Core Viewpoint - The article discusses how far an individual can go in their career depends on persistence, effort, and the ability to seize opportunities, rather than solely on educational background or initial circumstances [1]. Group 1: Case Studies - Case A: A, a managing director at a London-based firm, overcame a challenging background, including dyslexia and a lack of initial academic success, to rise through the ranks in the automotive sales industry before transitioning to finance and eventually becoming a managing director responsible for multi-million dollar investment decisions [2]. - Case B: B, a Singaporean intern, started from a modest educational background but worked diligently to secure an internship, which led to a position at a fund company and eventually a role in Deutsche Bank's investment banking division, demonstrating that hard work can lead to significant career advancements despite initial disadvantages [3][4]. - Case C: The author, with a higher starting point due to strong academic performance, leveraged educational opportunities to enter a global talent program, which facilitated international experience and career growth, ultimately founding a capital firm in Singapore [5]. Group 2: Common Themes - The commonality among the three cases is the emphasis on long-term persistence and continuous effort, highlighting that success is not solely defined by wealth or fame but by the ability to progress from humble beginnings through hard work and determination [6]. - Each individual's journey illustrates that every step taken, whether it be pursuing further education or gaining relevant work experience, plays a crucial role in achieving career goals, reinforcing the idea that low starting points do not equate to low achievements [7]. Group 3: The Role of Education - The article argues that while education is important, it should not be viewed as the only path to success. The experiences of A and B show that high academic qualifications are not the sole determinants of career success, especially as practical experience and skills become more significant over time [8][9]. - The author emphasizes that a strong educational background can provide more opportunities, but it is the combination of effort, experience, and timing that ultimately shapes career trajectories [10]. Group 4: The Importance of Timing and Luck - The article acknowledges that timing and luck also play critical roles in career success, as seen in the favorable economic conditions during the author's and A's career advancements, which provided them with opportunities that may not be available in different circumstances [11]. - The conclusion suggests that success is a product of sustained effort over time, combined with a bit of luck, reinforcing the idea that gradual progress can lead to significant achievements [12].

点击小程序查看报告原文 Abstract 特朗普政府试图通过加征关税促使美国贸易逆差收窄，制造业回流，我们认为这两个目标难以通过关税实现。首先，关税难以使得美国贸易逆差收窄。 从理论来看，提升关税并不一定能够缩减逆差（扩大顺差）。根据勒纳对称定理，对进口征税等同于对本国的出口征税。从历史来看，1890年《麦金利关 税法案》后，美国顺差一度上升，但是1930年《斯穆特-霍利关税法案》后，美国顺差下降，甚至一度转为逆差，说明了关税和贸易顺差之间的复杂关 系。1890年，美国仍然处于工业化相对早期阶段，面临英国的竞争，关税可以保护其幼稚产业。而到了1930年《斯穆特-霍利关税法案》出台时，美国的 国际地位已经超过英国，在全球出口中的份额也已经超过英国。对于一个大国而言，关税可能同时导致其进口和出口下降，而贸易逆差未必收窄。 关税难以促使制造业回流美国。 前几年美国制造业投资一度加速，但并未持续，近来制造业新开工投资、短期的投资计划出现下滑。中国的中间品对美 国的出口远低于对新兴市场的出口，也反映美国制造业回流缓慢。全球制造业产业链更多的是调整到新兴市场国家，而非美国。与之相应的是，中国与美 国之间的供应链长度增加。 ...

高盛CEO所罗门：经济前景不确定。 ...

摩根士丹利相关人士确认，胡霁光已加入摩根士丹利亚太区投行团队，任中国区副主席（Vice Chairman）。公开信息显示，胡霁光博士，毕业于美国耶鲁大学，获历史、经济双学士学位，以及法律 博士学位，曾担任 花旗中国投资银行部主管、美银证券中国投资银行部主管。 (上证报) ...

Core Insights - Goldman Sachs CEO Solomon stated that the market is under pressure but is not facing a crisis [1] Group 1 - The current market conditions are challenging, yet they do not equate to a financial crisis [1] - Solomon emphasized the resilience of the financial system despite existing pressures [1] - The CEO's comments reflect a cautious optimism regarding the market's ability to navigate through difficulties [1]

高盛CEO所罗门：市场预计美联储将在今年逐步降息。 ...

高盛CEO所罗门：贸易政策改变了市场的不确定性。 ...

Group 1 - The intermediary system for NASDAQ IPOs is crucial for connecting local operations with international capital markets, directly impacting the success rate and financing efficiency of listings [1] - Key intermediary institutions include investment banks, law firms, accounting firms, depositary banks, market makers, and public relations and investor relations consultants [1][27] - The article provides a comprehensive analysis of the roles, service offerings, fee structures, and selection strategies of these intermediaries, along with practical guidelines for 2025 market dynamics [1] Group 2 - Investment banks play a vital role in valuation pricing, roadshow strategies, and risk hedging, with underwriting fees ranging from 5-7% for amounts less than $100 million and 3-5% for amounts greater than $500 million [2][40] - Law firms are responsible for cross-border compliance, including VIE structure reviews and data security, with fixed fees between $500,000 and $2 million depending on complexity [3][4][40] - Accounting firms focus on financial restructuring and internal control establishment, charging between $500,000 and $1.5 million based on revenue [7][10][40] Group 3 - Depositary banks facilitate the issuance of American Depositary Receipts (ADRs) and cross-border settlements, with fees ranging from $50,000 to $200,000 [12][15][40] - Market makers manage liquidity and crisis response, charging annual fees between $100,000 and $500,000 [17][20][40] - Public relations and investor relations consultants assist in brand building and crisis management, with service fees ranging from $200,000 to $1 million [22][25][40] Group 4 - The overall fee structure for intermediaries in the IPO process can range from $200,000 to $600,000, accounting for 8-15% of the total financing amount [40] - Cost optimization strategies include selecting boutique investment banks for smaller fundraising and splitting auditing tasks to save costs [41] - The selection of intermediaries should consider industry expertise, regional experience, and crisis management capabilities [42][44] Group 5 - The intermediary system for NASDAQ listings exhibits a dual characteristic of "international rules + local adaptation," requiring firms to navigate both global standards and local regulatory environments [47][48] - Companies should prioritize intermediaries with capabilities that blend Western and Chinese practices to ensure compliance and efficiency in the IPO process [49]

文章来源于网络或者个人工作经验积累,个人观点，仅供参考，若有不妥，请告知立即删除。欢迎个 人，媒体、公众号或网站转载并请标注来源！谢谢。 怎么抛售还涨呢？ ——《金融时报》网友"Linlin" 金融时报社答网友： 近日，美债遭到大幅抛售，美国国债价格连续5天下跌，10年期美债收益率累计上涨近50个基点至 4.48%，创下2002年以来最大单周涨幅。对此，有网友在给《金融时报》一篇题为《美债，遭史诗级抛 售！》的稿件留言中提出了自己的疑问，为什么美债被抛售后收益却上升了呢？ 想要解答这个问题，就需要了解债券相关的规则。以1年期美债为例，该债券面值为100美元，即到期支 付100美元，投资者购买的方式类似"砍头息"，在扣除利息后支付债券价格，其实际支付的价格是低于 票面价值的。 假设我们购买该债券的价格为95美元，在不考虑持有时间以及利率变化等因素的情况下，该债券在市场 上的流通价格也是95美元。如果现在市场上抛售该债券，债券价格因此下降到90美元，那么新购入该债 券的投资者拿到的美债条件就变成了付出90美元、到期收回100美元，相较此前我们借出95美元、到期 收回100美元，该债券的收益率便出现了提升。 当然， ...

过去十年，美国优异的资产回报率吸引了全球资本滚滚流入，欧洲、日本、亚洲主权基金，甚至是中东 产油国的钱，都在不断加码美股、美债。随着资金持续流入，美元也随之水涨船高，如今这个"例外 伦"的破灭了。 高盛对冲基金业务负责人Tony Pasquariello近日发布报告指出，目前美元高估了20%，这种高估正是美 国例外主义的结果。关税正在破坏强势美元的核心支柱，而这一次是美国与世界的对抗，因此更类 似"英国脱欧"而不是第一次贸易战。 此外，高盛该指出， 到目前为止，主要是欧元区投资者抛售美国股票， 外投并未大规模净抛售美国国 债。 关税击中了美元的核心逻辑 高盛指出了美元可能大幅走弱的三大逻辑： 高盛在报告中还提到了一个关键风险。目前全球有2.2万亿美元的美元相关资产没有外汇对冲，一旦投 资者决定撤退，影响会很大。例如2017年1月到2018年1月底，部分资金从美元资产流出，转而投向欧元 区等其他地区的资产，结果欧元兑美元涨幅高达20%，直接拉开了利差和汇率之间的传统联动。 外资抛售美股，而非美债 高盛认为，本轮调整的起点，是美国资产在全球投资组合中所占的比例处于历史最高点。 不过，高盛强调，目前的外资动作并非剧 ...