My next guest is dialing back his expectations for big tech heading into 2026. Ed Yardi is president of Yardeni Research. He joins me now.Ed, thanks so much for being here. >> Thank you. >> So Ed, underweing tech heading into the new year, overweighting the rest of the market.Talk to us about how that actually plays out. Can this market move higher without big tech leading the way. >> Well, I'm specifically focusing on underweing the Magnificent Seven.Those are clearly the biggest tech and the idea is that ...

以下文章来源于睿知睿见 ，作者睿知睿见 睿知睿见 . 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴实易懂的语言，传递正确的投资理念！ ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 睿知睿见 来源：雪球 当我们说中国资产的价值时 ， 有一个问题 。如何评估资产的价值 ？ 真正能衡量人类资产价值的东西尤其只有一个东西 ： 生产力 。 假设一个农民 ， 他的价值何在 ？还不就是生产粮食的能力 。 只有生产力才能改善人类的生活 ！没有生产力 ， 其他一切所谓的资产都是虚空 ！ 难不成没有人生产粮食 ， 你抱着黄金或者比特币能吃饱 ？国与国之间的力量对比 ， 最终都是落到生产力上 。 2025年是一个值得纪念的一年 。 这一年让全球都重新审视了中国的实力 。 之前中国资产被严重低估 ， 未来必将均值回归 ！ 一 、 中国不会 " 失去三十年 " 过去几年 ， 西方国家操纵舆论 ， 所讲的鬼故事包括 ： 资产负债表衰退 ， 日本失去三十年 ， 产能过剩 ， 通缩等等 。 这些鬼故事不但影响 ...

For more on this, we want to bring in former Cleveland Fed President Loretta Mester. She's a senior scholar at at Princeton. She's an adjunct professor at UPUP's Wharton School and a CNBC contributor.And Loretta, let's talk about what Steve was just laying out. In his survey, 87% said they will cut, 45% said they should. Where do you come down on both of those questions.>> So, I think they definitely will cut. I mean, they signaled that quite clearly in President Williams speech, New York Fed president um b ...

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the macroeconomic environment in China and the implications for various sectors, particularly focusing on technology and AI investments. Core Points and Arguments 1. **Macroeconomic Challenges**: The current economic situation in China is characterized by a mismatch in production relations, leading to issues such as overcapacity and insufficient effective demand. This has been a consistent theme among economists since mid-last year, with policies introduced in September aimed at addressing these issues, though they are seen as more of a stopgap rather than a solution to the core problems [1][2][3]. 2. **Production Relations vs. Productivity**: There is a critical distinction made between productivity improvements (especially through technology) and the underlying production relations. While technological advancements are essential, they do not necessarily resolve the existing mismatches in production relations, which may even worsen in certain scenarios [2][3][4]. 3. **AI and Capital Expenditure**: The rise of AI has led to significant capital expenditure in the U.S., which is not as pronounced in China. This investment is compared to past infrastructure investments by local governments in China, suggesting that while AI may provide short-term benefits, the long-term financial sustainability of such investments is questionable [5][6]. 4. **Market Dynamics and Investment Strategy**: The capital markets are currently driven by productivity, particularly in technology sectors. However, there is a warning that the current enthusiasm for AI stocks may be overblown, with potential bubbles forming. Investors are advised to consider a balanced approach, incorporating both high-growth tech stocks and more stable value stocks [7][8][9]. 5. **Sector Performance**: There is a notable performance difference between AI-related stocks and traditional sectors such as commodities and mining, which have shown better returns this year. Value stocks, particularly in the banking sector, have also performed well, suggesting a need for diversification beyond tech [10][11]. 6. **Long-term Economic Outlook**: The discussion highlights the uncertainty surrounding the sustainability of current economic trends, particularly in relation to AI and its impact on labor markets. There are signs of layoffs in tech sectors, indicating that the benefits of AI may not be as widespread as anticipated [12][13][14]. 7. **Investment in Gold and Silver**: The conversation touches on the rising prices of gold and silver, with a suggestion that these assets may serve as a hedge against inflation and currency devaluation. However, there are concerns about the long-term sustainability of gold prices, especially in light of recent central bank actions [20][21][22][23]. 8. **Cyclical Nature of Industries**: The potential for recovery in certain sectors, such as construction and materials, is discussed. Companies that maintain profitability during downturns may emerge stronger as weaker competitors exit the market [13][14][15]. Other Important but Overlooked Content - The discussion emphasizes the importance of understanding the cyclical nature of industries and the potential for recovery, even in currently struggling sectors. There is a call for investors to remain vigilant and adaptable in their strategies, considering both macroeconomic indicators and sector-specific dynamics [16][17][18][19]. - The historical context of economic cycles and the impact of government policies on market dynamics are also highlighted, suggesting that past experiences can inform current investment decisions [24][25][26][27][28][29][30]. - The potential for the Chinese yuan to gain strength in the global market is mentioned, which could influence investment strategies moving forward [27][28][29][30]. This summary encapsulates the key themes and insights from the conference call, providing a comprehensive overview of the current economic landscape and investment considerations.

Core Insights - The conference "万里同春·豫见未来——中原酿新势·2025中国消费智链创新峰会" held in Zhengzhou focuses on new consumption, new manufacturing, and new supply chains, aiming to share new models and experiences while discussing how the capital market can empower growth in the consumer sector [1] - Economist Fu Peng discusses the restructuring of order and development paths driven by AI technology, emphasizing that while technology is a primary productive force, the matching of production relations is crucial for wealth growth [3][4] - Fu Peng warns that the rapid advancement of AI will reshape production relations across industries, but stresses the importance of aligning technology with existing social production relations to avoid exacerbating employment pressures [4][5] Industry and Economic Analysis - Fu Peng references the AJR theoretical model from recent Nobel Prize winners, highlighting that "order" is an independent factor in production relations, which helps explain various economic and social issues [3] - The discussion includes examples from industries such as film, animation, and toy manufacturing, illustrating how AI is disrupting traditional production processes and supply chain models [4] - Fu Peng argues that the advancement of AI will not be universally beneficial, as its adoption will accelerate social stratification, favoring those who can adapt to new tools while potentially sidelining others [4][5]

Core Viewpoint - The impact of artificial intelligence on productivity will significantly influence monetary policy according to the Vice Chairman of the Federal Reserve, Jefferson [1] Group 1 - The Federal Reserve is closely monitoring the effects of artificial intelligence on economic productivity [1] - Jefferson emphasizes that advancements in AI could lead to changes in how monetary policy is formulated and implemented [1]

Core Points - CNH will announce its financial results for Q3 2025 on November 7, 2025, with a live webcast starting at 11:30 a.m. ET [1] - A replay of the financial results conference call will be available for 12 months on the corporate website [1] Company Overview - CNH Industrial (NYSE: CNH) is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [3] - The company offers a wide range of agricultural and construction products through its brands, including Case IH, New Holland, and others [3] - CNH has a workforce of over 35,000 employees, emphasizing a diverse and inclusive workplace [4]

Financial Data and Key Metrics Changes - The company reported a net sales increase of 11.5% year over year, reaching ILS 3,100,000,000 for the quarter, with a 15.5% increase when excluding the impact of a stronger shekel [42][43] - EBIT improved significantly, with higher operating profit attributed to increased net sales and ongoing productivity measures, despite raw material price inflation [43][44] - Net income was negatively impacted by increased financing and tax expenses, with financing expenses rising by ILS 57,000,000 in Q2 due to the stronger shekel and higher interest rates [45][46] Business Line Data and Key Metrics Changes - Strauss Israel saw a 9% growth in sales, driven by both volume and price increases, with Health and Wellness performing particularly well [14][48] - The coffee segment in Israel experienced volume increases, especially in roasted and ground coffee, although EBIT remained stable due to rising coffee prices [16][49] - The international coffee business, particularly in Brazil, reported a significant turnaround with a 30% increase in sales, primarily driven by price increases [20][21] Market Data and Key Metrics Changes - The company increased its overall market share in Israel from 34.1% to 35.1%, despite price increases in several segments [18] - The water business experienced 4-5% top-line growth in Q2, supported by a higher installed base and improved sales mix, although impacted by the war in June [50] - In China, the company faced increased competition, particularly from Xiaomi, which affected sales and net income [27][28] Company Strategy and Development Direction - The company is focusing on core activities and major brands to improve profitability and market share, with a strong emphasis on productivity and operational excellence [34][36] - New product launches, including alternative milk and water purification machines, are expected to drive growth in the coming quarters [31][33] - The company aims to transition from a single product to a multiproduct company, enhancing its market position and expanding its product offerings [26][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from inflation and raw material costs but expressed confidence in the company's ability to pass on costs to consumers [63] - The company expects improvements in net income in the coming quarters as one-time financial costs and tax issues are resolved [63] - Future growth is anticipated from productivity initiatives and new product launches, with a focus on maintaining EBIT margins despite rising costs [41][63] Other Important Information - The company received a stable outlook upgrade and maintained a strong AA1 rating, reflecting its solid financial position [47] - The cocoa prices have shown a significant decrease, which is expected to positively impact the funding indulgence segment moving forward [55][56] Q&A Session Summary Question: What are the expected benefits of the new Jotvita facility? - The new facility will address unmet market demand, allowing for a substantial increase in sales volume and value, thereby improving EBIT and margins [51][52] Question: What relief is being seen in commodity pricing? - Some relief is noted in coffee prices, although recent increases are concerning. Cocoa prices have decreased significantly, which is expected to benefit the funding indulgence segment [55][56] Question: How will the acquisition of JDE Peet by Keurig impact the markets? - The company does not anticipate significant impacts in its operating markets, as competition remains strong and JD is already a competitor in those regions [58][59]

Core Points - The article discusses President Trump's call for Federal Reserve Board member Lisa Cook to resign, citing a report from Bloomberg regarding an investigation into her mortgage loans [1] - Lisa Cook stated she has no intention of resigning and is gathering accurate information to address any reasonable inquiries about her financial history [1] - Cook previously expressed concerns that Trump's trade policies could suppress U.S. productivity and potentially force the Federal Reserve to raise interest rates in a declining efficiency economic environment [1] Summary by Categories Government Actions - Trump's statement on social media demands Lisa Cook's immediate resignation from the Federal Reserve [1] - The call for investigation into Cook's mortgage loans is part of a broader trend of legal scrutiny against Democratic figures and their appointees by the Trump administration [1] Individual Responses - Lisa Cook asserts she is not planning to resign and is committed to addressing any questions regarding her financial history with factual information [1] Economic Implications - Cook has previously warned that the trade policies promoted by Trump may hinder U.S. productivity and could lead to increased interest rates by the Federal Reserve in a less efficient economic context [1]

Core Insights - Companies that do not adopt artificial intelligence (AI) will soon be left behind, but it is not too late to start integrating AI into their strategies [2] - The book "AI First" serves as a guide for businesses to understand and implement AI, drawing insights from influential tech leaders [2][3] Group 1: Book Overview - "AI First: The Playbook for a Future-Proof Business or Brand" discusses the concept of "AI First" and its implications for businesses [2] - The authors, Adam Brotman and Andy Sack, emphasize the importance of integrating AI into business strategies, similar to previous digital transformations [2] Group 2: Insights from Interviews - The authors interviewed prominent figures like Sam Altman and Bill Gates to gather insights on AI's potential and impact [2][3] - Sam Altman highlighted OpenAI's mission to achieve general artificial intelligence, which could outperform human capabilities [7] - Bill Gates compared the experience of seeing ChatGPT-4 to witnessing the launch of graphical user interfaces, indicating the transformative potential of AI [8] Group 3: Practical Applications of AI - Companies should not rush to implement AI without understanding its foundational aspects; daily use of AI can enhance decision-making and productivity [9] - Leaders are encouraged to view AI as a colleague, collaborating with it in decision-making processes [10] - The book stresses the importance of developing AI-first talent within organizations to fully leverage AI's capabilities [9]