Group 1 - Capital Fund Management (CFM) is a prominent quantitative hedge fund based in Paris, managing approximately $20 billion in assets, making it one of the oldest and largest quantitative funds in Europe [1][9] - The founder and current chairman, Jean-Philippe Bouchaud, is a theoretical physicist who transitioned into finance after critiquing the Black-Scholes option pricing model [2][19] - Bouchaud argues that the recent bull market in the stock market is largely driven by continuous capital inflows rather than improvements in corporate earnings or economic fundamentals [3][25] Group 2 - Bouchaud's perspective is based on the "inelastic markets hypothesis," which suggests that the impact of capital inflows on market capitalization is significantly greater than traditional economic theories suggest [4][24] - Research indicates that for every $1 invested in the stock market, approximately $5 in market value is created, and this effect is long-lasting [5][23] - The hypothesis challenges the efficient market hypothesis, positing that capital flows have a much larger and more permanent impact on market dynamics than previously thought [24][25] Group 3 - Bouchaud emphasizes that this phenomenon is not limited to the U.S. market but could also affect European and global markets, raising concerns about potential consequences if capital flows reverse [6][25] - The rise of passive investment tools, such as index funds and ETFs, has led to a significant increase in capital inflows, particularly in the U.S. market, where firms like Vanguard and BlackRock manage substantial assets [5][25] - Bouchaud expresses concern that the increasing reliance on passive investment strategies may exacerbate market "inelasticity," leading to prolonged upward trends that could create bubbles [26][27]

*此图由AI生成 作者| 史大郎&猫哥 来源| 是史大郎&大猫财经Pro 晒1.67亿年薪的清华学霸，被起诉追逃了，面临的刑期，可能是20年。 最近，美国纽约南区检察官和FBI共同起诉了一位名叫吴健（Jian Wu）的华人，他涉嫌秘密操纵计算机 算法来欺骗雇主，并且不当得利数千万美元。 不过，FBI暂时也拿他没有办法，他现在是在逃状态，已经离开美国了。 这还没完，SEC那边也起诉了，吴健不仅得还钱，还得交罚款，最主要的是，他被永久禁止在美国从事 相关的行业。 捅了大娄子的吴健，也算是个神人。 他是个90后，2007年保送清华学了物理，然后就去美国留学了，一路读研、读博，上的南加州大学、康 奈尔大学也都是名校，手里有工业工程和运筹学两个学位。 2018年，他进入量化对冲基金Two Sigma Investments（TSI），5年的时间，他从研究员，升到了高级副 总裁，这个上升速度，堪称坐火箭，当然收入也是咔咔涨。 人在得意的时候，就容易忘形。 2023年1月，他在小红书发了一个"炫富贴"，说自己毕业五年的收入，一直在涨，到2022年，已经达到 了2350.9万美元（约1.67亿人民币）。 他"不敢发朋友圈"， ...

（原标题：清华学霸小红书晒1.67亿元年薪引调查，被指控多项罪名） 据每日经济新闻报道，曾在小红书晒出2350万美元（约合人民币1.67亿元）年薪的吴舰，正面临美国证 券交易委员会和美国司法部的民事刑事双重起诉。 近日，美国司法部表示吴舰被指控犯有电汇欺诈、证券欺诈和洗钱罪。 34岁的吴舰是一名居住在纽约的中国公民，目前处于在逃状态。根据吴舰的Linkedin（领英）简介，他 在2011年取得了清华大学的工学学士学位，并于2017年从美国康奈尔大学获得了哲学博士学位。吴舰于 2018年4月加入顶尖量化对冲基金Two Sigma，从量化研究员做起，三年时间不到就升任Two Sigma量化 研究部的副总裁，2023年1月，工作不到五年的吴舰被提拔为高级副总裁。 吴舰2023年曾在小红书"悄悄炫富"，并称"不敢发朋友圈，自己心态还是太年轻，想找个没人认识的地 方偷偷炫耀下......"。该帖子显示，其2022年的薪资相较往年出现暴涨，高达2350万美元。正是这次小红 书的炫富引发业内讨论，并引发了Two Sigma内部调查。 ...

Core Viewpoint - The case of Wu Jian, a former high-flying quantitative analyst at Two Sigma, highlights significant risks in the quantitative finance industry, particularly regarding trust and reliance on individual analysts, as he faces serious charges of fraud and money laundering after manipulating investment models for personal gain [2][12]. Group 1: Background and Career - Wu Jian, born in 1991 in Hefei, Anhui, excelled academically, earning a place at Tsinghua University and later obtaining a PhD from Cornell University [3]. - He worked at Citadel during his doctoral studies and joined Two Sigma in 2018, quickly rising to Senior Vice President of Quantitative Research, earning a reputation as a "genius researcher" [3][5]. Group 2: Fraudulent Activities - From November 2021, Wu Jian manipulated at least 14 investment models, altering them to produce results that closely mirrored existing models, violating Two Sigma's requirement for independence [5]. - His actions led to a loss of at least $165 million for Two Sigma's clients, while the firm profited $450 million from its own funds, significantly inflating Wu Jian's personal income to $23.5 million in 2022 [5][6]. Group 3: Legal Consequences - Wu Jian faces three charges from the U.S. Department of Justice, each carrying a maximum sentence of 20 years, alongside a civil lawsuit from the SEC seeking the return of illicit gains and a permanent ban from investment advisory roles [12]. - The case has raised concerns about the inherent risks in the quantitative finance sector, emphasizing the potential for fraud when individual compensation is closely tied to model performance [12].

Core Points - Wu Jian, a former employee of Two Sigma, is facing civil and criminal charges from the SEC and DOJ for wire fraud, securities fraud, and money laundering [1][6] - His significant salary of $23.5 million in 2022 raised concerns within the industry, leading to an internal investigation at Two Sigma [3][6] - Wu Jian allegedly manipulated at least 14 investment models, resulting in substantial financial losses for clients and unauthorized gains for himself [6][7] Company Summary - Wu Jian was promoted to Senior Vice President at Two Sigma in January 2023 after joining the firm in April 2018 as a quantitative researcher [3] - The unauthorized modifications he made to the investment models led to client losses of at least $165 million, while some funds gained an additional $450 million [7] - Two Sigma has since canceled Wu Jian's performance bonuses from 2021 and 2022, totaling $8 million, and has not yet recovered $17.8 million in cash bonuses he received [7]

Core Points - Wu Jian, a former employee of Two Sigma, faces civil and criminal charges from the SEC and DOJ for wire fraud, securities fraud, and money laundering [1] - Wu Jian's actions led to significant financial losses for clients and unauthorized modifications to investment models [7][8] Group 1: Background and Career - Wu Jian graduated from Tsinghua University in 2011 and obtained a PhD from Cornell University in 2017 [2] - He interned at Citadel and joined Two Sigma in April 2018, quickly rising to Senior Vice President by January 2023 [4] Group 2: Allegations and Financial Impact - Between November 2021 and August 2023, Wu Jian manipulated at least 14 investment models, misleading Two Sigma about their performance [7] - His unauthorized changes resulted in client losses of at least $165 million, while some funds gained $450 million, primarily benefiting company executives and employees [7] - Wu Jian received $23.5 million in compensation in 2022, part of which was used to purchase a multi-million dollar apartment in Manhattan [8] Group 3: Company Response - Two Sigma terminated Wu Jian in 2024 and is compensating clients for their losses [9] - The company has rescinded Wu Jian's $8 million performance bonuses for 2021 and 2022 but has not recovered the $17.8 million in cash bonuses he received [8]