There are three aspects of the financial engineering :
1) Security Pricing? :
??? - Primary securities (stock, bond)?
??? - Derivative securities ( forwards, options, futures, swaps )?
2) Portfolio selection?
?? - Single period models ( Markowitz Portfolio Selection)
?? - Real options (實(shí)物期權(quán)）
3) Risk Management （risks in a portfolio)
?? - Tail Risk ： possibility of large loss (尾部風(fēng)險(xiǎn)）
? 經(jīng)濟(jì)增長、流動(dòng)性和尾部風(fēng)險(xiǎn)（tail risk）是決定市場走向的三個(gè)關(guān)鍵因素，其他的因素如估值、定位、動(dòng)量等雖然也有影響，但都會(huì)受到上述三個(gè)關(guān)鍵因素的左右，甚至是主宰。
?????? --Value at Risk and Conditional value at risk
