Markets haven't been this bad since the 2008 crash, the crash that not only crashed the

自2008年崩盤以來，市場從未如此糟糕過，這次崩盤不僅使美國經濟崩潰，也使中國經濟陷入困境。

entire US economy, where huge corporations such as the Leham brothers went bankrupt,

整個美國經濟，諸如萊姆兄弟這樣的大公司破產了。

but it took down the rest of the world with it.

但它使世界其他地區也跟著倒下了。

It was like the domino effect that led to the euro debt crisis.

這就像導致歐債危機的多米諾骨牌效應。

China was hit fairly hard with a huge drop in exports.

中國受到了相當大的打擊，出口大幅下降。

However, in a few years, the economy recovered, and the United States experienced the longest

然而，在幾年內，經濟復甦，美國經歷了最長的

economic expansion in its history.

在其歷史上的經濟擴張。

Over a decade of economic expansion.

超過十年的經濟擴張。

However, as a wise man once said: whatever rises will eventually fall, so did the growth

然而，正如一位智者所說：凡是上升的東西最終都會下降，增長也是如此。

in 2020.

在2020年。

But government spending kept the economic wheel spinning.

但政府開支使經濟車輪不斷旋轉。

The only problem with the current crisis is that the bubble has been growing so much that

當前危機的唯一問題是，保麗龍一直在增長，以至於

we are now at that point where we no longer can't postpone another crisis.

我們現在已經到了不能再延後另一場危機的時候了。

In the middle of such a panic, most retail investors are panicking and selling off their

在這樣的恐慌中，大多數散戶投資者都驚慌失措，拋售他們的

assets before everything crashes further.

在一切進一步崩潰之前的資產。

A trade war with China, a global pandemic, an actual war in Europe, oil prices above

與中國的貿易戰，全球大流行病，歐洲的實際戰爭，油價超過

100, and worldwide inflation, it seems like if you are not going to sell now, soon your

100美元，以及世界範圍內的通貨膨脹，似乎如果你現在不打算出售，很快你的

investments will be worth pennies.

投資將只值幾分錢。

But that's not what one of the greatest investors in the world thinks.

但這不是世界上最偉大的投資者之一的想法。

Warren buffet is urnings investors not to panic and look for great deals in the market.

沃倫-布菲特正在告誡投資者不要恐慌，在市場上尋找偉大的交易。

At the height of the 2008 financial crisis.

在2008年金融危機的高峰期。

When banks were falling down one after another.

當銀行一個接一個地倒下時。

Buffett pumped $5 billion into Goldman Sachs shortly after Lehman Brothers collapsed.

在雷曼兄弟公司倒閉後不久，巴菲特向高盛公司注入了50億美元。

It literally saved the bank since investors lost confidence in the system.

它實際上拯救了銀行，因為投資者對系統失去了信心。

And here, the most respected investor is throwing billions into Goldman Sachs.

而在這裡，最受尊敬的投資者正向高盛公司投入數十億美元。

In exchange, he received $5 billion in preferred stock paying a 10% annual dividend.

作為交換，他獲得了50億美元的優先股，每年支付10%的股息。

That's 500 million dollars of cash every year, as well as warrants enabling it to buy

那是每年5億美元的現金，以及使其能夠購買的認股權證。

43.5 million of Goldman's common shares at $115 each at any point in the ensuing five

在隨後的5年中的任何時候，以每股115美元的價格購買4350萬股高盛的普通股。

years.

年。

While many called him a fool back then, nothing is better than cash in the bank.

雖然當時很多人說他是個傻瓜，但沒有什麼比銀行裡的現金更好。

But that didn't last long.

但這並沒有持續多久。

In 2011, Goldman bought back the preferred stock for $5.64 billion and handed Buffett

2011年，高盛以56.4億美元的價格回購了優先股，並交給巴菲特

a $500 million bonus.

一個5億美元的獎金。

So that raises a few a question since we are in the middle of another crisis, a crisis

所以這提出了一些問題，因為我們正處於另一場危機之中，一場危機

that could end up much worse than the 2008 crash, where some companies already began

這可能會比2008年的崩潰更糟糕，一些公司已經開始了

going bankrupt before the recession officially started.

在經濟衰退正式開始之前，就已經破產了。

What are the assets that will keep generating income not only during the crisis but even

哪些資產不僅在危機期間，甚至在危機期間都能持續產生收入？

after?

後？

If you are ready, give this video a thumbs up, and let's dive in.

如果你準備好了，請為這段視頻豎起大拇指，讓我們深入瞭解一下。

When you think of bill gates, you think of a tech billionaire who is focused on developing

當你想到比爾-蓋茨時，你會想到一個專注於開發的科技億萬富翁。

technologies that would revolutionize the world.

將徹底改變世界的技術。

He became a billionaire in his thirties after finding Microsoft, one of the largest tech

他在30多歲時成為億萬富翁，因為他找到了最大的科技公司之一微軟。

companies in the world.

世界上的公司。

You would never connect bill gates to farming.

你永遠不會把比爾-蓋茨和耕作聯繫起來。

However, last year, he aggressively began buying farmland.

然而，去年，他積極地開始購買農田。

He has amassed nearly 270,000 acres of farmland across the country, which means he owns more

他在全國各地積累了近27萬英畝的農田，這意味著他擁有更多的

land than the entire city of new york.

比整個紐約市的土地還要多。

Farmland doesn't sound as cool as a tech startup, but at the end of the day, you can't eat

農田聽起來不像科技創業公司那麼酷，但在一天結束時，你不能吃

your iPhones and MacBooks to satisfy your basic needs.

你的iPhone和MacBooks可以滿足你的基本需求。

Jeff Bezos is another example.

傑夫-貝佐斯是另一個例子。

After successfully building the largest eCommerce platform, he has purchased 420K acres of land,

在成功建立最大的電子商務平臺後，他購買了42萬英畝的土地。

mostly in Texas.

主要在德克薩斯州。

As mark twain once said: Buy land!

正如馬克-吐溫曾經說過的。購買土地!

They are not making it anymore.

他們不再生產了。

It's a limited resource.

這是一種有限的資源。

Your stocks or crypto can go down by 50 percent overnight because of an economic crisis, but

你的股票或加密貨幣可以因為經濟危機而在一夜之間下跌50%，但

you will never wake up one morning finding out your farmland is worthless.

你永遠不會在某天早上醒來時發現你的農田一文不值。

Americans make up just 5 percent of the world population but consume most of the world's

美國人只佔世界人口的5%，但卻消耗了世界上大部分的

resources, especially food.

資源，特別是食物。

But now, the world is on the brink of a hanger.

但現在，世界正處於懸空的邊緣。

According to IMF, The world economy is at risk of a food crisis as a result of unprecedented

根據國際貨幣基金組織的報告，由於史無前例的 "一帶一路 "倡議，世界經濟正面臨著糧食危機的風險。

supply disruption caused by the war in Ukraine.

烏克蘭戰爭造成的供應中斷。

Ukraine and Russia are some of the biggest exporters of grain which are halted as a result

烏克蘭和俄羅斯是一些最大的糧食出口國，這些國家的糧食出口是以而停止。

of the conflict, which has caused a worldwide shortage of food.

的衝突，這造成了全世界範圍內的糧食短缺。

So oil prices aren't the only source of global inflation.

所以油價並不是全球通脹的唯一來源。

What is certain about the future of humanity is that wars have always been part of human

關於人類的未來，可以肯定的是，戰爭一直是人類的一部分。

history, and the demand for food will never go away as long as they are humans, which

歷史上，只要有人類存在，對食物的需求就永遠不會消失。

is why billionaires across the globe, especially in the US, are aquiring farmland.

是全球各地，特別是美國的億萬富翁正在收購農田的原因。

2.

2.

Royalties If you have watched shark tank, you are familiar

版稅 如果你看過《鯊魚池》，你就會熟悉

with royalty deals that are often thrown away by Kevin O'Leary.

與特許權使用費的交易，往往被凱文-奧拉里扔掉了。

Instead of asking for a bigger pie of the economy, Kevin O'Leary is known to go after

眾所周知，凱文-奧拉里沒有要求獲得更大的經濟蛋糕，而是去追求

royalties.

特許權使用費。

The question is - why?

問題是--為什麼？

When you invest in a company, you become one of the shareholders.

當你投資於一家公司時，你就成為了股東之一。

It is in your best interest for the company to grow so that one day you eaither going

公司的發展對你來說是最有利的，這樣，有一天你要麼去

to sell your piece the pie and finally enjoy the fruits of your labour or the company will

賣掉你的那塊蛋糕，最終享受你的勞動成果，否則公司將

finally get profitable and share the profits with you.

最終獲得盈利並與你分享利潤。

However, that might never happen.

然而，這可能永遠不會發生。

Uber is a 43 billion dollar company that is still bleeding cash.

Uber是一家價值430億美元的公司，仍然在流血。

Facebook, the largest social media company in the world, has never paid a dime in dividends.

世界上最大的社交媒體公司Facebook從未支付過一毛錢的紅利。

But unlike equity, with a royalty deal, investors will always be on the winning side.

但與股權不同的是，在特許權使用費交易中，投資者將始終處於勝利的一方。

A royalty of 10% of sales on all products would mean that if a firm sells $1000 worth

所有產品的特許權使用費為銷售額的10%，這意味著如果一家公司銷售了價值1000美元的

of goods, they would have to pay $100 to the party they have a royalty deal with.

的貨物，他們將不得不向與他們有版權交易的一方支付100美元。

Even if the business is bleeding cash, the investor will still be making a profit as

即使企業在流血，投資者仍然會有利潤，因為

long as there is revenue.

只要有收入。

Whenever a computer manufacturer sells a PC with the Windows operating system preloaded

每當計算機制造商出售預裝了Windows作業系統的個人電腦時

on it, they pay a royalty fee to Microsoft.

上，他們向微軟支付專利費用。

There are different kinds of royalties, from intellectual properties such as patents to

有不同種類的特許權使用費，從專利等知識產權到

franchise rights, that are often used by chain stores to leverage their products and services.

特許經營權，這些權利通常被連鎖店用來撬動其產品和服務。

Royalties guarantee cash on the table regardless of the outcome of the business.

無論業務的結果如何，特許權使用費保證了桌上的現金。

3.

3.

Bonds.

債券。

Holding bonds in the last 3 years was dumb.

在過去3年中持有債券是愚蠢的。

Low-interest rates made bonds so unattractive that literally almost any other investment

低利率使債券變得如此缺乏吸引力，以至於幾乎任何其他投資都會受到影響。

easily outperformed bonds.

很容易就超過了債券的表現。

Since the beginning of the pandemic, 10-year bond rates were less than 1 percent.

自大流行病開始以來，10年期債券利率低於1%。

I mean, that's lower than inflation.

我的意思是，這比通貨膨脹還要低。

You are guaranteed to lose money.

你保證會輸錢。

However, as the age of cheap money came to an end, bond rates began to shoot.

然而，隨著廉價貨幣時代的結束，債券利率開始飆升。

They are now as high as they were in 2018, floating around 3 to 3.5 percent.

他們現在和2018年一樣高，在3％至3.5％左右浮動。

That's definitely lower than inflation.

這絕對低於通貨膨脹。

However, that's still far better than 0.5 percent.

然而，這仍然遠遠好於0.5%。

And if the fed keeps raising rates to finally end the highest inflation in 4 decades, bond

而如果美聯儲繼續加息，最終結束40年來的最高通脹率，債券

rates will only rise.

利率只會上升。

I wouldn't be surprised if bond rates would double by the end of the year.

如果債券利率在今年年底前翻倍，我不會感到驚訝。

When everything is crushing, government bonds don't just put cash on the table regardless

當一切都在崩潰的時候，政府債券不只是把現金放在桌子上，不管

of the circumstances but also keep growing.

的情況下，還能保持增長。

4.

4.

Stocks But don't let the storm push you away from

襪子 但不要讓風暴把你從

the markets.

市場。

Whenever everything is booming, it's easy to make money.

每當一切都在蓬勃發展時，賺錢就很容易。

Because everything is growing anyways, the real challenge comes when a storm hits the

因為無論如何一切都在增長，真正的挑戰是當暴風雨來臨時。

market, as is the case now.

市場，就像現在的情況一樣。

Stocks might not seem attractive, but this is not the first storm.

股票可能看起來沒有吸引力，但這不是第一次風暴。

During the dot com bubble, stocks like Amazon lost like 90 percent of their value.

在互聯網保麗龍期間，像亞馬遜這樣的股票損失了90%的價值。

During the 2008 financial crisis, markets across the globe were crashing.

在2008年金融危機期間，全球的市場都在崩潰。

And what's happening now is yet another crisis.

而現在所發生的是另一場危機。

The storm will definitely clean the market from inefficient companies, but those who

這場風暴肯定會清理市場上的低效公司，但那些

provide real value will prevail, and a storm is an opportunity to purchase these stocks

提供真正的價值將佔上風，風暴是購買這些股票的一個機會

at a great discount.

以巨大的折扣。

5.

5.

Private businesses

私營企業

Private businesses make up almost half of the US economy (44%).

私營企業幾乎佔了美國經濟的一半（44%）。

A great number of them struggled tremendously during the pandemic, especially restaurants,

他們中的許多人在大流行病中掙扎得很厲害，特別是餐館。

invidual stores, and small businesses.

個人商店和小企業。

Those who survived are yet to overcome another challenge, a challenge of high inflation,

那些倖存下來的人還需要克服另一個挑戰，即高通貨膨脹的挑戰。

high-interest rates, and lower demand.

高利率，以及較低的需求。

It's not a surprise we will witness a lot of bankruptcies in the coming future.

在未來的日子裡，我們將目睹大量的破產，這並不奇怪。

Not because these businesses are bad, but rather because they simply don't have the

不是因為這些企業不好，而是因為他們根本沒有

airbag to withstand the crisis.

安全氣囊來抵禦危機。

So big businesses will most likely jump in to acquire them since they will easily become

是以，大企業很可能會跳進去收購它們，因為它們很容易成為

money-making machines once the storm passes.

一旦風暴過去，賺錢的機器。

Thanks for watching, and see you in the next one.

謝謝你的觀看，下一集見。