博弈君
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Nasdaq Advances 5×23 Hour Model
On December 15, 2025, Nasdaq formally submitted an application to the U.S. Securities and Exchange Commission (SEC), proposing to extend the trading hours of stocks and exchange-traded products (ETPs) from the current approximately 16 hours per day to 23 hours per day, five days a week (5×23 model). The new model is divided into daytime hours (4:00 AM to 8:00 PM Eastern Time) and nighttime hours (9:00 PM to 4:00 AM the next day), with a 1-hour break for system maintenance. If approved, implementation is expected in the second half of 2026.
This initiative stems from the surge in demand from global investors for U.S. stocks, particularly investors in time zones like Asia, as well as the appeal of 24/7 trading in the cryptocurrency market. Nasdaq aims to compete for these capital order flows and lay the groundwork for future markets for digital assets such as tokenized securities. As asset tokenization accelerates, on-chain trading of traditional securities will inevitably become the norm.
This initiative stems from the surge in demand from global investors for U.S. stocks, particularly investors in time zones like Asia, as well as the appeal of 24/7 trading in the cryptocurrency market. Nasdaq aims to compete for these capital order flows and lay the groundwork for future markets for digital assets such as tokenized securities. As asset tokenization accelerates, on-chain trading of traditional securities will inevitably become the norm.
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US November Non-Farm Payroll and Unemployment Rate Data Released! 🇺🇸
Key Data (November):
• Non-Farm Payrolls Added: Actual 64K (Expected 50K, Previous -105K)
• Unemployment Rate: Actual 4.6% (Expected 4.5%, Previous 4.4%)
Both are slightly higher than expected, bringing significant uncertainty to the market:
1. Non-Farm Higher than Expected: Indicates that the US economy is still growing moderately, and the job market is resilient. This may lead the Federal Reserve to adopt a cautious attitude towards rapid rate cuts to avoid stimulating the economy too early.
2. Unemployment Rate Higher than Expected: Risen to 4.6% (four-year high), showing that the labor market is gradually cooling, and the risk of a potential recession is rising. This further supports the Federal Reserve to continue cutting rates to guard against economic downturns.
These two pieces of data create a "long-short hedge" effect: economic resilience vs. labor market weakness, making it difficult for the market to form a consistent expectation. The probability of the Federal Reserve cutting rates in January thus remains low (current market pricing below 50%).
In addition, with the expectation that the Bank of Japan is set to raise rates to 0.75% this week (December 18-19), the pressure on the yen to strengthen has increased. Global stock markets experienced widespread declines yesterday, and negative sentiment has not yet been fully digested. After the data release today, the market reaction is somewhat negative, and it is not well-received. Close attention is on the evening opening trend of US stocks, and further statements from the Federal Reserve and December employment data will be more valuable for reference!
#美国非农数据超预期
Key Data (November):
• Non-Farm Payrolls Added: Actual 64K (Expected 50K, Previous -105K)
• Unemployment Rate: Actual 4.6% (Expected 4.5%, Previous 4.4%)
Both are slightly higher than expected, bringing significant uncertainty to the market:
1. Non-Farm Higher than Expected: Indicates that the US economy is still growing moderately, and the job market is resilient. This may lead the Federal Reserve to adopt a cautious attitude towards rapid rate cuts to avoid stimulating the economy too early.
2. Unemployment Rate Higher than Expected: Risen to 4.6% (four-year high), showing that the labor market is gradually cooling, and the risk of a potential recession is rising. This further supports the Federal Reserve to continue cutting rates to guard against economic downturns.
These two pieces of data create a "long-short hedge" effect: economic resilience vs. labor market weakness, making it difficult for the market to form a consistent expectation. The probability of the Federal Reserve cutting rates in January thus remains low (current market pricing below 50%).
In addition, with the expectation that the Bank of Japan is set to raise rates to 0.75% this week (December 18-19), the pressure on the yen to strengthen has increased. Global stock markets experienced widespread declines yesterday, and negative sentiment has not yet been fully digested. After the data release today, the market reaction is somewhat negative, and it is not well-received. Close attention is on the evening opening trend of US stocks, and further statements from the Federal Reserve and December employment data will be more valuable for reference!
#美国非农数据超预期
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The Red Robe Master Immediately Comes Out to Refute the Rumors
Are the accusations of financial fraud against the 360 Group malicious defamation, or is there really a problem?
Today (December 16, 2025), Zhou Hongyi (the Red Robe Master), founder of the 360 Group, personally took action and released a solemn statement on Weibo, responding to former employee Yu Hong's revelations in WeChat groups and Moments. Yu Hong claimed that she had helped Zhou Hongyi "falsify accounts by at least tens of billions" and held data, stating that the entire financial operations of 360's gaming business were "completely fraudulent," and even threatened to publicly disclose everything online.
Zhou Hongyi's response was swift and direct: this is "malicious slander," the statements are "completely contrary to the facts," and 360 will pursue legal responsibility in accordance with the law.
Today (December 16, 2025), Zhou Hongyi (the Red Robe Master), founder of the 360 Group, personally took action and released a solemn statement on Weibo, responding to former employee Yu Hong's revelations in WeChat groups and Moments. Yu Hong claimed that she had helped Zhou Hongyi "falsify accounts by at least tens of billions" and held data, stating that the entire financial operations of 360's gaming business were "completely fraudulent," and even threatened to publicly disclose everything online.
Zhou Hongyi's response was swift and direct: this is "malicious slander," the statements are "completely contrary to the facts," and 360 will pursue legal responsibility in accordance with the law.
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The richest man in the world
Elon Musk has taken another step toward becoming the world's first trillionaire.
According to the latest data from Forbes, his net worth has reached $677 billion (approximately 4.78 trillion yuan), making him the first person in history to surpass a net worth of $600 billion—no one has previously reached the $500 billion threshold.
This leap is primarily due to the significant increase in SpaceX's valuation. Earlier this month, SpaceX initiated a share buyback, pushing the company's valuation to $800 billion (approximately 5.65 trillion yuan), doubling from $400 billion in August this year. Musk owns about 42% of SpaceX, and this valuation increase has added approximately $168 billion to his personal wealth. As of noon on Monday Eastern Time, his net worth officially rose to $677 billion.
According to the latest data from Forbes, his net worth has reached $677 billion (approximately 4.78 trillion yuan), making him the first person in history to surpass a net worth of $600 billion—no one has previously reached the $500 billion threshold.
This leap is primarily due to the significant increase in SpaceX's valuation. Earlier this month, SpaceX initiated a share buyback, pushing the company's valuation to $800 billion (approximately 5.65 trillion yuan), doubling from $400 billion in August this year. Musk owns about 42% of SpaceX, and this valuation increase has added approximately $168 billion to his personal wealth. As of noon on Monday Eastern Time, his net worth officially rose to $677 billion.
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重温段永平投资与企业思维精华
买股票就是买公司，投资与经营企业无本质区别，只是由你认同的人在经营。关键是把上市公司当作非上市公司，理性判断其长期价值。
一、伟大企业
伟大企业的核心特质：
•利润之上的追求：把消费者需求置于短期利益之上，坚持“做对的事”。苹果是最佳诠释。
•强大企业文化：吸引并留住优秀人才，避免短期诱惑，少犯原则性错误。
•正直与诚信：所有伟大企业的共性，也是最常见失败原因。
真正伟大企业不以利润为导向，利润是水到渠成结果。
二、伟大公司管理层
好生意不依赖超级明星。优秀CEO是理想主义与现实主义的结合。投资者难判断谁“对”，但易判断谁“不对”——不对的不碰，错误率大幅降低。
三、长坡厚雪——滚雪球
投资标准：好的商业模式 + 好的企业文化 + 合理价格。
其中商业模式最重要，right business > right people > right price。
•长坡：行业+企业自身能否长期存续，企业文化决定长跑能力。
•厚雪：持续差异化能力，避免单纯追求“性价比”（常为低价借口）。
好商业模式核心：差异化 + 护城河
•差异化：满足用户需求而竞争对手无法满足的部分。
•护城河：可持续竞争优势（如品牌、渠道、网络效应）。能涨价即有护城河。
•成本优势难成护城河，制造业低价策略难长久。
四、企业文化：本分与平常心
本分：做对的事，把事情做对。发现错立刻停，不管代价多大都是最小代价。
平常心：排除干扰，回归事物本质，辨别是非。
•愿景：共同远景，避免利润导向陷阱。
•Stop doing list：不做不对的事，比“做什么”更重要。
•团队：合适性（文化认同）> 合格性（能力）。培训成本贵，不培训更贵。
•消费者导向：追求最好产品与用户体验，其他水到渠成。
五、产品与品牌
•好产品是企业长久的唯一保障，不断推出用户喜爱的产品。
•好品牌是消费者对公司所有行为的累计印象，好坏都记得。
六、投资心法
•想20年后的事，结果很难不好。一生能找到10个看清20年的公司已极佳。
•大企业比谁犯错少。死掉的企业几乎都是自己犯错死的。
•复利强大而难达成，安全前提下选适当速度。
•理解“足够的最小发展速度”：好比开车，安全第一，不追求最快速度。
结语：
投资本质是买未来现金流，最大保障是强大护城河支撑的好商业模式，而这一切根基是优秀企业文化与本分平常心。
坚持做对的事、不做不对的事，长期复利自然显现。
#多元化投资 #资本的力量
一、伟大企业
伟大企业的核心特质：
•利润之上的追求：把消费者需求置于短期利益之上，坚持“做对的事”。苹果是最佳诠释。
•强大企业文化：吸引并留住优秀人才，避免短期诱惑，少犯原则性错误。
•正直与诚信：所有伟大企业的共性，也是最常见失败原因。
真正伟大企业不以利润为导向，利润是水到渠成结果。
二、伟大公司管理层
好生意不依赖超级明星。优秀CEO是理想主义与现实主义的结合。投资者难判断谁“对”，但易判断谁“不对”——不对的不碰，错误率大幅降低。
三、长坡厚雪——滚雪球
投资标准：好的商业模式 + 好的企业文化 + 合理价格。
其中商业模式最重要，right business > right people > right price。
•长坡：行业+企业自身能否长期存续，企业文化决定长跑能力。
•厚雪：持续差异化能力，避免单纯追求“性价比”（常为低价借口）。
好商业模式核心：差异化 + 护城河
•差异化：满足用户需求而竞争对手无法满足的部分。
•护城河：可持续竞争优势（如品牌、渠道、网络效应）。能涨价即有护城河。
•成本优势难成护城河，制造业低价策略难长久。
四、企业文化：本分与平常心
本分：做对的事，把事情做对。发现错立刻停，不管代价多大都是最小代价。
平常心：排除干扰，回归事物本质，辨别是非。
•愿景：共同远景，避免利润导向陷阱。
•Stop doing list：不做不对的事，比“做什么”更重要。
•团队：合适性（文化认同）> 合格性（能力）。培训成本贵，不培训更贵。
•消费者导向：追求最好产品与用户体验，其他水到渠成。
五、产品与品牌
•好产品是企业长久的唯一保障，不断推出用户喜爱的产品。
•好品牌是消费者对公司所有行为的累计印象，好坏都记得。
六、投资心法
•想20年后的事，结果很难不好。一生能找到10个看清20年的公司已极佳。
•大企业比谁犯错少。死掉的企业几乎都是自己犯错死的。
•复利强大而难达成，安全前提下选适当速度。
•理解“足够的最小发展速度”：好比开车，安全第一，不追求最快速度。
结语：
投资本质是买未来现金流，最大保障是强大护城河支撑的好商业模式，而这一切根基是优秀企业文化与本分平常心。
坚持做对的事、不做不对的事，长期复利自然显现。
#多元化投资 #资本的力量
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$BTC 大饼昨晚诱多，估计又有很多人中计😄
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Once cracked, the BTC myth will be completely shattered.
$BTC
$BTC
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Will the big pancake break a new low this month $BTC ?
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$BTC support, looking forward to it 👍
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A Comprehensive Understanding of Berkshire Hathaway
How a shabby textile factory turned into the most stable business empire in the world?
> This is a company that started with 'not giving up' but conquered the world with 'long-termism'.
After reading this, you will have a new understanding of what compound interest is, what long-term means, and what the underlying logic of a business is.
🌱 1. The story begins with a nearly bankrupt textile factory.
In the 1960s, the American economy was booming, but one company was struggling:
Berkshire Hathaway textile factory.
Industry decline, inefficiency, and scarce orders—
This company looks like it could be the next to fall.
> This is a company that started with 'not giving up' but conquered the world with 'long-termism'.
After reading this, you will have a new understanding of what compound interest is, what long-term means, and what the underlying logic of a business is.
🌱 1. The story begins with a nearly bankrupt textile factory.
In the 1960s, the American economy was booming, but one company was struggling:
Berkshire Hathaway textile factory.
Industry decline, inefficiency, and scarce orders—
This company looks like it could be the next to fall.
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Trading should be like a gecko, usually lying still on the wall, and as soon as a mosquito appears, it swiftly eats it, then returns to calmness, waiting for the next opportunity.
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TM's all jokes
One, Hell Jokes
Invaders are treated as idols;
Dictators are treated as leaders;
People GD are treated as People GP.
Two, Earth Jokes
K War, we won, the Japanese are living a good life;
N War, we won, the Taiwanese are living a good life;
H War, we won, the Koreans are living a good life.
Three, Heaven Jokes
A group of wealthy people with many wives and concubines call themselves 'the proletariat';
A group of people with thirty-year land leases and seventy-year housing leases call themselves 'the masters of the country';
A group of people who cannot afford houses, cannot get married, cannot have children, cannot go to school, cannot afford medical care, and cannot support the elderly call themselves 'the successors of the communist cause.'
Invaders are treated as idols;
Dictators are treated as leaders;
People GD are treated as People GP.
Two, Earth Jokes
K War, we won, the Japanese are living a good life;
N War, we won, the Taiwanese are living a good life;
H War, we won, the Koreans are living a good life.
Three, Heaven Jokes
A group of wealthy people with many wives and concubines call themselves 'the proletariat';
A group of people with thirty-year land leases and seventy-year housing leases call themselves 'the masters of the country';
A group of people who cannot afford houses, cannot get married, cannot have children, cannot go to school, cannot afford medical care, and cannot support the elderly call themselves 'the successors of the communist cause.'
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Xu Xiang made 20 billion with 30,000
Xu Xiang made 20 billion with this trading logic using 30,000.
In summary for everyone:
1. The market cannot be precisely predicted. When a market trend forms, do not have too many doubts; just follow cautiously. Proper capital management and risk control are the prerequisites for all market activities.
2. The inverse pattern of long and short is like a switch. Those who shout to go long and do long trades are actually the potential short sellers; while those who are desperately bearish and shorting are precisely the potential long buyers. Looking at things from the opposite perspective makes it easier to see the essence, which is also an important thinking pattern.
In summary for everyone:
1. The market cannot be precisely predicted. When a market trend forms, do not have too many doubts; just follow cautiously. Proper capital management and risk control are the prerequisites for all market activities.
2. The inverse pattern of long and short is like a switch. Those who shout to go long and do long trades are actually the potential short sellers; while those who are desperately bearish and shorting are precisely the potential long buyers. Looking at things from the opposite perspective makes it easier to see the essence, which is also an important thinking pattern.
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Trading is a practice, and the market is complex and ever-changing. The key to trading lies in simplifying the complex and finding an exit in uncertain conditions. The path of trading has many pitfalls. Trading must be honed in real markets; experiencing counter-trends, holding onto positions, margin calls, and doubling down must be lived through to truly understand. Trading requires crossing many thresholds: technical barriers, system barriers, capital management barriers, emotional barriers, psychological barriers, and the integration of knowledge and action. Without self-improvement and honing, it is fundamentally impossible to transcend.
Trading requires both sacrifice and gain. It is impossible to capture all market movements; many trading opportunities will inevitably be "missed." The most important aspect of trading is focus, concentrating on familiar territory, and only earning what belongs to oneself. In a vast river, only take a scoop.
Consistency in trading execution is difficult. Achieving consistency in trading execution is the hardest part; the mentality of luck will occasionally interfere, and without a certain level of mental stability, it is fundamentally impossible to achieve. Trading behavior is a reflection of the trader; through the myriad of trading appearances, it reflects different mental states of the trader: greed, fear, obsession, regret.
Only by seeking inward and cultivating the mind and nature can traders find their true selves; only then can they gradually step away from trading.
$BTC $BNB
Trading requires both sacrifice and gain. It is impossible to capture all market movements; many trading opportunities will inevitably be "missed." The most important aspect of trading is focus, concentrating on familiar territory, and only earning what belongs to oneself. In a vast river, only take a scoop.
Consistency in trading execution is difficult. Achieving consistency in trading execution is the hardest part; the mentality of luck will occasionally interfere, and without a certain level of mental stability, it is fundamentally impossible to achieve. Trading behavior is a reflection of the trader; through the myriad of trading appearances, it reflects different mental states of the trader: greed, fear, obsession, regret.
Only by seeking inward and cultivating the mind and nature can traders find their true selves; only then can they gradually step away from trading.
$BTC $BNB
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If 10 years ago, you invested $10,000 in👇
🟦 S&P 500 → $37,000
🟡 Gold → $38,000
🧬 Nasdaq 100 → $59,000
📊 Google → $82,000
🍎 Apple → $119,000
🚗 Tesla → $269,000
🎮 Nvidia → $2,250,000
₿ Bitcoin → $2,410,000
⚙️ Ethereum → $30,550,000
In the past 10 years, what really made the difference was not "whether to invest"
but: what you invested in and whether you could hold on to it.
In the next 10 years, which column do you want to stand in?
🟦 S&P 500 → $37,000
🟡 Gold → $38,000
🧬 Nasdaq 100 → $59,000
📊 Google → $82,000
🍎 Apple → $119,000
🚗 Tesla → $269,000
🎮 Nvidia → $2,250,000
₿ Bitcoin → $2,410,000
⚙️ Ethereum → $30,550,000
In the past 10 years, what really made the difference was not "whether to invest"
but: what you invested in and whether you could hold on to it.
In the next 10 years, which column do you want to stand in?
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$ETH 4 Hour chart, the concubine's rebound did not break the resistance level of 3250, short at 3184, defend at 3250.
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What did the queen think after watching it? 😄
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The large pancake did not break through the resistance level of 94000, continue to short
Defend at 95000
Defend at 95000
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The Shanghai publicity department canceled Ayumi Hamasaki's concert, and later found that they had lost face globally, so they forced the organizers to apologize. This behavior is truly disgraceful.
In fact, to put it plainly, the upper echelons' outcry against Japan this time was purely rhetoric, and unexpectedly, Shanghai misjudged the higher authorities' intentions, making the subsequent remedial measures even more obvious, akin to 'hiding silver without a clue'.
In fact, to put it plainly, the upper echelons' outcry against Japan this time was purely rhetoric, and unexpectedly, Shanghai misjudged the higher authorities' intentions, making the subsequent remedial measures even more obvious, akin to 'hiding silver without a clue'.
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Documentaries You Must Watch for Investment
1.(Madoff: Wall Street's Money-Making Bully)(2023): Focusing on the largest Ponzi scheme in history, restoring the entire process of Madoff's $64 billion fraud over 20 years through unpublished testimonies and exclusive interviews, exposing the trust gaps and regulatory blind spots in the financial system.
2.(HSBC: The Money Laundering Empire)(2023): Exposing HSBC's years of providing money laundering channels for drug cartels and terrorist organizations, tearing apart the profit black hole and moral vacuum beneath the 'compliance facade' of international banks.
3.(Black Amber of Dark Reefs in Cryptocurrency)(2025): Using suspenseful narrative to address the chaos of Web3, tracking the capital games behind the theft of blockchain prototypes, exposing power manipulation and financial crimes under the ideal of decentralization.
2.(HSBC: The Money Laundering Empire)(2023): Exposing HSBC's years of providing money laundering channels for drug cartels and terrorist organizations, tearing apart the profit black hole and moral vacuum beneath the 'compliance facade' of international banks.
3.(Black Amber of Dark Reefs in Cryptocurrency)(2025): Using suspenseful narrative to address the chaos of Web3, tracking the capital games behind the theft of blockchain prototypes, exposing power manipulation and financial crimes under the ideal of decentralization.
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