Vistopia
Cover of Chen Zhiwu’s Essential Finance Course
Chen Zhiwu’s Essential Finance Course
Think financially in a society of risk
Completed · 96 episodes
Buy for ¥168.00 （Original price ¥198.00）
Audio in Chinese
0. The Missing Finance Course: Why Did China and the West Take Such Different Modern Paths? 1. The Emergence of Finance: In a World without Finance, Are People the Currency? 2. The Essence of Finance: Exchanging Value across Time and Space 3. How Did Ancient People Guard against Risk? Confucian Culture and Finance 4. Why Did Early Human Trafficking Sell Daughters but Not Sons? Finance Challenges Patriarchy 5. Finance and Marriage: When Marriage No Longer Bears Transaction Risk, Does Love Finally Win? 6. Why Did Financially Innovative China Fail to Develop Public Debt? The Securities Market's Origins 7. “The Poor Government Strikes Back”: Why Did America's Market Economy Flourish? Debt versus Tax 8. Why Did Limited-Liability Companies First Appear in Britain? Finance and Constraints on Royal Power 9. How Were the Huge Costs of War and Disaster Met? The Late Ming Fiscal Crisis 10. Can Territory Be Mortgaged When Sovereign Debt Goes Unpaid? Late-Qing Financing Choices 11. How Does Innovation in Finance Transform a Country? The Meiji Restoration and the Nishihara Loans 12. How Can Modern Companies Rival Nations in Wealth? Value Creation and Marginal Cost 13. Founders vs. Shareholders: Who Is Really in Charge? Core Principles of the Modern Company 14. The Secret of a Century-Old Firm: Blood and Marriage? How Traditional Family Firms Expanded 15. Was the Modern Company Initially Ill-Suited to China? 16. How Do Corporate Debt and Equity Financing Work? Enron's Financing Challenge 17. Coke vs. Pepsi: Which Sells Better? Designing a Corporate Financing Strategy 18. The Listed Puppet: How Should Firms Choose in a Volatile Market? Broad Group and Meinian Health 19. Why Did Elevator Advertising Take Off? Choosing an Exchange and Challenges after Listing 20. A Company That Does Everything: Opportunity or Trap? Specialization versus Diversification 21. How Did TVB's Golden Age Arrive? The Business Models of Shaw Brothers and Golden Harvest 22. Broad Reach or Deep Focus: Where Should a Company's Boundaries Lie? Trina Solar vs. Suntech 23. How Does Buffett Turn Things to Gold? Financial Leverage | Anbang Insurance's Rise and Collapse 24. Finance Accelerates Growth: How Installment Payments Helped General Motors 25. Will E-Commerce Upstarts Replace Walmart? A Strategy of Winning through Scale 26. Where Should a Company Spend Its Money: Asset-Light Operations or Employees? 27. Where Did Banks Come From? The Rise of Money Houses and Private Currency 28. Why Was Banking's Prehistory So Turbulent? The Rise and Fall of Shanxi Draft Banks 29. Why Were Traditional Chinese Merchants Reluctant to Found Banks? China's Native Banks 30. How Much Risk Do Banks Bear as Financial Intermediaries? Direct and Indirect Financing 31. Do Capital Markets Foster Innovation Better Than Banks? Different Financial Systems 32. Do Oversized Banks Reduce Social Mobility? Financial Regulation in America and Germany 33. Can Banks Fail in a Crisis? The Great Depression and Reconstruction of the Financial System 34. Liquidity Management: Why Should Banks Avoid Equity and Real Estate? 35. Does Money in the Bank Need Insurance? The Birth of Deposit Insurance 36. Did the 2008 Financial Crisis Plant New Risks? The Case for and against Deposit Insurance 37. Preventing Financial Crises: Can Regulation Guarantee That Banks Are Too Big to Fail? 38. How Does Central-Bank Policy Affect Ordinary Lives? 39. What Causes Inflation: Growth in Money Supply? Quantitative Easing 40. Why Strengthen Foreign-Exchange Controls? Currency Markets and Exchange-Rate Policy 41. Internet Finance: Challenges and Opportunities for Traditional Banks 42. Modern Financial Products Become More Precise: From States to Individuals and Families 43. Did the Sewing Machine Narrow Gaps in Consumption? Financial Innovation and Access 44. Finance and the Individual: Is Borrowing to Spend an Investment? 45. A Key Variable in Lending: Why Do Interest Rates Always Seem So High? 46. How Do We Escape the Usury Trap? Destigmatize Lending and Protect Creditors? 47. Does Excessive Regulation Obstruct Finance? Pros and Cons of Private Lending 48. Why Is Private Lending Trapped in Usury? India's Debt-Waiver Storm 49. Was “Superstition” Traditional Society's Insurance? Insurance in China 50. Should Return and Risk Be Negatively Correlated? Insurance's Social Value 51. What Fills the Gap between Banks and Public Markets? The Origins of Venture Capital 52. From Venture Capital to Nasdaq: A Boon for Grassroots Entrepreneurship 53. With So Many Products, How Should Assets Be Allocated? Judging Risk and Return 54. Midea vs. Gree: Does P/E Reveal Whether a Stock Is Expensive? 55. Why Does Gree Hold So Much Cash? Ownership Structure and Corporate Governance 56. How Do We Uncover Investment Value? The Asset Value of Beijing North Star 57. Why Is Chasing Hot Stocks a Trap? 58. How Can Stock Buyers Avoid Losing Out? Differences in Liquidity Premium 59. How Does Overconfidence Affect Returns? Investor Bias 60. Lessons in Wealth Management: Why Did US Middle-Class Wealth Shrink while Home Prices Rose under Controls? 61. Property as an Asset: Is Speculation Good, and Should It Be Banned? 62. Why Is Art Investment So Popular? The Investment Logic of Qing Elites 63. From IPO Subscriptions to Convertible Bonds: Is the Bond Market More Important Than Stocks? 64. Why Is Government Debt So Sought After? Bond Valuation 65. Could China Repeat the Asian Financial Crisis? Lessons from Historic Debt 66. Can You Grow Rich without Understanding Investment? The Origins and Selection of Mutual Funds 67. Is Return the Only Measure of a Fund? Alpha, Beta, Sharpe Ratio, and Two Chinese Funds 68. Is “Every Dog Has Its Day” the Fate of Funds? Volatile Fund Rankings 69. When Buying a Fund, Trust the Manager or the Firm? Collective versus Individual Decisions 70. Why Does Buffett Love Index Funds? Active versus Passive Funds 71. Is Tracking Market Capitalization “Blindly Following”? Smart Beta in Fundamental Index Funds 72. Private vs. Public Equity: How Does Liquidity Affect Returns? 73. Do Hedge Funds Deliver Absolute Returns in Bull and Bear Markets? A Demonized Private Fund 74. Why Not Buy Property Abroad? The Convenience of Real-Estate Funds 75. One Hamburger Reveals Exchange Rates? Overseas Investment under Currency Controls 76. Hedge Price Risk and Get Rich Overnight? Forward Contracts and Futures 77. Is Gold “Useless”? Gold Futures and Paper Gold 78. Futures or Stock-Index Futures: Which Is the Reliable Hedge? 79. Futures Are Not Frightening—Is Leverage-Induced Gambling the Real Danger? 80. Options Are Rights, Not Obligations: Calls and Puts 81. How Can Options Make Money? The Legendary Options Trade in The Big Short 82. High Returns or Corporate Risk Management: What Is the Highest Value of Options? 83. Must a Fatal Gamble Be the Fate of Derivatives? China Aviation Oil's Speculation 84. Did Fuel Hedging Cause Cathay Pacific's Layoffs? Do Firms Innovate through Option Incentives? 85. Beyond Corporate Finance, What Value Does the Stock Market Provide? 86. What Do Investment Banks Do? Specialized Intermediation in the Internet Age 87. How Do We Prevent Free-Riding in Stocks? Is a Class Action the Best Answer? 88. Why Have a Securities Regulator? From a Court-Only Model to Administrative Oversight 89. Should Government Remain Neutral in the Stock Market or Take Sides? 90. “Sunlight Is the Best Disinfectant”: Media Exposure of Fraud as a Market Foundation 91. Is a Murky Information Market Like a Minefield? Bad Media Drives Out Good Companies 92. Did the Late Qing Have State Firms and Financial Risk? Self-Strengthening versus Today's Market 93. Contrarian Thinking: Why Is Short Selling Innocent, and What Is Its Social Value? 94. Can “Barbarian” Hostile Takeovers Cultivate Better Listed Companies? 95. How Did Li Ka-shing Achieve Great Leverage with Little Capital? East Asian Ownership Models (Finale)