灞陵傷別

灞陵傷別



金融風暴，金融海嘯，金融冰河期，幾許金融界老字號，透過 M&A 及倒閉，名字消失了，美林 Merrill Lynch，雷曼兄弟 Lehman Brothers，等等，只可以在歷史冊上留名。


《憶秦娥》李白

簫 聲 咽，秦 娥 夢 斷 秦 樓 月。

秦 樓 月，年 年 柳 色，灞 陵 傷 別。

樂 遊 原 上 清 秋 節，

咸 陽 古 道 音 塵 絕。

音 塵 絕，西 風 殘 照，漢 家 陵 闕。


《憶秦娥》只是詞牌，不是這闕詞的題目，在網上再翻查，因為【秦娥夢斷秦樓月】，所以叫曰：《憶秦娥》，並沒有題目。之後，宋代不少著名詞人如：蘇軾、李清照、李昱等等，近代的毛潤之都有填過此詞。但李白生于唐代，那麼究竟是否真的李白填這闕詞呢？


百度百科：《憶秦娥》詞牌，最早出自黃升《唐宋諸賢絕妙詞選》，據稱作者是李白，但毫無任何根據，而且李太白全集並無此詞，至今盛唐詩人無一人作詞，在李白有生之年，社會上並無菩薩蠻、憶秦娥等詞牌。 總上所述，現一般認為是五代詞人所作，後被誤歸於李白名下。 因詞中有【秦娥夢斷秦樓月】句，故名《憶秦娥》。


【秦娥】本指的是古代秦國的女子弄玉。 傳說她是秦穆公 嬴任好的女兒，愛吹蕭，嫁給仙人蕭史 。 在作者詞中指的是一個秦地(今陝西省一帶)女子。 寫她自從愛人出了遠門，她夜裡睡不安穩，春天望到秋天，一年年等下去，總是音信杳然。 在失望、痛苦中什麼樂遊原、漢朝陵墓的好景緻，她都感到一派淒涼。


灞陵傷別，上個世紀有間 Barings Bank 中文名字 霸菱銀行，在金融界也頗有名氣，但在一九九五年，卻因為一單 internal fraud，導致賣盤。


維基百科：1995年2月26日，霸菱銀行倒閉，其原因是一名在霸菱新加坡分行任職交易員的 尼克·李森 Nick Leeson，在衍生性金融商品的超額交易，投機失敗，導致損失 14億美元。

霸菱在倒閉後，以1英鎊的象徵價格賣給荷蘭的 ING集團，並成為該集團成員之一。霸菱銀行及後改名為「霸菱資產管理」，繼續在金融業立足。


最近傳出 ING 都岌岌可危，唉！


維基百科：Barings was brought down in 1995 due to unauthorized trading by its head derivatives trader in Singapore, Nick Leeson.

At the time of the massive trading loss, Leeson was supposed to be arbitraging, seeking to profit from differences in the prices of Nikkei 225 futures contracts listed on the Osaka Securities Exchange in Japan and the Singapore International Monetary Exchange （SIMEX）.

Such arbitrage involves buying futures contracts on one market and simultaneously selling them on another at higher price. Since everyone tries to take advantage of a price difference on a publicly traded futures contract, the margins on arbitrage trading are small or even wafer thin.

Consequently, the volumes traded by arbitrageurs must be very large to gain any meaningful profit. However, in arbitrage, one is buying something at one market while selling the same good at another market at the same time. Almost all risks are hedged and the strategy is not very risky.

However, instead of hedging his positions, Leeson gambled on the future direction of the Japanese markets. According to Eddie George, the Governor of the Bank of England, Mr Leeson began doing this at the end of January 1995. Due to a series of internal and external events, his unhedged losses escalated rapidly.


Nikkei 225 futures contracts 日經225指數期貨合約，是一種 derivatives 洐生工具，跟香港的恒指期貨相若。而 SIMEX 就是今天 Singapore Exchange Ltd (SEX)，股票交易所(SES)和期貨交易所(SIMEX)，在二零零零年十一月組成聯合公司 前的一間公司。


Arbitrage trading 維基百科：arbitrage is the practice of taking advantage of a price differential between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices.

Arbitrage is not simply the act of buying a product in one market and selling it in another for a higher price at some later time. The transactions must occur simultaneously to avoid exposure to market risk, or the risk that prices may change on one market before both transactions are complete.

不同于 Speculation 維基百科：Speculation (in a financial context) is the assumption of the risk of loss, in return for the uncertain possibility of a reward.

Financial speculation involves the buying, holding, selling, and short-selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives, or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest.


要知道若想在金融市場上賺錢，暫時只知道有 the four market roles financial markets are：Hedging, Long or Short term Investing, Speculation, and Arbitrage 四個途徑。


Singapore 霸菱的 Nick Leeson，就是錯誤地把 Arbitrage 變成 Speculation，遂把百年老店 "霸菱"，在短期內逼上賣盤之路。



伸延閱覽：
秦娥夢斷秦樓月《憶秦娥》 百度百科
李白 《憶秦娥》賞析 谷歌搜尋
李白～～《憶秦娥》古詩詞鑑賞 2000y.net
尼克·李森 Nick Leeson 維基百科
日經指數期貨交易員拖垮百年老店 谷歌搜尋
Baring Bank 維基百科
霸菱銀行 維基百科
Arbitrage 維基百科
Speculation 維基百科


我的舊文：
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