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investment strategy

流动性幻象与结构性脆弱：美股期权市场机制、0DTE衍生品与Vanna-Gamma悖论的深度剖析

流动性幻象与结构性脆弱：美股期权市场机制、0DTE衍生品与Vanna-Gamma悖论的深度剖析

2025年深秋的全球金融市场，正处于一个前所未有的十字路口。传统的金融教科书理论——那些基于格雷厄姆（Benjamin Graham）和多德（David Dodd）的安全边际、账面价值以及市盈率回归均值的经典教条，在当下的市场生态中显得苍白无力，甚至在某种程度上成为了投资业绩的拖累。此时此刻，美股市场、加密数字资产以及各类衍生品的交易行为，正在经历一场深刻的“范式转移”（Paradigm Shift）。这不仅仅是资产价格的周期性波动，而是底层定价逻辑的根本性重构。

🚨 Buffett Indicator Hits Record 217%: The Ultimate Warning Beyond All Bubbles

🚨 Buffett Indicator Hits Record 217%: The Ultimate Warning Beyond All Bubbles

The Market Cap to GDP ratio hits 217%, far exceeding the 2000 dot-com bubble peak of 159%. Buffett considers 120% overvalued - we're now at nearly 3x normal levels! History shows every time it exceeded 130%, a 40-60% crash followed.

Understanding the VIX Fear Index: What Does the Market Sentiment Thermometer Tell Us?

Understanding the VIX Fear Index: What Does the Market Sentiment Thermometer Tell Us?

The VIX Fear Index serves as a thermometer for market sentiment. Current level of 16.37 shows relatively calm markets, but looking back at historical data from the 2008 financial crisis (peak 80.86) and 2020 pandemic (peak 82.69), we learn important investment lessons: panic often creates opportuni

Yield Curve Inversion: Early Warning System for Financial Markets - A Deep Dive Analysis

Yield Curve Inversion: Early Warning System for Financial Markets - A Deep Dive Analysis

An in-depth analysis of yield curve inversions as financial market early warning systems, examining historical patterns, current market conditions, and the Market Cap/M2 ratio as complementary indicators for assessing systemic risks.