阿正的梦工坊

These courses cover the core aspects of finance

公允价值（Fair Value），简单来说，就是一项资产或负债在当前市场条件下，买卖双方自愿交易时所能达成的价格。换句话说，它反映了资产或负债的“市场价值”，而不是账面上的历史成本或主观估计。

负债在会计恒等式中不仅是数字的体现，更是企业战略的工具。它能帮助企业放大资源、优化成本、抓住机会，但也伴随着风险。企业不一定非要有负债，但合理利用负债往往能让企业在竞争中脱颖而出。

企业家和管理者借助这一思维模式，突破行业惯例和路径依赖，从根本上重新定义问题，进而设计出独特的解决方案。

对于埃隆·马斯克本人而言，这些企业既是其理想主义和实用主义交织的产物，也成为他在21世纪推动科技创新、改变世界的多重载体。从电动汽车到火星火箭，从芯片植脑到地下穿行，再到数字社交的新生，每一个领域都充满挑战、争议与期待。马斯克以其非凡的执行力和冒险精神，让原本科幻的场景逐步走进现实

联盟通过不断创新收入渠道（电视、数字、全球化）、提升产品吸引力（明星驱动、赛事改革）以及完善内部分配机制，成功将NBA打造为一个年收入数十亿美元、影响遍及全球的体育商业帝国。湖人队等标杆球队的案例证明了品牌经营和球星效应对商业成功的巨大推动力，而经纪人体系的兴盛又进一步促进了球员价值的市场化，丰富了联盟的商业生态。

伯克希尔哈撒韦公司（Berkshire Hathaway Inc.）自沃伦·巴菲特（Warren Buffett）执掌以来，每年向股东发布的信件不仅是年度业绩报告，更是投资哲学的“教科书”。

回顾1997-2024，这27封股东信如同一部厚重的商业巨著，记录了亚马逊从无到有、从小到大的传奇历程，更展现了一条贯穿始终的精神主线：长期战略定力与客户至上信仰。

Venture capital is the lifeblood of the startup ecosystem, and funding rounds like angel, seed, Series A, B, and C mark the milestones of growth.

For investors looking to minimize risk while maximizing stable returns, the Sortino Ratio is a better choice than the Sharpe Ratio!

A higher Sharpe Ratio means an investment delivers more return per unit of risk.

损失带来的痛苦大于同等收益带来的快乐（损失厌恶，Loss Aversion）

What Is Arbitrage Pricing Theory (APT)?

Excess return simply compares the raw return of an investment to a benchmark, while alpha adjusts for risk, giving a clearer picture of whether an investor or fund manager is truly outperforming.

The expected return of an asset is directly related to the market risk and the risk-free rate

Through concepts like the Efficient Market Hypothesis, market freedom, and rational expectations, the Chicago School has laid the foundation for modern economics and finance.

ADS as a Bridge for Cross-Border Investment

Changes in M1 and M2 often provide early warnings about inflationary trends, interest rate adjustments, and shifts in liquidity, all of which can impact the financial markets significantly.

"M1" and "M2" are terms used to measure the money supply in a country. In simple terms, the money supply refers to the total amount of money available in the economy for transactions. It reflects the liquidity (or "how easily money can be spent") in the ec

Money Multiplier: How Base Money Expands Through the Banking System

Milton Friedman: The Father of Monetarism

Utilitarianism: The Moral Philosophy of Maximizing Happiness

Adam Smith: The Father of Modern Economics and Free Market Theory

Comparative Advantage: The Foundation of Free Trade

These two scholars laid the foundations of modern microeconomics and welfare economics

1936: "The General Theory of Employment, Interest, and Money"

Opportunity cost refers to the potential benefits that are lost when choosing one alternative over another.

For most investors, passive investing remains the most reliable strategy, while professionals may still find opportunities in market inefficiencies.

Sarbanes-Oxley Act (SOX): Strengthening Corporate Transparency and Accountability

How Companies Use Pro Forma Earnings

Invest in companies you are familiar with, like your favorite coffee shop or a brand you trust.

This article introduces the major U.S. stock indexes, including the Dow Jones Industrial Average (DJIA), the S&P 500, and the Nasdaq Composite

A Variable Interest Entity (VIE) is a legal structure commonly used by Chinese companies to list on overseas stock markets, especially in industries restricted by Chinese regulations (such as internet, education, and media).

Investors should carefully evaluate the regulatory and geopolitical risks before investing in Chinese stocks that rely on VIE structures

许多中国企业不仅在中国大陆A股市场上市，同时也在香港（H股）和美国（ADR，纽交所/Nasdaq）上市

Can Foreign Investors Buy Chinese Stocks? How Did Warren Buffett Invest in BYD?

Stock option exercise increases the number of shares outstanding, potentially affecting stock price and shareholder equity

Equity dilution occurs when a company issues new shares, reducing the ownership percentage of existing shareholders.

Different issuance types (public offering, private placement, rights issue) serve different financial goals

WACC represents the company’s overall cost of capital, considering both equity and debt financing