QA：在高通脹的情況下，億萬富翁們會投資哪里?

一

Ski Milburn
Billionaires buy politicians, and sometimes, entire governments. Best investment you could own during times of high inflation, makes it easy to front-run every zig and zag the government makes.
Speaking of front-running, billionaires buy big into leading securities firms. With today’s lightning fast trading algorithms, the only way to beat the market is to make your trades one second before the machines. Easily done when you own the firm.
Illegal? Laws are for the little people.
Millionaires buy hard, practical assets (like real estate) and leverage them with fixed rate mortgages. During inflation, the value of the assets, and their cash flow will largely track the inflation rate, while the debt, and the debt service will stay the same, effectively melting away.

億萬富翁買通政客，有時甚至買通整個政府。在高通脹時期，你所能擁有的最佳投資，讓你很容易在政府的迂回曲折政策中領先。
說到領先，億萬富翁大舉買入領先的證券公司。有了今天閃電般快速的交易算法，打敗市場的唯一方法就是比機器早一秒完成交易。當你擁有證券公司的時候很容易做到。
違法嗎?法律是為小老百姓而設。
百萬富翁們購買硬而實用的資產（如房地產），并通過固定利率抵押貸款對其進行杠桿化。在通貨膨脹期間，資產的價值和現金流將在很大程度上跟隨通貨膨脹率，而債務和債息將保持不變，實際上融掉了。

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二

James Quillian
First, billionaires benefit from inflation. The have all borrowed monumental sums of money. Inflation reduces the real amount of debt they have accumulated. That is better than an investment.
Also, while the public is aggressively buying stocks billionaires are liquidating.
This way they will have plenty of cash after the market crashes. Then they will invest in stocks again.
The public loves it being that way. Otherwise they would complain.
One other thing. Billionaires know when not to invest. In general, when the public is buying stocks, billionaires are not initiating any new investments. .

首先，億萬富翁受益于通貨膨脹。他們都借了大筆的錢。通貨膨脹減少了他們積累的實際債務。這比投資要好。
而與此同時，公眾大舉買入億萬富翁們正在清算的股票。
這樣一來，他們在市場崩盤后就會有充足的現金。然后他們會再次投資股票。
公眾喜歡這樣。否則他們會抱怨。
另一方面。億萬富翁知道什么時候不投資。一般來說，當公眾購買股票時，億萬富翁不會發起任何新的投資。

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三

Olamide Oseni
It is hard to miss inflation in the recent numbers, and maybe even more so, the fear that inflation is going to hang around a lot longer than the Federal Reserve and investors would like. You may see it at the pump, in food prices, or the housing market, and for those who follow stocks, you definitely hear about it in the billionaire investor talking points Warren Buffett, not fond of short-term calls on the economy or market, had plenty to say earlier in his career about what inflation can do to stock market wealth. Buffett's view of inflation was heavily influenced by the runaway inflation of the 1970s. "Inflation is a far more devastating tax than anything that has been enacted by our legislatures," he wrote in 1977. "The inflation tax has a fantastic ability to simply consume capital. ...If you feel you can dance in and out of securities in a way that defeats the inflation tax, I would like to be your broker but not your partner."

從最近的數據來看，人們很難忽視通脹，對通脹持續時間將比美聯儲和投資者所希望的時間長得多的擔憂或許更令人擔憂。你可能會在加油站、食品價格或房地產市場上看到通脹，而對于那些關注股市的人來說，你肯定會在億萬富翁投資者的談話中聽到通脹。沃倫·巴菲特不喜歡對經濟或市場進行短期預測，他在職業生涯早期曾多次談到通脹會對股市財富造成什么影響。巴菲特對通脹的看法深受20世紀70年代失控的通脹的影響。他在1977年寫道:“通貨膨脹是一種比我們的立法機構頒布的任何稅收都更具破壞性的稅收?！薄巴ㄘ浥蛎浂愑幸环N神奇的能力，可以嚴重地消耗資本……如果你覺得你能以一種擊敗通貨膨脹稅的方式進出證券市場，我愿意做你的經紀人，而不是你的合伙人?！?

What the billionaires think and do is pretty far from lining up with the investment reality of most individuals, so to take it down a few zeroes, what are wealthy do-it-yourself investors — individuals with at least $1 million in a brokerage account that they manage on their own — thinking right now? They are increasingly worried, too, according to a survey from Morgan Stanley's E-Trade Financial of millionaire investors provided exclusively to CNBC. According to the quarterly E-Trade data, these wealthy investors have not been this concerned about their stock market holdings or the economy since Q2 2020, right after the March 2020 Covid crash and shutdown of the U.S. economy “We're definitely seeing a downtick in optimism," said Mike Loewengart, managing director of investment strategy at E-Trade. "They are starting to see some cracks in the economic recovery and it's dampening bullishness." More of the wealthy still describe themselves as bullish, but just barely, with that indicator dropping from 65% in Q3 2021 to 52% in the current quarter. That's the lowest level of bullishness since Q2 2020. The E-Trade survey was conducted October 8 to October 16 among 119 investors with $1 million or more of investable asset. Last quarter, 72% of these wealthy investors said inflation was "transitory," supporting the Fed view. That has now fallen to 53%. Those who "strongly disagree" with the Fed's transitory view increased from 9% to 19%. Inflation has been a concern all year, but "while it isn't new, it is a lot stickier," Loewengart said.

億萬富翁的想法和行為與大多數個人的投資現實相去甚遠，那么，去掉幾個零，那些富有的自己動手的投資者——那些在自己管理的經紀賬戶中擁有至少100萬美元的個人——現在是怎么想的?根據摩根士丹利旗下《億創理財》針對百萬富翁投資者的一項調查，他們也越來越擔心，該調查只提供給CNBC。根據《億創理財》的季度數據，自2020年第二季度以來，這些富有的投資者還沒有像現在這樣擔心他們的股市持股或經濟，在2020年3月美國經濟因新冠肺炎疫情崩潰和關閉后，《億創理財》投資戰略董事總經理邁克·羅文加特表示:“我們確實看到了樂觀情緒的下降?！薄八麄冮_始看到經濟復蘇出現一些裂縫，這抑制了看漲情緒?！备嗟母蝗巳匀徽J為自己很樂觀，但也只是勉強樂觀，這一指標從2021年第三季度的65%降至本季度的52%。這是自2020年第二季度以來的最低水平?！秲|創》于10月8日至16日對119名可投資資產超過100萬美元的投資者進行了調查。上個季度，這些富有的投資者中有72%認為通貨膨脹是“暫時的”，這支持了美聯儲的觀點?，F在這一比例降到了53%?！皬娏曳磳Α泵缆搩Χ唐谟^點的人從9%上升到19%。今年以來，通脹一直是一個令人擔憂的問題，但羅文加特說:“雖然通脹不是什么新鮮事，但這次要難應付得多?！?br>原創翻譯：龍騰網 http://www.mmg13444.com 轉載請注明出處

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四

Terry Denton
During any economic crisis, the very wealthy as a group don't have any better grasp on how to maintain assets than the middle class, they simply have more assets and by spreading it out they are less likely to be wiped out.
The very wealthy like Joe Kennedy is said to have done in the 1920s got out the stock market early, and began smuggling booze early during prohibition, both of which were quiet different than most other millionaires did, which put him in a position to buy when others were selling other assets.
Whether by plan or by stupid ass luck some wealthy and even middle class investors make the correct move at every turn. We see all the broke middle class investors after a down turn, and we see the zillionaires who had their money in the correct places. We rarely hear about the rich who made mostly poor decisions.
If there was a consensus among the rich as to where to put their money, it would be easy for the Meer mortals to just mimic their moves, but since there is no universal strategy employed.

在任何經濟危機期間，作為一個群體，非常富有的人并不比中產階級更懂得如何保持資產，他們只是擁有更多的資產，通過分散資產，他們不太可能被徹底摧毀。
據說，像喬·肯尼迪這樣的大富豪在20世紀20年代很早就退出了股市，并在禁酒令期間早早開始走私酒，這兩種做法與大多數其他百萬富翁的做法截然不同，這使他能夠在別人拋售其他資產時買入。
無論是靠計劃還是靠運氣，一些富有的甚至是中產階級的投資者在每一個轉折點都能做出正確的選擇。我們看到所有在經濟低迷后破產的中產階級投資者，我們看到億萬富翁把他們的錢放在正確的地方。我們很少聽說富人做了很多糟糕的決定。
如果富人對把錢放在哪里有共識，普通人就很容易進行模仿，但從來沒有通用的策略。

The name of the game is to preserve as many assets as possible and remain in a position to invest in things that become clear bargains. With high inflation anything to do with cash is probably a bad idea, and maintaining the value of your assets is goal one. But real estate and such investments may have over valued prices on them, so selling and buying back later may be best, but what to do with the cash so it isn't eaten up while you wait.
Gold and silver is thought if as a hedge but those are subject to volatility as well and may be better hedges in one event than in another.
The answer is even the rich fly by the seat of their pants to some extent through every crisis, but because they have so much more to begin with ，they can make some bad decisions and still survive, and should they risk it all and hit they look like money gods.
Those who became the very wealthiest among us due to getting into computers early on were not making financial decisions with the intent of becoming the very wealthiest, they simply saw computers as the coming thing and were good at building them. There were computer nerds in the 70s that are drawing social security now because they were good at computers but made poor financial decisions or at least didn't make lucky choices.

這個游戲的目的就是盡可能多地保存資產，并保持投資于明顯便宜的東西的地位。在高通脹的情況下，任何與現金有關的事情都可能是一個壞主意，保持資產的價值是你的目標之一。但房地產和此類投資的價格可能被高估了，因此，稍后再出售和回購可能是最好的，但要如何使用這些現金，才不會在你等待的時候被吃掉。
黃金和白銀被視為一種保值措施，但它們也會受到波動的影響，在一種情況下可能比在另一種情況下是更好的保值措施。
答案是，即使是富人也會在一定程度上依靠自己的直覺度過每一次危機，但因為他們有更多的東西可以開始，他們會做出一些錯誤的決定，但仍然存活下來，如果他們豁出去了并成功了，他們就會看起來如同財神。
那些因為早期接觸電腦而成為我們中間最富有的人，他們在做財務決定時并沒有想成為最富有的人，他們僅僅是將電腦視為即將到來的事物，并擅長制造它們。70年代的電腦宅男現在都在領社保，因為他們擅長電腦，但卻做出了糟糕的財務決策，或者至少沒有做出幸運的選擇。

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五

Travis Field
First, billionaires don’t invest in art or let scam artists like Masterworks steal their money regardless of inflation. Masterworks is like smallpox - it should be avoided all costs.
Art is a TERRIBLE investment at any level. It has negative cash flows and extraordinary costs (storage, security, transportation, insurance, transaction.
Don’t be the fool at the table by letting Masterworks take your “dumb money.”
If Masterworks was a legitimate investment vehicle, it wouldn’t be advertising on Quora. Rather, it would reach out directly to accredited investors.

首先，不管通貨膨脹如何，億萬富翁不會投資于藝術品，也不會讓Masterworks這樣的騙子偷走他們的錢。
Masterworks就像天花，要不惜一切代價避開。
在任何層面上，藝術都是一項糟糕的投資。它有負現金流和額外的成本(儲存、安全、運輸、保險、交易)。
不要在飯桌上犯傻，讓Masterworks拿走你的“傻錢”。
如果Masterworks是一個合法的投資工具，它就不會在Quora上做廣告。相反，它將直接接觸合格投資者。
原創翻譯：龍騰網 http://www.mmg13444.com 轉載請注明出處

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六

Profile photo for Nigel Glenday
Elon Musk, the world's richest person, revealed his strategy this week for investing alongside record inflation.
According to the WSJ, since February 2020, the Fed increased the nation’s money supply by a staggering 40%. To some experts, it explains why the U.S. is experiencing its highest inflation rate since 1982.
The Tesla and SpaceX founder told investors, in his experience, it’s “better to own physical things than dollars when inflation is high.” That’s especially shocking from Musk, who has historically impassionately supported cryptocurrencies and other digital goods.
The “physical goods” he mentioned could include oil, metals, and grains, which have all soared in prices…

世界上最富有的人埃隆·馬斯克本周透露了他的投資策略，目的是應對創紀錄的通脹。
據《華爾街日報》報道，自2020年2月以來，美聯儲將美國的貨幣供應量增加了驚人的40%。對一些專家來說，這解釋了為什么美國正在經歷1982年以來的最高通脹率。
這位特斯拉和SpaceX的創始人告訴投資者，根據他的經驗，“在通貨膨脹高的時候，持有實物比持有美元更好?！边@對馬斯克來說尤其令人震驚，他一直熱情支持加密貨幣和其他數字產品。
他提到的“實物商品”可能包括石油、金屬和谷物，這些商品的價格都在飆升……
原創翻譯：龍騰網 http://www.mmg13444.com 轉載請注明出處

But there’s another physical asset that billionaires have historically been stocking up on: fine art. In fact, according to Deloitte, over 61% of the ultra-wealthy diversify their portfolio with art. Here are a few possible reasons:
Contemporary art prices outpaced the S&P 500 by more than 2.5x (1995-2021).
Contemporary art historically returns 23.2% each year, on average, when inflation is at least 3% (like it is right now).
It has a low correlation to public equities of any major asset class, according to Citi.
Normally, it’s impossible for everyday investors to buy blue-chip art because it often costs tens of millions of dollars for a single work. But thanks to changing regulations, companies like Masterworks are now able to have nearly anyone be an investor in artworks via crowdfunding.
Since launching in 2019, Masterworks has…
Grown to 357,000+ users
More than $500,000,000 in assets under management
Been featured in the WSJ, NY Times, Blomberg, CNBC, and plenty others.
To learn more and see past offerings which include Monet, KAWS, and Basquiat, sign up for a free Masterworks membership right here.

但億萬富翁歷來都在囤積另一種實物資產：藝術品。事實上，根據德勤的調查，超過61%的超級富豪通過藝術品來分散投資組合。以下是一些可能的原因：
1995-2021年，當代藝術品價格漲幅超過標準普爾500指數(S&P 500) 2.5倍。
歷史上，當通貨膨脹率至少為3%時(就像現在)，當代藝術的平均回報率為每年23.2%。
花旗表示，它與任何主要資產類別的公開股票的相關性都很低。
通常情況下，普通投資者不可能購買藍籌股藝術品，因為一件作品的價格往往高達數千萬美元。但由于法規的變化，像Masterworks這樣的公司現在可以通過眾籌讓幾乎任何人都成為藝術品投資者。
自2019年推出以來，Masterworks已經……
增長到357,000+用戶
管理資產超過5億美元
《華爾街日報》《紐約時報》《彭博社》《CNBC》等多家媒體都曾報道過。
要了解更多和看昔日的產品，包括莫奈，卡伍斯和巴斯奎特，在這里注冊成為一個免費的Masterworks會員。