凱基證券股份有限公司

Teacher SOL is entirely fictional; investing involves risks.

I am Teacher Wang X. Hong. I analyze candlestick charts during the day and study human nature at night.

Only later did I understand that what truly keeps soaring

is never the stock, but people’s fantasies about relationships.

The market needs capital, careers need traffic, traffic needs stories,

and stories need relationships between men and women.

A little concern,

like secretly adding to a stock position.

A compliment,

like sending out favorable news in advance.

Feelings do not need to be cultivated every day;

just let the market ferment on its own.

The experts all know

that the biggest driving force is not principal,

but patience and imagination.

The courses go on as usual,

gatherings are held as usual,

everyone says they are learning about investing,

but it feels more like learning to wait for a reply.

The most amusing thing is

that everyone believes

they alone are the VIP,

when in fact everyone is merely a page in the script.

for bringing this

amazing 2 toys

for Angelo.

In fact, to expand a business,

students are different stock holdings.

Sherry, kiki, Jaelin—

each name has a different position.

Some are suitable for long-term holding,

some are only watched for the short term,

some are still outside the take-profit point,

continuing to wait for the next expression of concern.

I just smile,

nod occasionally,

“You’ve improved a lot lately.”

Trading volume immediately surges.

Making good use of relationships between men and women

became the leverage for expanding the business.

Popularity kept breaking through previous highs,

and fame kept pushing toward the Taipei Dome.

Some burn incense and pray to Buddha,

some believe in fate,

some believe in a teacher’s one sentence,

and in the end, all believe in their own expectations.

It turns out that truly sophisticated maneuvering

is not about continually chasing highs,

but about making everyone think

that they just happened to be specially noticed.

Investing emphasizes compound interest,

and relationships do too.

Accumulate a little expectation every day,

and eventually it piles up into enormous value.

As the story becomes more and more complete,

popularity keeps snowballing,

the business grows broader and broader,

and affection is merely the cheapest marketing cost.

Romance Investment Prospectus

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

Becoming boyfriends and girlfriends

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

Only after a long time did I realize:

What truly hits the daily limit

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 enter the market in batches.

A single compliment

is like a major investment.

Love doesn't require making a move every day;

the market will naturally ferment on its own.

I am never in a hurry.

Experts all know:

the main force's greatest weapon

is not capital.

It is patience.

The courses continue to open;

love-making events continue to be held.

Everyone says they are learning about investing,

but it is actually more like learning to wait.

Someone is looking forward to it.

The most wonderful thing is,

everyone thinks

they are the only VIP.

for bringing this

amazing 2 toys f

or Angelo.

Actually, as for career development,

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 take-profit point.

I just smile

and occasionally nod.

“You've improved a lot lately.”

The market immediately expands in volume.

Using love skillfully is my tool;

popularity keeps breaking through previous highs.

It turns out

that truly brilliant operation

is not making people chase 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,

and in the end accumulate a huge valuation.

You should go buy a caramel macchiato to chat with the delivery driver.

Wang JiaX sits in an air-conditioned room, drinking a free bubble tea.

The drink was bought for everyone by a colleague whose “leave request” had been approved.

But in Wang JiaX’s story, this large bubble tea became “a token of gratitude after a student earned a small amount of money.”

He took a sip of the tapioca pearls and revealed the wise smile of an investment mentor. To Wang JiaX, everything can be turned into nourishment for his business.

What he is best at is “switching concepts” and “capitalizing on mentors.” As it happens, this week marks the first anniversary of Teacher Sol’s death.

Wang JiaX keenly sensed a business opportunity and posted in his fan group:

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

we still often think of Teacher Sol’s presence and the things he said. For many newcomers to Taiwan’s Salsa scene,

they may never have met Teacher Sol and may only have heard that he was the teacher of teachers, or a dancer of grandmaster caliber, so they know very little about him.

This Friday, everyone is welcome to join Teacher Sol’s online memorial! We have invited Teacher Vera from Dancer Island

to introduce Teacher Sol’s pioneering journey in Taiwan, which is equivalent to an important part of the development of Taiwan’s Salsa scene.

You will become more integrated into the big family of Taiwan’s Salsa scene! In addition, we will invite veterans of the scene

to share amusing stories about things that happened with Teacher Sol, the inspiration he once gave them, and the care he showed them.” After posting,

he immediately added a link to his stock-investing course below: “After hearing the inspiration from these veterans,

you’ll understand why you need financial freedom! Turning other people’s praise and remembrance of a mentor into a perfect part of your business.”

Wang JiaX not only capitalizes on the deceased; he is also skilled at cultivating an approachable public image. Some time ago, he went for an eye exam

and immediately posted a philosophical but pointless piece: “I thought my eyesight felt strange, so I went to have it checked. Optometrist: Sir,

do you normally use glasses? Me: Since I’ve never been nearsighted since childhood,

I’ve never worn them. Optometrist: Then you probably haven’t seen this world clearly for a long time. I said with a smile:

I guess so. Inner monologue: Are you an optometrist or a fortune-teller?” To prove that he is busy every minute of the day,

he always takes an Uber when he goes out. But recently, his health check results exceeded the limits, so he was forced to begin “weight loss and strength training.”

His “power walking” is quite different: he takes an Uber to the entrance of the gym, gets out, walks the final fifty meters,

and presses start on his watch. He goes inside to the strength-training area, takes a photo with two-kilogram dumbbells, and then power-walks for five minutes.

He posts, claiming: “Discipline means power walking and strength training every day to lose weight!” One day, a recently discharged “soldier” came to him because of his reputation.

The soldier took out the “small amount of money” he had painstakingly saved and sincerely asked for advice. Coincidentally, vegetable prices had skyrocketed in those days,

and Wang JiaX was furious about it: “What the heck! Last year it was 24 dollars a pack; this year it’s 3.3 times as much. Why buy stocks?

You might as well buy chrysanthemum greens options.” So he used a master-level concept switch on the soldier: “Kid,

investing means looking at trends, just like this: [Kenta Kobashi Taiwan Fan Meeting and Discussion]

The renowned producer of classic matches who topped the Japanese professional wrestling awards for Best Match of the Year for many years during his active career;

the absolute king who returned to the ring despite battling cancer and undergoing countless surgeries for injuries;

the man who continues to bring us countless hopes, passion, and moving moments—the “Iron Man,” Kenta Kobashi.

The Taiwan fan meeting and discussion will take place on August 29. The event will include an autograph session,

photo session, and discussion (topic to be determined). Details will be announced soon. To ensure the quality of the event,

attendance at the discussion will be limited, and no group photos, individual photos, or autographs will be available after the discussion.”

The soldier was stunned and asked, “Teacher, what does this have to do with my small amount of money?” Wang JiaX patted him: “That’s called scarcity!

Just like my stock-investing course, which also has limited enrollment! Sign up now and I’ll give you that bubble tea from earlier!”

The soldier was conned into handing over his money on the spot, treating the bubble tea as the master’s praise. That evening, Wang JiaX went abroad on vacation

and video-called his son: “Angelo: Dad, where are you? Me: I’m here.

It’s really boring here—not fun at all. Angelo:

Then have you had any ice cream? Me: No,

there’s no one selling ice cream here. Afraid he would cry if he felt left out,

I had no choice but to say that 🤣” After hanging up, Wang JiaX ate ice cream,

and successfully shifted his mindset. Switching concepts, capitalizing on mentors,

and packaging bubble tea as a business—that is the secret to his success as a top stock-investing mentor.

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 presentation demos and copy are all his traps. Arrows point to other people’s weaknesses, colors mark potential pitfalls, and the titles look innocent and harmless. In reality, every word is a hint. The former supervisor was completely unaware. Wang XX could always modify reports and presentation demos behind the scenes,巧妙地 pushing 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 secret. Their understanding was like that of twins. He even scheduled meetings near McDonald’s, saying it was convenient for discussing the market, but in reality he was merely buying meals to calm himself while watching colleagues get duped. Occasionally, he would stand dazed at the former site of the Ambassador Theatre, lamenting that every good show must eventually close, while his schemes alone would never leave the stage. He loved studying Google Maps, looking at the vacancy status of rental and old homes, and speculating about the next victim in the workplace. 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 he used to carve the human heart. 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 has to make you slowly doubt yourself

, and that’s enough.

Recently, I once again saw Education and Training King Jia X bring up 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 someone else’s experiences into your own endorsement, and smoothly draw out what appears to be a systematic circle from your time at Taiwan Cooperative Bank. It is called inheritance, but in reality it seems more like precisely distributing resources

and benefits; it is called inspiration, but in reality it merely turns vague words into something everyone thinks is 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 its side effects.

What you should really look 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 numbers should be recorded as evidence of other people’s diligence

and are more honest than any moving narrative. Yet when you raise these questions, you are often led to believe 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 resembles a team still trapped in old tactics, with a sluggish pace and stagnant atmosphere, permeated throughout by an indescribable lifelessness.

Wang Jia X’s methods are consistent: at night, without prior notice, people are called out by name in group chats, and vacation time is endlessly eroded; it is called cultivation, but it is more like a test of obedience. Promotions are slow, administrative procedures are lengthy without any visible improvement, and work is distributed unevenly, yet tasks are still required to be completed within unreasonable time frames. From Xingjudian, Xiaolong Food, Tainan yi mein, Liu Mama Cold Noodles, and Liu Family Cold Noodles, all the way to Dongyin Quick Swordsman, Wuki Stone Hot Pot, and Wanfang Ice Room, on the surface it seems like concern for people’s lives and an effort to build closer relationships, but in practice it feels more like keeping people firmly tied to the same rhythm, consuming even the space to catch their breath.

When you try to advocate for 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.

None

During the interview, they directly said that your company was such-and-such, and insulted your résumé. If they really thought your résumé was no good, they shouldn't have wasted my time by inviting me to an interview.

I really couldn’t help but share a strange company phenomenon.

One colleague’s networking has already evolved to the next version. He doesn’t bring business cards or a portfolio;

he brings his child, Pidan, into the spotlight intensively instead—truly a walking portrait. While everyone else was still sorting out course cards and ID badges during the two-day training,

his child was already casually joking in the pantry: “姐姐可以當我女朋友嗎？” 🤪

In that moment, you understand what it means to cultivate connections from a young age and what long-term investment looks like: letting a child’s innocence work in your favor while also helping the child build a network early. Uncles and aunties, you’d better learn well.

Meanwhile, ordinary people like us are still figuring out where to put our wallets, how to spread risk across multiple accounts, and avoiding recording passwords electronically, terrified that one phishing link might ruin us. But the reality is that some money doesn’t even need to be stolen—companies can make year-end bonuses and the three seasonal bonuses quietly disappear for some very creative reasons 💸

The company culture is also quite distinctive—and quite a pain. They say employees are their most valuable assets, but it’s hard to truly feel that 🙂 You’re expected to greet the general manager and chairman proactively, but whether they’ll return your greeting is like drawing a card—it all depends on their mood that day 🎲

The overall environment is the kind where it’s hard to say exactly what’s wrong, but somehow nothing feels quite right. Turnover is so high that perennial vacancies are practically permanent, and the people coming and going are more consistent than the company events. It even makes you wonder whether to contact the Ministry of Labor—we had to hold a secondhand market for our last regular company event, so everyone could pass along things they no longer needed; but sometimes, inside the company, you wonder whether the things being passed along are actually people.

Some people might say that having booths at company events is a plus, but honestly, in a place that makes you uncomfortable, even the tastiest food kills your appetite 🍱 On top of that, if you resign before completing your contract, you may still have to pay certain fees, making the overall experience even more complete.

Still, I have to admit that colleague really is ahead of the curve. While we’re still adapting to this environment,

he’s already cultivating a next-generation network inheritance system.

And Pidan is probably the earliest person in the entire company to understand all of this.

Thinking about it

1. When HR called, they were unprofessional and even forgot which interviewee they were supposed to contact, so they had to look up the information again on the spot to confirm my identity.

2. The processes for setting up various systems and account permissions are time-consuming. Even with manuals and instructions, carrying them out in practice is still quite cumbersome.

3. There are many forms to fill out, with complicated and detailed requirements, including numerous confidentiality agreements and strict regulations that are difficult to understand.

4. The interview process does not show enough respect for candidates. HR's interview scheduling is disorganized, and communication and response times are extremely slow.

5. They first asked me to provide my availability for interviews the following week, but did not respond until that week, then asked me to provide availability for the week after that instead.

6. The interviewing manager claimed that notification of the interview results would be sent within one to two weeks, but in reality, no notification email was ever sent.

7. When I proactively messaged HR afterward to ask about the interview result, they simply read the message without replying. Their overall attitude was quite perfunctory.

8. These small details in the interviews and communications clearly reveal the company's lack of interpersonal courtesy.

9. Most of the internal courses teach content that is not particularly practical, making the training feel like it was arranged merely for appearances.

10. It is unclear whether this is to save costs or simply to go through the motions, but the overall quality of the training is poor.

11. Managers frequently give different or even contradictory instructions, making it quite difficult to carry out the actual work.

圈圈小小圈圈來喝茶

A doctor named Calvin, while attending a large charity concert, noticed that the organizers had issued a structured warrant based on an asset called “sports coins.” The doctor normally studies financial engineering. During a break in the concert, he sat in the audience with a notebook and ballpoint pen, deriving the warrant’s theoretical value and hedging parameters, and planned to donate a fixed proportion of the warrant’s future returns to a rural medical care fund.

The core design of the warrant is as follows:

The warrant is a European call warrant with no dividends.

Warrant expiration: 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 contains 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 in his notebook the warrant’s first-order sensitivity to the price of sports coins (Delta), and considers how to dynamically hedge it to ensure that market volatility after the concert ends does 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

Personally experience the plot of a local soap opera

Question 1

A non-dividend-paying risky asset represents the commercial activity index around Taipei 101. A Black researcher riding the high-speed rail notices that the index exhibits a brief but significant amplification of price volatility during an international exhibition.

If an investor incorrectly calculates the price of a one-year at-the-money European call warrant based on a single constant volatility, which statement most likely correctly describes the source of the pricing error?

A Ignoring the increase in average returns during the exhibition

B Ignoring the impact of the volatility term structure on option convexity

C Ignoring short-term changes in the risk-free interest rate

D Ignoring the immediate impact of high-speed rail passenger volume on the spot price

——————————————————

Question 2

An investor compares two models at 7-ELEVEN:

Model 1 assumes volatility is constant;

Model 2 assumes volatility increases with foot traffic during specific periods.

The difference in the two models’ pricing of a one-year European call warrant primarily arises from which mathematical property?

A The linear dependence of the warrant price on average returns

B The convexity of the warrant price with respect to volatility

C The symmetry of the warrant price with respect to the strike price

D The discontinuity of the warrant price with respect to time to maturity

——————————————————

Question 3

Before purchasing a suitcase, an investor considers allocating a very small position to a warrant and uses the expected logarithm of terminal wealth as the performance metric.

Under this setup, which condition most strongly guarantees that the warrant will improve the portfolio’s annualized performance under a first-order approximation?

A The warrant is underpriced under the risk-neutral measure

B The warrant’s return under the physical measure is highly correlated with the market return

C The warrant’s risk-adjusted return under the physical measure is positive

D The warrant has a high probability of being in the money at expiration

——————————————————

Question 4

A manufacturer of plastic products notices that fluctuations in raw-material prices change the market’s view of overall uncertainty, thereby affecting the warrant’s implied volatility.

If this uncertainty cannot be described precisely by a single probabilistic model, which concept is most appropriate for analyzing this type of warrant-pricing problem?

A The complete-market assumption

B Arbitrage pricing theory

C Robust pricing under model uncertainty

D Mean-variance analysis

——————————————————

Question 5

A researcher discovers that shocks to egg prices simultaneously affect the spot price and the market’s subjective assessment of future risk.

In this situation, which traditional option-pricing assumption is most likely to fail first?

A The market is free of arbitrage

B Investors can short freely

C Volatility is exogenous and observable

D The risk-free interest rate is constant

——————————————————

Question 6

An investor standing in front of Taipei 101 with a suspicious expression questions:

“ In a no-dividend market, a warrant is merely a duplicate representation of the spot asset.”

Which statement most precisely identifies the theoretical non-redundancy of warrants?

A Warrants can improve market liquidity

B Warrants provide an alternative to linear exposure

C Warrants introduce exposure to volatility and higher-order risks

D The warrant price can be derived directly from the spot price

Love scam (true story)

Question 1

A doctoral student in finance at National Chengchi University works part-time at a hospital as a data analysis consultant, researching Company A, which is listed in Hong Kong and derives most of its revenue from the Shanghai chain beverage market. Recently, internal bullying at the company has caused critical information to stop circulating within the organization, so the market can only observe the stock price behavior.

Currently (time t=0):

Spot price S0 = 120

Risk-free interest rate (continuously compounded) r = 2%

Assume no dividends

Time to expiration T = 0.5 years

European call option strike price K = 110

European put option with the same strike price

Volatility σ = 30%

The company also issues a call warrant with a conversion ratio of 1:2 (two warrants can be exchanged for one share). The warrant has the same expiration conditions as the European call option.

Assume the market is efficient but there is short-term information illiquidity, causing the warrant price to deviate 5% from its theoretical value, with the deviation being an overvaluation. Under the no-arbitrage assumption, which of the following is closest to the midpoint of the warrant’s reasonable price range?

(A) 6.10

(B) 6.45

(C) 6.80

(D) 7.25

Question 2

An actor who travels between Shanghai and Hong Kong for work films medical educational videos at a hospital during the day and takes beverage brand commercials at night. After suffering long-term bullying on film sets, he decides to pursue a doctorate at National Chengchi University and supplements his living expenses through options trading.

Using non-dividend-paying Stock B as the underlying, he establishes the following positions (t=0):

Buy 1 share of the stock at a price of S0 = 100

Sell 1 European call option with strike price K = 105 and premium C0 = 4

Buy 1 European put option with the same strike price and premium P0 = 6

Risk-free interest rate r = 0

At the same time, he has fixed monthly expenses of 30,000 (beverages and living expenses), while his combined monthly income from the hospital and entertainment work is 35,000. He expects his salary to increase by 20% one year later if his dissertation progress goes smoothly, but this salary increase is unrelated to financial market returns.

At expiration T, ignoring the time value of all cash flows, what is the minimum possible total net return of the portfolio (counting only the profit or loss from the financial positions and excluding the salary increase)?

(A) −5

(B) −1

(C) 0

(D) +1

Question 3

A Hong Kong hospital and a Shanghai beverage group collaborate to establish a film and television content company. An alumnus of National Chengchi University serves as chief financial officer and manages a portfolio of options on non-dividend-paying stocks. The company culture is good, with no bullying, but cross-border operations cause delays in information disclosure.

After the New Year, the CFO writes the following research note:

“After the New Year, I spent New Year’s Day lazing around at home, then took another weekend to rest.

It felt great—I haven’t slept that well in a long time.

Starting Friday, I’ll keep working hard; 2026 will definitely be exciting!”

Current market conditions are as follows:

Stock price S0 = 90

Time to expiration T = 1

Strike price K = 100

Risk-free interest rate r = 5%

Volatility σ = 25%

Assume no dividends

The company holds:

2 European call options

1 European put option

and a structured warrant whose expiration payoff is

max(S_T − 95, 0) − 0.5 × max(95 − S_T, 0)

Which of the following is closest to the theoretical value of the portfolio at t=0?

(A) 18

(B) 21

(C) 24

(D) 27

A joyful 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. Below are several business scenarios and challenges Tom Bear faces in 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. 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, as several well-known local food and beverage brands are already established. Tom Bear’s restaurants focus on healthy, environmentally friendly organic ingredients and emphasize sustainability and local character. To attract consumers, Tom Bear plans to open five new restaurants and must select locations in accordance with 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 use, 25% to commercial areas, and the remaining 25% to public facilities. Tom Bear needs to select suitable locations for its restaurants and retail stores, finding the most appropriate store size and customer base in each area.

Resource Sourcing and Supply Chain Management:

As Tom Bear expands into the market, it must effectively allocate limited resources, 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 work 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 ultimately pay in A currency? (Note: 1 USD = 1.2 A currency)

A) 24,000 A currency

B) 26,400 A currency

C) 28,800 A currency

D) 30,000 A currency

Restaurant 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 food and social responsibility

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

Supply Chain Resource Sourcing and Optimization:

When sourcing resources globally, Tom Bear faces the challenge of selecting suitable suppliers and operating models. Suppose organic ingredient suppliers in Country B have higher operating costs, while local suppliers in Country A offer lower prices but lower quality than 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 combination of suppliers from Country B and Country A, allocating them according to product requirements

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

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

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

Consumers in Country A have a relatively 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 promotions 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

It happens regularly every day! The results from the previous batch of experiments still haven’t come out, and the daily optical-disc deliveries have turned my hair gray. Every day I try to find people, but no one can be found. Only this problem seems to be meaningful.

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

An investor conducted a Year-End Settlement in 2024 and adopted the following criteria as the evaluation standard:

Year-End Settlement objective function =

Financial book profit and loss

Foreign-exchange effects

− Present-value expenses of life events

− Monetary equivalent of utility losses

± Marginal-utility adjustment for cookie consumption

I. Financial Positions (Complete Calculation Required)

(1) Futures

The investor holds 2 long Taiwan Stock Index futures contracts

Contract multiplier: 200

Entry 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

(2) 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 year-end using the Black–Scholes theoretical value

The number of warrants is configured so that Delta is not 0 (not Delta-neutral)

(3) Currency Position

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

Year-end exchange rate: 31.4

No interest accrued throughout the year

Foreign-exchange gains and losses must be adjusted for an inflation rate of 1.5%

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

(1) Marriage

Married mid-year

One-time expense: 1,350,000 TWD

Psychological discount rate: 3%

(2) Having a Child

Child born at year-end

Expected expense period: 22 years

Annual real expenditure: 320,000 TWD

Expenditure growth rate: 1%

Discount rate: 2%

(3) Loss of Life Utility

Caused by investment and work-related stress:

Insufficient sleep, utility loss equivalent to 90,000 TWD

Fewer trips to the cinema, utility loss of 45,000 TWD

Fewer visits to all-you-can-eat restaurants, 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 immediate-gratification consumption

The marginal utility function of cookies is:

Marginal utility = 1200 / square root of n

where n is the cumulative number of cookies 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 is used as the year-end settlement adjustment item

IV. Question

After fully incorporating all financial gains and losses, foreign-exchange adjustments, the present value of life events, utility losses, and the marginal-utility adjustment for cookies, which of the following is closest to the investor’s “adjusted net economic effect after the 2024 Year-End Settlement”?

Options (only one correct)

A. Positive 2,800,000 TWD

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

B. Positive 1,050,000 TWD

Financial gains were significant, but having a child and cookie consumption substantially eroded the results

C. Negative 650,000 TWD

There was a book profit, but the year-end settlement resulted in a substantial real loss

D. Negative 2,300,000 TWD

Highly leveraged financial operations, long-term life expenses, and excessive cookie consumption caused the overall economic situation to deteriorate

Merry Christmas

A digital platform under a listed company, Garage Entertainment, has obtained dual certification under ISO 27001 (Information Security Management) and ISO 27701 (Privacy Information Management). In 2025, the company collaborated with Taiwan Power Company to organize a charitable screening of the film Avatar, fundraising for children in a war zone. The market viewed this as an ESG event and believed that the activity might improve the company’s future cash flow and valuation.

A European call warrant with the company’s stock as the underlying asset is traded in the market. The relevant information is as follows:

The current price of the underlying stock is NT$150

The exercise price is NT$145

The market price (premium) of the warrant is NT$4.2

The conversion ratio is 10

The remaining term is 4 months

The annualized risk-free interest rate is 1.2%

The annualized volatility is 28%

No dividends are paid

A European warrant may not be exercised early; it must pass until the expiration date before it can be exercised

The scenario assumptions for the fundraising results are as follows:

If the fundraising amount is NT$3 billion, the underlying stock price immediately rises 12% on the announcement date and rises another 6% within one month.

If the fundraising amount does not reach this threshold, the stock price rises only 3% and then enters a consolidation phase.

The investor Xiaohua (a minor, with a legal representative operating through online filing) purchases 20,000 units of the warrants. A warrant transaction tax of 0.1% is imposed on both purchases and sales; commissions are not considered. After the stock price has fully reflected the second-stage increase, Xiaohua directly sells the warrants without actually exercising them.

The following standard normal distribution values are known in the Black–Scholes model:

N(d1) = 0.62

N(d2) = 0.55

The questions are as follows:

I. Use the Black–Scholes model to calculate the theoretical price (fair value) of the call warrant at the time of purchase, and determine whether the warrant is underpriced or overpriced in the market. Explain whether event-driven volatility could justify this premium.

II. Assume that the fundraising amount passes the threshold. Calculate, in order:

1. The price of the underlying stock after the announcement

2. The price of the underlying stock one month later

3. The intrinsic value of the warrant when sold

4. Whether the warrant still has time value at this point, and explain why

III. Calculate the following for the warrant at the time of purchase:

1. The effective leverage

2. The underlying stock price at the break-even point

Explain why the warrant’s leverage and time value decay as the expiration date approaches.

IV. In the successful fundraising scenario, calculate:

1. The total proceeds from selling the warrants

2. The net profit after deducting the purchase and sale transaction taxes

3. The return on investment (ROI)

Determine whether this investment constitutes an asymmetric payoff and a high-risk, high-return investment.

Can we do a quick Q&A?

Special scenario question: Future Investment and Risk Management for a College Student

You are Nan, a college student who is about to graduate and prepare to enter the workforce. You hope to build a safety asset pool of NT$300,000 within the next five years, while also retaining a small portion of funds to try more aggressive investments (such as warrants). You have the following information and constraints:

【Background Information】

Currently investable funds: NT$150,000

At least 80% of the funds must be invested in low-risk or highly secure investment platforms or products with data encryption protection

No more than 20% of the funds may be invested in call warrants on technology stocks

Two investment products under consideration:

A: Fixed-income cryptocurrency staking platform

Annual percentage yield (APY) = 5%

Equipped with a security architecture featuring multilayer keys, cold-wallet storage, and mult-node consensus

Compounded annually

B: Call warrants on technology stock X

Warrant price: NT$3.5 per warrant

5% out of the money

Strike price: NT$110

Current underlying stock price: NT$104.5

Conversion ratio: 10 warrants = 1 share

You want to maximize returns after five years without violating the required safety ratio.

Question: Without violating any conditions, which of the following fund allocations and calculations is the most reasonable?

A.

Invest NT$120,000 in staking. After five years:

120,000 × (1.05)^5 = 153,153

Use the remaining NT$30,000 to purchase warrants:

30,000 / 3.5 = 8,571 warrants

This complies with the investment ratio.

B.

Invest NT$100,000 in staking. After five years:

100,000 × (1.05)^5 = 127,628

Use the remaining NT$50,000 to purchase warrants:

50,000 / 3.5 = 14,285 warrants

The high-risk investment exceeds the 20% limit and does not meet the conditions.

C.

Invest NT$140,000 in staking. After five years:

140,000 × (1.05)^5 = 178,679

Use the remaining NT$10,000 to purchase warrants:

10,000 / 3.5 = 2,857 warrants

This meets all security and allocation-ratio requirements.

D.

Invest NT$110,000 in staking. After five years:

110,000 × (1.05)^5 = 140,391

Invest NT$40,000 in warrants:

40,000 / 3.5 = 11,428 warrants

The high-risk investment accounts for 26.7%, violating the requirement that it not exceed 20%.

Mm-hmm... How are the instructors for your training? They can’t even answer something this simple.

Recently, there has been a warrant product that you need to explain to a client, including how it works. The client took leave during the flu outbreak and could not attend a face-to-face meeting, so they asked you about the product’s risks and safe investment strategies.

The underlying asset of this warrant is an index of the Taiwanese stock market, and it is automatically adjusted at specific sunrise and sunset times synchronized with Taipei 101. Assuming that the issuer of this warrant has suffered reputational damage in the market due to past fraud incidents, you must provide a detailed analysis.

Of the following four choices, which one best describes the risks and investment strategy for this type of warrant?

A) The risk of this warrant is that the stock market index may fluctuate significantly during a flu outbreak, causing the warrant’s value to increase rapidly. However, the product’s operating hours are unrelated to the sunrise and sunset times of Taipei 101, so it is essentially unaffected.

B) Due to the issuer’s past fraud issues, this warrant’s operating mechanism is extremely complex, and its daily adjustment times are linked to the sunrise and sunset times of Taipei 101. As a result, investors need to pay particularly close attention to market movements during specific periods, and the risk is relatively high.

C) During the flu outbreak, the activity of the Taiwanese stock market decreases because people are generally taking leave. Therefore, the risk of this warrant also decreases, since its price movements primarily depend on the level of activity in the fluctuations of the Taiwanese stock market.

D) Because this warrant involves the sunrise and sunset times of Taipei 101, investors should focus on local weather conditions and climate change. The warrant’s price fluctuations are highly correlated with natural phenomena, so its risk does not come from market volatility but from the effects of climate change.

Guessing on my own while channeling spirits

To be honest, my experience with the proposal and meeting left me feeling quite bad. I was told to visit the client and join the proposal meeting. The proposal date was moved up by two weeks, but there was no prior communication throughout the entire process, and I was only notified at the last minute that a meeting would be held. Even worse, no one asked whether the time was convenient for me before the meeting, and no one told me specifically what would be discussed, leaving me to guess. This kind of communication was really uncomfortable.

On the day of the meeting, I also discovered that the colleague in charge had made no preparations at all for the meeting. Worse still, after I arrived at the venue at the agreed time, the person in charge did not show up for a long time, and I could not reach them; they did not reply to LINE or Chat messages either. It was truly an awful feeling, making me feel that the other party lacked a sense of responsibility and making me wonder whether this kind of teamwork could last.

Although there was clearly a discussion about the “fees provided” during the meeting, because there was no commitment from a superior, none of the proposals or terms could be clearly confirmed. This made the entire meeting particularly drawn out and prevented us from reaching an effective consensus. But, honestly, this company still needs to have some good partners to work with; the difficulty of collaboration is palpable, and much more improvement is needed to build trust.

Decision-making deadlock

I am increasingly frustrated, especially with the way the sales department operates. Whenever a problem arises, everyone always has to ask a supervisor for instructions, leaving no room for independent decision-making. Whether it is something minor or major, we provide the conclusions for activities ahead of time, but you always wait to make the decision. As a result, everyone ends up trapped in endless waiting, while the problems remain unresolved.

Our progress in collaborations is especially always half a step behind. Whether working with internal or external partners, every time there is a pile of cumbersome procedures and communication, resulting in low efficiency. When it comes to scheduling, everyone knows that business trips from 6/1 to 9/30 can be described as the longest front. By the time we wait for you to make a decision, the work that should have been completed has already missed its optimal timing. No problem—until it becomes a problem.

Everyone is working overtime desperately, yet we are always overwhelmed by a pile of pointless miscellaneous tasks. There are always new collaborations to handle, but no clear direction for decision-making. This endless waiting and delay has long exhausted everyone’s patience, but we do not know when any of this will change.

Although learning can be stressful and uncomfortable, like having an itchy and painful foot, the knowledge in every unit is worth the effort. Mom and Dad are too tired, working overtime every day, so they cannot always be with you. But the notes you take and the effort you put in will earn applause and encouragement in the future.

One day, a son asked his father about an investment plan using a total of $900,000, invested in installments across two stocks:

New Stock A (growth-oriented): The expected annual return is 12%, but it is highly volatile; the projected return can be achieved only if the investment is held in full for six months after each installment.

Old Stock B (value-oriented): The expected annual return is 6% and it is relatively stable; after each installment, it only needs to be held for three months to achieve its expected return.

The investor plans to invest in installments as follows:

Invest $90,000 every month for 10 consecutive months.

Assume that after each installment, the funds realize the stock’s specified return in a lump sum at the end of the relevant holding period, and cannot be used before the return is realized.

If the investor invests in New Stock A in odd-numbered months and Old Stock B in even-numbered months, and settles all returns at the beginning of the 12th month, which option is closest to the estimated total rate of return?

(A) 7.0%

(B) 7.8%

(C) 8.5%

(D) 9.2%

WTF

The company seems to only employ people who do nothing productive, yet when it comes to finding answers or solving problems, there’s no one who can provide a solution.

Jason, a muscular investor, has a keen interest in the stock market and is looking to invest in warrants. He has a total of 100,000 USD to invest and is considering four different warrants: A, B, C, and D. Each warrant has distinct characteristics, including strike price, implied volatility, time value, and expected return. Here are the details:

Warrant A: Spot price = 200 USD, Strike price = 180 USD, Time value = 50 USD, Implied volatility = 20%, Expiration time = 6 months, Expected return = 12%.

Warrant B: Spot price = 150 USD, Strike price = 130 USD, Time value = 40 USD, Implied volatility = 25%, Expiration time = 9 months, Expected return = 15%.

Warrant C: Spot price = 180 USD, Strike price = 170 USD, Time value = 60 USD, Implied volatility = 18%, Expiration time = 12 months, Expected return = 10%.

Warrant D: Spot price = 250 USD, Strike price = 220 USD, Time value = 70 USD, Implied volatility = 30%, Expiration time = 3 months, Expected return = 18%.

Jason plans to buy these warrants in different amounts based on his strategy and the current market conditions. As a muscular and experienced investor, he needs to consider the best investment strategy based on different time frames and risk tolerance.

1. Jason expects significant market volatility in the next 3 months and wants to maximize short-term returns. Which warrant should Jason buy to maximize his short-term return?

(A) Warrant A

(B) Warrant B

(C) Warrant C

(D) Warrant D

2. Jason wants to achieve stable returns over the next 6 to 9 months and has a low tolerance for risk. Which warrant should he choose to meet his medium-term goals?

(A) Warrant A

(B) Warrant B

(C) Warrant C

(D) Warrant D

3. Jason believes the market will grow steadily over the next 12 months, and he wants to hold a warrant for the long term to benefit from steady returns. Which warrant would be the most suitable for long-term investment?

(A) Warrant A

(B) Warrant B

(C) Warrant C

(D) Warrant D

Are there any good points?

No one wants to criticize you. Please demonstrate your professionalism instead of merely pretending to be an expert. You talk at length when teaching, yet you cannot even handle basic mathematics.

1. Six investors of different nationalities—Sophia, Yuki, David, Maggie, Hans, and Olivia—invested separately in six companies: Apple, Tesla, Amazon, Google, Meta, and Netflix. After the stock market crash, the following conditions hold:

Yuki invested in Apple, and his loss ranked second-highest among all investors.

David invested in Meta. His loss ranked higher than Yuki’s, was greater than Olivia’s, and was less than Maggie’s.

Maggie invested in Amazon, and his loss ranked between Olivia’s and Yuki’s.

Olivia invested in Google, and his loss ranked lower than David’s but was greater than Hans’s.

Hans invested in Tesla, and his loss ranked lower than Yuki’s but was less than Sophia’s.

Sophia invested in Netflix, and her loss was the smallest—less than Hans’s loss.

After the stock market crash, the percentage declines in each company’s share price were as follows:

Apple: 15% decline

Tesla: 35% decline

Amazon: 45% decline

Google: 40% decline

Meta: 30% decline

Netflix: 25% decline

Each investor initially invested $250,000. Calculate each investor’s loss and rank them from greatest to least according to their loss.

Options:

(A) Hans lost $75,000, Yuki lost $50,000, David lost $87,500, Maggie lost $100,000, Olivia lost $62,500, Sophia lost $37,500

(B) Hans lost $87,500, Yuki lost $37,500, David lost $75,000, Maggie lost $112,500, Olivia lost $100,000, Sophia lost $62,500

(C) Hans lost $75,000, Yuki lost $37,500, David lost $112,500, Maggie lost $100,000, Olivia lost $62,500, Sophia lost $50,000

(D) Hans lost $62,500, Yuki lost $50,000, David lost $100,000, Maggie lost $87,500, Olivia lost $75,000, Sophia lost $37,500

2. Suppose that in New York City, a technology company’s stock is currently priced at $200, and the company has issued a call warrant with a term of 3 months and a strike price of $220. This call warrant is priced at $10. Meanwhile, in Los Angeles, an energy company has issued a similar call warrant with a strike price of $250, a term of 3 months, and a warrant price of $15.

Assume that the stocks of the two companies rise by 20% and 15%, respectively, after 3 months. If an investor purchases the companies’ call warrants in both New York City and Los Angeles and chooses to exercise the warrants, what will be the total value of the two call warrants?

Options:

(A) $1,100

(B) $1,450

(C) $1,800

(D) $2,000

Tell me who the MVP is

Many companies often lack an in-depth understanding of warrants when choosing investment instruments, mistakenly lumping them together with other investment tools. It is like facing a torn cardboard box: if you do not choose the most suitable one, you may ultimately be unable to withstand the pressure of the market and collapse with nothing left. Warrants are not as simple as stocks or funds. They have a leverage effect that can bring greater returns, but they also carry higher risks. If you choose the wrong underlying asset, the result may be like a damaged cardboard box, unable to support any heavy load.

Tell me, why not look into the problems with your own choice of underlying assets? Trading warrants requires accurate market predictions, and only by choosing the underlying assets with the greatest potential can you maximize their value. It is like choosing the right cardboard boxes and truck for transporting goods: choosing the right underlying assets ensures stable investment and returns.

We should organize dedicated warrant seminars to help you understand how to choose underlying assets correctly and avoid missing the best investment opportunities. Do not let risks and poor decisions drag down your investments any longer; learn to choose the best underlying assets to ensure success!

Tell me who the MVP is

Many companies often lack a deep understanding of warrants when choosing investment tools, mistakenly lumping them together with other investment instruments. It is like facing a torn cardboard box: if you do not choose the most suitable one, you may ultimately be unable to withstand market pressure and collapse with nothing left. Warrants are not as simple as stocks or funds. They have a leverage effect that can bring greater returns, but they also carry higher risks. If you choose the wrong underlying asset, the result may be like a damaged cardboard box that cannot support any heavy load.

Tell me, why not look into the problems with your own choice of underlying assets? Trading warrants requires accurate market predictions, and choosing the most promising underlying asset is the only way to maximize their value. It is like choosing the right cardboard boxes and truck for loading goods: selecting the right underlying asset ensures stable investment and returns.

We should hold dedicated warrant seminars to help you understand how to choose underlying assets correctly and avoid missing the best investment opportunities. Do not let risks and poor decisions drag down your investments any longer; learn to choose the optimal underlying assets to ensure success!

Tell me who the MVP is

Many companies often lack an in-depth understanding of warrants when choosing investment instruments, mistakenly lumping them together with other investment tools. It is like facing a broken cardboard box: if you do not choose the most suitable one, you may ultimately be unable to withstand the pressure of the market and collapse completely. Warrants are not as simple as stocks or funds. They have a leverage effect that can bring greater returns, but they also carry higher risks. If you choose the wrong underlying asset, the result may be like a damaged cardboard box, unable to support any heavy load.

Tell me, why not look into the problems with your own choice of underlying assets? Trading warrants requires making precise predictions about the market, and only by choosing the underlying assets with the greatest potential can you maximize their value. It is like choosing the right cardboard boxes and trucks to load goods: choosing the right underlying assets ensures stable investment and returns.

We should hold dedicated warrant seminars to help you understand how to choose underlying assets correctly and avoid missing the best investment opportunities. Do not let risks and poor decisions drag down your investments any longer. Learning to choose the optimal underlying assets is the only way to ensure success!

😎

Vectors have magnitude and direction, which can be compared to risk and return in investing, representing the volatility or uncertainty of an investment. Don’t just sit idle—make sure to take action. Investors need to actively manage risk. You might consider using a 50% hedging strategy to reduce potential losses, or allocating 50% to investment-linked insurance policies, allowing investors to enjoy market returns while using different diagrams to explain the concepts—Diagrams A, B, and C—so listeners clearly understand what you are discussing. They can also receive a certain level of protection when risks arise. Even if the market experiences unfavorable movements, investors can protect their portfolios through hedging strategies.

1. Magnitude of risk

2. Direction of return

3. Hedging strategies

4. Diversification

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 those above and below you in the hierarchy, the script should be detailed and specific, emphasizing the training’s strategic significance and data support—it’s not enough to simply edit, copy, and paste.

I’ve probably only got Yilan left to visit. With so many course topics, the content should combine lectures, hands-on exercises, case studies, and interactive activities to ensure that it’s 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 and 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 When someone gets impatient during a class and keeps kicking the desk, that just means they don’t understand—they want to pick a fight but don’t know what to do.

To improve the sign-in rate, you can notify participants in advance and remind them of the importance of the training, provide 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’ sign-in and engagement rates. If the venue is too popular and the event gets canceled, you should immediately plan the next one.

None

Just as planting trees requires understanding the soil and climate, investing requires understanding market demand and supply. Investing also requires understanding market demand and supply. Demand and supply in the market affect asset prices and investment returns,

Popular locations such as community centers, libraries, or cafés should be chosen, and interactive segments should be arranged so that participants can ask questions and exchange ideas. Since no one will take time off work to attend on a weekday, the event should be held on a holiday, with instructors who have hands-on experience explaining investment and financial management knowledge. This should be expressed through concise art and lifestyle, using the most basic forms and materials, so that growth-oriented content can be developed for the target socioeconomic group, rather than proceeding without a plan as if high on marijuana.

None

A lazy manager’s prolonged mismanagement will affect the company’s future business development. Daydreaming and fooling around over there is like failing to maintain or replace equipment components for a long time: performance will gradually decline, while everyone else can only rely on themselves to get things done, potentially eventually resulting in an inability to operate normally. If the team is not actively managed and improved, and there is no effective guidance or inspection of the equipment in different counties and cities, like a high-level equipment inspection to review the area, some costs may be saved in the short term. In the long run, however, waiting until the situation is critical will lead to greater losses and may even result in losing existing customers and market share—just like a state-owned enterprise.

None

When a company ignores problems, does not seriously listen to opinions, and lacks interaction with stock and warrant investors, it may lead to a reduction in assets. This situation is like a virus, bacteria, or mold eroding tissue, affecting every level, to the point that even a doctor cannot save it. The following four points are recommended for improvement:

1. Use brainstorming to have the entire department explore problems together. Invite everyone to think from different perspectives and list possible concerns or difficulties, such as too many customer complaints, frequent overtime, or inaccurate information transmission. Then, use voting to select the key problem that should be addressed first.

2. Use brainstorming to have the entire department explore problems together. Invite everyone to think from different perspectives and list possible concerns or difficulties, such as too many customer complaints, frequent overtime, or inaccurate information transmission. Then, use voting to select the key problem that should be addressed first.

3. Conduct regular internal audits to ensure that the company complies with policies, procedures, and regulations. This helps identify and resolve problems early, avoiding the risk of asset reduction.

4. Use logical structuring to help formulate countermeasures quickly. Divide the problems into two mutually exclusive and collectively exhaustive categories, “increasing profits” and “reducing costs,” then develop feasible solutions under each category.1

The boss has deep pockets, so they can keep burning money without worrying about being unable to pay salaries.

Everyone knows; not much explanation is needed. Just like in the world of Detective Conan, observe and analyze, eliminate possibilities, and apply scientific knowledge to examine every muscle and bone, always doubling the chances of solving investors’ problems. Although I don’t like expressing opinions casually, I always seize opportunities to speak up in meetings, identifying that rational decision-making is the cornerstone of business success, while avoiding overanalysis and emotional behavior is equally important. Imagine standing in front of an ice cream shop, facing all kinds of flavors. You need to know clearly what you want in order to make the best choice. Similarly, businesses should clearly define their data needs to avoid excessive collection or analysis. Pay attention to the texture, sweetness, and whether the flavor meets expectations. When conducting data analysis, businesses should also select metrics carefully to ensure their reasonableness and reliability.

HR calls my mobile all day long to pressure me.

I’m here—this is to say that being too open may also mean lacking sufficient security measures to protect investors’ sensitive information, thereby increasing the risks of data breaches and cybersecurity incidents.

For example, if a trading system allows users to access and modify their investment portfolios too easily, hackers might exploit these vulnerabilities to steal funds or sensitive data. We need to start with education and training. Such an absurd mistake should not happen; caution is necessary. Instead, every time during training, they say, “No, there’s no such thing!” Yet, for convenience, they just pick up their phones and photograph the screen, as if they had forgotten to wear a mask—letting their guard down, getting infected with a virus, and it’s really ridiculous.

To prevent these risks, it is important to ensure that trading platforms and investment tools have appropriate regulatory oversight and security measures in place to protect investors’ interests and maintain market stability. It’s not just about the fonts on PTT; cybersecurity also compounds over time.

The app should implement strict user identity verification procedures, encrypted communications, and measures such as regularly reviewing and updating security protocols.

None

Before warrants are listed, investors can register to subscribe to warrants with the warrant issuer. This is like a pitcher throwing a baseball and waiting for investors to catch it.

Training should use flowcharts to help explain the issuance and listing process for warrants. Understanding the health of the market will prevent investors from losing sight of the key points of the primary and secondary markets.

Do not use a bunch of minor errors to distract investors into thinking that major problems can be hidden.

None

A bunch of senior managers only know how to look at reports because upper management really likes seeing good-looking numbers, but there is no in-depth training or consideration of customers’ thoughts. There is little planning for the company’s future. The introductions and overviews are still written single-handedly by new employees, with no thought given to positioning at all.

For example, the introduction to warrant products presents a scenario like an environment in the desert, full of uncertainty, and there is still room for improvement:

1. Design an integrated simulation exercise covering risk, decay, leverage effects, and observing price movements for practice, like how insects learn to avoid danger in a perilous desert.

2. Each time a class is held, a dedicated LINE group should be created to serve as the basis for attendance registration and provide participants with a convenient channel for asking questions and retaining information.

Happy Lunar New Year

When I think of my former mentors, the days we talked together, and the roads we walked together, it reflects the misused seniority culture here—the truly frightening corporate culture. We do not know whether there will be more opportunities for self-improvement.

Everyone should understand the true meaning of their identity, just like a character in a movie. We are not migrant workers; we must fulfill our responsibilities. Otherwise, we might as well all just do whatever we want... Why post job openings?

The personnel system should not be a one-person dictatorship. Do not be misled by titles and positions. If we changed the names and did not exploit loopholes, could we still maximize the interests of both labor and management?

Suggestions

1. To truly resolve issues and problems with education and training, there should not be only one-way communication. It should not be limited to simply clicking a mouse; if there is a dispute, it should be put to a vote. Email could also be used.

2. When planning activities, avoid being unclear about the situation and getting burned before the event even begins. Activities should be more structured, with adjustments made at any time to parts that do not meet needs. Establishing manuals and certification materials could help participants clarify the details.

You hear quite a bit of news over meals.

Unless you are the son of a friend of the general manager, insurance sales is still treated as social justice, and they do not understand the true meaning of proposal planning. Decision-making can be like fortune-telling, with a pile of taboos; after listening to it, you go straight into endocrine disorder.

Every day at work is a gamble! The supervisor believes their own views are mainstream and often makes excuses for their failures and mistakes. Enjoy the probationary period and the trial run of the bureaucratic training system.

This place loves palace intrigue and infighting management. I’m not playing along anymore—quietly watching to see what you all will do.

Some products and permission links are too numerous and cumbersome. Why not integrate membership? Wealth-management education and professional market consulting are unprofessional, risk assessments are not properly carried out, and they do not understand that you cannot have both fish and bear’s paw. Things really need to be improved.

Make a lot of money when the stock market is doing well

An outrageous company. The boss runs things like the military, shows no respect for people, and is authoritarian and male-chauvinist.

In meetings, the supervisor monopolizes the discussion (scolding people from beginning to end) and launches personal attacks.

The head of the brokerage business favors senior single female employees, taking pleasure in forcing them to do things successfully and seeing the troubled but compliant expressions on their faces. The women, in turn, treat the supervisor like a hero, reporting every big and small matter to curry favor and indulge in fantasies of becoming his mistress. Lacking the ability to get things done, they only dare say yes repeatedly and do not dare express their own ideas, using subordinates as cannon fodder. Eventually, they develop mental and physical problems and seek counseling.

The secretary is also arrogant and self-important, abusing her authority, with no understanding of professionalism, blocking everything and demanding that people curry favor.

Then the tragedy described in the following article occurred: https://tw.appledaily.com/property/20200831/MCVQ4UHHMJGZZN5MNAR55KZ66Q/

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I submitted my résumé on February 12, and this company asked me to come for an interview around February 13. I went to the interview on February 13, but afterward I heard absolutely nothing. At that point, I thought I would look for another job first. Then, on March 1, this company called me again and asked me to come in on March 2 to fill out the résumé form again. During the phone call on March 1, I clearly asked the company: “Does this mean the company intends to hire me? You’re asking me to come in and fill out the résumé form again, but if the company does not intend to hire me, wouldn’t that be pointless? I would have to spend the time and make another trip to the company.” The company replied that they did intend to hire me, so I went to the company again on March 2 to fill out the résumé form. At that time, I asked once more whether the company intended to hire me, and the company answered that it did, and told me to start preparing immediately. After I went home, I bought a shirt and dress shoes. However, from March 2 until now, the company has not given me any notification at all. Even more outrageous, on March 19, March 23, and March 27, the company actually recruited other people again—and all of its branches were recruiting again. This clearly shows that when they previously said they intended to hire me, they were just messing with me, and all the other job seekers were also being toyed with, because every branch recruited again. The job bank should prohibit this strange company from posting job openings. This terrible company does nothing but keep playing with job seekers.”