Some links and thoughts

1. Pharmagest interactive (link) 
2. 美國公債 (link)
3. 2022年的投資預想 (link)
• 利率上升 -> 美元強 -> 不利新興市場
• 利率上升 -> 初期股市上漲 (risk-on mode) -> 利率持續上升(>4%) -> 股市下跌
• 通膨上升 -> 黃金上漲 (1972~1980 history, due to risk-off)
• Real interest rate下跌 -> 原物料價格上升
4. Portfolio for long term investor (link)
• inflation-indexed perpetuity is a riskless asset for a long-run investor
• dividend yields do not forecast dividend growth
• Dividend growth is what matters to long-run returns
• The average investor must hold the market portfolio without rebalance
• Any deviation from the market portfolio is a financial zero-sum game
• portfolio formation begins with risk management. Resilience is more important than a few basis points of alpha.
• do not hold stocks with high prices relative to book, dividends, earnings, etc.
5. Demand for oil grows with limited supply => Oil price goes up (link) (link) (link)
6. How to invest in inflation regime? (link)
• invest in
• commodity
• active approaches like factor and trend following 
• avoid
• equity, bonds
• crypto (high correlation with equity)
7. crypto
• Sportify disrupted (link)
• Ponzi scheme (link)
• stablecoin insolvency issue (link)
• pair trading (link)