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In March 2021, a Wall Street investment manager lost $20 billion in just 48 hours, becoming the fastest person in history to lose money. Behind this shocking event in the financial world reflects a seemingly simple yet extremely dangerous trading concept—liquidation and margin calls.
Understanding from the big players' liquidations: Why did Bill Hwang lose so much?
Bill Hwang's investment strategy is straightforward: select promising company stocks and use大量杠杆 to amplify returns. With this approach, he turned $220 million into $20 billion over 10 years.
But high leverage is like a double-edged sword. When the stock market experienced huge fluctuations in 2021, his holdings began to come under pressure. Brokers, in order to protect their own funds, enforced forced liquidation on him.
The problem was—his shareholding was too large. When the broker sold such a large amount of stock all at once to

On December 16th, the U.S. Bureau of Labor Statistics will release key employment data, including October non-farm payrolls and the full November data, which the market is eagerly awaiting. According to current expectations, October non-farm employment is projected to decline by 10,000, but November data is expected to rebound strongly, adding approximately 130,000 jobs. This set of data will directly influence the subsequent performance of the US dollar, US stocks, and gold.
However, Citigroup economists have poured cold water on these expectations. They point out that the November rebound may mainly be due to seasonal adjustment factors rather than a substantial improvement in labor demand. Coupled with the complications in data collection caused by the government shutdown, the reference value of this week's report is somewhat diminished. Kevin Flanagan, Head of Fixed Income Strategy at WisdomTree, also believes that the truly significant NFP data will be released on January 9, 2026, when the full December employment report will surface.
Three market asset classes

Why Silver Is Becoming the New Favorite for Smart Investors
Many people are used to only watching gold, but they overlook the unique opportunities of silver. It's not that silver is less valuable because it's cheaper than gold; rather, due to its relatively low price and broader applications, silver shows a completely different growth potential in 2025.
Silver vs Gold: Three Core Differences
Industrial Use Determines the Future
Gold is mainly a safe-haven asset, but silver is different. Solar panels, electric vehicles, semiconductors, 5G, AI data centers—these industries all rely on silver. As the green energy transition accelerates in 2025 and AI computing demand explodes, silver's annual usage growth exceeds 20%. In other words, silver has shifted from a pure precious metal to a key industrial commodity, and demand-wise, it has the edge.
Low Price Base, Greater Upside
The current price of gold is about 60-120 times that of silver. With the same amount of capital, you can buy more silver. Imagine a sum of money used to buy gold, which can only purchase 1 unit, whereas with silver, you can acquire units.

Reduction as an important financial decision for publicly listed companies has a profound impact on shareholder equity and market performance. Many investors find this complex financial operation confusing, unsure of what reduction actually means, and even less clear about how it will change stock value. This guide will systematically break down the core concepts of reduction, implementation methods, stock price linkage mechanisms, and the strategies investors should adopt.
Understanding Reduction: Why Do Companies Make This Decision?
Core Definition of Reduction
Reduction refers to the proactive financial action taken by a listed company to decrease its total issued share capital. Specific methods include share buybacks from the secondary market, cancellation of unlisted shares, or directly reducing the scale of share capital. What appears to be a simple numerical adjustment conceals strategic considerations regarding the company's capital structure.
Multiple Motivations for Companies to Implement Reduction
Corporate decision-makers typically choose reduction based on the following considerations:
- Reshaping Financial Structure: By reducing the total share capital, the company can

The latest survey reveals a cloud of gloom over the US energy industry. The third-quarter regional survey warning issued recently by the Dallas Federal Reserve Bank sends a clear signal—major US energy hubs from northern Texas and Louisiana to southern New Mexico are experiencing widespread pessimism among oil and natural gas industry executives.
Shale Oil Dilemma Emerges, Cost Pressures Mount
This survey, which includes 139 corporate decision-makers, provides an in-depth scan of regions that play a crucial role in the global energy supply landscape. The interviewed executives openly acknowledge the current difficulties: the US shale oil industry is on the brink of collapse, and the once-globally renowned energy sector is now severely impacted by worsening policy environments and economic outlook disruptions.
An industry insider bluntly pointed out that the golden age of shale oil is over. Although US oil reserves remain abundant, the key issue lies in economic viability—if the price per barrel cannot stay above $60, the entire industry faces a survival crisis. This

In the global financial markets, the daily trading volume of foreign exchange reaches trillions of dollars, far surpassing other investment assets such as stocks, bonds, and gold. In recent years, currency fluctuations have been frequent, and exchange rates in mature markets have also experienced dramatic changes, bringing unprecedented opportunities for ordinary investors. At the same time, the practicality of foreign currencies has broadened their audience—whether for traveling abroad, overseas shopping, or international trade—necessitating currency exchange operations, thus lowering the barrier to participating in the foreign exchange market.
If you are interested in buying and selling foreign currencies but lack practical experience, this article will systematically analyze the principles of arbitrage trading, various methods, practical skills, and the timing strategies of different trading approaches to help you find the investment path that best suits you.
Core Logic of Foreign Currency Trading: What is the Exchange Spread?
The essential goal of buying and selling foreign currencies is only one: to profit from the exchange spread.
The exchange spread refers to the difference in the exchange rate of the same currency at different times or through different trading channels.

Taiwan stocks are stuck at 28,000 points at a high level, but have you noticed? The flood of funds is pouring into financial stocks. Compared to Tech Stocks, which are cut by 10% every time they pull back, the volatility of financial stocks is simply child's play, and they can still steadily yield 5-7%. This is not a coincidence; capital is undergoing a major shift of "value reversion."
Why are financial stocks especially attractive now?
Unbelievably cheap valuation
Tech Stocks are already trading at over 30 times P/E, but their growth momentum is slowing down. In contrast, most bank stocks are at 10-12 times, a gap that’s hard to compare. As the economy's soft landing becomes more apparent, smart capital naturally starts to pick up bargains.
Interest rate environment is not the enemy
Don’t be fooled by the saying "rate cuts hurt banks." Taiwan’s financial industry has already earned over 560 billion NT dollars in the first 11 months, setting a new record. As long as the economy doesn’t hard land, their dividend-paying capacity will only strengthen by 2026. That’s why now is the time to seize the opportunity with room for a rebound.
A defensive fortress in the economic cycle
Think about 2

The Japanese Yen has become a standard asset for Asian investors, especially during times of continuous TWD depreciation and rising global economic uncertainties. In December 2025, the TWD/JPY exchange rate reached 4.85, appreciating by 8.7% compared to the beginning of the year, creating significant opportunities for currency exchange gains. Many people ask: Is it worthwhile to exchange for JPY now? The answer is yes, but the key lies in choosing the right exchange channel. A single decision could save you an extra 2,000 NT dollars.
Why has the Japanese Yen become a new favorite? Three perspectives to interpret
Necessity for Travel and Daily Expenses
Shopping in Tokyo, skiing in Hokkaido, vacationing in Okinawa—travel to Japan has become a collective habit among Taiwanese. Unlike Europe and America, cash still accounts for 60% of retail transactions in Japan, and credit card penetration is relatively low. Purchasing agents and Japanese online shoppers also need to pay directly in JPY, making currency exchange a necessity. For young people planning to study or work in Japan, exchanging currency in advance can help avoid last-minute exchange issues.

Many novice investors are thinking about how to quickly enter the US stock market, and a foreign securities trading account has become the most common method for Taiwanese people. However, before opening an account, you must understand: how exactly does a foreign securities trading account work, what are the costs, and what trading restrictions exist—all of which directly affect your investment returns.
The essence of a foreign securities trading account: the client's order, then entrusted
The full name of a foreign securities trading account is "Trustee Buying and Selling of Foreign Securities Business." It sounds complicated, but the core concept is actually very simple.
You want to buy US stocks but don't want to open an overseas account yourself or deal with remittances and foreign currency issues. So, you open a foreign securities trading account with a Taiwanese broker, and the broker then forwards your order to an overseas partner broker for execution—your order goes through a single "hand-off," which is why it's called a "foreign securities trading account."
Through this method, you can invest in stocks, ETFs, and bonds across multiple markets such as the US, Japan, Hong Kong, and China. In Taiwan, using a foreign securities trading account to buy US stock ETFs is the most traded volume.

Do you have this kind of trouble: even though you're exchanging only Japanese Yen, why do some people end up paying an extra NT$2,000 in fees before realizing it? In December 2025, the NT dollar to Japanese Yen exchange rate hit 4.85, with both travel and investment enthusiasm rising. But if you choose the wrong currency exchange method, a few thousand dollars can disappear just like that.
Instead of regretting it later, it's better to understand the costs, advantages, and disadvantages of the four major currency exchange channels now.
Why is it worth paying attention to exchanging Japanese Yen now?
The Yen is not just a travel currency; there are two underlying reasons behind it that you should pay attention to.
Short-term positive: Exchange rate appreciation
At the beginning of the year, the NT dollar to Japanese Yen was about 4.46, and today it has risen to 4.85, an accumulated appreciation of 8.7%. For currency exchangers, this means you can get more Yen for the same amount of NT dollars. But don’t think this trend will last forever—Bank of Japan Governor Ueda Kazuo recently made hawkish comments, expecting a rate hike to 0.75% on December 19 (a 30-year high), with market expectations of an 80% chance of a rate increase. US

The NT dollar against the Japanese Yen has reached 4.85, hitting a new high this year. But do you know? If you exchange the same 50,000 NT dollars using the wrong method, you could lose up to 2,000 NT dollars.
With the resurgence of travel to Japan, more and more people are exchanging Yen, but most just go to the bank counter and queue up—unaware that online currency exchange, foreign currency ATMs, and online remittance each have their own nuances, with vastly different costs.
We have compiled the latest currency exchange strategies to help you instantly understand how to choose the most cost-effective foreign currency withdrawal plan.
Is now a good time to exchange for Yen?
On December 10, 2025, the NT dollar against the Yen reached 4.85. Compared to 4.46 at the beginning of the year, it has appreciated by approximately 8.7%.
Does that seem like much? But in other words, your NT dollars are depreciating, while the Yen is relatively maintaining its value. Plus, with the Bank of Japan about to raise interest rates (expected to rise to 0.75% on December 19, a 30-year high), the Yen, as one of the world's three major safe-haven currencies, remains attractive.

Basic Knowledge of Futures
What are futures? In simple terms, futures are contracts made between buyers and sellers on an exchange, agreeing to conduct a transaction at a predetermined price at a specific future date. These contracts specify details such as the commodity code, trading specifications, minimum price fluctuations, trading hours, expiration date, and settlement methods.
The underlying assets of futures are very diverse, including stock indices, foreign exchange rates, commodities, raw materials, bonds, and other financial instruments. In Taiwan, the most frequently traded futures are the Taiwan Weighted Index Futures (i.e., Taiwan Stock Exchange Capitalization Weighted Stock Index Futures).
Core Features of Futures Trading
Compared to stock investment, futures trading has several unique features that need to be understood:
Margin Trading and Leverage Effect: You do not need to pay the full value of the contract; instead, you only need to deposit a margin (usually 5%-20% of the contract value) to trade. This means that with less capital, you can control a larger contract value, enabling the potential for higher returns with smaller investments.

Why Have Airline Stocks Become an Investment Hotspot in 2025?
Entering 2025, the aviation industry has fully emerged from the shadow of the pandemic. According to the latest data from the International Air Transport Association (IATA), global passenger transport has officially surpassed pre-pandemic levels. It is projected that by 2040, demand for air travel will double to approximately 8 billion passenger journeys, with an average annual growth rate of 3.4%. This outlook has attracted well-known investors, including Warren Buffett, to reevaluate the airline sector, and several Wall Street institutions have upgraded their ratings for airlines.
Basic Attributes and Classifications of Airline Stocks
Airline stocks refer to shares of publicly traded airline companies and can be divided into two main categories. State-owned airline stocks are managed under government leadership, with stable internal structures. Representative companies include China Eastern Airlines and China Southern Airlines, making them suitable for investors seeking steady returns. Privately-owned airline stocks are operated by private capital, with ownership structures that are more prone to change, including companies like Southwest Airlines and United.

Copper prices have surged fiercely over the past two months, with the shares of the international copper giant Freeport-McMoRan (FCX) soaring 30% in just a month and a half. What is the underlying logic behind this market trend? For investors, do copper concept stocks still have investment potential?
Why do copper prices and copper concept stocks move in sync?
First, the conclusion: copper concept stocks and copper prices generally fluctuate together.
The reason is simple. The main products of copper mining companies are copper ore and electrolytic copper. When copper prices move, their performance follows. It’s like running a gas station—when oil prices rise, you earn more; when oil prices fall, your earnings decrease. Same logic.
Looking at the chart of copper mining ETFs (COPX) and LME copper prices, you can see that the two lines almost move in the same rhythm—when copper prices go up, copper concept stocks rise; when copper prices face pressure, copper stocks are dragged down. This positive correlation is very obvious and difficult to manipulate artificially because it directly reflects the commodity prices on

When pursuing wealth creation, every expense matters. Brokerage fees represent one of those often-overlooked costs that can significantly reduce your investment returns over time. Understanding how these charges work and knowing strategies to minimize them is essential for anyone engaging in

The first step utilizing the NFT marketplace
Digital art, music, videos, in-game items, and other content created by creators can now be recorded and traded as NFTs. Non-fungible tokens are unique digital assets that are permanently stored on the blockchain. They leverage the characteristics that prevent copying or tampering with others, functioning as a new way to prove ownership of digital content.
If you have an internet connection, virtually anyone can issue NFTs. The democratization of blockchain technology has allowed diverse creators such as artists, musicians, and game developers to enter this ecosystem. However, effectively managing NFTs...

The BTC wallet address is a unique identifier used to receive and send Bitcoin, similar to a traditional bank account. There are three main options: hardware, software, and online wallets, and they operate based on Public Key Cryptography. There are three main address formats: traditional address, SegWit address, and Bech32 address, which can be converted between different formats. To protect privacy, it is recommended to use a new address for each transaction, and the Private Key must be kept secure to ensure asset security and control.

The essay discusses the concept of Purchasing Power Parity (PPP) and its significance in understanding currency value, GDP comparison, and living standards across countries. It highlights the mechanisms of PPP, its applications, limitations, and its relevance in the context of cryptocurrencies, emphasizing its role in providing a clearer picture of global economic realities.

The Era of Digital Ownership - How NFTs Change the Form of Value
In recent years, digital content such as art, music, and in-game items has evolved from mere data into true assets. Supporting this transformation is the non-fungible token (NFT). By understanding how to create NFTs, creators can open up new avenues for monetization.
NFTs recorded on blockchain technology represent ownership of unique objects in the digital realm. Due to the characteristics of decentralized ledgers, editing or duplication is not easy, and authenticity is guaranteed, allowing for the certification of the value of various assets, from digital art to virtual pets.
The diverse fields where NFTs are active
Creative