ChaseDream

标题: 【Native Speaker每日综合训练—41系列】【41-01】经管 Short Selling [打印本页]

作者: TaoRs92 时间: 2014-8-29 13:09
标题: 【Native Speaker每日综合训练—41系列】【41-01】经管 Short Selling
内容：TaoRs92  编辑：TaoRs92

Official Weibo: http://weibo.com/u/3476904471

新系列又来了，时间过的真的很快。
今天的话题是Short Selling，大概是专业性比较强的话题。
做空在中国似乎是被禁止的，因其巨大的风险，在某些经济金融形势不太好的时期，美国和欧洲也会适时发出禁令。

Speaker没找到特别合适的材料，用与股票有关的npr充个数。没有提供transcript，不过内容不难，相信大家都没问题~
Speed只有两篇文章，详细介绍Short Selling的概念、特征及要点。如果读完还有不明白的地方，可以看看下方遮盖的中文解释。
Obstacle比较高冷，有一定难度，主要阐述监管对Short Selling及相关市场环境的影响，部分背景词汇以notes的形式给出。

   沽空，即卖出并不拥有的东西。从经纪人处借入股票并在市场上卖出，卖出所得将在账户中记入所得款项，并产生沽空股票的记录。最后必须买回股票以填补先前的空仓或沽盘（将股票退还给拥有人，即经纪人）。例如现在和黄的市价是120元，若预测股价将很快跌至110元，可以向经纪人借入股票，120元沽空1000股，这样账户将记入120,000元，并获得利息。三天后，若和黄股价下跌至110元，则可用110,000元从市场购回1000股股票，再将股票退还予经纪人。
   注意：若沽空期间股票产生分红，需补偿股票拥有人分红金额
               （经纪人为A，沽空人为B，下一买家为C；B向A借入股票，卖给C，C成为股票的拥有者，因此
                  沽空期间的分红属于C，而B需要额外补偿A分红金额）

   Short Selling/Sell stocks short 做空
   Stop Loss 止损命令
   Dividends 分红

Enjoy~~

Part I: Speaker

Taking Stock Of 2 Tech Giants:

What's Next For Apple And Microsoft

by AARTI SHAHANI

July 23, 2014 4:45 AM ET

Source：npr

http://www.npr.org/2014/07/23/334275943/taking-stock-of-2-tech-giants-whats-next-for-apple-and-microsoft

[Rephrase 1, 3min 32sec]

作者: TaoRs92 时间: 2014-8-29 13:09

Part II: Speed

Here's How to Sell Stocks Short

(and Why You Probably Shouldn't)

Hank Coleman Jan 13th 2014 6:00AM

[Warm Up]

   For many investors, experienced and novice alike, the idea of short selling stocks can be enticing. You can make money investing even if the stock market is in a downturn. You can earn a profit on days when others are losing money.

   But selling a stock short can severely punish investors -- especially if they don't understand the risks.

   "A newbie investor dabbling in short selling is no different than someone off the street dabbling in lion taming," says certified financial planner Jeff Rose. "In both cases, you're most likely going to get bit -- hard. If you're considering short selling, you better have a decent resume of buying and selling stocks."

[112 words]

[Time 2]

What Is Short Selling?

   You can win on a bet -- no matter which way the stock is moving -- as long as you're guessing the right direction. Short selling allows you to invest in stocks even when you think that their share price will decrease.

   Unlike typical long investors, who buy hoping that share prices will increase, being on the short side of the position, or a short seller, is the exact opposite. You're actually counting on the shares decreasing in value. Naturally, that's a little counterintuitive for many investors.

   When you think that a stock's price will decline, you can tell your brokerage firm to short the stock for you. Essentially, you're borrowing shares from the brokerage and then selling them; when -- or rather, if -- the price declines, you purchase the shares yourself at a lower price, return those "borrowed shares" to the brokerage, and lock in your profit. The brokerage earns a commission on the transaction and a small amount of interest in most cases, depending on how long you borrow the stock.

The Downside of Short Selling Is Infinite

   One reason short selling is risky for investors is that the amount of money you can lose on an investment is essentially unlimited. There's technically no cap to the downside you can experience when an investment you're shorting turns against you.

   For example, if you're a traditional long investor who thinks a stock's price is going higher and you're wrong, the most that you can lose is the total amount that you invested. If a stock you bought plummets to zero, you lose your entire investment. Of course, few of us would let it get that far before we sold in a panic.

   It's different for an investor who's selling a stock short, betting that the share price will decline. If you're wrong and the stock price rises, there's technically no limit to how high it can rocket to. And as a short seller, you will be, at some point required to buy those shares you borrowed from your broker, at whatever price, so that you can return them. So there's a potential to lose a substantial amount of money if the stock price increases rapidly.

[369 words]

[Time 3]

Short Selling May Not Be Liquid

   You might also find it hard to find a company and its market maker willing to offer shares on loan for you to short.

   Many investors go to their brokerage to do this -- but your brokerage firm has to own the shares for you to borrow.

   An interesting side point: Many investors don't realize this, but in nearly all cases, the shares of stock you buy through brokerages aren't technically held in your name -- they're held by the firm "in street name." (The reason? It massively simplifies the paperwork involved in buying and selling stocks, but never fear. In practice, you still own the assets you think you do.)

   When a brokerage holds shares in street name, it can then turn around and lend them out to its other clients to sell them short. Of course, they're still your shares, and you can redeem them anytime.

   Given that, you might not be able to sell shares of a company short if they're not liquid enough. Small and medium-size companies simply have fewer shares available for brokerages to lend to their clients. If a brokerage firm doesn't have a client who owns the shares you want to short, and it can't get them in the market, then you won't be able to short them.

   Short selling can be a lucrative investment option. It has a lot of allure because it lets you play the other side. But short selling can be very dangerous for the new or inexperienced investor. Investors should not take selling shares short lightly.

[264 words]

Source：Daily Finance
http://www.dailyfinance.com/2014/01/13/how-to-sell-stocks-short-risks/

[attach]148148[/attach]

10 Things You Must Know In Order To Short Sell Successfully

If you have never shorted a stock before, or if you are just getting started trading stocks, you need to read these facts about short selling before you make any more trades.

[Time 4]

Number 1:
   When you buy a stock, the worst that can happen is that the stock goes to $0 and you lose the money you invested in it. When you short sell a company, you can lose much more. Say you short sell XYZ at $10 and then it goes to $30, you have lost more than what you put into it. This is much different from when you buy a stock at $10 and it goes to $0. A stock will never be worth less than $0.

Number 2:
   It can be very difficult to find shares to short of a specific stock. Many times, you have to reserve the shares or short it a little early since the shares most likely won’t be available when you actually do want to execute a short sell.

Number 3:
   Be careful to pick stocks that have enough liquidity. This goes for both buying and shorting stocks. The lower the liquidity, the harder it is to get in or out of a position. Remember, when you buy, someone has to sell and vice versa.

Number 4:
   You will most likely need to have a margin account in order to short stocks, which means you may have to put up slightly more capital than if you were just planning on buying stocks. The amount of money you need to open an account will vary based on what broker you use.

Number 5:
   You may experience a trader’s nightmare; a margin call. This means that you need to put more money into your account, also meaning you have fairly large losses in your account. When you use margin, you are basically taking out a loan from your broker. If you do not put up more money into your account, the trade will be automatically closed and you will no longer hold that position.

[313 words]

[Time 5]

Number 6:
   The dreaded short squeeze. This is another short sellers’ nightmare. If there are a lot of buyers that come in all at once, for whatever reason, the stop will shoot up in price. This could happen when a stock has a large number of shares shorted and good news is released. People will be rushing for the exits and others will be trying to buy up the shares like crazy. This is also typical on Friday afternoons, as many people don’t like to be long over the weekend. As a short seller, you’ll inevitably experience this at some point. Just follow Tim’s rule of cutting your losses quickly and you will be fine. Most people just don’t follow that rule since they are ignorant suckers that don’t want to take the time to learn what they are doing before entering the trade.

Number 7:
   Please make sure you know how to exit your position before you enter it in the first place. When you short a stock, you will need to “buy to cover” when you want to exit the trade. Many people make the rookie mistake of filling out the trade order form incorrectly. Please don’t be one of those people.

Number 8:
   Tim never uses stop losses, but that is also because he rarely trades if he isn’t going to be able to watch the trade closely. If you plan to leave your computer for a fair amount of time after you enter a short position, I highly recommend using a stop loss. If you don’t, you risk the stock rising rapidly and losing far more money than you ever thought you would. A stop loss will automatically exit you from the position if the stock reaches a certain level. Though do keep in mind that stop losses are not fool-proof.

[324 words]

[Time 6]

Number 9:
   Have a plan before you execute a short sell. How many times have Tim or I blogged about having a PLAN before entering any sort of trade? Countless; so it must be important, right? This is one of the keys to becoming a profitable trader. I really have no idea how some people think they will earn a lot of money trading stocks without having a plan before they enter their trades. The plan should remind you why you shorted the stock, what your target price for the stock is, and at what price you should exit your position. Also, do not let your emotions get in the way of sticking to the plan.

Number 10:
   This doesn’t apply to all stocks, especially the penny stocks and micro cap stocks that Tim specializes in, but beware of dividends if you are a short seller. Tim has a blog post on this here. (http://www.timothysykes.com/2013/04/3-notes-about-short-selling/) If you are short a stock at the market close the day before the so called “ex dividend date,” you will owe the dividend. This means that it will be deducted from your trading account and paid to the person who actually owns the shares. For example, say you own 100 shares of company XYZ, and then company XYZ declares a dividend of 14 cents per share, you will need to pay out $14. Doesn’t seem like a lot, but if you owned 1,000 or even more shares of XYZ, it becomes a bigger deal.

[256 words]

Source：Timothysykes
http://www.timothysykes.com/2013/08/10-things-you-must-know-if-you-are-going-to-short-sell/

作者: TaoRs92 时间: 2014-8-29 13:09

Part III: Obstacle

Notes:
notification threshold--通知阈值
sovereign debt--主权债务
sovereign credit default swaps (CDSs)--主权信用违约掉期
securities lending--证券借贷

[attach]148150[/attach]

Impact of European Short-Selling Regulation:

Mixed Effects on Markets

By Rhodri Preece, CFA 7 June 2013

[Paraphrase 7]

   The European Securities and Markets Authority (ESMA) recently published its evaluation of the impact of the European Union’s short-selling regulation, which came into effect on 1 November 2012. The regulation imposes transparency requirements on the reporting of net short positions in stocks, sovereign debt, and sovereign credit default swaps (CDSs). It also prescribes a mandatory “locate” rule for short sales and bans uncovered or “naked” sovereign CDS transactions.

   Although the regulation has only been in place for a short period of time (a caveat acknowledged in the report), ESMA’s evaluation reveals some interesting findings. On the positive side, the incidence of settlement fails has fallen. However, the regulation appears to have had a mixed effect on market liquidity, and a negative effect on the efficiency of price discovery. There have also been mixed effects in sovereign CDS markets. All in all, these findings are unlikely to satisfy either the political factions who pushed to introduce this regulation in an effort to curb market instability, or the cacophony of discontent from the hedge funds and financial institutions impacted.

   The transparency provisions of the short-selling regulation require market participants to notify the regulator of net short positions in a stock of 0.2% or more of the issued share capital. The notification threshold for reporting net short positions to the market is 0.5%. Notifications are also triggered for every 0.1% change in net short positions within these parameters.

ESMA Report Findings

   Between 1 November 2012 and 28 February 2013, ESMA’s report identifies the following facts:

   There were 12,603 notifications reported to regulatory authorities on 970 different shares in 18 countries.

   74% of notifications were within the 0.2% and 0.5% thresholds; the other 26% of notifications stood above 0.5% and were therefore publicly disclosed.

   Only a few market participants shorted a large number of shares, with 75% of participants shorting on seven different shares or less.

   Short position holdings were quite concentrated: 10 entities held more than 28% of all the positions reported in the period. Approximately 83% of all the reported short positions were held by entities domiciled in the U.K. or the U.S.

   The shares most subject to short selling belonged to the industrial goods and services sector with 18.2% of all reported short positions, followed by the technology sector with 9.7% of all reported short positions. Financials and banks accounted for 3.6% each and insurance for 2.1%.

   More significantly, ESMA notes that only 14.5% of the positions held below the 0.5% threshold moved above this threshold, among which half crossed it back. Similarly, only one quarter of the positions that reported close to 0.5%, and above 0.4%, crossed the public disclosure threshold. This suggests some reluctance from market participants to disclose their short positions to the public.

   Further, quantitative analysis performed by ESMA suggests that the regulation has led to a reduction in bid-offer spreads, but no clear impact on volumes or the price impact of trades. ESMA finds a slight decrease in volatility, but also notes a negative impact on the speed of price discovery. So overall, the impact of the regulation on stocks is very much mixed.

   For sovereign debt and sovereign CDSs, net short positions are required to be reported only to the regulator, and the notification thresholds depend on the amount of debt issued. The threshold is 0.1% if the total outstanding debt is less than €500 billion, and 0.5% if the amount is greater than €500 billion or if there is a liquid futures market. Positions in sovereign bonds in the cash market are adjusted by their duration, while positions held through derivatives are required to be delta-adjusted.

   Compared to shares, a very low number of notifications were received on sovereign debt over the measurement period compared to shares: only 148 notifications were made on 13 sovereign entities in 11 countries. ESMA therefore suggests that an adjustment might be needed to the notification thresholds, as well as an adjustment to the methodology used to calculate positions.

Slowdown in Securities Lending, Settlement Discipline Improves

   Regarding the impact of the mandatory locate rule, ESMA finds that activity in securities lending markets has been lower since the regulation was implemented. Further, there has been a significant reduction in the quantities of stocks on loan in the EU compared to the control group (U.S. stocks). The securities lending market does appear to have recovered, however, since January 2013.

   According to the regulation, the locate rule should improve settlement discipline and lead to a decrease in settlement fails on EU equities. The evidence gathered by ESMA supports this assertion. For around half of the countries, there were fewer settlement fails after the regulation while the others saw no significant changes. Therefore, ESMA concludes that the regulation was followed by an increase in settlement discipline.

Sovereign CDS: Mixed Evidence

   The restrictions on uncovered sovereign CDS transactions are perhaps the most contentious aspect of the regulation. For its statistical analysis, ESMA examined sovereign CDS spreads for 20 EU countries before and after the application of the regulation. To control for the impact of other market developments, ESMA compared these spreads against the spreads for a control group of non-EU Organisation for Economic Co-operation and Development (OECD) countries.

   The findings show only weak evidence of slightly lower EU sovereign CDS spreads after the introduction of the ban on naked sovereign CDS transactions (see chart below). Specifically, ESMA estimates the ban has led to a slight reduction of approximately 26 basis points in the CDS spread of countries subject to the regulation, but this reduction is statistically significant only at the 10% confidence level. Similarly, there appears to have been no statistically significant effect of the regulation on sovereign debt yields.

   Overall, it is difficult to properly evaluate the impact of the ban on naked sovereign CDSs given the relatively short measurement period and the coincidence of easing of market tensions in the eurozone in the period since the ban was introduced. This is illustrated in the chart below, which shows CDS spreads for a selection of sovereigns before and after the implementation of the regulation.

[attach]148149[/attach]

Source: Bloomberg

   The Regulation also allows competent authorities to impose temporary restrictions on short selling of stocks in case of significant price falls. Since the regulation came into force in November 2012, bans were introduced by the Italian regulator, Consob, on seven stocks on the Italian market. There were also temporary short-selling bans in place in Greece and Spain before the regulation came into force, which were partially lifted (Greece) or expired (Spain) in February 2013.

   ESMA reports that the short-selling restrictions introduced during trading sessions tend to be imposed with a non-trivial delay. By the time the regulator announces the restriction and market participants receive the information, the sell-off has typically already ended, prices have stabilized, and transaction volumes have started to normalise.

   Moreover, transaction volumes tend to decrease during temporary short-selling bans relative to the pre-ban sell-off. After a short-selling restriction is imposed, average transaction volumes fall by 71.8% relative to pre-ban averages. Temporary bans, however, do not seem to have a significant impact on the efficiency of price formation, or on price volatility either.

   So what should be made from all these findings? Clearly, the jury is still out as to the overall effect of this regulation. But this merely underlines that the clamour for more regulation, as well as the industry push-back, is all too often overdone.

[1243 words]

Source：CFA Institute
http://blogs.cfainstitute.org/marketintegrity/2013/06/07/impact-of-european-short-selling-regulation-mixed-effects-on-markets/

作者: 小蘑菇开始打怪 时间: 2014-8-29 14:15
Tao的帖！~~~
--------------

speaker:

Apple&Microsoft report their third quarter financial report

little down of M

strong perform in China of A

expectation for each

time7:

report: effects and findings

settlement

slight reduction of sovereign CDS transactions

transaction volumes

obstacle is really hard to understand even though I know the meaning of each word
THX Tao again~

作者: wangweiyi5332 时间: 2014-8-29 16:02
yeah ~~~~~~~~~~~~~~~~~~~~~前排~~~~~~~
Timer2 4:07
what is short selling and what impact that the short selling will have on the investors.
Timer3 2:30
Timer4 2:31 基本上看不懂
Five advice that can help you shot successfully.
Timer5 2:11
Timer6 1:45
Obstacle 10:35
impact of European short-selling regulation mixed effects on markets.

只读了一遍。。什么都没看懂~~~明天再读个第二遍~~~~~~~~~~

作者: slave918 时间: 2014-8-29 17:20
T2 2:17
HOW：
at fisrt, you borrow some shares and reture this share when the prive decreased.
Why risky?
Since when you are a traditonal long investor, you only lost all your money invested.
However, doing short selling means there are no limitation.
T3 1:32
If the company don't own the stock you want to buy, you can short this stock.
T4 2:30
1.lost more
2.no avialable stocks.
3.chose company with good liquidity
4.put more money than buying stocks in account
5.when you encounter a margin call, either you can put more money or that postion will be closed.
T5 1:57
6.people may buy stocks like creazy.
7.buy to cover
8.use a stop loss when you are not in front of computer.
T6 1:15
9.have a plan which means you know your target price and when will you close your position.
10.before the ex dividend day, you should close your postion or you will pay the dicidend to who holds this stock.

作者: annietea 时间: 2014-8-29 17:27
第一次打卡。

Speed
1. 0' 44 112
2. 2'32 369
3. 2'19 264
4. 2'20 313
5. 2'16 324
6. 1'45 256

Obstacle
很不幸的，花了15'20，表示基本没有看懂整体意思，只能看懂局部

。明天继续。

作者: mozhiwanjia 时间: 2014-8-29 20:55

TaoRs92 发表于 2014-8-29 13:09
Part III: Obstacle

Notes:

掌管 6 00:13:42.44 00:31:05.82
掌管 5 00:01:54.10 00:17:23.38
掌管 4 00:03:05.52 00:15:29.27
掌管 3 00:03:19.23 00:12:23.74
掌管 2 00:03:06.15 00:09:04.51
掌管 1 00:05:58.35 00:05:58.35
最后一篇基本看不懂什么意思....

作者: chenxiaojing 时间: 2014-8-29 22:13
00:47-112
02:20-369
I‘m back~~finally! thanks for sharing
01:41-264
introduction-definition-risk-few choice
02:07-313
01:48-324
01:46-256
11:54-1243 mixed effect-on all parts of market

作者: 洋沫沫 时间: 2014-8-30 03:25
warm up: 1'05  112
2: 2'18  369
3: 1'50  264
4: 2'04  313
5: 2'11  324
6: 1'23  256
obstacle:11'24  1243
ESMA published a short selling regulation in 2012, and after implementing it for 2 years, they find some consequences.
the effects of the regulation on the market are mixed. and over all the regulation seems overdone.

作者: Talitha 时间: 2014-8-30 05:48
2:2'44
-what is short sellling. it is investting in the stock when the price decrease.
-counting on the share price decrease.
-borrow from brokeage, when price decreases, purchase those stock at lower price. then return to whatever borrow and earn the profit of the differrence.
-downside of this: loss money when price increase.

3:1'45
-hard to find company that is willing to offer the share for short selling.
-the share of stock holds in street name in order to be able to lend to clients.
-not able to sell shares if they are not liquid
-short selling is lucrative investment but dangerous.

4:1'52
-1:buying share: worst case lost the amount that invested. selling short: unlimited lost
-2:difficult to find shares for selling short.
-3:make sure the company's share has enough liquidity
-4：require lareger money in the account
-5: nightmare: margin call

5:2
-6：number of people buying the share increase one of sudden. this will bring up the price.
-7:know how to enter and how to exit
-8:stop losses. if yoou need ot leave compputer for a while make sure use stop losses

6:
1'20
-9:have a plan before start trading
-10:be aware of the dividends associate with short selling.

作者: cyndichiang 时间: 2014-8-30 07:40
Time2 2'59''
What is short selling: borrowing shares from brokage and then selling them and brokers earn the commission and interests
The downside of short selling is limitless

Time3 1'32''
Short stocks are liquid enough because they are held by firm's "street name"

Time4 2'22''
Time5 2'11''
Time6 1'23''
Ten advices for people who are about selling short stocks

Obstacle: 8'57''
ESMA's report suggestes that notification shresholds be adjusted
A regulation was implented: improve the dsicipline
The mixed effect of this regulation

作者: 素可清心 时间: 2014-8-30 10:03
[Warmup]Microsoft made giant culture changes on cutting staffs and costs because of the financial situation from taking Nokia.Apple obtained twice income than last year since the sales in China show promising prospect.Wall Street expectations- Mic-down while Apple beats it.
SV- Mic talks about disipline,inventing products more apply to people in professional fields.
-Apple didn't say much about 6 with bigger screen, instead, the interviewer looks forward to iwatch.

[Time2]  3:30  369
The definition of short selling- to earn the gap between the higher price you sell( stocks bought from broker) and the lower price you buy in, if the direction goes along with your expectation ,you will earn profits.There is no limit in the downside of short selling - the tendency of stock market can go opposite, once you predict the
wrong one when you still have to buy in, amounts of money will lost.

[Time3]  1:40  264
The broker firm are supposed to possess enough money for investors to borrow.There is a common phenomenon that your broker frim register your share borrowed from them as a street name instead of yours(they claimed for simplyfier the paperwork) when you think you own the shares and you can confirm it anytime, actually it is held by the clients who were able to sell short.

[Time4]  2:22  313
1.In two situations,you earn profit between expecting the price to lummet or rocket,the former is less risky than the latter, because the price can never drop to zero, which is the most lost for you.
2.Put in more slightly capital when you need it, mostly at the margin point.
3.Pick a liquidity enough brokeray to ensure that you can borrow enough loans.
4.Reserve your share and short sell it ealier before you predict its decline.
5.forget

[Time5]  2:22  324
6.Cutting loss quickly by using Tim's rule.At some point like Friday afternoon, there will be a huge number of stocks shorted because of the low price released.On the other hand, some people will buy in crazy for selling high in the future.
7.Get to know when to exit befor entering to the trade.
8.If you want to leave the computer to take charge of it,using the automatical selling system called Stop Loss,it'll help you selling at some level befor it goes too far and loses numerous money.

novice newbie rookie greenhand

[Time6] 1:37  256
9.It's very important to have a good plan before entering to the trade.Think of 3 questions:Why you want a "short sell"?What's your target price?Where is your exit position?And don't put any personal emotions when sticking to the plan.
10.This does not apply to any stocks. (..and..that Tim specializes in)Except for dividends, you will obtain profits if you buy...in the ex-dividends day.Your pay out for the share of a certain company is changing with the release numbers of which.

[Obstacle]  14:13  1243
(Totally confused)
Main idea:EMSA evaluated the impact of EU's short-selling regulation by reporting findings,analysing statistics
Structure:
first,a bried introduction about the regulation as well as what are invovled in,the rough orientation of the impact(require transparent, mixed in liquidity, negative in efficiency of price discovery),some datas...
Second,lots of findings,turns out that they sould disclose the short-selling to public,how complicated the impact is from several aspects(I have no idea,perhaps used some comparision)
Third,about SCDs,no idea what it's talking about......=。=
Conclusion:.....blah blah blah.....need more regulations....too early to ...

First time in Reading Team,I feel terrible.So many new words,professional knowledge in finance plus without fresh spirit my eyes can't even open.
My problems are:1.read too fast(for myself)-forget too soon 2.Serious,countless Grammer Mistake 3.lack efficiency,NEED to ADJUST BEFORE RETURNING TO SCHOOL ASAP!!!

作者: 漾yang 时间: 2014-8-30 10:27
Speaker: microsoft and apple ‘s future development

T1:50 s
Short selling stocks is risky.

T2: 3min
Short selling is investing in stock in a short time. You can get profit even if you consider that the share price is going to decrease.
The downside of short selling is infinite.

T3: 1:55min
Short selling is a two-edged sword. You can borrow it from brokerage then return to them.

T4 4:00min
Lost more
Not available to sell
Liquidity
A margin account
Put more money on your account when you are

T5:3:00
Lots of buyers at once
How to exist
A stop loss

T6:1:40
Have a plan
Dividends

Obstacle 10：19
看不大懂

作者: ghj699 时间: 2014-8-30 10:37
time2 2'00''
time3 1'42''
time4 2'01''
time5 1'41''
time6 1'14''
obstacle 7'55 CD** sovereign has mixed effect ....Oh,Jesus, the obstacle is full of kinds of numbers and really hard to understand...- - I will read again tomorrow.

作者: joannahope 时间: 2014-8-30 11:02
time 2 2'44 讲 short selling conception 高卖低买在把借的股票还给经理人公司  第二部分讲risky of short selling may lost a lot of money
time 3 short selling cannot be regarded as the liquility of stock
time 4  1part 涨比跌更可怕 2part 小心股票还没到要跌的时候 3part 有足够股市流量时要小心 4part 需要盈余在账户上所以要有plan
5part  记不住了
time 5 有利好消息时快跑否则会挂的很惨 and using a stop loss.
time6 make a plan and be careful divident 总用时22分

作者: ffffionabear 时间: 2014-8-30 13:12
----无限感恩~！！进击的阅读小分队~~秋天来了~又到了一大波懒人疯狂赶作业的季节~~~--------------------------------------
[speaker]
earning of Apple and Microsoft
IPone sales in China double the profit
Microsoft's total revenue increased
Apple earn more money,but Microsoft has more employees(Giant job producer),so Microsoft announced the biggest job cut last week.
IPhone6 give something innovative and fascinated
[speed]
24'
Selling a stock short can punish investors if they don't understand the risk.
1'32
Short selling enables investors to get profit no matter which way the stock is moving,as long as they guess the right direction.However,the risk is also unlimited for that it's hard to guess the exact time the stock will decline.
1'41
Another problem for short selling is that there aren't so many companies and brokerage willing to offer shares on loan for you to short.And it's dangerous to new investors for that the short selling may not be liquid.
2'16
1.you will suffer more to loss when you short sell a company.
2.it's hard to find a target to short
3.more liquidity it has,harder to go in and go out of the position.
4.you should have a margin account.
5.get more money
1'38
6.cutting your losses quickly when the short squeeze.
7.make sure that you know how to exit the position before you enter it.
8.use a stop loss
52'
9.make a plan before you execute
10.be ware of the dividents
[obstacle]····吐血→_→到后来直接没耐性了跪求原谅
5'02
main idea:EU's short-selling regulation bring mix impacts to the CDS market.It has positive impacts on reduce the settlement fail,mixed impact on the market liquidity and CDS market,and negative impacts on the efficiency of price discovery.

作者: AgendaChen 时间: 2014-8-30 15:24
Selling a stock short is very dangerous.
41s

What is the short selling and why is it risky?
2m1s

You can't short sell a stock if no one wants to buy it.
1m25s

后面10个一次性做了
1 You are able to lose more money when you short sell a stock than when you buy it
2 It's hard to find shares to short of a specific stock, so you have to reserve the shares or short it a little early.
3 You'd better short a stock with high liquidity.
4 You will need a margin account if you decide to short stocks.
5 Once you have a large loss in your account, the broker will give you a call, known as a margin call, to remind you that you should put up more money into your account.
6. Be careful if the stock you buy shoots up in price.
7. Make sure that you know how to exit a short position.
8. If you short sell stock but not be able to watch the trade closely, you should use stop losses.
9. You must have a plan before execute a short sell.
10. Be careful about the dividends. You will have to pay dividends if you short a stock before its ex dividend date.
4m55s

最后一篇基本上知道他在干嘛，但是没法把每个部分整体联系起来，看到后面就晕了

作者: 油桃F 时间: 2014-8-30 16:39
Speaker
Microsoft: spend money on Nokia. cut jobs while cutting costs. a huge culture change.
Apple: report earning in China. not talk much about iphone 6

[Time 2] 2'18(369 words)
Short sellers focus on decreasing of share price and are at risk of what amount of money they will lose.

[Time 3] 1'45(264 words)
The shares of stock you buy are not held in your name.
Short selling is dangerous to inexperienced investors.

[Time 4] 2'(313 words)
Be careful about liquidity of stocks. You should put into more money than you would have.

[Time 5] 2'02(324 words)
Know how to exist before you enter your position. Learn to use stop losses.

[Time 6] 1'23(256 words)
Make a plan before entering any trade.

Obstacle
ESMA analyzed the effect of the European Union’s short-selling regulation.

作者: Yeezy 时间: 2014-8-30 17:04
掌管 5 00:01:00.13
掌管 4 00:01:37.51
掌管 3 00:01:33.03
掌管 2 00:01:27.54
掌管 1 00:01:55.75

Obstacle 7'32"
ESMA made new restructions on the short selling, allowing countries to make short selling. However, the percent companies to make short selling is quite low. In the meanwhile, to prevent the instability of the economy, ESMA make more restricted on the short selling policy.

作者: kun5850 时间: 2014-8-30 19:07
3‘21
2’31
2‘12
2’11
3’21
》》》
11‘23

作者: Going 时间: 2014-8-30 20:58
Speaker：Apply and MS’s current and future analysis after quarterly earnings’ publication.

Time 2: 2:01
Time 3: 1:24
Time 4: 1:36
Time 5: 1:36
Time 6:1:20

Obstacle: 7:56

Time 2: Introduce short selling. Why it is so risky.

Time 3: it’s operating mechanism. The risk it might arise.

Time 4 ^ 6: Join the short selling, the points should be noticed.

Obstacle: Mixed effect of ESMA. 剩下的没看懂。。

:

作者: pphang 时间: 2014-8-30 21:31
Speed:
[time 2] 02:40
how short selling works
the risk of short selling is infinite

[time 3] 01:39
liquidity is needed for short selling
though lucrative, short selling is risky for inexperienced investors

[time 4] 01:46

[time 5] 02:02

[time 6] 01:41

Obstacle: 11:17
impact of EU's short-selling regulation

作者: sufangfang27 时间: 2014-8-30 21:48
369words
02.28.51 150w/m
"what is short selling stock:people buy stocks from the brokerage ,and return them in a scheduled time.
The risk:No matter how high the prices of stocks are,you have to pay for them"

264words
01.43.86 160w/m
it's risk since the stock is owned by the street not by your own,so the whole session cannot be liquid enough and some firms don't have the stocks you want to short

313words
02.20.98 130w/m
"5 things about short selling stock:
1.You cannot control the loss
2.You have to be early to own the share
3.Choose shares that are liquid enough
4.You have to have a margin account
5.When is the time you need to put more money into your account"

324words
02.14.06 135w/m
"6.When facing short squeeze,you need to stop right now
7.Knowing how to exit before you enter in
8.Use stop losses if you want to leave for some time"

256words
01.26.65 170w/m
"9.Make a plan
10.Exit before ex dividend date"

warm up
118words
0:00:40.07 180w/m
Two sides of short selling stock

time7..看完了脑子里一点印象都没有

作者: 太阳雪203 时间: 2014-8-30 21:57
Speaker
Microsoft going to reconstruct and cut staff
Earnings: Apple up and M down because of Nokia.
Culture change in Microsoft
Apple: more crazy innovation in the future.

TIME 2-2'00[369 words]
What is short selling.
The infinite loss the investor face.

TIME 3-1'25[264 words]
Short selling investors can borrow money from their blockage but the shares of stock you buy are not held in your name.
Short selling can be a lucrative investment option as well as a dangerous option.

TIME 4-1'39[313 words]
Ten tips you must know to short sell successfully
1 Infinite loss
2 little earlier
3 enough liquid
4 a margin account
5 put more money

TIME 5-1'40[324 words]
6 be careful of the short squeeze
7 know how to exit before enter
8 using a stop loss

TIME 6-1'12[256 words]
9 have a plan
10 dividends paid

作者: ashui042825 时间: 2014-8-30 23:05
time2:2:47 a protential risk for the short seller : if the stoke price increase, the short seller will lose their money
time3:2:30 if a brokeage fime is small and has not enough stoke to borrow to you, you won't be able to short them. And short selling is risky.
times4-6:7:54 attant 10 things before enter a short selling market

作者: ashui042825 时间: 2014-8-30 23:06
forget saying thx to TAO

作者: Aislingling 时间: 2014-8-31 01:03
今天心软选了经管...发现....好多生词嗷嗷~~不过谢谢LZ,很有意思~~~~~><
【speaker】
the behaviors and changes of Apple and Microsoft last year and the future strategies of

them.
【speed】
Warm Up:42S
selling a short stock needs sophicient experiences and has risk.
time2:2min4s
Short selling is differient from general principle. It can make profit for an investor just

on the condition that the investor can prefigure the trend of certain stock is decline and

this decline really happends.  Short selling is risky because the investor cannot control

the degree if the stock increases. Once the stock is soaring, the investor even losts all of

his or her investment.
time3:1min30s
The way of an investor to get stock is going to brokerage and borrowing stocks from

clients.
time4:1min43s
The rules before a person touches short selling are following: you can lose more money

by short selling than that by general way; you need to borrow stock in advance; it is

more wise for you to choose a stock that has enough liquidity; before you actually do it,

you need a account and deposit some money in it; the money in your account has to be

enough if  you want to go on.
time5:1min47s
There are eventual rules. Firstly, another nightmare, a lot of people coming to the

market and the price limit-up, often happends in Friday afternoon ,because people

always feel too impatient to wait the weekend. Secondly, you should buy to cover other

than fulfill the order in order to exist your position. Thirdly, if you have to leave a

moment when you enter into the market, please use stop losses.
time6: 1min29s
(wow... I just thought that the time 5 was the last rule...）
NO.9：before you strat you short selling, it is important to do a plan. Date of  getting in

/aim profit / date of leaving are significant fictors for your plan. In addition, do not let

your emotion to affect your plan.
NO.10: you should be careful of penny stock and micro crab stock and notice the

concept of "dividend"
【obstacle】
10min12s
Part1:The ESMA published a temporary regulation. The effect of this regulation for

several objects is mixed.
Part2: Several findings are listed: more notifications were within 0.2%-0.5%,USA

accounted almost reported short selling position, the main subjects of short selling

position are service industry/technology industry and so on, most investors are fear to

disclose their record to public.
      ESMA gives some advises on the grounds of above findings.
Part3 and the following: I just remember the author introduced the effect of the

regulation to different objects TUT

作者: annietea 时间: 2014-8-31 01:10
新来，不熟悉。不是说每日一帖么？今天的怎么没有（8月30）？这个不是前天的内容么

作者: jokerking 时间: 2014-8-31 11:02
SPD : 0.35 1.45 1.17 1.28 1.33 1.05
OB : 6.59

作者: lulalei 时间: 2014-8-31 11:52
[Time 2] [369 words]2’03
Short selling involves huge risks. Technically, there is no limit on the amount of money you can lose.

[Time 3] [Time 4] 3’23
Short selling needs to be liquid enough.
[Time 4] [313 words]1’28
[Time 5] [324 words]1’33
[Time 6] [256 words]1’05

作者: samalagorn 时间: 2014-8-31 12:43
Time2 ：02：02
Time3 ：01：43
Time4 ：02：00
Time5 ：02：11
Time6 ：01：24

Obstacle: 11:14

作者: chenxiaojing 时间: 2014-8-31 21:38
thanks for sharing
02：33-294
02:47-328
02:51-298
sample of oneself-phononmanon-some anaplsis of reason and one solution- the omportance
05:42-353+378
01:24-208
problem-purpose-content of polivy-the effect of policy（2parts）-future use
13:45-1250
introduction-example of success election-change of the role (change of the system-continue the example of Colinton

作者: planetandlucas 时间: 2014-9-1 02:01
Warm up: The article introduces that investor can make money through short selling stock even if the stock market is in the downtown, but sell stocks short
is under high risk. (51)

Time 2:  Paragraphes introduces the definition of short selling and high risk of selling short stock. (4:41)

Time 3:  The article introduces in what situation short selling can be made---brokerage firm must have share to let you borrow. (2:23)

Time 4: The article introduces the first five points that traders have to know about short sell. (2:26)

Time 5: The article continues to introduce another 3 points of short sell. (2:16)

Time 6:  The article introduces the effect of European Short-Selling Regulation on short selling in EU. Primary, the article introduces the authority and the relevant regulation. Furthermore,
the author illustrates ESMA Report Findings. Moreover, the article continues to introduce the effect of regulation---activity in securities lending markets has been lower since the regulation was implemented.
At last, Sovereign CDS shows mixed evidences about the impact of restrictions on short selling. (7:16)

作者: planetandlucas 时间: 2014-9-1 02:09
重发一次，上次把 obstacle 标成 time 6, 而 Time 6 没有写出来。
Warm up: The article introduces that investor can make money through short selling stock even if the stock market is in the downtown, but sell stocks short is under high risk. (51)

Time 2:  Paragraphes introduces the definition of short selling and high risk of selling short stock. (4:41)

Time 3:  The article introduces in what situation short selling can be made---brokerage firm must have share to let you borrow. (2:23)

Time 4: The article introduces the first five points that traders have to know about short sell. (2:26)

Time 5: The article continues to introduce another 3 points of short sell. (2:16)

Time 6:  The article explains the last two points the author wants to introduces about short selling. (2:00)

Obstacle:  The article introduces the effect of European Short-Selling Regulation on short selling in EU. Primary, the article introduces the authority and the relevant regulation. Furthermore,
the author illustrates ESMA Report Findings. Moreover, the article continues to introduce the effect of regulation---activity in securities lending markets has been lower since the regulation was implemented. At last, Sovereign CDS shows mixed evidences about the impact of restrictions on short selling.(7:16)

作者: zhl2007 时间: 2014-9-1 10:21
第一次打卡
speed
00:51 to do the short selling, the investors have to consider the risk well
02:11 introduce what is short selling expect(opposite to long term investor, short selling investors hope that the prices will decline)+the risk of short selling is really high
01:39 the stocks of the short selling is not under the name of investors and they must be liquid enough in order to sell to clients
02:07
01:55
01:17 10 things you have to watch out and take into consideration if you want to be successful in the short selling
obstacle
12:28 the impacts of the regulation carried out by the EMSA. since the time that the regulation carry out is short, it's hard to find an influencial effect. the effect is mixed as well including both the positive and negative parts.
文章有点长之后中间就走神了。。。虽然看到字但是似乎一句也没读进去。。。

作者: NativeStudy菌 时间: 2014-9-1 10:49

slave918 发表于 2014-8-29 17:20
占座咯~~~~~~~~~~~

it has been 3 days, buddy, i still cannot find your notes of the passage, have you read it through thoroughly? i don't want to see your seat being taken~~~

作者: NativeStudy菌 时间: 2014-9-1 10:50

ZOEYZHANG114 发表于 2014-8-29 17:28
thank you. Interesting article

it seems that you don't mind the rule~ so i have to take your seat back in 3 days~

作者: slave918 时间: 2014-9-1 11:14

主页菌发表于 2014-9-1 10:49
it has been 3 days, buddy, i still cannot find your notes of the passage, have you read it through ...

sorry, I will finish it today

作者: leo688 时间: 2014-9-1 22:54

Part I: Speaker
financial reports from Apple and Microsoft
Apple performed as Wall Street expected
Microsoft was impacted by the purchase for Nokia
underdog

[warm up]
0'47
short selling could earn profit even during depression
enticing for investors
experience of buying and selling stocks is necessary

[Time 2]
2'29
what's short selling
to sell the stocks at higher price and predict the downturn trend in next steps
return broker the shares and commission fee
risk: lost while the stock value increases

[Time 3]
1'56
not in all cases, the shares are available from broker for short sell

[Time 4]/[Time 5]/[Time 6]
6'15
10 points need to be taken care while selling short

Part III: Obstacle
a description about EU financial performance, regulation, and recent discussion about regulating stock operation

作者: aazzssxx 时间: 2014-9-1 23:59
obstacle 10:08
mixed effect of short selling bans in EU with several expamles
findings about the stock market which show the mixed effcts
findings about the CDS andCDSs ahd the results accordingly
conclusion

作者: sherry8730 时间: 2014-9-2 09:46
SPEED:
Time2：00:51
Main idea: the fundamental knowledge about short selling
Structure:
the idea of short selling stocks can be enticing

time3: 3:14
Structure:
Short selling allows you to invest in stocks even when you think that their share price will decrease.
The Downside of Short Selling Is Infinite

Time4: 2:33
you might not be able to sell shares of a company short if they're not liquid enough.

Time5: 2:27
Main idea: ten rules when you do short trade
Structure:
When you short sell a company, you can lose much more.
It can be very difficult to find shares to short of a specific stock.
Be careful to pick stocks that have enough liquidity.
you may have to put up slightly more capital than if you were just planning on buying stocks.
a margin call

time6: 2:22
The dreaded short squeeze.
Please make sure you know how to exit your position before you enter it in the first place.
do keep in mind that stop losses are not fool-proof

time7: 1:38
Have a plan before you execute a short sell.
beware of dividends if you are a short seller.

OBSTACLE:9:06
Main idea: the regulation of short in Europe
Structure:
the incidence of settlement fails has fallen.
ESMA Report Findings
Slowdown in Securities Lending, Settlement Discipline Improves
Sovereign CDS: Mixed Evidence

作者: joseph520 时间: 2014-9-2 16:36
第一次跟小分队，期待坚持两个月
timer 2: 369 words
2’00’’
Introduce what the short selling is, and one big disadvantage it has: infinite lose, comparing to long invester.
Timer 3:264 words,
1’26’’
Provide another disadvantage: you might not be able to short whenever you want. The reason can be attributed to the actual operation. The brokerage should own the stock in order to let you sell, and when they are not having enough stocks due to the competitive short command by other customer, then you are not able to sell. In addition, the stock might no be liquidate enough for you to sell, such as small or intermediate level firms.
Timer 4: 313
1’37’’
Five things:
1. short selling can make you lose more money than long selling.
2. You should find the stock that are allowed to be short sold.
3. You should be careful of the liquidity
4. You need to use a margin account
5. You may get a margin call, which means that you will lose a lot of money if you don’t put enough money into the account.
Time 5: 324
1’46’’
Another three things
6. dreaded stock squeeze: describe a situation that a lot of buyers comes in at the same time. This is often happend when there are a lot of people short the stock but a good news released. Also, this is happened frequently in the afternoon of Friday, since most people do not want to hold the risk over weekend.
7. Forget
8. Use stop losses.
Timer 6: 256
1’19’’
9. have a plan: knowing why you want to short the stock, and stick to the plan.
10. pay the dividend: know the situation that you need to pay the dividend.

Obstacle 1243
11’42’’
Structure:
Report of the regulation
Overall effects: mixed. Positive effect accompanied with negative effects. Slow of the price discovery.

On Shares: three features:
1.rank for different industries
2.concentrated in some institute
3. Many investors crossed below the thread.

On Sovereign debt and CDS:
Not a lot of report: consider the modification of the thread

The slowdown of lending and settlement self descipline

最后关于sovereign cds 的mixed effect没有看的很懂

作者: jjyy0202 时间: 2014-9-2 17:56
Speed
Time2 1'52'' The short selling can gain profits from the decline of the stocks' price, and the loss of that is infinite.
Time3 1'23'' You can borrow the stocks for short selling only when the brokerage has the stocks from other investors, so the investment of short selling is dangerous to new investors.
Time4 1'44'' The loss of short selling is infinite; not all the stocks are available all the time; pay attention to the liquidity; sometimes you need to pay more margin cost.
Time5 1'59'' When too many investors rush into the market, the price may be shot to be stopped; the author suggests to use stop loss to automatically exit from the market.
Time6 1'15'' It is better to make a plan when you enter the market and the dividends from the stocks also worth of attention because they would be large if your shares is large enough.
Obstacle
6'49'' The regulation consulted by the ESMA has advantages and disadvantages at the same time. The slight difference of the threshold would make a big gap of the money. And the sovereign debt of different counties would also have a change.

作者: Starlun 时间: 2014-9-2 18:08
(2:16) Short sellers expected the shares would decline in short terms

so unlike long investors who would lose their investment at the worse situation, short sellers have a infinite risk.

(3:35) Short selling may not liquid as it doesnt hold in your name and not all shares can be short. Short selling is dangerous especially for new investors.

(5:01) Things about short selling: Lose more, not all share can be short, need liquid shares, open a margin account, a margin call.

(6:52) Short squeeze, how to exit, use a stop loss.

(7:55) Learn about short selling, dividends you should paid.

(16:21) Europe regulation implement policy on transparency of net short selling. Settlement DE bid offer DE mixed impact...

作者: 醒醒Shine 时间: 2014-9-2 19:04
time 2-3
short selling definition and characteristic( downside is infinite, not be liquid)
time4-6
10 tips

obstacle 8m46s
The author expresses the findings by ESMA's evaluation about the impact of Euro Union's short-selling regulation in 3 aspects: statistics, slowdown in securities lending+settlement discipline improves, mixed evidence in sovereign CDS, and then he or she concluded that these kinds of regulation is all too often overdone.

作者: Yvonne52585 时间: 2014-9-2 21:07
yeah! I'm coming back!

作者: 伊蔓达 时间: 2014-9-2 22:14
[阅读小分队] 【41-01】经管 Short Selling
catch up~!!
[Warm Up] 00:00:41.41
[Time 2] 00:02:06.58
[Time 3] 00:01:43.90
[Time 4] 00:01:49.83
[Time 5] 00:02:00.98
[Time 6] 00:01:04.65
[Paraphrase 7] 00:08:05.92
speed简单，obstacle确实高冷一些

作者: khalilzang 时间: 2014-9-3 16:02

TaoRs92 发表于 2014-8-29 13:09
Part III: Obstacle

Notes:

time 2 2'47
the shorter buyers buy stocks which are declining in price but it is
risky because the buyer may have a potential to lose amount of money
for increasing prices.

time 3 1'54
short selling can be occured when capitals are not linquid enough ,especially
in some small and middium-size companies.The stock shares you borrowed
from the brokerage can not be you own ,but you can sell them to other
short sellers.
It is hard to find companies which are willing to lend money to short selling and there
is no such a market.

time 4 2'00
5 rules which can make your short selling successful.
1.different situation
2.in advance
3.pay attention to the liquity
4.a margin account
5.a margin call

time 5 2'29
other rules
to avoid the situation when the stock increases to certain level before
getting into a trap and a stop loss is reconmmended.

time 6 1'30
to make a plan before you start short selling ,but rules above do not
apply all the stocks

Obstacle
the short selling regulation has a mixed impact on the price discovery
and liquity of the market ....明天继续

作者: louisa33 时间: 2014-9-4 01:49
Warm up: Short selling can be profitable when the stock goes down. However, it can be severely damage investors’ interests if they do not know the risk of short selling.  [25”] 112

Time 2: Short selling is different from the normal investors who hope the price of the stock to go up. Typically, short selling can be profitable only when the price of the stock decrease and investors in short selling may experience unlimited loss if the price goes up. [1’01”] 369

Time 3: Even if the investors buy the stocks from a breakage firm, the stocks are not in their names. The stocks that experience short selling should be liquid enough. [1’06”] 264

Time 4: 1: you may lose more in short selling
      2. It is hard to find some suitable stocks to short selling
      3. The stocks should be liquid enough to get out of the position
      4. Marginal account---need more money
      5. Marginal Call—More money in the account [1‘05”] 313

Time 5:
      6: Timing is important
      7: Know how to exit when you enter.
      8. Use stop losses [1’07”] 324

Time 6:
      9: Have a plan
      10: You have to pay dividend if you borrow the stocks before “ex-dividend date”. [36’] 256\

Obstacle:
ESMA has a regulation on transparency requirement on short selling. There are some mandatory rules on short selling (SS).
Positive: incident of settlement failure decreases
Negative:  the efficiency of price discovery
Numbers: 74%:0.2%-0.5%; 26% above 0.5%
Some reluctance from mkt participant to disclose their short position to the public. This policy also decreases the bid and ask spread. In sum, the impact of these policies are mixed and policies need adjustment.
These policies slow down the quantities of stocks on loan and increase settlement displine ( lower settlement fails)
CDS: slightly lower---26bp.
Not much effect on yields.
SS restriction—avg. transaction volume goes down. No much impact on the efficiency of price or pice.
[7'02"] 1236

作者: cherry6891 时间: 2014-9-4 08:34
41-01
Time2
What is short selling--predict the stock price and borrow the stock from broker ,and then sell them later
The risk is overwhelming comparing to traditional stock deal/treading
Time3
U can only borrow stock from brokerage from ur company and the name of the stock is not in ur name but a street name
Time4
10 tips u must know for a successful short
1 choose liability stock to short sell then u can sell the stock at a certain position
2 stock price can not be zero
3 margin call at midnight
4 difficult to find a share to short a stock
Time5
5 dread short squeeze 6 set short loss price 7 know how to exit ur position
Time6
8 have a plane before execute short sell 9 beware of dividends
Obstacle
Impact of EU short sell market regulation has mixed effects on the market
Positive side : incidence of settlement of falls has fall
Mixed effects:market liquidity

作者: taohui2014 时间: 2014-9-4 11:02
掌管 7 00:12:01.95 00:24:14.52
掌管 6 00:02:29.65 00:12:12.57
掌管 5 00:02:36.82 00:09:42.92
掌管 4 00:02:12.63 00:07:06.09
掌管 3 00:01:52.04 00:04:53.46
掌管 2 00:02:17.66 00:03:01.41
掌管 1 00:00:43.74 00:00:43.74

作者: KKCarpeDiem 时间: 2014-9-4 13:04
3.18 1.39 2.06 2.02 1.43
My reading skills are so poor.even though I spend much time on the article ,I can't understand the meaning.also my reading speed is so slow.
This obstacle is too hard for me .

作者: sumy217 时间: 2014-9-4 15:27
Speed1+2 3:27s
Short investment in stocks can make U earn money at bad economic condition, but it run a high risk4.
4.1:47s
Short is not liquid so that sometimes U can't borrow them when U R in need.
5.2:27
short liquid stocks, invest more money in account

6. U should make a plan and do not be emotional if U wanna be a profitable trader.

作者: 画画2013 时间: 2014-9-4 20:29
Speaker
Apple and Microsoft published their third quater.
Apple's most income came from China, it got several billion dollers from there; And Micrpsoft focused on buying Nokia to build up its mobile task.
To compare, Apple has less employees and earns more much than Microsoft, and it is so-called company culture of Microsoft to let their employees to work so long.
The speaker said she expected that Apple can do somthing that really increative, for example, iWatch, which can count users heat and other stuff that people really care.
Time2 2'09
Short selling means that you invest stock for a shor time, do not like long time investers, you can even make money when you expect the price of the stocks will fall down.
However, the risk of short selling is also huge. You will lose all of your money that you invest if the stocks do not work well.
Time3 1'27
Many brokers may not have enough stocks or do not want to borrow the stocks for their clients for short.
In many mid-sized companies, they have limited stocks to liquid and let people borrow.
Tough short selling can be interesting and attractive, the inexpericed investors may should not take part in.
Tim4 1'39
1: you may lose more money than you invest
2: it is difficule to find out a stock that can short.
3: watch out the stock that has high liquidity.
4: you need to have a margin account.
5: you should have enough money on your account to put the transaction go on.
Time5 1'37
6: Short may squeeze because of increasing price of stocks.
7: know when to stop
8: stop loss when you do not have enough time to watch the trade closely.
Time6 1'12
9: Make a plan before you beginnig the trade.
10: Recognize that the real shareholder will gain the dividend from your account.
Obstacle
我自动放弃。。。。看不懂。。。

作者: 心还是热的 时间: 2014-9-7 21:47
Part 1
Microsoft is going to cut its employees, the biggest job cut in its history, which is claimed by the new CEO. Yesterday, Microsoft and Apple each reported their earning in the third quarter. A just report a strong demand of iphone, but the net income of Mi was decreasing which results from Mi spent money buying Nokia. Total profit goes up, which is better than expected. Innovation and discipline. Apple gets more money, but Mi has more than twice employees. A huge culture change shake down. Back to several decades ago, Mi has a monopoly status in the field of operate system. But now we have IOS, Android. How to handle the relationship between computers and cellphones for Mi?

作者: wdybrian 时间: 2014-9-8 17:58
2'30
1) What is short selling? Even in decreasing price of stock. Different between long investors, short ones expect prices decrease. How do they earn money in price decrease.
2) No limit of decrease of price. Someone could lost all the capitcal.

1'44
没看懂

2‘04
1）You may lost all your money when you buy a stock, but you may lost more when you short sell a company.
2) Not easy to find shars to short for a stock.
3) Do not choose the stock with enough liquirdity.
4) Margin accoung...
5) A margin call- a nightmare.

1'58
6) Another nightmare-dreaded short squeeze.不懂
7) Know how to exist before enter.
8) Stop loss is very important.

1'23
9) Make a plan before your short selling.
10) Don't apply to all stocks.

<Obstacle>5'40
不懂，总之就是欧盟遇到short sell问题了，需要管控。

作者: TINGYI-2014 时间: 2014-9-10 15:18
1‘06 5’57 2‘13 3’27 1‘52 1’34 3‘39
The obstacle is quite professional.

作者: 巫汤汤 时间: 2014-9-13 22:10
掌管 7 00:11:27.75 00:22:36.95
掌管 6 00:01:34.93 00:11:09.20
掌管 5 00:01:51.45 00:09:34.26
掌管 4 00:02:21.64 00:07:42.81
掌管 3 00:01:58.03 00:05:21.17
掌管 2 00:02:36.09 00:03:23.14
掌管 1 00:00:47.04 00:00:47.04
even though i know 80% to 90% of words in the obstacle, i can not understand what does it say.

作者: elenaknight 时间: 2014-9-14 12:42
因为是第一次做所以前面的都没timer.但大体意思都懂也不难。
obstacle timer00:13:11
确实有很大难度，必须得重读。我有一个很大的不好就是老是回读不然就读不懂。
一定要改正。

作者: 丝袜奶茶 时间: 2014-9-16 03:06
Speaker: thesis: Microsoft culture changed and start to cut employees
reason: Bought Nokia, stock price turns down. Twice amount of employees than Apple but less income than apple.
time 2 0158
how is the short selling function?
you borrow the stock from the brokerage, if the stock declines, your buy the stock in lower price. if it doesn;t, then opposite.
the firm charge borrow fees and interests.
downside: if you lose, you lose big.
time 3 0127
short seeling may not liquid.
the brokerage sometimes dosen't have enough liquid for people to do short selling.
the author continues to point out that the short selling is tremendous dangerous
time 4 0132
thesis: know the different before you enter the short selling
1 know the different between short selling and long investment
2 difficult to find shares to short sale
3 enough liquidity
4 margian account
5 more money may be needed, nightmare, because your account doesn't have enough money,
time 5 0232
6 dread short squeez. lots of buyers and seller are doing the transaction simuteniously, usually happen at friday night.
7 know how to quit the transaction
8 stop loss; when you are out of touch of computer.
time 6 0106
9 have a plan before you enter the short sell
10 dividends;. you may own dividends to shareholders, if you do the short selling in the ex-dividend date. not apply to all the stock
obstacle: 07:21
ESMA regulation has a mixed impact
bd offer spread decrease
volatitiy decrease
negative impact speed price discovery
security lending lower compared to us
*obstacle is really diffcult to understand without financial background." The data is just tedious.
To connect this essay to individual person is not easy.

作者: crystal9291 时间: 2014-9-16 10:35
SPEED
[T2] 2:38
SS: intro
Risks: (contrast with the share holders who hope the sharing price increase) potential lose if the price goes high
[T3] 1:23
suggestions:
investors should borrow shares from the brokerage companies that are liquid enough.
Inexperienced investors should be careful to short selling
--------------------------------
[T4] 2:12
1 Short selling can make people lose money more than that they invested
2 It can be very difficult to find shares to short of a specific stock.
3 Stocks should to be liquid enough
4 a margin account is needed
5 a margin call means that you lose money.
[T5] 2:21
6 cutting losses quickly to avoid short squeeze
7 know how to exit before entering the market
8 use stop losses properly
[T6] 1:13
9 have a plan before executing a short sell
10 beware of dividends

作者: happyxgb 时间: 2014-9-19 22:30
继续回归大队跟随练习~走了好多天，生疏了许多了T,T
Warm up: 00:33
Stocks can bring goods and punishments.
Time 2: 01:52 (369)
The explanation of short selling (comparison and process)
The downside risks of short selling
Time 3: 01:08
The concrete process of short selling
The conclusion
Time 4: 01:39
10 things you need to know about short selling
1. the worst
2. Find shares
3. Liquidity
4. Margin account
5. Nightmare
Time 5: 01:17
6. Another nightmare
7. Backup plan
8. Tim’s rule
Time 6: 01:02
9. Plan
10. Caution
Obstacle:05:37
The evaluation of the regulations of EU and analysis of mixed effects on each factor
太长到后面完全走神，丢了芝麻也丢了西瓜

作者: 某葵 时间: 2014-9-20 09:37
speed
[112 words] 0'46
[369 words] 2'47
[264 words] 1'49
[313 words] 1'54
[324 words] 1'39
[256 words] 1'15
obstacle
[1243 words] 11'25

作者: 猴子酸奶 时间: 2014-10-1 23:05

TaoRs92 发表于 2014-8-29 13:09
Part II: Speed

Here's How to Sell Stocks Short (and Why You Probably Shouldn't)Hank Coleman Jan 1 ...

完成，其它都写在笔记里。

作者: bubuuuu 时间: 2014-10-2 09:18
[Rephrase 1]
Microsoft has cut 18000 employees. it market price is less than apple, while employee number doubles that of apple

[Warm Up]
36"
selling stock short can make you earn money while the market is in a downturn, but requires profound experience.

[Time 2]
2'05"
selling short is opposite to long term investment. It is borrowing from brokerage firm amount of stocks that is like to decrease in market price. You might lose money when the stock turns to zero or rapidly grow.

[Time 3]
1'53"
short selling is not under the buyers' name, but under the brokerage firm "street name" instead.
When the company isn't liquid enough, you cannot short them immediately.

[Time 4]
2'00"
ten tips for short selling
1.go for those companies liquid enough
2.put more assets in margin account
3.get used to stay awake during midnight for money transfer
4.the worst happens when the stock you bought goes to $0
5.short or reserves a little bit earlier.

[Time 5]
1'50"
6.be aware of the dreaded squeeze
7.make sure you know how to quit
8.set a stop loss when you are not available before computer

[Time 6]
1'22"
9.have an investment plan
10.mind for the divident date

[Rephrase 1]
7'07"
ER is analyzing the impact of short selling restriction rules.
the transaction amt is shrinking, while the price formation efficiency is not influences.

Obstacle好难懂……

作者: neverland1021 时间: 2014-10-8 20:38
谢谢Tao~写完了粘word竟然把speed部分粘丢了。。

越障：
The mixed effects results from the short-selling regulation:
Some findings are presented to support the effects
The detailed effect to the security market
Comparison between the European market with the short selling regulation and the U.S market without short selling regulation

All in all, these findings are unlikely to satisfy either the political factions who pushed to introduce this regulation in an effort to curb market instability, or the cacophony of discontent from the hedge funds and financial institutions impacted.
cacophony : an unpleasant mixture of loud sounds
discontent : a feeling of wanting better treatment or an improved situation

Notifications are also triggered for every 0.1% change in net short positions within these parameters.
Parameter: a set of facts or a fixed limit that establishes or limits how something can or must happen or be done:

Approximately 83% of all the reported short positions were held by entities domiciled in the U.K. or the U.S.
Domicile/ˈdɒm.ɪ.saɪl/:the place where a person lives

but this merely underlines that the clamour for more regulation, as well as the industry push-back, is all too often overdone.
clamour ：to make a loud complaint or demand

作者: lzhang06 时间: 2014-10-10 16:43
Time2 Breif introduction of risky factors of short selling, The game rule of short selling. Borrow or buy at higher
sell price, and retun or sell at lower price. Earn the gap. The borkrage earn commission. however, the loss
of short selling has not limits.

TIme3
Liquid shares in stock market provide the chance of short selling. Often, brokrage company register the stock
under a street name, so they can lend stocks to short sellers.

Time4
10. no upper limit of loss in short selling market.
9. Reserve some stocks before short selling.
8. liquidity
7. Open a margin account
6. be ready for a margin call, which means that more invest more money in the transcation.
5. Shortage og stocks, when company has good news or few shares for short selling.
4.Be aware how to exit position.
3.Use stop losses when you lest computer .
2.Set a plan about when to enter or exit before short selling.
1. pay attention on ex-divident day, because Owe dividents to lendes.

作者: GiannaWEN 时间: 2014-11-4 15:42

TaoRs92 发表于 2014-8-29 13:09
Part III: Obstacle

Notes:

Speaker:
Apply & Microsoft all pronounced their 3rd quater revenues
microsoft will restructure because just purchase NOKIA, stock drop
APPLE earn from china's strong import
7 billion=2 *last y
innovention not imp than discipline, not like indian company
no fire, emplyee won't work hard
so they cut emplyee, which number is twice than Apple's, so cut the cost
they have to, because they face more competitors, not like in 1999 launced Windows enough
Apple produce a lot crazy crappy like iWatch, MyEmail, twiter

Speed: 45'' 2'45'' 1'1'' 1'40'' 1'7''

Obstacle: 8' 20''
ESMA publishes its evaluation of the influence of new short-selling regulation:stock, sovereign debt, CDSs
+ ：settlemet fail ↓ mix: market liquidity -:efficient of price discovery
notify 0.2%-0.5%, every 0.1%
List findings to diff sides
securities lending↓ settlement discipline↑
CDs:mix
不知道是不是脑力不支，看的好吃力。又慢又无趣又看不懂。强忍着obstacle看了两遍。要是问问题，会死的很惨。

作者: wensd1111 时间: 2015-2-2 19:46
1 A 00:39
2 A 01:55
3 A 01:08
4 A 01:31
5 A 01:34
6 A 01:12
7 A 06:17

作者: 咸鱼总不咸 时间: 2016-5-2 17:32

T2 3'09
T3 2'13
T4 2'25
T5 2'38
T6 2'21

作者: 馅子馅子 时间: 2016-5-4 08:33
T2 1:38
T3 2:14
T4 1:53
T5 1:32
T6 1:06
Obstacle 9:21

作者: wlyaiesec 时间: 2016-5-7 22:56
1'23
1'45
1'24
1'55
1'47
6'35

作者: 南邊的藍葉子蘇 时间: 2016-5-11 00:08

T2 1'20
T3 1'50
T4 2'13
T5 2'36
T6 2'57
Obstacle 10'22

作者: Sherryfu0315 时间: 2016-5-11 00:26
1:07
2:30
2:31
1:11
1:45

Obstacle 5:35
impact of European short-selling regulation mixed effects on markets.

作者: 栗子1632 时间: 2016-5-11 06:37

TaoRs92 发表于 2014-8-29 13:09
Part III: Obstacle

Notes:

T2 2:14-369
how the short selling works?
the risk of short selling:lose unlimited money

T3 1:20-264
another problem of short selling:not enough shares for you to borrow

T4 1:38-313
five things about the short selling

T5 1:35-324
some things about the short selling

T6 1:19-256
some things about the short selling

Obstacle 5:12-1243
introduce the regulation
the impact of the regulation:positive,negative

作者: 敲敲 时间: 2016-5-11 08:20
1.23
3.58
2.37
2.52
2.07
1.34

作者: Mein 时间: 2016-5-11 11:14
May11
Time2：02:07.42
The process of short shelling and the effect of infinite Downside of Short Selling towards buyer and seller.
Time3:01:26.19
Short selling can be a lucrative investment option. It has a lot of allure because it lets you play the other side. But short selling can be very dangerous for the new or inexperienced investor. Investors should not take selling shares short lightly.
Time4:01:57.66
The five things need to know for investors are value,shares to short of a specific stock,enough liquidity,margin account and margin call.
TIme5: 01:16.08
The three things need to care for investors are exiting our position,dread short squeeze and you never uses stop losses.
TIme6:00:44.78
The last two things are setting a resonable plan but not let your emotions get in the way of sticking to the plan and it is not apply all stocks,especially the penny stocks and micro cap stocks but beware of dividends if you are a short seller.
Obstacles:04:47.69

作者: 不吃猫的 时间: 2016-5-16 21:35
Time2    1’30 369words
As a short seller in stock markets, you at some point required to buy those shares you borrowed from your broker, at whatever price, so that you can return them.
Time 3    1’11 264 words
It talks about that short sellers can benefit a lot in investigating if they can beat those who use their street names to buy the shares, and it is also dangerous for short sellers to for the new or inexperienced investor. Investors should not take selling shares short lightly.
Time4    1’24       332 words
As a short seller ,you need to pay attention to five things and avoid being tricked into the market to put more money into your account .
Time 5    1’28    324 words
As a short seller, you need to keep the Tim’s rule of cutting your losses quickly. And first off, you need to make sure you know how to exit your position, another way is that you should never uses stop losses.
Time6       0’47 256 words
It talks about that you need to make a plan before you invest your money into the stock market ,and remember that you can not be forces to make way to your emotion when making plans. In addition, if you are short a stock at the market close the day before the so called “ex dividend date.
Obstacles 5’42  1223 words

作者: InesWang 时间: 2016-6-4 17:58
01：10
02：59
02：24
02：38
02：05
01：34
06：42

作者: Kylie瑾曦 时间: 2016-6-5 17:03
Timer 2： 01.38.47
Timer 3: 01.05.27
Timer 4: 01.25.76
Timer 5: 01.14.19
Timer 6: 00.51.19
Timer 7 (OB): 09.11.62
The article is about the effects and the phenomes of the short-selling regulation.

作者: tianzhiwen 时间: 2016-6-5 17:29
0:33 Short selling can earn money but also risky for newbie
1:30 the risk f short selling is the loss is unlimited
1:05-The condition in which you can short the company
***- several points needs to be paid attention--pick carefully with enough liquidity, prepare margin account, parapare for nightmare call, bigger loss than buying, difficult to find a stock to short
1;20--situation for you lose big money-Friday/many people want to buy, have stop when do not have time to watch
1:00--have a plan and pay attention to some stocks with dividends

作者: Phoebezhu1994 时间: 2016-7-4 19:01
2.52
2.17

作者: DanLee0903 时间: 2016-10-10 22:36
T2: 2:05
T3: 1:32
T4: 1:50
T5: 1:46
T6:1:28
Obstacle: 8:12

作者: JOYCE777 时间: 2016-10-10 23:54
T2 2，22
T3 1，46
T4 1，38
T5 1，37
T6 1.48
T7 8，30

作者: SukeyZhou 时间: 2016-10-14 08:52
Time 2 00:02:43
Time 3 00:01:50
Time 4 00:01:38
Time 5 00:01:28
Time 6 00:01:12

作者: Phoebezhu1994 时间: 2016-10-29 16:31
0.44
2.37
2.33
3.06
2:23
2,06

作者: shawhan 时间: 2016-11-6 21:33
79-13还没出，做做之前的
SPEED
112 words 0.40
369 words 1.45
264 words 1.17
313 words 1.31
324 words 1.28
256 words 1.03

OBSTACLE
1243 words 7.14
regulation on short shares in Europe
reasons
regulation may have mix effects on economy
there are some bans in specific countries before the regulation
summary

作者: 雨泓 时间: 2016-11-7 11:39
2:17
1:43
2:01
2:21

作者: 带水云类似于 时间: 2016-11-13 23:16
56”
2'21”
1'38
2'19”
2'49”
2'27”
13'27”

作者: casintkx 时间: 2016-11-13 23:48
2:14
1:13
2:11
1：36
1:17
5:03

作者: jokequeen 时间: 2016-11-16 06:52

1. 0' 44 112
2. 2'32 369
3. 2'19 264
4. 2'20 313
5. 2'16 324
6. 1'45 256

作者: symbol3 时间: 2016-11-16 08:22
T2:1'53
T3:1'46
T4:2'01
T5:1'52
T6:2'34
OB:10'23

作者: 我叫贺飞人 时间: 2016-11-16 08:39
掌管 6 00:01:44.76
Have a plan before you execute a short sell.
掌管 5 00:02:41.16
掌管 4 00:02:13.04
掌管 3 00:02:01.20
You will most likely need to have a margin account in order to short stocks
掌管 2 00:03:01.69
invest in the stocks which are liquid enough
掌管 1 00:01:09.99
what is short selling?
short selling is risky for investors is that the amount of money you can lose on an investment is essentially unlimited.

作者: christina201008 时间: 2016-11-16 08:42
[time 2] 4:11
what and effect of short selling?
Price ↓, sell out
(defi.)

[time 3] 1:35
Short Selling May Not Be Liquid

[time 4] 3:04
5 things about short sell.

[time 5] [time 6] 2:32
5 things about short sell

作者: 我要做大牛 时间: 2017-4-20 20:33
2.  3:00
3.  1:35
4.  2:10
5.  2:20
6.  2:10

作者: 小贤45 时间: 2017-4-20 22:13
Time 2 1"42 217wpm

Time 3 1"11 223wpm

Time 4 1"18 240wpm

Time 5 1"25 229wpm

Time 6 0"59 261wpm

作者: Marjory000 时间: 2017-4-20 22:51

TaoRs92 发表于 2014-8-29 13:09
Part III: Obstacle

Notes:

4.20 41-01
Warm up: 1:11.94
T2 2:49.72
T3 2:20.80
T4 2:31.58
T5 2:51.26
T6 2:15.97

作者: hanyuntao 时间: 2017-4-23 09:56
T2:3’48’’
Short selling is to borrow stocks from brokerage and sell them to others, when the stock price decrease, buy the same amount of stocks as you borrow in a lower price and return to brokerage. It is a lucrative approach but risky. If the price does plummet as you wish, you will lose everything.
T3:1’50’’
The shares that you borrow are not held in your name, they are named a street name to be more convenient to be turned around and lent. Short selling may not be liquid enough because the brokerage does not have the client owns the share you want to short you can not short them.
T4:2’50’’
Some tips for short selling.
1.short sell a company can lose more than your stocks drop to $0
2.reserve the shares or short it a little early
3.Be careful to pick stocks that have enough liquidity
4.you have to open a margin account.
5.you may get a marginal call which demands you more money for guarantee.
T5:2’23’’
6.short squeezes another short sellers’ nightmare.if a lot of buyers come in the stop will shoot up in price , so cutting your losses quickly and you will be fine.
7.Please make sure you know how to exit your position before you enter it
8.you can use stop loss
T6:1’13’’
9. Have a plan before you execute a short sell
10.Be ware of dividends if you are a short seller

作者: 小桃仁cherry 时间: 2017-4-25 09:00
Warm up + T2  02:47.96
T3  01:31.29
T4  01:15.03
T5  02:18.44
T6  01:50.10
OB  没太懂，明天继续读~

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