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@闲画财经：一群天才疯狂组队套利的故事

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href=\"https://laohu8.com/S/BRK.B\">$伯克希尔B(BRK.B)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/SPY\">$标普500ETF(SPY)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/QQQ\">$纳指ETF(QQQ)$</a> </p><p><br></p></body></html>","text":"管理学领域，有一种叫做Why-Why的分析方法。 从结果入手，沿着因果关系链，通过层层递进的“为什么”，找到问题的根本原因。 让我们试着用Why-Why分析一下长期资本失败的原因。 为什么长期资本的模型失败了？ 因为杠杆太高，没有足够的钱应对危机。 为什么杠杆太高？ 因为模型是低收益的，高杠杆才有高收益。 为什么追求高收益？ 因为追求回报，名或者利。 为什么追求名或者利？ 因为贪婪。 长期资本核心的16个人，个个功成名就衣食无忧，本不需要更多的金钱和名誉，但仍然敌不过贪婪的本性，把低风险低收益的套利策略，加大杠杆，去寻找更高的收益，在推土机前面捡硬币，最后倒在极端风险面前。 There is no new thing under the sun。 $伯克希尔B(BRK.B)$ $标普500ETF(SPY)$ 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