更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 The Flow Show Pain = Gain Scores on the Doors: crypto 51.4%, gold 13.1%, commod 9.1%, stocks 8.9%, oil 8.7%, US dollar 3.4%, cash 2.2%, HY bonds 1.8%, IG bonds -1.7%, govt bonds -5.6% YTD. Tale of the Tape: political polarization, protectionism, war, inflation, supply (even Saudi Arabia on course for record bond issuance in '24) means secular "buyers' strike" in global government bonds is valid; but cyclical always able to trump secular and we say 3Ps of Positioning, Profits, Po ...