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9Natree Malaysian[Ulasan] An Inquiry into the Nature and Causes of the Wealth of States (Arthur Laffer) Diringkaskan.An Inquiry into the Nature and Causes of the Wealth of States (Arthur Laffer)
- Amazon USA Store: https://www.amazon.com/dp/1118921224?tag=9natree-20
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2026-10-0111 min
特许金融街EPISODE 120：对话陈鹏博士：在不确定中寻找确定—穿越周期的资产配置密码制作人丨王晓昱图文剪辑 | 邓筠凡统筹 | 唐嘉澍 董嘉琦市场轮动加快，宏观环境多变。AI浪潮席卷全球，A股在经历了前期科技股的暴涨后，近期又迎来深度回调。当“这次真的不一样”的声音此起彼伏，投资者究竟应该相信什么？本期节目我们有幸邀请《中国大类资产投资年报》核心作者、深耕全球资管领域多年的陈鹏博士，结合 A 股 21 年历史数据，为听众朋友们拆解本土市场真实收益、风险溢价，分享普通投资者可落地的资产配置思考，欢迎收听！「本期嘉宾」陈鹏博士，现任晨星中国董事长、《金融分析师期刊》（Financial Analysts Journal）顾问委员，同时担任新加坡英康保险公司、奕丰金融集团（iFast Corp）、富敦资管（Fullerton Fund Management）独立董事。2012 年至 2020 年，陈鹏博士任职于德明信基金管理有限公司（Dimensional Fund Advisors，全球管理资产规模约10,000 亿美元），担任首任亚太区（日本除外）董事长兼首席执行官。2006 年至 2012 年，曾任美国晨星公司（Morningstar）全球投资管理部主席兼总裁，全面负责晨星在北美、欧洲、亚洲及澳大利亚的投资管理、投资咨询、退休养老金管理业务运营，旗下管理资产规模约 1,900 亿美元。在此之前，陈鹏博士曾担任 Ibbotson Associates 公司总裁兼首席投资官，任职期间推动该公司资产管理规模从 0 增长至 800 亿美元。「嘉宾寄语」投资是认知的复利，而SBBI年报对大类资产长期风险的忠实记录，正是夯实认知的基石；时间终将奖励那些读懂市场历史、理解风险收益底层规律的人。愿《特许金融街》的每一次发声，都能为你多打开一扇连接历史与未来的窗，在市场的喧嚣里找到那个长期不变的参照系。「书籍介绍」《中国大类资产投资 2025 年报》作者：陈鹏、有知有行出版社：中信出版集团SBBI 最早由 Roger G. Ibbotson 和 Rex A. Sinquefield 于 1970 年代在美国系统整理发布，是全球金融投资领域中系统统计大类资产长期风险和收益的重要数据框架。本书延续 SBBI 的研究框架，基于中国资本市场过去 21 年的历史数据，并结合海外百年市场经验，对股票、债券、现金、黄金等主要资产类别的长期
2026-09-031h 23
Dru's NotesProximity Is Power. Here's the Math. | Daily EssayThree years of zero income ended two hours after a member of my first mastermind told me to pivot and send the message that day. The room mattered as much as the advice, and the same pattern runs through Florence, Iten, St. Louis and Bell Labs.
Featuring: Eliud Kipchoge, Brian Eno, Alfred Marshall, David Rudisha, Rex Sinquefield
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2026-07-2703 min
投资ABCE57 看过很多数据后，我们开始相信一些简单的事｜中国大类资产投资 2025 年报📙 欢迎来到《投资ABC》，这是一档由 有知有行 出品的播客节目。在这里，我们会和陈鹏博士一起，和你分享那些投资中绕不开的知识，我是 Amiee。今天，是我们解读《中国大类资产投资 2025 年报》的最后一期。前两期节目，我们分别聊了股票和债券；而这一期，我想把目光转向这份年报背后的人。说起来，第一次打开这份年报时，我的心情其实有点复杂。一方面，它真的很好看。漂亮的配色、可以交互的图表，很赏心悦目；但另一方面，当公式、术语和一大串数据扑面而来，我的大脑也很诚实地开始放空。所以有一天，我愁眉苦脸地问参与制作年报的伙伴：你们天天和这些图表、公式、数据待在一起，真的会觉得它们对自己的投资有帮助吗？聊着聊着，我发现，答案很有趣。对 ta 们而言，这份年报并不是做完就结束的学术材料，而是在真实生活中，深远参与了 ta 们的投资决策。比如，跌得让人心慌时，能提醒自己，市场本来就有周期；做资产配置时，会多看一眼不同资产之间的比例；刷到一个看似收益很高的产品时，也会停下来多问一句：这个收益背后的风险，够不够划算？我觉得这些故事很精彩，也想把它们分享给你。这三位参与年报制作的伙伴分别是：负责数据的金栋、负责设计的港港，以及负责文字编辑的仝仝。我们会听 ta 们聊聊：制作年报的过程中，自己哪些想法和判断发生了改变。如果你也曾经打开年报，觉得「诶，看起来有点太复杂」，不妨先从几位伙伴的故事开始。也许你会发现，这份年报离我们的日常投资，其实并不遥远。🔗 官方地址欢迎点击这里，查看我们在有知有行准备的全文逐字稿、图表以及重点总结。🎙️ 本期嘉宾金栋： 有知有行数据负责人。港港：有知有行设计师仝仝：有知有行编辑⏳ 时间戳04:08 年报起点：排除偶然、幸运和偏见，用数据呈现规律12:53 每场「这次真的不一样」的大危机，回头看也只是市场的一小片段16:59「比起收益，我更在意实现自己目标的概率」24:14 对「高收益、高风险」的另一种理解 ——33:00 想胜天半子，就要卖在牛市尽头，买在熊市低点？41:23 求真，是最大的奖赏43:53 夸下海口：中国大类资产年报，明年可能增加哪些内容？45:45 如果你对这份年报感兴趣，不妨先从一张图、一个结论开始 👉🔍 相关内容欢迎对照以下图表收听本期节目——07:28 不同大类资产的长期收益表现。图表来源：《中国大类资产投资 2025 年报》07:51 持有时间越长，获取历史长期平均收益率的确定性越高。图表来源：《中国大类资产投资 2025 年报》13:55 此处提到的中美市场牛熊周期转换图。图表来源：《投资中，我相信的事》24:14 不同大类资产风险溢价。图表来源：《中国大类资产投资 2025 年报》📚 资料库02:53 SBBI Yearbook（Stocks, Bonds, Bills and Inflation）：美国经典大类资产长期收益年报，最早由罗杰·伊巴森（Roger G. Ibbotson）和雷克斯·辛奎菲尔德（Rex Sinquefield）于 1976 年推出。09:05 股权分置改革：简称「股改」，是中国从 2005 年开始推进的一项证券市场改革。在改革之前，中国上市公司的股票并不是都能自由买卖，且主要分成两类：流通股：可以在证券交易所买卖，主要由社会公众投资者持有。非流通股：不能在二级市场自由交易，通常由国家、法人股东或大股东持有。这种制度导致同一家公司的股东，因为持有股票的流通权不同，利益不完全一致，容易造成大股东与中小股东之间的利益冲突。股权分置改革的核心，就是让原本不能上市买卖的非流通股，也逐步变成可以流通的股票。 但因为这会增加未来市场上可买卖的股票数量，可能压低股价，所以非流通股股东通常需要给流通股股东一定补偿。但因为这意味着未来市场上可交易的股票数量会增加，投资者担心原来「锁住」的大量股份以后进入市场，带来抛售压力、压低股价，所以股改启动前后市场情绪一度比较谨慎。再加上当时市场信心较弱，所以 2005 年前后股市曾处在较低位置。
2026-06-2251 min投资ABCE56 债券收益越来越低，但它为什么仍然重要？｜中国大类资产投资 2025 年报📙 欢迎来到《投资ABC》，这是一档由 有知有行 出品的播客节目。在这里，我们会和你分享那些投资中绕不开的知识，我是 Amiee。本期节目，我们想把目光转向一类并不总在聚光灯下，却和许多人日常理财密切相关的资产：债券。相比股票，债券似乎天然少了一些戏剧性。它更像是一位安静、严谨，也略显古板的学者：不常出现在新闻头条里，也很少引起巨大的情绪波动。但过去几年，债券正被越来越多投资人重新关注。过去，银行存款、固收理财这类相对低风险的产品，收益看起来还算不错；而在利率持续下行的当下，2% 左右的回报，似乎正成为新的常态。当熟悉的低风险产品回报下降，大家自然会重新考虑：自己的钱，究竟应该放在哪里？进一步追问下去，我们也会发现，许多固收类理财产品背后，也配置了相当比例的债券。于是，问题变得更加具体：如果今天债券能提供的收益，已经不像过去那么高，它还值得配置吗？这一期，我们会继续回到《中国大类资产投资 2025 年报》的数据里，和陈鹏博士、金栋一起看看：债券的收益究竟从哪里来？在低利率环境下，看起来不高的票息，结合通胀，放到真实收益的角度该如何理解？除了「赚利息」，债券在一个投资组合中还承担着怎样的角色？希望你会喜欢。🔗 官方地址欢迎点击这里，查看我们在有知有行准备的全文逐字稿、图表以及重点总结。🎙️ 常驻嘉宾陈金栋： 有知有行数据负责人。陈鹏博士：曾担任晨星全球资产管理部总裁，管理过上千亿美元的资产；也曾是德明信基金的亚太区首席执行官。⏳ 时间戳03:38 我希望我的钱，能做到最基本的保值增值10:09 「债券收益几乎腰斩！」「但钱好像也更经花了？」18:31 债券的组合角色：海绵、减震器、压舱石29:00 控制回撤：市场熊长牛短，但我们不必肉身硬扛33:46 低利率环境下，海外债券是更好的选择吗？43:21 或许我们正处在，没有哪一种资产，能承包 100% 安全感的时代🔍 相关内容欢迎对照以下图表收听本期节目——05:24 债券总收益由票息与资本利得构成。图表来源：《中国大类资产投资 2025 年报》14:11 名义收益减去通胀，等于实际购买力。图表来源：《中国大类资产投资 2025 年报》21:08 中国各类资产相关系数概览。图表来源：《中国大类资产投资 2025 年报》33:46此处提到的图表。图表来源：美债看板图表来源：投资ABC📚 资料库03:08 SBBI Yearbook（Stocks, Bonds, Bills and Inflation）：美国经典大类资产长期收益数据/年鉴，源自罗杰·伊巴森（Roger G. Ibbotson）和雷克斯·辛奎菲尔德（Rex A. Sinquefield）关于股票、债券、短期国库券与通胀的长期收益研究，后来发展为持续更新的 SBBI 年鉴。06:10 票息收益：债券发行人按照约定票面利率，定期向债券持有人支付的利息收益。08:05 资本利得：因债券等资产市场价格上涨而获得的收益，可以是已实现或未实现收益。08:29 货币政策：中央银行通过调节利率、货币供给、公开市场操作等方式，影响经济运行和金融市场的政策。11:21 收益中枢：长期数据中相对稳定的平均收益水平，常用于描述资产收益围绕其波动的长期基准。15:02 CPI（居民消费价格指数）：衡量居民消费品和服务价格水平变化的指标，常用于观察通货膨胀水平。20:47 最大回撤：资产或投资组合从阶段高点下跌到随后阶段低点的最大跌幅。20:56 相关系数：衡量两类资产收益变化方向和强度的统计指标，取值范围为 -1 到 1。36:17 汇率风险：因不同货币之间汇率变化，导致海外资产折算成
2026-06-0848 min
The Long ViewDavid Booth: ‘Usually the Great Ideas Start Out as Small Ideas and Then You Build on Them’Our guest on the podcast today is David Booth. He’s the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world’s first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor’s degree in economics in 1968 and a master’s degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago...
2025-04-2949 min
Financial Thought Exchange PodcastDavid Booth on Founding a Firm Based On Revolutionary Academic InnovationsDavid Booth, one of the best-known investors in the world, founded Dimensional Fund Advisors (DFA) along with Rex Sinquefield and brought asset-class investing, a description that embraces both index funds and the index-based but value-added strategy that DFA pursues, to individual investors as well as institutions. David, who received a PhD from the University of Chicago's Graduate School of Business, also made the largest donation in the University of Chicago's history and, in recognition of that gift, the university renamed its business school the Booth School of Business. In building DFA, David pioneered the use of finance...
2025-04-2826 min
知行小酒馆E183 在概率的世界中，每个投资者都能找到适合自己的游戏｜中国大类资产投资 2024 年报上线📊 欢迎来到《知行小酒馆》，这是一档有知有行出品的播客节目，我们关注投资，更关注怎样更好地生活。今天这期小酒馆是我们去年就做好的约定。在 3月 13 日，我们发布了今年的「中国大类资产投资 2024 年报」，熟悉小酒馆的朋友可能知道它另外一个名字，中国的 SBBI 年报。借助这份年报，我们希望每一年客观、全面地记录地中国大类资产历史数据，为你的投资决策提供可靠的数据参考和逻辑依据。本期节目的嘉宾是：这个项目的发起人、小酒馆的人气嘉宾陈鹏（陈博士），这个项目的主要操刀人陈金栋（栋大），以及友台《无人知晓》的主理人孟岩。我们希望通过这期节目以及我们每一年发布的年鉴，帮助你更好的理解经常萦绕在投资者心头的几个问题—— A股长期来看真的能赚钱吗？金融市场真的存在底层规律吗？如果有，这些底层规律适合 A股市场吗？以及，它们在未来还会有效吗？此外，今年的年报还有两个亮点，一个是增加了黄金的部分，另一个是分析了投资个股的年化收益率。如果你也曾在投资中纠结过、动摇过，那么非常欢迎你接着听下去，我相信，这期节目以及我们的年报，可以帮助你减少一些投资中的困惑与内耗。你可以通过有知有行的 APP 查看下载这份年报，也可以在此点击阅读查看 👉🏻 《中国大类资产投资 2024 年报 - SBBI China Yearbook 2024》。如果你看完这份年报有问题想要追问，欢迎你评论提问，我会邀请我们的三位嘉宾竭尽所能回答大家的问题。🔗 官方地址 如果你所使用的客户端显示不全，请点此访问有知有行的官网查看全文🍻 本期嘉宾陈鹏：90 年代初期赴美求学，取得了经济学博士学位。在金融行业工作的 25 年时间里，他担任过晨星（Morningstar）全球投资管理部主席兼总裁，管理过上千亿美元的资产；他也曾是 Dimensional Fund Advisors（DFA） 的亚太区首席执行官。陈金栋：有知有行数据组负责人，《中国大类资产投资 2024 年报》主要负责人孟岩：有知有行创始人，播客「无人知晓」主播，公众号：孟岩🐚 时间轴2:45 什么是 SBBI ？股票（Stocks）+债券（Bonds）+货币基金（Bills）+通胀（Inflation）9:29 新数据，新发现，以及那些可以穿越周期的市场逻辑19:38 资本市场存在普遍规律，而人性永远在场22:44 今年热门的黄金，还会涨下去吗？黄金投资的两面性与它的底层价值27:34 黄金与股票等资产的关系如同跷跷板，一方上涨，另一方下跌30:28 投资只看历史收益，就像开车只看后视镜 ⚠️37:05 SBBI 的意义：通过数据更客观的、更科学的来看待市场热度43:01 我们做了 300 次实验，想看看，在A股，普通人做个股投资，到底有多少「胜算」52:10 「富贵险中求」的另一种翻译：每一份命运馈赠的收益，都在暗中标好了价格62:07 当你有了一套看待投资的体系后，市场自然而然就会向你走来63:45 提问 1：年报统计的A股整体年化收益率这么高，是不是因为你们起点定在了 2004 年年底这个低点？65:40 提问 2：过去二十年A股整体年化收益率很高，但主要收益是不是集中在 2004 至2014 这前十年呢？70:16 认清概率，认识自己，选择你真正擅长的游戏 🎮🔍 猜你想看💾 中国大类资产投资 2024 年报历史不会重演过去的细节，却总在重复相似的过程。《中国大类资产投资年报》正是这样一本揭示投资底层规律的工具书。它可以帮助我们理性认知市场行为，更能指导我们的投资实践。这本年报并不晦涩，即便是刚开始投资的朋友，也能通过年报中直观的数据图表和深入浅出的解读，理解这些经得起时间考验的市场规律，在投资初期建立起正确的认知，避免在投资中吃大亏。SBBI Yearbook（Stocks Bonds Bills and Inflation）：首发于1976年，由罗杰·伊巴森（Roger G. Ibbotson）和辛克莱·卡芬（Rex Sinquefield）合著。这是历史上第一次严谨系统地统计基础资产类别的长期历史风险和收益，提供了自1926年以来美国股票、债券、短期国债（T-Bills）和通货膨胀数据的详细历史表现分析。被广泛认为是评估和理解市场表现趋势的重要基础。Roger G. Ibbotson：耶鲁大学管理学院的金融实践荣誉教授，他是 Ibbotson Associates 的创始人，与辛克莱·卡芬（Rex Sinquefield）合著了历史上首期《SBBI 年报》，他也是本期嘉宾之一陈鹏博士的导师。CFA Institute：特许金融分析师协会，全球性的非营利专业组织，为投资专业人士提供金融教育。15:46 陈博士提到的的风险溢价叠砖图🎧 猜你想听E129 我，长期投资 A 股，真的能赚钱吗?这里有一份有效期 30 年以上的答卷黄金还会涨下去吗?回顾黄金跌宕起伏60年，答案就在其中|我问陈博士 03🌐 知行小酒馆的公告牌📸 穿越周期我们为大家准备了一枚「穿越周期」的专属徽章。下载 有知有行 App，点击首页 banner，阅读
2025-03-281h 18
Hick Christian's PodcastWho is Coronating our Rural Represenatives?We have lost control of the Republican Party at the Grassroots level and the MOGOP level. Financiers like Axiom Strategies, Victory Enterprises, Steven Tilley, Rex Sinquefield, and many others have broken the state into parcels to further their political and business goals. We saw it in the recent primary with Mike Kehoe. He never showed up for a Republican event or debate and still won the primary by a large margin. Groups like the financiers bankrolled his election and campaign ads so that when he’s governor, he will pay them back with dividends on bi...
2024-09-161h 22
My Worst Investment Ever PodcastEnrich Your Future 03: Persistence of Performance: Athletes Versus Investment ManagersIn this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 03: Persistence of Performance: Athletes Versus Investment Managers.LEARNING: The nature of the competition in the investment arena is so different that conventional wisdom does not apply. What works in one paradigm does not necessarily work in another. “Active managers fail with great persistence not because they’re dumb, it’s just that they have a burden of costs, which makes it very difficult for them to ou...
2024-06-2529 min
Hick Christian's PodcastMissouri GOP Disenfranchises the Majority of Missouri Delegates [Again]The CoupOn May 4th, Rep. Dan Stacy, was able to call for a motion for a quorum which closed the Mo GOP State Convention. He colluded with Rep. Ben Baker who was stalling for time by filibustering every proposal set forth by the Grassroots delegates who passed the duly appointed amendments to the platform. Rep. Baker was biding time to hopefully run down the clock. He got his wish when Ron Sanders, prompted by a text from Sandy Karnes,fd went to the mic and erroneously reported to the Convention that the Hotel was...
2024-06-201h 04
Hick Christian's PodcastExclusive Exposé: Who is Parson's Puppet Master? Who is Preparing Kehoe to be the next Marionette to dance?I’ve covered the actions of Rex Sinquefield in other articles related to his helping push to get SB727 passed by claiming it was a School Choice bill. However, as Hick Christian uncovered, the bill is simply a way for him and his cronies to get rich while creating welfare queens out of conservative home-school moms. However, he’s not the only political player. Allegedly, The Democrats have to deal with Roland Crowley in St. Louis controlling their media and votes. State-wide, though, one man has risen to power, making Crowley and Sinquefield’s actions seem l...
2024-06-1947 min
Hick Christian's PodcastSB727 Threatens Public Schools & Children--It Privatizes Public Money and AccountabilityThe InterviewThis interview is intense and detailed. Gretchen was a tremendous asset to have in the interview to think through what Pam told us about SB727. Pam was informative, and at times patient with us, as we dug through the codes, the law, and the ways the state government has tried to hide how they plan to privatize education.This isn’t the big hurrah Conservatives were hoping for in a world free from Public Education though. This is Government education privatized with no accountability. There are no Sunshine requests to be ma...
2024-06-031h 13
面基E47.目光越过年K线：中国各类资产的长期β—这才是更底层的宏大力量🎤本期嘉宾：@陈鹏 独立投资人，曾担任晨星（Morningstar）全球投资管理部主席兼总裁，DFA亚太区CEO@陈金栋，有知有行数据组负责人，《中国大类资产投资2023年报》主要负责人⏯️本期简介：SBBI年报最初由Roger G. Ibbotson和Rex A. Sinquefield制作，这是历史上第一次严谨系统地统计基础资产类别的长期风险和收益，它用详实的数据揭示了投资最底层的规律。报告发布后马上引起了全球学术界和金融投资领域的广泛兴趣和关注，并被CFA研究基金会收录，每年免费更新。今年，陈鹏、有知有行团队、Roger G. Ibbotson 合作完成了SBBI中国版的首份年报，报告收集研究了2005~2023年中国股票、信用债、国债和通胀数据。为长期投资、资产定价、资产配置提供了基础数据——这份报告会持续每年更新。本期节目，我邀请了这边报告的两位主要负责人，围绕报告中三张信息量巨大的图表聊了聊。 欢迎大家下载📑《中国大类资产投资2023年报》原文 主播对这份报告的个人解读📑《细说年报里的三张图》🎯时间轴：01:58持有短期国债就能基本对冲掉通胀侵蚀，真假？那我可不焦虑了啊！09:19对下图的讨论：11:47「再平衡」这个动作，表面看降低了收益，实际上提高了风险收益比13:11对下图的讨论：我愿称之为中国投资者的命运图，也是持有体验之图：29:05穿越周期的三种姿势 ①大周期级别的择时 29:12 ②做一个资产配置组合 35:10 ③行业+个股层面双均衡 42:10其代价和难点分别是什么？46:01对下图的讨论：53:32对押注「风格切换」的看法和忠告57:23海外投资者如何使用SBBI报告？58:43搞了这么个大活儿，报告主要作者写完的感受如何？62:34聊聊市场的「肥尾」特性📁本期内容相关资料： 24:31处提及的图片： 61:32处提及的尤金·法马的论文《Luck versus Skill in the Cross-Section of MutualFund Returns》 68:07处提及的图片：⚠️风险提示：所有内容皆仅以交流嘉宾和主播个人想法和分享知识为目的，完全不构成任何投资建议或参考。请读者注意判断其中风险，结合个人投资目标、财务状况和需求，独立思考，谨慎决策。your money your decision. 依据或使用本播客内容所造成的后果由您独自承担。📣 欢迎关注@老钱日日谈 ，如果播客没听够，可以来公众号找我玩，这边的更新频率会高一些。也欢迎大家来🪐知识星球找我玩，这里是我自己学习的输入笔记。
2024-03-051h 09
知行小酒馆E129 我，长期投资 A 股，真的能赚钱吗？这里有一份有效期 30 年以上的答卷🔵 欢迎来到知行小酒馆，这是一档有知有行出品的播客节目，我们关注投资，更关注怎样更好的生活，我是雨白。今天这期小酒馆比起说是一期节目，更不如说是一个约定。就在昨天，我们发布了《中国大类资产投资 2023 年报》，资深的金融从业朋友可能更熟悉也更好理解的名字是中国的 SBBI 年报。从起心动念到收集数据，不断编辑修改，再到正式推出，差不多也有两年半的时间了。我们很高兴邀请你来一起见证这趟万里征程的开始，因为我们承诺会将这个项目一直做下去，每一年忠实、客观、全面地记录中国大类资产的历史数据，为你的投资决策提供可靠的数据参考。我们希望通过这期节目以及我们每一年发布的年报，帮助你更好地理解经常萦绕在投资者心头的几个问题：长期来看， A 股真的能赚钱吗？金融市场真的存在一些有效的底层规律吗？如果有，这些底层规律真的适合 A 股市场吗，它们在未来还会有效吗？......如果你也曾在投资中怀疑过、动摇过，那么非常欢迎你接着听下去，我相信这期节目以及我们的年报可以帮助你减少一些投资中的困惑与内耗。你可以通过有知有行的 APP 查看下载这份年报，也可以在此点击阅读查看 👉🏻 《中国大类资产投资 2023 年报 - SBBI China Yearbook 2023》。如果你看完这份年报有问题想要追问，欢迎你评论提问，我会邀请我们的两位嘉宾竭尽所能回答大家的问题。🔗 官网地址youzhiyouxing.cn💼 本期嘉宾陈鹏：独立投资人。他在 90 年代初期赴美求学，取得了经济学博士学位。在金融行业工作的 25 年时间里，他担任过晨星（Morningstar）全球投资管理部主席兼总裁，管理过上千亿美元的资产；他也曾是 Dimensional Fund Advisors（DFA） 的亚太区首席执行官。陈金栋：有知有行数据组负责人，《中国大类资产投资 2023 年报》主要负责人🗺️ 时间戳00:22 简单来说，我们搞了件要持续干 30 年以上的大事02:40 什么是 SBBI ？股票+ 债券 + 货币基金 + 通胀05:02 老八股时代，初代股民陈同学的炒股经历：宿舍同学一起凑钱，坐火车 8 小时只为买认购券 🚄06:23 A 股 90 年代就有了，为什么年报数据从 2005 年才开始？当股权改革遇上国债放开，我们的数据分析才有意义09:19 中国长期投资者「闭着眼过桥」的尴尬现状：理念上高度认可，数据上一问三不知 👉🏻👈🏻18:16 这本中国的 SBBI 年报，究竟告诉了我们哪些投资的底层规律？23:19 一眼头大的数据图，对普通投资者真的有用吗？坚实的数据支撑才能指导具体的投资策略执行31:42 过去几年有很多断言都被打脸了，你们总结的这些底层规律，真的能够穿越时间吗？🕘41:53 看完多个国家大类资产的历史收益数据，我们发现：只要人类经济与生产力还在不断发展，股票将一直是长期收益最高的资产46:24 「难舍难分」的现代世界经济：买中国股票，参与全球市场经济51:13 长期来看， A 股真的能赚钱吗？行胜于言，我们将用 30 年做一个见证 👀🔍 生词卡SBBI Yearbook（Stocks Bonds Bills and Inflation）：首发于1976年，由罗杰·伊巴森（Roger G. Ibbotson）和辛克莱·卡芬（Rex Sinquefield）合著。这是历史上第一次严谨系统地统计基础资产类别的长期历史风险和收益，提供了自1926年以来美国股票、债券、短期国债（T-Bills）和通货膨胀数据的详细历史表现分析。被广泛认为是评估和理解市场表现趋势的重要基础。Roger G. Ibbotson：耶鲁大学管理学院的金融实践荣誉教授，他是 Ibbotson Associates 的创始人，与辛克莱·卡芬（Rex Sinquefield）合著了历史上首期《SBBI 年报》，他也是本期嘉宾之一陈鹏博士的导师。CFA Institute：特许金融分析师协会，全球性的非营利专业组织，为投资专业人士提供金融教育。股权分置改革：股权分置改革是指通过非流通股股东（国有股、法人股）和流通股股东之间的利益平衡协商机制，消除A股市场股份转让制度性差异的过程。 一般是上市企业非流通股东支付一定的对价给流通股东，以取得股票的流通权。该改革于 2005 年正式启动。📁 文件夹中国大类资产投资 2023 年报 - SBBI China Yearbook 2023 ：我们收集和研究了 2005~2023 年间中国股票、信用债、国债和通货膨胀的数据，完成了第一份 SBBI 中国年报。SBBI Yearbook 2021年简明版，目前 CFA Institute 官网允许公众公开下载查阅的最新版 SBBI 年报SBBI Data，SBBI 数据集，月度更新，如果你是 CFA Institute（特许金融分析师协会）成员，可登录后订阅查看。42:05 处提及：Global Investment Returns Yearbook 202443:47 处提及：Long-Run Stock Returns: Participating in the Real Economy🌐 知行小酒馆的公告牌🎬 我们的视频上线啦！我们筹备 2 年的《投资是怎样赚钱的》视频正式上线了， 30 分钟帮你搞懂投资到底如何赚钱，让你明白投资中那些基本的问题。你可以在 bilibili、
2024-03-0156 min
The ProcessFriday Flyover | Rex's Deep Pockets; Kansas Recovers; Biden Forgives Student Loans (Again); Gov. Abbott Wants Public Funding For Private Schools@TheHeartlandPOD on Twitter and ThreadsCo-HostsSean Diller @SeanDillerCO (Twitter and Post)https://heartlandpod.com/JOIN PATREON FOR MORE - AND JOIN OUR SOCIAL NETWORK!“Change The Conversation”Outro Song: “The World Is On Fire” by American Aquarium http://www.americanaquarium.com/This week on the Friday Flyover: MO GOP candidates cashing big checks, Kansas Gov Laura Kelly announces huge budget surplus, Biden Admin announces $9 B more in student loan forgiveness, Gov. Abbott’s got a fever - and the only prescription, is school vouche...
2023-10-0613 min
Hancock and KelleyDestination weddings, abortion law, Index Funds – Kelley and ShackelfordJohn Hancock is on vacation that Megan Shackelford joins Michael Kelley for the show and it start with Kelley finding a bird in his house this morning. Kelley and Shackelford discuss best options for president and the problems in the city. The full hour of the show start by talking about destination weddings. Republican Political Consultant Jamie Corley discussing the six constitutional amendments what can be called common sense measures including a switch to the abortion law. Rex Sinquefield, businessman, investor, and philanthropist talking about the anniversary of the Index Fund and how you’re invested in it without kn...
2023-09-0156 min
Hancock and KelleyAnniversary of the Index FundRex Sinquefield, businessman, investor, and philanthropist talking about the anniversary of the Index Fund and how you’re invested in it without knowing.
2023-09-0119 min
Money Maze PodcastThe Evolution of Multi-Factor Quant Strategies – With Savina Rizova, Global Head of Research at Dimensional Fund Advisors
Sign up to our newsletter for more in-depth insights | Follow us on LinkedInThe world of quantitative investing is a varied one, ranging from “statistical arbitrage” funds that seek to exploit miniscule and often fleeting market mispricings, to systematically exploiting timeless return patterns.Dimensional Fund Advisors (DFA) is in the latter camp. Founded by Rex Sinquefield and David Booth - two pioneers of index funds - DFA primarily harnesses “factors” that drive market returns in the long run. Here, Savina Rizova, Global Head of Research at DFA, explores the world of multi-factor investing with the FT’s...
2022-04-2839 min
The ProcessDark Money In Missouri w/Sara Sirota of The InterceptSara Sirota, politics reporter for The Intercept, joins Rachel Parker and Adam Sommer for a chat about dark money in Missouri politics, with a special focus on the 2022 GOP Senate primary. Sara's piece, which provides a deep dive on the known players, is an excellent look at the names and relationships that voters need to know about, and how they interact. Link below: Sara on twitter: @SaraLSirotaSara's Article Link:https://theintercept.com/2022/01/21/koch-missouri-senate-eric-greitens/Who Is Rex Sinquefield?https://www.emissourian.com/news/after-quiet-year-rex-sinquefield-donations-start-flowing-in-missouri-again/article_aa712272-7334...
2022-01-2742 minThe Long ViewRobin Wigglesworth: The Rise of Index Investing and the 'Renegades' Who Ushered It InOur guest this week is Robin Wigglesworth. Robin is the Financial Times' global finance correspondent based in Oslo, Norway. He covers investing in markets with a focus on technological disruption and quantitative investing. He joined the FT as a Gulf correspondent in June 2008. Before that, he was a Nordic economics and politics correspondent for Bloomberg News. Robin is a graduate of City, University of London and received his master's in history of international relations from the London School of Economics and Political Science. Robin is here to discuss his new book, Trillions: How a Band of Wall Street Renegades...
2021-11-1654 min
The Authority CompanyFeatured Guest: Rex SinquefieldThe history of chess is a complicated one. Early forms of the game originated in India around the 6th century AD, and by the 10th Century chess made its way to Europe. Fast-forward to the 1800s, chess underwent various rule changes and became the competitive sport we know today. The first official World Chess Championship was hosted in 1886 and 134 years later it went viral.First, the pandemic sparked interest in the game. More and More locked-down families around the globe began buying boards and playing chess. Covid-19 also drove hundreds of thousands of others to play Chess online...
2021-09-2729 min
Premier Chess: Conquer the Game; Master Your Life143rd Episode with Jason Deluca, President of Columbia Club of New Jersey and CEO and Founder at Argonaut MediaSend us a textIn Episode 143, I converse with Jason Deluca, President of Columbia Club of New Jersey and CEO and Founder at Argonaut Media, an innovative advertising agency specializing in the creation, implementation and management of marketing campaigns. We speak about college fundraising, the new American Dream Mall, chess PR, chess as a vehicle in advertising, Rex Sinquefield's work in Saint Louis, the Columbia University cigar club, chess community and most importantly, the upcoming 1st All Ivy Chess Invitational.
2021-03-1946 min
Dynamics OfEp. 2: Libertarian Fantasies, Chess Mania and Chicken Salad Sandwiches w/ Devin O'SheaDynamics Of is a podcast about the "patterns and processes of change, growth or activity.” An arts and culture broadcast that speaks with people deeply embedded. People that are changing the world, even in granular ways. Hosted by Jake Leech.
Devin O'Shea is a St. Louis based writer. His writing is in Current Affairs, Boulevard, CHEAP POP, The New Territory, Midwestern Gothic, and elsewhere. He went on NPR and the TrueAnon podcast to talk about his first novel—he is currently seeking representation and a publisher for Veiled Prophet. He joins Dynamics Of to discuss his upcoming piec...
2021-03-151h 35
Show-Me Institute PodcastSMI Pod: The One with Rex SinquefieldDr. Susan Pendergrass and Rex Sinquefield discuss his return to St. Louis, the biggest challenges facing the city today, active vs. passive investing and more.
Rex Sinquefield is co-founder and former co-chairman of Dimensional Fund Advisors, Inc. He also is co-founder of the Show-Me Institute. In the 1970s, he co-authored (with Roger Ibbotson) a series of papers and books titled Stocks, Bonds, Bills & Inflation. These works provided the first seminal data on the performance of the financial market in the United States. At American National Bank of Chicago, he pioneered many of the nation’s first index funds. He is a...
2019-07-2319 min
Perpetual Chess PodcastEP.85 - FIDE Master Mike KleinFM Mike Klein is an old friend of mine. He also is a guy who has been involved in many facets of the chess industry. Mike was a scholastic champion, he's a great chess teacher, he was recognized as chess journalist of the year in 2012, and now he writes, edits, and creates content for chess.com and chesskid.com (for the latter he goes by the moniker "Fun Master Mike"). Here is what Mike and I discussed: Mike's newest project, an entertaining and informative chess-free podcast, called Extreme Travel Odysseys Chess advice relating to competing in, studying, and teaching chess S...
2018-07-311h 11
Perpetual Chess PodcastEP.33 - Rex SinquefieldThe founder of the St. Louis Chess Club, Rex Sinquefield is my guest this week. We have a timely conversation about the upcoming Sinquefield Cup, and about how Garry Kasparov's return to competitive chess came to be. We also talked about his vision for the future of chess, his favorite chess openings, finance, and baseball. To donate to the St. Louis Chess Club, click here. See omnystudio.com/listener for privacy information. Learn more about your ad choices. Visit podcastchoices.com/adchoices
2017-07-2532 min
Crossing ContinentsCheckmate Me in St LouisDave Edmonds travels to the mid-western city of St Louis (location for the musical 'Meet Me In St Louis', starring Judy Garland) for the US chess championships. The city has become a world centre for the game of chess. Its status has partly been achieved by funding from a controversial multi-millionaire, whose childhood included time in an orphanage. Rex Sinquefield is well known for his fascination with the game and his enthusiasm is shared by many others. There is a thriving chess centre, elite tournaments which attract some of the top players, a Chess Hall of Fame and chess...
2016-05-1227 min
Retire Secure!Episode 170 - Maximizing Long-Term Investment Profits with Dr. Roger IbbotsonMaximizing Long-Term Investment Profits with Dr. Roger Ibbotson. Roger G. Ibbotson is chairman and CIO of Zebra Capital Management, LLC, an equity investment and hedge fund manager. He is founder, advisor and former chairman of Ibbotson Associates, now a Morningstar Company. He has written numerous books and articles including Stocks Bonds Bills and Inflation with Rex Sinquefield (updated annually) which serves as a standard reference for information and capital market returns.
2016-04-2948 min
Deep BackgroundEarnings taxes, Donald Trump, and the SCOTUS fightLynn Horsley and Dave Helling of the Star, and Steve Kraske of KCUR's Up to Date and the Star, talk about the coming earnings tax election in Kansas City, the chances of a contested - and violent - GOP convention in July, Rex Sinquefield, and Sen. Jerry Moran's endorsements of hearings for Supreme Court nominee Merrick Garland. Music "Folk Round" by Kevin MacLeod Learn more about your ad choices. Visit megaphone.fm/adchoices
2016-03-2923 min
Goldstein on GeltWhat You Need to Know Before Investing in Index Funds - 101515Rex Sinquefield explains how and why he developed this investment tool. He also shares his thoughts on the importance of learning chess and why philanthropy is an integral part of personal finance.
What are index funds?
How should people invest their money for the long term?
Why should schools teach chess?
What is the best way to give charity?
The Show-Me Institute
RexSinquefield.com
2015-10-1428 minGoldstein on GeltWhat You Need to Know Before Investing in Index Funds - 101515Rex Sinquefield explains how and why he developed this investment tool. He also shares his thoughts on the importance of learning chess and why philanthropy is an integral part of personal finance.
What are index funds?
How should people invest their money for the long term?
Why should schools teach chess?
What is the best way to give charity?
The Show-Me Institute
RexSinquefield.com
2015-10-1428 min
Across the BoardRex SinquefieldAcross The Board is a series of interviews conducted over a game of chess. In this programme Dominic Lawson interviews the game's leading philanthropist. Mega-rich financier Rex Sinquefield is ploughing millions of dollars into the game. But why?
2015-05-0612 min
Audio Mises DailyPoliticians tell us that tax cuts aren't necessary for economic growth. But when a politically-powerful company offers to move to town and hire people, the politicians fall all over themselves to offer a tax cut. Ordinary business owners, meanwhile, get no such offers, writes Crosby Kemper III and Rex Sinquefield. This audio Mises Daily is narrated by Keith Hocker.]]>
2014-10-2900 minAudio Mises DailyTax Cuts Are Only for the PowerfulPoliticians tell us that tax cuts aren't necessary for economic growth. But when a politically-powerful company offers to move to town and hire people, the politicians fall all over themselves to offer a tax cut. Ordinary business owners, meanwhile, get no such offers, writes Crosby Kemper III and Rex Sinquefield. This audio Mises Daily is narrated by Keith Hocker.
2014-08-1200 min
Audio Mises DailyTax Cuts Are Only for the PowerfulPoliticians tell us that tax cuts aren't necessary for economic growth. But when a politically-powerful company offers to move to town and hire people, the politicians fall all over themselves to offer a tax cut. Ordinary business owners, meanwhile, get no such offers, writes Crosby Kemper III and Rex Sinquefield. This audio Mises Daily is narrated by Keith Hocker.
2014-08-1200 min
Politically SpeakingSen. Chappelle-Nadal On Education, Guns, And Sinquefield's $1.3 Million PushWe are joined by Democratic Senator Maria Chappelle-Nadal. She discusses the Normandy School District busing students to Francis Howell, as well as guns and gangs in St. Louis. During the show, libertarian billionaire Rex Sinquefield disclosed a whopping $1.3 million donation to a group pressuring lawmakers to over-ride Gov. Jay Nixon's veto of an income tax bill. Chappelle-Nadal discusses her view of Missouri's biggest campaign contributor, and the story of how she met him. Originally published on July 11, 2013.
2013-07-1238 minPolitically SpeakingNixon's Budget Witholding And Vetos, Dooley's DonationsOn this week's 4th of July show: the gang discusses Governor Nixon's move to hold $400 million from the budget, his numerous vetoes, the Department of Revenue document scanning developments, and St. Louis County Executive Charlie Dooley's six-figure donation from libertarian Rex Sinquefield.
2013-07-0429 min
Activist Hub RadioActivist Hub Radio 1/30/11After a month long hiatus, this week Adam and I talk with Sean at FiredUp! Missouri about the priorities of the Republican State Legislature, Rex Sinquefield, and the general political landscape in Missouri. Join us to find out what progressives should watch out for in 2011. If you cannot see the audio controls, your browser does not support the audio element Also we are on itunes so please subscribe Activist Hub Radio on Itunes.
2011-02-0320 minActivist Hub RadioActivist Hub Radio 10/10/10Hi all,Continuing with the St. Louis Activist Hub Radio series,I'm posting yesterday's radio show. This week Adam and I discussed Ed Martian's latest truth bending statements, along with updates from the campaign trail in Missouri's third congressional district. We spent the second half of the show talking with Nancy Cross, Vice-President of SEIU local 1, about Proposition A and SEIU's efforts as part of a twenty-five group coalition to defeat Prop A and its sponsor Rex Sinquefield.
2010-10-1120 min