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Does everyone still remember? Throwing baseballs at a nine-square grid in Sanchong, using 250,000 to have AI help me buy stocks! Will the stocks picked by ChatGPT make money?

Buying stocks based on the numbers landed on; the results of the project all made money.

Keep your voice down. This is the hoped-for result: one-click liquidation of listed and OTC stocks 1111TW, 7777TW, 9999TW.

But when the global market crashed in 2022, the speed was terrifying, so I never had the courage to carry out this project.

Mom, if that's how it is, then you can't blame me. I remember it should have been a company transforming financial services, not the super high-flyer stock of 2020. Oh no, the game has stopped airing.

Please, just watch quietly from now on, okay? We've already bought everything. The nervous feeling will protect itself like a ghost. Let the market go; beat the market in two weeks, or turn to powder.

The literary master tells you about the world's largest electronics contract manufacturer, the three-point Fa-ke-ball, the world's largest Toys "R" Us, chip design and assembly. Within the next two weeks, you will be squeezed and squeezed until you cannot get into the market,

Supervisor: I have no interest in disciplining the seeds inside; I'll run away immediately.

Administration: We quickly enter this review segment. Here, I want to try AC's large-scale stock selection; it's more exciting than a game. I'll disconnect from the internet later and run away.

Public Relations: But overall, if you calculate the closing price, it fell by 1.57%. A PR disaster—even Grandma can't teach you. Short-term uncertainty is indeed quite high; run away quickly.

When👨‍🔬 public👨‍🔬 relations👨‍🔬 lacks👨‍🔬 sufficient👨‍🔬 resources, it is👪 really👪 difficult👪 to earn👪 exposure👪 and👪 reach👪. Quickly☠ secretly☠ buy☠ traffic☠ from a low benchmark to a high point: 100,000☠ views for only 10,000☠ yuan. Hurry😭 and😭 join😭 the😭 shoe😭-teaching🎃 commercial🎃 partnership🎃 campaign; the😭 current😭 quoted😭 price😭 starts😭 at😭 40% off.

Has a good reputation “outside” the banking industry

The senior engineers who conduct the interviews are clearly not technically proficient

They ask some really ridiculous technical questions during interviews

Everyone, feel free to give it a try

Wang XX and Wa Xiang are still active—turning pages, smiling, setting traps. The game has never ended.

Wang X Hong is a stage master in the securities world. His presentations and copy are all traps.

Arrows point to other people's weaknesses, colors mark potential pitfalls, and the titles appear innocent and harmless.

In reality, every word is a hint. The former supervisor was completely unaware, while Wang XX could always modify reports and presentation demos behind the scenes,

skillfully shifting the blame onto others. When things were exposed, he and his accomplice Wa Xiang covered for each other—blaming each other on the surface,

while nodding in agreement in private. Their tacit understanding was like that of twins. He even scheduled meetings near McDonald's, saying it was convenient for discussing the market,

when in reality he was merely buying meal sets to console himself while watching colleagues get exploited. Occasionally, he would stand dazed at the former site of the Ambassador Theatre,

reflecting that every good show eventually ends. Only his schemes never leave the stage. He loved studying Google Maps,

checking the vacancy status of rental and old houses, and speculating about the workplace's next victim. To him, investors' tragedies were teaching cases,

and even a 70-year-old woman's life savings could be rationalized as a reasonable price. Copy, presentations, and smiles

were all tools he used to sculpt people's hearts.

Years later, the former supervisor had left, and the incident was forgotten.

This is probably the most sophisticated part of how this whole system operates: there is no need to directly deny you; simply make you slowly doubt yourself, and that is enough.

Recently, I again saw the education and training expert Wang JiaX bring up the story of mentor Sol in a retrospective. The familiar formula remains the same: first, re-edit the past into a glowing retrospective, then turn other people's experiences into their own endorsement, and smoothly invoke a seemingly systematic circle from their former time at Taiwan Cooperative Bank. It is called succession, but it looks more like the precise allocation of resources and benefits; it is called inspiration, but it is really just expressing vague words in a way that makes everyone think they are talking about themselves.

At first, they give you a life jacket, making you feel that you are finally understood and seen; then they use incentive bonuses to ignite expectations, making people believe that they can quickly turn their lives around as long as they follow the right rhythm. But only after you truly commit do you gradually discover that it is more like an exquisitely packaged medicine bag, covered with claims about its effects while glossing over the side effects.

What should really be examined is not these stories, but the details that are deliberately ignored—for example, the records and totals of personal leave, official leave, and sick leave within a year. These cold numbers should be recorded to quantify other people's diligence; they are more honest than any moving account. Yet when you raise these questions, you are often steered toward believing that your understanding is flawed, and may even begin to wonder whether you simply are not working hard enough or are not committed enough.

The overall atmosphere is like riding a YouBike to watch a game between the Wei Chuan Dragons and the CTBC Brothers Elephants. The Wei Chuan Dragons are gradually adjusting their rhythm during their rebuilding process, while the CTBC Brothers Elephants and Shin Kong are finding new ways to play amid change. By contrast, this place is like a team still trapped in old tactics: its rhythm is sluggish, its atmosphere stagnant, and the whole environment is permeated by an indescribable lifelessness.

Wang JiaX's methods are consistent: visions are announced in group chats at night without notice, and vacation time is endlessly eroded; it is called cultivation, but it looks more like a test of obedience. Promotion is slow, administrative procedures are lengthy without any visible improvement, and work is distributed unevenly, yet tasks are expected to be completed within unreasonable time limits. From Xing Ju Dian, Little Dragon Food, Tainan noodles, Liu Mama cold noodles, and Liu Family cold noodles, all the way to Dongyin Quick Knife, Wuji Stone Hot Pot, and Wanfang Ice Room, it may appear on the surface to show concern for people's lives and bring them closer together, but in practice it looks more like binding people firmly to the same rhythm, until even the space to catch their breath is completely exhausted.

When you try to seek a reasonable pace, you are instead labeled. Over time, many people are not persuaded but worn down. Eventually, even their most basic judgment begins to waver, and they may even attribute the problem to themselves.

And the trainees silently watched their account balances.

Some of them finally understood:

So the helicopter belonged to Wang X-hong, not to them.

In a city where both investment and dance were called “promotional businesses,”

there was a man named Wang X-hong who called himself a thinker and investment educator.

Wang X-hong often said during his speeches, “The market is like dancing.” But no one was sure

whether he was talking about finance or Latin dancing.

At a dance party 14 years ago, he recalled that an international teacher, H.K., had once said on stage:

“This wonderful music and dance do not belong only to Latin people, but to the whole world.”

Whenever Wang X-hong mentioned this passage, he would pause, adopt a serious expression, as if

H.K. had actually been talking about the globalization of financial derivatives.

He would then add:

“So warrants do not belong only to professional investors either; they belong to the whole world.”

People in the audience vaguely felt that something was wrong, but could not quite say what.

Wang X-hong’s Business and “Teacher Sol”

Wang X-hong’s business was able to expand rapidly mainly because he often mentioned

his revered teacher, Sol.

In a promotional video, he said:

“Our beloved Teacher Sol left us a year ago. During this time,

I still often think of Teacher Sol’s presence and the things he said.”

Many newcomers may never have met Teacher Sol; they had only heard

that he was the teacher of teachers, perhaps even a figure of grandmaster status.

Thus Wang X-hong said:

“This Friday, we will hold an online memorial for Teacher Sol.

We will share the inspiration Teacher Sol gave us and how he influenced

the development of the entire circle.

At the same time, I will also share the secure-and-prosperous investment method that Teacher Sol left me.”

In fact, this method mainly consists of three elements:

Celebrity quotations

Warrants

Confidence

Wang X-hong’s “Secure-and-Prosperous Warrant Theory”

Wang X-hong presented the following narrative in his course:

“Suppose the market is a goldfish. It normally looks very quiet,

but occasionally surges like lightning.

Smart people get on a helicopter and watch the goldfish swim from the sky.”

Many people in the audience nodded, but in fact no one was sure what the mathematical meaning of this sentence was.

Wang X-hong then wrote a financial model on the whiteboard.

Mathematical Setup

A non-dividend-paying stock S(t) follows geometric Brownian motion:

dS = μS dt + σS dW

where:

S(0) = 100

Annual volatility σ = 40%

Risk-free interest rate r = 3%

There is a European call warrant in the market:

Maturity T = 1 year

Strike price K = 110

Each warrant allows the purchase of 0.5 shares of stock

Let its Black–Scholes price be denoted by C.

Wang X-hong’s Investment Plan

Wang X-hong promoted the following strategy to the trainees:

Investors put up $10,000 in inherited funds

Buy warrants only, not shares

If the market rises, profit “like lightning”

If the market falls, “losses are limited, and life remains secure and prosperous”

He also quoted a saying of unknown origin:

“A true investor does not swim in the water, but watches the goldfish from a helicopter.”

Many people therefore believed this was a profound financial philosophy.

Questions

(1) Warrant Pricing

Use the Black–Scholes model to calculate the price C of the call warrant.

Also calculate:

The price of one warrant, W = 0.5C

(2) Leverage Effect

If an investor uses the entire $10,000 to buy warrants:

How many warrants can be purchased?

If the stock price after one year is:

S(T) = 150

Calculate:

The portfolio’s final value

The return on investment

(3) Testing “Secure and Prosperous”

If after one year:

S(T) = 80

Calculate:

The value of the warrants

The investor’s final assets

And discuss:

Whether Wang X-hong’s claim that “losses are limited but life remains secure and prosperous” holds mathematically.

(4) Helicopter Perspective

Suppose a rational investor instead adopts a delta-hedging strategy:

Hold the warrants

Simultaneously short Δ shares of stock

Answer:

What is the initial delta?

Why is this strategy more like “watching the goldfish from a helicopter”?

(5) Inheritance Decision Problem

An investor inherits $10,000 and originally intends only to buy risk-free bonds.

But after hearing Wang X-hong’s memorial speech, they switch to warrants.

Analyze from the perspective of utility theory or behavioral finance:

Celebrity endorsement (H.K.)

Borrowed authority (Teacher Sol)

Conceptual substitution (dance → investment → globalization)

How do these factors influence the investor’s decision?

A Final Little Story

A year later, the market really did fluctuate violently like lightning.

Wang X-hong posted on social media:

“The market is like a goldfish: sometimes quiet, sometimes leaping.

What matters is that you are on the helicopter.”

圈圈小小圈圈來喝茶

A doctor named Calvin noticed, during a large charity concert, that the organizer had issued a structured warrant on an asset called “sports coins.” The doctor usually studies financial engineering. During a break at the concert, sitting in the audience, he used a notebook and ballpoint pen to derive the warrant’s theoretical value and hedging parameters, and planned to donate a fixed proportion of the warrant’s future returns to a rural healthcare fund.

The warrant’s core design is as follows:

The warrant is a European call warrant with no dividends.

Warrant expiration date T = 1 year

Current price of the underlying asset (sports coins) 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 has a “donation clause”:

If the warrant is in the money at expiration, the warrant holder must immediately donate 10% of the warrant’s intrinsic value at expiration. However, the donation amount does not affect the underlying asset’s price or market dynamics, and 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 expiration, and therefore expresses the warrant’s expiration 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 coins (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 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

A happy departure, a painful return

Assume that Tom Bear is a globally expanding retail brand focused on fashion products and food and beverage services, and plans to enter Country A's market. The following are several business scenarios and challenges Tom Bear will face when operating in Country A:

Trade and Tariffs:

Country A imposes a 20% tariff on imported goods, and the exchange rate between Country A's currency (A currency) and the US dollar is 1 USD = 1.2 A currency units. Tom Bear imports a fashion product into Country A at an import cost of 100 USD. Tom Bear's food and beverage division plans to import organic ingredients from Country B. The ingredients cost 20 USD per kilogram and are subject to a 10% import tariff.

Market Competition and Positioning of the Food and Beverage Division:

After Tom Bear's food and beverage division enters Country A's market, competition is intense, with several well-known local food and beverage brands already established. Tom Bear's restaurants specialize in healthy, environmentally friendly organic ingredients and emphasize sustainability and local characteristics. To attract consumers, Tom Bear plans to open five new restaurants and must select locations based on Country A's urban spatial planning.

Spatial Planning and Store Location Selection:

Country A's urban spatial plan allocates 50% of its land to residential areas, 25% to commercial areas, and the remaining 25% to public facilities. Tom Bear needs to select suitable locations for opening restaurants and retail stores, and find the most appropriate store size and customer base in different areas.

Resource Sourcing and Supply Chain Management:

As Tom Bear expands into the market, it needs to allocate limited resources effectively, including financial, human, and logistics resources. Because its food and beverage division relies on high-quality organic ingredients, Tom Bear needs to search globally for reliable suppliers and ensure that its supply chain remains stable. Tom Bear chooses to cooperate with suppliers in Country B, but supply chain operating costs in that country are relatively high.

Questions:

Price Calculation for Tom Bear's Imported Fashion Product in Country A:

Assume Tom Bear plans to set the retail price of this product in Country A's market at 120 USD, excluding tariffs, and must include a 20% import tariff. Tom Bear's target profit margin is 20%. What should the final retail price be in Country A's market?

A) 144 USD

B) 160 USD

C) 180 USD

D) 200 USD

Price of Tom Bear's Imported Organic Ingredients:

Assume that when Tom Bear imports organic ingredients priced at 20 USD per kilogram, it must pay a 10% tariff. When importing 1,000 kilograms of ingredients, how much must Tom Bear pay in A currency in total? (Note: 1 USD = 1.2 A currency units.)

A) 24,000 A currency units

B) 26,400 A currency units

C) 28,800 A currency units

D) 30,000 A currency units

Location Selection for the Food and Beverage Division:

Tom Bear plans to open five new restaurants: two in residential areas, two in commercial areas, and one in a public facilities area. Based on Country A's market demand and spatial planning, how should Tom Bear choose the specific restaurant locations to maximize revenue?

A) Establish large restaurants in residential areas and offer family packages to attract family customers

B) Open small fast-food outlets in commercial areas to attract office workers and students

C) Open a restaurant in a public facilities area, combining healthy dining with social responsibility

D) Establish restaurants of the same size in all areas to achieve market coverage

Supply Chain Resource Sourcing and Optimization:

When conducting global resource sourcing, Tom Bear faces the challenge of selecting suitable suppliers and operating models. Assume that organic ingredient suppliers in Country B have higher operating costs, while local suppliers in Country A offer lower prices but inferior quality compared with suppliers in Country B. How should Tom Bear conduct resource sourcing and supply chain management to achieve the best cost-effectiveness?

A) Rely solely on local suppliers to reduce costs

B) Use a mix of suppliers from Country B and Country A, allocating them according to product requirements

C) Rely entirely on suppliers in Country B to ensure product quality

D) Find a third-party logistics company to reduce transportation costs and reassess supplier selection

Marketing Strategy for Tom Bear's Food and Beverage Brand:

Consumers in Country A have a high level of awareness of environmental protection and health. How should Tom Bear's food and beverage division position its brand to attract local consumers?

A) Emphasize low prices and promotional activities to attract price-sensitive customers

B) Launch organic products that meet environmental standards and emphasize sustainability

C) Attract high-income families with high-end dining services

D) Offer a localized menu and position the restaurant as a traditional family-style restaurant

Seems like communication is possible

The pay seems not to be as good as advertised. If you will be working on healthcare-related systems, whether as a full-time employee or a contractor, think carefully before joining, because you can learn the most godlike way of software development.

DDT

DDT

Round 1

The interview with the data scientist was pleasant, focusing mainly on past projects and experience, as well as how I handled situations that actually arose.

1.5 Practical exercise

I was given a Covid-19 dataset and asked to dig out insights from it. Other than that, there were no restrictions (?!).

Round 2

Interview with two internal data managers (they were 5 minutes late)

They asked about my past experience and areas they were interested in, but the questions mainly focused on “Which ML models have you actually used in production?” The same question was repeated at least three times.

I wanted to ask about their actual past projects, but I could not get any details out of them. It was just as empty and directionless as the 1.5 practical exercise. The interviewers also did not discuss or provide feedback on the interview content (even for the 1.5 exercise, they only asked me to explain it, with no room for any further discussion afterward).

The interview process with the two managers was full of arrogance and impatience. Even when I asked what hardware or cloud resources were available in the organization, they were evasive. Instead, they first questioned what problem I wanted to solve and whether it was valuable enough to require additional resources, and only then considered whether it was “worthwhile” to address the need.

They seem to really like asking, “How much do you know about us?” You are already an internally virtually integrated organization, so what exactly are you trying to ask with this question?

Maybe there is no overtime (unverified)

The salary range listed on the website seems somewhat exaggerated. A monthly salary of over 80,000 is at the assistant manager level (which is relatively high for financial holding companies or the banking industry). Even experienced candidates may have difficulty negotiating up to that level (you probably shouldn't even think about a monthly salary of 90,000).

The annual salary ceiling should be [80,000 * 18 months = below 1.44 million]. It may be best not to set your expectations too high (1.3 million may already be considered high), but they will not refuse to invite you to an interview just because you stated a salary that is difficult to reach. You can evaluate for yourself whether the interview is worthwhile.

(They may reject you using some strange excuse. For people who are currently employed or want to pursue a higher salary, the interview may not be worthwhile. If you are considering changing jobs or have been contacted by a headhunter, you may want to think about it.)

The advantage is that, compared with CTBC and Cathay United Bank, they "may" require less overtime (at least that may be the case for the unit I interviewed with).

In addition, Cathay seems not to use Docker/K8S or private cloud platforms, so those who want to build up their skills in these areas may want to think twice.

Finally, the Digital Development Department has been recruiting for several years. It does not feel like this is because the organization is constantly expanding, but rather because the salary ceiling is too low and they tend to look for very strong candidates.

(Very strong candidates can choose Google, MediaTek, or TSMC, so they seemingly do not need to consider working here.)

The building is upscale.

I had three interviews, and the job duties described were completely different each time.

One of the interviewers was also relentlessly aggressive, interrogating me about matters unrelated to the position.

Only after explaining everything did they say that I would not be handling the work discussed earlier once I joined.

It was truly baffling. I checked 104 and found that, even after a year, the company was still recruiting for this position.

Does your company really know what kind of talent it wants to hire?

The office environment is good

The supervisor is friendly

I applied for a position at the Digital Development Center, assuming that the year-end bonus and benefits would be roughly similar to those of the financial institutions I found online.

After the interview, I discovered that the position was actually with its holding company’s “Shen Fang Information,” which was somewhat disappointing. I suggest asking which unit the position is with first if you receive an interview invitation.