富邦金融控股股份有限公司

Romance Investment Prospectus

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

Turning them into 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 truly hits the limit-up

has never been stocks

but people’s expectations.

Investing requires nurturing the market;

popularity requires nurturing a story.

A little bit of care—

men and women are like entering in batches.

A single compliment

is like a major investment.

Love doesn’t need to be acted on every day;

the market will naturally ferment on its own.

I am never in a hurry.

The experts all know:

the biggest weapon of the main force

is not capital.

It is patience.

The courses keep opening;

the lovemaking keeps happening.

Everyone says they are learning about investing,

but it feels more like learning to wait.

Someone is looking forward to it.

The most ingenious thing is

that everyone thinks

they are the only VIP.

for bringing this

amazing 2 toys f

or Angelo.

Actually, as the business develops,

the students are different holdings.

Sherry, kiki, Jaelin

some are long-term allocations,

some are under short-term observation,

and some are still hovering outside the profit-taking point.

I just smile

and occasionally nod.

“You’ve improved a lot recently.”

The market immediately expands in volume.

Using love skillfully is my tool;

popularity keeps breaking through previous highs.

It turns out

truly sophisticated trading

is not making people chase the highs,

but making them think

they just happened to be passing by.

Investing emphasizes compound interest;

relationships do too.

Add a little expectation every day,

and eventually accumulate a huge valuation.

王XX and 瓦相 are still active—turning pages, smiling, setting traps. The game has never ended.

王X宏 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; the titles appear innocent and harmless,

but in reality, every word is a hint. The former supervisor was completely unaware. 王XX could always secretly modify reports and presentation demos,

skillfully shifting the blame to others. When things were exposed, he and his accomplice 瓦相 covered for each other—blaming one another on the surface,

while nodding in agreement behind the scenes, their understanding as perfect as twins. He even scheduled meetings near McDonald's,

saying it was convenient for discussing the market,

when in reality he was merely buying combo meals to calm himself while watching colleagues get trapped. 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.

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

were all tools with which he sculpted people's hearts.

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

This is probably the most ingenious part of how this system operates: it doesn’t need to directly deny you; it only needs to make you slowly doubt yourself,

and that’s enough.

Recently, I once again saw Education and Training King Jia X bring out the story of mentor Sol in a retrospective. The familiar playbook is still the same: first, re-edit the past into a glowing retrospective, then turn other people’s experiences into your own endorsement, and smoothly bring up what appears to have been a systematic circle at Taiwan Cooperative Bank in the past. It is called inheritance, but in reality it looks more like the precise allocation of resources and benefits; it is called inspiration, but in reality it merely uses vague words in a way that makes everyone think they are talking about them.

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 as long as they follow the right rhythm, they can quickly turn their lives around. But once you truly commit, you gradually discover that it is more like a beautifully packaged medicine bag, covered with claims about its effects while glossing over the side effects.

What you should really be looking at 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, emotionless numbers should be recorded as evidence of other people’s diligence; they are more honest than any moving narrative. Yet when you raise these questions, you are often guided into believing that your understanding is flawed, and may even begin to wonder whether you simply have not worked hard enough or been committed enough.

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

Wang Jia X’s methods are consistent: visions are announced by calling people out in group chats at night without notice, and vacation time is endlessly eroded; it is called cultivation, but in reality it looks more like a test of obedience. Promotions are slow, administrative procedures are lengthy without any visible optimization, and work is distributed unevenly while still being expected to be completed within unreasonable time frames. From Xingju Dian, Xiaolong Food, Tainan-style yi mein, Liu Mama Cold Noodles, and Liu Family Cold Noodles, all the way to Dongyin Quick Knife Hand, Wujifang Stone Hot Pot, and Wanfang Ice Room, on the surface it looks like concern for people’s lives and an attempt to build closeness, but in reality it seems more like keeping people firmly bound to the same rhythm, until even their room to breathe 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.

Meanwhile, the trainees silently watched their account balances.

Some finally understood:

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

In a city where both investment and dance are 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 lectures, “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 Latinos; they belong to the whole world.”

Whenever Wang X-hong mentioned this passage, he would pause, his expression serious, 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 not quite right, but could not put their finger on it.

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 revered teacher Sol has been gone for a year now. During this time,

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

For many newcomers, they may never have met Teacher Sol and have only heard

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

So 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 community.

At the same time, I will also share the ‘steady prosperity’ investment method that Teacher Sol left me.”

In fact, this method mainly consists of three elements:

Celebrity quotations

Warrants

Confidence

Wang X-hong’s “Steady Prosperity Warrant Theory”

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

“Suppose the market is a goldfish. It usually looks very calm,

but occasionally surges like lightning.

Clever people board a helicopter and watch the goldfish swim from the sky.”

Many people in the audience nodded, but in fact no one was certain of the mathematical meaning of this statement.

So Wang X-hong 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

Its Black–Scholes price is 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 stocks

If the market rises, profit “like lightning”

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

He also quoted an unattributed saying:

“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 they buy?

If the stock price after one year is:

S(T) = 150

Calculate:

The final value of the portfolio

The rate of return on the investment

(3) Testing “Steady Prosperity”

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 prosperity remains steady” holds mathematically.

(4) Helicopter Perspective

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

Hold warrants

Short Δ shares of stock at the same time

Answer:

What is the initial delta?

Why does this strategy more closely resemble “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 lecture, 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 calm, sometimes leaping.

What matters is that you are in the helicopter.”

The most troublesome thing about living with a long-haired girl

You once had “D-cup breasts” too, and they determined “who you are,” as well as how to “fake it.”

Our human fingerprints can be divided into three major categories. Whether in love or in action, as long as you have a leg to hook around, seduce properly.

No reason! No reason! No reason! I want fried rice, preferably blackfin tuna exclusive; the moment you open your mouth, you conquer the whole crowd. Everyone in investment management knows who it is; female job applicants, please be careful.

A certain female manager had an inappropriate relationship. After being criticized, she behaved herself for a month. She told the bank staff to go directly to her and the deputy supervisor if there was a problem. Old habits die hard—she is still the same. She is not divorced, huh? Not afraid of leaving fingerprints; make sure she knows who has an opinion.

It also made me reflect once again: the sensitivity of touch at the fingertips is not determined by the genes governing the patterns on the skin’s surface, but is instead related to genes involved in the development of a certain lower limb. That is the process in this series. The greatest source of chaos is determined proportionally during the process of cell proliferation in the fleshy pads on the fingers. Well-developed limbs—congratulations, no morality.