{"id":1542,"date":"2024-10-25T07:06:00","date_gmt":"2024-10-24T23:06:00","guid":{"rendered":"https:\/\/blog.laoyulaoyu.top\/?p=1542"},"modified":"2024-09-30T10:05:21","modified_gmt":"2024-09-30T02:05:21","slug":"%e5%b8%a6%e4%bd%a0%e6%8e%a2%e7%a7%98%e4%b8%96%e7%95%8c%e6%9c%80%e6%88%90%e5%8a%9f%e7%9a%84%e7%a5%9e%e7%a7%98%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91%ef%bc%9a%e5%a4%a7%e5%a5%96%e7%ab%a0%ef%bc%88medallion-f","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2024\/10\/25\/%e5%b8%a6%e4%bd%a0%e6%8e%a2%e7%a7%98%e4%b8%96%e7%95%8c%e6%9c%80%e6%88%90%e5%8a%9f%e7%9a%84%e7%a5%9e%e7%a7%98%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91%ef%bc%9a%e5%a4%a7%e5%a5%96%e7%ab%a0%ef%bc%88medallion-f\/","title":{"rendered":"\u5e26\u4f60\u63a2\u79d8\u4e16\u754c\u6700\u6210\u529f\u7684\u795e\u79d8\u5bf9\u51b2\u57fa\u91d1\uff1a\u5927\u5956\u7ae0\uff08Medallion Fund\uff09"},"content":{"rendered":"\n<p>\u4f5c\u8005\uff1a<a href=\"https:\/\/www.laoyulaoyu.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8001\u4f59\u635e\u9c7c<\/a><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">\u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005\u3002<\/mark><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.laoyulaoyu.com\/wp-content\/uploads\/2024\/09\/11111.png\" alt=\"\" class=\"wp-image-2290\"\/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<pre class=\"wp-block-verse\" id=\"block-6e76bd88-bd2b-454a-8266-d31ca4e69c9e\"><strong>\u5199\u5728\u524d\u9762\u7684\u8bdd\uff1a<\/strong>\u5927\u5956\u7ae0\u57fa\u91d1\u662f\u7531\u5409\u59c6\u00b7\u897f\u8499\u65af\u521b\u7acb\u7684<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u4e16\u754c\u4e0a\u6700\u6210\u529f\u7684\u91cf\u5316\u5bf9\u51b2\u57fa\u91d1<\/mark>\uff0c\u51ed\u501f\u91cf\u5316\u4ea4\u6613\u7b56\u7565\u5728\u91d1\u878d\u5e02\u573a\u53d6\u5f97\u4e86\u5353\u8d8a\u8868\u73b0\u3002\u901a\u8fc7\u5927\u6570\u636e\u5206\u6790\u3001\u9ad8\u9891\u4ea4\u6613\u548c\u7edf\u8ba1\u5957\u5229\u7b49\u624b\u6bb5\uff0c<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u8be5\u57fa\u91d1\u5b9e\u73b0\u4e86\u957f\u671f\u9ad8\u56de\u62a5\uff0c\u5e74\u5316\u56de\u62a5\u7387\u8d85\u8fc737.8%\uff0c\u5373\u4f7f\u5728\u5e02\u573a\u4f4e\u8ff7\u65f6\u671f\u4e5f\u80fd\u76c8\u5229\u3002<\/mark>\u5176\u6210\u529f\u4f9d\u8d56\u4e8e\u9ad8\u5ea6\u81ea\u52a8\u5316\u7684\u4ea4\u6613\u6a21\u578b\u3001\u4e13\u4e1a\u56e2\u961f\u548c\u4fdd\u5bc6\u6027\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u4e3a\u91d1\u878d\u754c\u6811\u7acb\u4e86\u91cf\u5316\u4ea4\u6613\u7684\u5178\u8303\uff0c\u5c55\u793a\u4e86\u4eba\u5de5\u667a\u80fd\u548c\u673a\u5668\u5b66\u4e60\u5728\u91d1\u878d\u9886\u57df\u7684\u5de8\u5927\u6f5c\u529b\u3002\u4eca\u5929\uff0c\u8ba9\u6211\u4eec\u4e00\u8d77\u6df1\u5165\u63a2\u79d8\u5927\u5956\u7ae0\u57fa\u91d1\uff0c\u611f\u53d7\u5b83\u80cc\u540e\u7684\u667a\u6167\u4e0e\u529b\u91cf\u5427\uff01<\/pre>\n<\/blockquote>\n\n\n\n<p>\u5927\u5956\u7ae0\u57fa\u91d1\uff08Medallion Fund\uff09\uff0c\u662f\u5927\u540d\u9f0e\u9f0e\u7684\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\uff08Renaissance Technologies\uff09\u65d7\u4e0b\u7684\u4e00\u53ea\u5907\u53d7\u77a9\u76ee\u7684\u65d7\u8230\u57fa\u91d1\u3002\u8be5\u57fa\u91d1\u4ee5\u5176\u5353\u8d8a\u7684\u6295\u8d44\u4e1a\u7ee9\u548c\u72ec\u7279\u7684\u6295\u8d44\u7b56\u7565\u800c\u95fb\u540d\u4e8e\u4e16\u3002\u5176\u8fd0\u7528\u5148\u8fdb\u7684\u6570\u5b66\u6a21\u578b\u3001\u673a\u5668\u5b66\u4e60\u548c\u9ad8\u9891\u4ea4\u6613\u6280\u672f\uff0c\u5728\u91d1\u878d\u5e02\u573a\u4e2d\u5bfb\u627e\u5e76\u5229\u7528\u4ef7\u683c\u4f4e\u6548\u7b56\u7565\uff0c\u5b9e\u73b0\u4e86\u8d85\u8d8a\u6807\u51c6\u666e\u5c14500\u548c\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\uff08\u5df4\u83f2\u7279\u7684\u516c\u53f8\uff09\u7b49\u4f20\u7edf\u6295\u8d44\u6a21\u5f0f\u7684\u975e\u51e1\u4e1a\u7ee9\u3002\u5c3d\u7ba1\u5b83\u53d6\u5f97\u4e86\u60ca\u4eba\u7684\u6210\u529f\uff0c\u4f46\u5176\u5177\u4f53\u8fd0\u4f5c\u6a21\u5f0f\u4ecd\u7136\u662f\u4e00\u4e2a\u79d8\u5bc6\uff0c\u8fd9\u5728\u91d1\u878d\u754c\u5f15\u8d77\u4e86\u4eba\u4eec\u7684\u597d\u5947\u3002\u800c\u6211\u82b1\u4e86\u5927\u91cf\u7684\u65f6\u95f4\u7ffb\u9605\u4e86\u5f88\u591a\u6750\u6599\uff0c\u624d\u5b8c\u6210\u4e86\u4eca\u5929\u8fd9\u7bc7\u6587\u7ae0\u3002<\/p>\n\n\n\n<p>\u4e0b\u56fe\u8bf4\u660e\u4e86\u5927\u5956\u7ae0\u57fa\u91d1\u8fd0\u4f5c\u7684\u6574\u4f53\u67b6\u6784\u3002\u4ece\u5e02\u573a\u6570\u636e\u8f93\u5165\u5f00\u59cb\uff0c\u901a\u8fc7\u6570\u636e\u5904\u7406\u6b65\u9aa4\uff08\u5305\u62ec\u7279\u5f81\u5de5\u7a0b\u548c\u4ef7\u683c\u9884\u6d4b\uff09\u5bf9\u6570\u636e\u8fdb\u884c\u5904\u7406\u548c\u6e05\u7406\u3002\u9ad8\u9891\u4ea4\u6613 (HFT) \u5f15\u64ce\u6839\u636e\u4ef7\u683c\u9884\u6d4b\u6267\u884c\u4ea4\u6613\u3002\u5f02\u5e38\u68c0\u6d4b\u901a\u8fc7\u7b97\u6cd5\u548c\u5b9e\u65f6\u76d1\u63a7\u8fdb\u884c\uff0c\u4e3a\u7cfb\u7edf\u63d0\u4f9b\u53cd\u9988\u3002\u8be5\u56fe\u8fd8\u63cf\u8ff0\u4e86\u8be5\u57fa\u91d1\u5bf9\u6760\u6746\u548c\u98ce\u9669\u7ba1\u7406\uff0c\u4ee5\u53ca\u7edf\u8ba1\u5957\u5229\uff0c\u5373\u5229\u7528\u5e02\u573a\u7684\u4f4e\u6548\u7387\u6765\u83b7\u53d6\u5229\u6da6\u7684\u65b9\u5f0f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.laoyulaoyu.com\/wp-content\/uploads\/2024\/09\/image-243.png\" alt=\"\" class=\"wp-image-2294\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><br><strong>\u4e00\u3001\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u8d77\u6e90<\/strong><br>The Origin of the Medallion Fund<\/h2>\n\n\n\n<p>\u6570\u5b66\u5bb6\u548c\u5bc6\u7801\u7834\u8bd1\u4e13\u5bb6\u5409\u59c6-\u897f\u8499\u65af\uff08Jim Simons\uff09\u4e8e 1988 \u5e74\u521b\u7acb\u4e86\u5927\u5956\u7ae0\u57fa\u91d1\uff08Medallion Fund\uff09\u3002\u5728\u91d1\u878d\u5e02\u573a\u4e0a\uff0c\u897f\u8499\u65af\u57fa\u4e8e\u5bf9\u6570\u5b66\u548c\u6280\u672f\u7684\u6df1\u523b\u7406\u89e3\uff0c\u91c7\u7528\u5148\u8fdb\u7684\u91cf\u5316\u4ea4\u6613\u7b56\u7565\u3002\u4e0e\u4f9d\u9760\u76f4\u89c9\u548c\u7ecf\u6d4e\u9884\u6d4b\u7684\u4f20\u7edf\u5bf9\u51b2\u57fa\u91d1\u4e0d\u540c\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u5229\u7528\u590d\u6742\u7684\u6570\u5b66\u6a21\u578b\u548c\u7b97\u6cd5\u6765\u68c0\u6d4b\u5fae\u5999\u7684\u5e02\u573a\u4f4e\u6548\u3002<\/p>\n\n\n\n<p><em>\u5e02\u573a\u4f4e\u6548\uff1a\u8fd9\u662f\u4e00\u4e2a\u7ecf\u6d4e\u5b66\u4e0a\u7684\u6982\u5ff5\uff0c\u5b83\u6307\u7684\u662f\u5e02\u573a\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\u672a\u80fd\u5b8c\u5168\u5b9e\u73b0\u8d44\u6e90\u7684\u6709\u6548\u914d\u7f6e\u3002\u8fd9\u53ef\u80fd\u662f\u56e0\u4e3a\u5e02\u573a\u5b58\u5728\u4fe1\u606f\u4e0d\u5bf9\u79f0\u3001\u5916\u90e8\u6027\u3001\u5784\u65ad\u3001\u516c\u5171\u7269\u54c1\u7b49\u95ee\u9898\uff0c\u5bfc\u81f4\u5e02\u573a\u673a\u5236\u65e0\u6cd5\u5145\u5206\u53d1\u6325\u4f5c\u7528\uff0c\u8fdb\u800c\u9020\u6210\u8d44\u6e90\u914d\u7f6e\u7684\u4e0d\u5408\u7406\u6216\u6d6a\u8d39\u3002<\/em><\/p>\n\n\n\n<p>\u5728\u91cf\u5316\u4ea4\u6613\u4e2d\uff0c\u5927\u91cf\u6570\u636e\u88ab\u5206\u6790\u4ee5\u8bc6\u522b\u6a21\u5f0f\u548c\u5f02\u5e38\u73b0\u8c61\u3002\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u4eba\u7c7b\u4ea4\u6613\u5458\u65e0\u6cd5\u53d1\u73b0\u8fd9\u4e9b\u6a21\u5f0f\uff0c\u4f46\u590d\u6742\u7684\u7b97\u6cd5\u5374\u80fd\u53d1\u73b0\u3002\u9664\u4e86\u8fd9\u4e9b\u8d44\u4ea7\u7c7b\u522b\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u8fd8\u80fd\u5229\u7528\u8fd9\u4e9b\u6570\u636e\u9884\u6d4b\u4ef7\u683c\u8d70\u52bf\u3002\u6bcf\u5929\uff0c\u8be5\u57fa\u91d1\u90fd\u4f1a\u5229\u7528 TB \u7ea7\u7684\u6570\u636e\u5bf9\u672a\u6765\u7684\u80a1\u7968\u3001\u503a\u5238\u3001\u5546\u54c1\u548c\u8d27\u5e01\u4ef7\u683c\u53d8\u5316\u8fdb\u884c\u5efa\u6a21\u3002<\/p>\n\n\n\n<p>\u7edf\u8ba1\u5957\u5229\u662f\u5927\u5956\u7ae0\u57fa\u91d1\u6210\u529f\u7684\u5173\u952e\u56e0\u7d20\u3002\u4f8b\u5982\uff0c\u901a\u8fc7\u8bc6\u522b\u76f8\u5173\u8d44\u4ea7\u7684\u9519\u8bef\u5b9a\u4ef7\uff0c\u53ef\u4ee5\u53d1\u73b0\u5e02\u573a\u4e2d\u7684\u5fae\u5c0f\u4f4e\u6548\u3002\u4e3a\u4e86\u4ece\u8fd9\u4e9b\u4f4e\u6548\u7684\u6700\u7ec8\u4fee\u6b63\u4e2d\u83b7\u5229\uff0c\u8be5\u57fa\u91d1\u5229\u7528\u5176\u7b97\u6cd5\u8d2d\u4e70\u88ab\u4f4e\u4f30\u7684\u8d44\u4ea7\uff0c\u51fa\u552e\u88ab\u9ad8\u4f30\u7684\u8d44\u4ea7\u3002<\/p>\n\n\n\n<p>HFT\uff08\u9ad8\u9891\u4ea4\u6613\uff09\u662f\u53e6\u4e00\u4e2a\u91cd\u8981\u65b9\u9762\u3002\u5927\u5956\u7ae0\u57fa\u91d1\u53ef\u4ee5\u5229\u7528\u5fae\u5c0f\u7684\u4ef7\u683c\u53d8\u52a8\uff0c\u56e0\u4e3a\u5b83\u53ef\u4ee5\u5728\u77ed\u65f6\u95f4\u5185\u8fdb\u884c\u5927\u91cf\u4ea4\u6613\u3002\u8be5\u57fa\u91d1\u901a\u5e38\u4f7f\u7528 20 \u500d\u8d44\u672c\u7684\u6760\u6746\uff0c\u8fd9\u4e0d\u4ec5\u653e\u5927\u4e86\u5229\u6da6\uff0c\u4e5f\u653e\u5927\u4e86\u98ce\u9669\u3002\u867d\u7136\u5927\u5956\u7ae0\u57fa\u91d1\u4f7f\u7528\u6760\u6746\uff0c\u4f46\u5176\u5148\u8fdb\u7684\u98ce\u9669\u7ba1\u7406\u7cfb\u7edf\u53ef\u786e\u4fdd\u5c06\u635f\u5931\u964d\u81f3\u6700\u4f4e\u3002<\/p>\n\n\n\n<p>\u9664\u4e86\u535a\u58eb\u7ea7\u79d1\u5b66\u5bb6\u548c\u5de5\u7a0b\u5e08\u56e2\u961f\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u8fd8\u4e0d\u65ad\u5b8c\u5584\u5176\u4ea4\u6613\u6a21\u578b\u3002\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u8058\u7528\u4e86 100 \u591a\u540d\u535a\u58eb\u6765\u5f00\u53d1\u548c\u6d4b\u8bd5\u65b0\u7b56\u7565\u3002\u9002\u5e94\u4e0d\u65ad\u53d8\u5316\u7684\u5e02\u573a\u6761\u4ef6\u662f\u6a21\u578b\u7684\u4e00\u4e2a\u6301\u7eed\u8fc7\u7a0b\uff0c\u4ece\u800c\u4f7f\u5176\u5177\u6709\u9ad8\u5ea6\u7684\u52a8\u6001\u6027\u3002<\/p>\n\n\n\n<p>\u5927\u5956\u7ae0\u57fa\u91d1\u4e4b\u6240\u4ee5\u80fd\u6210\u4e3a\u91cf\u5316\u91d1\u878d\u9886\u57df\u7684\u4f7c\u4f7c\u8005\uff0c\u5f97\u76ca\u4e8e\u897f\u8499\u65af\u5c06\u5c16\u7aef\u6280\u672f\u4e0e\u91d1\u878d\u5e02\u573a\u76f8\u7ed3\u5408\u7684\u80fd\u529b\u3002\u4f5c\u4e3a\u4e00\u4e2a\u5c01\u95ed\u5f0f\u57fa\u91d1\uff0c\u8be5\u57fa\u91d1\u7684\u8fd0\u4f5c\u5904\u4e8e\u4fdd\u5bc6\u72b6\u6001\uff0c\u5176\u5458\u5de5\u4e5f\u53d7\u5230\u4e25\u683c\u7684\u4fdd\u5bc6\u534f\u8bae\u7ea6\u675f\u3002\u7531\u4e8e\u5148\u8fdb\u6280\u672f\u3001\u6570\u5b66\u7cbe\u5ea6\u548c\u4fdd\u5bc6\u6027\u7684\u5b8c\u7f8e\u7ed3\u5408\uff0c\u5956\u7ae0\u57fa\u91d1\u5df2\u6210\u4e3a\u91d1\u878d\u754c\u7684\u4e00\u4e2a\u4f20\u5947\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e8c\u3001\u4e0e\u5176\u4ed6\u6295\u8d44\u7684\u6bd4\u8f83<\/strong><br>A Comparison to Other Investments<\/h2>\n\n\n\n<p>\u5982\u679c\u5c06\u5927\u5956\u7ae0\u57fa\u91d1\u4e0e\u5176\u4ed6\u6295\u8d44\u8fdb\u884c\u6bd4\u8f83\uff0c\u5176\u4e1a\u7ee9\u662f\u65e0\u4e0e\u4f26\u6bd4\u7684\u3002\u5982\u679c\u6295\u8d44\u8005\u5728 1988 \u5e74\u5c06 1 \u7f8e\u5143\u6295\u5165\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\uff0c\u90a3\u4e48\u5230 2021 \u5e74\uff0c\u4ed6\u4eec\u5c06\u62e5\u6709\u7ea6 40 \u7f8e\u5143\u7684\u56de\u62a5\u3002\u6c83\u4f26-\u5df4\u83f2\u7279\uff08Warren Buffett\uff09\u7684\u4f2f\u514b\u5e0c\u5c14-\u54c8\u6492\u97e6\u516c\u53f8\uff08Berkshire Hathaway\uff09\u5c06\u4ece\u540c\u6837\u7684 1 \u7f8e\u5143\u4e2d\u83b7\u5f97 152 \u7f8e\u5143\uff0c\u5e74\u589e\u957f\u7387\u4e3a 16.4%\u3002\u7136\u800c\uff0c\u540c\u671f\u6295\u8d44\u4e8e Medallion \u57fa\u91d1\u7684 1 \u7f8e\u5143\u5c06\u589e\u957f\u5230\u60ca\u4eba\u7684 4 \u4e07\u7f8e\u5143\uff0c\u6263\u9664\u8d39\u7528\u540e\u7684\u5e74\u590d\u5408\u589e\u957f\u7387\u4e3a 37.8%\u3002<\/p>\n\n\n\n<p>\u8fd9\u79cd\u5927\u5e45\u8d85\u8d8a\u4f20\u7edf\u5e02\u573a\u6295\u8d44\u751a\u81f3\u5df4\u83f2\u7279\u7b49\u4f20\u5947\u6295\u8d44\u8005\u7684\u8868\u73b0\uff0c\u5c55\u793a\u4e86\u5956\u7ae0\u57fa\u91d1\u7684\u7edf\u6cbb\u529b\u3002\u5b83\u6bd4\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\u9ad8\u51fa 1000 \u500d\uff0c\u6bd4\u5df4\u83f2\u7279\u7684\u56de\u62a5\u9ad8\u51fa 260 \u591a\u500d\u3002\u867d\u7136\u6807\u51c6\u666e\u5c14\u6307\u6570\u548c\u5df4\u83f2\u7279\u7684\u6295\u8d44\u901a\u5e38\u88ab\u89c6\u4e3a\u957f\u671f\u589e\u957f\u7684\u57fa\u51c6\uff0c\u4f46 Medallion \u57fa\u91d1\u51ed\u501f\u5176\u590d\u6742\u7684\u7b56\u7565\uff0c\u5728\u5b8c\u5168\u4e0d\u540c\u7684\u9886\u57df\u8fd0\u4f5c\u3002<\/p>\n\n\n\n<p>\u5373\u4f7f\u5728\u5e02\u573a\u4f4e\u8ff7\u65f6\u671f\uff0c\u8be5\u57fa\u91d1\u4e5f\u80fd\u6301\u7eed\u83b7\u5f97\u5982\u6b64\u8d85\u989d\u7684\u56de\u62a5\uff0c\u5176\u80fd\u529b\u975e\u540c\u4e00\u822c\u3002\u4f8b\u5982\uff0c\u5728 2000 \u5e74\u79d1\u6280\u6ce1\u6cab\u5d29\u6e83\u671f\u95f4\uff0c\u80a1\u5e02\u4e0b\u8dcc\u4e86\u7ea6 22%\uff0cMedallion \u5374\u83b7\u5f97\u4e86\u8d85\u8fc7 51% \u7684\u6536\u76ca\u3002\u540c\u6837\uff0c\u5728 2008 \u5e74\u91d1\u878d\u5371\u673a\u671f\u95f4\uff0c\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\u66b4\u8dcc\u8d85\u8fc7 36%\uff0cMedallion \u57fa\u91d1\u5374\u521b\u4e0b\u4e86 152% \u7684\u7834\u7eaa\u5f55\u56de\u62a5\u7387\u3002<\/p>\n\n\n\n<p>\u4e1a\u7ee9\u5dee\u5f02\u4e0d\u4ec5\u4f53\u73b0\u5728\u5e74\u5ea6\u56de\u62a5\u4e0a\uff0c\u8fd8\u4f53\u73b0\u5728\u57fa\u91d1\u7684\u7a33\u5b9a\u6027\u4e0a\u3002\u5927\u5956\u7ae0\u57fa\u91d1\u81ea\u6210\u7acb\u4ee5\u6765\u4ece\u672a\u51fa\u73b0\u8fc7\u4e8f\u635f\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\u548c\u4f2f\u514b\u5e0c\u5c14-\u54c8\u6492\u97e6\u516c\u53f8\u90fd\u7ecf\u5386\u8fc7\u6ce2\u52a8\uff0c\u5305\u62ec\u6570\u5e74\u7684\u4e0b\u8dcc\u3002<\/p>\n\n\n\n<p>\u4e00\u4e2a\u7279\u522b\u7684\u5bf9\u6bd4\u662f\u5047\u5b9a\u7684 &#8220;\u5b8c\u7f8e\u9884\u89c1 &#8220;\u6295\u8d44\u8005&#8211;\u4e00\u4e2a\u80fd\u591f\u5b8c\u7f8e\u9884\u6d4b\u5e02\u573a\u7684\u4eba\uff0c\u4ece 1988 \u5e74\u5230 2018 \u5e74\uff0c\u4ed6\u53ef\u4ee5\u5728\u6b63\u786e\u7684\u65f6\u95f4\u5207\u6362\u80a1\u7968\u548c\u503a\u5238\u3002\u5373\u4f7f\u6709\u5982\u6b64\u5b8c\u7f8e\u7684\u9884\u6d4b\uff0c\u6295\u8d44\u8005\u4e5f\u53ea\u80fd\u5c06 100 \u7f8e\u5143\u53d8\u6210\u7ea6 398,000 \u7f8e\u5143\u3002\u8fd9\u8fd8\u4e0d\u5230\u5927\u5956\u7ae0\u57fa\u91d1\u540c\u671f\u6536\u76ca\u7684 10%\uff0c\u8fdb\u4e00\u6b65\u8bc1\u660e\u4e86\u8be5\u57fa\u91d1\u7684\u6295\u8d44\u65b9\u6cd5\u8fdc\u8fdc\u8d85\u8d8a\u4e86\u4f20\u7edf\u6295\u8d44\u3002<\/p>\n\n\n\n<p>\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u4e1a\u7ee9\u51e0\u4e4e\u4ee4\u4eba\u96be\u4ee5\u7f6e\u4fe1\uff0c\u8fdc\u8fdc\u8d85\u8fc7\u4e86\u4f20\u7edf\u6295\u8d44\u3002\u8be5\u57fa\u91d1\u7684\u8fd0\u4f5c\u65b9\u5f0f\u5b8c\u5168\u4e0d\u540c\uff0c\u56e0\u6b64\u5176\u65e0\u4e0e\u4f26\u6bd4\u7684\u6210\u529f\u66f4\u52a0\u5438\u5f15\u91d1\u878d\u754c\u7684\u76ee\u5149\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.laoyulaoyu.com\/wp-content\/uploads\/2024\/09\/image-244-352x1024.png\" alt=\"\" class=\"wp-image-2295\"\/><\/figure>\n\n\n\n<p>\u4e0a\u56fe\u4e2d\u663e\u793a\u4e86\u4ea4\u6613\u6a21\u578b\u5982\u4f55\u9884\u6d4b\u4ef7\u683c\uff0c\u5e76\u5c06\u5176\u8f93\u5165\u9ad8\u9891\u4ea4\u6613\u5f15\u64ce\u3002\u5f02\u5e38\u68c0\u6d4b\u4f7f\u7528\u805a\u7c7b\u3001\u9694\u79bb\u6797\u548c RNN \u7b49\u65b9\u6cd5\u76d1\u63a7\u5f02\u5e38\u60c5\u51b5\uff0c\u63d0\u4f9b\u53cd\u9988\u4ee5\u6539\u8fdb\u4ea4\u6613\u3002\u4e0e\u4f20\u7edf\u5bf9\u51b2\u57fa\u91d1\u4e0d\u540c\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u7684\u5927\u5956\u7ae0\u57fa\u91d1\u4ee5\u4e0d\u540c\u7684\u65b9\u5f0f\u8fd0\u4f5c\u3002\u6280\u672f\u3001\u5148\u8fdb\u7684\u6570\u5b66\u6a21\u578b\u548c\u9ad8\u6280\u80fd\u4eba\u624d\u9020\u5c31\u4e86\u5b83\u7684\u6210\u529f\u3002\u5728\u516c\u53f8\u7684\u6574\u4e2a\u8fd0\u4f5c\u8fc7\u7a0b\u4e2d\uff0c\u4ece\u6570\u636e\u5206\u6790\u5230\u6267\u884c\uff0c\u91d1\u878d\u5e02\u573a\u7684\u4f4e\u6548\u7387\u90fd\u88ab\u5229\u7528\u8d77\u6765\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e09\u3001\u91cf\u5316\u4ea4\u6613<\/strong><br>Quantitative Trading<\/h2>\n\n\n\n<p>\u5927\u5956\u7ae0\u57fa\u91d1\u4e0d\u4f9d\u8d56\u76f4\u89c9\u6216\u57fa\u672c\u9762\u5206\u6790\u505a\u51fa\u51b3\u7b56\uff0c\u800c\u662f\u5229\u7528\u7edf\u8ba1\u5206\u6790\u505a\u51fa\u8fd9\u4e9b\u51b3\u7b56\u3002\u5e02\u573a\u6a21\u5f0f\u548c\u5f02\u5e38\u73b0\u8c61\u662f\u901a\u8fc7\u5927\u91cf\u6570\u636e\u8bc6\u522b\u51fa\u6765\u7684\u3002\u4ef7\u683c\u53ef\u4ee5\u5728\u51e0\u6beb\u79d2\u5185\u6ce2\u52a8\uff0c\u5b63\u8282\u6027\u6ce2\u52a8\u4e5f\u53ef\u4ee5\u50cf\u8fd9\u4e9b\u6a21\u5f0f\u4e00\u6837\u5fae\u5999\u3002\u901a\u8fc7\u5206\u6790\u5386\u53f2\u4ef7\u683c\u3001\u4ea4\u6613\u91cf\u548c\u5176\u4ed6\u56e0\u7d20\uff0cMedallion Fund \u7684\u7b97\u6cd5\u6bcf\u5929\u5229\u7528 TB \u7ea7\u7684\u6570\u636e\u9884\u6d4b\u672a\u6765\u7684\u4ef7\u683c\u8d70\u52bf\u3002<\/p>\n\n\n\n<p>\u5176\u91c7\u7528\u77ed\u671f\u9ad8\u9891\u4ea4\u6613\u7b56\u7565\uff0c\u800c\u975e\u4f20\u7edf\u7684\u4ea4\u6613\u5546\uff0c\u540e\u8005\u53ef\u80fd\u4f1a\u5173\u6ce8\u66f4\u5e7f\u6cdb\u7684\u5e02\u573a\u8d8b\u52bf\u3002\u4ea4\u6613\u7b97\u6cd5\u80fd\u591f\u5728\u51e0\u6beb\u79d2\u6216\u51e0\u79d2\u7684\u65f6\u95f4\u5185\u8bc6\u522b\u5e76\u5229\u7528\u54ea\u6015\u662f\u5fae\u5c0f\u7684\u4ef7\u683c\u5dee\u5f02\u3002\u8be5\u57fa\u91d1\u6bcf\u5e74\u6267\u884c\u6570\u767e\u4e07\u6b21\u4ea4\u6613\uff0c\u8bb8\u591a\u4ea4\u6613\u6301\u7eed\u65f6\u95f4\u4e0d\u5230\u4e00\u5206\u949f\uff0c\u4f7f\u5176\u80fd\u591f\u4ece\u4eba\u7c7b\u5ffd\u89c6\u7684\u5fae\u5c0f\u4f4e\u6548\u4e2d\u83b7\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u56db\u3001\u5f02\u5e38\u68c0\u6d4b<\/strong><br>Anomaly Detection<\/h2>\n\n\n\n<p id=\"26d5\">\u5927\u5956\u7ae0\u57fa\u91d1\u7b56\u7565\u7684\u4e00\u4e2a\u91cd\u8981\u7ec4\u6210\u90e8\u5206\u662f\u8bc6\u522b\u4f20\u7edf\u4ea4\u6613\u8005\u53ef\u80fd\u65e0\u6cd5\u53d1\u73b0\u7684\u5177\u6709\u7edf\u8ba1\u610f\u4e49\u7684\u6a21\u5f0f\u6216\u5173\u7cfb\u3002\u5404\u79cd\u56e0\u7d20\u90fd\u53ef\u4ee5\u89e3\u91ca\u8fd9\u4e9b\u5f02\u5e38\u73b0\u8c61\uff0c\u5305\u62ec\u5b63\u8282\u6027\u3001\u60c5\u7eea\u548c\u6d41\u52a8\u6027\u3002\u4f8b\u5982\uff0c\u5546\u54c1\u5e02\u573a\u53ef\u80fd\u4f1a\u663e\u793a\u51fa\u4e0e\u751f\u4ea7\u5468\u671f\u76f8\u5173\u7684\u5468\u671f\u6027\u6a21\u5f0f\uff0c\u4ece\u800c\u4f7f\u57fa\u91d1\u80fd\u591f\u9884\u6d4b\u4ef7\u683c\u8d70\u52bf\u3002<\/p>\n\n\n\n<p id=\"cd5c\">\u8981\u68c0\u6d4b\u548c\u5e94\u5bf9\u8fd9\u4e9b\u5f02\u5e38\u60c5\u51b5\uff0c\u5927\u5956\u7ae0\u57fa\u91d1\u5fc5\u987b\u5177\u5907\u5f3a\u5927\u7684\u6280\u672f\u4f18\u52bf\u3002\u8fd9\u79cd\u4f18\u52bf\u7684\u5f88\u5927\u4e00\u90e8\u5206\u6765\u81ea\u4e8e\u4f7f\u7528\u5148\u8fdb\u7684\u673a\u5668\u5b66\u4e60\u7b97\u6cd5\uff0c\u8fd9\u4e9b\u7b97\u6cd5\u968f\u7740\u5904\u7406\u66f4\u591a\u6570\u636e\u800c\u4e0d\u65ad\u53d1\u5c55\u3002\u8fd9\u4e9b\u7b97\u6cd5\u4e0d\u4ec5\u80fd\u68c0\u6d4b\u5df2\u77e5\u7684\u5f02\u5e38\u60c5\u51b5\uff0c\u8fd8\u80fd\u53d1\u73b0\u65b0\u7684\u5f02\u5e38\u60c5\u51b5\u3002\u8981\u4fdd\u6301\u5e02\u573a\u9886\u5148\u5730\u4f4d\uff0c\u5c31\u5fc5\u987b\u4e0d\u65ad\u5b66\u4e60\u548c\u9002\u5e94\u65b0\u6570\u636e\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e94\u3001\u6760\u6746\u548c\u98ce\u9669\u7ba1\u7406<\/strong><br>Leverage and Risk Management<\/h2>\n\n\n\n<p id=\"30bf\">\u5927\u5956\u7ae0\u57fa\u91d1\u8fd8\u5229\u7528\u6760\u6746\u4f5c\u4e3a\u5176\u8fd0\u4f5c\u4e0d\u53ef\u5206\u5272\u7684\u4e00\u90e8\u5206\u3002\u636e\u62a5\u9053\uff0c\u8be5\u57fa\u91d1\u4ee5\u5341\u5230\u4e8c\u5341\u500d\u7684\u6760\u6746\u8fdb\u884c\u4ea4\u6613\uff0c\u8fd9\u610f\u5473\u7740\u5b83\u6bcf\u62e5\u6709\u4e00\u7f8e\u5143\u5c31\u501f\u5165\u5341\u5230\u4e8c\u5341\u7f8e\u5143\u3002\u4f7f\u7528\u6760\u6746\u53ef\u4ee5\u83b7\u5f97\u66f4\u9ad8\u7684\u6295\u8d44\u56de\u62a5\uff0c\u4f46\u98ce\u9669\u4e5f\u4f1a\u589e\u52a0\u3002\u901a\u8fc7 Medallion \u5148\u8fdb\u7684\u98ce\u9669\u7ba1\u7406\u7cfb\u7edf\uff0c\u8fd9\u79cd\u98ce\u9669\u5f97\u5230\u4e86\u7f13\u89e3\uff0c\u786e\u4fdd\u65e0\u8bba\u8be5\u57fa\u91d1\u7684\u6760\u6746\u4f5c\u7528\u6709\u591a\u5927\uff0c\u603b\u4f53\u98ce\u9669\u4ecd\u5728\u53ef\u63a7\u8303\u56f4\u5185\u3002<\/p>\n\n\n\n<p id=\"d1dd\">\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u6a21\u578b\u901a\u5e38\u57fa\u4e8e\u76f8\u5173\u6027\uff0c\u5373\u6839\u636e\u8d44\u4ea7\u4e4b\u95f4\u7684\u5173\u7cfb\u8fdb\u884c\u4ea4\u6613\u3002\u4e3a\u4e86\u964d\u4f4e\u6574\u4f53\u98ce\u9669\uff0c\u8be5\u57fa\u91d1\u6295\u8d44\u4e8e\u591a\u79cd\u8d44\u4ea7\u7c7b\u522b\uff0c\u5982\u80a1\u7968\u3001\u503a\u5238\u3001\u5546\u54c1\u548c\u8d27\u5e01\u3002\u5728\u91d1\u878d\u5371\u673a\u7b49\u5e02\u573a\u6ce2\u52a8\u65f6\u671f\uff0c\u4f20\u7edf\u6295\u8d44\u8005\u53ef\u80fd\u4f1a\u906d\u53d7\u91cd\u5927\u635f\u5931\u3002\u8fd9\u79cd\u65b9\u6cd5\u4f7f\u5176\u65e0\u8bba\u5728\u4f55\u79cd\u5e02\u573a\u6761\u4ef6\u4e0b\u90fd\u80fd\u83b7\u5229\u3002<\/p>\n\n\n\n<p id=\"14c2\">\u5728 Medallion\uff0c\u7cbe\u786e\u662f\u6210\u529f\u5229\u7528\u6760\u6746\u7684\u5173\u952e\u3002\u6bcf\u7b14\u4ea4\u6613\u53ea\u6d89\u53ca\u57fa\u91d1\u603b\u8d44\u4ea7\u7684\u4e00\u5c0f\u90e8\u5206\uff0c\u8fd9\u5c31\u786e\u4fdd\u4e86\u4e00\u6b21\u5931\u8bef\u4e0d\u4f1a\u9020\u6210\u707e\u96be\u6027\u540e\u679c\u3002\u6839\u636e\u6a21\u578b\uff0c50.7% \u7684\u4ea4\u6613\u53ef\u80fd\u662f\u76c8\u5229\u7684\uff0c\u8fd9\u4f3c\u4e4e\u662f\u4e00\u4e2a\u5f88\u5c0f\u7684\u5e45\u5ea6\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u7531\u4e8e\u6267\u884c\u7684\u4ea4\u6613\u91cf\u5de8\u5927\uff0c\u5373\u4f7f\u662f\u5fae\u5c0f\u7684\u4f18\u52bf\u4e5f\u80fd\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4ea7\u751f\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u5229\u6da6\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.laoyulaoyu.com\/wp-content\/uploads\/2024\/09\/image-245-315x1024.png\" alt=\"\" class=\"wp-image-2296\"\/><\/figure>\n\n\n\n<p>\u672c\u56fe\u8bf4\u660e\u4e86\u7edf\u8ba1\u5957\u5229\u8fc7\u7a0b\u3002\u5b83\u4ece\u9009\u62e9\u8d44\u4ea7\u5bf9\u5f00\u59cb\uff0c\u68c0\u6d4b\u4ef7\u683c\u80cc\u79bb\uff0c\u751f\u6210\u4e70\u5165\/\u5356\u51fa\u4fe1\u53f7\uff0c\u5e94\u7528\u98ce\u9669\u76d1\u63a7\u548c\u6760\u6746\uff0c\u5e76\u4f7f\u7528\u9ad8\u9891\u4ea4\u6613\u6765\u5229\u7528\u4ef7\u683c\u7684\u4f4e\u6548\u7387\u3002\u8d44\u4ea7\u4ef7\u683c\u6536\u655b\u540e\uff0c\u6700\u540e\u4e00\u6b65\u5c31\u662f\u4ece\u5957\u5229\u4e2d\u83b7\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u516d\u3001\u7edf\u8ba1\u5957\u5229<\/strong><br>Statistical Arbitrage<\/h2>\n\n\n\n<p id=\"a5d5\">\u5927\u5956\u7ae0\u57fa\u91d1\u4f7f\u7528\u7edf\u8ba1\u5957\u5229\u6765\u5229\u7528\u76f8\u5173\u8d44\u4ea7\u4e4b\u95f4\u7684\u5b9a\u4ef7\u4f4e\u6548\uff0c\u8fd9\u662f\u5176\u6700\u6210\u529f\u7684\u4ea4\u6613\u6280\u672f\u4e4b\u4e00\u3002\u5047\u8bbe\u4e24\u53ea\u80a1\u7968\u7684\u8d70\u52bf\u7ecf\u5e38\u51fa\u73b0\u80cc\u79bb\uff0c\u7136\u540e\u53c8\u8d8b\u4e8e\u4e00\u81f4\uff0c\u7b97\u6cd5\u53ef\u80fd\u4f1a\u4e70\u5165\u8868\u73b0\u4e0d\u4f73\u7684\u80a1\u7968\uff0c\u505a\u7a7a\u8868\u73b0\u51fa\u8272\u7684\u80a1\u7968\u3002\u57fa\u91d1\u7684\u5229\u6da6\u5c31\u6765\u81ea\u4e8e\u8fd9\u79cd\u8d8b\u540c\u3002<\/p>\n\n\n\n<p id=\"d0e9\">\u4e3a\u4e86\u8fdb\u884c\u8fd9\u79cd\u5957\u5229\uff0c\u9700\u8981\u7cbe\u786e\u7684\u65f6\u95f4\u5b89\u6392\u548c\u5927\u91cf\u7684\u6570\u636e\u5206\u6790\u3002Medallion \u6a21\u578b\u662f\u9ad8\u5ea6\u81ea\u52a8\u5316\u7684\uff0c\u53ef\u5728\u51e0\u6beb\u79d2\u5185\u505a\u51fa\u51b3\u7b56\uff0c\u4ece\u800c\u5229\u7528\u8fd9\u4e9b\u4f4e\u6548\u7387\u3002\u5229\u7528\u8fd9\u4e9b\u7a0d\u7eb5\u5373\u901d\u7684\u673a\u4f1a\u662f Medallion \u9ad8\u5ea6\u4f9d\u8d56\u9ad8\u9891\u4ea4\u6613\u7684\u53e6\u4e00\u4e2a\u539f\u56e0\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e03\u3001\u673a\u5668\u5b66\u4e60\u548c\u4eba\u5de5\u667a\u80fd<\/strong><br>Machine Learning and AI<\/h2>\n\n\n\n<p>\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u6295\u8d44\u7ec4\u5408\u4e2d\u6ca1\u6709\u4e00\u6210\u4e0d\u53d8\u7684\u6a21\u578b\u3002\u8fd9\u4e9b\u7b97\u6cd5\u91c7\u7528\u673a\u5668\u5b66\u4e60\u6280\u672f\uff0c\u4e0d\u65ad\u4ece\u65b0\u6570\u636e\u548c\u8fc7\u53bb\u7684\u4ea4\u6613\u4e2d\u5b66\u4e60\u3002\u4ea4\u6613\u4e3a\u7cfb\u7edf\u63d0\u4f9b\u4e86\u5b8c\u5584\u9884\u6d4b\u548c\u63d0\u9ad8\u51c6\u786e\u6027\u7684\u673a\u4f1a\u3002\u7531\u4e8e\u5f15\u5165\u4e86\u65b0\u7684\u6570\u636e\u70b9\uff0c\u57fa\u91d1\u7684\u7b56\u7565\u662f\u9ad8\u5ea6\u52a8\u6001\u7684\uff0c\u4ece\u800c\u5bfc\u81f4\u6a21\u578b\u81ea\u52a8\u8c03\u6574\u3002<\/p>\n\n\n\n<p>\u7531\u4e8e Medallion \u80fd\u591f\u8bc6\u522b\u6570\u636e\u4e2d\u7684\u975e\u7ebf\u6027\u5173\u7cfb\uff0c\u56e0\u6b64\u5b83\u7684\u8868\u73b0\u4e00\u76f4\u4f18\u4e8e\u5176\u4ed6\u57fa\u91d1\u3002\u7531\u4e8e\u91d1\u878d\u5e02\u573a\u7684\u590d\u6742\u6027\uff0c\u4f20\u7edf\u7684\u4ea4\u6613\u6a21\u578b\u901a\u5e38\u5047\u5b9a\u5b58\u5728\u7ebf\u6027\u5173\u7cfb\u3002Medallion \u5229\u7528\u5148\u8fdb\u7684\u673a\u5668\u5b66\u4e60\u6280\u672f\uff0c\u80fd\u591f\u53d1\u73b0\u7ebf\u6027\u6a21\u578b\u65e0\u6cd5\u63ed\u793a\u7684\u6570\u636e\u4e2d\u7684\u9690\u85cf\u5173\u7cfb\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u516b\u3001\u4e13\u4e1a\u4eba\u505a\u4e13\u4e1a\u4e8b<\/strong><br>Human Expertise<\/h2>\n\n\n\n<p>\u5c3d\u7ba1\u7b97\u6cd5\u548c\u673a\u5668\u53d1\u6325\u7740\u91cd\u8981\u4f5c\u7528\uff0c\u4f46\u4eba\u7c7b\u7684\u4e13\u4e1a\u77e5\u8bc6\u5bf9 Medallion \u7684\u6210\u529f\u4ecd\u7136\u81f3\u5173\u91cd\u8981\u3002\u897f\u8499\u65af\u660e\u767d\uff0c\u6700\u597d\u7684\u4ea4\u6613\u6a21\u578b\u9700\u8981\u6700\u597d\u7684\u6570\u5b66\u5bb6\u3001\u7269\u7406\u5b66\u5bb6\u548c\u8ba1\u7b97\u673a\u79d1\u5b66\u5bb6\u3002\u521b\u5efa Medallion \u7684\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u8058\u7528\u4e86 100 \u591a\u540d\u535a\u58eb\u7ea7\u79d1\u5b66\u5bb6\u3002\u4e3a\u4e86\u5229\u7528\u5e02\u573a\u7684\u4f4e\u6548\u7387\uff0c\u8fd9\u4e9b\u4e13\u5bb6\u4e0d\u65ad\u5171\u540c\u5b8c\u5584\u6a21\u578b\u3002<\/p>\n\n\n\n<p id=\"5c60\">\u968f\u7740\u5e02\u573a\u7684\u4e0d\u65ad\u53d1\u5c55\uff0c\u8981\u4f7f\u5956\u7ae0\u57fa\u91d1\u7684\u6a21\u578b\u4e0e\u65f6\u4ff1\u8fdb\uff0c\u5c31\u5fc5\u987b\u4ee5\u4eba\u4e3a\u672c\u3002\u5f71\u54cd\u91d1\u878d\u5e02\u573a\u7684\u56e0\u7d20\u5f88\u591a\uff0c\u5305\u62ec\u5730\u7f18\u653f\u6cbb\u4e8b\u4ef6\u3001\u5229\u7387\u53d8\u5316\u548c\u6280\u672f\u8fdb\u6b65\u3002\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u7684\u79d1\u5b66\u5bb6\u548c\u7814\u7a76\u4eba\u5458\u4e0d\u65ad\u8bc4\u4f30\u8fd9\u4e9b\u56e0\u7d20\uff0c\u8c03\u6574\u7b97\u6cd5\uff0c\u4ee5\u786e\u4fdd\u5b83\u4eec\u5728\u4e0d\u65ad\u53d8\u5316\u7684\u5e02\u573a\u6761\u4ef6\u4e0b\u4f9d\u7136\u6709\u6548\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u4e5d\u3001\u98ce\u9669\u7ba1\u7406\u548c\u4ea4\u6613\u6267\u884c<\/strong><br>Risk Management and Trade Execution<\/h2>\n\n\n\n<p id=\"bc1f\">\u5927\u5956\u7ae0\u57fa\u91d1\u9664\u4e86\u5bfb\u627e\u76c8\u5229\u673a\u4f1a\u5916\uff0c\u8fd8\u975e\u5e38\u91cd\u89c6\u98ce\u9669\u7ba1\u7406\u3002\u8be5\u516c\u53f8\u4f7f\u7528\u9ad8\u6760\u6746\uff0c\u56e0\u6b64\u7ba1\u7406\u4e0b\u884c\u98ce\u9669\u5bf9\u5176\u8fd0\u8425\u81f3\u5173\u91cd\u8981\u3002\u8be5\u57fa\u91d1\u7684\u7b97\u6cd5\u4e0d\u4ec5\u65e8\u5728\u8bc6\u522b\u6709\u5229\u53ef\u56fe\u7684\u4ea4\u6613\uff0c\u8fd8\u80fd\u8bc4\u4f30\u6bcf\u4e2a\u4ed3\u4f4d\u7684\u98ce\u9669\u3002\u56e0\u6b64\uff0c\u6bcf\u7b14\u4ea4\u6613\u90fd\u4f1a\u4ece\u4e0a\u6da8\u548c\u4e0b\u8dcc\u4e24\u4e2a\u89d2\u5ea6\u8fdb\u884c\u5206\u6790\u3002<\/p>\n\n\n\n<p id=\"561b\">\u4f5c\u4e3a\u5176\u98ce\u9669\u7ba1\u7406\u7b56\u7565\u7684\u4e00\u90e8\u5206\uff0c\u57fa\u91d1\u8fd8\u91c7\u7528\u590d\u6742\u7684\u6280\u672f\u6765\u7ba1\u7406\u6267\u884c\u98ce\u9669\u3002\u4f8b\u5982\uff0c\u5728\u4e00\u4e2a\u5c0f\u5e02\u573a\u4e0a\u8fdb\u884c\u5927\u989d\u4ea4\u6613\uff0c\u53ef\u80fd\u4f1a\u5927\u5e45\u6539\u53d8\u4ef7\u683c\uff0c\u964d\u4f4e\u76c8\u5229\u80fd\u529b\u3002Medallion \u7684\u6a21\u578b\u8003\u8651\u5230\u4e86\u8fd9\u4e00\u70b9\uff0c\u5c06\u5927\u989d\u4ea4\u6613\u5206\u6210\u5c0f\u989d\u4ea4\u6613\uff0c\u5e76\u5728\u4e0d\u540c\u7684\u4ea4\u6613\u573a\u6240\u6267\u884c\uff0c\u4ee5\u5c3d\u91cf\u51cf\u5c11\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u3002<\/p>\n\n\n\n<p id=\"be6d\">\u9664\u4e86\u4f18\u5316\u4ea4\u6613\u6267\u884c\uff0cMedallion \u8fd8\u5229\u7528\u5176\u5f3a\u5927\u7684\u8ba1\u7b97\u80fd\u529b\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u8be5\u57fa\u91d1\u5c06\u4ea4\u6613\u5206\u89e3\u6210\u66f4\u5c0f\u7684\u90e8\u5206\uff0c\u786e\u4fdd\u4e0d\u4f1a\u5728\u65e0\u610f\u4e2d\u5f71\u54cd\u5176\u4ea4\u6613\u8d44\u4ea7\u7684\u4ef7\u683c\u3002\u56e0\u6b64\uff0c\u8fd9\u662f\u4e00\u4e2a\u9ad8\u5ea6\u590d\u6742\u7684\u8fc7\u7a0b\uff0c\u65e2\u9700\u8981\u5f3a\u5927\u7684\u7b97\u6cd5\uff0c\u4e5f\u9700\u8981\u5bf9\u5e02\u573a\u53d8\u5316\u505a\u51fa\u5feb\u901f\u53cd\u5e94\u7684\u80fd\u529b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5341\u3001\u6210\u672c\u6548\u76ca<\/strong><br>Cost Efficiency<\/h2>\n\n\n\n<p>\u5c3d\u7ba1 Medallion \u6bcf\u5e74\u8981\u6267\u884c\u6570\u767e\u4e07\u7b14\u4ea4\u6613\uff0c\u4f46\u5b83\u4ecd\u80fd\u4fdd\u6301\u4f4e\u6210\u672c\u3002\u4e0e\u9ad8\u9891\u4ea4\u6613\u76f8\u5173\u7684\u4ea4\u6613\u8d39\u3001\u70b9\u5dee\u548c\u5176\u4ed6\u8d39\u7528\u4f7f\u5176\u6210\u4e3a\u51fa\u4e86\u540d\u7684\u6602\u8d35\u3002\u7531\u4e8e Medallion \u7684\u89c4\u6a21\uff0c\u5b83\u53ef\u4ee5\u4e0e\u7ecf\u7eaa\u5546\u548c\u4ea4\u6613\u6240\u8c08\u5224\u6709\u5229\u7684\u6761\u6b3e\uff0c\u4ece\u800c\u964d\u4f4e\u6bcf\u7b14\u4ea4\u6613\u7684\u6210\u672c\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u8be5\u57fa\u91d1\u7684\u9ad8\u6548\u7b97\u6cd5\u4f7f\u5176\u80fd\u591f\u4ece\u5176\u4ed6\u4ea4\u6613\u8005\u53ef\u80fd\u8ba4\u4e3a\u65e0\u5229\u53ef\u56fe\u7684\u4ea4\u6613\u4e2d\u83b7\u53d6\u5229\u6da6\u3002\u901a\u8fc7 Medallion\uff0c\u5373\u4f7f\u662f\u5fae\u5c0f\u7684\u4ef7\u683c\u6ce2\u52a8\u4e5f\u80fd\u5e26\u6765\u53ef\u89c2\u7684\u6536\u76ca\uff0c\u56e0\u4e3a\u6210\u672c\u4fdd\u6301\u5728\u8f83\u4f4e\u6c34\u5e73\uff0c\u6760\u6746\u4e5f\u5f97\u5230\u4e86\u6709\u6548\u5229\u7528\u3002\u4e0e\u5176\u4ed6\u5bf9\u51b2\u57fa\u91d1\u4e0d\u540c\uff0c\u5b83\u80fd\u591f\u4ee5\u5176\u4ed6\u5bf9\u51b2\u57fa\u91d1\u65e0\u6cd5\u6bd4\u62df\u7684\u89c4\u6a21\u8fd0\u4f5c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5341\u4e00\u3001\u4fdd\u5bc6\u6027\u548c\u6392\u4ed6\u6027<br><\/strong>Secrecy and Exclusivity<\/h2>\n\n\n\n<p id=\"bc20\">\u6781\u5ea6\u4fdd\u5bc6\u662f\u5956\u7ae0\u57fa\u91d1\u8fd0\u4f5c\u7684\u4e00\u4e2a\u91cd\u8981\u65b9\u9762\u3002\u6709\u5173\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u57fa\u91d1\u8fd0\u4f5c\u7684\u516c\u5f00\u7ec6\u8282\u4e00\u76f4\u4fdd\u5bc6\u3002\u6cd5\u5f8b\u7981\u6b62\u5458\u5de5\u8ba8\u8bba\u5177\u4f53\u7684\u57fa\u91d1\u7b56\u7565\u3002\u7531\u4e8e\u8fd9\u79cd\u4fdd\u5bc6\u6027\uff0c\u8be5\u57fa\u91d1\u53d8\u5f97\u66f4\u52a0\u8bf1\u4eba\u548c\u795e\u79d8\u3002<\/p>\n\n\n\n<p id=\"b1ef\">1993 \u5e74\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u7684\u5458\u5de5\u662f\u8be5\u57fa\u91d1\u552f\u4e00\u5141\u8bb8\u7684\u6295\u8d44\u8005\u3002\u57fa\u91d1\u7684\u6392\u4ed6\u6027\u4f7f\u5176\u7b56\u7565\u65e0\u6cd5\u88ab\u5e7f\u6cdb\u590d\u5236\uff0c\u4ece\u800c\u524a\u5f31\u5176\u6709\u6548\u6027\u3002\u6709\u9650\u7684\u6295\u8d44\u8005\u6570\u91cf\u4f7f Medallion \u57fa\u91d1\u65e2\u80fd\u4fdd\u6301\u5176\u4f18\u52bf\uff0c\u53c8\u4e0d\u4f1a\u4ee5\u5176\u6a21\u5f0f\u6270\u4e71\u5e02\u573a\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5341\u4e8c\u3001\u9650\u5236\u5bb9\u91cf<\/strong><br>Capacity Constraints<\/h2>\n\n\n\n<p id=\"97de\">\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u6210\u529f\u662f\u5176\u9762\u4e34\u7684\u6700\u5927\u6311\u6218\u4e4b\u4e00\u3002\u5728\u89c4\u6a21\u8f83\u5927\u7684\u57fa\u91d1\u4e2d\uff0c\u5728\u4e0d\u5f71\u54cd\u5e02\u573a\u7684\u60c5\u51b5\u4e0b\u90e8\u7f72\u7b56\u7565\u53d8\u5f97\u66f4\u52a0\u56f0\u96be\u3002\u57fa\u91d1\u7ecf\u7406\u7ba1\u7406\u7684\u8d44\u4ea7\u6570\u989d\u662f\u56fa\u5b9a\u7684\uff0c\u901a\u5e38\u5728 100 \u4ebf\u7f8e\u5143\u5de6\u53f3\uff0c\u56e0\u4e3a\u5728\u6a21\u578b\u53d8\u5f97\u4e0d\u90a3\u4e48\u6709\u6548\u4e4b\u524d\uff0c\u4ed6\u4eec\u80fd\u7ba1\u7406\u7684\u8d44\u91d1\u662f\u6709\u9650\u7684\u3002\u7531\u4e8e\u6d41\u52a8\u6027\u9650\u5236\u548c\u5e02\u573a\u529b\u91cf\u7684\u5f71\u54cd\uff0c\u8fd9\u4e9b\u7b56\u7565\u53ef\u80fd\u4f1a\u5931\u53bb\u4f18\u52bf\u3002<\/p>\n\n\n\n<p id=\"ae3b\">\u4e3a\u4e86\u964d\u4f4e\u8fd9\u79cd\u98ce\u9669\uff0c\u6587\u827a\u590d\u5174\u79d1\u6280\u516c\u53f8\u5bf9\u5956\u7ae0\u57fa\u91d1\u7684\u8d44\u91d1\u91cf\u8fdb\u884c\u4e86\u4e25\u683c\u7ba1\u7406\u3002\u5bb9\u91cf\u7ba1\u7406\u662f\u4e0d\u5141\u8bb8\u65b0\u6295\u8d44\u8005\u6295\u8d44\u8be5\u57fa\u91d1\u7684\u53e6\u4e00\u4e2a\u539f\u56e0&#8211;\u5982\u679c\u592a\u591a\u8d44\u91d1\u8fdb\u5165\uff0c\u6a21\u578b\u53ef\u80fd\u65e0\u6cd5\u6b63\u5e38\u8fd0\u884c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u672c\u6587\u56de\u987e<\/strong><\/h2>\n\n\n\n<p>\u5386\u53f2\u4e0a\u5f88\u5c11\u6709\u80fd\u4e0e\u5956\u7ae0\u57fa\u91d1\u76f8\u63d0\u5e76\u8bba\u7684\u91d1\u878d\u6210\u5c31\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u5b83\u4ecd\u7136\u662f\u4e00\u4e2a\u8c1c\u3002\u673a\u5668\u5b66\u4e60\u3001\u5c16\u7aef\u6280\u672f\u548c\u590d\u6742\u7684\u5b9a\u91cf\u6a21\u578b\u4f7f\u5176\u80fd\u591f\u4ea7\u751f\u8d85\u8d8a\u4f20\u7edf\u6295\u8d44\u7684\u56de\u62a5\u3002\u4f5c\u4e3a\u5176\u65e0\u4e0e\u4f26\u6bd4\u7684\u7b56\u7565\u7684\u8bc1\u660e\uff0c\u5373\u4f7f\u5728\u5e02\u573a\u4f4e\u8ff7\u65f6\u671f\uff0c\u5b83\u4e5f\u80fd\u8301\u58ee\u6210\u957f\uff0c\u5e76\u8d85\u8d8a\u4e86\u6c83\u4f26-\u5df4\u83f2\u7279\u7b49\u4f20\u5947\u6295\u8d44\u8005\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u8be5\u57fa\u91d1\u7684\u4fdd\u5bc6\u6027\u548c\u6392\u4ed6\u6027\u53ea\u4f1a\u589e\u52a0\u5176\u5438\u5f15\u529b\uff0c\u4f7f\u5176\u6210\u4e3a\u91d1\u878d\u521b\u65b0\u7684\u8c61\u5f81\u548c\u91cf\u5316\u4ea4\u6613\u6f5c\u529b\u7684\u5178\u8303\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u91cf\u5316\u4ea4\u6613\u7684\u4f18\u52bf<\/strong>\uff1aMedallion Fund \u901a\u8fc7\u91cf\u5316\u4ea4\u6613\u7b56\u7565\uff0c\u5229\u7528\u5927\u6570\u636e\u5206\u6790\u548c\u9ad8\u9891\u4ea4\u6613\u6280\u672f\uff0c\u5728\u91d1\u878d\u5e02\u573a\u4e2d\u53d1\u73b0\u5e76\u5229\u7528\u4ef7\u683c\u4f4e\u6548\uff0c\u5b9e\u73b0\u4e86\u9ad8\u56de\u62a5\u3002<\/li>\n\n\n\n<li><strong>\u5148\u8fdb\u7684\u6280\u672f\u548c\u6a21\u578b<\/strong>\uff1a\u8be5\u57fa\u91d1\u4f9d\u8d56\u4e8e\u5148\u8fdb\u7684\u6570\u5b66\u6a21\u578b\u3001\u673a\u5668\u5b66\u4e60\u7b97\u6cd5\u548c\u9ad8\u5ea6\u81ea\u52a8\u5316\u7684\u4ea4\u6613\u7cfb\u7edf\uff0c\u80fd\u591f\u5904\u7406\u548c\u5206\u6790\u5927\u91cf\u6570\u636e\uff0c\u9884\u6d4b\u5e02\u573a\u4ef7\u683c\u8d70\u52bf\u3002<\/li>\n\n\n\n<li><strong>\u98ce\u9669\u7ba1\u7406\u548c\u6760\u6746\u4f7f\u7528<\/strong>\uff1aMedallion Fund \u5728\u4f7f\u7528\u9ad8\u6760\u6746\u7684\u540c\u65f6\uff0c\u901a\u8fc7\u7cbe\u7ec6\u5316\u7684\u98ce\u9669\u7ba1\u7406\u7cfb\u7edf\uff0c\u6709\u6548\u63a7\u5236\u4e86\u4ea4\u6613\u98ce\u9669\uff0c\u786e\u4fdd\u4e86\u7a33\u5b9a\u7684\u76c8\u5229\u3002<\/li>\n\n\n\n<li><strong>\u7edf\u8ba1\u5957\u5229\u7684\u5e94\u7528<\/strong>\uff1a\u57fa\u91d1\u5229\u7528\u7edf\u8ba1\u5957\u5229\u7b56\u7565\uff0c\u901a\u8fc7\u8bc6\u522b\u76f8\u5173\u8d44\u4ea7\u4e4b\u95f4\u7684\u5b9a\u4ef7\u4f4e\u6548\uff0c\u8fdb\u884c\u5957\u5229\u4ea4\u6613\uff0c\u83b7\u5f97\u76c8\u5229\u3002<\/li>\n\n\n\n<li><strong>\u4eba\u7c7b\u4e13\u957f\u4e0e\u6280\u672f\u7684\u7ed3\u5408<\/strong>\uff1a\u5c3d\u7ba1\u7b97\u6cd5\u548c\u673a\u5668\u5728\u4ea4\u6613\u4e2d\u626e\u6f14\u4e86\u5173\u952e\u89d2\u8272\uff0c\u4f46\u4eba\u7c7b\u4e13\u5bb6\u7684\u77e5\u8bc6\u548c\u7ecf\u9a8c\u5bf9\u4e8e\u4e0d\u65ad\u4f18\u5316\u548c\u8c03\u6574\u4ea4\u6613\u6a21\u578b\u81f3\u5173\u91cd\u8981\u3002<\/li>\n\n\n\n<li><strong>\u4fdd\u5bc6\u6027\u548c\u6392\u4ed6\u6027<\/strong>\uff1aMedallion Fund \u7684\u6210\u529f\u90e8\u5206\u5f52\u529f\u4e8e\u5176\u4e25\u683c\u7684\u4fdd\u5bc6\u653f\u7b56\u548c\u5bf9\u6295\u8d44\u8005\u7684\u9650\u5236\uff0c\u8fd9\u6709\u52a9\u4e8e\u4fdd\u62a4\u5176\u4ea4\u6613\u7b56\u7565\u4e0d\u88ab\u6a21\u4eff\u548c\u590d\u5236\u3002<\/li>\n\n\n\n<li><strong>\u5bb9\u91cf\u9650\u5236\u548c\u6210\u672c\u6548\u76ca<\/strong>\uff1a\u57fa\u91d1\u901a\u8fc7\u9650\u5236\u6295\u8d44\u8005\u6570\u91cf\u548c\u8d44\u91d1\u89c4\u6a21\uff0c\u786e\u4fdd\u4e86\u5176\u7b56\u7565\u7684\u6709\u6548\u6027\u548c\u6210\u672c\u6548\u76ca\uff0c\u907f\u514d\u4e86\u5e02\u573a\u5bb9\u91cf\u9650\u5236\u5bf9\u56de\u62a5\u7684\u5f71\u54cd\u3002<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>\u611f\u8c22\u60a8\u9605\u8bfb\u5230\u6700\u540e\u3002\u5982\u679c\u5bf9\u6587\u4e2d\u7684\u5185\u5bb9\u6709\u4efb\u4f55\u7591\u95ee\uff0c\u8bf7\u7ed9\u6211\u7559\u8a00\uff0c\u5fc5\u590d\u3002<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><mark style=\"background-color:#ffffff\" class=\"has-inline-color has-cyan-bluish-gray-color\">\u672c<\/mark><\/strong><strong><mark style=\"background-color:#ffffff\" class=\"has-inline-color has-cyan-bluish-gray-color\">\u6587\u5185\u5bb9\u4ec5\u4ec5\u662f\u6280\u672f\u63a2\u8ba8\u548c\u5b66\u4e60\uff0c\u5e76\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002<\/mark><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><mark style=\"background-color:#ffffff\" class=\"has-inline-color has-cyan-bluish-gray-color\">\u8f6c\u53d1\u8bf7\u6ce8\u660e\u539f\u4f5c\u8005\u548c\u51fa\u5904\u3002<\/mark><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c\u8005\uff1a\u8001\u4f59\u635e\u9c7c \u539f\u521b\u4e0d\u6613\uff0c\u8f6c\u8f7d\u8bf7\u6807\u660e\u51fa\u5904\u53ca\u539f\u4f5c\u8005\u3002&#8230;<\/p>\n<div class=\"more-link-wrapper\"><a 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