By 2026, global capital markets are experiencing an unprecedented divergence. The AI computing power, smart terminal, and industrial digitalization sectors continue to lead gains, with the "Magnificent Seven" tech stocks in the U.S. driving a structural bull market. On the other hand, global government debt has surpassed $100 trillion, and major economies are seeing rising aging populations, leading to increased market volatility and more frequent style rotations.
Strategies that worked over the past decade—such as dollar-cost averaging, sector concentration, and fixed stock-bond allocations—are becoming increasingly misaligned with the current macroeconomic environment. It is at this critical juncture that Vanguard has overtaken BlackRock to claim the top spot in the U.S. ETF market, with its VOO fund surpassing $1 trillion, making it the world's first trillion-dollar ETF.
From this vantage point, Vanguard’s Global Chief Economist, Joseph H. Davis, is looking further ahead. In his new book, The Future of Investing, he warns that trends shift like tectonic plates. Investors cannot rely on current conditions to plan for the long term and must adopt a new framework for wealth allocation.
This live event invites Vanguard's Global Chief Economist Davis and China Asset Management (Hong Kong) CEO Gan Tian for an in-depth dialogue, unpacking the book's core insights and addressing ten key questions for investors. Topics include the impact of AI on employment and inflation, four major macroeconomic trends, asset allocation strategies, the global currency landscape, and the direction of U.S. economic policy.
When four forces—AI, debt, deglobalization, and aging—simultaneously rewrite the rules, how can ordinary people avoid being left behind? Vanguard's Chief Economist shares his perspective on where money should go and how it should be deployed over the next decade.
Dialogue Guests:
Joseph H. Davis: Author of The Future of Investing, Global Chief Economist and Global Head of Investment Strategy at Vanguard, with over 20 years of hands-on experience in macroeconomic analysis, asset allocation, and major asset class judgments. He has long led the macro strategy formulation for trillions of dollars in assets under management. He also chairs the company's "Strategic Asset Allocation Committee," managing multi-asset class investment solutions. Unlike pure academic research, Davis's work is grounded in a century of U.S. stock market data, global bond markets, commodities, and macroeconomic databases, quantitatively analyzing the impact of four key variables—technology, demographics, debt, and policy—on asset returns.
Gan Tian: CEO of China Asset Management (Hong Kong), with over 20 years of investment management experience, consistently managing the firm's longest-running equity absolute return strategy. He serves as a host and sharing guest.
Risk Disclaimer:
1. In accordance with the Securities and Futures Investor Suitability Management Measures, the views and information in this live event are for reference only by investors with appropriate risk tolerance. If you are not a suitably matched investor, the fund manager advises you to carefully consider your own circumstances before deciding whether to participate.
2. The content of the live event does not constitute any substantive advice, commitment, or guarantee for investors' investments. The fund manager shall not be liable for any direct or indirect losses arising from the use of this content. This event is limited to promotional purposes between the fund manager and its cooperating platforms. Third-party organizations are prohibited from reproducing, extracting, or rebroadcasting this content in any inappropriate manner.
3. This material does not constitute a legal document. All information or opinions expressed herein do not constitute final operational advice on investment, legal, accounting, or tax matters. The company does not provide any guarantee for the final operational decisions based on the content of this material. Under no circumstances shall the company be liable for any losses incurred by any person from using this material.
4. The operating history of funds in China is relatively short and cannot reflect all stages of stock market development.
5. The fund manager reminds investors of the "buyer beware" principle in fund investing. After making an investment decision, the investment risks arising from fund operations, fund share price fluctuations, and net asset value changes are borne by the investor.
6. Market risk exists, and investment requires caution. A MACD golden cross signal has formed, and these stocks are showing strong momentum!
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