Last week, the United States Department of Labour published the April non-agricultural employment report, which is more positive than expected. United States employers increased by 253,000 jobs in the month, up from a generally expected 180,000 jobs.

However, the financial blog (Zerohege) pointed out that the United States Department of Labor had revised the employment data for March from 236,000 to 165,000, “without overestimation, it was far from expected (230,000).”

In response to this quotation, Mask wrote: “Almost as their data have been delayed, things are worse than they are aware …”.

Mask had repeatedly called upon the United States reserves to begin precipitation and questioned the interest rate decision of the Agency based on outdated data.

Prior to the issuance of the interest rate resolution by the United States Mission last week, Mask again warned that further interest would trigger a severe economic downturn. He wrote: “The United States reserves have too much lag. The moderate recession has come. This was not only the death of golden coltan in coal mines (Silicon Valley Bank), but also of one of the most determined miners (Swiss credit), whose cemetery was quickly filled! Further escalation will trigger a severe economic downturn. Bearing in mind my words.”

Safe and expeditious openings of new waves of cooperation platforms

Electricity information, precision reading, new waves

Hungry? On the basis of the existing takeout meals, the joint merchants have added options such as prefabricated dishes and semi-finished dishes to enrich consumers’ takeout choices. Jindingxuan has launched prefabricated products of classic dishes such as jindingxuan shrimp dumpling emperor and plum vegetable braised meat. Western Malaysia China has prefabricated and packaged the popular dishes such as soy sauce beef, soy sauce flavored sheep scorpion, hot and sour powder, shredded pepper and fresh beef and mutton. Hungry, Almighty supermarket also urgently launched the special project of prefabricated dishes, cooperated with cooperative supermarkets such as RT mart and Wumart, and launched more than 100 semi-finished dishes and prefabricated dishes in May.

During the May Day holiday, going outdoors has also become one of the mainstream choices for family vacation. The number of hungry takeout orders in Beijing with the address of “Park” increased by nearly 20% month on month compared with the previous week. During the period from April 28 to May 3, the sales of common camping commodities such as disposable tablecloths, lunch boxes, Mats and mosquito repellent products in hungry all-round supermarket increased by 1.5 times compared with that before the holiday, while the sales of pre prepared dishes, semi-finished barbecue and hot pot ingredients in Shangchao supermarket soared by 2 times compared with that before the holiday. After the holiday, this trend is expected to fall back to the normal level, and the shopping demand for household daily necessities will become the main force. The platform has recalled the distribution force to the supermarkets around the office and residential areas.

At the same time, hungry Yao further upgraded the epidemic prevention and control management system in Beijing: require riders to hold nucleic acid detection certificates within the validity period, and take compulsory measures such as restricting orders for riders who do not meet the requirements. The station organizes the temperature measurement of riders every day, requires riders to report the health code, and is equipped with sufficient masks, disinfectants and other necessary prevention and control materials. During the holidays, 200000 N95 / kn95 masks are added and distributed. Riders are strictly required to wear masks, take disinfection measures, and advocate “contactless distribution”. After ordering, users can also view the corresponding rider’s temperature records and other health information on the delivery details page of the hungry app.

It is reported that in order to cooperate with the epidemic prevention work, hungry people have taken the initiative to promote safer distribution services in Beijing, and more than 90% of merchants have opened “contactless distribution”. At the same time, we accelerated the laying of intelligent meal taking cabinets. Compared with the same period last year, hungry has increased the number of cabinets nearly 10 times in Beijing.

According to the 2021 annual report released by lanfan medical, during the reporting period, the company achieved an operating revenue of 8.11 billion yuan, a year-on-year increase of 3.04%; The net profit attributable to shareholders of listed companies was 1.156 billion yuan, a year-on-year decrease of 34.28%. After deducting non recurring profits and losses, the net profit of lanfan medical was only 62.13 million yuan, a year-on-year decrease of 96.43%.

As for the reasons for the sharp decline in performance, lanfan medical explained in its annual report that it was mainly due to the repeated impact of domestic centralized purchase and foreign epidemic on cardiac stent products during the reporting period, the downward trend in the price of health protection gloves, and the continuous significant fluctuation in the price of raw materials.

From the previous announcement disclosed by lanfan medical, the average price of main health protection products of lanfan medical (yuan / thousand) in the first three quarters of 2021 was 490.14 yuan, 334.52 yuan and 200.43 yuan respectively. The decline in the average price of health protection products combined with the rise in the cost side price has sharply compressed the company’s product gross profit space.

Lanfan medical said in its previous announcement that the domestic epidemic situation is under stable control. Although the foreign epidemic situation is still severe, the demand of end customers has been stable; The domestic supply side production capacity is put into centralized production. In addition, the backlog inventory of end customers in the early stage is high, the shipping space is tight, and the freight is too high. Many factors lead to the lack of customer ordering intention and a strong wait-and-see atmosphere. Therefore, the market price of relevant products of the company has decreased sharply.

In addition, the impairment of goodwill is also one of the reasons for the “face change” of lanfan medical performance.

The annual report shows that in 2021, lanfan medical made a provision for goodwill impairment of 1.698 billion yuan, which is another recognition of large asset impairment loss after making a provision for goodwill impairment of 1.75 billion yuan in 2020. However, it is noteworthy that after the impairment, the goodwill of lanfan medical is still as high as 3.4 billion yuan.

The huge goodwill comes from several previous mergers and acquisitions of lanfan medical. It is understood that since 2018, lanfan medical began to implement the transformation strategy of “low value consumables + high value consumables”. Shortly thereafter, lanfan medical made several mergers and acquisitions in the field of cardiovascular and cerebrovascular products, and large amount of goodwill also appeared.

In 2018, lanfan medical spent nearly 6 billion yuan to complete the acquisition of 93.37% shares of Parkson international in Singapore, thus forming the largest single goodwill of lanfan medical. However, shortly after the merger, the relevant products were included in the scope of national centralized procurement. The bid price of blue sail medical coronary stent excrossal was as low as 469 yuan, which was more than 96% lower than the net price of 13300 yuan at that time.

Although the product sales volume increased rapidly after the centralized procurement of coronary stents, the increase in sales volume failed to make up for the impact of the decline in price. Other coronary products of lanfan medical have not been listed or in large quantities, resulting in a sharp decline in the performance of coronary business. At the same time, superimposed with the impairment of capitalized development expenditure and other factors, the cardio cerebrovascular Business Department of lanfan medical turned from profit to loss in 2021, resulting in a loss of 737 million yuan, and the overall performance of the company also declined.

Manchester United are ready to improve their squad and they are interested in F de Jong. Manchester United’s new manager Teng hah trusted DeJong in the Ajax era. It is reported that Manchester United has 120 million euros to improve the strength of the team.

De Jong started in Harvey’s team, although his performance was not stable. Under Coleman, he seems to be more comfortable on the court, and under Harvey, he is still adapting to his role.

If f DeJong wants to leave, tenghag may give him a chance to join Manchester United. Barcelona signed him at a cost of 75 million, with a floating clause of 11 million in his contract.

Selling some players is not necessarily a bad thing for Barcelona because it can help the club balance its accounts.

Earlier, tenhah had criticized Barcelona, saying that it was wrong for Barcelona to use the player’s method. In Manchester United, he can use de Jong to replace Mattic or bogba, so that the team can achieve a big upgrade.

In recent days, the post market has been extremely popular. After Lao git, the paper tickets and numbered stamps have become popular all over the board. Recently, JT sheets have seen a wave of big market, and the increase can even be described as “amazing”.

Let’s take Zhao Yong’s online app transaction data as an example to feel the unstoppable rising heat.

JT Zhang is crazy!

On March 12, 2022, a full product t28m galloping horse was sold for 4590 yuan, and on March 23, a full product t28m galloping horse was sold for 8640 yuan. Compared with 10 days ago, the price has nearly doubled!

The transaction price of a complete j41m Great Wall plus type sheet was 4158 yuan on March 14. By March 23, the transaction price reached 8424 yuan, which soared by more than 100% in just a week.

On March 14, a complete t54m lotus shaped sheet was sold at the price of 2214 yuan. On March 23, the transaction price of a complete t54m lotus shaped sheet reached 4968 yuan, an increase of 124%!

T41m love science Zhang, nicknamed “big eye sister” by postal friends, has the same full product appearance. On March 14, 2022, the transaction price was 7668 yuan. About a week later, on March 22, the transaction price jumped to 17496 yuan, 2.28 times that of the former. The rise is fierce, and collectors are not surprised!

While the whole product naked ticket soared, the price of Yuantai rated high score ticket ran all the way. On March 27, Zhao Yong traded a group of JT sheets with high scores of xf97 and vf96 from Yuantai online, and the transaction prices reached a new high!

A complete t41m love science sheet of Yuantai vf96 was sold for 22100 yuan. A month ago, a love science sheet with the same score was sold for 11000 yuan, an increase of more than 100%!

The transaction price of a complete j41m Great Wall plus type sheet of Yuantai vf96 is 14000 yuan. Compared with the transaction price of 8424 yuan of the complete product naked ticket on March 23, the price of the rating ticket is nearly twice as high!

A t31m arch bridge piece of Yuantai xf97 was sold for 19400 yuan. Three days ago, the transaction price of a full-quality t31m arch bridge piece was 4428 yuan, and the price gap was more than four times!

The transaction price of a j42m Camellia plus font sheet of Yuantai xf97 is 29200 yuan. Five days ago, an Unrated j42m Camellia plus font sheet was sold for 9180 yuan, with a price difference of more than three times!

In addition, a complete j42m Camellia plus font sheet of Yuantai vf96 was sold for 14300 yuan, an increase of more than three times compared with the transaction price of 4050 yuan of a camellia plus font sheet with the same score on March 16!

Prices have doubled in a short time, which is rare in history, and many experts can’t understand it. Why does JT type Zhang have such a crazy rise?

The truth behind the boom

The primary factor lies in the charm of the collection itself. JT type Zhang, which has been popular recently, is not simple at all.

JT stamps are the continuation of GIT stamps. They have been issued since 1974. By 1991, 185 sets of J tickets and 168 sets of T tickets have been issued. JT stamp is a classic among JT stamps. In particular, the early JT stamp, which was born from 1974 to 1982, has dedicated many outstanding representatives. It is particularly precious because of its small circulation and survival. For example, the “big eye” (t41m love science stamp) loved by postal friends has a circulation of only 100000.

As a precious part of the history of China’s stamp issue, they are either based on the classic works of famous painters or created by famous artists. They have high appreciation and collection value, and are also good investment products.

However, JT type Zhang is also an undervalued variety. When collectors focus on Star varieties such as gite ticket and wenpiao, JT type Zhang is relatively ignored. Even famous products such as love science and great wall plus word are only dormant at about 7000 ~ 8000 yuan, and the market has not improved greatly for many years.

It is gold that always shines. When the market is depressed, accumulate strength silently and wait for an appropriate opportunity. Therefore, when the head varieties such as git ticket and text ticket took the lead in the rise, and the whole postal products sector was moved and soared in an all-round way, the JT type sheet, which has been in the value depression for a long time, finally ushered in the opportunity of outbreak, and refreshed the cognition of the whole postal market on the value of type sheet with the skyrocketing increase.

Yuantai rated stamps have become a new fashion in collection

In this wave of market, the appreciation of all product stamps is the strongest. This is because the collection pays attention to “the appearance is the king”. For the same stamp, the appearance directly determines its collection value and market price. Due to the particularity of its material, stamps are very vulnerable to environmental impact, such as moisture, yellowing, adhesion, mildew and so on, resulting in irreversible damage. It has been nearly 50 years since JT type sheet was first issued. After half a century of baptism, improper preservation and loss in circulation, perfect products are rare in the world, so there are many pursuers.

However, phase identification is also a work with high technical content. Identifying subtle differences such as glue, water and scraping with the naked eye requires very deep skills and heat. Senior collectors may not be 100% sure, and it is even more difficult for new collectors. The phenomenon of transaction disputes caused by product disputes is not uncommon over the years.

The emergence of ratings has better solved this problem. Through rigorous and careful comparison and accurate identification, Yuantai rating eliminates the false and retains the true, and follows the professional scoring mechanism to make objective and authoritative product certification for genuine stamps, which greatly relieves the worries of collectors. Therefore, rated stamps have gradually become a new trend of stamp collection in recent years.

In order to meet the collectors’ requirements for better appearance, Yuantai rating subdivides the appearance of millions of stamps through the evaluation, sorting and scientific analysis of the appearance of millions of stamps, and introduces the scoring rules of top-quality XF (97-99 points). The stamps with top-quality scores are selected from the best and top-notch, and there are almost no defects in the appearance. In addition, the rating box also plays a scientific role in protecting precious stamps from secondary “harm” in the process of transaction circulation. Collectors pursuing perfect appearance can buy them with confidence and boldness.

At present, the whole postal market has warmed up in an all-round way

Rapid radio burst is a phenomenon of violent radio wave explosion in the vast universe. It generally “the Dragon sees the head but not the tail”, flashes for a few milliseconds, and then there is no trace.

The astronomy home appliance Daily recently reported that the first dark energy detection experimental equipment in China - “Teana experimental array” found a new fast radio storm. The fast radio storm is located in the direction of hound. It was detected at 1:26:40 a.m. Beijing time on April 15, 2022.

“This is the first time that Teana experimental array has detected a fast radio storm, and it is also the first time that China has detected a fast radio storm with a radio array.” On April 24, in an interview with science and technology daily, Chen Xuelei, chief scientist of Teana program and researcher of the National Astronomical Observatory of the Chinese Academy of Sciences, pointed out.

Fast radio bursts are a very young and emerging field in astrophysics. In 2007, fast radio bursts were first discovered. In fact, it is not a rare event. The signals of thousands of fast radio storms arrive on earth every day.

The picture was provided by the Teana team of the National Astronomical Observatory of the Chinese Academy of Sciences

“It may appear in any direction in the sky, and the energy released when it erupts can reach the energy of the sun for several days or even a year. Because the energy released is very huge and may be detected in the distant universe, fast radio storms are expected to become an important way for people to explore the universe.” Chen Xuelei said.

However, the duration of fast radio storms is too short, which makes capturing and detecting them challenging, let alone finding and locating their sources. Therefore, “the origin of fast radio bursts is not clear. Astronomers have put forward many models and hypotheses, which are generally believed to be related to dense objects.” Chen Xuelei said.

Previous studies have found that these bursts will be dispersive. In other words, a radio wave will be generated when a fast radio burst erupts. When the radio wave passes through the material, they will “diffuse”, or produce dispersion. The propagation speed of the higher frequency part is slightly higher than that of the lower part.

“Based on this phenomenon, we can estimate the distance between the place of the event and the earth. Among the discovered fast radio storms, the detected fast radio storm belongs to a very bright one. The explosion came from cosmic space far beyond the Milky Way galaxy. According to the average dispersion of intergalactic matter, it is estimated that it can be as far away as about 3.3 billion light-years.” Chen Xuelei introduced.

Previously, the “Chinese heavenly eye” also detected many fast radio storms. “Compared with the ‘Chinese heavenly eye’, the advantage of Teana experimental array lies in the large field of view of the telescope. Using digital beam synthesis technology, it can monitor multiple directions of the sky at the same time. This event is also the first rapid radio storm detected by synthetic beam technology in China.” Chen Xuelei said that this technology is more suitable for the blind search of rapid radio storms. After being found, it can also provide early warning for other radio telescopes such as the “Chinese heavenly eye”, which will help scientists uncover the mystery of rapid radio storms as soon as possible.

Chen Xuelei introduced that the Teana experimental array is located at the Hongliuxia observation station in Balikun County, Hami City, Xinjiang. It has jointly built cylindrical and dish antennas. It mainly carries out neutral hydrogen sky survey experiments, which can be used to study the large-scale structure of the universe, dark energy and other related cosmological frontiers. Hongliuxia observation station was built at the end of 2014. Among them, the cylindrical array rapid radio burst detection system was installed and deployed in the autumn of 2021 and began trial operation at the end of 2021.

Oil prices have been strong for three consecutive years, and geopolitical factors have caused another storm. Most of the trading hours in Asia and Europe are subject to shock and fall adjustment and typical technical repair. If there is no sudden news impact, the oil price will probably maintain a moderate performance during the Easter holiday on Friday. However, the fact is that the oil price soared again around 0 o’clock in the night, and the daily low pulled up more than $5. However, the performance of diesel contract in recent months is even more exaggerated, and the increase of oil price once exceeded 10%, which stunned the little partner.

The core influencing factor of this situation in the oil market is the sudden news that the EU plans to impose a phased ban on Russian oil. At present, there is no specific detailed plan. This is the core point that the crude oil market has been paying most attention to, which will have a decisive impact on the supply side. Last week, the EU officially adopted the fifth round of sanctions against Russia. The sanctions in the energy field began to include banning the import of coal and banning most Russian trucks and ships from entering the EU. Previously, there was heavy resistance to the sanctions on oil. Due to the dependence of Germany and Hungary on Russian fossil fuel, the EU did not impose sanctions on the Russian energy industry. But now, the general direction of Europe’s gradual separation from its dependence on Russian crude oil and natural gas is relatively clear. Previously, several EU members opposed the “implementation of energy embargo on Russia”. Germany has previously studied that if Russia suddenly stops supplying natural gas to Germany, the German economy will face a sharp recession, so it has always refused to sanction Russian oil. If the EU can overcome its internal differences and finally start oil sanctions, there is no doubt that it will have the strongest impact on raw oil and diesel, so oil prices will behave like this, How to promote the EU’s sanctions on Russian oil is a major influencing factor to be paid close attention to next. The specific strength measures will be combined with investors’ expectations, which will continue to affect the performance of oil prices.

The market was closed on Friday due to the Easter holiday in the outer market. The domestic oil sector is expected to continue to fluctuate sharply with the rise of crude oil at night. It is difficult to judge the sustainability of the fluctuation driven by geographical factors. It may be a continuous impact. Once it is less than expected, there will be extreme reverse fluctuations. Because it coincides with the uncertainty caused by the holidays in Europe and America, investors should pay attention to the rhythm.

Daily dynamics

Recent highlights

Russian President Vladimir Putin will hold a meeting on the situation of the oil and gas industry, saying that we need the import substitution of oil and gas production equipment, and Russia’s foreign exchange market should be prepared to transition to settlement in its own currency, which is a strategic task. We must start to build infrastructure for exports to the East, and we need to diversify exports. The so-called partners from “unfriendly countries” have recognized that, They will not be able to get rid of Russian natural gas. The supply of natural gas from the United States is much more expensive. It is impossible to realize the rapid transformation of green energy. We plan to increase the share of currencies in payment. The main problem of oil and gas is logistics interruption.

India is crazy about buying Russian crude oil and selling refined oil to Europe

India is becoming a big buyer of Russian oil, snapping up crude oil goods that European importers no longer need. Indian state-owned oil refining enterprises such as Indian oil company and Bharat oil company have been buying Russian ural flagship crude oil and its Sokol crude oil.

While buying with the left hand, India has not forgotten to ship with the right hand - India has begun to sell more diesel to Europe and profit from it due to the sanctions imposed on Russia by many European countries and oil giants and the interruption of its own fuel supply.

In other words, if Europe imposes more official sanctions on Russian crude oil and fuel, oil prices may soar further, and India can make more profits by refining Russian oil and then selling it to Europe to earn more trade income. While Europe’s sanctions against Russia hurt itself, it made India pick up a big bargain.

According to reports, Indian refinery managers said that since last month, Indian state-owned and private refineries have increased the processing of Russian crude oil. As more crude oil is transported into India this month and next month, its quantity will further increase. Previously, these Indian refineries actively purchased Russian crude oil that western oil companies deliberately avoided.

Although Indian companies previously imported only a small part of crude oil from Russia, the low price of oil provided by Russian state-owned companies to Indian companies may make the two establish closer ties in the future. For Indian refiners, such purchases will make imported products more attractive than purchasing spot goods from other traders.

Trafigura, Russia’s main oil buyer, said: “the company will fully comply with all applicable sanctions and is expected to further reduce the volume of oil trade with Russia from May 15.”

Vitol, another big Russian oil buyer, declined to comment on the May 15 deadline. Vitol previously said: “with the reduction of contractual obligations in the current period, the volume of Russian oil trade will decrease significantly in the second quarter, and the purchase of Russian oil will be stopped by the end of 2022.”

Vitol spokesman said that due to the reduction of current contractual obligations, the Russian oil volume handled by Vitol “will decrease significantly in the second quarter”. The company reiterated that it would not participate in any new trading of Russian crude oil and products. Since the outbreak of the conflict between Russia and Ukraine, Vitol has always stressed that its procurement is part of the previously concluded contract.

It is reported that European and American enterprises are facing increasing pressure from the government and shareholders to terminate their transactions with Russia. Oil giants BP. Us, shell. Us and ExxonMobil (XOM. US) said they would withdraw from the Russian market. Meanwhile, many European banks have restricted trade financing for Russian commodities.

Earlier, the International Energy Agency warned that due to

It is required to explain parents’ interests and hobbies, indicate whether there is body odor, list marriage and childbirth plans, and ask whether there are pets at home… Some strange recruitment requirements are common in the job market. Some cases of violating the personal privacy of job seekers and suspected discrimination in recruitment conditions have aroused widespread concern of the public.

“Workers not only have the obligation to truthfully explain the basic situation, but also have the right to protect personal privacy from infringement. They need to strengthen their legal awareness and protect their legitimate rights and interests from infringement.” Ban Xiaohui, an associate professor at the school of law of Wuhan University, said that Article 8 of the labor contract law stipulates that the employer has the right to know the basic information directly related to the labor contract, and the worker should truthfully explain it. Therefore, the worker has the right to refuse information not directly related to the labor contract during the job search process.

For some recruitment conditions suspected of discrimination, Ban Xiaohui believes that: “Relevant departments should make clearer regulations on the information disclosure of suspected discrimination in recruitment. At present, the regulations issued by the Ministry of human resources and social security and other departments have clearly emphasized that recruitment should not limit gender or gender priority, restrict women’s job hunting and employment, refuse to hire women on the basis of gender, inquire about women’s marriage and childbirth, and take pregnancy test as an entry physical examination item For this purpose, birth restriction shall not be used as a condition for employment, and the employment standards for women shall not be increased in a differentiated manner. However, in the process of implementing laws and regulations, we need to further strengthen relevant law enforcement. “

“The law is the best weapon to protect the legitimate rights and interests of workers. When candidates encounter ‘wonderful’ recruitment and employment discrimination in job hunting, they should complain to relevant functional institutions such as human resources and social security departments, and they can also bring a lawsuit to the people’s court according to law.” Ban Xiaohui said that candidates should bravely take up legal weapons to safeguard their legitimate rights and interests.

In view of various “wonderful” requirements in the recruitment process, the Ministry of human resources and social security and other departments have issued a series of corresponding regulations and policies to constantly standardize the recruitment behavior of employers. In March this year, the Ministry of human resources and social security issued the notice on doing a good job in the employment and Entrepreneurship of college graduates in 2021, which clearly proposed to “increase the protection of employment rights and interests”, required to strengthen the supervision of recruitment behavior of employers and human resources service institutions, strive to standardize the online recruitment order, and crack down on “black intermediaries”, false recruitment, arbitrary charges Employment discrimination and other illegal acts.

People’s daily (edition 07, May 10, 2021)

Engglitazin is a highly selective SGLT2 inhibitor. It has a unique insulin independent hypoglycemic mechanism, that is, it reduces renal glucose threshold by reducing renal glucose reabsorption and promotes the direct excretion of glucose from urine. It is mainly used to improve blood glucose control in patients with type 2 diabetes. The original products of englitazone tablets were approved to enter the domestic market in September 2017. Domestic generic drugs have been approved and evaluated successively since 2020. At present, there are one imported and five domestic listed in China. Englitazone tablets were included in the fourth batch of national centralized procurement catalogue in 2021.

“Every critical moment is a test of our ability to avoid risks.” A person in charge of the European and American rich family office pointed out to reporters.

Since last week, he has completed a round of emergency position adjustment and reallocated the assets of many European and American tycoons, including reducing the investment proportion of equity assets such as stocks from 50% to 35%, increasing the investment proportion of commodities, cash assets and gold from 15%, 15% and 5% to 20%, 20% and 10% respectively, and maintaining the investment proportion of alternative assets at 15%.

“Even if the black swan incident such as the conflict between Russia and Ukraine comes, we must prove to the rich customers that we have a sufficiently perfect hedging investment strategy to ensure their wealth safety.” He told reporters.

Over the past 10 years, he has experienced many black swan events such as the subprime mortgage crisis in 2008, the reduction panic in 2013 and the impact of the epidemic in 2020, and has also explored some rules for risk aversion Investment: first, do not over bet on traditional risk averse assets such as US bonds, gold and Japanese yen, because these assets may not be able to play a risk averse attribute every time; Secondly, while doing a good job in the decentralized allocation of assets, we should also build a large class of asset allocation portfolio with low volatility. Even if some assets encounter severe fluctuations, it will not drag the net value of the whole portfolio back significantly; Finally, try to find “high certainty” investment profit varieties in the “extremely uncertain” financial market.

For example, in the face of changes in the situation in Russia and Ukraine this time, he resolutely chose to increase long positions in commodities such as crude oil and agricultural products as investment profit varieties, hoping that the price rise of the latter can “hedge” the downward pressure of other asset prices.

Many family office people told reporters frankly that although these hedge investment rules are easy to say, they are quite difficult to do. For example, it was difficult for them to find a large portfolio of low volatility assets.

“Previously, some family offices learned from the practices of well-known hedge funds such as Bridgewater fund and hedged market risks through the investment strategy of combining debt and equity, but they soon found that they lacked high enough investment and research ability to achieve the risk hedging effect of hedge funds.” A head of asset allocation at the European family office said bluntly. Nowadays, more and more European and American rich family offices simply hire senior traders and asset allocation experts with high salaries to formulate appropriate risk avoidance investment strategies focusing on the financial market impact caused by various black swan events.

In his view, the level of risk aversion investment ability seems to become a major core competitiveness of the family office. Today, more and more European and American rich people will first investigate the risk aversion investment level of the latter before choosing the family office to plan the wealth inheritance scheme, and whether they can effectively ensure the wealth security after all kinds of black swan events. Only those family offices that can achieve low portfolio volatility and low pullback value have a better chance of winning their favor.

New choice of hedge investment

“Whenever the black swan incident comes, the performance pressure of our hedge investment is quite great.” The head of a family office in the Far East told reporters. Once the failure of hedging investment strategy leads to excessive portfolio pullback value and volatility, the rich will be held accountable and even decide to change the court.

He revealed that since the conflict between Russia and Ukraine last week, his family office has quickly completed the position adjustment. One is to significantly reduce the positions of equity assets such as European and American stock markets, and the other is to increase the positions of gold, crude oil, agricultural products and other commodities.

In his opinion, the most unique feature of this family office hedge investment is that they have significantly increased the proportion of commodity investment, and even the commodity position of individual family offices has increased from 15% at the beginning of the year to 30%. The reason is that they believe that changes in the international situation will further tension the supply and demand relationship of bulk commodities such as crude oil, natural gas, aluminum nickel, corn and wheat, make the rising trend of the price of such assets more “deterministic”, and turn them into quite appropriate “risk averse assets” and “investment profit varieties”.

“However, most family offices are unlikely to take such a radical approach.” The head of the family office in the Far East pointed out. The reason is that the price of commodity futures fluctuates greatly. They are worried that once the price of commodity futures falls, it will drag down the net value of the whole hedge portfolio to a greater decline.

It is worth noting that more and more family offices also regard RMB assets as an important hedging investment.

According to the statistics released by datayes, as of March 2, the net capital inflow from the north in the past week reached 7.575 billion yuan.

“Among them, many European and American rich family offices are increasing their holdings of a shares.” A Hong Kong broker told reporters. The reasons are as follows: first, compared with the current global economy once again facing growth uncertainty, China’s economic growth fundamentals are relatively stable, which brings higher investment security to a shares; Second, the continued strong RMB exchange rate and the relatively loose monetary policy of the Central Bank of China also provide new income prospects for A-share investment; Third, the current valuation of a shares is relatively low, forming a good investment depression effect.

“In fact, the reason why they regard RMB assets and bulk commodities as two new types of risk aversion investment is that they can play the role of attack and defense balance, that is, the rise of bulk commodity prices can bring relatively considerable investment income, so as to reduce the retreat range of portfolio net value; the stable fluctuation of RMB asset prices can reduce the volatility of portfolio net value To achieve more stable portfolio volatility. “ The person in charge of the Far East family office said. At present, the RMB asset investment of many European and American rich family offices accounts for only 3% - 4%, but with the continuous enhancement of the hedging attribute of RMB assets, this value may rise to 8% - 10% in the future.

Gold encounters “strong enemies”?

Gold, which has always been regarded as the first choice for hedge investment, seems to have “weakened” its role in the family office’s hedge investment strategy.

“After we raised the proportion of gold investment to 20% last week, we didn’t increase our gold position.” The person in charge of the above European and American rich family office spoke frankly to reporters. Behind this, they noticed——