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The perils of investing in the world of one trade
在单一交易主宰的世界,如何理解投资的风险?

Where US interest rates are headed will still be the biggest influence on investment performance
美国利率走向何方仍将是对投资表现影响最大的因素。

A banker told me this week that when he meets corporate borrowers and investment clients to discuss what lies ahead in 2024, they always ask him the same question: What are the three big risks? And he always gives them the same answer. One: rates. Two: rates. And three: something horrible that we haven’t thought of yet.

一位银行家本周告诉我,当他与企业借款人和投资客户会面,讨论2024年的前景时,他们总是问他同一个问题:有哪三大风险?而他总是给出同样的答案。一:利率;二:利率;三:我们尚未考虑到的可怕事情。

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