"Come on!" Miss Mage shook her long hair and confidently accepted the challenge, "After all, I am also from a banking family, so this little thing is still difficult for me?" ”

"Mira, Ronnie, let's play a role-playing game, listen, now I'm a jewelry store owner, in order to promote at the fair, I launched a prize redemption campaign, any customer who buys jewelry in my store with a total value of more than 100 gold coins, can draw a free lottery, Mira and Ronnie, you are lucky to win the jackpot, now I provide you with two ways to redeem the prize: either exchange it for cash immediately, or come back to redeem the lottery ticket a year later, choose the former prize method and you can only get 10,000 gold coins, If you choose the latter method, you will get 20,000 gold coins, but the question is, which method do you think is more beneficial to you? ”

Roland smiled. Pen, fun, pavilion www. biquge。 infoNikita is a high-IQ mage, and in a few words, Lyudmila and Veronica are put in the dilemma of "postponing consumption" or "giving up expected gains".

Lyuba couldn't help but applaud lightly, and looked at Nikita with a little more admiration in her eyes.

However, Lyudmila and Veronica couldn't laugh, they were brought into the dilemma that Nikita proposed, you look at me, I look at you, both pretty faces are full of tangles.

After a long period of thinking, Lyudmila was the first to make a decision: "I choose to take 10,000 cash!" You can't be too greedy, God knows what will happen in a year? What if the jewelry store is bankrupt by then? Who else can I cash out with my ticket! ”

"I choose to postpone cashing out for a year," Veronica gave the opposite answer, "Anyway, I still have a lot of cash in my pocket, and I don't need the 10,000 cash urgently, and the 10,000 gold coins in my hand are my own investment, and it is difficult to get 100% returns within a year, as for the risks that Mira said, first of all, I have to admit that there are indeed risks...... But I have the ability to take the risk and dare to take the risk, and after a year, I don't have a penny, so I don't think I have won the lottery, anyway, it's a windfall, and there's nothing to lose it. ”

Roland listened to their very different answers, and fell into deep thought. The two people made different choices, which just reflected their different family backgrounds, life backgrounds, education, personalities and financial concepts: Lyudmila was born as a poor child, and 10,000 gold coins was a huge amount of money in her eyes, which was relatively conservative; Veronica's family is wealthy, and 10,000 gold coins is only pocket money for her, so she is more willing to take risks.

However, this is not the right answer.

"There are pros and cons to your choice, and it's hard to say whose choice is better, but I have a third option here, which can combine the advantages of your two options while avoiding the disadvantages of the above two options, which can be said to be the best solution." Nikita said with a smile.

Lyudmila and Veronica looked at each other in disbelief.

What are you kidding, how can there be such a good thing as the best of both worlds?

In fact, there is, and that's the magic of the financial industry.

Under the suspicious gaze of the two, Nikita calmly explained her plan for the prize.

"First of all, I chose to postpone the cash out of 20,000 prizes for a year, and then find a bank to sell the winning lottery tickets, and the amount from the sale of lottery tickets is the 'discount amount', of course this cash will not be as much as 20,000, but it will be more than 10,000, 15,000 gold coins is a more reasonable amount, otherwise I don't need to apply for discounting, right? So why are banks willing to discount me? Because the bank can make a profit from this transaction, the difference between the discounted amount and the amount of the lottery to be cashed in a year - that is, 20,000 gold coins - is the bank's profit, and at the same time, the bank also helps me to bear the risk of forward cash, even if the jewelry store goes bankrupt and the lottery in the bank's hand cannot be cashed, it has nothing to do with me, anyway, I have already received 15,000 gold coins in cash from the bank, and I will not suffer any loss because of this. ”

"Will the bank help me bear the discount risk for the income of 5,000 gold coins?" Lyudmila was skeptical.

"Yes, because the banker has a big business and the ability to take risks is much greater than that of a poor girl like you, so I don't mind taking a little risk to provide you with discount services, even if you can't cash out the lottery ticket in the end, it is not a big deal to have a bad debt, because the bank has engaged in thousands of similar discount transactions at the same time, and the vast majority of them can be cashed out smoothly, and the profit earned is enough to offset the bad debts, and the income after settlement is the net profit." Nikita patiently analyzed.

"Awesome! Terrible! Veronica applauded again and again, "It turns out that the bank is playing this kind of 'ten bottles and nine bottle caps' tricks, I can be regarded as a teacher, and it is really smart, smart!" ”

"Ten bottles and nine caps" is a stable business model, if it is ten bottles and one cap...... Ahem, that's the famous "Ponzi scheme".

Roland sighed secretly.

Nikita's explanation of "discounting" is very vivid, and Roland also has a refreshing feeling. Because most countries on the planet have legislation prohibiting commercial banks from providing discount services to lottery tickets, the specific reasons are more complex, and in the world of Varess, at least in the Far East, there is no such restriction, which also reflects the lack of supervision of the local financial industry from one side.

Under the relatively perfect financial supervision system of the central bank in modern society, assuming that the deposit interest rate is set as the lower limit and the loan interest rate is set as the upper limit, then a "corridor" will be formed between the deposit and loan interest rates, and the discount interest rate can only fluctuate up and down between this corridor.

What is "arbitrage speculation"?

To take the most extreme example:

In a certain state-owned province A and B, there was a strange situation for a period of time: the deposit interest rate of a bank in province A was higher than the loan interest rate in province B.

What would you do if you could get a high loan from Province B?

Of course, it was transferred to the bank in Province A!

That's arbitrage.

Your profit comes from the difference between the deposit interest rate of Province A and the loan interest rate of Province B, and you only need to complete a loan re-deposit procedure to make you able to eat the interest rate difference without risk, where else in the world is there a easier business than this?

You may say that such a strange situation cannot occur in normal human society, but this is what happened in reality.

You may say that this is a special product of a special historical environment, and it is not of universal significance.

So you replace province A and province B with country A and country B, the former raises interest rates (interest rate hikes) to implement a tight fiscal policy, and the latter lowers interest rates (interest rate cuts) or even zero interest rates and negative interest rates, starts the money printing machine to "release water", implements super quantitative easing fiscal policy, and the currencies of the two countries are freely convertible, and then see what happens? What is the purpose of the international travel capital roaring and whistling? Could it be that this is also an isolated phenomenon?

Or replace currency with some kind of in-demand material, replace the interest rate on deposits and loans with the so-called "dual-track price system", and simplify the loan application procedures to ask the leaders of the relevant departments or the sons and daughters of the leaders to approve the slips, and think about what will happen?

Arbitrage is as simple as that, it exists in every circulation link in all walks of life, and to some extent, this speculative model perfectly shows the cunning and ruthless side of capital.

The devil is reveling in gluttonous feasts, and most of them are still lying on their plates and sleeping soundly, sucked dry of blood in their sleep, unaware of the imminent death of their dreams. (To be continued.) )