1.Introduction to the Stock Market
1.股票市場概論

to the stockmarket. One Oh one, a Himalaya learning audio course by Josh Brown. Josh Brownis the CEO of Ritholtz wealth management. Uh, CNBC
喬希·布朗的喜馬拉雅學習音頻課程。喬希·布朗是Ritholtz財富管理公司的首席執行官。呃，CNBC

contributor andone of the biggest influencers in the financial he's also the author of thebook backstage wall street and blogs at the reformed broker. In this firstepisode, Josh gives a high level overview of what the stock market is, how touse it as a vehicle to increase the value of your money and how risks andrewards are inextricably linked.
他還是《華爾街后臺》（backstage wall street）一書的作者，也是《改革后經紀人》（reformedbroker）博客的作者。在第一集中，喬希對股票市場做了一個高層次的概述，如何利用它來增加你的錢的價值，以及風險和回報是如何密不可分地聯系在一起的。

When choosingstocks, he also reveals the iron law of finance. The stock market is a placewhere people can take the extra money they have that they're not living ontheir savings and they can put it in the hands of a corporation with the ideathat the corporation will do all the work in trying to grow that capitalthrough success and profits, and they can passively.
在選擇股票時，他還揭示了金融的鐵律。股票市場是這樣一個地方，人們可以把他們不靠儲蓄過活的多余的錢交到一家公司手中，公司會儘一切努力通過成功和利潤來增加資本，他們也可以被動地。

Reap the benefitof that, whether it's through a rising stock price for the corporation orthrough payouts to shareholders like dividends. So it's really a vehicle toincrease the value of the money that you have saved. But of course it's not forfree. There's a lot of risk that comes along with being able to do.
從中獲益，無論是通過公司股價上漲，還是通過向股東派發股息等方式。所以它真的是一個工具來增加你所存的錢的價值。但當然不是免費的。有能力去做會帶來很多風險。

What moves themarket in the short term is sentiment and how people feel and what moves themarket in the longterm is the increasing or decreasing value of thefundamentals of the companies that make up the market. Let's just say that afund could be a bond fund or a stock fund. And so that's really just thewrapper.
短期內影響市場的是人氣和人們的感受，而長期影響市場的是構成市場的公司基本面價值的增減。假設一個基金可以是債券基金或股票基金。所以這只是包裝紙。

It's notactually an investment. It's something wrapped around investments that allowsyou to own many of them at once. So let's just do stocks versus bonds. Let'ssay. The Jared Schwartz corporation wants to borrow money from investors andagree to pay them back a certain interest rate over time in exchange for themoney that they're borrowing.
這實際上不是一項投資。它是一種圍繞著投資的東西，可以讓你同時擁有很多投資。所以讓我們來看看股票和債券。比如說。Jared Schwartz公司想從投資者那里借錢，並同意在一段時間內以一定的利率償還他們所借的錢。

That would bethe Gerald Ford's corporation issuing a bond and anybody. Who wants to can buythat bond. You don't necessarily, as the corporation have to interact with thatinvestor, they have purchased that bond on the open market or directly from youthe day that you issued it. And you have agreed for their money to give them aninterest rate on it.
那將是傑拉爾德福特公司發行債券的公司。誰想買債券。你不一定，因為公司必須與投資者互動，他們已經在公開市場上購買了債券，或者在你發行債券的那天直接從你那里購買了。你同意他們的錢給他們一個利率。

And then one daythat bond matures, meaning it's no longer owed to anyone. If you want to thinkabout this in practical terms, the Jared Schwartz corporation issues, a milliondollars worth of bonds. With an interest rate of 5%. So you are agreeing to pay$50,000 a year on that million dollars that you're borrowing as the corporationand the people who are investing are getting that $50,000 proportionate to howmany of the bonds that they own.
這意味著債券到期日不再是任何人的債券。如果你想從實際角度考慮這個問題，賈里德·施瓦茨公司發行了價值一百萬美元的債券。利率為5%。所以你同意每年支付5萬美元作為公司的借款，而投資的人得到的5萬美元與他們持有的債券數量成比例。

Okay. That'svery straightforward. Equity is just a straightforward, but it works a littlebit differently. In the first example, you're just taking capital and agreeingto pay out an interest rate. In the example of you issuing an equity. So JaredSchwartz company goes public and investors can buy shares in your company.
可以。這很簡單。股權只是一種簡單明了的方式，但它的運作方式稍有不同。在第一個例子中，你只是接受資本並同意支付利率。以你發行股票為例。所以Jared Schwartz公司上市了，投資者可以購買你公司的股票。

That meansthey're not just there for the interest rate, they're there for the increase invalue that they think your stock will give to them. So if you come public at$10 a share and I buy a thousand shares, I've given you $10,000. And I did thatbecause I think that you're going to go from $10 a share to someday $50 ashare, and that my $10,000 will become $50,000.
這意味著他們不僅僅是為了利率，他們是為了增加他們認為你的股票會給他們帶來的價值。所以如果你以每股10美元的價格上市，而我買了1000股，我就給了你1萬美元。我這麼做是因為我認為有一天你會從每股10美元漲到50美元，而我的1萬美元將變成5萬美元。

So the bondinvestment, you're really thinking about borrowing and lending and with anequity investment, it's much more like a partnership. Where I am along for theride for the growth of your company,
所以債券投資，你真的在考慮借貸和股權投資，更像是合夥企業。為了貴公司的發展，我一直在努力，

the mostprominent stock index, possibly the most important stock index in the world isthe Dow Jones industrial average. This was an index of stocks that was createdby Charles Dow. Was also the founder of the wall street journal back in the1890s. And he did it as a way of keeping track of what the overall stock marketdid each day, each week, each month, each year.
世界上最著名的股票指數，也可能是最重要的股票指數是道瓊斯工業平均指數。這是一個股票指數，由查爾斯·道創建。早在19世紀90年代，他還是《華爾街日報》的創始人。他這樣做是為了跟蹤股市每天、每週、每月、每年的走勢。

So it'sbasically a mathematical calculation that factors in the prices of 30companies, those companies change, uh, you know, for 50 years, IBM was in theindex. It was just removed. Two weeks ago, Apple was added in 2013. There are acouple of companies that have been in it for decades. And then there arecompanies that come in and out of it, it's managed by S and P Dow
所以這基本上是一個數學計算，30家公司的價格因素會發生變化，呃，你知道，50年來，IBM一直在指數中。它剛剛被移除。兩週前，蘋果於2013年加入。有幾家公司已經涉足it行業幾十年了。還有一些公司進進出出，由標準普爾公司管理

Jones, which is an indexprovider.
瓊斯是一家索引提供商。

And what they'retrying to do is capture the entirety of the market with just 30 stock symbols.So they want to have companies make up this index that are
他們所要做的就是用30個股票符號來占領整個市場。所以他們想讓公司組成這個指數

in a variety ofdifferent industries. So it will own banks. It will own healthcare companiesthat will own technology companies, oil and gas, et cetera.
在各種不同的行業。所以它將擁有銀行。它將擁有醫療保健公司，這些公司將擁有技術公司、石油和天然氣等。

When people say all overthe world, what did the stock market do today?
當全世界的人都在說，今天的股票市場做了什麼？

What they'rereally asking is how many points was the Dow up or down? Right. So these daysthe Dow Jones tends to move in a few hundred point increments a day. It's about29,000 right now. And so that's really the way that most people think aboutwhat the stock market is doing.
他們真正要問的是道瓊斯指數上漲或下跌了多少點？正確的。所以現在道瓊斯指數傾向於一天以幾百點的增量移動。現在大約是29000。這就是大多數人對股市走勢的看法。

The S and P 500 standard.And Poor's 500 is 500 stocks instead of 30.
標準普爾500標準。而普爾500指數是500股，而不是30股。

Professionalstend to quote what the market did in the S and P and not the Dow because theythink that broadness and the fact that there are more stocks making up thataverage is more indicative of the real market. But the truth is if you look ata 30 or 40 year chart, The standard and Poor's 500 and the Dow Jones 30typically end up in the same place.
專業人士傾向於引用標準普爾指數而非道瓊斯指數的表現，因為他們認為市場的寬泛度和有更多的股票構成這一平均水平更能反映真實市場。但事實是，如果你看一張30年或40年的圖表，標準普爾500指數和道瓊斯30指數通常都會落在同一個位置。

So one isconsidered a retail measure of the market. One is considered professional in,honestly, it doesn't matter from an investing standpoint though, very fewpeople buy. The fund that tracks the Dow. Most people buy the fund that tracksthe S and P 500. The thinking being that diversification or owning more stocksat once is a better way to invest the NASDAQ.
所以一個被認為是市場的零售指標。一個被認為是專業的，老實說，從投資的角度來說，這並不重要，很少有人買。跟蹤道瓊斯指數的基金。大多數人購買跟蹤標普500指數的基金。人們認為分散投資或同時持有更多股票是投資納斯達克的更好方式。

Typically peopleare talking about the NASDAQ 100, which is the 100 largest, most prominentcompanies that trade on the NASDAQ exchange. There's also the NASDAQ composite,which is every stock on the NASDAQ, but. Let's focus on the NASDAQ 100. This istypically high growth, you know, historic. Luckily it's been younger companies,companies that are more exciting, a little bit flashier than the companies onthe New York stock exchange.
通常人們談論的是納斯達克100指數，它是在納斯達克交易所交易的100家最大、最著名的公司。還有納斯達克綜合指數，它是納斯達克的所有股票，但是。讓我們關注納斯達克100指數。這是典型的高增長，你知道，歷史性的。幸運的是，年輕的公司，更令人興奮的公司，比紐約證券交易所的公司更華麗。

Right now there's a lotof overlap because the biggest companies on the
現在有很多重疊，因為

NASDAQ havebecome the biggest companies period, but it's names like Microsoft, Intel.Apple and these days you've got companies like Tesla, basically the way tothink about it is it's a much more aggressive index because the companies thatmake it up have higher valuations have higher growth prospects and are morevolatile stocks.
納斯達克已經成為最大的公司時期，但它的名字像微軟，英特爾。蘋果，現在你有像特斯拉這樣的公司，基本上是這樣想的，它是一個更激進的指數，因為組成它的公司估值更高，增長前景更高，波動性更大。

I think allthree indexes do a fantastic job at what they're trying to accomplish, which isgive people a snapshot of what the equity markets, the stock markets have doneeach day, each week. There are always discrepancies between them. They don'texactly do the same thing each day. The NASDAQ has been a much bigger winnerthan the S and P 500 in recent years because it's got all those growth stocksin it that have become very involved right now.
我認為這三個指數在他們試圖實現的目標上都做得很好，這就是讓人們對股票市場、股票市場每天、每週的表現有一個大致的了解。他們之間總是有分歧。他們不是每天都做同樣的事情。近幾年來，納斯達克比標準普爾500指數（S&p500）的贏家要大得多，因為它旗下所有的成長股都在其中，而這些成長股現在已經非常參與其中。

But I thinkoverall, yes, if you want to know what the market did, those are three verygood places to look, to get a sense of what happened.
但我認為總體而言，是的，如果你想知道市場的表現，這是三個非常好的地方，可以讓你了解發生了什麼。

An option isbasically they call it a derivative and the word derivative means that it's abet on the underlying stock, you can use an option two ways. You can use it toreduce your risk, or you can use it to increase your risk. Hence increasingyour potential reward. The way to think about an option is that not only do youhave to get the direction of the stock, right?
期權基本上就是他們稱之為衍生工具，而衍生工具這個詞的意思是，它是對標的股票的押注，你可以用兩種方式使用期權。你可以用它來降低風險，也可以用它來增加風險。從而增加你的潛在回報。考慮期權的方法是，你不僅要知道股票的方向，對吧？

You'll have toget the timeframe right. Also. So if you say to me, Josh, I'm very. Upbeat orbullish on Apple. I want to buy the stock. It's $130 right now.
你得把時間安排好。也。所以如果你對我說，喬希，我非常。樂觀或看好蘋果。我想買股票。現在是130美元。

I'm just going to buy it.Now that's one way of, of course, making money from
我就去買。當然，這是一種賺錢的方式

Apple. If you'reright now, as you say to me, I'm so bullish on Apple over the next three weeks,and I don't have that much money, but I really want to magnify the money Ihave.
蘋果。如果你現在是，就像你對我說的那樣，我非常看好蘋果未來三週的發展，我没有那麼多錢，但我真的想把我的錢放大。

Then you wouldbuy what's called a call option, which is a bet that Apple gets above a certainprice. Date specific date out in the future? Well, monthly options expire onthe third Friday of each month. So you would say before the third, Friday ofNovember, I think Apple will be 20 points higher using a call option.
然后你會買一種叫看漲期權，這是一種押注蘋果股價高於某個價格的押注。未來的具體日期？嗯，每月期權在每個月的第三個星期五到期。所以你會說，在11月的第三個星期五之前，我認為蘋果使用看漲期權將上漲20個百分點。

Instead ofbuying the stock gives you a lot more bang for your buck because the optionconnected to the share price of Apple will be much more volatile. And in thiscase, volatile to the upside. So the way to think about that is. Don't thinkabout it unless you've got, you know, at least five or six years of experienceinvesting in individual stocks.
與購買股票相比，這會給你帶來更大的回報，因為與蘋果股價相關的期權將更加不穩定。在這種情況下，向上波動。所以我們應該這樣想。除非你有至少五、六年的個人股票投資經驗，否則不要去想它。

I don't think people whodon't know stocks well should be involved the options
我不認為那些不了解股票的人應該參與期權交易

at all.
完全。

The differencebetween a bond and a stock is really important. So if you say to me, I feelreally good about Wells Fargo, the company. And I think if I lend them money ata 2% interest rate, I'm pretty much guaranteed to get my original money back.Plus collect that 2% every year for the next 10 years. So you would buy WellsFargo's bond in that case.
債券和股票的區别真的很重要。所以如果你對我說，我對富國銀行這家公司感覺很好。我想如果我以2%的利率借錢給他們，我幾乎可以保證把我原來的錢還回來。再加上在接下來的10年里每年收取2%。所以你會買富國銀行的債券。

Now, if you sayto me, Josh, I'm really bullish on Wells Fargo. I think the company is going togrow now that it had this big scandal and they switched to CEO's and they'regetting their act back together. I think that Wells Fargo is going to be worthmore. 10 years from now than it is today, then you would bypass the bond andyou would buy the stock.
現在，如果你對我說，喬希，我真的看好富國銀行。我認為公司現在會發展壯大，因為它有了這個大醜聞，他們換了首席執行官，他們正在恢復他們的行為。我認為富國銀行會更值錢。從現在起10年后，你可以繞過債券，購買股票。

Now stocks ingeneral over time when I say stocks, I mean the stock market has postedsignificantly higher returns than the bond market. However, it's had much morevolatility, meaning more risk of seeing your investment lower rather thanhigher. So a general rule that's really good to remember and never forget nomatter who promises you otherwise.
現在股票總的來說隨著時間的推移我說股票，我的意思是股票市場的回報率明顯高於債券市場。然而，它的波動性要大得多，這意味著你的投資越低而不是越高的風險就越大。所以，一條總的規則，無論是誰向你承諾，都要記住，永遠不要忘記。

Is that risk andreward are inextricably linked. And if you want more reward, you're going tohave to assume more risk to get that reward. This is what they call an iron lawof finance. And most of the major scandals throughout history have involvedpeople, promising investors, the opposite. I can get you the same return, buttaking less risk and it never, ever truly works out that way.
風險和回報是密不可分的。如果你想要更多的回報，你就要承擔更多的風險來獲得回報。這就是他們所說的金融鐵律。歷史上大多數重大醜聞都涉及到有前途的投資者，恰恰相反。我可以給你同樣的回報，但要少冒點風險，而且永遠不會真正實現。