元大金融控股股份有限公司(元大金控) (元大證券) (元大銀行)

Beautiful headquarters building

Investment companies play a very important role in the economy. Financial advisors are simply too ruthless; they have always rather enjoyed doing things contrary to the market. Keeping Taiwan’s 150—not Taiwan’s tracking of the S&P 500 for Americans—advertorials and advertising are very effective; retail investors are the easiest to fool.

It is simply a football team, doing everything possible to kick the ball out, with absolutely no intention of handling the matter properly. You would not know whether it was some kind of split personality.

Holding it in, thinking it was the first benefactor in life. Saying that investment institutions were not like they are now, with just any company launching several funds. Saying that you might lose to doing nothing, yet being passive and foolishly copying the index. It turns out to be a high-risk asset packaged as an idiom.

Not wanting to take the blame, with poor marketability. In this wild surge, you become an experiment, and only at the end do they say something like “successful because of the market, defeated by the market.” I immediately realized that this could not continue.

They say not to listen, that this is what is called passive index investing. These two names still need to be clarified: stable investment tools, boasting about index investing, frequent trading—resubmission is not allowed.

Only seasoned investors know: if, over the next twenty or thirty years, you never look back, you may not be able to recover your assets and could end up unable to retire securely.

Romance Investment Prospectus

SOL Teacher is entirely fictional. Investing involves risks; judge ambiguous relationships for yourself.

Becoming boyfriends and girlfriends

I am Teacher Wang X-hong. I analyze candlestick charts by day and study dance steps at night.

Only after a long time did I realize

what really hits the limit up

has never been stocks

but people’s expectations.

Investing requires cultivating the market.

Popularity requires cultivating stories.

A little bit of care.

Men and women are like entering the market in batches.

A compliment

is like a major investment.

Love does not need to be acted on every day.

The market will naturally ferment on its own.

I am never in a hurry.

Experts all know

that the main force’s greatest weapon

is not capital.

It is patience.

The courses continue to open.

The love-love activities continue to be held.

Everyone says they are learning about investing.

In fact, it is more like learning to wait.

Someone is looking forward to it.

The most wonderful thing is

that everyone thinks

they are the only VIP.

for bringing this

amazing 2 toys f

or Angelo.

Actually, when it comes to career development,

the students are different holdings.

Sherry, kiki, Jaelin.

Some are long-term allocations.

Some are under short-term observation.

Some are still hovering outside the profit-taking point.

I simply smile.

Occasionally, I nod.

“You’ve improved a lot recently.”

The market immediately sees a surge in volume.

Making good use of love is my tool.

Popularity breaks through its previous high all the way.

It turns out

that truly masterful trading

is not making people chase the highs

but making people think

they just happened to be passing by.

Investing emphasizes compound interest.

Relationships do too.

Increase expectations a little every day.

In the end, they accumulate into a huge valuation.

Circle, little circle, circle, come have tea

A doctor named Calvin, while attending a large charity concert, noticed that the organizer had issued a structured warrant linked to an asset called “Sports Coin.” The doctor regularly studies financial engineering. During a break at the concert, he sat in the audience and used a notebook and ballpoint pen to derive the warrant’s theoretical value and hedging parameters, planning to donate a fixed proportion of the warrant’s future proceeds to a rural healthcare fund.

The warrant’s core design is as follows:

The warrant is a European call warrant with no dividends.

Warrant maturity: T = 1 year

Current price of the underlying asset (Sports Coin): S0 = 120

Strike price: K = 110

Risk-free interest rate (continuously compounded): r = 3%

Annualized volatility: σ = 25%

Warrant conversion ratio: α = 0.2

In addition, the warrant includes a “donation clause”:

If the warrant is in the money at maturity, the warrant holder must immediately donate 10% of the warrant’s intrinsic value at maturity. However, the donation amount does not affect the underlying asset’s price or market dynamics; a credit card may be used.

The doctor assumes that this donation clause can be treated as a linear reduction in the cash flow at maturity, and therefore expresses the warrant’s maturity payoff as:

Payoff = 0.9 × α × max(ST − K, 0)

Under the risk-neutral probability measure, the doctor writes the following pricing equation:

C = 0.9 × α [ S0 N(d1) − K e^(−rT) N(d2) ]

where

d1 = [ ln(S0 / K) + ( r + 0.5 σ^2 ) T ] / ( σ √T )

d2 = d1 − σ √T

After completing the pricing, the doctor further calculates the warrant’s first-order sensitivity to the price of Sports Coin (Delta) in his notebook and considers how to dynamically hedge it, to ensure that market fluctuations after the concert ends do not affect the final amount he can donate.

Which of the following options is closest to “the combination of the warrant’s theoretical price and Delta”?

A. Warrant price approximately 1.85, Delta approximately 0.09

B. Warrant price approximately 2.40, Delta approximately 0.12

C. Warrant price approximately 3.10, Delta approximately 0.18

D. Warrant price approximately 3.95, Delta approximately 0.22

It happens every day! The results from the previous batch of experiments still aren’t out, and the daily CD deliveries have turned my hair gray. Every day I look for people, but I can’t find anyone. This is the kind of problem that actually feels meaningful

“Determining the Extreme Value of the Cross-Period Net Economic Utility at Year-End Settlement Including Cookie Consumption”

During the year-end settlement in 2024, an investor used the following criteria as the evaluation standard:

Year-end settlement objective function =

Financial book profit and loss

Foreign exchange effects

− Present value of life-event expenditures

− Monetary equivalent of utility losses

± Marginal utility adjustment for cookie consumption

I. Financial Positions (Full Calculation Required)

(I) Futures

The investor holds 2 long Taiwan Stock Index futures contracts

Contract multiplier: 200

Opening index: 15,750

Year-end settlement index: 16,180

Margin as a percentage of notional value: 12%

Annualized funding cost: 3.5%

The opportunity cost of margin is calculated using continuous compounding

(II) Warrants (Underlying Asset Without Dividends)

European call warrant

Current underlying price: 102

Strike price: 100

Time to expiration: 1 year

No dividends

Risk-free interest rate: 2% (continuously compounded)

Volatility: 28%

Recognized at the Black–Scholes theoretical price at year-end

The number of warrants is allocated such that Delta is not 0 (not Delta-neutral)

(III) Currency Position

At the beginning of the year, 120,000 USD was exchanged at 29.8 TWD/USD

Year-end exchange rate: 31.4

No interest accrued throughout the year

Foreign exchange profit or loss must be adjusted for an inflation rate of 1.5%

II. Life Events (Included in the Year-End Settlement After Discounting)

(I) Marriage

Married in the middle of the year

One-time expenditure: 1,350,000 TWD

Psychological discount rate: 3%

(II) Having a Child

Child born at year-end

Expected expenditure period: 22 years

Annual real expenditure: 320,000 TWD

Expenditure growth rate: 1%

Discount rate: 2%

(III) Loss of Life Utility

Caused by investment and work-related stress:

Sleep deprivation, utility loss equivalent to 90,000 TWD

Fewer movie outings, utility loss of 45,000 TWD

Fewer all-you-can-eat meals, utility loss of 35,000 TWD

III. Cookies (Core Difficulty)

The investor consumed a total of 480 cookies during the year

Price per cookie: 35 TWD

Cookies are a form of immediate-pleasure consumption

The marginal utility function of cookies is:

Marginal utility = 1200 / square root of n

where n is the cumulative number of cookies already consumed

When marginal utility is less than 35, that portion of consumption is considered overconsumption

The utility corresponding to overconsumption must be included

The utility loss multiplied by a penalty coefficient of 0.6 serves as the year-end settlement adjustment

IV. Question

After fully incorporating all financial profits and losses, foreign exchange adjustments, the present value of life events, utility losses, and the marginal utility adjustment for cookie consumption, which of the following is the closest estimate of the investor’s “adjusted net economic effect after year-end settlement” for 2024?

Options (only one is correct)

A. Positive 2,800,000 TWD

Financial operations were highly successful, and cookie consumption remained within the rational range

B. Positive 1,050,000 TWD

Financial gains were substantial, but having a child and cookie consumption significantly eroded the result

C. Negative 650,000 TWD

There was a book profit, but the year-end settlement showed a substantive loss

D. Negative 2,300,000 TWD

Highly leveraged financial operations, long-term life expenditures, and cookie overconsumption caused the overall economic situation to deteriorate

It’s just like Mario grabbing coins

Remember that to design a smooth, fast-paced, and content-rich training program, you first need clear objectives and different scripts tailored to different audiences. For clients (ㄙㄢ ㄒㄧㄠˇ), the script should be concise and clear, emphasizing the product’s value and how to use it; for supervisors and subordinates, the script should be detailed and specific, emphasizing the strategic significance of the training and data support—it’s not enough to just edit, copy, and paste.

I’ve probably only got Yilan left to visit. With so much course content, you should combine lectures, hands-on exercises, case studies, and interactive activities to ensure that the material is rich and engaging. You can use tic-tac-toe as a metaphor for the process:

O The starting point is setting objectives and identifying the audience,

O The path is designing diverse courses, ensuring that every step achieves the expected results,

O The endpoint is evaluating the training’s effectiveness and ensuring that the objectives are met,

X As for someone who loses patience while listening to a lecture and keeps kicking the table, they just don’t understand; they want to argue but don’t know what to do.

To improve the check-in rate, notify participants in advance and remind them of the importance of the training, offer incentives such as certificates or rewards, and design highly interactive courses to increase participation. These strategies can help you design an effective training program and improve participants’ check-in and engagement rates. If the venue is too popular and the event gets canceled, you should immediately plan the next one.

Anyone can get hired as a bank teller just by applying.

The bank has an extremely low standing within Yuanta Financial Holdings; the securities arm controls all the company’s resources and power, and bank employees are often expected to provide free labor for the securities branches. If you want to work for a bank, don’t choose Yuanta; if you want to work for Yuanta, don’t choose the bank.

Yuanta’s corporate culture is extremely conservative and rigid, much like an ancient imperial court with a strict hierarchy. Even an assistant branch manager can publicly humiliate clerks, and the bank’s regulations are stricter than those of other banks. All sorts of bizarre rules make things difficult for bank employees—for example, when a customer closes an account, employees are still forced to update the customer’s information, including taking a photo. The customer is no longer planning to do business with this bank, yet employees still have to go through these unnecessary procedures. Various other miscellaneous tasks also have to be handled at the branch after hours. If a customer makes multiple transactions, a report may be generated requiring the bank employee to call and ask the customer about each transaction one by one. If the customer says they did not make one, the employee must keep asking repeatedly until the customer remembers; otherwise, an audit of the recording will make a big issue of it and mark it as a deficiency.

As for pay, the starting salary for new hires here is notoriously low. Although it is a bank under a financial holding company, the compensation is about the same as that of a third-tier bank. During the interview, they say they guarantee 14 months of pay, but the details are always vague. The extra two months are not all counted as year-end bonuses; the three seasonal bonuses are also included in the 14 months. If you have not worked for a full year, the amount is prorated based on the time you were not employed, and the probationary period is not counted as time employed either. In addition, every branch must have someone receive the lowest performance rating at year-end. At some branches, there must be one person at every rating level. As long as you are a new hire, even if your KPI ranking is near the top and your workload exceeds expectations, you will receive the worst performance rating in your first year.

The salary offered is extremely low, yet they always demand people who can contribute immediately. They cannot afford the salaries of experienced bank employees, but expect inexperienced newcomers to know everything as soon as they join. At the same time, they provide little instruction while expecting employees to handle every miscellaneous task. The return for all that effort is completely disproportionate. Ambitious people leave after only a short time, resulting in a severe “dead sea” phenomenon throughout the company. Almost everyone who remains has little ability; as long as they flatter superiors and push work onto others, they can receive good performance ratings year after year. Over time, many unsuitable employees are even promoted into managerial positions.

Working as a temporary worker at this organization, the hourly wage is paid according to the minimum wage stipulated by the Labor Standards Act, for an eight-hour workday—neither more nor less.

For work that involves manual labor and moving things, they are only willing to pay the minimum hourly wage. Employees are also required to wear formal attire to work (which they must provide themselves); casual clothing such as jeans, T-shirts, and sneakers is not allowed (if you have to move things, are you really expected to wear leather shoes, a dress shirt, and suit pants?).

The product is okay; it's just that the people are too incompetent.

The company's systems and thinking are rigid, and its hierarchical culture is pronounced. Things are done with absolutely no efficiency.

When I was leaving the company, my supervisor had no understanding of the Labor Standards Act, respecting neither the law nor departing colleagues.

To start with, there are no pros or cons here—I'm just writing down what I experienced. Everyone defines good and bad differently!!!

Working hours are from 7:30 a.m. to 3:30 p.m. every day (scheduled hours).

However, newcomers are not able to leave promptly at 3:30. When I went for the trial work period, my supervisor would not let me leave at the scheduled time.

The first three months are the probationary period.

Salary: NT$25,000 + NT$2,400 (lunch allowance) + 3 days of annual leave (if you do not complete the three months, these will be changed back to personal leave)

Probationary requirements: Find 50 people to open accounts and achieve NT$12.5 million in performance, or achieve NT$25 million in performance.

The first month is for learning and training, followed by requirements to open accounts and achieve performance targets.

You will be required to produce "numbers"—regardless of what it is, numerical targets are required!!!

P.S. In addition, the way each branch trains and teaches new employees may differ slightly.

正式錄用：

For the first two years, there is a NT$5,000 monthly newcomer allowance, with a performance target of NT$60 million per month.

Salary: NT$25,000 + NT$5,000 (newcomer allowance) + NT$2,400 (lunch allowance) + 7 days of annual leave (not available if you do not complete one year)

Yuanta mainly recruits internally. Initially, everyone has to start as a salesperson before they can transfer to other departments (unless you are an exception who was recruited from outside).

Therefore, if your specialty is something other than sales, choosing Yuanta will put you at a significant disadvantage.

(It is recommended that you choose a company that recruits directly for the position instead.)

Same as above