fd7\u53d6\u7684\uff0c\u6709\u4eba\u8bf4\u662f\u5728\u534e\u5c14\u8857\u81ea\u7136\u4ea7\u751f\u7684\uff0c\u6211\u6bd4\u8f83\u76f8\u4fe1\u540e\u4e00\u79cd\u8bf4\u6cd5\u3002\u6bd4\u5c14\u591a\u5e74\u6765\u5728\u534e\u5c14\u8857\u53ea\u505a\u4e00\u6837\uff1a\u503a\u5238\uff0c\u7f8e\u56fd\u7684\u540c\u4e1a\u90fd\u5f88\u656c\u754f\u4ed6\uff0c\u516c\u8ba4\u4ed6\u662f\u6709\u53f2\u4ee5\u6765\u6700\u6709\u672c\u9886\u7684\u503a\u5238\u64cd\u76d8\u624b\u3001\u6295\u8d44\u4eba\uff0c\u4ed6\u5bf9\u503a\u5238\u5e02\u573a\u7684\u5224\u65ad\u51e0\u4e4e\u6ca1\u6709\u5931\u8bef\u8fc7\u3002
\u3000\u3000
\u3000\u3000\u6bd4\u5c14\u5728\u516c\u53f8\u91cc\u8bf4\u4e00\u4e0d\u4e8c\uff0c\u771f\u7684\u50cf\u4e2a\u300c\u738b\u300d\u4e00\u6837\u3002\u6bd4\u5c14\u4eba\u5f88\u602a\uff0c\u4ed6\u7684\u5168\u526f\u7cbe\u795e\u96c6\u4e2d\u5728\u503a\u5238\u6295\u8d44\u4e0a\uff0c\u4f46\u4ed6\u4e0d\u76f8\u4fe1\u79d1\u6280\uff0c\u8fde\uff30\uff23\u600e\u4e48\u5f00\u90fd\u4e0d\u6653\u5f97\uff0c\u4ed6\u5e73\u5e38\u53ea\u8ddf\u51e0\u4e2a\u5927\u5934\u4ea4\u6362\u610f\u89c1\uff0c\u6240\u6709\u4ea4\u6613\u5458\u90fd\u8ddf\u4ed6\u8bf4\u4e0d\u4e0a\u8bdd\uff0c\u56e0\u800c\u5927\u5bb6\u90fd\u4e0d\u80fd\u76f4\u63a5\u77e5\u9053\u4ed6\u7684\u610f\u5411\u3002
\u3000\u3000
\u3000\u3000\u6211\u6765PIMCO \u8f6c\u773c\u5feb\u4e00\u5e74\u4e86\uff0c\u4e0e\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u4e00\u53e5\u8bdd\u90fd\u6ca1\u8bf4\u8fc7\uff0c\u53ea\u6709\u5728\u4ea4\u6613\u5ba4\u91cc\u89c1\u8fc7\u4ed6\uff0c\u542c\u4ed6\u6bcf\u5929\u5bf9\u5e02\u573a\u7684\u8bc4\u8bba\u53ca\u4ea4\u6613\uff0c\u548c\u4ed6\u4e0e\u5927\u5934\u4eec\u7684\u4ea4\u8c08\uff0c\u95f4\u63a5\u5b66\u4e60\u3002\u8981\u77e5\u9053\u6bd4\u5c14-\u683c\u7f57\u65af\u5728\u60f3\u4ec0\u4e48\uff0c\u53ea\u80fd\u4ece\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u5728PIMCO\u7f51\u7ad9\u4e0a\u5bf9\u987e\u5ba2\u53d1\u8868\u7684\u6587\u7ae0\uff0c\u95f4\u63a5\u731c\u6d4b\u3002\u53e6\u5916\uff0c\u5c31\u662f\u6bcf\u51e0\u4e2a\u6708PIMCO\u5185\u90e8\u5f00\u7684\u957f\u671f\u6295\u8d44\u7b56\u7565\u5927\u4f1a\uff0c\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u548c\u5927\u5934\u4eec\u90fd\u4f1a\u5bf9\u5168\u7403\u7ecf\u6d4e\u7684\u5c55\u671b\uff0c\u53d1\u8868\u9ad8\u89c1\u3002PIMCO\u6700\u5389\u5bb3\u7684\u5730\u65b9\u5c31\u662f\u9884\u6d4b\u5f97\u5f88\u51c6\u3002
\u3000\u3000
\u3000\u30001999\u5e745\u6708\uff0cPIMCO\u89c9\u5f97\u5229\u7387\u5c06\u4f1aRange-Bound within a 200 basis point band (\u5728\u4e00\u5b9a\u7684\u533a\u95f4\u5185 \u53d8\u52a8\uff0c\u8fd9\u4e2a\u533a\u95f4\u5bbd\u4e3a2%)\u800c\u5e02\u573a\u53ef\u80fd\u8fd8\u6ca1\u6709\u628a\u8fd9\u4e2a\u770b\u6cd5\u5b9a\u4ef7(market has not priced in yet)\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c range floater \u662f\u4e00\u79cd\u597d\u7684\u6295\u8d44\u5de5\u5177\u6765\u8868\u793a\u7740\u4e2a\u770b\u6cd5\u3002\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u5728\u4ed6\u7684\u6587\u7ae0\u91cc\u9690\u7ea6\u8fd9\u4e48\u8bf4\uff0c\u4f46\u6ca1\u8bf4\u660e\u767d(\u4e0d\u7136\u522b\u5bb6\u5c31\u4f1a\u4f5c\u8fd9\u4e2a\u4ea4\u6613\u4e86)\u3002
\u3000\u3000
\u3000\u3000\u6211\u4e00\u770b\uff0c\u5c31\u548c\u6211\u7684\u8001\u677f\uff0c\u540c\u4e8b\uff0c\u8ba8\u8bba\u5982\u4f55\u4f5c\u51fa\u4e00\u4e2a\u6a21\u578b\uff0c\u80fd\u628a\u6bd4\u5c14-\u683c\u7f57\u65af\u7684\u60f3\u6cd5\u5b9a\u91cf\u5316\uff0c\u5e76\u6709\u53c2\u6570\u8ba9\u4ed6\u53ef\u4ee5\u8c03\u6574\u4ed6\u60f3\u6cd5\u7684\u5f3a\u5f31\u3002\u6211\u628aOption Pricing\u7684\u5723\u7ecf Black and Scholes \u7684\u6a21\u578b\u6539\u4e86\u4e00\u4e0b\uff0c\u628a\u5e73\u5e38\u5229\u7387\u7684\u673a\u7387\u5206\u5e03\u6807\u51c6\u5dee\u7f29\u5c0f\u4ee5\u7b26\u5408\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u7684\u60f3\u6cd5\uff0c\u800c\u6807\u51c6\u5dee\u7684\u5bbd\u5ea6\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u53ef\u4ee5\u81ea\u5df1\u51b3\u5b9a\u3002
\u3000\u3000
\u3000\u3000\u6211\u5f88\u5feb\u5c31\u505a\u51fa\u4e86\u90a3\u4e2a\u6a21\u5f0f\uff0c\u5e76\u900f\u8fc7\u6b63\u5f0f\u7ba1\u9053\u7ed9\u4e86\u6bd4\u5c14\u3002\u6211\u867d\u7136\u5bf9\u6211\u7684\u6a21\u5f0f\u5f88\u6709\u81ea\u4fe1\uff0c\u4f46\u4e0d\u77e5\u6bd4\u5c14\u4f1a\u6709\u600e\u6837\u7684\u53cd\u5e94\uff0c\u662f\u4e0d\u5c51\u4e00\u987e\u8fd8\u662f\u6b23\u8d4f\u3002
\u3000\u3000
\u3000\u3000\u4e0d\u6599\u6bd4\u5c14\u5f88\u5feb\u5c31\u4f20\u4e0b\u8bdd\u6765\uff0c\u4ed6\u65e9\u5c31\u60f3\u505a\u4e00\u6279\u8fd9\u6837\u7684\u6a21\u5f0f\uff0c\u4f46\u627e\u4e0d\u5230\u4eba\u5546\u91cf\uff0c\u800c\u6211\u505a\u51fa\u6765\u7684\u6b63\u662f\u4ed6\u6784\u60f3\u4e2d\u7684\u4e00\u79cd\u3002\u4ed6\u7adf\u8981\u6211\u5c31\u8fd9\u4e2a\u95ee\u9898\uff0c\u5bf9\u5168\u516c\u53f8\u4ea4\u6613\u5458\u4ee5\u4e0a\u7684\u4eba\uff0c\u505a\u4e00\u6b21\u6f14\u8bb2\u3002
\u3000\u3000
\u3000\u3000\u90a3\u65f6\u6211\u53ea\u6709\u5eff\u51e0\u5c81\uff0c\u800c\u516c\u53f8\u7684\u4ea4\u6613\u5458\u4eec\u90fd\u662f\u56db\u3001\u4e94\u5341\u5c81\u7684\u4eba\uff0c\u5728\u4ed6\u4eec\u9762\u524d\u8bb2\u4efb\u4f55\u95ee\u9898\uff0c\u6211\u90fd\u592a\u5ae9\u4e86\u70b9\u3002\u53ef\u662f\uff0c\u6bd4\u5c14\u7684\u547d\u4ee4\u662f\u4e0d\u80fd\u8fdd\u6297\u7684\uff0c\u6211\u53ea\u5f97\u4ee5\u5411\u5927\u5bb6\u8bf4\u660e\u6211\u7684\u6a21\u5f0f\u7684\u5f62\u5f0f\uff0c\u6765\u505a\u8fd9\u6b21\u6f14\u8bb2\u3002
\u3000\u3000
\u3000\u3000\u6ca1\u6709\u60f3\u5230\u8fd9\u6b21\u6f14\u8bb2\u5f88\u6210\u529f\uff0c\u4e0d\u4f46\u5927\u5bb6\u5bf9\u6211\u505a\u51fa\u7684\u6a21\u5f0f\u5174\u81f4\u5f88\u591a\uff0c\u6bd4\u5c14\u66f4\u5f53\u4f17\u79f0\u8d5e\u6211\u505a\u51fa\u7684\u6a21\u5f0f\u5f88\u68d2\uff0c\u80fd\u89e3\u51b3\u95ee\u9898\u3002\u4f1a\u540e\uff0c\u4ed6\u4eb2\u81ea\u6253\u7535\u8bdd\u7ed9\u6211\uff0c\u8981\u6211\u628a\u6211\u505a\u7684\u6a21\u5f0f\uff0c\u4e0a\u5230\u4ed6\u4e2a\u4eba\u7684\u8ba1\u7b97\u673a\u91cc\u3002\u8fd9\u5bf9\u6bd4\u5c14\u8fd9\u4e2a\u4e0d\u76f8\u4fe1\u79d1\u6280\uff0c\u8fde\uff30\uff23\u600e\u4e48\u5f00\u90fd\u4e0d\u6653\u5f97\u7684\u300c\u503a\u5238\u738b\u300d\u800c\u8a00\uff0c\u610f\u4e49\u975e\u51e1\u3002
\u3000\u3000
\u3000\u30002000\u5e74\u5e95\uff0c\u516c\u53f8\u5168\u4f53\u5f00\u5723\u8bde\u8282\u821e\u4f1aChristmas Party\u3002\u603b\u516c\u53f8\u6709\u51e0\u767e\u4eba\uff0c\u76f8\u4e92\u4e4b\u95f4\u5927\u90fd\u4e0d\u8ba4\u8bc6\u3002PARTY \u5f00\u59cb\u540e\u51e0\u5206\u949f\uff0c\u6bd4\u5c14\u00b7\u683c\u7f57\u65af\u8d70\u8fdb\u4f1a\u573a\uff0c\u4ed6\u7b11\u772f\u772f\u5411\u6211\u8d70\u8fc7\u6765\uff0c\u5411\u5168\u4f53\u540c\u4ec1\u5927\u53eb\u4e00\u58f0\uff1a\u300cAlyce\uff0cEverybody knows Alyce!\u300d\u2500\u300c\u963f\u4e3d\u4e1d\uff0c\u5927\u5bb6\u90fd\u8ba4\u8bc6\u963f\u4e3d\u65af\uff01\u300d\u540e\u6765\u6709\u4e00\u4f4d\u5728\u516c\u53f8\u670d\u52a1\u591a\u5e74\u7684\u540c\u4e8b\u8ddf\u6211\u8bb2\uff0c\u4ed6\u4ece\u6765\u6ca1\u89c1\u8fc7\u6bd4\u5c14\u8fd9\u6837\u5174\u594b\u8fc7\u3002
\u3000
\u3000\u3000\u6211\u5728PIMCO\u4ece1998\u5e74\u52302000\u5e74\uff0c\u8868\u73b0\u4e0d\u9519\uff0c\u4e5f\u5f97\u5230\u597d\u7684\u5956\u91d1\u3002\u4f46\u662f\uff0c\u56e0\u4e3a\u6211\u5728\u516c\u53f8\u7b2c\u4e00\u6b21\u9732\u8138\u662f\u7531\u4e8e\u505a\u51fa\u4e86\u4e00\u4e2a\u6bd4\u5c14\u6b23\u8d4f\u7684\u6a21\u5f0f\uff0c\u56e0\u800c\u516c\u53f8\u9ad8\u5c42\u4fbf\u628a\u6211\u7684\u8d23\u4efb\u8303\u56f4\u5b9a\u5728\u505a\u6a21\u5f0f\u65b9\u9762\uff0c\u6211\u7adf\u6ca1\u6709\u522b\u7684\u8303\u56f4\u53ef\u4ee5\u53d1\u6325\u3002\u6211\u6e10\u6e10\u6709\u4e86\u5026\u6020\u611f\uff0c\u89c9\u5f97\u8fd9\u4efd\u5de5\u4f5c\u6ca1\u6709\u4ec0\u4e48\u610f\u601d\u3002\u6b63\u597d\u90a3\u65f6\u77e5\u9053\u4e86\u9ea6\u80af\u9521\u516c\u53f8\u53c8\u5728\u62db\u4eba\uff0c\u6211\u8ba4\u4e3a\u9ea6\u80af\u9521\u7684\u5de5\u4f5c\u5e94\u8be5\u6bd4 PIMCO \u6709\u8da3\uff0c\u4e8e\u662f\u6211\u6bc5\u7136\u5411PIMCO\u63d0\u51fa\u8f9e\u5448\uff0c\u800c\u53c2\u52a0\u4e86\u9ea6\u80af\u9521\u516c\u53f82000\u5e74\u7684\u8003\u8bd5\u3002<\/DIV>
\n

[18] <\/B>\u6211\u4e70\u5356\u623f\u5b50\u4e00\u5e74<\/B>160%<\/B>\u6295\u8d44\u62a5\u916c\u7387<\/B>

\u3000\u3000\u6211\u4ece\u62ff\u5230\u52a0\u5dde\u7406\u5de5\u535a\u58eb\u5f00\u59cb\uff0c\u5c31\u65e0\u65f6\u65e0\u523b\u60f3\u8d76\u5feb\u4e70\u4e2a\u623f\u5b50\uff0c\u514d\u5f97\u7238\u5988\u54af\u7d22\u3002\u6211\u5728PIMCO\u5de5\u4f5c\u7684\u65f6\u5019\uff0c\u7531\u4e8e\u5f85\u9047\u76f8\u5f53\u9ad8\uff0c\u5b58\u4e86\u4e00\u4e9b\u94b1\uff0c\u4fbf\u60f3\u5728\u52a0\u5dde\u4e70\u623f\u5b50\u3002
\u3000\u3000
\u3000\u3000\u4ece\u90a3\u4ee5\u540e\uff0c\u6211\u5728\u516c\u4f59\u5c31\u82b1\u4e86\u4e00\u4e9b\u65f6\u95f4\u7559\u610f\u52a0\u5dde\u7684\u623f\u5c4b\u5e02\u573a\u3002\u5c06\u5c31\u6211\u7684\u5e74\u6536\u5165\u6765\u8003\u8651\u8be5\u4e70\u54ea\u91cc\u7684\u623f\u5b50\u3002\u65b0\u6e2f\u7684\u623f\u5b50\u662f\u6709\u540d\u7684\u8d35\uff0c\u5012\u662f\u5c14\u6e7eIrvine\u7684\u623f\u5b50\u56e0\u4e3a\u5f88\u591a\u4eba\u559c\u6b22\u9000\u4f11\u4e4b\u540e\u5728\u54ea\u91cc\u4f4f\uff0c\u6709\u4eba\u8981(\u6709 demand)\uff0c\u4e5f\u4e0d\u7b97\u592a\u8d35\uff0c\u6709\u5347\u503c\u7684\u7a7a\u95f4\uff0c\u53c8\u6709\u4e9b\u534e\u4eba\u533a\uff0c\u534e\u4eba\u751f\u6d3b\u65b9\u4fbf\uff0c\u6211\u89c9\u5f97\u662f\u4e2a\u53ef\u4ee5\u7ed9\u7238\u5988\u9000\u4f11\u540e\u4f4f\u7684\u5730\u65b9\u3002\u5230\u6709\u4e86\u4e00\u4e2a\u5927\u6982\u7684\u8f6e\u5ed3\u4e4b\u540e\uff0c\u5728\u6211\u79bb\u5f00PIMCO\u4e4b\u540e\uff0c\u4fbf\u9080\u8bf7\u7238\u7238\u3001\u5988\u5988\u52a0\u4e0a\u59b9\u59b9\uff0c\u53ea\u5dee\u4e00\u4e2a\u90a3\u65f6\u8fd8\u5728\u670d\u9884\u5b98\u5f79\u7684\u5f1f\u5f1f\uff0c\u4e00\u9053\u6765\u5c14\u6e7e Irvine\u770b\u623f\u5b50\u505a\u51b3\u5b9a\u3002
\u3000\u3000
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\u3000\u3000
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\u3000\u3000
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\u3000\u3000
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\u3000\u3000
\u3000\u3000\u59b9\u59b9\u5ff5\u5b8cMBA\u540e\uff0c\u4e5f\u6709\u5e78\u8fdb\u5165\u53f0\u6e7e\u6700\u597d\u7684\u521b\u6295\u516c\u53f8\u4e2d\u534e\u5f00\u53d1\u3002<\/DIV>
\n
\u2018<\/DIV>[19] \u8003\u5165\u9ea6\u80af\u9521 McKinsey & Co.<\/B>

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\u3000\u3000
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\u3000\u3000\u540e\u4e24\u5929\u662f\u975e\u5e38\u4e25\u683c\u7684\u9762\u8bd5\uff0c\u9762\u8bd5\u90fd\u662f\u6848\u4f8bCase\u770b\u6211\u4eec\u524d\u4e09\u5929\u5b66\u5f97\u5982\u4f55\uff0c\u5e76\u770b\u6bcf\u4e2a\u4eba\u7684\u751f\u610f\u611f\u89c9Business Sense\u3002\u4ece\u8fd940\u4e2a\u4eba\u4e2d\uff0c\u9ea6\u80af\u9521\u6311\u4e8610\u4e2a\u4eba\uff0c\u5206\u522b\u8fdb\u5165\u5317\u4eac\uff0c\u4e0a\u6d77\uff0c\u9999\u6e2f\uff0c\u53ca\u53f0\u5317\uff0c4\u4e2a\u529e\u516c\u5ba4\u3002\u6211\u4e5f\u987a\u5229\u8fdb\u5165\u53f0\u5317\u529e\u516c\u5ba4\uff0c\u6b63\u5f0f\u6210\u4e86\u9ea6\u80af\u9521\u516c\u53f8\u7684\u4e00\u5458\uff0c\u5706\u4e86\u6211\u52a0\u5dde\u7406\u5de5\u65f6\u4ee3\u7684\u4e00\u4e2a\u68a6\u3002
\u3000\u3000
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[17] \u8d62\u5f97\u300c\u503a\u5238\u738b\u300dBill Gross\u7684\u5fc3\u3000\u3000PIMCO\u7684\u8001\u677f\u540d\u53eb\u6bd4\u5c14\u00b7\u683c\u7f57\u65af(Bill Gross)\uff0c […]<\/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-7668","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\/7668","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=7668"}],"version-history":[{"count":0,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=\/wp\/v2\/posts\/7668\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7668"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.dadicdk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}