当传统经济周期正在失效，我们该如何表达对世界变化的理解？

Core Viewpoint - The article discusses the significant changes in the global macroeconomic landscape since Trump's presidency, highlighting the shift from low inflation and stable economic conditions to high inflation, high interest rates, and geopolitical tensions, which have rendered many traditional investment strategies ineffective [10][11][12]. Group 1: Macroeconomic Changes - The global macro environment has transformed dramatically, characterized by high inflation, high interest rates, and geopolitical conflicts, leading to a breakdown of previously reliable investment correlations [10][11]. - The emergence of a "K-shaped economy" has resulted in traditional industries facing pressure while new technologies continue to expand, altering asset correlations and investment strategies [11][12]. - The role of precious metals has shifted, becoming the second-largest reserve asset after the US dollar, as investors seek to hedge against currency devaluation [11][32]. Group 2: Investment Strategies - Investment strategies need to evolve from traditional stock-bond hedging to a balanced risk approach, focusing on reliable corporate earnings, reasonable valuations, and policy support [11][12]. - The importance of precious metals in investment portfolios has increased, with recommendations suggesting allocations of 20% to 30% in precious metals to counterbalance risks [51][56]. - Bonds are still considered valuable as a protective tool against economic downturns, despite their declining attractiveness compared to precious metals [55][60]. Group 3: Future Outlook - The outlook for 2026 suggests that high inflation, high debt, and geopolitical tensions will continue to dominate, necessitating a focus on hard currencies and structural growth opportunities while maintaining defensive reserves [12][41]. - The macroeconomic trends established during Trump's presidency are expected to persist, with ongoing challenges in global economic stability and investment strategies [41][42].