Life as a consultant ...

A consultant is a professional who provides advice in a particular area of expertise ...

楊慶: 追求“解”

Life as a scientist ...

楊慶: 追求“解”

A scientist is a person that engages in a systematic activity to acquire knowledge ...




2003年以來,楊慶在美國最大證券投資公司 Charles Schwab 擔任副總裁和資 深金融顧問。過去的幾年中,楊慶多次受邀作為金融理財専家,出現在鳯凰衞視、台灣東森衞視、美國18台華語電視,以及上海第一財経等電視媒體,提供他獨到透徹的金融市場分析。



The key to the development of modern portfolio theory (MPT) is the placing of severely simplifying assumptions on risks. The behavioral content is ignored and only price volatility characterized by standard deviation or beta is considered. The MPT failed to interpret and prevent the global financial crisis and capital market panic in 2008.


Dr. Charlie Qing Yang discovered a family of non-normal distributions and dual-mode market statistics in 1996. His research was later extended to become a new theory called the Capital Market Behavior Theory (CMBT). For the first time in history, the statistical assumptions of MPT are completely removed and so do the limitations. His work can enable government regulators and financial institutions to control market risks with a clear understanding of capital pricing statistics as derived by investors’ behavior. The findings have been extensively validated by real time market data since 2000 and evolved to systematic implementation of Human Emotion Index as a new leading indicator of primary market cycles.


In summary, CMBT is based on the behavioral interpretation of capital market pricing as follows:


o     Capital market pricing is determined by collective effect of all bullish and bearish investors’ perception on the price;


o     Capital market pricing is not decided by those investors with interest but taking no actions to support market prices;


o     Fundamental value and technical charting do not directly affect capital market pricing. In other words, capital market pricing is driven only by the behavior of those investors who take trading actions.



Contact:           Charlie Q. Yang           

                        P.O. Box 3822, Palos Verdes, CA 90274

Telephone:        (310) 528-5511