Chinese feel insecure, so everyone try to deposit:
The Economist [Fri, 08 May 2020]: The lowest tenth of income earners in most countries often have no savings. In China they put aside roughly 20% of their earnings, an exceptionally high rate. One reason is that Chinese worry about having to provide for themselves in bad times. A stronger social safety-net would free people to spend more.
橡树资本：
橡树资本马克斯的三大利器：
1，时刻将风险控制置于首位。在他看来，真正的风险是亏本或者收益过低的可能性，而非一般人认为的价格波动。
2，以防御性投资为重，尽可能避免损失，这比争取高收益更加重要。橡树资本对任何一家公司的投资额不会超过总资产5%，而且投资优先债务、银行贷款等拥有强大追索权的债务。
3，极力避免杠杆的实用，因为杠杆意味着风险的放大，甚至导致资产永久损失的可能。
人人都能看到的市场机会稍纵即逝，普通投资者即便能抓到，也是收益寥寥。获利潜力最大的投资，是反其道行之: 在市场冷落时买入，在市场追捧时卖出。一旦市场预期发生变化，就能斩获巨大的利润 （防疫物资的事情，就是这样啊，深有感触）。
择股不择时，是马克斯的另一个重要的投资理念。完全依赖预测的投资是不靠谱的，因为经济学家往往根据历史表现做出推演，却无法预知意外事件的发生，更无法准确估计市场反应。马克斯不否认一两次准确预测的价值，但长期都保持准确预测的例子几乎没有。马克斯深信：持续且一致的优异表现只来源于对企业和个股拥有的专业认识，而非来自对宏观经济、利率走势或大盘点位的预测。深谙经济预测的局限性，马克斯在宏观分析上坚持采用周期性的视角。
在马克斯看来，一个完整的信贷周期有四个阶段：债务积累（投资环境好，债券发行量往往激增，但发行质量下降）-债务危机-衰退期-复苏期。最糟糕的事情不是经历市场波动或者盯盘带来的账面损失，而是在市场下跌到底部时将资产卖出。
投资者的合理预期应该是，我在市场上涨时买进，在继续上涨时买的越来越少，接着在市场下跌时，我再继续买进更多，然后我将长期持有。
碎片化阅读的害处：
你总是看大量的讯息，你以为你热爱学习。但事实上，大脑本身就喜爱被讯息刺激，这跟你是否热爱学习无关。真正判断是否热爱学习，要看是否喜欢动脑思考，大脑本能上并不喜欢思考，因为太消耗能量和时间。人们太在乎讯息，太忽略知识，所以猛看新闻，却不看书。
Goodbye Globalization?
The Economist [Fri, 15 May 2020]
The way to make supply chains more resilient is not to domesticate them, which concentrates risk and forfeits economies of scale, but to diversify them. Moreover, a fractured world will make solving global problems harder, including finding a vaccine and securing an economic recovery. Tragically, this logic is no longer fashionable. Those three body-blows have so wounded the open system of trade that the powerful arguments in its favour are being neglected. Wave goodbye to the greatest era of globalisation—and worry about what is going to take its place.
The Economist [Fri, 15 May 2020]
Around the world, public opinion is shifting away from globalisation. People have been disturbed to find that their health depends on a brawl to import protective equipment and on the migrant workers who work in care homes and harvest crops.