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[阅读小分队] 【揽瓜阁5.0】Day7 2021.02.14【社会科学-金融、职场、政治】

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发表于 2021-2-13 23:22:58 | 显示全部楼层 |阅读模式
  揽瓜阁俱乐部第五期
  Day7 2021.02.14



【社会科学-金融】
The rise of the financial machines:Forget Gordon Gekko. Computers increasingly call the shots in financial markets
( The Economist- 1027字 长阅读)

The job of capital markets is to process information so that savings flow to the best projects and firms. That makes high finance sound simple; in reality it is dynamic and intoxicating. It reflects a changing world. Today’s markets, for instance, are grappling with a trade war and low interest rates. But it also reflects changes within finance, which constantly reinvents itself in a perpetual struggle to gain a competitive edge. As our Briefing reports, the latest revolution is in full swing. Machines are taking control of investing—not just the humdrum buying and selling of securities, but also the commanding heights of monitoring the economy and allocating capital.

Funds run by computers that follow rules set by humans account for 35% of America’s stockmarket, 60% of institutional equity assets and 60% of trading activity. New artificial-intelligence programs are also writing their own investing rules, in ways their human masters only partly understand. Industries from pizza-delivery to Hollywood are being changed by technology, but finance is unique because it can exert voting power over firms, redistribute wealth and cause mayhem in the economy.

Because it deals in huge sums, finance has always had the cash to adopt breakthroughs early. The first transatlantic cable, completed in 1866, carried cotton prices between Liverpool and New York. Wall Street analysts were early devotees of spreadsheet software, such as Excel, in the 1980s. Since then, computers have conquered swathes of the financial industry. First to go was the chore of “executing” buy and sell orders. Visit a trading floor today and you will hear the hum of servers, not the roar of traders. High-frequency trading exploits tiny differences in the prices of similar securities, using a barrage of transactions.

In the past decade computers have graduated to running portfolios. Exchange-traded funds (etfs) and mutual funds automatically track indices of shares and bonds. Last month these vehicles had $4.3trn invested in American equities, exceeding the sums actively run by humans for the first time. A strategy known as smart-beta isolates a statistical characteristic—volatility, say—and loads up on securities that exhibit it. An elite of quantitative hedge funds, most of them on America’s east coast, uses complex black-box mathematics to invest some $1trn. As machines prove themselves in equities and derivatives, they are growing in debt markets, too.

All the while, computers are gaining autonomy. Software programs using ai devise their own strategies without needing human guidance. Some hedgefunders are sceptical about ai but, as processing power grows, so do its abilities. And consider the flow of information, the lifeblood of markets. Human fund managers read reports and meet firms under strict insider-trading and disclosure laws. These are designed to control what is in the public domain and ensure everyone has equal access to it. Now an almost infinite supply of new data and processing power is creating novel ways to assess investments. For example, some funds try to use satellites to track retailers’ car parks, and scrape inflation data from e-commerce sites. Eventually they could have fresher information about firms than even their boards do.

Until now the rise of computers has democratised finance by cutting costs. A typical etf charges 0.1% a year, compared with perhaps 1% for an active fund. You can buy etfs on your phone. An ongoing price war means the cost of trading has collapsed, and markets are usually more liquid than ever before. Especially when the returns on most investments are as low as today’s, it all adds up. Yet the emerging era of machine-dominated finance raises worries, any of which could imperil these benefits.

One is financial stability. Seasoned investors complain that computers can distort asset prices, as lots of algorithms chase securities with a given characteristic and then suddenly ditch them. Regulators worry that liquidity evaporates as markets fall. These claims can be overdone—humans are perfectly capable of causing carnage on their own, and computers can help manage risk. Nonetheless, a series of “flash-crashes” and spooky incidents have occurred, including a disruption in etf prices in 2010, a crash in sterling in October 2016 and a slump in debt prices in December last year. These dislocations might become more severe and frequent as computers become more powerful.

Another worry is how computerised finance could concentrate wealth. Because performance rests more on processing power and data, those with clout could make a disproportionate amount of money. Quant investors argue that any edge they have is soon competed away. However, some funds are paying to secure exclusive rights to data. Imagine, for example, if Amazon (whose boss, Jeff Bezos, used to work for a quant fund) started trading using its proprietary information on e-commerce, or JPMorgan Chase used its internal data on credit-card flows to trade the Treasury bond market. These kinds of hypothetical conflicts could soon become real.

A final concern is corporate governance. For decades company boards have been voted in and out of office by fund managers on behalf of their clients. What if those shares are run by computers that are agnostic, or worse, have been programmed to pursue a narrow objective such as getting firms to pay a dividend at all costs? Of course humans could override this. For example, BlackRock, the biggest etf firm, gives firms guidance on strategy and environmental policy. But that raises its own problem: if assets flow to a few big fund managers with economies of scale, they will have disproportionate voting power over the economy.

Hey Siri, can you invest my life savings?
The greatest innovations in finance are unstoppable, but often lead to crises as they find their feet. In the 18th century the joint-stock company created bubbles, before going on to make large-scale business possible in the 19th century. Securitisation caused the subprime debacle, but is today an important tool for laying off risk. The broad principles of market regulation are eternal: equal treatment of all customers, equal access to information and the promotion of competition. However, the computing revolution looks as if it will make today’s rules look horribly out of date. Human investors are about to discover that they are no longer the smartest guys in the room.

Source: The Economist


【社会科学-职场】
Supplier Relations in the Automobile Industry
( WSY -390 字 短精读)

Source: WSY


【社会科学-政治】
Britain adjusts to life outside the European Union
(BBC-2分45秒-精听)

先做听力再核对原文哦~


Customs checks are being stepped up on goods crossing the channel between Britain and France for the first time in decades as Britain adjusts to life outside the European Union. The British Prime Minister Boris Johnson said the UK now had freedom in its hands. Jessica Parker reports. Last night, following decades of membership, years of debate and points of political turmoil, the time came. While the UK left the EU last January, it was yesterday evening that the transition period ended, and largely brought that departure into effect. Boris Johnson described it as an amazing moment for the country. It is one that some will regard with huge optimism, others, with deep regret.

Portugal has taken over the rotating presidency of the European Union with the main focus expected to be the block's recovery from the pandemic. During its 6 month term, Portugal must oversee the validation of member states' plans to use their share of the blocks recovery fund worth $900 billion.

Sudan's acting Foreign Minister Omer Ismail has told the BBC that his country's army has changed and will protect civilians in Darfur despite fears voiced by local people. Mr. Ismail said he understood the concerns based on the actions of the previous government, but that the situation was now different. We give the guarantees that this army had changed, and it is going to protect them. Besides, the fact that it's a joint effort within the army and the new police and many other agencies are involved in this. Mr. Ismail was speaking after the Sudanese army took over security in the region after a 13-year United Nations and African Union peacekeeping mission came to an end. Sudan's ousted President Omar al-Bashir is accused of committing atrocities in Darfur.

The countries of the Americas have been the latest to see in the new year in a subdued fashion because of the pandemic. Paul Hawkins has the details. No crowds and no parties, the New Year's Eve theme for many, including New York, where Time Square was closed to the public, and Rio's famous New Year's Eve beach party on Copacabana was cancelled. In London, the message, stay at home. While in Scotland, they opted for synchronized Hogmanay drones instead of fireworks. France had music master Jean-Michel Jarre live from his studio playing in a virtual Notre Dame cathedral, but the reality was somewhat different with an empty Paris, like much of Europe.

This is the latest world news from the BBC.

Source: BBC


【笔记格式要求】
同学们任选 2 篇文章精读/精听并进行笔记打卡

精读笔记格式要求:
1.总结文章中心大意
2.总结分论点或每段段落大意
3.摘抄印象深刻或者觉得优美的句子
4.总结文章中的生词
5.记录阅读时间、总结时间、总时间

精听笔记格式要求:
1.逐句听写整篇文章
2.对照原文修改听写稿,标记出错原因
3.总结文章中心大意
4.总结精听过程中的生词
5.记录听写时间、总结时间、总时间

这里也给大家三点学习小建议哦~
精读:如遇到读不懂的复杂句,建议找出句子主干,分析句子成分,也可以尝试翻译句子来帮助理解~
精听:建议每句不要反复纠结听,如果听 5 遍都没听出来,那就跳过,等完成后再回听总结原因,时间宝贵,不要过于执着哦~



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发表于 2021-2-14 07:26:05 | 显示全部楼层
0214 pandaIC 打卡

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发表于 2021-2-14 09:04:17 | 显示全部楼层
day 7

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发表于 2021-2-14 09:08:55 | 显示全部楼层
Day7

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发表于 2021-2-14 09:23:58 | 显示全部楼层
打卡

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发表于 2021-2-14 10:42:05 | 显示全部楼层
社会科学-金融
文章大意:计算机在金融方面作用的快速进化,带来的好处以及对此的担忧。
1、在市场不断变化的今天,机器正在不断地控制投资市场,不仅仅在简单的买卖上,而且在控制着经济和资源分配。
2、电脑于1980s在资本市场崭露头角,现在已经占据了资本市场的半壁江山。
3、Computer在资本市场交易上已经得到了自立,不需要人类的参与。
4、对目前机器操控的金融市场的担忧:计算机会扭曲资产价格,从而扰动市场的稳定性;计算机会集中资本,使更多人被资本和市场淘汰;公司治理权如果被计算机控制,很有可能只会追逐一些极端利益。
5、人类的智慧在未来很难可能和AI竞争,而现在的监管也有可能无法适用于将来。

Intoxicating令人兴奋的(intoxicate 使陶醉) grapple with应对、处理  perpetual永久的 humdrum单调的 mayhem混乱 a barrage of大量的 disclosure披露 seasoned老练的(season v.使调味,使适应) carnage大屠杀 find one’s feet站稳脚跟
阅读:10min 总结:20min

社会科学-职场
文章大意:汽车制造商和其供应商关系的转变,以及笔者对这种转变的评价
1、过去的关系(1980S之前):制造商有大话语权,和供应商为短期合作,双方缺少交流
2、目前关系:交流紧密,长期合作
3、评价:这种转变不符合经济逻辑,更像一个历史的倒退,而制造商需要一个平衡

阅读5min 总结:15min
发表于 2021-2-14 12:07:39 | 显示全部楼层
DAY7

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发表于 2021-2-14 12:53:42 | 显示全部楼层
Day 7 打卡,终于补完了~
记录阅读时间、总结时间、总时间
10 min, 25 min

1. 主题
计算机在金融领域交易中参与越来越多,但是大家对此仍有担忧。

2.分论点
Para 1(1):现在金融中越来越多的用到了计算机。-包括下指令和监控市场
Para 2(2-5):由程序来控制计算机去事实资产的买卖。-金融行业也有资金去研究这方面,并且推行自动化交易。
Para 3(6-8):自动交易会收取费用。而且,还有些许隐患。
1.        会影响稳定性。
2.        会担心造成财富集中。
3.        还要担心公司的管理。基金会控制公司的分红从而达到自身利益最大化。
科技进步不会停止但是也会带来些许的问题。


3.摘抄印象深刻或者觉得优美的句子
What if those shares are run by computers that are agnostic, or worse, have been programmed to pursue a narrow objective such as getting firms to pay a dividend at all costs?

The greatest innovations in finance are unstoppable, but often lead to crises as they find their feet

Securitisation caused the subprime debacle, but is today an important tool for laying off risk
4.总结文章中的生词
Clout 影响力
democratized 民主化
imperil 威胁

Source: WSY
记录阅读时间、总结时间、总时间
2.5 min,  7 min


1. 主题
Automation 中supplier和owner 的关系在变化

2.分论点
Para 1:主题:汽车公司和其供货商的关系在改变。过去的情况是1.短合同,多供货商。2.owner内部少有交流。
Para 2:1980年情况改变。采取少供货商 ,长合同,增加了交流
Para 3:很令人惊讶:1.owner放权给供货商,长周期但已供货商合同。2.减少垂直关系(科技和市场结构在行业在变化)和组织理论相违背。3.新的关系会潜在US中没见过。
Para 4:解释3个问题,Owner可以通过这种关系获得好处:会放弃议价权来获得科技progress。

3.摘抄印象深刻或者觉得优美的句子

second a reduction in vertical integration at a time when both the technology and the market structure of the industry are in flux seems to contradict the predictions of organization theorists that vertical integration should rise with increasing uncertainty.

4.总结文章中的生词

Flux 流动

发表于 2021-2-14 14:11:58 | 显示全部楼层
为什么又出现了单词都认识但是就是看不懂的文章啊?
哦是WSY啊,那没事了

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发表于 2021-2-14 15:20:22 | 显示全部楼层
Izzie Day7打卡~

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