THE POKER FACE OF WALL STREET华尔街的冷漠 电子书 pdf 百度云 下载 epub 2025 免费 mobi 在线

Although you probably don't want to think of your broker or investment bank as playing games with your hard-earned money, the fact is that gambling lies at the heart of economic ideas and institutions. Not surprisingly, the game most like the financial markets—poker—is hugely popular with financial professionals.

Financial professional and lifelong poker player Aaron Brown knows how fine the line is between risk-taking and ruin. Now, in The Poker Face of Wall Street, Brown enlightens and bedazzles serious risk-takers about the odds and skills underlying their mercurial crafts and shows how the cultures of poker and Wall Street are so easily intertwined. Whether you're walking the walk on Wall Street or talking the talk on the Vegas Strip, this entertaining book reveals why the modern game of poker and modern finance have more similarities than differences, and what those similarities mean for players at each kind of table.

The Poker Face of Wall Street also:

Delves into the psychology of finance and the economics of poker

Explores some of the cutting-edge work being done in these fields and some of the dangerous nonsense to avoid

Reveals how America's passion for gamblingat poker and in the markets has shaped the country's economic success and national character

Includes author flashbacks in which Brown candidly recalls his triumphs and disasters in high-stakes finance and poker

The Poker Face of Wall Street is a one-of-a-kind book that will show you the real meaning of risk and reward. Financial professionals who want to use poker insights to improve their job performance will find this entertaining book a must-read, as will poker players searching for an edge by applying the insights of risk-takers on Wall Street.

作者简介：

AARON BROWN is an executive director at the investment bank Morgan Stanley. He won the Wilmott Award in 2005 as Financial Educator of the Year for his speaking, writing, and activism. He holds degrees in applied mathematics from Harvard(where he played poker with a future world's richest man and a future president of the United States)and finance from the University of Chicago(where he played poker with three Nobel Prize winners). A well-known Wall Street quant, he is a columnist for Wilmott, the leading journal serving the quantitative finance community. He has been involved in trading, risk management, and portfolio management for Prudential Insurance, JPMorgan, Rabobank, and Citigroup. He is also a serious lifelong poker player who has played with Wall Street tycoons and world champion poker pros.

Foreword

Preface

CHAPTER 1 The Art of Uncalculated Risk

Risk

Risk Rules

Finance and Gambling

An Example of the Trading Game

Gambling and Finance

Opponents

Hold 'Em Aces

Truth

CHAPTER 2 Poker Basics

Poker Hands

Betting

Limits

Mechanics

You Gotta Know When To...

And He Answers: "Omaha"

Stud

Draw

Basic Strategies

Calling

Taxes

CHAPTER 3 Finance Basics

Econospeak

Commercial Banks

Investment Banks

Exchanges

Theory

Financial Challenges

Flashback: Wall Street Poker Night

The Players

Economics

The Game

CHAPTER 4 A Brief History of Risk Denial

I'm Shocked--Shocked--to Find That Gambling Is Going on in Here!

Hedging Bets

A Random Walk Down Wall Street

Foreign Interest

Futures and Options

The Crash of '87 Flashback: Gardena and the Single

Heterosexual Male

No Stud-Horse Allowed

……

Chapter 5 Pokernomics

Chapter 6 Son of a Soft Money Bank

Chapter 7 The once-bold mates of Morgan

Chapter 8 The Games People Play

Chapter 9 Who Got Game

Chapter 10 Utility Belt

Annotated Bibliography

Index

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成功的捷径是与成功者为伍。

向成功者学习是成功的捷径，向投资大师学习则是投资成功的捷径。向成功的投资人学投资，而且要向尽可能多的杰出投资专家学投资。

扑克博弈是我们学习随机性的一个重要场所。

博弈是经济思想和制度的核心。

为了获胜，就必须承担风险。

生活都充满风险，每个人都离不开冒险。

存在不可计量风险的事实并不表明你可以忽略谨慎策略或盲目采取行动。核心是如何管理风险。

做足功课：想想是否还有能实现同样目标但更加安全的方法。所有的风险都是可计量的吗？能从以前处理此类事务的人身上学到什么？应当规避不必要的风险，应当只有在获得足够补偿的情况下才承担相应的风险。

在谋划时需要谨慎，在执行时需要勇气。如果你决定采取行动，那就要迅速而果断。追求成功最大化，而不是追求风险最小化。

弃牌要坚决。首次损失才是你最小的损失。经过深思熟虑，你仍然觉得没有足够的信息来对未来投资进行判断，那么在开始时就应当果断而迅速的选择放弃。

你唯一可以依赖的就是你自己。

每个人与生俱来就要面对生活中的各种选择，不确定性增加了选择的价值。

一些交易者买卖太频繁，可能错过了获得利润的时机。其他人又等待太长时间，结果也是一样。

零和博弈：无论谁赢多少，总得有人输。

最明智的赌博就是只下很小的赌注，消遣娱乐而已。

股票市场或商品交易市场，赢家获得收益，输家承担损失。

在股票市场可以对更大部分的风险进行计量。

如果你不知道牌桌上傻瓜是谁，那么傻瓜就是你自己。

找出哪种生产性经济活动与你参与的博弈十分相像。

与从事生产性活动的人坐在一起要比与傻瓜坐在一起更好。

交易应当让交易双方都能获利。

你需要有更广阔的视野，这与你在经商中不能忽略每次交易中的每一分钱同样重要。

目标不可能是避免所有的损失。避免损失很简单，不玩就行。如果选择玩，那就追求赢钱，而不是追求永不输钱。

你需要一个基本策略，交易或投资决策只有在该策略的前提下才能进行评估。

盲注实际上是打赌。

对于扑克博弈而言，你不能只追求不输钱，你必须追求赢钱。

扑克博弈入门手册通常都建议初学者打牌时手紧一点，延缓你在学会如何成为一个进攻性玩家之前输光所有钱的时间。

关键的是控制你手松或手紧的程度。最好的方法是保持一半手紧的，一半手松的。

很少盲目的下注或者盲目的坚信自己知道其他玩家持有什么牌或将要抽到什么牌。

最关键的是每次跟注都要有充分的理由。没有经过思考的跟注会让你输牌。

世界只由两种事物构成：人力资产和资本资产。

资本：能够赚钱的资产。

为了得到某些东西，必须要冒风险，不管风险是大还是小。重要的是明白想要的东西在哪里，尊敬它，然后不择手段得到它。

玩简单的游戏去赚钱，也寻找难度大的游戏去检验我的能力。

赌注不应该大到招致恐惧和贪婪。这些钱应该使你集中精力，而不是使你迷惑。

拥有资本资产的目的是为了赚钱。这跟资产本身没有什么关系，而都是资产拥有者的主意。

有经验的投资者将使部分收入转变成资本，从而实现效用最大化。

你必须得了解附加的风险。

许多的金融灾难都可以归因为人们认为他们在对冲风险。对冲概念的问题在于它依赖于你分析的范围。当你以一种更大的视野来看待这个问题的时候，看起来像对冲风险的举措会最终增加风险。

人寿保险夸大了人们过早死亡的经济影响，它并没有对冲掉相应的风险。

股票市场是一个随机市场。

风险分散取决于你的分析范围。完全依赖这种理论，将会得不偿失。

大部分风险总是来自于投资者的短期股票买卖行为。

历史上没有哪次股市的崩溃与某一种明显的经济消息相关联，无论这次消息是在前还是在后。

投资者的心理比经济基本面更能有效的解释股票市场。

不可预知的市场力量比政府的力量大得多。

利率和汇率波动是随机的。

衍生品就是有风险的。

对所产生的观点进行简要的记录，随后仔细的将其汇总到巨大的文档归类系统中。

货币可以刺激人们进行贸易。

罗斯福：如果你拥有的钱越多，则你越希望去消费。

当你具备优势时，你就应当努力去挖掘它，并通过它去增强自己的信心。当你缺乏目的性时，则很容易形成胆怯的局面。

你需要充分的理由才能跟注。

当你无法估计极端情形时，安全的、折中的策略就是取中庸之道；仅当你坚信你的方法正确的时候，就要下定决心照做。

书籍介绍

Wall Street is where poker and modern financeand the theory behind these "games"clash head on. In both worlds, real risk means real money is made or lost in a heart beat, and neither camp is always rational with the risk it takes. As a result, business and financial professionals who want to use poker insights to improve their job performance will find this entertaining book a "must read." So will poker players searching for an edge in applying the insights of risk-takers on Wall Street.