1. marketable securities refer to all kinds of economic rights and interests certificates, and also refer to specialized products, which are legal certificates used to prove that the holder enjoys certain rights and interests. Securities mainly include capital security, currency securities and commodity securities. In a narrow sense, securities mainly refer to securities products in the securities market, including property market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures.
The risk of securities is that investors may not get expected returns or even losses because of changes in the securities market or issuers. The risk and return of securities investment are related. In the actual market, any securities investment activities are risky, and there is no investment that completely avoids risks.
Second, quantitative trading has the following characteristics:
1 subject
Make decisions according to the running results of the model, not by feeling. Discipline can not only restrain human weaknesses such as greed, fear and luck, but also overcome cognitive bias and can be tracked.
Step 2 classify
The specific performance is "three more". First, a multi-level model, including asset allocation, industry selection and specific asset selection; Second, from multiple perspectives, the core idea of quantitative investment includes macro-cycle, market structure, valuation, growth, profit quality, analyst's profit forecast, market sentiment and so on; The third is multi-data, that is, the processing of massive data.
3. Arbitrage thought
Quantitative investment captures the opportunities brought by mispricing and mispricing through comprehensive and systematic scanning, so as to find out the valuation depression and make profits by buying undervalued assets and selling overvalued assets.
4. Probability wins
First, quantitative investment constantly digs out the expected repetitive laws from historical data and uses them; The second is to win by combining assets, not by a single asset.