Economic Context - The U.S. deficit decreased by 15% year-over-year in 2025 but is projected to increase again due to President Trump's One Big Beautiful Bill Act [1] - The Federal Reserve implemented three rate cuts in 2025, contrasting with the rate hikes in 1999 when the government had a budget surplus [1] Market Sentiment - Investor sentiment is reminiscent of the late 1990s, with expectations of a significant market run-up driven by central bank policies and government spending [2] - Late-cycle rallies are noted for delivering substantial gains, with the greatest price appreciation typically occurring in the 12 months before market peaks [2] Asset Performance - Gold has shown a remarkable return of approximately 71% over the past 12 months, reaching a high spot price of about $4,756 per ounce [6][8] - Bitcoin, described as "digital gold," has experienced a powerful rally, with its supply capped at 21 million coins, contributing to its appeal as a scarce asset [12] Investment Strategies - A diversified investment approach is recommended, including traditional assets like gold and cryptocurrencies, as well as exposure to tech stocks, particularly in the Nasdaq [5][15] - The Nasdaq Composite has surged roughly 52% since its low in April, driven by significant investments in artificial intelligence [15][16] Alternative Assets - Art is highlighted as an alternative asset with low correlation to the stock market, offering unique opportunities for portfolio diversification [20] - Platforms like Masterworks allow investors to buy fractional shares in high-value artworks, yielding notable returns [21]

Group 1 - The Qatar Investment Authority (QIA) and Goldman Sachs Asset Management have entered a memorandum of understanding to commit $25 billion from QIA to various Goldman Sachs managed funds and co-investment opportunities [1] - QIA aims to enhance access to world-class investment opportunities, particularly in sectors such as AI, fintech, digital infrastructure, and private credit [2] - Goldman Sachs will expand its operations in Doha, increasing staffing to better serve local clients and facilitate access for global investors [3] Group 2 - The partnership will provide strategic advice on capital formation, mergers and acquisitions, and the development of Qatar's economy and financial markets [4] - The initiative is designed to encourage greater foreign direct investment and support the growth of leading Qatari businesses [4] - Both parties are exploring additional areas for collaboration that could be mutually beneficial [5] Group 3 - Goldman Sachs chairman and CEO David Solomon highlighted Qatar's economic diversification and the development of its capital markets as significant opportunities for investment [5] - The partnership aims to enhance Qatar's global connectivity and attractiveness as an investment partner [6] - Goldman Sachs recently launched its onshore private wealth management services in Riyadh, Saudi Arabia, indicating a broader regional strategy [6]

智通财经APP讯，惠理集团(00806)发布公告，公司及其附属公司于2025年12月31日的未经审核管理资产 总值约为62亿美元。 ...

蓝鲸新闻1月21日讯，近日，深圳证监局发布行政监管措施决定书，剑指深圳高申资产管理有限公司及刘文广。 决定书显示，深圳高申资产管理有限公司在从事私募基金业务活动中，存在以下情形：一是非公司登记从业人员参与私募基金运营，说明公司 在管理、运用私募基金财产过程中未尽谨慎勤勉义务；二是不公平对待其管理的高申德伦私募证券投资基金、高申鹿鸣起航私募证券投资基金 的基金财产；三是未定期更新管理人及其从业人员的有关信息。 决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期 间，上述行政监管措施不停止执行。 深圳证监局 2025年12月15日 刘文广担任高申德伦私募证券投资基金、高申鹿鸣起航私募证券投资基金的投资经理，负责相关投资交易，具体实施了不公平对待所管理的不 同基金财产的行为。 上述行为违反了《私募投资基金监督管理暂行办法》的相关规定。深圳证监局决定对深圳高申资产管理有限公司、刘文广采取出具警示函的行 政监管措施。 ...

U.S. President Donald Trump looks on during a press briefing at the White House, on the one-year mark into his second term in office, in Washington, D.C., U.S., Jan. 20, 2026.Markets on Tuesday flashed the classic signs of a "sell America" trade, as investors recoiled from escalating risks tied to Washington's foreign policy. Greenland's Prime Minister Jens-Frederik Nielsen drove home the point when he said late Tuesday that "the other side" — seemingly alluding to the U.S. — has not ruled out the use of mi ...

Core Insights - ICG plc reported a total AUM of $127 billion as of 31 December 2025, with fee-earning AUM at $85 billion, reflecting a 1% increase quarter-on-quarter and an 11% increase year-on-year [6][11] - The company raised $4.4 billion in fundraising during the quarter, with significant contributions from Europe IX ($1.6 billion), Metropolitan II ($0.6 billion), and LP Secondaries II ($0.3 billion) [6][5] - The total available liquidity for ICG is £1.4 billion, with net financial debt reduced to £239 million [6] Fundraising and Deployment - Fundraising activities for Q3 FY26 included $2.5 billion in Structured Capital and Secondaries, $0.6 billion in Real Assets, and $1.3 billion in Debt [5][7] - Deployment of funds in Q3 FY26 amounted to $2.8 billion for Structured Capital and Secondaries, $0.6 billion for Real Assets, and $1.6 billion for Debt [5][7] - Realisations during the same period were $0.1 billion for Structured Capital and Secondaries, $0.2 billion for Real Assets, and $1.7 billion for Debt [5][7] Financial Performance - The company experienced a net addition of $1.328 billion in AUM, with structured capital and secondaries contributing $1.538 billion, while real assets and debt saw net reductions [3] - Year-on-year changes in AUM showed a 22% increase in Structured Capital, a 17% increase in Secondaries, a 3% decrease in Real Assets, and an 11% overall increase [3] - The total balance sheet return was positive at both the group level for the quarter and year-to-date [6] Market Conditions - The company noted variability in transaction activity across different asset classes, indicating a modest recovery in market conditions [6] - The foreign exchange rates for GBP to EUR and GBP to USD showed slight fluctuations, which may impact financial results [8]

尽管多家券商机构的统计口径存在差异，但测算结果普遍显示，2026年定期存款到期规模高于2025年。 随着存款利率的持续下行，集中到期的定期存款将搬家去哪里，成为市场近期关注的焦点。 2026年居民定期存款到期规模高于2025年 居民存款的去向除了进入股市外，还有银行理财、保险、基金等多种渠道。 以中金公司最新测算为例，居民定期存款2026年到期规模约75万亿元，其中1年期及以上存款到期约67 万亿元；相比2025年，预计2026年居民全部和1年期以上定期存款到期分别增长12%和17%，同比增加8 万亿元和10万亿元。 存款搬家等于存款入市吗 所谓存款搬家，是居民根据资产回报率的变化，把银行里的储蓄存款转换成其他资产的现象，本质上是 居民资产重新配置的一种表现。而且根据不同市场形势变化，这种资金流动也是双向动态变化的。 南开大学金融学教授田利辉分析，过去居民财富配置基本集中在房地产和银行存款，如今二者的吸引力 都在减弱，资金需要寻找新的出口。而且，随着我国资管产品不断丰富，企业和居民配置理财、基金等 金融资产会更加多元化。 "存款搬家现象对银行理财的发展形成了一定影响，同时也是驱动银行理财行业规模增长的动力之 ...

这场全球市场抛售潮最初由日本国内问题引发 。日本30年期国债收益率单日飙升超过25个基点，市场担忧首相高市早苗的减税和增支计划将危及该国财政。 这一波动威胁到以日元低息贷款购买全球资产的套利交易，并推动其他地区债券收益率上升。 投资者此前对特朗普政府行动——包括其对委内瑞拉局势的干预、对周边国家的威胁及对美联储的抨击——大多采取"置之不理"的态度， 而如今这种耐心正在 消退。 特朗普要求美国控制格陵兰岛的举动引发了市场对最坏情况的担忧，包括北约联盟可能破裂，或爆发全面贸易战。 随着格陵兰岛的地缘政治争端加剧以及日本国内财政担忧引爆全球债市，华尔街此前数周的诡异平静被彻底打破，"抛售美国"交易以猛烈姿态重回市场视野。 周二开盘后，美国金融市场遭遇股债汇"三杀"。 标普500指数重挫超过2%，不仅抹去了今年以来的全部涨幅，更创下三个多月来的最大单日跌幅。 衡量市场恐慌程度的VIX指数飙升至去年11月以来最高水平。与此同时，避险情绪推动黄金价格突破每盎司4700美元的历史新高，美债收益率显著攀升，美元 汇率则随之下滑。 面对不断升级的紧张局势，部分分析人士指出，制造市场动荡可能正成为欧洲应对压力的手段之一。 All ...

On this episode of the "ETF of the Week†podcast, VettaFi's Head of Research, Todd Rosenbluth, discussed the T. Rowe Price US Equity Research ETF (TSPA) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF. Yes, this is the ETF of the Week, where we get the latest take from Todd Rosenbluth, the head of research at VettaFi. And at VettaFi.com, you'll find all the tools you need to make yourself a smarter, savvier investor in ...

Key Takeaways The bond market, which has made President Donald Trump rethink policy before, is protesting again and sending borrowing costs higher. It's a dynamic that, in the past, has helped convince Trump to back away from some policies. In April, he scaled back his Liberation Day tariffs after bond markets sold off sharply. In July, he backed away from firing Federal Reserve Chair Jerome Powell after markets showed their disapproval. A series of factors, including Trump's ongoing tensions with the Fed, ...