風險控管 Risk management By 范盛泓 Henry Fan

最近我花了許多的時間進行詳盡的經營規劃。世界上資源眾多，卻常常使人感到無所適從。因此，我希望能在這裡讓大家花最少的時間學習到最多相關知識。

風險控制是投資的第一課。從過去到現在，許多金融機構和個人都因為在這管理不當而遭受了損失。掌握風險控制的基礎，基本上就等於贏了大多數的人。我將在這裡簡單介紹各個名詞，之後有機會再詳細介紹相關知識內容。

風險溢酬是指投資人希望透過獲得更高的報酬來彌補相關風險。這也解釋了為什麼我們常常聽到高風險高報酬的說法。如果某個商品聲稱無風險但報酬卻很高，你就應該開始懷疑是否是詐騙了....

風險承受度會受到年齡、投資年限和個人經濟狀況等因素的影響。通常年輕人擁有更長的投資年限，即使遭受損失，也有更多時間等待機會使其回升。

對於新手，我建議以下幾點：

閒置資金：使用你短期內不會動用的閒置資金進行投資。如果你遇到困難，就會被迫止損賣掉虧損部位，而無法再獲得回升的機會。

避免使用槓桿：一旦使用槓桿，如果市場行情和你預期的方向相反，你將面臨巨額虧損。這些虧損可能在短期內無法解決，可能導致無法償還貸款或面臨保證金追加要求，對你的生活造成巨大打擊。

種類分散：

進行投資組合分散，可以同時持有多種商品，例如房地產、債券、現金等，或者使用股債混合策略。

產業分散：

不要過度集中投資於某一個行業，因為產業景氣常常輪動，持有不同區塊的產業可以達到避險效果。

地區分散：

也是重要的，避免因地域政治風險引發的危機，例如中美貿易戰或國際潛在戰爭風險。

到期日分散：

分批購入股票或選擇不同到期日的選擇權和期貨。

Alpha和Beta通常一起計算，用於比較投資組合是否表現良好，單一數值比較沒有太大意義

超額報酬（Alpha）是指投資組合相較於基準指數的額外報酬，可以衡量投資經理是否超越整體市場表現。如果某項投資組合具有超越大盤表現，我們會稱這策略擁有Alpha

數值如果是正的，代表有超越大盤的表現

反之如果是負的，代表表現比大盤還差

指數報酬 Beta

指數報酬 Beta 是指這項投資組合的波動性，相較於大盤指數的連動性,是用來衡量這項投資組合的系統性風險的一個係數，在美股我們通常會拿這個投資組合與S&P 500來進行比較

Beta > 1 代表波動大於大盤

Beta < 1 代表波動小於大盤

Beta = 1 代表波動等於大盤

在投資過程中，我們也要確保投資卷商的風險，確保我們的投資具有保險保障，以防止卷商破產而導致我們的資金損失，包括以下常見的機構

聯邦存款保險公司 The Federal Deposit Insurance Corporation (FDIC)

在美國有加入FDIC的銀行開戶都會有25萬美金存款的保障,由於不同帳號是分開計算,所以如果有超過25萬美金存款的部分,可以開不同的帳戶來得到更多的保障

美國證券投資者保護公司 Securities Investors Protection Corporation (SIPC)

SIPC提供每個客戶50萬美金的保障,其中包含25萬美金現金保障

中央存款保險公司 Central Deposit Insurance Corporation

其實台灣也有相關存款保障機構叫中央存款保險公司,就算金融機構出現問題,也會提供每人300萬額度的存款保險,一樣超過300萬的部分也可以分開不同銀行存款進行避險

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Risk management is the first lesson in investing. Many financial institutions and individuals have suffered losses in the past and present due to improper risk management. Mastering the basics of risk control is essentially winning against the majority. Here, I will briefly introduce various terms and have the opportunity to provide detailed explanations of related knowledge in the future.

Risk premium refers to the expectation that investors have of receiving higher returns to compensate for the associated risks. This also explains why we often hear the phrase "high risk, high return." If a product claims to be risk-free but offers high returns, you should start suspecting it might be a scam...

Risk capacity is influenced by factors such as age, investment time horizon, and personal financial situation. Typically, young people have longer investment horizons, which means that even in the event of losses, they have more time to wait for opportunities to recover.

Idle funds: Use funds that you won't need in the short term for investment. If you encounter difficulties and are forced to sell positions at a loss, you won't have the opportunity to recover if those funds are unavailable.

Avoid using leverage: Once you use leverage, if the market moves against your expectations, you will face substantial losses. These losses may not be resolved in the short term and could result in an inability to repay loans or facing margin call requirements which will greatly impact your life.

Portfolio diversification: Diversify your investment portfolio by simultaneously holding various assets such as real estate, bonds, cash, or using a mix of stocks and bonds. In terms of industry diversification, avoid overly concentrating your investments in a single industry as industry cycles often rotate, and holding different industry sectors can achieve hedging effects. Geographic diversification is also essential to avoid crises caused by regional political risks, such as the US-China trade war or potential international conflicts. Additionally, you can consider diversification based on different expiration dates by making staggered purchases of stocks or choosing options and futures with different expiration dates.

Alpha and Beta are usually calculated together to assess whether an investment portfolio performs well. A single value comparison doesn't have much significance.

Alpha represents the additional return of an investment portfolio compared to the benchmark index and can measure whether an investment manager outperforms the overall market. If a portfolio has a positive Alpha, it indicates outperformance, while a negative Alpha suggests underperformance.

Beta represents the volatility of an investment portfolio compared to the market index, reflecting the coefficient of systemic risk. In the US stock market, it is often compared to the S&P 500 index.

During the investment process, it is also important to ensure the risk of your investment broker and protect your investments from potential losses due to broker insolvency. Some common institutions include:

In the US, banks that are members of the FDIC provide deposit insurance coverage of up to $250,000 per depositor, per account category. If you have deposits exceeding $250,000, you can open accounts in different banks to increase the coverage.

Taiwan also has a similar deposit insurance institution called the Central Deposit Insurance Corporation. They provide insurance coverage of up to NT$3 million per person for deposits. Amounts exceeding NT$3 million can be diversified across different banks for risk mitigation.

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By 范盛泓 Henry Fan