In the past month, I’ve become increasingly focused on two areas: Crypto plus gold and other commodities.
One important backdrop is that US Treasury Secretary Bessent is dealing with a very tricky issue: a $4 trillion-scale national debt, along with rising long-term borrowing costs.
Recently, the US Treasury has started to step up its repo operations for long-term Treasuries—somewhat as a way to actively manage the yield curve. At the same time, discussions in the market about US dollar policy, the US fiscal deficit, and the “dollar depreciation trade” have also clearly heated up.
So from an asset allocation perspective, I actually think the next thing worth paying close attention to are two lines:
1) Crypto
BTC and ETH themselves are worth watching; spot ETFs and crypto custody/treasury companies are also important ways to participate.
In addition, some Crypto projects that are truly innovative—bringing new narratives and new business models—are also worth tracking continuously.
2) Gold plus commodities
Gold itself may not keep soaring, but related assets—such as gold miners and resource stocks—could experience greater volatility.
On the flip side, for many other sectors, if they don’t have particularly strong underlying industry logic, it may be better to participate a little less for now.
In short: what’s more worth researching right now is the assets that directly benefit from changes in the monetary and fiscal systems, rather than chasing every hot trend.
One important backdrop is that US Treasury Secretary Bessent is dealing with a very tricky issue: a $4 trillion-scale national debt, along with rising long-term borrowing costs.
Recently, the US Treasury has started to step up its repo operations for long-term Treasuries—somewhat as a way to actively manage the yield curve. At the same time, discussions in the market about US dollar policy, the US fiscal deficit, and the “dollar depreciation trade” have also clearly heated up.
So from an asset allocation perspective, I actually think the next thing worth paying close attention to are two lines:
1) Crypto
BTC and ETH themselves are worth watching; spot ETFs and crypto custody/treasury companies are also important ways to participate.
In addition, some Crypto projects that are truly innovative—bringing new narratives and new business models—are also worth tracking continuously.
2) Gold plus commodities
Gold itself may not keep soaring, but related assets—such as gold miners and resource stocks—could experience greater volatility.
On the flip side, for many other sectors, if they don’t have particularly strong underlying industry logic, it may be better to participate a little less for now.
In short: what’s more worth researching right now is the assets that directly benefit from changes in the monetary and fiscal systems, rather than chasing every hot trend.