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【產業追蹤】難以跨越的強大護城河公司追蹤

本篇整理的是擁有強大經濟護城河的公司, 強大護城河依照Morningstar的歸納分為 五類 (詳見連結),分別是 1.有效規模 2.轉換成本高 3.成本優勢 4.無形資產 5.網絡效應

【國際經濟】TPP太平洋驚雷一響 台灣準備好接招了沒

號稱地球史上最不透明的貿易協定跨太平洋夥伴協議,TPP登場 經過多年協商後終於達成協議,成為了經濟規模超越歐盟的最大自貿區,涵蓋全球GDP超過40%。

重要產業指數追蹤

整理美國主要產業ETF作每日追蹤,可觀察強弱勢類股變化,主要依照標準普爾500中類股所佔權重的排序

【國際經濟】人民幣入SDR一籃子貨幣,美元霸權喪鐘響起?



每一次提到IMF特別提款權(SDR),始終需要再解釋一次到底什麼是特別提款權
因為這個概念實在和一般人生活太遠,但是還是給大家一個從MBA智庫複製一段解釋

「特別提款權(special drawing right,SDR)是國際貨幣基金組織IMF創設的一種儲備資產和記帳單位,亦稱“紙黃金(Paper Gold)”。

【國際政治】巴黎再受恐攻。這一天後,世界不一樣了



你侵略我的領土讓我們人民不得安寧,我就用恐怖攻擊讓你們也好過不到哪去

這是恐攻的核心宗旨,要讓那些侵略它們或者支持侵略它們的國家付出代價,
讓這些國家的人民也不得安寧

而法國在查理恐攻之後,馬上又遭逢九一一式的大規模無差別攻擊
挑戰的是已經非常脆弱的西方民主國家核心價值,

要人道還是要排外,要個人隱私人權還是要升高監控層次的國家安全
這次的恐攻或許是轉折點,可以觀察的點有幾個

【國際政治】馬習會後的國際媒體報導,「一個中國」的解讀



路透
After historic meet, top China paper warns on Taiwan independence
Progress over the past seven years - referring to the rule of the China-friendly Ma - has been possible due to a joint political will to oppose Taiwan independence and accept there is "one China", albeit it with different interpretations, the paper said.

The Communists and Nationalists both agree there is "one China" but agree to disagree on the interpretation.

彭博
With Long Handshake, China and Taiwan Leaders Affirm Better Ties
Both reaffirmed the idea that they belonged to the same country, the so-called one-China policy that has served as the foundation for their cross-strait dialogues since 1992.

經濟學人
Leaders of Taiwan and China hold historic meeting
A display of amity points to tougher times ahead
Mr Xi and Mr Ma both expressed hope that cross-strait relations would continue to be guided by what is known as the “1992 consensus”, by which the two sides agree that there is only “one China”, without specifying what that means (Taiwan calls itself the Republic of China)

時代雜誌
Leaders of China and Taiwan Meet for the First Time
Polls suggest that most of Taiwan’s citizens favor the status quo, which is governed by the 1992 Consensus that there is “one China,” even if both the KMT and the CCP squabble over who has legitimate authority.

紐約時報
Leaders of China and Taiwan Talk of Peace Across the Strait
通篇沒講92共識和one China

華爾街日報
China’s Xi Jinping and Taiwan’s Ma Ying-jeou Meet in Singapore
也是通篇沒講92共識和one China


華盛頓郵報
China, Taiwan leaders pledge peaceful ties at historic encounter
On Saturday, there were some pointed references from both sides to how far relations had improved since Ma took power. “It is because of what has been accumulated over the past seven years, that the two sides of the strait can take this historic step today,” Xi said, while Ma said it would have been impossible without that 1992 agreement between the Communists and the Nationalists that there was only “one China.”

BBC
China and Taiwan leaders hail historic talks
Mr Ma proposed reducing hostility across the Taiwan Strait, expanding exchanges and establishing a cross-strait hotline, according to Taiwan's central news agency.
He said this was part of consolidating the "1992 consensus" - the agreement under which both sides recognise the principle of "one China" but define it in their own ways.

CNN
Leaders of China and Taiwan hold first talks since bitter 1949 split

Xi: One country, not two

On Saturday, Xi reinforced Beijing's stance that Taiwan is a Chinese province.
In a closed door meeting, he told Ma that the cross-strait relationship is not a relationship between two countries, is not the relationship between China and Taiwan. Territories on both sides of the strait belong to the same country, this is a historical fact, and the legal foundation of this fact cannot and will not change, he said, according to China's Taiwan Affairs Office.
That will likely not sit well with many in Taiwan.
Ma told journalists that Taiwan agreed with China's One China Policy, "but we continue to differ on its definition."

FT
Xi Jinping and Ma Ying-jeou meet in Singapore
通篇沒講九二共識和one China

DW德國之聲
兩岸雙方再次強調“九二共識”
馬英九透露,雙方會談的主要重點第一就是鞏固九二共識,維持台海和平的現狀。他當面告訴習近平,兩岸在1992年達成“九二共識”,內容就是:海峽兩岸均堅持一個中國原則,但對其含義認知有所不同。可以以口頭聲明的方式各自表達。馬英九強調,這就是九二共識的“一中各表”。台灣的表述不涉及“兩個中國、一中一台、台灣獨立”,因為這些都是“中華民國憲法所不容許的”。

Nikkei Asian Review
Xi, Ma reaffirm support for 'one China'
During the summit, at the Shangri-la Hotel, both leaders acknowledged a highly controversial principle known as the 1992 Consensus. It specifies that both sides belong to one China and has served as the basis for cross-strait exchanges over the past seven and half years, since Ma took office in 2008.





【國際經濟】在經濟新常態下生存

「新常態」(New Normal)其實已經是個舊詞,說的是PIMCO前CEO El-Erian提出全球金融海嘯之後,低速的經濟成長和高失業率將會成為新的常態,從谷底反彈回原本經濟循環的好日子難再。

在美國股市頻創新高的時刻,這樣的預測被打臉了嗎?
其實大家看這個各國債券殖利率圖就知道,基本上長期來看有一個走勢是確定的,就是已開發國家利率會持續下探,甚至實質負利率會成為先進國家難以避免的劇本,在這個低利率成為新常態的時刻,股價和房地產價格的反彈和持續膨脹就不是什麼稀奇的事。
source:Stock AI