Only two events have mattered in my 30 years of investing - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Only two events have mattered in my 30 years of investing

Markets have shrugged off everything from geopolitics to financial crises
00:00

{"text":[[{"start":8.05,"text":"When children are in such a funk they reject everything, it’s useless offering more options. Burgers, pizza, sushi? No, no, no! The only way out is to flip the onus. OK, tell me what you want."}],[{"start":25.55,"text":"Heads explode. Being forced to give a positive answer instead of dismissing all and sundry is a challenge. And one I’m embarrassed to say it’s time to set myself. I’ve spent decades arguing that not much matters for investors. So what does, eh?"}],[{"start":41.980000000000004,"text":"I’ve been pondering this again recently as another war comes and goes without huge repercussions for returns. Sure, oil traders have wet themselves. But for the rest of us — so far — it’s the same downy uppity as ever."}],[{"start":56.77,"text":"Indeed, in previous columns I’ve shown that geopolitics can mostly be ignored when it comes to asset prices. Likewise, interest rates, tax regimes, governance and whether your favourite colour is blue or green."}],[{"start":72.37,"text":"Most of this was known to me before I started as a portfolio manager three decades ago. The historical data is unequivocal. Looking back now though, it still amazes me how little the events we were freaking out about at the time actually changed anything."}],[{"start":89.82000000000001,"text":"The Asian and Russian crises in the late 1990s barely distracted us from the money we were making in dotcom stocks. The lifts didn’t stop working at midnight on December 31 1999, either. When the crash eventually came, it was over in 24 months."}],[{"start":110.46000000000001,"text":"The financial crisis was even shorter. All but $30bn of the troubled asset relief programme money — some $440bn — has now been paid back. US banks will report bumper profits (and bonuses) next week. Plus ça change."}],[{"start":126.55000000000001,"text":"And you can imagine working at Deutsche Bank during the Eurozone debt crisis. Boy did we panic over Greece, Spain, the lack of a fiscal union and the like. It all blew over, didn’t it? Indeed the countries we worried most about are booming now."}],[{"start":145.54000000000002,"text":"But it’s not only the Brexits, tariffs and Ukraines that fail to smother returns, as we thought they might. Sky-high valuations don’t seem to bother investors either. Nor do extreme equity concentrations, autocracies as trading partners, or any of the supposed “megatrends” such as demographics or climate."}],[{"start":168.58,"text":"What does make a difference, then? If I’m the moaning child who keeps shaking my head, is there anything over my career that has had a meaningful effect on investment returns?"}],[{"start":178.43,"text":"Actually, there are two. The first — China’s admission to the World Trade Organization in 2001 — has had a massive impact on economics and finance. Right before it happened, I remember sitting in a Sydney office listening to arguments about why the Australian dollar — commodity-heavy and internet-light — would depreciate forever."}],[{"start":201.31,"text":"Nope! Thanks to easily the biggest consumption of natural resources in history, the country of my birth has been rolling in money ever since. At its peak, China accounted for half the world’s copper, aluminium, cement and iron ore consumption."}],[{"start":219.31,"text":"Meanwhile, the toys, gadgets or furniture we once looked after so carefully dropped so far in price as to become disposable. The west couldn’t buy enough and was soon racking up massive trade deficits with China."}],[{"start":234.1,"text":"The corresponding savings glut — written about for years by my colleague Martin Wolf — was a major reason for a decades-long fall in global inflation and borrowing costs. Got a bond or credit trader friend with a mansion and Ferrari? Cheers WTO."}],[{"start":251.73,"text":"The second is Covid-19. Unlike the above, however, in some respects it’s too soon to tell. The worst repercussions are still to come."}],[{"start":263.07,"text":"We know governments took on huge levels of debt during the pandemic. Some vital, much squandered. Few politicians recite the spending numbers today. They are too big to swallow. Some $5tn of Covid relief funding in the US was more than 10 times gross disbursements from the financial crisis. The low single-digit billions spent per day in Iran or on the Artemis II mission are irrelevant in comparison."}],[{"start":294.76,"text":"In many western countries, unsustainable net debt to output ratios would be around a fifth lower if it wasn’t for the pandemic. If bond markets eventually swoon, the writing of blank cheques during this period will be much to blame."}],[{"start":311.06,"text":"It’s also too soon to tell because post-Covid, voters now demand that governments bail them out of every problem — from oil shocks to expensive student debt. This makes it impossible for politicians to make vital reforms, say to welfare."}],[{"start":327.6,"text":"So yes, two things have mattered over my investment career so far. I’m not sure I have the nerves to handle a third right now."}],[{"start":344.06,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775890463_6669.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

公司威胁涨价,消费者将面临更多痛苦

高管警告称,若能源冲击持续,企业将面临更大压力,把成本转嫁给客户。

中国收紧对生产商竞争的监管后,太阳能电池板价格上涨

在一场令头部厂商亏损惨重的价格战之后,价格反弹或将宣告“电池价格不断走低”时代的终结。

为何伊朗战争未必会加速向低碳能源转型

电力供应安全地位上升,可能促使一些国家加码依赖化石燃料。

英国大选的关键议题是什么?

改革党、绿党、苏格兰民族党、威尔士党和自由民主党都希望从两大主流政党手中夺得更多席位。

特朗普家族加密项目起诉孙宇晨诽谤

在孙宇晨以涉嫌欺诈起诉世界自由金融之后,世界自由金融对这位主要投资者提出了指控。

控制科学——一场针对管理者的片面指控

从19世纪工厂的监察塔到亚马逊仓库的数据架构,亨利•斯诺将监视工人的人描绘为资本主义的反派。
设置字号×
最小
较小
默认
较大
最大
分享×