A journey of a thousand miles begins with a single step

 interview chairman of vnv global ( link ) not mention about GETT?! startups valuation drop example ( link ) 西方石油 ( link ) Spotify ( link ) global stock valuation ( link ) 目前fwd. pe約為15.9, 並不算貴 但2008崩盤前, fwd. pe才15.1, 所以不貴並不表示不會崩盤! How much could raise interest rate help on reducing inflation ( link ) Not much! inducing recessions is not particularly effective at lowering inflation 看起來還是要從根本制度面(環保, ESG...etc), 供應鏈的問題解起, 才是真正有效果的. 鋰礦供應鏈介紹 ( link ) 內房債券持續狂跌, 情況真的不太妙 ( link ) 半年結算 好奇投資 ( link ) Global stock picking ( link ) V&O ( link )

 用StepN討論GameFi的可能性 ( link ) 無限發幣的龐式經濟, 終究會有破滅的一天 調整代幣經濟合乎基本法則應該是必要的, eg: 鞋子會磨損要定期更換 or 鞋子舊了產出下滑, 以刺激買新鞋 當吸引多數用戶後, 廣告/商業也是個選項, 但不是跟營運主軸那麼直接相關 Multi-factor global ETF comparison ( link ) JPGL: Value, Momentum, Quality IFSW: Value, Momentum, Quality, Size  Construct your portfolio ( link ) Understand your major risks first Avoid using "buy and hold" on most of bonds.   Bonds have lower yields with similar volatility compared with equity. Use trend following on bonds and commodity More long-volatility investments like tail risk funds and trend-focused managed futures programs Hold bonds for crisis alpha? ( link ) bonds have produced a positive excess return only 56% of the time in Crisis Alpha months (no more frequent than in “normal” times) and they have only provided an excess return of 0.12% the majority of bond’s excess returns have come from the income component of returns not price changes Bond price performance during Crisis Alpha months has actually been negative ...