爱马仕第五代继承人尼古拉·皮埃什日前公开指控称，自己曾拥有的价值约150亿美元的爱马仕股份已经"蒸发"，而他曾信任了长达25年的财富管理人埃里 克·弗雷蒙德是幕后"玩弄阴谋诡计"的罪魁祸首。 据报道，现年82岁的法国亿万富豪、爱马仕集团的第五代继承人尼古拉·皮埃什，曾以持有公司5.7%的股份成为家族中最大的个人股东，身家一度高达156 亿美元，2024年位列福布斯全球富豪榜第121名。如今，他声称自己"破产了"，仅剩下少量现金和无法动用的投资。 近日，有消息人士透露，皮埃什已无钱可用，在近期一次去伦敦的行程中，这位曾经爱马仕最大的个人股东，如今乘坐廉价航空公司易捷航空的航班，而 且还是中间座位。 今年夏天，弗雷蒙德在法国司法部门的问询后不久，在瑞士阿尔卑斯山区被火车撞死，当地警方初步认定其为自杀。他的离世，使得皮埃什的150亿美元 财富下落可能永远成为悬案。 外界将这场由家族恩怨、金钱交易、关系取向、背叛和死亡交织而成的豪门悬案称为"本世纪最令人困惑和史诗般的金融传奇之一"。 人死了，钱也没了： 尼古拉·皮埃什 150亿美元失踪之谜 2023年9月，皮埃什在瑞士对他的前朋友兼财富管理人埃里克·弗雷蒙德提起了三 ...

Core Viewpoint - The European stock market has shown a remarkable turnaround in 2025, with countries like Hungary and Slovenia achieving over 60% gains in USD terms, marking a significant shift in global capital allocation [1][3][4]. Group 1: Market Performance - European markets dominate the top-performing global stock markets, with Hungary, Slovenia, and the Czech Republic all exceeding 60% gains [3][4]. - The Stoxx 600 index is poised to outperform the S&P 500 index by the largest margin since 2006, indicating a shift in investor confidence towards Europe [3][4]. - Major European economies, including Germany, have also seen substantial stock price increases, with the German index rising 34% in USD terms [4]. Group 2: Contributing Factors - A strong Euro, which has appreciated by 12% against the USD, is a key driver of the European market's performance [5]. - Improved economic outlook, controlled inflation, and anticipated fiscal stimulus in Germany are contributing to the positive sentiment [5][6]. - The defense sector is experiencing significant growth due to increased military spending, with companies like Rheinmetall AG and Leonardo SpA benefiting [7]. Group 3: Sector Performance - The banking sector leads the rebound with a 67% increase, driven by stable earnings and merger activities [7]. - Defense stocks are rising due to expectations of increased military expenditure, while renewable energy stocks benefit from strong demand for AI infrastructure [7]. - The luxury goods sector is showing signs of recovery, with LVMH indicating a rebound in consumer demand [7]. Group 4: Future Outlook - Analysts predict an 11% profit growth for Stoxx 600 constituents in the coming year, narrowing the gap with the S&P 500's expected 13% growth [8]. - Despite the recent gains, European stocks remain relatively undervalued, with a 35% discount compared to the S&P 500 based on expected price-to-earnings ratios [8]. Group 5: Market Risks and Divergence - Some market participants express caution, suggesting that the optimistic sentiment may be overstated, with potential risks to earnings forecasts [9]. - Political uncertainty in France and the actual impact of Germany's fiscal measures pose challenges to the market outlook [9].

每经编辑｜程鹏 黄胜 近日，有消息人士透露，皮埃什已无钱可用，在近期一次去伦敦的行程中，这位曾经爱马仕最大的个人股东，如今乘坐廉价航空公司易捷航空的航班，而 且还是中间座位。 爱马仕第五代继承人尼古拉·皮埃什日前公开指控称，自己曾拥有的价值约150亿美元的爱马仕股份已经"蒸发"，而他曾信任了长达25年的财富管理人埃里 克·弗雷蒙德是幕后"玩弄阴谋诡计"的罪魁祸首。 据媒体报道，这起诈骗案的主犯名为埃里克·弗雷蒙德（Eric Freymond）。他早在1989年就通过婚姻关系跻身瑞士金融界新贵阶层，当时在其岳父合伙的 私人银行Ferrier, Lullin & Cie工作，由此接触到众多精英客户。正是通过姻亲引荐，弗雷蒙德结识了爱马仕第五代继承人尼古拉斯·布歇。 图片来源：红星新闻 尼古拉·皮埃什（左）和弗雷蒙德 图片来源：红星新闻 二人成为好友后，弗雷蒙德俨然成了布歇的私人助理与生活伴侣，无论是旅行、房产事宜还是账单支付都由弗雷蒙德安排处理。他甚至能自由出入布歇在 瑞士和西班牙的私人住所。 2000年前后，在弗雷蒙德的劝说下，布歇将持有的爱马仕股份以"不记名股票"形式从法国转移至瑞士，并签署了"全权委托协议" ...

Core Insights - The European stock markets are experiencing a remarkable turnaround, outperforming expectations and dominating global rankings as of 2025, with significant gains in countries like Hungary, Slovenia, and the Czech Republic, all exceeding 60% in USD terms [1][2] - Investor confidence has notably returned to Europe, as evidenced by a shift in capital flows, with investors now net buyers of European stocks while slightly reducing their holdings in U.S. equities [1][2] - The Stoxx 600 Index is poised to achieve its largest advantage over the S&P 500 since 2006, reflecting a significant change in market dynamics [1] Market Performance - European indices have significantly outperformed expectations this year, with Hungary, Slovenia, and the Czech Republic leading with over 60% gains in USD [2] - Germany's stock index has risen 20% in EUR and 34% in USD, while the S&P 500 ranks 63rd among 92 global indices tracked by Bloomberg [2][3] - Investor sentiment has shifted positively towards Europe, with expectations for continued outperformance in the coming year [2] Economic Factors - The strengthening euro, which has appreciated by 12% against the dollar this year, is a key driver of the European market's performance [3] - Germany's commitment to significant investments in defense and infrastructure, including a €2.9 billion military procurement contract, is expected to boost the economy [3] Inflation and Monetary Policy - European inflation has returned to target levels, allowing the European Central Bank to potentially lower interest rates faster than the Federal Reserve [3] - The decline of the dollar amid concerns over U.S. trade policies has further enhanced Europe's attractiveness to investors [3] Sector Performance - The banking sector leads the rebound in European stocks, with a 67% increase driven by strong earnings, rising M&A activity, and stable interest rate outlooks [4] - Defense stocks have surged due to anticipated increases in military spending, while renewable energy stocks benefit from strong demand for AI infrastructure [4] - The luxury goods sector, particularly LVMH, is showing signs of recovery after previous downturns, indicating a rebound in consumer demand [4] Future Outlook - Analysts expect European corporate earnings to grow by 11% next year, narrowing the gap with U.S. earnings growth projections of 13% for 2026 [5] - Despite the recent surge, European stocks remain relatively undervalued, with a 35% discount compared to the S&P 500 based on expected price-to-earnings ratios [5] - Even with minimal earnings growth, the market could reach new highs, indicating continued investment potential [5]

有一个许多人意想不到的事实，那就是在中国，一些民间作坊竟然能手工制造出可以飞行的小飞机。普通老百姓都有这个能力，而正规的工厂更是有强大的 制造实力。近年来，美国的经济学家和学者们一直在警告华盛顿的政客们，他们对中国的认知有很大问题。然而，美国的政客们却不愿听从这些意见，仍然 坚持自己的看法。这种固执己见的态度，最终会把美国带向何方呢？ 美国曾寄希望于印度，结果却事与愿违。华盛顿的政策制定者们曾根据一个经济学规律，认为随着中国的经济发展，工人工资将会上涨，这会促使许多企业 将工厂迁往工资更低的地方。根据这一推测，制造业肯定会离开中国，而印度则被认为是最理想的目的地——因为印度人口多，工资低，而且讲英语。过去 的十年里，美国媒体不断报道印度经济的火热，声称印度即将成为接班中国的全球工厂。美国的政客们认为，只要中国的制造业流失，那么中国的经济必定 会遭遇困境，综合国力也会下降。 然而，十年过去了，印度交出的成绩单令美国十分尴尬。外国资本没有如预期般涌入，反而开始撤出。近两年，印度的外资净流入甚至变成了负数，意味着 流失的资本远远超过了流入的资本。印度的制造业进展缓慢，依旧只能进行一些基础的组装工作，技术含量较高的产 ...

Core Insights - The Year Ahead 2026 summit, hosted by Bloomberg Businessweek and supported by Mercedes-Benz, focuses on macroeconomic trends and various industries, providing valuable insights for business decision-makers [3] - The summit emphasizes three main themes: "China and the World," "Urban Culture and Business," and "Technology and Sustainability," making it a significant platform for understanding industry developments [3] Group 1: Event Overview - The Year Ahead summit has been influential in the Chinese business community for eleven years, serving as a key forum for connecting resources and insights [3] - The event features discussions on urban and commercial connections, highlighting the importance of cultural and emotional engagement in business [5] Group 2: Case Study - Louis Vuitton's "Louis" Project - The "Louis" project by LVMH has transformed from a brand initiative to a significant cultural phenomenon, attracting over 100,000 daily visitors and generating a vibrant commercial atmosphere [5][6] - The project's success is attributed to effective government and corporate collaboration, which ensured compliance with regulations while fostering innovation [6] - The "Louis" project has also drawn international attention, with tax refund records from over 70 countries, indicating its appeal as a high-end consumer destination [6] Group 3: Insights on Consumer Behavior - The project illustrates that consumption is a byproduct of emotional engagement and social resonance, rather than a primary goal [6] - In modern urban settings like Shanghai, consumers seek emotional fulfillment beyond material needs, which is a key factor in the project's success [6] Group 4: Ongoing Exploration of Urban and Commercial Connections - The Bloomberg Businessweek's CityLab initiative continues to explore urban narratives, focusing on individual stories that reflect broader economic and cultural trends [7] - The initiative highlights the importance of grassroots insights in understanding urban development and consumer behavior [7][8]

Core Insights - A survey indicates that 1 in 10 Americans view luxury handbags or lottery winnings as potential retirement strategies, reflecting widespread financial uncertainty [1][3] - Only 37% of U.S. adults find it realistic to retire between ages 65 and 70, with 30% lacking confidence in covering daily expenses throughout retirement [2][4] - The desire for guaranteed retirement income is high, with 92% of respondents seeking alternatives to Social Security [4] Group 1: Financial Anxiety and Retirement Planning - The survey highlights a growing sense of desperation regarding traditional retirement planning, leading some to consider unconventional assets like luxury handbags as viable options [3] - Many Americans feel that traditional retirement tools, such as 401(k)s, are flawed due to market risks and lack of guaranteed income [4] - The perception that luxury items could serve as a fallback retirement strategy underscores a significant shift in how individuals view financial security [1][3] Group 2: Investment Strategies and Portfolio Diversification - While luxury handbags may retain value better than fast fashion, they are still considered speculative investments and not substitutes for a diversified retirement portfolio [5] - 401(k) plans are recognized as a straightforward method for saving for retirement, but reliance solely on stock market investments is deemed risky [6] - A diversified portfolio should include a mix of cash savings, bonds, and income-generating assets to mitigate risks associated with market fluctuations [6]

Core Insights - A recent social media post highlighted a Hermès product, a large mushroom-shaped paperweight priced at 23,000 yuan, sparking humorous comments from users [1][4] - The product is made in France using a combination of alligator leather, calfskin, and cowhide, featuring glass and polystyrene beads for added flexibility [4] - Hermès' official customer service explained that the pricing reflects the materials and craftsmanship involved, with unique items like this one being priced higher due to the rarity of the leather used [4] - The customer service representative noted that sales figures for the product are not available, but a limited stock is currently available for purchase on their mini-program [4]

Group 1 - The average salary for ordinary people in Germany is around 4,000 to 5,000 euros, with a net income of approximately 2,800 to 3,000 euros after taxes [3] - Dining out in Berlin is expensive, with meals costing between 30 to 40 euros and beers around 10 euros [4] - The high cost of living in Germany limits entertainment and consumption for young people, leading to a lack of confidence and entrepreneurial spirit [6] Group 2 - Many Germans and French are traveling to Southeast Asia for cheaper consumption, highlighting the disparity in local living costs [7] - Discount supermarkets in Germany, such as Aldi and Lidl, provide affordable options for the public, helping to alleviate social tensions related to income inequality [8] - The pricing strategy of discount supermarkets contrasts sharply with the high costs of dining out, raising questions about the underlying factors contributing to these price differences [13][14] Group 3 - The high cost of living in France, particularly in urban areas, makes it expensive for tourists, with daily expenses averaging around 150 euros [18] - The luxury goods market in France is robust, with brands like LV and Dior maintaining strong global demand [20][21] - The French film industry, particularly through events like the Cannes Film Festival, plays a significant role in shaping cultural perceptions and maintaining the country's influence in global cinema [23][27]

Core Points - The current wealth tax proposal in France is primarily politically motivated, aiming to address widespread anxiety over wealth distribution in society [1] - The wealth tax debate has resurfaced as a central political issue in France, with significant public demonstrations against government austerity measures [3][4] - The proposed "Zucman tax" targets individuals with net assets exceeding €100 million, suggesting a minimum tax rate of 2%, potentially generating between €10 billion to €25 billion in revenue [1][3] - The wealthiest 75 families in France pay an effective tax rate that is only half of the next income tier, indicating a regressive tax system [5] - Critics warn that the wealth tax could lead to capital flight, as seen in previous attempts to tax the wealthy [5][6] Industry Insights - The wealth tax proposal has been met with strong opposition from business leaders, who argue it could undermine economic freedom and discourage investment [6] - The debate reflects broader economic dissatisfaction among the French populace, particularly in the context of rising inflation and stagnant economic reforms [4][7] - There is a call for a shift in focus from wealth redistribution to expanding the overall economic "cake," emphasizing the need for growth in sectors like digitalization and green energy [7][8]