{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"e613fff5-9eda-4e8d-b348-903e6d630253","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"e613fff5-9eda-4e8d-b348-903e6d630253","id":"e613fff5-9eda-4e8d-b348-903e6d630253","uuid":"e613fff5-9eda-4e8d-b348-903e6d630253","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","normalized_title":"黑箱社会控制金钱和信息的数据法则theblackboxsociety","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","isbns":["9787508655208"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":318,"navigation_url":"https://workshop.closeclaw.top/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253","title_url":"https://workshop.closeclaw.top/ai/title/%E9%BB%91%E7%AE%B1%E7%A4%BE%E4%BC%9A%20%E6%8E%A7%E5%88%B6%E9%87%91%E9%92%B1%E5%92%8C%E4%BF%A1%E6%81%AF%E7%9A%84%E6%95%B0%E6%8D%AE%E6%B3%95%E5%88%99%EF%BC%9DTHE%20BLACK%20BOX%20SOCIETY","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/e613fff5-9eda-4e8d-b348-903e6d630253","page_url":"https://workshop.closeclaw.top/api/ai/books/e613fff5-9eda-4e8d-b348-903e6d630253/page","search_url":"https://workshop.closeclaw.top/api/ai/books/e613fff5-9eda-4e8d-b348-903e6d630253/search"},"page":{"printed_page":183,"pdf_page":202,"physical_index":202,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"d8deaadc30afd034a277e43663596bacdd16941d11ab5898e72106907351830a"},"chapter":"第三章","content":"信息军备竞赛可能会越来越昂贵。交易者担心会被潜伏的算法“踢出局去”。高频交易活动越频繁，其他公司就必须投资更多的资金来掩盖自己的行动，以避免被他人“抢先一步”(即获知它们即将发出的交易指令，然后提前进行市场运作，从而推高它们的交易价格)。高频交易的内行可以很容易地从其他交易者身上牟利。\n\n如果能够知道401(k)计划的“费用”或其他神秘的融资费用都去了哪里，也许可以帮助你的基金经理了解高频交易者的套利策略并绕其道而行之。对付高频交易者(和本章中描述的所有其他技巧与陷阱）需要超强的才能和昂贵的软件。智库演示系统显示，在一生当中，“一个中等收入的双职工家庭差不多要花费15.5万美元”来支付退休养老金。投资人约翰·博格尔(JohnBogle)指出，应用于50年以上投资期的2%的费用会使普通账户的价值损失63%。同样需要注意的是，整个金融界没有采取任何措施来制止这种浪费行为。外行人越是在计算机化市场的新型交易中摸不着头脑，他们就会付给内行人更多的钱来避免触礁。\n\n这里还要注意价值信号的传输问题。高频交易者只是在预测和模仿他人的行为，而不去研究交易股票的放股公司具有何种潜在价值。这种纯粹信号交易是黑箱问题的另一个表现，而问题的根源来自信用评级和信用违约掉期。单是AAA评级或美国国际集团的保险项目就让很多投资者产生了虚幻的安全感。在这里，买卖信号的活动产生了很大的影响，它催生了大量的交易聚拢行为。\n\n第四章\n\n金融算法:皇帝的新代码\n\n183","previous_page":182,"next_page":184}