・After the Lehman shock that occurred in 2008/9 due to large amounts of capital supply, finances were bloated to 40% of GDP in the US and 60% in Europe, and in Japan, a tremendous amount of money was supplied, where the Bank of Japan's balance sheet swelled to 1.3 times the Japanese economy, and then an even larger amount of funds was supplied, and then an even larger amount of funds was supplied for COVID-19 infected devices starting in 2020, surplus of money It's been going on for quite some time (p26)
・Long-term interest rates in the US have been on a downward trend since 1983 and continued until 2023. It was 15.8% in 1982/9 (p31)
・Only developed countries have pension systems for citizens, and the amount of pension benefits is increasing steadily in all developed countries as the aging population progresses. So about 10 years ago, the amount of annual pension benefits finally surpassed the reserve amount, and it is inevitable that the whole pension will go into a net decline (p65)
・If the bubble with surplus money bursts, it will be havoc that cannot be collected, and they will blindly sell debt, but they won't sell anymore. Debt prices will fall until prices are not applied, and long-term bond yields will rise. When the debt exchange rate starts to crash, all bonds are sold, and it falls unilaterally, and the price drops to the same level as a piece of paper in no time; this is the fear of debt investment (p68)
・ At the 2012 stage, it was 2.1 times the global GDP, but in a little over the past 10 years it has increased 3.25 times, in other words, debt for 1 unit has increased. Most of these are products of an era when zero interest rate policies were being developed mainly in developed countries, and interest rates have risen in response to such a net increase in debt, and there is a big possibility that this will also be the beginning of the burst of the bubble due to excess super money (p106)
・Factories and farms established in emerging and developing countries are being driven more and more towards the direction of being provided with labor at a lower price, and this is “wealth seizure” based on the logic of capital, and as this trend progresses, people who cannot incite poverty will continue to appear in emerging and developing countries. This has allowed accurate risk increases all over the world since ten years ago, and it has become deep-seated inflationary pressure in various parts of the world, and this is a historical phenomenon that can be said to be a reaction of the globalization of the world economy (p114)
・The Trump administration has unilaterally raised tariffs, but the increase in the tariff rate will put a brake on exports to the US, and will also lead to an increase in prices within the US. Naturally, world trade has shrunk, and the uninflated growth of the world economy, which is the result of the free trade system, will still be braked (p115)
・When the financial market in general is sold, the virtuous cycle up until now completely changes, that is, as soon as a reverse rotation begins, every corporate investor is knocked down to hell. Asset accounts that should have accumulated valuation gains until now have been drastically reduced, and investment losses have swelled all at once, while debt accounts remain in their entirety; this state of affairs is called “asset deflation” or “balance sheet deflation” (p124)
・Financial institutions suffer triple damage, 1) loan recipient companies are heavily affected by the burst of the bubble, become bad debts in loan accounts, 2) investment accounts due to accidents fall drastically and investment losses occur, 3) they must ensure repayment obligations of principal and interest to borrowers, starting with deposits (p131)
・The next global bubble bursts, but the situation is completely different from the time of the Lehman shock, and it is unlikely that measures similar to those days can be implemented. It is said that all developed countries and many countries, such as emerging countries, have large fiscal deficits, and the US budget deficit has reached 6% of gross domestic product and is beyond sustainable (p139)
・Index management is just part of a money game where money should increase. It is far from the original form of investment management, and the dreams, feelings, and intentions of the parties involved in getting money to work for them are missing (p195)
・There is no interest rate on gold, so when interest rates get higher, gold tends to be sold, and as the investment flavor of investment products rises as interest rates rise, gold without interest rates is not even looked at (p218)
・From the perspective of full-scale long-term investors, the most important point in building the future is whether it is a company they sincerely want to support as their partner. There is no need to chase high-growth companies or the like separately (p225)
