Wall Street Financial Truth

Chapter 1 Prologue 1: Opening Wall Street's "hornet's nest" ([-])
敏特
Famous critic and writer Professor of Communication University of China
Some people ask, how can the author reflect his (or her) real life state if he does not tell the truth when writing?My answer is that cheating is also a state of life in a specific period, and he just made a distorted presentation.However, the truth is always hidden under the illusion, and it follows the law of going against the road.In Wall Street, some people deliberately hide the truth, and under the guise of legality, they conjure up a lot of tricks like a magician-financial tools, which are called helping you make money, but actually trick your money into theirs Pockets, which have become the cash cow and unspoken rules of Wall Street.

This book is to reveal the truth - the financial truth of Wall Street, a masterpiece that breaks the gorgeous "hornet's nest" of Wall Street.

Chen Sijin, one of the authors of this book, is a strange person, a financial executive lurking in Wall Street, who uses true stories to write the unknown truth of Wall Street.Sijin is an international student who went to Wall Street to make money earlier. He first experienced the Asian financial turmoil; he also experienced the 9 incident and was one of the few survivors who escaped from the Twin Towers; and then encountered the 11 global financial tsunami.As a zero-distance observer of the Wall Street financial crisis, he walks on thin ice all the time; he has been up and down; he has kicked people and been kicked by them; Throat, the urge to spit out.Perhaps because he was not blacked out in the Wall Street financial circle, he wrote several best-selling books about Wall Street again and again, and wrote the truth of Wall Street with little-known insider stories and humorous stories. It made me exclaim and enjoy it!
Sijin and I are old friends. However, I am not a practitioner in the financial industry, and I am too inquisitive about finance, so I can only express some personal opinions from the side.When Sijin put the manuscript of "Wall Street Financial Truth" in front of my eyes and read it carefully, I realized something.Even a layman like me reads this financial essay with relish, and trembles at the financial logic it conveys.The book conveys such an important message: Wall Street on the other side of the ocean is far away from a purely geographical point of view; but from the point of view of economics and even politics, Wall Street has entered thousands of Chinese households and has influenced us. Everyone's wallet, it can be said that every penny on Wall Street is closely related to us.From the perspective of investment and financial management, it is better for us to know the financial truth of Wall Street than not to know, and it is better to know more than to know little; Up and down, appreciation and depreciation, Wall Street is exerting influence.

As a general public, I feel deeply, because I don't want my pocketbook to shrink.What I want to say is that in the current situation of great changes in the global economy, the spread of the European debt crisis, and the slowdown of the Chinese economy, every move of Wall Street is related to your wealth and quality of life.For example, if you speculate in stocks, buy a house, speculate in securities, speculate in futures, speculate in gold, etc., every wave of ups and downs is closely connected with Wall Street, because this world's financial mastermind affects every "money nerve"!So, how can we not pay attention to the huge impact of Wall Street finance on our way of life, thinking and behavior?I think this is why Sijin invited me to talk about the financial truths that Wall Street hides from us from the tentacles of individuals and society. It is for this reason that only those who understand money can make money.

In the financial turmoil a few years ago, the US financial crisis, the downfall of several major investment banks, and the European debt crisis have already occurred. European and American countries also rescued the market one after another, but with little effect.In such a financial landscape, the wealth of most people has shrunk suddenly, while the bonuses of a few investment banks and rich people on Wall Street have been rising steadily, making a lot of money.In fact, the wool comes from the sheep, and the losses of the rich are often "paid" by the poor without anyone knowing it.And Sijin said that after paying the "tuition fee", we should be able to learn the skills and treat the person in the same way, so as to effectively prevent the "tuition fee" from being even higher in the future.

The function of the truth is of course not limited to the cognition of reality, but also inspires the exploration of the future and provides reference for each of us in investment and financial management.The financial turmoil on Wall Street is related to the lack of financial regulation, which left room for greed to expand and overflow.I also remembered that Obama’s slogan for running for president in the context of the new crisis in the United States was: CHANGE (change), that is, reform within the framework of the existing constitution; corresponding to this is the "Occupy Wall Street" movement , is a legal act of expressing the interests of the masses allowed by the Constitution, and it is aimed at corruption and monopoly on Wall Street, and people have the right to demand fairness.This gives us a revelation: any country or organization will encounter crises in its development; the key to its survival lies in whether it has the function of self-adjustment and self-improvement, and whether the speed of this function can exceed the speed of its decay.If you can, you will survive, otherwise you will perish.In a sense, the current cooperative and competitive relationship between China and the United States revolves around the core issues of self-adjustment and self-improvement.Therefore, it is undoubtedly necessary to understand the truth of Wall Street finance and find the enlightenment of self-regulation and self-improvement!
In this context, the importance and practicality of Chen Sijin and Jin Beilei's "The Truth About Wall Street Finance" are highlighted.It should be said that the storytelling style of this book is very good, real people's experience of making money on Wall Street, fresh and interesting examples, humorous and vivid comments, the book tries to avoid the explanation of professional concepts, and does not come with a lot of academic problems. Knock, there are small life examples to explain the decryption, which makes the whole book easy to understand and easy to digest.Sijin has given us a key to uncover the truth of Wall Street's financial operations, allowing us to be vigilant and change.

Read the investment and financial management of the smartest people, this book is more reliable!

2012.3.7
Stripping off the "golden coat" of Wall Street

Chen Sijin
18 years ago, I broke into Wall Street after five passes and six generals. I don’t know how good it feels!Wall Street - the place where elites all over the world yearn for. The ground is full of real money. It is the "sacred place" of my dream.When I was there and had a place on Wall Street, I shouted in my heart: Hello, Wall Street, here I come! (Hey, Wall Street, here I come!)

Things are often like this: because the ideal is too beautiful, I want to enter even in my dreams, but after I fully see the true face or understand it, I want to retreat completely.It turns out that many ulterior activities on Wall Street are wrapped in gorgeous surface decoration; tear off that layer of wrapping paper, and the ugliness, greed and bloodthirsty nature can be seen at a glance.Thanks to my wife, Xiaoling, who has never complained or regretted, and never gave up, I was able to retreat from the torrent of Wall Street and "near the dead"—by the way, I am a 9 experiencer and survivor.

Under the "packaging" of his wife, he broke into Wall Street
In the summer of 1994, I graduated from Queens College of the City University of New York, thinking that with a master's degree in computer science, I would be able to find a job smoothly.Unexpectedly, two months after graduation, more than 200 resumes have been mailed out, and some headhunters have met, but after seeing them, there is no follow-up, and there is no chance of an interview.But my one-year internship visa ruthlessly slipped through my fingers day by day. The anxiety and uneasiness in my heart mixed with the frustration of not being able to display my talents, the bitter taste most young people can understand arrive.How unwilling I was to go back home like this, without any practical work experience.

One day, when I was in a hurry, I received a call. A person who claimed to be Brown asked me to have an interview.Immediately, I put on a suit, tie, black leather shoes, and carried a briefcase, and hurried to Brown's place with great interest.Brown is well-dressed and stylish, and I get the impression that he is very confident.After exchanging pleasantries, he looked me up and down with strange eyes, and suddenly asked, "What brand is your suit?" I was very surprised, so I glanced down at my suit.This suit was bought by my wife with me during the New Year, and it cost 150 US dollars.Although it is not a famous brand, it is also made in Italy!
Before I could answer, Brown asked again: "Isn't it all wool? Your leather shoes are not good, your socks are too short, and the tie is not in an orthodox style." He made a lot of comments in person, which made me extremely embarrassed.

I went home dejectedly and told Xiaoling about this episode.Xiaoling was stunned for a while, and then said thoughtfully: "Although Americans dress casually, they are unambiguous on formal occasions; you didn't have an interview a while ago, part of the reason may be that your attire is wrong, so let's pack you up." .”

In fact, I was thinking on the way home. Brown’s words sound uncomfortable, but if you want to “sell” yourself, “packaging” may be an important part.But "packaging" requires money. I firmly believe in my inner ability, and I don't want to spend money on the "surface".When we were studying in the United States, we were very economical, and Xiaoling and I suffered a lot together.But she never said anything about spending money for me. In order to find a job and take training courses, I have already spent thousands of dollars. This time "packaging" will cost money again?I argued strongly: "No, we only have less than [-] yuan left in the bank. This is emergency money, and it is agreed that it cannot be moved." The first thing I learned in the United States was never to ask friends to borrow money. The only place to borrow is the bank; but it has to be backed by assets, which we don't have, so we have to leave some emergency money anyway.

Xiaoling pulled me to look in the mirror: "Look, what people say makes sense. As the saying goes, people need clothes and Buddhas want gold clothes. If you want to do big things, you can't be a mother-in-law. It's okay if you don't know it before. If you don't change it if you know it, it's stupid. , do you want to be a fool? Earn money after you run out."

Thinking about it, I'm going all out, and finding a job is the best reward for Xiaoling.The next day, we went to a high-end department store and picked out an $800 German suit, Hugo Boss, all wool.Wearing this suit on the body feels really different.When I look in the mirror again, my shirt, tie, socks and leather shoes are all ugly in comparison, and I can't see them.

Xiaoling gritted her teeth and said, "Just replace them all!" So we spent another nearly 500 dollars to match a full set of Hugo Boss in one breath, from top to bottom, from the inside to the outside.At this time, standing in front of the mirror, I seemed to be a different person, and I also won Xiaoling's praise.

When I reappeared in front of Brown in this suit, his eyes lit up in amazement!Obviously, I brought him a business opportunity.He patted me on the shoulder and said, "You know what I mean, you look 'cool' now! That's right! Going to Wall Street to get a job is perfectly fine."

I can’t say that Brown is snobbish. He taught me a lesson according to the rules of the Wall Street game: when a person has not yet spoken and has no chance to show his talents, others can only judge whether he understands the rules based on his appearance.English proverb: 'First impression last.'

Putting on this "outfit", I was arranged by Brown to go in and out of the luxurious office building for interviews, and my self-confidence doubled.I passed the experience level, language level, clothing level and identity level. Under the envious eyes of my classmates, I entered the risk management department of Banker's Trust, an investment bank with the same reputation as Goldman Sachs and Merrill Lynch. risk control model.

My wife, Xiaoling, broke the boat and spent all her family property to "package" me, so that I could break into the banker's trust and realize my original dream-to gain a foothold on Wall Street.Since then, a new journey in my life journey has begun.

(End of this chapter)