Accessible version 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 The Flow Show ABB, ABC, ABD, AI & BIG Scores on the Doors: YTD gold 38.0%, global stocks 25.4%, bitcoin 23.0%, US stocks 12.0%, IG bonds 9.9%, HY bonds 9.4%, govt bonds 7.6%, commodities 3.7%, cash 3.0%, US dollar -10.1%, oil -13.2%. Zeitgeist I: "Fed cutting at highs…I'm staying long stocks until we start worrying about the midterms next spring." Zeitgeist II: "Europe was the spring trade, Chinese stocks have been the summer trade, and Japan will be the autum ...