Some links and thoughts

1.  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
2. Multi-factor global ETF comparison (link)
• JPGL: Value, Momentum, Quality
• IFSW: Value, Momentum, Quality, Size 
3. 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
4. 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 historically
5. Arthur Hayes分享3AC事件的看法 (link)
• 如同2008雷曼事件的問題根本, 借貸比率過高
• 整體而言, 只看到獲利, 沒控制風險. 遇到Luna崩盤的黑天鵝事件, 就撐不下去了.
• 無抵押品, 導致貸方無法清償, 進而變成現金流的問題
• 對一般投資人而言, 則是無監管所以沒有揭露必要, 基本上就是無任何透明度可言.
6. Coupang (link)
7. Naking wine is in trouble (link)
• 2020 Covid之後漲到400多覺得滿貴的
• 看到這篇文章再回頭看, 原來最高漲到將近900, 市場有時候真的是很瘋狂!
• 經營wine angel and investor確實是個很有意思的idea. 但這個idea的執行面, 仍然有很多挑戰.