硅谷居士搬运号

人工智能软件巨头帕兰泰尔 (Palantir) 于2026年2月2日向市场展示了一份令人惊叹的季度业绩报告。根据财报数据，该公司本季度实现了14亿美元的营收，与上一年同期相比，增长幅度达到了70%。更为引人注目的是其盈利能力的爆发，净利润飙升至6.1亿美元，同比暴涨670%之多，这使得其净利润率高达44%。尽管帕兰泰尔的员工规模仅在约四千人左右，但其市值已攀升至3700亿美元，这一庞大的体量使其成功跻身美国企业排行榜的第24位。

Palantir's performance is exceptionally impressive

The leading company in the artificial intelligence software field, Palantir, officially disclosed its latest quarterly financial data on February 2, 2026.

According to the report, the company's revenue for the quarter reached 1.4 billion dollars, achieving a significant growth of 70% compared to the same period last year. In terms of profitability, the data is even more exciting, with net profit soaring to 610 million dollars, a year-on-year increase of 670%, which also brought the company's net profit margin to 44%.

With such strong financial performance, Palantir's current market value has reached 370 billion dollars, placing it 24th in the ranking of corporate market values in the United States.

How can Chinese families raise low-cost funds for stock market investment?

Regarding the issue of how Chinese families can apply for low-interest loans, I sought answers from Google AI.

Google AI pointed out:

In China, ordinary families are currently (2026) entering an excellent policy window for obtaining "low-interest" loans. Thanks to the central bank's further reduction of the relending rate for supporting agriculture and small businesses in January 2026, coupled with the widespread implementation of fiscal interest subsidy policies, ordinary families can focus on the following low-cost financing channels:

First, personal housing provident fund loans, which are the lowest-cost long-term funds available to families. The latest interest rates for 2026 show that the interest rate for the first home provident fund loan has been reduced to about 2.6% (for terms over 5 years), while the rate for terms of 5 years or less is as low as 2.1%. This funding can be used for purchasing, renting, or meeting the requirements for major home renovations. It is worth noting that for existing provident fund loans, the new reduced interest rate has been automatically implemented since January 1, 2026, significantly relieving the monthly payment pressure for borrowers.

Second, personal consumption loans with a "national subsidy" nature, which are a policy bonus for 2026. To boost consumption, various regions have introduced fiscal interest subsidy policies for personal consumption loans in 2026. The original interest rate range for bank consumption loans is between 3.0% and 3.8%, but with an additional 1 percentage point of fiscal subsidy, the actual interest rate burden for borrowers can be reduced to between 2% and 2.8%. Applicants can apply for products like "Rong e Loan" and "Jian Yi Loan" through mobile banking channels such as Industrial and Commercial Bank of China, Construction Bank, etc., by signing the "Fiscal Subsidy Agreement". Although the policy requires that funds must be used for actual consumption in areas such as decoration, home appliances, and education, and prohibits inflow into the stock market or real estate market, in reality, due to regulatory loopholes, many investors have funneled these low-interest funds into the securities and real estate markets through capital turnover.

Third, for families with side jobs or small businesses, there are "1-head" business mortgage loans. If family members hold a registered company or individual business license (some banks even accept newly established licenses), they qualify to apply for business loans. In 2026, the targeted interest subsidy for the service industry and small micro-enterprises is unprecedented, with the maximum subsidy amount per household raised to 10 million yuan. The actual cost of such mortgage business loans, after enjoying the interest subsidy, has fallen below 2%, with some products' interest rates even as low as 1.3% to 1.9%. Applying for these loans usually requires providing real estate as collateral.

I also consulted Grok on the same issue, and the response was quite similar to the previous one:

First is the housing provident fund loan, which is considered the most recommended ultra-low interest channel for families at present. The benchmark interest rate for the first home over 5 years is 2.6% (effective from January 1, 2026, and existing loans are automatically adjusted), and the benchmark interest rate for the second home over 5 years is 3.075%. This is the lowest-cost long-term loan currently available to families, and almost no other channel can compare. Its applicable scenarios are limited to buying a house, building a house, and major renovations of self-occupied houses. The application method is to submit an application to the local provident fund center after regularly contributing to the provident fund; the limit varies by city, typically between 600,000 to 1,200,000 in first-tier cities, with possibly higher limits in second and third-tier cities. Its advantages are fixed interest rates and low monthly payment pressure, while its disadvantages are limited quotas, slower approval, and restricted use. Families with existing provident fund loans have automatically enjoyed interest reductions since January 2026, with no additional operations required.

Second are the first and second commercial mortgage loans, which are linked to the LPR and are currently at low levels. According to the latest quotation on January 20, 2026, the LPR for terms over 5 years is 3.5%, and it has remained unchanged for several months. The actual execution interest rate for the first home is mostly between 3.2% and 3.5% (that is, LPR minus 0 to 30 basis points), and some cities are even lower; although the interest rate for the second home is slightly higher, it is still historically low overall. The advantages of such loans are high limits (millions can be applied for) and long terms (up to 30 years), making them very suitable for families with large, long-term funding needs for upgrading or first-time home purchases.

Finally, personal consumption loans plus fiscal interest subsidies are regarded as the most inclusive "national subsidy" low-interest consumption loans in 2026. The basic quotation for bank consumption loans mainly starts from 3.0% to 3.5%, for example, Construction Bank's "Jian Yi Loan," Beijing Bank's "Jing e Loan," and Guangfa Bank often have promotional activities at 3.0%. Based on this, the central government provides a subsidy of 1 percentage point per year, which reduces the actual interest rate to around 2% to 2.5%. The optimized policy for 2026 will be implemented until December 31, 2026, stipulating that the cumulative interest subsidy limit for each person at each bank is 3,000 yuan per year, and this limit is shared between loans and credit card installments. The new policy has removed single or cumulative low limits, almost covering all consumption scenarios, including daily shopping, cultural tourism, dining, renovation, car purchases, education, and healthcare, even credit card bill installments are included in the subsidy range (annual subsidy 1%). Currently, the six major banks, including Industrial, Agricultural, China, Construction, Transportation, and Postal, have fully implemented this policy, and some city commercial banks and rural commercial banks are also following suit. For example, borrowing 100,000 yuan for renovation or car purchase, the annual interest rate can drop from 3.0% to about 2.0% after subsidies, saving about 2,000 yuan in interest over a year. Such loans are suitable for families for renovation, education, healthcare, durable goods consumption, and travel for medium to short-term needs. It is particularly important to be alert that funds must be used for genuine consumption, and banks will conduct verification; if fraudulent use of funds is detected, the subsidies will be reclaimed, and penalties will be imposed.

How can Chinese families obtain low-cost funding for potential stock market investments in the current environment?

In response to this question, I consulted Google's AI about ways for Chinese families to obtain low-interest loans.

Google AI's analysis pointed out that:

In 2026, ordinary Chinese families will welcome an extremely favorable financing policy window. Benefiting from the central bank's further reduction of the interest rates for rural and small enterprise re-lending in January 2026, as well as the widespread implementation of fiscal interest subsidies, families can focus on the following types of low-cost funding channels:

First is the personal housing provident fund loan, which is considered the lowest cost long-term funding currently available to families. Data from 2026 shows that the interest rate for first-home provident fund loans over 5 years has dropped to around 2.6%, while the rate for loans of 5 years or less is as low as 2.1%. This funding is mainly applicable for purchasing a home, renting a home, or qualifying major renovations. It is worth noting that for existing provident fund loan users, the new interest rate has automatically taken effect since January 1, 2026, significantly alleviating the monthly payment burden.

Secondly, personal consumer loans with fiscal subsidies are the main policy dividends of 2026. Although the market quote for consumer loans generally ranges between 3.0% and 3.8%, after adding a 1 percentage point fiscal interest subsidy, the actual burden rate for borrowers can be greatly reduced to between 2% and 2.8%. Users applying for products like Rong E Borrow and Jian Yi Loan through mobile banking at banks such as ICBC and CCB need to sign or check the fiscal interest subsidy agreement. Although the policy strictly requires that funds be limited to actual consumption such as decoration, home appliances, and education, and prohibits inflows into the real estate or stock markets, in reality, due to regulatory loopholes, some investors have channeled these funds into the capital market or real estate market.

The third category is operational mortgage loans for families with side businesses or small enterprises. If a family member holds a registered company or individual business (some banks even allow new licenses), they qualify to apply. In 2026, the targeted interest subsidy for the service industry and small businesses is unprecedented, with the maximum subsidy per household raised to 10 million yuan. After subsidies, the actual financing cost of mortgage-based business loans has fallen below 2%, and some specific products even have interest rates as low as 1.3% to 1.9%, although this requires collateral in the form of real estate.

Subsequently, I submitted the same question to Grok, and the feedback received was highly consistent with the above information, supplemented with more details:

Regarding housing provident fund loans, Grok also listed it as the family's preferred ultra-low-interest channel. Specifically, the benchmark interest rate for first homes over 5 years is 2.6% (automatically adjusted for existing loans starting January 1, 2026), while for second homes it is 3.075%. Apart from this, there are almost no other channels that can provide such low long-term funding. Its advantages lie in fixed interest rates and low repayment pressure, while its disadvantages are the limited amounts (usually between 600,000 to 1,200,000 in first-tier cities, slightly higher in second and third-tier cities), longer approval periods, and strict restrictions on usage.

Grok also mentioned the first and second commercial mortgage loans. As of January 20, 2026, the latest quote shows that the 5-year LPR remains at 3.5%, currently, the actual execution interest rate for first homes is mostly between 3.2% and 3.5% (i.e., LPR minus 0 to 30 basis points), with some cities even lower; although the interest rate for second homes is slightly higher, it is still at historically low levels. These loans are suitable for families with significant long-term funding needs for purchasing homes, with limits usually reaching several million yuan and terms of up to 30 years.

In terms of personal consumer loans with fiscal subsidies, Grok emphasized that this is the most inclusive low-interest product under national subsidies in 2026. With mainstream products like Jian Yi Loan from Construction Bank, Jing E Loan from Beijing Bank, and Guangfa Bank, the basic quotes start from 3.0% to 3.5%. After the central government subsidizes 1 percentage point each year, the actual interest rate drops to between 2% and 2.5%. The optimized policy for 2026 is effective until December 31, 2026, stipulating that the annual cumulative subsidy limit for each person per bank is 3,000 yuan, and this limit is shared between loans and credit card installments. The new policy eliminates the low limit on single or cumulative amounts, covering almost all consumption scenarios such as shopping, cultural tourism, dining, decoration, vehicle purchases, education, and medical care, and credit card bill installments can also enjoy an annualized interest subsidy of 1%. Currently, the six major state-owned banks have fully implemented this policy, and some city commercial banks and rural commercial banks are also following suit. For example, borrowing 100,000 yuan for decoration or vehicle purchase, with an original annual interest rate of 3.0%, the subsidized rate is only about 2.0%, saving approximately 2,000 yuan in interest in a year.

However, Grok also specifically reminded that banks will verify the authenticity of the fund's use, and if any misappropriation or diversion of funds is found, the subsidies will be reclaimed and penalties imposed.

Regarding how Chinese families can raise low-interest funds to layout stock market investments, I specifically consulted Google AI. According to the feedback from AI, for ordinary families, 2026 is undoubtedly a golden policy window period for obtaining low-cost financing. This is mainly due to the central bank's further reduction of the re-lending interest rate for supporting agriculture and small enterprises in January 2026, coupled with the broader implementation of fiscal interest subsidy policies. Currently, there are several types of low-interest channels worth paying attention to.

First is the individual housing provident fund loan, which remains the lowest cost long-term funding source accessible to ordinary families. According to the latest data for 2026, the interest rate for first-time home provident fund loans for terms over 5 years has dropped to around 2.6%, while the rate for terms of 5 years or less is as low as 2.1%. This funding is mainly applicable for purchasing houses, renting houses, or approved major renovation projects. For friends holding existing provident fund loans, the new reduced interest rate has been automatically implemented since January 1, 2026, and you will notice a significant decrease in monthly payments.

Secondly, there are personal consumption loans with national subsidy characteristics, which are a unique policy bonus for 2026. To further stimulate the consumer market, several regions have introduced fiscal interest subsidy measures for personal consumption loans. Although the market nominal interest rates for such loans usually range between 3.0% and 3.8%, after adding a 1 percentage point fiscal interest subsidy, the actual cost of funds borne by borrowers can be significantly reduced to between 2% and 2.8%. When applying through mobile banking products like Industrial and Commercial Bank's Rong e loan or China Construction Bank's Jianyi loan, please be sure to check or sign the fiscal interest subsidy agreement. Although the policy strictly limits the use of funds to actual consumption such as renovation, purchasing home appliances, and education, and explicitly prohibits inflow into the stock market or real estate market, in practice, due to existing regulatory loopholes, many investors have managed to channel these funds into the stock and real estate markets.

Finally, there are operating mortgage loans for families with side businesses or small businesses, with interest rates starting from 1. If your family members have registered a company or individual business, some banks even accept clients with newly issued licenses, making applying for an operating loan an excellent choice. In 2026, the targeted interest subsidy for the service industry and small and micro enterprises is unprecedented, with the maximum subsidy amount per household raised to 10 million yuan. After accounting for the subsidy, the actual interest cost of mortgage-type operating loans has fallen below 2%, and some products even exhibit ultra-low rates of 1.3% to 1.9%. Of course, applying for such loans usually requires providing property as collateral.

Regarding how Chinese families can obtain low-interest funds to invest in the stock market, we asked Google AI: How should Chinese families seek low-interest loan resources in the current environment?

The analysis provided by the AI shows that for ordinary Chinese families, it is currently 2026, and they are in a favorable policy window for obtaining low-cost funds. With the central bank further lowering the interest rate for agricultural and small business re-loans in January 2026, along with the comprehensive promotion of the fiscal interest subsidy policy, the following types of low-interest financing channels are worth paying close attention to.

The first choice is personal housing provident fund loans, which are regarded as the lowest-cost long-term funds available to families. According to the latest interest rate standards in 2026, the interest rate for the first set of housing provident fund loans with a term of over 5 years has dropped to around 2.6%, while the term of 5 years or less is as low as 2.1%. Its applicability covers home purchases, rentals, and approved major renovations. It should be noted that if you hold existing provident fund loans, the new adjusted interest rate will be automatically applied starting from January 1, 2026, resulting in a significant decrease in monthly payments.

Secondly, there are personal consumer loans with national subsidies, which are a specific policy bonus for 2026. To stimulate consumer demand, many places have implemented fiscal interest subsidy policies for personal consumer loans. Originally, the interest rates for consumer loans ranged from 3.0% to 3.8%. After enjoying a 1 percentage point fiscal interest subsidy, the actual interest rate borne by borrowers can be as low as 2% to 2.8%. When applying through mobile banking products such as ICBC's Rong e Borrow and CCB's Jian Yi Loan, simply check or sign the fiscal interest subsidy agreement. Although policies strictly require that funds must be used for actual consumption scenarios such as decoration, home appliances, and education, and prohibit inflows into the stock or real estate markets, the reality is that due to many regulatory loopholes, many investors have used various funding operations to channel these funds into the stock and real estate markets.

Finally, there are commercial mortgage loans with interest rates starting with 1, which are suitable for families with side businesses or small enterprises. As long as family members have a registered company or individual business, and even some banks accept newly established licenses, they can apply. In 2026, the targeted interest subsidies for the service industry and small micro-enterprises are substantial, with the maximum subsidy amount per household raised to 10 million yuan. The actual cost of mortgage-type business loans after subsidies has fallen below 2%, and some products have even seen extremely low interest rates between 1.3% and 1.9%, provided that the borrower offers real estate as collateral.

The latest market analysis from the Middle Finger Research Institute shows that domestic housing prices remained in a downward trend in January. Specific data indicates that during January 2026, the price of second-hand houses in 100 cities fell by 0.85% month-on-month. Notably, the housing prices in Beijing also experienced a month-on-month decrease of 1.28%. From the existing data, it seems that the real estate market is still a long way from the goal of stabilizing and rebounding.

A stunning scene has emerged in the domestic fund market, truly a rare market spectacle. I have observed that the trading code 161126 for the Guotou Silver LOF has seen its current premium rate soar to a high of 109.9%, which means the premium has exceeded 100%.

Such extreme data performance fully reflects the nearly frenzied speculative sentiment among domestic investors. However, it is puzzling that, in the face of this absurd market drama that defies common sense, neither the fund management companies nor the relevant regulatory agencies seem to have taken effective measures to curb it. This laissez-faire management status raises questions about the professionalism of the relevant institutions and even gives the impression of a lack of a rigorous governance system, resembling a makeshift troupe thrown together on short notice.

Being able to witness fund products in the Chinese market with a premium rate exceeding 100% is indeed eye-opening and quite rare. The latest observation shows that the Guotou Silver LOF with the code 161128 has seen its premium rate soar to a high of 109.9%. This phenomenon intuitively reflects the almost crazy enthusiasm of domestic investors. However, faced with such an absurd market farce, fund managers and regulatory authorities have turned a blind eye, showing no effective intervention. This obvious lack of management makes one feel that they lack professional standards, resembling an amateur team that is not rigorous enough.

Review of 2022: The Bear Market That Left a Lasting Impression

As Mark Twain once said, history does not simply repeat itself, but it does rhyme. Looking back at 2022, the global capital markets experienced an epic shock, a turmoil significant enough to be recorded in financial history. The catalyst for all this was the sudden outbreak of the Continental War in February that year, the largest military conflict Europe has been involved in since World War II. This black swan event not only severely impacted the global financial system but also directly led to the U.S. stock market entering a prolonged bear market lasting nine months. As a firsthand witness of this historical period, I would like to share some personal investment insights by reviewing the market trends of that year.

1. Market Review: From Geopolitical Crisis to Valuation Rebuilding

The stock market in 2022 did not fall in a straight line but went through several distinct phases. Early in the year, as tensions in Europe escalated, market sentiment began to weaken, with the S&P 500 and Nasdaq indices gradually sliding from their peaks. When news of the full-scale outbreak of war spread worldwide on February 24, panic led to the stock market declining for several weeks in a row.

The situation did not develop as quickly as people had hoped; the stalemate of the war caused commodity prices to spiral out of control. At that time, oil prices briefly broke through the $130 per barrel mark, and wheat prices hit record highs. This supply-side shock quickly triggered severe input inflation on a global scale. To curb runaway inflation, the Federal Reserve was forced to implement an unprecedented aggressive rate hike. The market's negative logic then shifted from initial war panic to a sharp contraction in valuations due to soaring interest rates.

After repeated bottoming and fluctuations, the stock market finally reached its lowest point of this cycle on October 12, and then slowly began to recover. Statistics show that this bear market lasted over nine months. During this period, the maximum drawdown of the S&P 500 index reached 25%, while the Nasdaq 100 index saw a decline of up to 35%.

2. Investment Records: Panic and Opportunity Coexist

Since the beginning of 2022, I have been guiding many friends and relatives in China to allocate investments in U.S. stock funds through WeChat groups. The vast majority of them were novices in the stock market, lacking experience in dealing with bear markets, and unfortunately faced this stock disaster head-on. In the face of account shrinkage, many fell into extreme anxiety, repeatedly asking me whether they should cut losses or stop investing.

In response to this panic, I earnestly advised everyone to maintain confidence in the U.S. stock market, stick to a systematic investment strategy, and constantly referred to historical data to encourage them. Fortunately, the vast majority of friends and relatives, trusting me, chose to hold on. This perseverance reaped substantial rewards in the following years. Data shows that if one had consistently invested monthly in the S&P 500 index fund since early 2022, by early 2026, the annualized return would have reached 19.6%; if it was the Nasdaq 100 index fund, the annualized return would even be as high as 24.0%. As the saying goes, "When you reach the end of the road, you might find a new path," having gone through this baptism, my friends and relatives gained confidence and began to allocate more family assets to U.S. stock funds.

Unlike the anxiety of novices, having personally experienced the more severe market crashes of 2008 and 2020, the decline in 2022 was not frightening to me; rather, it represented a rare opportunity. I chose to go against the trend and, in mid-2022, refinanced through the bank to expand my mortgage scale, successfully raising over one million dollars.

I invested this capital in one go into the information technology sector fund VGT. By early 2026, after deducting interest costs, the net profit from this bottom-fishing operation was about 130%.

3. Conclusion

Although the stock disaster of 2022 is less than four years old, the various changes that occurred during that time feel as if they happened long ago. We look back at history not only to gain knowledge but to derive wisdom, which encompasses both life philosophy and investment principles. That stock disaster and my personal experience deeply made me realize the fragility and diversity of the ordinary investor's mindset, and taught me to face future market fluctuations with a more composed attitude.

I hope my review can inspire you. If you wish to learn more about my investment philosophy and experiences, feel free to visit the Amazon website or Google Play Books to purchase and read my Chinese financial book "Wealth Shortcut," or its English version "The Shortcut to Wealth: Your Simple Roadmap to Financial Independence."

The cryptocurrency market is facing strong headwinds, and the nomination of Kevin Warsh has triggered turbulence.

With the White House officially nominating Kevin Warsh as the new Federal Reserve Chairman, combined with the ongoing geopolitical fluctuations in the Middle East, the global cryptocurrency market is under severe downward pressure. Over the past weekend, mainstream cryptocurrencies represented by Bitcoin and Ethereum experienced dramatic price corrections.

As of February 1, the cryptocurrency sector underwent a brutal cleansing within just 24 hours. The price of Bitcoin fell sharply, with intraday declines exceeding 7%, and the lowest transaction price reached $76,000. This price level has retraced about 38% compared to the peak of $126,000 set in October 2025.

Meanwhile, Ethereum, the second-largest cryptocurrency, also did not escape, with a decline exceeding 11%, and the price dropping to a low of $2,256. Calculating from last year's peak, its cumulative decline has surpassed 50%.

Data from Coinglass reveals the brutal side of the market: in the recent 24 hours, the total amount of liquidations across all cryptocurrency contracts exceeded $2.5 billion, involving as many as 420,000 people. Notably, over 90% of these liquidations were long positions.

Considering that Kevin Warsh's term as chairman will last at least four years, market analysts believe that the price performance of cryptocurrencies is likely to remain under pressure in the coming years.

Looking Back at 2020: Experiencing the Epic Financial Shock

In early 2020, the global capital markets seemed to be on a runaway rollercoaster. In just one month, the U.S. stock market astonishingly triggered the circuit breaker mechanism four times, plunging global stock markets into the depths of a technical bear market. This crisis came on suddenly, and the speed of the subsequent rebound was equally surprising. As an investor who experienced that stock market crash, I want to take everyone back through that thrilling history and share the financial wisdom gained from it.

1. The Darkest Hour Etched in History

The culprit behind the 2020 stock market crash was a sudden black swan event that swept the world, leading to a breakdown of global supply chains and an instant halt to offline consumption. By March, the U.S. stock market faced the darkest ten days in history, with the following iconic moments still fresh in memory:

On March 9, the S&P 500 index plunged by 7.6%. This was the second time in U.S. stock market history that the circuit breaker was triggered, with the last instance dating back to the Asian financial crisis in October 1997.

Following this was March 12, when the European and American stock markets crashed again. The Dow Jones index plummeted by 9.99%, marking the largest single-day drop since Black Monday in 1987; the S&P 500 index also fell by 9.5% on the same day, triggering the circuit breaker once more.

On March 16, panic spread further, with the VIX fear index soaring to historical peaks, and the S&P 500 index again fell sharply by 12%, triggering the circuit breaker once again.

By March 18, the S&P 500 index dropped by 7.01% during the day, marking the fourth time the circuit breaker was triggered that month.

Until March 23, the market hit bottom, with the S&P 500 index evaporating about 34% of its market value in less than a month. However, the subsequent rebound was equally rapid, making this bear market, which lasted only 33 days, the shortest in history.

During the most panicked moments in the market, many friends privately messaged me: "Should I sell the stocks I have to avoid risks?" My answer was firm: "I am not a fool; this is a once-in-a-lifetime opportunity to buy the dip." Thanks to the U.S. IRS allowing a six-month extension for tax filing in March 2020, I invested all the cash originally set aside for tax payments, along with funds from redeeming bond funds, into the stock market to buy the dip.

2. The Strong Intervention of the White Knight

In the face of this once-in-a-century economic halt and stock disaster, governments and central banks around the world transformed into white knights, decisively launching money-printing measures.

The Federal Reserve responded swiftly, immediately implementing an emergency interest rate cut, lowering rates to the lowest range of 0% to 0.25%. At the same time, the Federal Reserve began an unlimited quantitative easing policy, promising to provide unlimited liquidity support, not only purchasing government bonds and mortgage-backed securities but also unprecedentedly starting to buy corporate bonds.

On the fiscal policy front, the U.S. government introduced an unprecedented rescue plan. Congress swiftly passed a $2.2 trillion relief bill, which included measures such as direct checks to the public and loan support for small businesses. Other countries also followed suit.

These strong measures produced immediate effects, leading to a V-shaped market rebound. On April 8, 2020, the S&P 500 index returned to the embrace of a bull market. From an annual perspective, the S&P 500 index achieved an annual return of 18.4%, while the Nasdaq 100 index's return soared to 47.5%.

3. The Far-reaching Imprints Left by the Crisis

The black swan event and the resulting stock market crash had multiple far-reaching impacts.

First was the severe economic recession and wave of unemployment. The global economy fell into its worst recession since the 1930s, with the U.S. unemployment rate soaring to 14.7% at one point.

Second, industry performance displayed a stark contrast. Technology sectors such as the internet and biomedicine surged against the trend during the pandemic, while traditional industries like aviation, hotels, and offline retail suffered devastating blows.

Moreover, the government’s massive money-printing measures also laid the groundwork for inflation risks. Large-scale currency overproduction directly led to high inflation issues worldwide from 2021 to 2023.

Lastly, the work-from-home model became increasingly popular. This not only fundamentally changed the operational methods of many businesses but also had a profound impact on the commercial and residential real estate markets.

4. Essential Lessons for Investors

Looking back at this history, what can we learn?

First, effective risk management is key to maintaining composure. If your income sources are unstable, you must allocate a certain amount of low-risk assets, such as bank deposits or short-term government bonds, to serve as emergency reserves for your household, thereby reducing the overall volatility of your investment portfolio.

Second, strictly adhere to investment discipline and refrain from selling off assets in panic. History has repeatedly demonstrated that the sharper the market decline, the more intense the rebound often is. If you had chosen to exit the market in mid-March 2020, you would have regrettably missed the subsequent years of bull market.

Finally, we need to have strong conviction and believe that the U.S. stock index will eventually rebound. In times of widespread market despair and anxiety, this belief is particularly valuable. It has been proven that thanks to the strong rebound of U.S. stocks, the investments I made by buying the dip in March 2020 yielded about 50% returns by the end of the year.

If you wish to delve deeper into my investment and financial management experiences and insights, feel free to visit Amazon or Google Play Books to purchase my Chinese financial book "Shortcut to Wealth," or its English version "The Shortcut to Wealth: Your Simple Roadmap to Financial Independence."

The bubble in the gold and silver markets ultimately could not escape, leading to a broken conclusion.

Looking back at my views expressed three days ago, I analyzed several major speculative assets and concluded that among Bitcoin, gold, and silver, silver faced the greatest bubble risk, with gold following closely, while Bitcoin's bubble degree was relatively the smallest.

As of January 30, 2026, with the White House officially nominating a new Federal Reserve chairman, market sentiment was severely hit, plunging into a wail. If we observe from the recent market peak, the trends of related assets indeed experienced a terrifying round of sharp corrections: Bitcoin fell by about 35%, gold dropped by about 13%, while silver's decline reached about 30%. The current market performance seems to strongly validate the rationality of my previous analysis.

As a firm investor who chooses to allocate all capital to stock index funds, my principle is to resolutely avoid any investment targets that cannot generate cash flow, and the aforementioned types of products fall into this category. Essentially, they belong to purely speculative tools, and their price volatility can sometimes exceed that of stock indices. However, from a long-term perspective, the annualized return of these assets typically does not exceed 7%, a figure far below the approximately 11% performance of the S&P 500 index, and cannot be compared with the long-term return of about 14% of the Nasdaq 100 index.

Taking the historical trend of gold as an example, its price peaked in 1980, after which it entered a long downward cycle, until 28 years later in 2008, when gold prices barely broke through the previous high. During this long waiting period, holders could neither earn interest income nor receive any dividend distribution.

Finally, the bubble in the gold and silver markets has burst. Just three days ago, I asserted that among speculative assets like Bitcoin, gold, and silver, silver had the most severe bubble, followed closely by gold, while Bitcoin's bubble was relatively the smallest.

As of January 30, 2026, with the White House nominating a new chairperson for the Federal Reserve, market sentiment plummeted. Looking back at the drawdowns from recent highs across various assets, the data is shocking: Bitcoin plunged about 35%, silver crashed about 30%, and gold also declined about 13%. This result seems to confirm my previous analysis and judgment.

As an investor who has allocated all positions to stock index funds, I always adhere to one principle: I resolutely avoid any assets that cannot generate cash flow, and the aforementioned products naturally fall within this category. In my view, they are purely speculative tools, and their price volatility sometimes even exceeds that of stock indices. However, from a long-term return perspective, the annualized returns of these assets often do not exceed 7%, which is significantly lower compared to the approximately 11% return of the S&P 500 index, and cannot be compared to the approximately 14% performance of the Nasdaq 100 index.

For example, according to historical data, gold prices peaked in 1980 and then began a long decline, only breaking the previous high again 28 years later in 2008. During this lengthy waiting period, holders not only faced a reduction in principal but also did not receive any interest or dividend income.

On January 30, 2026, as the White House officially nominated the new Federal Reserve Chair, financial markets fell into a panic, with various asset prices experiencing severe fluctuations. Looking back at the retracement of each investment type from recent highs, the data is alarming: Bitcoin plummeted by about 35%, silver plunged by about 30%, and gold recorded a drop of about 13%.

This market performance reminds me of the analysis I conducted two days ago. At that time, I pointed out that among speculative assets like Bitcoin, gold, and silver, silver showed the most severe degree of bubbling, followed closely by gold, while Bitcoin was relatively lighter. The current market trend seems to just validate the reasonableness of this viewpoint.

As a staunch investor in fully-stocked index funds, I always hold a negative attitude towards any asset that cannot generate cash flow, including the aforementioned types. Essentially, they belong to purely speculative products, whose price fluctuations sometimes even exceed those of stock indices, but lack attractiveness in long-term returns. Statistics show that the long-term annualized return of such assets does not exceed 7%, which is not only far inferior to the approximately 11% performance of the S&P 500 index, but also significantly lower than the approximately 14% return of the Nasdaq 100 index.

Historical data often provides us with profound insights. Taking gold as an example, its price fell into a long-term downward trend after peaking in 1980, only breaking through that year's high again 28 years later in 2008. During this long cycle, investors could neither enjoy asset appreciation nor receive a penny in interest or dividend returns, which is precisely the pain point of investing in non-cash flow assets.

With the White House officially announcing the nomination of the new Federal Reserve Chairman, today's financial markets experienced severe volatility, which also means that the overvaluation bubbles of gold and silver have finally begun to burst.

You may recall that I shared a viewpoint on asset valuation a few days ago. At that time, I clearly pointed out that when comparing silver, gold, and Bitcoin, the bubble risk accumulated by silver was the largest, followed closely by gold, while Bitcoin had the smallest bubble component.

This judgment has now been strongly validated by market trends. According to the latest data as of January 30, 2026, at noon Eastern Time, the performance of various assets is as follows: silver prices suffered a sharp decline, plummeting by about 24%; gold also recorded a drop of about 9%; in contrast, Bitcoin only fell by 1.35%. This series of data fully demonstrates that my previous analysis was completely valid.

As soon as the news of the nomination of the new Federal Reserve chairman from the White House broke, today's financial markets immediately plunged into severe turmoil, marking the final collapse of the valuation bubbles for gold and silver. Reflecting on the views I shared with everyone a few days ago: when comparing these core asset classes, I believe that the implied bubble risk in silver is the highest, followed by gold, while the bubble component in Bitcoin is the smallest. The current market trends strongly confirm this logic. According to the latest data as of January 30, 2026, at noon Eastern Time, the performance of various assets shows significant differences: silver prices suffered a heavy blow, plummeting about 24%; gold was not spared either, dropping about 9%; in contrast, Bitcoin's performance was the most stable, with only a recorded decline of 1.35%. The previous analysis direction has proven to be completely correct.

On January 30, 2026, ExxonMobil, the world's second-largest oil giant, officially released its financial report for the fourth quarter. Due to the downward trend in international oil prices, the company's revenue performance was slightly weak, recording a total income of $82.3 billion, a slight decrease of 1% compared to the same period last year. In terms of net profit, the figure was $6.5 billion, with a year-on-year reduction of 14%, and the net profit margin for the quarter was set at 7.9%.

Looking back at the entire year's performance, ExxonMobil achieved a cumulative net profit of $28.8 billion, equivalent to approximately 201.6 billion yuan. It is worth noting that the company has about 60,000 employees worldwide. Based on this calculation, its per capita efficiency is quite impressive, with each employee contributing a net profit of $480,000 per year, equivalent to 3.36 million yuan.

To provide a more intuitive reflection of this data, we turn our attention to China National Petroleum Corporation (CNPC), the largest oil company in China. CNPC's annual net profit is 165 billion yuan, but its workforce is even larger, reaching 370,000 employees. After calculation, CNPC's per capita net profit is 440,000 yuan. In comparison, ExxonMobil's per capita profitability is 7.6 times that of CNPC.

From a historical perspective, ExxonMobil is also an important component of the S&P 500 index, with its founding year dating back to 1882, making it 144 years old today. Currently, the market value of this old energy giant remains around $600 billion, holding the 14th position in the list of corporate market values in the United States.

Apple Inc. Releases Overview of Latest Quarterly Performance

As a leading company in the global consumer electronics and smartphone industry, Apple Inc. officially disclosed its financial report for the fourth quarter on January 29, 2026.

The financial report shows that the company's total revenue for the quarter reached $143.7 billion, an increase of 16% compared to the same period last year. In terms of business segments, the performance of the iPhone series products was particularly impressive, with revenue skyrocketing by 23%. Notably, the Greater China market experienced a strong recovery in this quarter, with revenue soaring by 38%, successfully returning to a growth trajectory.

In terms of profitability, Apple Inc. recorded a net profit of $42.1 billion this quarter, with a year-on-year growth rate also reaching 16%, and the net profit margin maintained at 29.3%. Looking back over the past year, the company achieved a cumulative net profit of $116 billion (approximately 812 billion RMB).

Currently, Apple Inc. has a global workforce of about 170,000 people. Based on annual profit data, this means each employee generates a net profit of $680,000 (approximately 4.76 million RMB) for the company each year, demonstrating extremely high employee efficiency.

Founded in 1976, this tech giant currently has a market value of about $3.8 trillion, ranking 3rd among publicly traded companies in the United States. At the same time, Apple is also an important component of the S&P 500 index and the NASDAQ 100 index.

In terms of its business landscape, Apple Inc. has built an ecosystem that combines software and hardware with online services. Its core hardware product line includes the iPhone, iPad, Mac computers, Apple Watch smartwatches, AirPods headphones, and Apple Vision Pro headsets. Additionally, the company has developed operating systems such as iOS and macOS, and operates several key services including the App Store, Apple Music, and iCloud.

The global digital payment technology giant Visa officially disclosed its fourth quarter financial report on January 29, 2026. According to this latest financial report data, Visa's performance this quarter was very strong, with total revenue reaching 10.9 billion dollars, a 15% increase compared to the same period last year.

In terms of profitability, the company's net profit for the quarter was recorded at 5.9 billion dollars, a year-on-year growth of 14%. It is worth mentioning that Visa's net profit margin reached 54%, an astonishing ratio that makes it one of the companies with the highest net profit margins among publicly traded companies in the United States. If the time span is extended to the past year, the company has achieved a cumulative net profit of 20.5 billion dollars, approximately 143 billion yuan.

In terms of human efficiency, Visa currently has about 34,000 employees worldwide. Based on this calculation, the average net profit created by each employee for the company per year is as high as 600,000 dollars, equivalent to 4.2 million yuan.

As an established enterprise founded in 1958, Visa is now an important component of the S&P 500 index. Currently, the company's market value is approximately 640 billion dollars, ranking 13th among domestic companies in the United States.

The core of Visa's business lies in its operation of the VisaNet payment network, which is primarily responsible for connecting consumers, merchants, financial institutions, and government departments, providing efficient payment processing services. As of now, there are about 5 billion credit and debit cards issued jointly by Visa and various financial institutions circulating worldwide.