Such vehicles are available to baby boomers looking to maintain some amount of exposure to equity markets right now. Indeed, I think these vehicles serve as an excellent option for that portion of one's portfolio, which I'd argue for Baby Boomers should probably be a smaller allocation than Millennials or Gen X investors due to investing time horizon and risk concerns.I think the most relatable saying many investors can understand and be on board with is "time in the market beats timing the market." Of cour ...

12月23日，日本央行前审议委员Makoto Sakurai周一表示，在日本央行行长植田和男至2028年初的剩余 任期内，央行可能会进一步加息三次，将利率推升至1.5%。他同时警告称，政府激进的财政支出计划 可能因加剧通胀而产生反作用。 Makoto Sakurai预计，日本央行下一次加息可能发生在明年6月或7月， 届时利率将升至1.0%。具体的加息时点将取决于美国经济的强度，以及日本国内工资和物价的最新进 展。 他指出，虽然日本央行未公开表态，但其内部可能将中性利率水平估算在1.75%左右。将利率提高 至1.5%既能处于该水平下方，又能为未来的降息操作预留足够空间。不过，随着借贷成本接近这一对 经济既不刺激也不抑制的中性水平，进一步的加息举措将面临更大挑战。 另外，摩根大通表示，关税政策的不确定性以及交易所交易基金（ETF）和各国央行的强劲需求，在 2025年将黄金价格推升至每盎司4000美元以上的历史新高。而来自中国保险业巨头和加密货币领域的新 需求，可能帮助这种贵金属在2026年底前突破每盎司5055美元。"虽然此轮黄金涨势并非直线上升，未 来也不会是，但我们相信，推动黄金价格基准走高的趋势并未枯竭，" ...

引言： 在全球金融市场的发展历程中，交易所交易基金（ETF）凭借其低成本、高透明、高流动性的核心优势，从诞生之初的小众产品，逐渐成长为全球资产配置 的核心工具。在中国，随着资本市场改革深化、投资者结构优化与资产配置需求升级，ETF 市场虽起步晚于海外，但凭借惊人的增长速度与丰富的产品创 新，正成为中国资本市场高质量发展的重要组成部分。 ●全球ETF规模屡创新高，发展势不可挡 1993年，全球第一只ETF在美国诞生，标志着一种全新投资工具的问世。进入21世纪，ETF迅速跨越地域界限，2000年后陆续登陆欧洲、亚太市场，开启了 全球化扩张的序幕。自2010年以来，全球ETF市场迈入持续快速发展阶段，规模连续多年保持高速增长，实现了超过18%的年化复合增长率。截至当前， ETF在全球公募基金总规模中的占比已突破15%，从一个辅助性产品成长为资产配置的中坚力量（资料来源：招商银行研究院《全球ETF发展趋势及境外 ETF发展特色》；2025.11.24）。 这一显著增长的背后，离不开多重驱动因素的共同作用： √ 从资金端看：一方面，市场参与者的资产配置需求日益多元，各国监管部门对透明、低成本工具的政策鼓励，持续引导长期 ...

比特币市场最坚定的投资者仍在持续套现，市场压力正逐步显现。 在比特币价格冲破 12.6 万美元历史高点两个多月后，其币价已下跌近 30%，且难以找到支撑位。其中 一个关键原因在于，长期持有者的抛售行为从未停止。最新区块链数据显示，持有年限达数年的比特币 正以近年来罕见的速度被抛售，与此同时，市场的承接能力却在不断减弱。 据 K33 研究公司的报告显示，自 2023 年初以来，至少持有两年未发生转移的比特币数量减少了 160 万 枚，总价值约合 1400 亿美元。这一数据印证了长期持有者正持续抛售比特币的趋势。 仅在 2025 年一年间，就有价值近 3000 亿美元、沉寂超过一年的比特币重新流入市场流通。区块链分析 机构 CryptoQuant 发布的数据显示，过去 30 天内，比特币长期持有者的抛售规模创下了五年多以来的 峰值之一。 专注于去中心化金融领域的 Ergonia 公司研究主管克里斯・纽豪斯表示："当前市场正处于缓慢失血状 态，现货市场在买单流动性不足的情况下持续遭遇抛售，这种阴跌走势相比杠杆资金被迫平仓引发的暴 跌，反弹难度更大。" 在过去一年的大部分时间里，这类抛售压力曾被新上市的交易所交易基金 ...

然而，这并非一场疾风骤雨式的抛售。为了不惊扰正处于高位的日本股市，日本央行制定了一份长 达"一个世纪"的退出计划。 截至9月底，日本央行持有的ETF市值高达83万亿日元（约5340亿美元），而根据其每年仅出售3300亿 日元（账面价值）的计划推算，清空这笔庞大的库存大约需要112年。 这标志着日本央行长达十余年的激进资产购买计划，正式进入了历史性的转折点。 那个曾被戏称为日股"榜一大哥"的超级买家，终于要开始变现离场了。 12月15日，据彭博社援引知情人士消息，日本央行（BOJ）可能最早将于下个月（明年1月）启动出售 其持有的交易所交易基金（ETF）计划。 近年来日本股市大幅上涨，使得ETF持仓的市值急剧增长。日本央行ETF的账面价值37万亿日元对应83 万亿日元的市值，意味着存在巨额未实现收益。 按照每年3300亿日元账面价值的出售节奏，如果保持不变，完全清仓将需要约112年时间。这一超长周 期反映了央行持仓规模的庞大以及其对避免市场冲击的极度谨慎态度。 知情人士称，日本央行希望将出售对市场的影响降到最低，如同其在2000年代处置问题银行股票时的做 法。那次股票出售历时约十年，于今年7月完全完成，期间并未对 ...

9月会议制定了按账面价值，每年出售3300亿日元ETF的计划。简单计算表明，如果这一速度保持不 变，整个过程大约需要112年。 知情人士表示，日本央行希望此次出售对市场的影响，能像减持2000年代买入的陷入困境的那样，不引 起市场察觉。这些股的出售在历时近十年后于7月完成，未对金融市场造成扰动。 知情人士透露，央行将按照9月政策委员会会议的决定，逐步减持这些资产以免引发市场动荡。央行数 据显示，截至9月底，相关持仓的市值达83万亿日元（5340亿美元），账面价值37.1万亿日元。 知情人士称，日本央行官员最早可能于下月开始出售央行持有的大量交易所交易基金（ETF），这一过 程预计要耗时数十年才能完成。 随着过去两年日本股市大幅上扬，这些ETF资产的市值也水涨船高。 知情人士称，央行预计将保持每月稳定的减持速度。他们还补充说，央行在尽量减少市场波动方面的立 场没有改变。不过这些人士指出，如果发生类似2008年全球金融危机的事件，央行可能会停止出售 ETF。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 ...

Core Viewpoint - The Speaker of the House, Mike Johnson, is currently opposing measures to ban stock trading by members of Congress, suggesting that such a ban could deter qualified individuals from running for office [1][2] Group 1: Legislative Actions - A bipartisan group of lawmakers, including Representatives Anna Paulina Luna and Tim Burchett, is pushing for a bill that would prohibit members of Congress from trading stocks [2] - The proposed legislation requires current members to divest their personal stock holdings within 180 days of the bill's enactment, while newly elected members must do so within 90 days [2] - The ban would also extend to the spouses and minor children of members, although investments in mutual funds and ETFs would still be permitted [2] Group 2: Political Dynamics - Johnson previously expressed support for a stock trading ban, citing the need to eliminate any appearance of impropriety [2] - The Democratic Party largely supports the ban on stock trading by Congress members, but progress may be stalled due to Republican opposition [3] - Johnson predicts that the effort to gather 218 signatures for a discharge petition to force a vote on the bill will likely fail [2][3]

Group 1 - The strength of the U.S. economy and ongoing enthusiasm for AI investments may support productivity and corporate earnings, making shorting U.S. stocks risky [1] - The S&P 500 index experienced a 5.1% drop from its October peak but rebounded, highlighting the volatility of the market [1] - Short sellers faced significant losses in the last week of November, with a total of $80 billion in market value losses, nearly erasing most of the $95 billion in profits accumulated earlier in the month [1] Group 2 - Despite a strong rebound in the market, corporate profits are expected to grow by 12.5% over the next 12 months, according to Strategas Asset Management [2] - Consumer spending during "Black Friday" increased by 4.1% year-over-year, indicating resilience among U.S. consumers despite economic concerns [2] - The S&P 500 index is historically bullish in December, with an average increase of 1.4% and a 73% chance of closing higher, making it a favorable time for traders [2]

Core Viewpoint - Morgan Stanley warns that Michael Saylor's Strategy (MSTR.US) may be removed from the MSCI index, potentially leading to billions in capital outflows [1] Group 1: MSCI Index Considerations - MSCI is considering excluding companies with Bitcoin or other digital assets as treasury assets from its indices, seeking feedback from the investment community [1] - The proposal suggests that companies with digital asset holdings exceeding 50% of total assets could be removed from the MSCI Global Investable Market Index series [1] - The consultation period for this proposal will last until December 31, with a final decision expected by January 15, 2026 [1] Group 2: Financial Implications for Strategy - Strategy is currently part of the Nasdaq 100 Index, MSCI US Index, and MSCI Global Index [1] - Analysts estimate that approximately $9 billion of Strategy's market capitalization may exist in passive holdings through ETFs and mutual funds linked to major benchmark indices [1] - If MSCI proceeds with the removal, Strategy could face an outflow of $2.8 billion, and if other index providers follow suit, the total outflow could reach $8.8 billion [1] Group 3: Market Reaction and Stock Performance - The removal from major indices is likely to be perceived negatively by market participants, raising concerns about Strategy's future financing costs and capabilities [1] - Since reaching an all-time high in November 2024, Strategy's stock price has plummeted by 67%, with a cumulative decline of 56% over the past six months [1] - As of the report, the stock was down 4.87% before Friday's opening [1]

Group 1 - The strong U.S. employment report has reinforced expectations that the Federal Reserve will remain on hold during the December meeting, leading to a decline in gold prices [1][4] - Gold prices are currently consolidating, with a stronger dollar making gold more expensive for investors holding other currencies [3] - The U.S. labor report showed a non-farm payroll increase of 119,000 in September, significantly exceeding the forecast of 50,000 [4] Group 2 - Analysts suggest that the employment report is favorable for both hawkish and dovish factions, with many Fed officials leaning towards maintaining interest rates [5] - Swap traders see only a 40% chance of a rate cut next month, down from previous expectations of a 25 basis point cut [6] - Despite a pullback from historical highs, gold has risen over 50% year-to-date, supported by ETF inflows and central bank purchases [6] Group 3 - Geopolitical developments, particularly regarding Ukraine's peace plan, are also being monitored by traders [7]