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How a Person Lost $20 Billion in 48 Hours
In March 2021, Wall Street experienced a shock. A hedge fund manager named Bill Hwang became one of the fastest losers in modern history in just two days. His story is not due to stupidity but stems from the black swan risks amplified by leveraged financing. Hwang's investment logic was simple: pick promising companies and amplify returns through大量融资. This approach once allowed him to grow his assets from $220 million to $20 billion in ten years. But when the stock market experienced massive volatility, the chain reaction of margin calls instantly destroyed everything.
Why did such a disaster happen? To understand Bill Hwang's story, you first need to understand what financing is, what a margin call is, and how much one can lose in a margin call.
What is financing? Why does it trigger margin calls

The United States will release an important employment report on December 16, including non-farm payroll data for October and November. Market expectations for the data are divided. The direction of interest rates will be determined by labor market performance, and non-farm payroll data will influence the trends of the US dollar, US stocks, and gold. There are also differing opinions on rate cuts in 2026, with focus on the upcoming data releases.

Preface: Why Shareholders Should Care About Dividends
After purchasing a company's stock, besides waiting for the stock price to rise, there is an important income source that is often overlooked—dividend distribution. When a company profits, it will allocate part of the earnings to shareholders, which we commonly refer to as dividends. According to the company's articles of incorporation and the shareholder's ownership percentage, different shareholders receive different dividend amounts.
So, the question is: does the company give you cash directly, or does it send you additional shares? Which method is more cost-effective for you? This article will explain from a practical perspective the differences between stock dividends and cash dividends, and how to calculate stock splits and dividends.
Two Methods of Dividend Distribution
Method 1: Stock Dividend (Stock Dividend)
The company distributes new shares to shareholders free of charge, directly credited to your shareholding account. Your number of shares increases, but this doesn't mean you are richer—it's a way of "sharing the pie" rather than "making the pie bigger."
Example:

Taiwanese investors want to enter the US stock market, and the key pain point is not the stocks themselves, but how to choose the most cost-effective trading method. Custodial委託 and overseas brokers each have their strengths, but differences in commission fees can directly impact your investment returns. This article uses the latest fee data and real cost comparisons to help you quickly determine which option is best for you.
Two Main Channels for Investing in US Stocks
If you want to buy US stocks in Taiwan, there are essentially two paths: one is to entrust a domestic broker to handle the transactions (custodial委託), and the other is to directly use an international broker to trade yourself.
Custodial委託: Taiwanese brokers assist you in purchasing US stocks
Custodial委託 stands for "Trust Business for Buying and Selling Foreign Securities," simply meaning you open an account with a domestic broker and then buy and sell US stocks and ETFs through their channels. Because the order has to go through two intermediaries—"Taiwanese broker → American broker"—it is called "custodial"委託.
The advantages of choosing custodial委託 are clear:
- Directly using new

Introduction: Why Understand WACC?
When considering investing in a company's project, many investors often focus only on the expected returns. However, an equally important factor is the true value, which must be evaluated in comparison with the cost of capital used for the investment. The metric that helps in this assessment is called WACC.

The energy storage industry is entering a golden period amid the accelerated global energy transition, with multi-dimensional investment opportunities in battery manufacturing, system integration, grid integration, and material supply chains. Energy storage-related companies in the United States and Taiwan perform differently, with some facing policy risks and profitability challenges. It is expected that future energy storage demand will continue to rise, and investment potential is promising, but investors should pay attention to stock selection and risk management.

Why Silver Became the Hottest Commodity of 2025?
Since the beginning of 2025, silver prices have surged to $65 per ounce, reaching a decade-high, with an increase of over 120% so far this year. This performance far surpasses gold and most other commodities. But many are still asking: why silver and not gold?
The key lies in the combined effect of three major factors:
First, explosive growth in industrial demand. Silver is not just a safe-haven asset but also a critical industrial metal. From solar panels, electric vehicle batteries, semiconductors, 5G base stations to AI data centers, every sector is consuming large amounts of silver. As the green energy transition accelerates in 2025, the global use of silver in AI chip packaging has increased by approximately 20% compared to traditional chips, creating a rigid demand.
Second, ongoing tight supply. The silver market has experienced a supply deficit for the fifth consecutive year, with the cumulative shortfall exceeding 800 million ounces. Slow mine production and declining inventories continue to tighten the market, leading to a shortage in futures

Step 1: Understanding the True Scale of the Forex Market
Many novice traders ask—can you really make money in forex? The answer is yes, but the prerequisite is to first understand how large this market is.
The global forex market's daily trading volume exceeds $6 trillion, far surpassing the futures and stock markets. As the most liquid and largest financial market worldwide, the forex market attracts participants from all over the globe.
In the past, only financial institutions and large capital could access the forex market. However, with technological advancements and the rise of online trading platforms, ordinary investors can now participate. Today, over 30% of forex trading comes from retail traders, who operate through margin trading, Contracts for Difference (CFDs), and other derivatives, leading to an exponential increase in retail trader numbers.
However, it is important to note—according to multiple studies, up to 70%-90% of individual investors in forex trading have

Limit up and limit down are phenomena of extreme fluctuations in stock prices, referring respectively to the price levels that can no longer rise or fall. During limit up, buying becomes difficult, but selling can be executed quickly; the opposite is true for limit down. Global stock markets adopt different risk control measures. Beginners should analyze rationally and explore derivatives trading to cope with the restrictions brought by limit up or limit down.

When trading forex, do you often get confused by various currency symbols? $, €, ¥, £ — these seemingly simple symbols actually represent completely different currencies and exchange rates. Especially when you want to trade popular currency pairs like EUR/USD with the euro symbol (€), understanding these symbols becomes particularly important.
What is the purpose of currency symbols?
Don't underestimate these small symbols; they play a significant role in financial transactions. Currency symbols are visual mnemonics used to quickly identify and distinguish different national currencies. Seeing the € symbol, you immediately know it involves transactions in the Eurozone; seeing the ¥ symbol, you need to further confirm whether it refers to the Chinese Yuan (CNY) or the Japanese Yen (JPY).
In the forex market, correctly identifying currency symbols directly affects the accuracy of your trades. Investors need to quickly track the value fluctuations of different currencies through these symbols. For example, Euro/US Dollar (EUR

Latest Trading Session Adjustment Overview
The United States officially switched to Daylight Saving Time on March 9, 2025. The standard trading window has now been adjusted to 21:30 to 4:00 Beijing time the next day. Notably, NYSE Arca, the all-electronic exchange affiliated with the New York Stock Exchange, plans to significantly extend trading hours, reaching up to 22 hours of trading each business day. This change is pending approval from the relevant authorities.
Quick Reference Chart of U.S. Stock Market Trading Rules
The U.S. securities market consists of multiple independently operated exchanges, including the New York Stock Exchange, NASDAQ, and the American Stock Exchange. Although each operates independently, the operating hours of the major exchanges are generally synchronized.
Overview of U.S. Stock Trading Hours (All times are Eastern Time)
| Trading Category | Trading Date | Time Range |
|------------------|--------------|------------|

Pre-market trading in the US stock market provides investors with the opportunity to react to market information before the official opening, facilitating price discovery. However, caution is needed due to limited liquidity and the risk of sharp volatility. Effective strategies include closely following news developments and setting contrarian prices. Investors are also advised to control trading size and set stop-loss orders to reduce potential risks.

Recently, the copper mining sector has been very active. Freeport-McMoRan (FCX), a global leader, has surged nearly 30% in just a month and a half, and international copper prices have risen 17% over two months. Where does this wave of growth come from? Why are investors rushing into copper concept stocks? This article will provide an in-depth analysis of the investment logic and opportunities in the copper industry for 2024.
Why do copper prices rise and copper stocks soar? The underlying economics
Copper spans an entire industry chain from mining to final application. The upstream involves copper mining, the midstream includes smelting and processing, and the downstream covers manufacturing applications such as copper wires, cables, and copper foil.
The key point is: copper concept stocks mainly refer to upstream companies that control copper ore resources. Freeport-McMoRan (FCX) is the absolute leader in this field. Since the products of copper mining companies are copper ore and electrolytic copper, fluctuations in copper prices naturally have a direct impact on their performance.
The data comparison reveals the clue. Comparing copper mining E

The essay discusses the importance of understanding profit-taking and stop-loss strategies for cryptocurrency traders, especially beginners. It explains automated tools for managing trades effectively, emphasizing the need for flexible adjustments and continuous market monitoring to balance risks and profits.

Gasoline prices in the U.S. have dropped to $3.00 per gallon, the lowest in four years, influenced by seasonal factors and a decline in crude oil prices. Trump's policies reduced average prices but still fell short of his $2 target. Significant regional price differences exist, with California at $4.56 and Texas at $2.57.

On December 31, the international precious metals market declined, with gold, silver, platinum, and palladium prices all falling sharply, related to the CME's increase in margin requirements. This strategy aims to reduce leverage effects and cool market speculation. Although the sharp drop in silver raised concerns, analysts believe that the fundamentals still have support and recommend investors to patiently wait for the right opportunity to re-enter the market.

What is the first step to mastering technical analysis? Learn to interpret moving averages. This tool can help you quickly judge price trends, identify entry points, and is an essential weapon for short-term traders. This article will start from the core principles of moving averages, gradually breaking down the EMA indicator, calculation methods, practical settings, and common trading application techniques.
What is a moving average? A story about the average price
Simply put, the Moving Average (MA) is calculated by adding up the closing prices over a certain period and then dividing by the number of days to get an average. Over time, this average updates continuously, and connecting these points with a line forms the moving average we see.
The formula is straightforward: N-day moving average = sum of closing prices over the past N days ÷ N
For example, the 5-day moving average is the average closing price of the most recent 5 trading days. When this line moves upward, it usually indicates that the price is rising; when it moves downward, it indicates that the price