Wednesday, November 27, 2013

never send good money after bad

What does it mean for Traders?!

Sunday, November 24, 2013

Marty Schwartz Trading Strategy and Tips (full)

Introduction
Marty Schwartz graduated from Amherst College back in 1967 and went on to Columbia Business School however he quit and joined a U.S. Marine Corps reserve unit that was recruiting officers serving from 1967 to 1973 and then quit and had several jobs he didn't really care for, until he joined financial firm EF Hutton where he saved $100,000 and decided to embark on a trading career.
He became well known after being interviewed by Jack Schwager in the book Market Wizards. One of his biggest achievements was for his performance in the U.S. Trading Championships which lasted for 4 months. Contestants competed to see who could achieve the best return on investment in this period. He achieved staggering returns In nine of the ten championships, his average return was 210 percent non-annualized, making more profits than all the other contestants combined .
On Being a Technical Trader
I always laugh at people who say, “I’ve never met a rich technician.” I love that! It’s such an arrogant, nonsensical response. I used fundamentals for nine years and got rich as a technician”
There are many people who deride technical analysis and Jim Rogers is one of them but there are many different ways to make money trading the markets and for most traders a technical approach is best as its easy to learn to read charts. Don't ever underestimate the power of technical analysis,it can be simple but it can make you a lot of money.
On Market Sentiment
“I talked to my friend Bob Zoellner several times a day, and he taught me how to analyze market action. For example, when the market gets good news and goes down, it means the market is very weak; when it gets bad news and goes up, it means the market is healthy”
This is one of the simplest but most effective ways to judge if a bull or bear trend is strong however in my experience, traders never seem to watch the effect of the news because there to focused on the news itself and using it to justify their trading position. Keep in mind, that a strong up trend which fails to rally on bullish news or a strong down trend which fails to fall on bearish news is probably going to register a trend reversal. Remember - its not the news itself which is important, it's the reaction of price to it which is.
Worst Fears Don’t Come – The Trade Will Probably Win
“I have stated before that whenever your worst fears are not realized about a trade and the market is letting you out better than you expected, it is not just luck. Rather your position is most likely correct and should not only be held but perhaps added to”
I have experienced this and I am sure many other traders have to.I still have no idea why it happens but maybe, it's our sub conscious mind at work but whatever the reason, pay attention to this trading tip, I have only seen Shwartz give this view but think its one of his most unique and valuable trading tips I have ever read.
Your Ego & Trading A disastrous Combination
“When I was able to spate my ego needs from making money. When I was able to accept being wrong. Before, admitting I was wrong was more upsetting than losing the money. I used to try to will things to happen”
Many traders have losing positions and stay with them and will them to turn around. These traders, try to justify their position even though, the chart action is telling them their trading signal should be out the market. Hope is one of the worst traits, to have when trading currencies and traders who hope, a lose will turn around soon get wiped out.
“I’ve said it before, and I’m going to say it again, because it cannot be overemphasized: the most important change in my trading career occurred when I learned to divorce my ego from the trade. Trading is a psychological game. Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself. You have to stop trying to will things to happen in order to prove that you’re right. Listen only to what the market is telling you now. Forget what you thought it was telling you five minutes ago. The sole objective of trading is not to prove you’re right, but to hear the cash register ring.”
The above quote is totally correct – don't have an ego and don't personalize the market – it simply doesn't care. Its not your enemy – you are your own worst enemy if your trading strategy is implemented with your ego in control. If you free your mind, forget your ego and see what the market is telling you without emotion you can become a winning trader but until you do this you will never win.
Great Tips on Forex Money Management
I think the quotes below on money management are fantastic and ANY trader can learn from them. If you learn the significance of the quotes below and make sure you implement them in your trading plan, you WILL make money so here they are with my comments.
“The most important thing is money management, money management, money management. Anybody who is successful will tell you the same thing.”
OK its obvious but there is no harm in re stating it because MOST traders fail to understand it and lose but every top trader in the world knows, you need to protect what you have above all else, so you are around when the profitable trades come around. Sure its basic trading advice but its the most important advice of all in achieving trading success.
On Patience and Being Selective on Trades
“Before putting on a position always ask, ‘Do I really want to have this position?’”
Are you trading because its a good trade set up you are confident in or trading just for the sake of trading? The fact is most traders will take to many trades for a thrill, they want revenge on the market which has just given them a loss. Patience as we have stated elsewhere on this site is one of the most valuable traits to develop to increase profit potential and also reduce risk – ONLY trade high odds trade set ups if you want to enjoy the biggest profit potential.
Clear Your Head – You Can Always Get Back in the Market
“No, I always take my losses quickly. That is probably the key to my success. You can always put the trade back on, but if you go flat, you see things differently”
One of the best pieces of trading advice I would give to novice traders is - “ if in doubt get out” and the above quote fits with this advice perfectly. If you are stuck in a losing trade your view of the market is one based on hope and non clarity but when you exit, you see things more clearly because you are on the sidelines and able to see price action as it is and not clouded with your emotions.
Beware of Streaks and Over Confidence
“My biggest losses have always followed my largest profits.”
When trader win they become over confident and thing they will continue winning – their ego comes into play and they start to take trading signals they shouldn't and risk more than they should and it leads to a big hit on account equity or even worse a wipe out. Always keep in mind winning and losing streaks always end so don't be to worried if your losing a number of trading signals and don't get over confident when your winning a number of trading signals – be disciplined and alert at all times.
Shwartz's Best Advice for New Traders
“Learn to take losses. The most important thing in making money is not letting your losses get out of hand. Also, don’t increase your position size until you have doubled or tripled your capital. Most people make the mistake of increasing their bets as soon as they start making money. That is a quick way to get wiped out.”
This really is a summary of the quotes we have just looked at but any beginner in currency trading, should read and re read the above quote because it really is one of the best quotes for achieving currency trading success you will read.
Final Words
I like Marty Shwartz quotes because he can say it better than me especially on the importance of money management! On a serious note, If you read the quotes above and learn from them, you will have a head start in your quest for currency trading success. He is one of the  true great trader and a trader, whoany trader can learn from - novice or pro. If you like this article, why not check out Martin Schwartz's book, "Pit Bull" which is  a really fun and inspirational read, packed with essential trading advice for profit.

Marty Schwartz Trading Strategy and Tips (2)

“The most important thing is money management, money management, money management. Anybody who is successful will tell you the same thing.”

Marty Schwartz Trading Strategy and Tips

“I’ve said it before, and I’m going to say it again, because it cannot be overemphasized: the most important change in my trading career occurred when I learned to divorce my ego from the trade. Trading is a psychological game. Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself. You have to stop trying to will things to happen in order to prove that you’re right. Listen only to what the market is telling you now. Forget what you thought it was telling you five minutes ago. The sole objective of trading is not to prove you’re right, but to hear the cash register ring.”

Thursday, November 21, 2013

REITs in United States

List of public REITs in the United States

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Main article: Real estate investment trust
This is a list of notable public company real estate investment trusts (REITs) in the United States.

Equity

Industrial and office

Industrial

Office

Retail

Regional malls

Shopping centers

Free standing

Residential

Apartments

Mortgage

Diversified

Lodging and resorts

Health care

Self storage

Specialty (farmland)

Specialty (timber)

Specialty (other)

Wednesday, November 20, 2013

借来的话 ［ZT］


有眼界才有境界，有实力才有魅力，有思路才有出路，有作为才有地位。政从正来，智从知来，财从才来，位从为来!
观念比能力重要，策划比实施重要，行动比承诺重要，选择比努力重要，感知比告知重要，创造比证明重要，尊重生命比别人看法重要！
方向比速度重要，智慧比吃苦重要，学习比学历重要，机遇比关系重要，要什么比做什么重要!
智力比知识重要，素质比智力重要，觉悟比素质重要。方向大于方法，动力大于能力，做人大于做事！
思路清晰远比卖力苦干重要，心态正确远比现实表现重要，选对方向远比努力做事重要，做对的事情远比把事情做对重要。成长的痛苦远比后悔的痛苦好，胜利的喜悦远比失败的安慰好！
拥有远见比拥有资产重要，拥有能力比拥有知识重要，拥有人才比拥有机器重要，拥有健康比拥有金钱重要！
思路决定出路，观念决定方向，性格决定命运，生活方式决定健康!
表面上缺的是金钱，本质上缺的是观念，命运里缺的是选择，骨子里缺的是勇气，肚子里缺的是知识，事业上缺的是毅力，行动上缺的是改变!
落后是观念落后，贫穷是脑袋贫穷。许多人, 不是没有好机会，而是没有好观念。不是不接受新观念，而是不愿抛弃旧观念！
信念改变思维，思维改变心态，心态改变行动，行动改变习惯，习惯改变性格，性格改变命运。要改变命运，先确立信念！
心态决定看世界的眼光，行动决定生存的状态。要想活出尊严，展现不凡，只有改变观念，敢于和命运抗争！

如果事情无法改变，那就改变自己；如果无法说服他人，那就想法说服自己。如果山过不来，那人就过去！
命运不是放弃，而是努力。命运不是运气，而是选择。命运不是等待，而是把握。命运不是名词，而是动词。要改变命运，先改变观念！
决定今天的不是今天，而是昨天对人生的态度；决定明天的不是明天，而是今天对事业的作为。我们的今天由过去决定，我们的明天由今天决定！
制胜不凭体力靠智力，成功不靠奇迹靠轨迹。成功不在于是否拿到好牌，关键在于能否将手中的坏牌打好。人生最重要的是，知道自己去哪里！
不是井里没有水，而是挖的不够深；不是成功来的慢，而是放弃速度快。得到一件东西需要智慧，放弃一样东西则需要勇气！
终而复始，日月是也。死而复生，四时是也。奇正相生，循环无端，涨跌相生，循环无穷。机遇孕育着挑战，挑战中孕育着机遇，这是千古验证了的定律！
种子放在水泥地板上会被晒死，种子放在水里会被淹死，种子放到肥沃的土壤里就生根发芽结果。选择决定命运，环境造就人生！
懂得如何避开问题的人，胜过知道怎样解决问题的人。在这个世界上，不知道怎么办的时候，选择顺其自然，也许是最佳选择。胜出者往往不是能力而是观念！
在家里看到的永远是家，走出去看到的才是世界。把钱放在眼前，看到的永远是钱，把钱放在有用的地方，看到的是金钱的世界。
给人金钱是下策，给人能力是中策，给人观念是上策。财富买不来好观念，好观念能换来亿万财富。世界上最大的市场，是在人的脑海里！
要用行动控制情绪，不要让情绪控制行动；要让心灵启迪智慧，不能让耳朵支配心灵。人与人之间的差别，主要差在两耳之间的那块地方！
人无远虑,必有近忧。人好的时候要找一条备胎，人不好的时候要找一条退路人得意的时候要找一条退路，人失意的时候要找一条出路！

孩子贫穷是做父母的错，因为他小的时候 ,父母没给他正确的人生观。家长的观念是孩子人生的起跑线！
有什么信念，就选择什么态度；有什么态度，就会有什么行为；有什么行为，就产生什么结果。要想结果变得好，必须选择好的信念。
播下一个行动，收获一种习惯；播下一种习惯，收获一种性格；播下一种性格，收获一种命运。思想会变成语言，语言会变成行动，行动会变成习惯，习惯会变成性格。性格会影响人生！
习惯不加以抑制，会变成生活的必需品，不良的习惯随时改变人生走向。人往往难以改变习惯，因为造习惯的就是自己，结果人又成为习惯的奴隶！
人生重要的不是你从哪里来，而是你到哪里去。当你在埋头工作的时侯, 一定要抬头看看你去的方向。方向不对，努力白费！
你来自何处并不重要，重要的是你要去往何方，人生最重要的不是所站的位置，而是所去的方向。人只要不失去方向，就永远不会失去自己！
这个世界唯一不变的真理就是变化，任何优势都是暂时的。当你在占有这个优势时，必须争取主动，再占据下一个优势，这需要前瞻的决断力，需要的是智慧！
提出问题远比解决问题难，因为解决问题是技术性的，而提出问题则是革命性的。我们身边并不缺少财富，而是缺少发现财富的眼光！
观念改变并未改变事物本身，改变的只是对事物的认识，但观念可以改变人人可以改变世界。做人最重要的是品格、态度、思想观念和人生价值观！
改变观念，就是改变可以改变的一切，适应不能改变的一切。改变观念，就是推陈出新，解放思想！
经验固然重要，但观念的正确与否起决定作用。经验只能做好现成的东西，观念则决定长远的方向。思维观念高于工作经验。
你能够成为什么？惟一限制的就是你头脑里的框框，你的外部世界永远反映你的内心世界，要想改善外部世界，必须努力改变内心世界！
没有比脚更长的路，没有比人更高的山，没有做不到的事，只有想不到的人。阻挡你前进的不是高山大海，而往往是自己鞋底一粒小小的沙粒！
熟悉的习惯，熟悉的路线，熟悉的日子里，永远不会有奇迹发生。改变思路，改变习惯，改变一种活的方式，往往会创造无限，风景无限！
发生一件事，喜欢它那就享受它，不喜欢它那就避开它，避不开那就改变它改变不了那就接受它。接受不了是你的观念，别埋怨事情的本身。
无法改变世界，可以改变观念；无法改变事情，可以改变心情；无法改变別人的看法，可以改变自已的想法！
无法改变风向，可以调整风帆；无法左右天气，可以调整心情。如果事情无法改变，那就去改变观念。

要想事情改变，首先自己改变，只有自己改变，才可改变世界。人最大的敌人不是别人, 而是自己，只有战胜自己，才能战胜困难!
别人不明白的时候你明白了，别人明白的时候你行动了，别人行动的时候你成功了，别人成功的时候你富有了。这就是：超常思维，先见之明！
聪明人看得懂，精明人看得准，高明人看得远。智者的声音是愚者的方向，无法放弃过去的无知，就无法走进智慧的殿堂。偏见比无知更可怕！
手指脏了，大可不必把手指砍掉；帽子小了，大可不必把头削掉。证明鸡蛋是否变味，大可不必把它全吃掉；吃个鸡蛋味道不错，大可不必非要认识下蛋的鸡妈妈！
太阳不会因为你的失意，明天不再升起；月亮不会因为你的抱怨，今晚不再降落。蒙住自己的眼睛，不等于世界就漆黑一团；蒙住别人的眼睛，不等于光明就属于自己！
路再长也会有终点，夜再长也会有尽头，不管雨下得有多大，总会有停止的时候。乌云永远遮不住微笑的太阳！
鱼搅不浑大海，雾压不倒高山，雷声叫不倒山岗，扇子驱不散大雾。鹿的脖子再长，总高不过它的脑袋。人的脚指头再长，也长不过他的脚板。人的行动再快也快不过思想！
以前认为水不可能倒流，那是还没有找到发明抽水机的方法；现在认为太阳不可能从西边出来，这是还没住到太阳从西边出来的星球上。这个世界只有想不到的，没有做不到的！  
世上本无移山之术，惟一能移山的方法就是：山不过来，我就过去。人生最聪明的态度就是：改变可以改变的一切，适应不能改变的一切！
亿万财富不是存在银行里，而是产生在人的思想里。你没找到路，不等于没有路，你想知道将来要得到什么，你必须知道现在应该先放弃什么！
命运把人抛入最低谷时，往往是人生转折的最佳期。谁能积累能量，谁就能获得回报；谁若自怨自艾，必会坐失良机！
创新就是求新，改革就是求变。求新不是排斥传统，而是继承传统；求变不是表面背叛，而是内在蜕化。科学的本质就是创新，变化的本质就是发展！
只有不快的斧，没有劈不开的柴；只有想不到的人，没有做不到的事。想干总会有办法，不想干总会有理由！
成功是优点的发挥，失败是缺点的累积。走对了路的原因只有一种，走错了路的原因却有很多。先知先觉改变一生，不知不觉断送一生！
农业社会，人们的时间观念是习惯面向过去看，工业社会人们的时间观念是注意现在，而当今信息社会，人们的时间观念是关注未来！
当今世界进入新经济时代，我们面对的是看不见的战线、没国界的战争、席卷全球的风暴，因特网是全球巨变的激素，电子商务将代表世界经济发展方向！
 

Sunday, November 10, 2013

F5 Networks

worth on the watch list

If this is true, Citrix's Netscaler can be in a challenging position

Arista Analyst Day: $2.5B IPO in ’14 for Cisco’s ‘Most Serious Challenger’?

By Tiernan Ray

You don’t have to be a public company to have an annual “analyst day” meeting: privately held Arista Networks of Santa Clara, California, the hot networking startup that competes with Cisco Systems (CSCO), held a meeting yesterday at its headquarters, the third such meeting it has held, with several interested parties from the Street.
ISI Group’s Brian Marshall, who has a Hold rating on Cisco, writes today that “Arista remains the fastest growing and most serious challenger” to Cisco.
Marshall thinks the company’s getting ready for a $2.5 billion IPO next year:
Arista will continue to make inroads in the high-value datacenter switching market driven by a combination of high-quality management, best-of-breed products and a widening sales/customer footprint. With the recent new addition of Kelyn Brannon (CFO), we believe Arista is preparing for a potential IPO in CY14 and wouldn’t be surprised to see a valuation in the ~$2.5bil range given revenues are likely to exceed $300mil in CY13 (up ~50% y/y) with an associated high margin profile. While we expect big things from CSCO’s new “application-centric” switching platform (i.e., Insieme) which provides a common policy framework across physical-to-virtual (P2V) switching infrastructure, we suspect it will be somewhat cannibalistic on CSCO’s existing Nexus series (e.g., datacenter switches).
JMP Securities‘s Erik Suppiger, who has a Hold rating on Cisco shares, writes that Arista’s success in the data center shows just how competitive the equipment market is in that segment, and that F5 Networks (FFIV) could be a beneficiary:
The company has grown to more than 600 people, has shipped more than a million switch ports, and has more than 2000 customers. We believe Arista is executing well in the switching market and represents a growing threat to vendors such as Cisco, Brocade (BRCD), and Juniper Networks (JNPR). While Arista is considerably smaller than the other switch vendors, we believe Arista has been more successful than Brocade and Juniper in penetrating the next generation data center switching market, which management estimates is a $3-5 billion market and is the fastest growing segment of the switching market. Arista also highlighted its ability to uniquely partner with complimentary vendors and our offline discussions suggest that it is working well with F5 among other vendors. In light of the analyst day, we believe application delivery controllers (ADC) will be critical to next generation data centers and we reiterate our Market Outperform on F5. We also believe the data center switching market is highly competitive and we maintain our Market Perform ratings on Cisco, Brocade, and Juniper.

Thursday, November 7, 2013

Manage Your Fate

不要轻视行为，因为行为会形成习惯；

不要轻视习惯，因为习惯会形成性格；

不要轻视性格，因为性格会决定命运。

Tuesday, November 5, 2013

金融课 (1)

钱是什么？货币是什么？

钱就是欠条。不管是黄金白银，还是纸钞，还是电子币，本质都是欠条。黄金白银、纸币、电子币的地位都是平等的，“金本位货币”理论是错误的。

假设世界上只有两家人，老美两口子和老华两口子，开始他们两家各干各的，自给自足。一天，老美捉了4条鱼，老华逮了8只鸟，老美想尝尝鸟味，老华想品品鱼鲜，他们就交换了，老美用2条鱼换了老华的4只鸟。以后他们常常这样交换。

有一天，老美懒了，没去捉鱼，在家睡了一天。晚上，老华逮鸟回家，老美没东西吃，就找老华借鸟吃。老美找一张树皮，在上面写上：2条鱼。到老华家后，对老华说：“我来换4只鸟。不过，我今天生病了，没能去捉鱼，我给你打2条鱼的欠条。”老华说：“这好说。”把欠条收下，把4只鸟给了老美。老美回去吃得美滋滋的。

老美尝到了这个甜头，第二天又在家睡一天，晚上又拿2条鱼的欠条去换了4只鸟。交换完毕，老美对老华说：“以后欠条上就不写2条鱼了，这欠条是我老美打的，后欠条就写2美元吧。”老华欣然同意。以后欠条就用美元表示，如此日复一日。

按 照商品交换的原则来说，商品交换应该是物物交换，商品换商品，而不是钱和物的交换。老美拿钱换了老华的鸟，老华得到钱，这不是商品交换的全过程，只是半个 过程。老华手里有老美的钱，就说明老美还欠老华的鱼。所以，钱的本质就是欠条。等老华拿钱买了老美的鱼后，商品交换的整个过程才结束。这个过程就是老美用 鱼换了老华的鸟。如果老华始终不用钱去换老美的鸟，那么老美就占了大便宜了，白吃白喝老华的。可是，这里，老美就设法始终不让老华拿钱到他那里兑换实物。

日子长了，老华手里积攒的钱有一大堆。老美害怕老华来兑换实物，就对老华说：“现在我们之间的交易，你是顺差，顺差对你是非常有利的，你要保持下去。”老华听了很高兴，就舍不得兑换实物了。老华就没想起来问一问：“你是逆差，既然逆差不利，你为什么要始终保持逆差呢？”

又过一天，老美觉得4只鸟不够吃的，就写了3美元，到老华家买了6只鸟。老美一天有6只鸟吃，老华反而只有2只鸟吃，饿得饥肠辘辘。但是一想到手里有那么多的钱，到老美家可以买很多很多的东西，够自己养老的了，也就觉得值了。

以前，秦国利用其权威，经常为各国培养奸贼。外国的王公贵族到秦国去，秦国就教育他们：“以后只要秦国和你们的国家打仗，你们就割地，这对你们国家是最有利的。”这些王公贵族，回到自己的国家后，因为是从秦国留学回去的，满腹经纶，都被委任要职。后来，只要秦国的大兵一压，或者一封讨伐信一到，这些国家就立即割地。如今，美国的这种“顺差有利”的理论被各国的留学生带到世界，也就成了主流经济学理论，美国靠印钱到各国买东西，各国都象守宝贝一样守着美元，舍不得花，美国暗里得意死了。

又过了很长一段时间，老华发现老美给他的一些钱被虫蛀了，想到老美家把这些欠条兑换成实物。老美对他说：“这些钱都是财富，你怎么能轻易花掉呢？你太奢侈了。你不要担心我兑换不起你，我富裕的很，你看我吃的喝的，哪样不比你好？”边说边指着屋里的一口袋一口袋的鸟肉干说：“你看我有这么多的财富，你还担心什么？我完全能兑换得起你，你不要担心，我拿我的人格发誓，我绝对不违约。可是你有什么，你就是个穷光蛋，天天饿得直打晃，我看着都可怜。俗话说，越穷越赖，我倒担心你的信誉呢。”老美说完，忽然感到说得不好，又立即改口说道：“当然啦，你只是表面上穷，实际上你非常富裕，你有那么多的外汇储备。你看我有什么，欠一屁股债。我倒感觉你对我的天下第一富的地位有严重威胁呢。”老华被他说得，如同一口喝了 二两老白干，顿时觉得晕晕忽忽的。老美又说道：“这充分说明你这条路走对了。今后你还要继续走下去，我们之间的贸易是互惠互利的。我们要共同富裕。”老华感激万分，忙向老美表态：“您放心，我是个负责任的人，绝对不失信！”老美又指着老华手里的钱说道：“既然这些钱被虫蛀了，我就给你重新写个债券吧。算是我借你的债，付给你优厚的利息，一年后还钱。”老华一看，这个合算，就换了一张债券回去。他们的交易又正常继续下去。

终于有一天，老华有点醒悟了。他想：“老美这个家伙天天什么活都不干，吃的喝的，全都是我的，比我过得还滋润，我得到的只不过是些树皮。而他总是想尽一切办法，编出各种理论不让我兑换实物，如果不能兑换，就只能当柴火烧。算了，以后就不和他交易了。”

晚上，老美又拿3美元去买鸟。老华不给他。老美就说：“如果你不卖给我，我就得饿死，那么你手里的美元和债券就全废了。你要知道，现在救我就是救你自己。”老华急了，不得已，还得和他交易。

究竟和老美还继续交易不交易？老华愁死了，但是在他妻子面前还得装作很英明的样子。

转眼一年过去了，老华的妻子翻出老美的那张债券，催老华去讨债。还塞给老华一大抱美元，让他顺便到老美家多买点东西。老华怕减少外汇储备，不想买东西，两口子为此事有不同想法,老华的妻子嚷道：“不买东西，留这些美元有什么屁用？今后不准你再要他的美元，也不准你再要他的债券！”

声音传到隔壁，老美吓死了。对他妻子说：“我 倒不怕他们来讨债，我造钱还他就是了，要多少有多少。说实话，我根本就不需要向他们借债，不管买什么，我直接造钱付帐就行。其实，不管是我发出去的债券， 还是美元，本质都是债券，都表明我欠人家的实物。而我之所以要向他们借债，就是演戏，让他们知道我对造钱很慎重，不轻易造钱，我也不造钱买东西，以保持他 们对美元的信任。我最怕的就是他们怀疑我乱造钱，造钱买东西，不信任美元，不接受美元。其次我怕的是他们拿美元来换实物。这样要把我们掏空还不说，我们还 不能白占他们的便宜了。我们得想个办法，让他们继续相信和接受美元，还不能让他们来兑换实物。”

于是两口子就嘀咕了一阵子，然后大声吵起架来。老美的妻子大声骂老美：“你这个饭桶，就知道吃吃喝喝，我让你节省开支你也不节省，欠的都是债，拿什么还哪， 我的老天,这个日子我不过了，我得上吊去！”老美也大声骂他的妻子：“你这个扫帚星，就知道怨我，你天天涂脂抹粉，穿红戴绿，我让你节省开支你节省了吗？ 你就知道让我天天去借债，我上哪借去？你看人老华家的，那才叫会管家，人家多富裕，钱都多得发霉了。摊上你这个女人，我算倒八辈子的霉了。我也不活了，我也得上吊去！”

隔壁老华两口子得一清二楚，都想：“你们千万不能死，你们死了，我们问谁要债去！你们要是缺钱花，就赶紧来借吧，借多少都有，绝对不限制，救你们就是救我们自己。”老华想完，就对妻子说：“他们太可怜了，不能让他们就这样倒下。他们不好意思来借债，我们就主动送上去吧。家里还有一只鸟，也送给他们吧。”老华的妻子连连点头。

于是两口子抱起一大抱美元和家里仅剩的一只鸟，到老美家去，对他们说：“送给你们应应急吧。”说完两口子转身就走了。

老美两口子在后面，望着他们的背影，乐翻了天。

老美说：“这样的傻瓜穷死活该！”

这就是外汇存底

老美既欠老华的钱最多？在全世界是美国的最大债权国？

这样老华是比老美富有？老华是全世界最有钱的国家吗？

「非也！是货币战的战败者」老美说：「这样的傻瓜穷死活该！」
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