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HaoyaSun
2024-01-11
从中国走出的芒格
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HaoyaSun
2024-01-11
有眼光,有格局!
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HaoyaSun
2022-02-16
中坚力量的左膀右臂!鹰与鸽的争辩,处进了正确性的选择
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HaoyaSun
2022-01-14
国际局势的紧张才是近几日美股大跌的罪魁祸首
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HaoyaSun
2022-01-11
通胀与股市的关系
@陈达美股投资:你别过来啊再过来我要通胀了
HaoyaSun
2022-01-10
缩表比加息和缩减QE更让市场恐慌
@美股解毒师:美联储纪要,如何刺痛市场的神经?
HaoyaSun
2022-01-08
首富是个普通人
@特斯拉多头和PLTR多头:
$特斯拉(TSLA)$
He is world richest man and still he doesn't care.Happy new year Elon and everyone.
HaoyaSun
2022-01-08
正本清源,发行股票的最终目的。所以要选择好的公司
@金思汇闻:从价值投资的视角从新审视美股十年的长牛
HaoyaSun
2021-12-11
要有领先科学技术。必须提供创新思维的土壤,沉下心来搞研发的国家共识!
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HaoyaSun
2021-11-27
新变异病毒不利于群体免疫做的好的国家
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HaoyaSun
2021-11-20
增长的源泉是供给端的增长,而非需求端的增长。供给端的增长是实的增长,需求端的增长是虚假的增长
@财经十一人:深圳增速下滑,我们该担心吗?
HaoyaSun
2021-11-18
太阳能汽车,新能源汽车的另一个方向,人类能源的终极目标。解决好几个关键环节,前途无限
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HaoyaSun
2021-11-14
消费市场与消费者收入高度相关
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HaoyaSun
2021-11-11
巴老的过人之处就在于似一位高明的猎手,伺机而动,一击中的。与市场的狼比耐性
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去老虎APP查看更多动态
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WRONG?也就是说万一(也不是万一,真是万一就不用考虑了),通胀一直持续,那我们美股的组合要怎么办?以史为据,温和通胀通常利好“权益资产”(“权益资产”是“股票”的逼格叫法,如同称猪肉为乌金),因为温和通胀往往是经济增长的表征,公司利润水涨船高,股价自然也翩翩起飞。但是如果温和通胀恶化为硬核通胀,则经济过热、通胀飙升之下,股票市场可能不说是腥风血雨也是风雨飘摇。从美股某一段(1973-2000)的历史数据来看,只要通胀在3%以下增长(我们将这个数字定义为“温和通胀”),个么在90%的情况权益资产是可以跑赢通胀的;但是如果超过了3%并且持续增长,股票投资的收益就开始有像掷骰子开大小了。所以不考虑通缩的情况(通缩是最坑爹的),3%以上的通胀并持续上涨对股市不算友好。(数据取于1973年至2000年,美国CPI数据以及MSCI USA Index(美国大中型公司指数),研究来源于SCHRODERS INVESTMENT)从上图也可以看到,当通胀在3%-4%以下,通胀与股票整体估值倍数的关系,所谓的散点图(scatter plot)就跟散弹枪开的一样,完全没啥规律可言;但是如果超过了4%,到一个比较高的水平,虽不能说完全呈线性关系,但基本上可以看出高通胀会带来低估值。然而再极端一点的,如果超级通胀来了呢(hyperinflation,定义为三年内累积通胀超过100%),这时候你持股也不必太慌了,慌的是持币的人。历史上最有名的超胀就是魏玛共和国,当时股市基本跟通胀肩并肩;以色列在八","images":[{"img":"https://static.tigerbbs.com/11dbd22a4325d8532c247418c8931ee0","width":"632","height":"345"},{"img":"https://static.tigerbbs.com/ec11160fa95a39f75c4bd4090fc0eb40","width":"607","height":"417"},{"img":"https://static.tigerbbs.com/b3bcd004ee7a4ce43ab2cadcf0104bca","width":"632","height":"292"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/694318772","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":694078904,"gmtCreate":1641772701171,"gmtModify":1641772701171,"author":{"id":"4097366177122060","authorId":"4097366177122060","name":"HaoyaSun","avatar":"https://static.tigerbbs.com/8b36fe3760817c56e3bdc39eee15b0c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097366177122060","idStr":"4097366177122060"},"themes":[],"title":"","htmlText":"缩表比加息和缩减QE更让市场恐慌","listText":"缩表比加息和缩减QE更让市场恐慌","text":"缩表比加息和缩减QE更让市场恐慌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/694078904","repostId":"695214475","repostType":1,"repost":{"id":695214475,"gmtCreate":1641471751206,"gmtModify":1744960779299,"author":{"id":"3440721572920950","authorId":"3440721572920950","name":"美股解毒师","avatar":"https://static.tigerbbs.com/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440721572920950","idStr":"3440721572920950"},"themes":[],"title":"美联储纪要,如何刺痛市场的神经?","htmlText":"1月5日,美股市场在美联储公布12月会议纪要之后应声下跌。<a target=\"_blank\" href=\"https://laohu8.com/S/.SPX\">$标普500(.SPX)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.DJI\">$道琼斯(.DJI)$</a> 核心问题是两个:加息、缩表。 如果你以前没有了解过这两个概念(如果了解请跳过)—— 加息,顾名思义,是指提高美国就是提高市场的基准利率,从而使商业银行的借贷成本提高,进一步迫使市场的利息也进行增加,是最基本的货币政策之一。其目的包括减少货币供应、压抑消费、压抑通货膨胀、鼓励存款、减缓市场投机等。 缩表中的“表”是指的美联储的“资产负债表”。美联储虽然是美国的“央行”,但它却是一个私人机构。如果我们把它看做是一家公司,那美联储也有“资产负债表”。虽然,我们不应该用看待$(AAPL)$这样普通公司的角度去理解,但是美联储的资产负债表依然也包括资产和负债。而缩表这一行动,意味着美联储将减少持有的资产(及负债)。 这两项行动,都是显著地减少市场上的货币供给,降低流动性。 这一次,美国股市带领着全球股市尿了 其实,美联储纪要并不是把会议的每一句话,每一个梗都抛出来。它其实是非常有目的性地将美联储在12月会后没有表达完整的意思,或者市场解读过于乐观/悲观的部分进行适当的补充,是美联储特意给市场传递的补充信息。 比如,12月会议时,美联储对Omicron病毒的认知显然不会有现在这么全面,即便美联储可以揣测美国政府的可能措施,也预计不到其他国家会做和反应。而其他国家的反应,又会影响到另一个重要因素——供应链,这是实","listText":"1月5日,美股市场在美联储公布12月会议纪要之后应声下跌。<a target=\"_blank\" href=\"https://laohu8.com/S/.SPX\">$标普500(.SPX)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.DJI\">$道琼斯(.DJI)$</a> 核心问题是两个:加息、缩表。 如果你以前没有了解过这两个概念(如果了解请跳过)—— 加息,顾名思义,是指提高美国就是提高市场的基准利率,从而使商业银行的借贷成本提高,进一步迫使市场的利息也进行增加,是最基本的货币政策之一。其目的包括减少货币供应、压抑消费、压抑通货膨胀、鼓励存款、减缓市场投机等。 缩表中的“表”是指的美联储的“资产负债表”。美联储虽然是美国的“央行”,但它却是一个私人机构。如果我们把它看做是一家公司,那美联储也有“资产负债表”。虽然,我们不应该用看待$(AAPL)$这样普通公司的角度去理解,但是美联储的资产负债表依然也包括资产和负债。而缩表这一行动,意味着美联储将减少持有的资产(及负债)。 这两项行动,都是显著地减少市场上的货币供给,降低流动性。 这一次,美国股市带领着全球股市尿了 其实,美联储纪要并不是把会议的每一句话,每一个梗都抛出来。它其实是非常有目的性地将美联储在12月会后没有表达完整的意思,或者市场解读过于乐观/悲观的部分进行适当的补充,是美联储特意给市场传递的补充信息。 比如,12月会议时,美联储对Omicron病毒的认知显然不会有现在这么全面,即便美联储可以揣测美国政府的可能措施,也预计不到其他国家会做和反应。而其他国家的反应,又会影响到另一个重要因素——供应链,这是实","text":"1月5日,美股市场在美联储公布12月会议纪要之后应声下跌。$标普500(.SPX)$ $纳斯达克(.IXIC)$ $道琼斯(.DJI)$ 核心问题是两个:加息、缩表。 如果你以前没有了解过这两个概念(如果了解请跳过)—— 加息,顾名思义,是指提高美国就是提高市场的基准利率,从而使商业银行的借贷成本提高,进一步迫使市场的利息也进行增加,是最基本的货币政策之一。其目的包括减少货币供应、压抑消费、压抑通货膨胀、鼓励存款、减缓市场投机等。 缩表中的“表”是指的美联储的“资产负债表”。美联储虽然是美国的“央行”,但它却是一个私人机构。如果我们把它看做是一家公司,那美联储也有“资产负债表”。虽然,我们不应该用看待$(AAPL)$这样普通公司的角度去理解,但是美联储的资产负债表依然也包括资产和负债。而缩表这一行动,意味着美联储将减少持有的资产(及负债)。 这两项行动,都是显著地减少市场上的货币供给,降低流动性。 这一次,美国股市带领着全球股市尿了 其实,美联储纪要并不是把会议的每一句话,每一个梗都抛出来。它其实是非常有目的性地将美联储在12月会后没有表达完整的意思,或者市场解读过于乐观/悲观的部分进行适当的补充,是美联储特意给市场传递的补充信息。 比如,12月会议时,美联储对Omicron病毒的认知显然不会有现在这么全面,即便美联储可以揣测美国政府的可能措施,也预计不到其他国家会做和反应。而其他国家的反应,又会影响到另一个重要因素——供应链,这是实","images":[{"img":"https://static.tigerbbs.com/5dee34df999ccb7bd50a625ae2b6bdc7","width":"684","height":"348"},{"img":"https://static.tigerbbs.com/3c6599b8389daebd752b274543fd2df4","width":"990","height":"793"},{"img":"https://static.tigerbbs.com/2006c6722871a0602b372077821ec4ae","width":"1425","height":"381"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695214475","isVote":2,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"vote":{"id":1633,"gmtBegin":1641471905871,"gmtEnd":1642854272573,"type":1,"upper":1,"title":"美联储“缩表”会影响你今年股票收益率吗?","choices":[{"id":6051,"sort":1,"name":"会","userSize":110,"voted":false},{"id":6052,"sort":2,"name":"不会","userSize":19,"voted":false},{"id":6053,"sort":3,"name":"我喜欢波动性!","userSize":26,"voted":false}]},"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695754090,"gmtCreate":1641621380425,"gmtModify":1641621380425,"author":{"id":"4097366177122060","authorId":"4097366177122060","name":"HaoyaSun","avatar":"https://static.tigerbbs.com/8b36fe3760817c56e3bdc39eee15b0c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097366177122060","idStr":"4097366177122060"},"themes":[],"title":"","htmlText":"首富是个普通人","listText":"首富是个普通人","text":"首富是个普通人","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695754090","repostId":"692486867","repostType":1,"repost":{"id":692486867,"gmtCreate":1641172561160,"gmtModify":1641181227006,"author":{"id":"3549622429300319","authorId":"3549622429300319","name":"特斯拉多头和PLTR多头","avatar":"https://static.tigerbbs.com/ea5a87f25f862e1155952bc556a5072d","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3549622429300319","idStr":"3549622429300319"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>He is world richest man and still he doesn't care.Happy new year Elon and everyone.","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>He is world richest man and still he doesn't care.Happy new year Elon and everyone.","text":"$特斯拉(TSLA)$He is world richest man and still he doesn't care.Happy new year Elon and everyone.","images":[{"img":"https://static.tigerbbs.com/fcb993aa15428213413bc2575493a5fa","width":"1080","height":"1097"},{"img":"https://static.tigerbbs.com/b2dfeb36abd390ef069b9d273d23c199","width":"748","height":"997"},{"img":"https://static.tigerbbs.com/895078eaa666fc91d7e8e36b7e903dbc","width":"629","height":"1398"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692486867","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695717077,"gmtCreate":1641589121531,"gmtModify":1641589121531,"author":{"id":"4097366177122060","authorId":"4097366177122060","name":"HaoyaSun","avatar":"https://static.tigerbbs.com/8b36fe3760817c56e3bdc39eee15b0c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097366177122060","idStr":"4097366177122060"},"themes":[],"title":"","htmlText":"正本清源,发行股票的最终目的。所以要选择好的公司","listText":"正本清源,发行股票的最终目的。所以要选择好的公司","text":"正本清源,发行股票的最终目的。所以要选择好的公司","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695717077","repostId":"695512674","repostType":1,"repost":{"id":695512674,"gmtCreate":1641519117259,"gmtModify":1641522660242,"author":{"id":"3436310715787496","authorId":"3436310715787496","name":"金思汇闻","avatar":"https://static.tigerbbs.com/569b7e391b67b52cb16b8b7a3531f1be","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3436310715787496","idStr":"3436310715787496"},"themes":[],"title":"从价值投资的视角从新审视美股十年的长牛","htmlText":"开年第一篇!10多年的美股大牛市,早已不是一天两天了,但所谓的牛市并非是所有的公司都在涨,事实上,从淘汰率来看,美国大部分的上市公司的淘汰率要比A股大的多。而所谓的牛市,只是美国资本市场上主要的三大股票指数,纳斯达克,标普500,以及道琼斯工业平均指数,在过去10年里保持了持续的上涨。道琼斯,标普500,纳斯达克综合指数 2011-2021今年自己的常规工作将尝试以价值投资的视角,从微观层面复盘现在道指中的每家公司的成长历程。 指数的历史 道琼斯工业平均指数由Charles Dow和Edward Jones,在1896年创立至今,是全球资本市场上创立时间第二久的股票指数,第一久的指数是道琼斯交通指数,创立于1884年,同样由Charlies Dow创立。 1986年,早期的道琼斯指数只有12家公司作为成分指数股,现在这些公司都早已不在成分指数股之中,最后一个被踢出去的是2018年6月被Walgreens Boots Alliance Inc替换掉的通用电气(GE)。 而最近进入到道琼斯平均工业指数的公司有三家,都是在2020年8月底一同纳入道琼斯成分指数股的。这三家公司分别是SAAS领域的龙头企业-Salesforce;工业巨头-Honeywell,以及生物制药的新贵Amgen。而被这三家替换下来的公司,也非等闲之辈,雷神公司-美国航天与军工领域的巨头;辉瑞制药-全球化学药的绝对龙头,在新冠疫苗的开发上同样处于世界领先水平;埃克森美孚-美国传统能源的绝对龙头公司。 指数成分股的选择与指数设计 尽管说指数投资是被动投资,但事实上,指数中的成分指数股的选择,其实是有非常强的主观性的。对于道指来讲,成分股的选择可以说是100%的主观选择,只是根据一定的原则来进行行业的分散。这种主观的选择,一定程度上保持了指数不断的自我更替。道琼斯指数成分股一览 截止2021年10月 当然这种选","listText":"开年第一篇!10多年的美股大牛市,早已不是一天两天了,但所谓的牛市并非是所有的公司都在涨,事实上,从淘汰率来看,美国大部分的上市公司的淘汰率要比A股大的多。而所谓的牛市,只是美国资本市场上主要的三大股票指数,纳斯达克,标普500,以及道琼斯工业平均指数,在过去10年里保持了持续的上涨。道琼斯,标普500,纳斯达克综合指数 2011-2021今年自己的常规工作将尝试以价值投资的视角,从微观层面复盘现在道指中的每家公司的成长历程。 指数的历史 道琼斯工业平均指数由Charles Dow和Edward Jones,在1896年创立至今,是全球资本市场上创立时间第二久的股票指数,第一久的指数是道琼斯交通指数,创立于1884年,同样由Charlies Dow创立。 1986年,早期的道琼斯指数只有12家公司作为成分指数股,现在这些公司都早已不在成分指数股之中,最后一个被踢出去的是2018年6月被Walgreens Boots Alliance Inc替换掉的通用电气(GE)。 而最近进入到道琼斯平均工业指数的公司有三家,都是在2020年8月底一同纳入道琼斯成分指数股的。这三家公司分别是SAAS领域的龙头企业-Salesforce;工业巨头-Honeywell,以及生物制药的新贵Amgen。而被这三家替换下来的公司,也非等闲之辈,雷神公司-美国航天与军工领域的巨头;辉瑞制药-全球化学药的绝对龙头,在新冠疫苗的开发上同样处于世界领先水平;埃克森美孚-美国传统能源的绝对龙头公司。 指数成分股的选择与指数设计 尽管说指数投资是被动投资,但事实上,指数中的成分指数股的选择,其实是有非常强的主观性的。对于道指来讲,成分股的选择可以说是100%的主观选择,只是根据一定的原则来进行行业的分散。这种主观的选择,一定程度上保持了指数不断的自我更替。道琼斯指数成分股一览 截止2021年10月 当然这种选","text":"开年第一篇!10多年的美股大牛市,早已不是一天两天了,但所谓的牛市并非是所有的公司都在涨,事实上,从淘汰率来看,美国大部分的上市公司的淘汰率要比A股大的多。而所谓的牛市,只是美国资本市场上主要的三大股票指数,纳斯达克,标普500,以及道琼斯工业平均指数,在过去10年里保持了持续的上涨。道琼斯,标普500,纳斯达克综合指数 2011-2021今年自己的常规工作将尝试以价值投资的视角,从微观层面复盘现在道指中的每家公司的成长历程。 指数的历史 道琼斯工业平均指数由Charles Dow和Edward Jones,在1896年创立至今,是全球资本市场上创立时间第二久的股票指数,第一久的指数是道琼斯交通指数,创立于1884年,同样由Charlies Dow创立。 1986年,早期的道琼斯指数只有12家公司作为成分指数股,现在这些公司都早已不在成分指数股之中,最后一个被踢出去的是2018年6月被Walgreens Boots Alliance Inc替换掉的通用电气(GE)。 而最近进入到道琼斯平均工业指数的公司有三家,都是在2020年8月底一同纳入道琼斯成分指数股的。这三家公司分别是SAAS领域的龙头企业-Salesforce;工业巨头-Honeywell,以及生物制药的新贵Amgen。而被这三家替换下来的公司,也非等闲之辈,雷神公司-美国航天与军工领域的巨头;辉瑞制药-全球化学药的绝对龙头,在新冠疫苗的开发上同样处于世界领先水平;埃克森美孚-美国传统能源的绝对龙头公司。 指数成分股的选择与指数设计 尽管说指数投资是被动投资,但事实上,指数中的成分指数股的选择,其实是有非常强的主观性的。对于道指来讲,成分股的选择可以说是100%的主观选择,只是根据一定的原则来进行行业的分散。这种主观的选择,一定程度上保持了指数不断的自我更替。道琼斯指数成分股一览 截止2021年10月 当然这种选","images":[{"img":"https://static.tigerbbs.com/9e60ea2e49ce987aa9ade890d15c9ee5","width":"384","height":"385"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695512674","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605203007,"gmtCreate":1639174856920,"gmtModify":1639189283844,"author":{"id":"4097366177122060","authorId":"4097366177122060","name":"HaoyaSun","avatar":"https://static.tigerbbs.com/8b36fe3760817c56e3bdc39eee15b0c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097366177122060","idStr":"4097366177122060"},"themes":[],"title":"","htmlText":"要有领先科学技术。必须提供创新思维的土壤,沉下心来搞研发的国家共识!","listText":"要有领先科学技术。必须提供创新思维的土壤,沉下心来搞研发的国家共识!","text":"要有领先科学技术。必须提供创新思维的土壤,沉下心来搞研发的国家共识!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605203007","repostId":"1158977836","repostType":4,"isVote":1,"tweetType":1,"viewCount":3670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877430155,"gmtCreate":1637969524766,"gmtModify":1637979351831,"author":{"id":"4097366177122060","authorId":"4097366177122060","name":"HaoyaSun","avatar":"https://static.tigerbbs.com/8b36fe3760817c56e3bdc39eee15b0c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097366177122060","idStr":"4097366177122060"},"themes":[],"title":"","htmlText":"新变异病毒不利于群体免疫做的好的国家","listText":"新变异病毒不利于群体免疫做的好的国家","text":"新变异病毒不利于群体免疫做的好的国家","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877430155","repostId":"1127083267","repostType":4,"isVote":1,"tweetType":1,"viewCount":4293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876747054,"gmtCreate":1637369812587,"gmtModify":1637369812587,"author":{"id":"4097366177122060","authorId":"4097366177122060","name":"HaoyaSun","avatar":"https://static.tigerbbs.com/8b36fe3760817c56e3bdc39eee15b0c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097366177122060","idStr":"4097366177122060"},"themes":[],"title":"","htmlText":"增长的源泉是供给端的增长,而非需求端的增长。供给端的增长是实的增长,需求端的增长是虚假的增长","listText":"增长的源泉是供给端的增长,而非需求端的增长。供给端的增长是实的增长,需求端的增长是虚假的增长","text":"增长的源泉是供给端的增长,而非需求端的增长。供给端的增长是实的增长,需求端的增长是虚假的增长","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876747054","repostId":"878787672","repostType":1,"repost":{"id":878787672,"gmtCreate":1637230140000,"gmtModify":1637234391507,"author":{"id":"9000000000000092","authorId":"9000000000000092","name":"财经十一人","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"9000000000000092","idStr":"9000000000000092"},"themes":[],"title":"深圳增速下滑,我们该担心吗?","htmlText":"这座改革开放的标杆城市,进入“不惑之年”,正给人带来诸多困惑。深圳,是虚是实? 文 | 清和 今年前三季度,深圳的经济增速下滑,令不少人感到意外。 去年深圳的经济增速是3.1%,超过了北上广。但是,今年前三季度,深圳却相对失速了。北上广的增速分别为10.7%、9.8%、9.9%,深圳只有7.1%。这个增速,在广东省地级城市中是垫底的,在全国20强城市中也是垫底的。 这是怎么回事? 有些人不担心短期的增速下降,更关注长期的高质量增长;认为深圳在政府财政、城市治理、科技资源、人才吸引力、资本市场、创新创业文化等方面优势明显,这些优势是这座城市持续发展的动力。不过,一些人对此感到担忧,认为高房价降低了深圳的人才吸引力,提高了中小企业的成本,抑制了创新创业气氛;同时,取而代之的大型企业,如华为、恒大,也遭遇各种不同的困境,对经济产值及周边产业链打击较大。 这座改革开放的标杆城市,进入“不惑之年”,正给人带来诸多困惑。深圳,是虚是实? 本文试图探索深圳的虚实与城市发展的逻辑。 规模的虚实 近些年,越来越多人意识到“不能简单以生产总值增长率论英雄”。深圳很早就提出了从“深圳速度”向“深圳质量”转变,追求城市的高质量发展。但是,经济增速下降,深圳决策者还是有危机感的。 不唯GDP论并不是说经济增长不重要,其真正含义是,关注实际GDP,而不是名义GDP。从静态的维度来看,经济总量的成色如何,我们需要分析通胀、环境损失和政府债务。怎么理解?假如两个城市的经济总量相同(其它指标也相同),但是一个城市的政府负债率很高,另一个政府负债率很低,那么前者的经济泡沫更大,后者的经济增长更稳健。一座城市想要短期内把名义GDP做大,政府可以借债大量投资基建,但这座城市的实际经济总量并未增加多少,反而滋生了债务泡沫风险。 我们从实际GDP看深圳的经济,这个角度可以看出一个国家、一个城市的","listText":"这座改革开放的标杆城市,进入“不惑之年”,正给人带来诸多困惑。深圳,是虚是实? 文 | 清和 今年前三季度,深圳的经济增速下滑,令不少人感到意外。 去年深圳的经济增速是3.1%,超过了北上广。但是,今年前三季度,深圳却相对失速了。北上广的增速分别为10.7%、9.8%、9.9%,深圳只有7.1%。这个增速,在广东省地级城市中是垫底的,在全国20强城市中也是垫底的。 这是怎么回事? 有些人不担心短期的增速下降,更关注长期的高质量增长;认为深圳在政府财政、城市治理、科技资源、人才吸引力、资本市场、创新创业文化等方面优势明显,这些优势是这座城市持续发展的动力。不过,一些人对此感到担忧,认为高房价降低了深圳的人才吸引力,提高了中小企业的成本,抑制了创新创业气氛;同时,取而代之的大型企业,如华为、恒大,也遭遇各种不同的困境,对经济产值及周边产业链打击较大。 这座改革开放的标杆城市,进入“不惑之年”,正给人带来诸多困惑。深圳,是虚是实? 本文试图探索深圳的虚实与城市发展的逻辑。 规模的虚实 近些年,越来越多人意识到“不能简单以生产总值增长率论英雄”。深圳很早就提出了从“深圳速度”向“深圳质量”转变,追求城市的高质量发展。但是,经济增速下降,深圳决策者还是有危机感的。 不唯GDP论并不是说经济增长不重要,其真正含义是,关注实际GDP,而不是名义GDP。从静态的维度来看,经济总量的成色如何,我们需要分析通胀、环境损失和政府债务。怎么理解?假如两个城市的经济总量相同(其它指标也相同),但是一个城市的政府负债率很高,另一个政府负债率很低,那么前者的经济泡沫更大,后者的经济增长更稳健。一座城市想要短期内把名义GDP做大,政府可以借债大量投资基建,但这座城市的实际经济总量并未增加多少,反而滋生了债务泡沫风险。 我们从实际GDP看深圳的经济,这个角度可以看出一个国家、一个城市的","text":"这座改革开放的标杆城市,进入“不惑之年”,正给人带来诸多困惑。深圳,是虚是实? 文 | 清和 今年前三季度,深圳的经济增速下滑,令不少人感到意外。 去年深圳的经济增速是3.1%,超过了北上广。但是,今年前三季度,深圳却相对失速了。北上广的增速分别为10.7%、9.8%、9.9%,深圳只有7.1%。这个增速,在广东省地级城市中是垫底的,在全国20强城市中也是垫底的。 这是怎么回事? 有些人不担心短期的增速下降,更关注长期的高质量增长;认为深圳在政府财政、城市治理、科技资源、人才吸引力、资本市场、创新创业文化等方面优势明显,这些优势是这座城市持续发展的动力。不过,一些人对此感到担忧,认为高房价降低了深圳的人才吸引力,提高了中小企业的成本,抑制了创新创业气氛;同时,取而代之的大型企业,如华为、恒大,也遭遇各种不同的困境,对经济产值及周边产业链打击较大。 这座改革开放的标杆城市,进入“不惑之年”,正给人带来诸多困惑。深圳,是虚是实? 本文试图探索深圳的虚实与城市发展的逻辑。 规模的虚实 近些年,越来越多人意识到“不能简单以生产总值增长率论英雄”。深圳很早就提出了从“深圳速度”向“深圳质量”转变,追求城市的高质量发展。但是,经济增速下降,深圳决策者还是有危机感的。 不唯GDP论并不是说经济增长不重要,其真正含义是,关注实际GDP,而不是名义GDP。从静态的维度来看,经济总量的成色如何,我们需要分析通胀、环境损失和政府债务。怎么理解?假如两个城市的经济总量相同(其它指标也相同),但是一个城市的政府负债率很高,另一个政府负债率很低,那么前者的经济泡沫更大,后者的经济增长更稳健。一座城市想要短期内把名义GDP做大,政府可以借债大量投资基建,但这座城市的实际经济总量并未增加多少,反而滋生了债务泡沫风险。 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WRONG?也就是说万一(也不是万一,真是万一就不用考虑了),通胀一直持续,那我们美股的组合要怎么办?以史为据,温和通胀通常利好“权益资产”(“权益资产”是“股票”的逼格叫法,如同称猪肉为乌金),因为温和通胀往往是经济增长的表征,公司利润水涨船高,股价自然也翩翩起飞。但是如果温和通胀恶化为硬核通胀,则经济过热、通胀飙升之下,股票市场可能不说是腥风血雨也是风雨飘摇。从美股某一段(1973-2000)的历史数据来看,只要通胀在3%以下增长(我们将这个数字定义为“温和通胀”),个么在90%的情况权益资产是可以跑赢通胀的;但是如果超过了3%并且持续增长,股票投资的收益就开始有像掷骰子开大小了。所以不考虑通缩的情况(通缩是最坑爹的),3%以上的通胀并持续上涨对股市不算友好。(数据取于1973年至2000年,美国CPI数据以及MSCI USA Index(美国大中型公司指数),研究来源于SCHRODERS INVESTMENT)从上图也可以看到,当通胀在3%-4%以下,通胀与股票整体估值倍数的关系,所谓的散点图(scatter plot)就跟散弹枪开的一样,完全没啥规律可言;但是如果超过了4%,到一个比较高的水平,虽不能说完全呈线性关系,但基本上可以看出高通胀会带来低估值。然而再极端一点的,如果超级通胀来了呢(hyperinflation,定义为三年内累积通胀超过100%),这时候你持股也不必太慌了,慌的是持币的人。历史上最有名的超胀就是魏玛共和国,当时股市基本跟通胀肩并肩;以色列在八","text":"一顿操作猛如虎,涨跌全看美联储。有一个问题一直萦绕心间。达某与木头姐、甚至美联储(大多数官员)一样,都主观认为美国通胀是短期的,是稍纵即逝的;既然如此,继续持有成长股就不必过于慌张,理由之前说过,这里不再长篇累牍。但百密怕疏,有一个关键的问题还要考虑。这个问题是:WHAT IF 这帮人 ARE DEAD WRONG?也就是说万一(也不是万一,真是万一就不用考虑了),通胀一直持续,那我们美股的组合要怎么办?以史为据,温和通胀通常利好“权益资产”(“权益资产”是“股票”的逼格叫法,如同称猪肉为乌金),因为温和通胀往往是经济增长的表征,公司利润水涨船高,股价自然也翩翩起飞。但是如果温和通胀恶化为硬核通胀,则经济过热、通胀飙升之下,股票市场可能不说是腥风血雨也是风雨飘摇。从美股某一段(1973-2000)的历史数据来看,只要通胀在3%以下增长(我们将这个数字定义为“温和通胀”),个么在90%的情况权益资产是可以跑赢通胀的;但是如果超过了3%并且持续增长,股票投资的收益就开始有像掷骰子开大小了。所以不考虑通缩的情况(通缩是最坑爹的),3%以上的通胀并持续上涨对股市不算友好。(数据取于1973年至2000年,美国CPI数据以及MSCI USA Index(美国大中型公司指数),研究来源于SCHRODERS INVESTMENT)从上图也可以看到,当通胀在3%-4%以下,通胀与股票整体估值倍数的关系,所谓的散点图(scatter 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target=\"_blank\" href=\"https://laohu8.com/S/.SPX\">$标普500(.SPX)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.DJI\">$道琼斯(.DJI)$</a> 核心问题是两个:加息、缩表。 如果你以前没有了解过这两个概念(如果了解请跳过)—— 加息,顾名思义,是指提高美国就是提高市场的基准利率,从而使商业银行的借贷成本提高,进一步迫使市场的利息也进行增加,是最基本的货币政策之一。其目的包括减少货币供应、压抑消费、压抑通货膨胀、鼓励存款、减缓市场投机等。 缩表中的“表”是指的美联储的“资产负债表”。美联储虽然是美国的“央行”,但它却是一个私人机构。如果我们把它看做是一家公司,那美联储也有“资产负债表”。虽然,我们不应该用看待$(AAPL)$这样普通公司的角度去理解,但是美联储的资产负债表依然也包括资产和负债。而缩表这一行动,意味着美联储将减少持有的资产(及负债)。 这两项行动,都是显著地减少市场上的货币供给,降低流动性。 这一次,美国股市带领着全球股市尿了 其实,美联储纪要并不是把会议的每一句话,每一个梗都抛出来。它其实是非常有目的性地将美联储在12月会后没有表达完整的意思,或者市场解读过于乐观/悲观的部分进行适当的补充,是美联储特意给市场传递的补充信息。 比如,12月会议时,美联储对Omicron病毒的认知显然不会有现在这么全面,即便美联储可以揣测美国政府的可能措施,也预计不到其他国家会做和反应。而其他国家的反应,又会影响到另一个重要因素——供应链,这是实","listText":"1月5日,美股市场在美联储公布12月会议纪要之后应声下跌。<a target=\"_blank\" href=\"https://laohu8.com/S/.SPX\">$标普500(.SPX)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/.DJI\">$道琼斯(.DJI)$</a> 核心问题是两个:加息、缩表。 如果你以前没有了解过这两个概念(如果了解请跳过)—— 加息,顾名思义,是指提高美国就是提高市场的基准利率,从而使商业银行的借贷成本提高,进一步迫使市场的利息也进行增加,是最基本的货币政策之一。其目的包括减少货币供应、压抑消费、压抑通货膨胀、鼓励存款、减缓市场投机等。 缩表中的“表”是指的美联储的“资产负债表”。美联储虽然是美国的“央行”,但它却是一个私人机构。如果我们把它看做是一家公司,那美联储也有“资产负债表”。虽然,我们不应该用看待$(AAPL)$这样普通公司的角度去理解,但是美联储的资产负债表依然也包括资产和负债。而缩表这一行动,意味着美联储将减少持有的资产(及负债)。 这两项行动,都是显著地减少市场上的货币供给,降低流动性。 这一次,美国股市带领着全球股市尿了 其实,美联储纪要并不是把会议的每一句话,每一个梗都抛出来。它其实是非常有目的性地将美联储在12月会后没有表达完整的意思,或者市场解读过于乐观/悲观的部分进行适当的补充,是美联储特意给市场传递的补充信息。 比如,12月会议时,美联储对Omicron病毒的认知显然不会有现在这么全面,即便美联储可以揣测美国政府的可能措施,也预计不到其他国家会做和反应。而其他国家的反应,又会影响到另一个重要因素——供应链,这是实","text":"1月5日,美股市场在美联储公布12月会议纪要之后应声下跌。$标普500(.SPX)$ $纳斯达克(.IXIC)$ $道琼斯(.DJI)$ 核心问题是两个:加息、缩表。 如果你以前没有了解过这两个概念(如果了解请跳过)—— 加息,顾名思义,是指提高美国就是提高市场的基准利率,从而使商业银行的借贷成本提高,进一步迫使市场的利息也进行增加,是最基本的货币政策之一。其目的包括减少货币供应、压抑消费、压抑通货膨胀、鼓励存款、减缓市场投机等。 缩表中的“表”是指的美联储的“资产负债表”。美联储虽然是美国的“央行”,但它却是一个私人机构。如果我们把它看做是一家公司,那美联储也有“资产负债表”。虽然,我们不应该用看待$(AAPL)$这样普通公司的角度去理解,但是美联储的资产负债表依然也包括资产和负债。而缩表这一行动,意味着美联储将减少持有的资产(及负债)。 这两项行动,都是显著地减少市场上的货币供给,降低流动性。 这一次,美国股市带领着全球股市尿了 其实,美联储纪要并不是把会议的每一句话,每一个梗都抛出来。它其实是非常有目的性地将美联储在12月会后没有表达完整的意思,或者市场解读过于乐观/悲观的部分进行适当的补充,是美联储特意给市场传递的补充信息。 比如,12月会议时,美联储对Omicron病毒的认知显然不会有现在这么全面,即便美联储可以揣测美国政府的可能措施,也预计不到其他国家会做和反应。而其他国家的反应,又会影响到另一个重要因素——供应链,这是实","images":[{"img":"https://static.tigerbbs.com/5dee34df999ccb7bd50a625ae2b6bdc7","width":"684","height":"348"},{"img":"https://static.tigerbbs.com/3c6599b8389daebd752b274543fd2df4","width":"990","height":"793"},{"img":"https://static.tigerbbs.com/2006c6722871a0602b372077821ec4ae","width":"1425","height":"381"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695214475","isVote":2,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"vote":{"id":1633,"gmtBegin":1641471905871,"gmtEnd":1642854272573,"type":1,"upper":1,"title":"美联储“缩表”会影响你今年股票收益率吗?","choices":[{"id":6051,"sort":1,"name":"会","userSize":110,"voted":false},{"id":6052,"sort":2,"name":"不会","userSize":19,"voted":false},{"id":6053,"sort":3,"name":"我喜欢波动性!","userSize":26,"voted":false}]},"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695754090,"gmtCreate":1641621380425,"gmtModify":1641621380425,"author":{"id":"4097366177122060","authorId":"4097366177122060","name":"HaoyaSun","avatar":"https://static.tigerbbs.com/8b36fe3760817c56e3bdc39eee15b0c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097366177122060","idStr":"4097366177122060"},"themes":[],"title":"","htmlText":"首富是个普通人","listText":"首富是个普通人","text":"首富是个普通人","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695754090","repostId":"692486867","repostType":1,"repost":{"id":692486867,"gmtCreate":1641172561160,"gmtModify":1641181227006,"author":{"id":"3549622429300319","authorId":"3549622429300319","name":"特斯拉多头和PLTR多头","avatar":"https://static.tigerbbs.com/ea5a87f25f862e1155952bc556a5072d","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3549622429300319","idStr":"3549622429300319"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>He is world richest man and still he doesn't care.Happy new year Elon and everyone.","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>He is world richest man and still he doesn't care.Happy new year Elon and everyone.","text":"$特斯拉(TSLA)$He is world richest man and still he doesn't care.Happy new year Elon and everyone.","images":[{"img":"https://static.tigerbbs.com/fcb993aa15428213413bc2575493a5fa","width":"1080","height":"1097"},{"img":"https://static.tigerbbs.com/b2dfeb36abd390ef069b9d273d23c199","width":"748","height":"997"},{"img":"https://static.tigerbbs.com/895078eaa666fc91d7e8e36b7e903dbc","width":"629","height":"1398"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692486867","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}