合作金庫金融控股股份有限公司

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

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 look innocent and harmless.

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

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

while nodding in agreement behind the scenes. Their understanding was like that of twins. He even arranged meetings near McDonald’s, claiming it was convenient for discussing the market,

when in fact he was merely buying meal sets to soothe himself while watching colleagues get set up. Occasionally, he would stand dazed at the former site of the Ambassador Theatre,

reflecting that every good show eventually ends—except his schemes, which never leave the billboards. He loved studying Google Maps,

looking at the vacancy status of rental properties and old houses, and plotting 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 sculpt people’s minds.

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

This is probably the most ingenious part of how the whole 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 Wang JiaX bring up the story of mentor Sol in a retrospective. The familiar routine is still the same

: first, re-edit the past into a glowing retrospective, then turn someone else’s experience into your own endorsement, and smoothly draw out a seemingly systematic circle from the time at Taiwan Cooperative Bank. It is called inheritance, but it looks more like the precise allocation of resources

and benefits; it is called inspiration, but it is really just using vague words so effectively that everyone thinks 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 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 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 measure other people’s diligence

and are more honest than any moving narrative. Yet when you raise these questions, you are often guided into believing that your understanding is biased, or 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 a rebuilding phase, while the CTBC Brothers Elephants and Shin Kong are finding new ways to play amid change; by contrast, this place feels like a team still trapped in old tactics, with a sluggish pace and stagnant atmosphere, permeated throughout by an indescribable lifelessness.

Wang JiaX’s methods are consistent: visions are announced by calling people out in group chats at night without notice, and personal time off is endlessly eroded; it is called cultivation, but it looks more like a test of obedience. Promotions are slow, administrative procedures are lengthy without any apparent optimization, and work assignments are unbalanced, yet everything is expected to be completed within unreasonable time frames. From Xingjudian, Xiaolong cuisine, Tainan yi mein, and Liu Mama cold noodles, to Liu Family cold noodles, Dongyin Quick Swordsman, Wugi Stone Hot Pot, and Wanfang Ice Room, it may appear on the surface to be concern for people’s lives and an attempt to build closeness, but in reality it seems more like binding people firmly to the same rhythm, until even the space to catch their breath is completely consumed.

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.

圈圈小小圈圈來喝茶

A doctor named Calvin noticed, while attending a large charity concert, that the organizer had issued a structured warrant based on an asset called “sports coins.” The doctor regularly studied 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 proceeds to a rural healthcare fund.

The warrant’s core design is as follows:

The warrant is a European call warrant with no dividends.

Warrant maturity: T = 1 year

Current price of the underlying asset (sports 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 includes a “donation clause”:

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

Payoff = 0.9 × α × max(ST − K, 0)

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

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

where

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

d2 = d1 − σ √T

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

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

A. Warrant price approximately 1.85, Delta approximately 0.09

B. Warrant price approximately 2.40, Delta approximately 0.12

C. Warrant price approximately 3.10, Delta approximately 0.18

D. Warrant price approximately 3.95, Delta approximately 0.22

Experience the plot of a local drama firsthand

Question 1

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

If an investor incorrectly uses a single constant volatility to calculate the price of a one-year at-the-money European call warrant, 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 effect 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 a 7-ELEVEN:

Model 1 assumes that volatility is constant;

Model 2 assumes that volatility increases with foot traffic during a specific period.

The pricing difference between the two models for a one-year European call warrant mainly 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 warrants and uses the expected logarithm of terminal wealth as the performance metric.

Under this setting, which condition best guarantees that the warrant improves 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 plastic products manufacturer notices that fluctuations in raw material prices alter 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 suitable 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 egg-price shocks 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 arbitrage-free

B Investors can freely short-sell

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 puzzled expression questions:

“In a non-dividend-paying market, a warrant is merely a duplicate representation of the spot asset.”

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

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

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. 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 U.S. 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, as several well-known local food and beverage brands are already established. Tom Bear's restaurants specialize in 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 based on Country A's urban spatial planning.

Spatial Planning and Store Location Selection:

Country A's urban spatial planning allocates 50% of the land to residential areas, 25% to commercial areas, and the remaining 25% to public facilities. Tom Bear needs to select suitable locations for its restaurants and retail stores and identify the most appropriate store size and target 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 depends 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 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 Tom Bear must pay a 10% tariff when importing organic ingredients priced at 20 USD per kilogram. When importing 1,000 kilograms of ingredients, how much will Tom Bear ultimately need to pay in A currency? (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

Food and Beverage Division Location Selection:

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 select 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 restaurants 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 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 exclusively on local suppliers to reduce costs

B) Use a combination of suppliers from Countries B and 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 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 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

It happens every day! The results from the previous batch of experiments still aren't available, and the daily optical-disc deliveries have turned my hair gray. Every day I try to find people, but I can't find anyone. This problem is only now starting to seem meaningful.

“Determining the Extremum of the Cross-Period Net Economic Utility at Year-End Settlement, Including Biscuit Consumption”

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

Year-end settlement objective function =

Financial book profit and loss

Foreign-exchange effects

− Present value of life-event expenses

− Monetary equivalent of utility loss

± Marginal utility adjustment for biscuit consumption

I. Financial Positions (Full Calculations 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 at its 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 were exchanged at 29.8 TWD/USD

Year-end exchange rate: 31.4

No interest earned 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 midyear

One-time expense: 1,350,000 TWD

Psychological discount rate: 3%

(2) Having a Child

Child born at year-end

Expected expenditure period: 22 years

Annual real expenditure: 320,000 TWD

Expenditure growth rate: 1%

Discount rate: 2%

(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. Biscuits (Core Difficulty)

The investor consumed a total of 480 biscuits during the year

Price per biscuit: 35 TWD

Biscuits are a form of immediate-pleasure consumption

The marginal utility function of biscuits is:

Marginal utility = 1200 / square root of n

where n is the cumulative number of biscuits already consumed

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

The utility corresponding to overconsumption must be included

The utility loss is multiplied by a penalty coefficient of 0.6 as a 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 biscuit consumption, which of the following is closest to the investor’s “adjusted net economic effect after year-end settlement” for 2024?

Options (Only one is correct)

A. Positive 2,800,000 TWD

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

B. Positive 1,050,000 TWD

Financial profits were substantial, but having a child and biscuit consumption significantly eroded the gains

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 biscuit consumption caused the overall economic situation to deteriorate

Merry Christmas

A digital platform under a listed company, Garage Entertainment, has obtained dual ISO 27001 (Information Security Management) and ISO 27701 (Privacy Information Management) certifications. In 2025, the company partnered with Taiwan Power Company to hold a charity screening of the film Avatar, raising funds for children in a war zone. The market views this as an ESG event and believes the activity may improve the company's future cash flow and valuation.

A European call warrant on the company's stock is traded in the market. The relevant data are as follows:

The current stock price is NT$150

The exercise price is NT$145

The warrant market price (premium) 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 can only be exercised at maturity

The scenario assumptions for the fundraising results are as follows:

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

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

The investor Xiaohua, a minor whose legal representative operates via online filing, purchases 20,000 warrant units. A warrant transaction tax of 0.1% is levied on both purchases and sales; transaction fees are disregarded. 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 given 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. Assuming that the fundraising amount passes the threshold, calculate in sequence:

1. The underlying stock price after the announcement

2. The underlying stock price one month later

3. The intrinsic value of the warrant at the time of sale

4. Whether the warrant still has time value at that 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, as the expiration date approaches, the warrant's leverage and time value experience decay.

IV. Under the successful fundraising scenario, calculate:

1. The total proceeds from selling the warrants

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

3. The return on investment (ROI)

Determine whether this investment represents an asymmetric payoff and high risk, high return.

Quick question and answer, okay?

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

You are Xiao-Nan, a university student about to graduate and enter the workforce. You hope to build a safety asset pool of NT$300,000 within the next five years, while also reserving a small portion of your 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 multi-node consensus

Compounded annually

B: Call warrant on technology stock X

Warrant price: NT$3.5 per warrant

5% out of the money

Strike price: NT$110

Current price of the underlying stock: NT$104.5

Conversion ratio: 10 warrants = 1 share

You want to maximize the return 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 buy 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 buy 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 buy 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 in your training program? They can't even answer something this simple.

Recently, there has been a warrant product whose operating principles you need to explain to a client. The client took leave during the flu season and was unable to have 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 in the Taiwanese stock market, and it automatically adjusts at specific sunrise and sunset times (synchronized with Taipei 101). Assume that the warrant issuer’s reputation in the market has been damaged by past fraud incidents; you must provide a detailed analysis.

Among the following four options, which 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 sharply 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 basically unaffected.

B) Because of 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, requiring investors to pay particular attention to market movements during specific periods and making it relatively high-risk.

C) During the flu season, because people generally take leave, activity in the Taiwanese stock market decreases, and the risk of this warrant therefore also decreases, since its price movements mainly depend on the level of activity in Taiwanese stock market volatility.

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 risks do not come from market volatility but rather from the effects of climate change.

Guessing everything myself while channeling spirits.

Honestly, the experience of preparing the proposal and attending the meeting left me feeling quite bad. I was told to visit the client and participate in the proposal process, and the proposal deadline was moved up by two weeks, but there was no prior communication at all. At the time, I was only given last-minute notice about the meeting. Even worse, no one asked beforehand whether the meeting time worked for me, and no one told me specifically what would be discussed, leaving me to guess what was going on. This kind of communication was truly uncomfortable.

On the day of the meeting, I also discovered that the colleague in charge had made no preparations at all regarding the meeting content. Worse still, after I arrived at the agreed time, the person responsible failed to show up for a long time. I could not reach them, and they did not respond to messages on LINE or Chat. It was a truly terrible 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 during the meeting about the “fees provided,” the lack of commitment from a superior meant that none of the proposals or terms could be clearly confirmed. This made the entire meeting particularly drawn-out and prevented us from effectively reaching a consensus. But to be honest, this company does still have some good partners to work with. The difficulty of collaborating was very apparent, and significant improvements are truly needed to build greater trust.

Is this a good place to work?

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

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

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

David invested in Meta. His loss ranked ahead of 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. His loss ranked behind David’s and was greater than Hans’s.

Hans invested in Tesla. His loss ranked behind Yuki’s but was less than Sophia’s.

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

After the stock market crash, each company’s stock price fell by the following percentage:

Apple: 15%

Tesla: 35%

Amazon: 45%

Google: 40%

Meta: 30%

Netflix: 25%

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

😎

A vector has magnitude and direction, which can be compared to risk and return in investing, representing the volatility or uncertainty of an investment. Don’t zone out; you must take action. Investors need to actively manage risk. You could consider using a 50% hedging strategy to reduce potential losses, or allocating 50% to investment-linked insurance policies. Investors can enjoy the returns brought by the market, with different diagrams used to illustrate this—Diagram A, Diagram B, and Diagram C—so that the audience can clearly understand what you are explaining. They can also obtain a certain degree of protection when risks arise. Even if the market undergoes unfavorable movements, investors can still protect their portfolios through hedging strategies.

1. Magnitude of risk

2. Direction of return

3. Hedging strategies

4. Diversified investment

None

A lazy supervisor’s long-term mismanagement will affect future business development. Daydreaming and fooling around over there is like failing to maintain or replace equipment parts for a long time: performance will gradually decline, while everyone else can only rely on themselves to get things done, ultimately potentially 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 inspection of the area’s equipment—some costs may be saved in the short term, but in the long run, when the situation becomes urgent, this will lead to greater losses and may even result in losing existing customers and market share, just like a public enterprise.

None

When a company ignores problems, fails to 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, bacterium, or fungus 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 identify 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 identify 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 its policies, procedures, and regulations. This helps identify and resolve problems early, avoiding the risk of asset reduction.

4. Use logical structuring to help quickly formulate countermeasures. Divide the problem into two mutually exclusive and collectively exhaustive categories—“increasing profits” and “reducing costs”—and then develop feasible plans separately for each category.

Happy Lunar New Year

When I think of my former mentors, the days we spent talking together, and the roads we walked together, it reflects the seniority culture being abused here. This is truly like a terrifying corporate culture, and we do not know whether there will be more opportunities for self-improvement.

Everyone should understand the true meaning of their role, just like a character in a movie. We are not migrant workers; we should fulfill our responsibilities. Otherwise, everyone might as well just do whatever they want... Why open job vacancies at all?

The personnel system should not be a one-person-decision culture, with people being 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 genuinely resolve issues and problems with education and training, there should not be only one-way communication. Instead of merely clicking a mouse, disputed matters should be put to a vote; email could also be used.

2. When planning activities, avoid creating confusion. Do not let things get burned before the event has even begun. Activities should be more structured, with adjustments made along the way to anything that does not meet requirements. Establishing manuals and obtaining certificates could help participants clarify the details.

You can slack off a bit.

Although there is factional infighting, I genuinely feel that the lack of training and education at Taiwan Cooperative Bank is a more serious issue. During the training period, there were some unfair practices, but no policies or relevant operating procedures had been established. Many supervisors felt that training was unnecessary—perhaps they thought there was no need to learn!

Some newly arrived instructors believed they had their own method and just talked on and on by themselves, using exaggerated hand gestures to present the material. They did not care whether others understood, and simply ended the session when the time was up.

This was very unfair during the classes. It was not as if we were having a situational dialogue with SIRI, where asking the right questions could verify the results. Otherwise, the overall workload would not decrease, and we would end up completely screwed halfway through the work.

I have the following thoughts to share. I believe these are necessary to grow and learn useful skills here:

1. Handouts, course schedules, and presentations should include the instructor’s name and contact information, such as a phone number or Line ID, so that follow-up questions can be asked and learning can be confirmed.

2. To take logical reasoning and operational process capabilities into account, a comprehensive Q&A reference should be provided. If everyone can use it later, possible situations can be anticipated.

3. If the system and mechanisms cannot be synchronized, there should not be only one-way testing by the instructor. There should also be a two-way evaluation method, and only when both sides pass should it be counted as an official performance assessment.