Podcast Atlas
entity Updated 2026-08-25 Topics: Economics, Politics

起朱楼宴宾客 / Qizhulou Yan Binke

179.先救日元再救长债，“救火队长”贝森特在走一条怎样的钢丝？ adds the show’s Scott Bessent / 贝森特 and U.S. Treasury-market branch. 大卫翁 reads yen intervention, FIMA Repo Backstop, Treasury Buyback Policy, Stablecoins, bank balance-sheet capacity, and Federal Reserve pressure as a unified but fragile response to Bessent Impossible Triangle / 贝森特不可能三角.

177.日本医保基金为何要支持免费的国民体检？ adds another Japan healthcare-policy branch. 大卫翁 uses a Yokohama municipal health check to connect Ningen Dock / 人间 Dock, Hinohara Shigeaki / 日野原重明, Japanese Specific Health Checkups / 日本特定健诊, Health Insurer Prevention Accountability / 保险者预防责任, and China Weight-Management Policy / 中国体重管理政策, keeping the show’s comparative-system method while caveating claims that prevention automatically saves medical spending.

176.纽约一年：一个悲观主义者的活法｜725沙龙实录 adds the show’s New York live-salon and uncertainty-era life-design branch. 大卫翁 and 欧阳斌 use 725沙龙 and 纽约漫谈录 to connect New York Salad-Bowl Multiculturalism / 纽约沙拉式多元, Split Globalization / 分裂的全球化, Uncertain-Era Optionality / 乱纪元选择权, Base Currency Thinking / 本币思维, Cycle Worldview / 周期世界观, AI entry-level pressure, and output-forced learning to the show’s existing asset-allocation worldview.

175.公募基金二季报：极致的抱团与割裂之后 adds the show’s 2026 public-fund quarterly-report branch. 大卫翁 reads active-equity funds’ second-quarter positioning as extreme active fund crowding after AI, compute, and semiconductor winners dominated rankings, then connects Fund Manager Ranking Incentives / 基金经理排名激励, AI Infrastructure Supply-Chain Bullwhip / AI 基建供应链牛鞭效应, Market Breadth Narrowing / 市场广度收窄, and Portfolio Suitability into a warning against chasing new star managers into long-term accounts.

174. 我们还能给算法当多久的品味老师？｜对谈亚马逊AGI查晟 adds the show’s fourth algorithm-series branch through 查晟 / Cha Sheng of Amazon AGI. 大卫翁 moves from algorithmic media into large-model training and AGI, connecting Open Source AI Models, AI Data Flywheel / AI数据飞轮, Human Taste as AI Training Signal / 人的品味作为AI训练信号, AI Knowledge Collapse / AI知识塌缩, Model Value Embedding / 模型价值观嵌入, Enterprise Owned Models, Sovereign AI Models / 主权AI模型, Cognitive Debt / 认知负债, Agent Harness, and Continual Learning. The episode’s core synthesis is that people still teach models direction, taste, and values, but the same human standards can become model data once expressed as text, reward, feedback, or workflow traces.

172.全球宏观和资本市场2026半年度复盘与展望：AI叙事的下一步 adds the show’s half-year 2026 global macro and capital-market review branch with Ricky. 大卫翁 and Ricky move from the first-quarter geopolitical and inflation scare into AI capex, U.S.-China AI Macro Asymmetry / 中美AI宏观不对称, China AI Export Leverage / 中国AI出口杠杆, AI Employment Multiplier Compression / AI就业乘数压缩, and AI Labor Substitution Valuation Boundary / AI劳动力替代估值边界, while keeping the show’s ordinary-investor discipline centered on cash, sizing, and avoiding overheated core AI exposure.

171.为什么牛市后期更容易亏钱？｜半年度投资账复盘 adds the show’s half-year 2026 investment-account and late-bull-market-loss branch. 大卫翁 uses his negative first-half portfolio result to connect Market Breadth Narrowing / 市场广度收窄, late-cycle FOMO, high turnover, oversized bets, and Bubble Wealth Redistribution / 泡沫财富再分配 into Late Bull Market Loss Risk / 牛市后期亏钱风险, while turning the response back toward the show’s recurring allocation discipline: trade less, review on schedule, know the position’s role, and keep clear exit rules for speculative entries.

170.《1929》的泡沫之夏：三个代表人物，和他们在当下周期的影子 adds the show’s market-history and bubble-role branch through Andrew Ross Sorkin’s 《1929》. 大卫翁 uses Richard Whitney / 理查德·惠特尼, William Durant / 威廉·杜兰特, and Charles E. Mitchell / 查理·米切尔 to build Bubble Role Analogy / 泡沫角色类比 and Financial Institution Trust Transmission / 金融机构信任传导, then connects those roles to current-cycle questions around SoftBank, OpenAI, Stargate AI Infrastructure, Apollo Global Management, Athene Holding / 雅典娜保险, Blackstone, private credit, leverage, and institutional trust.

169.如果你18岁，正考虑未来把金融当职业｜高考季特别策划 adds the show’s gaokao-season finance-career branch. 大卫翁 uses his finance-industry experience to separate finance roles, relationship capital, entry-level AI pressure, school/city signaling, and the industry-to-finance path for ordinary students deciding whether finance should be an early career target.

168. 银与信：一部日本劳工移民的跨洋汇款史 adds a historical-finance and migration-history branch through 素. The episode connects Japanese Labor Migration Remittances / 日本劳工移民汇款, Hawaii / 夏威夷, Yokohama Specie Bank, Migrant Family Remittance Obligation / 移民家庭汇款义务, Racialized Remittance Politics / 种族化汇款政治, and Qiaopi Remittance Networks into the show’s broader habit of using a small institutional object to reveal state capacity, family life, and global capitalism.

167.柏拉图、卢梭、哈耶克、阿伦特四大哲学家会如何解释算法时代？｜串台独树不成林 adds the show’s third algorithm-series branch through a crossover with 独树不成林. 大卫翁 and the guest use Plato / 柏拉图, Jean-Jacques Rousseau / 卢梭, Friedrich Hayek / 哈耶克, and Hannah Arendt / 汉娜·阿伦特 to connect algorithmic media to Algorithmic Cave Allegory / 算法洞穴隐喻, Algorithmic Reason Outsourcing / 算法理性外包, Algorithmic Dispersed Knowledge / 算法分散知识聚合, and Algorithmic Public Appearance / 算法公共显现.

166.普通人能从机构投资者身上学到什么？｜串台投资ABC adds the show’s 投资ABC crossover branch on institutional investors. 大卫翁, Amy, and 陈博士 use institutions’ mandates, data systems, risk controls, fund-liability constraints, and transaction costs to extend the show’s ordinary-investor discipline: learn Institutional Investor Process Discipline / 机构投资者流程纪律, Target Weight Discipline / 目标权重纪律, and review habits, while using Personal Capital Duration Advantage / 个人资金期限优势 and Passive Investing instead of trying to beat institutions on short-term information.

165.年报季中的真实中国2026 adds the show’s 2026 annual-report branch. 大卫翁 reads the 2025 report season through Annual Report Macro Reading, moving from GDP/listed-company profit divergence and real-estate-chain losses into China Industrial K-Shaped Divergence / 中国式K型产业分化, Security-First Supply Chain Logic / 安全优先供应链逻辑, Localized Global Company / 中国籍全球公司本地化, Hard AI Infrastructure / 硬AI基础设施, and China Innovation Transparency Gap / 中国创新透明度缺口. The episode’s core synthesis is that Chinese companies are no longer only evolving inside low-cost and scale advantages; many now need to reconstruct supply chains, localization depth, quality systems, R&D capability, and external legibility.

164.算法的“兔子洞”：为什么你总在看完新闻后滑向娱乐？｜对谈黄圣淳教授 adds the show’s second algorithm-series branch through 黄圣淳. The episode extends the earlier Public Relevance Algorithms / 公共相关性的算法 framework into evidence and practice: Filter Bubble / 过滤气泡 worries are qualified by Incidental Exposure / 偶然暴露 and News Finds Me / 新闻找到我, while Algorithmic Entertainment Redirect / 算法娱乐重定向, Platform Affordance / 平台可供性, Platform Feedback Loop / 平台反馈循环, and Algorithmic Media Literacy / 算法媒介素养 explain why algorithms still reshape news, culture, and user agency.

163.当孤注一掷的年轻人遇上这个草台班子的世界｜串台轻刀快马 adds the show’s second 轻刀快马 crossover branch. 大卫翁 and 傅宇 connect United States spatial and class separation, AI anxiety, youth FOMO, Financial Nihilism / 金融虚无主义, GameStop, and human-capital risk to the show’s recurring Asset Allocation discipline: the answer to a random world is Structure Over Prediction / 结构优先于预测, bounded optionality, and enough resilience to stay in the game.

162.财富的本质，以及自由的真正含义｜串台十分吸引 adds the show’s wealth-and-freedom follow-up to the episode 129 money crossover with 十分吸引 and 时雷. The episode connects Money As Flow / 货币是流量 to Wealth As Capability And Rights / 财富作为能力与权利, Bourdieu Capital Forms / 布迪厄资本形式, Capital Conversion Loop / 资本转换循环, Main Contradiction Allocation / 主要矛盾式资产配置, Resource Network Repricing / 资源网络重估, Client-Centered Wealth Management / 以客户为中心的财富管理, and Wealth Desire Gap / 财富欲望差, making the show’s allocation thread explicitly about freedom rather than only product selection.

161. 全球宏观和资本市场2026一季度复盘与展望 adds the show’s first-quarter 2026 macro review branch through a live Beijing conversation with Ricky. 大卫翁 and Ricky update the January outlook after a sharp market reversal, connecting Iran, Strait of Hormuz, oil, Federal Reserve policy, AI application optimism, Private Credit Tail Risk / 私募信贷尾部风险, Gold As Currency Spare Tire / 黄金备胎, China data, and A/H allocation to the show’s recurring Asset Allocation and cash-discipline framework.

160.如何应对中国资产牛市的“调整期”｜新书分享会成都场实录 adds the show’s live China-asset adjustment branch through a Chengdu book-sharing event with 三点下班. 大卫翁 and 浩哥 split the China bull-market question into long-term savings and shareholder-return logic, medium-term AI/gold/dollar/geopolitical narratives, and short-term cash discipline, keeping the show’s recurring Asset Allocation thread tied to source-dated market stress rather than point forecasting.

159.算法的六副面孔：它是如何从处理数据，变成定义我们是谁的 adds the show’s algorithm-and-media framework branch. 大卫翁 uses Tarleton Gillespie’s The Relevance of Algorithms and Kyle Chayka’s Filterworld to turn platform algorithms into Public Relevance Algorithms / 公共相关性的算法, connecting media theory, ranking, creator practice, calculated publics, and the show’s existing Information Cocoon / 信息茧房 and Feed Curation concerns.

158. 播客里聊了四年的资产配置，我把它做成了一本《行动指南》 adds the show’s asset-allocation book branch. 大卫翁 explains how the “迈出资产配置第一步” series became 《资产配置行动指南》, turning the show’s recurring Asset Allocation and Investment Worldview Fit material into Podcast To Book Systematization through editing, publisher selection, title positioning, and action-guide design.

157.如何带走牛市的胜利果实？ adds the show’s bull-market profit-preservation branch. 大卫翁 turns a strong 2025 investment account and early 2026 China/gold positioning into Bull Market Profit Preservation / 牛市胜利果实保留, Bull Market Bezzle Trap / 牛市叙事欺诈, and Gain Conversion Asset Form / 收益固化资产形态, extending the show’s recurring Asset Allocation discipline from finding opportunities to designing exits, converting gains, and building durable life capital.

156.生物医药的2026：当市场不再为BD躁动，中国药企的星辰大海才刚刚展开 adds the show’s 2026 biopharma outlook branch. 大卫翁 and 小P老师 turn 2025’s record China innovation-drug BD into a follow-through problem around Biotech BD Data Validation Phase, Platform-Level Biotech BD, Clinical Data Trust Rebuilding, Progression-Free vs Overall Survival, PD-1/IL-2 Bispecific, Radiopharmaceutical Drug Conjugates / RDC, Small Nucleic Acid Drugs, and Innovative Drug Commercial Insurance Catalog.

155.如何理解黄金的史诗级波动 adds the show’s gold-volatility and Fed-succession addendum. 大卫翁 uses the episode to connect Commodity Time-Horizon Framework, Liquidity-Driven Volatility Cascade, Gold Monetary Anchor, Kevin Warsh, and Central Bank Independence, keeping the show’s recurring asset-allocation discipline centered on time horizon, sizing, and whether macro narratives are actually tradable.

154.四十岁感言：不做那只温水里的青蛙 adds the show’s personal midlife and career-retrospective branch. 大卫翁 uses his own path through the People’s Bank of China system, private funds, investor education, brokerage digital transformation, and finance exit to connect Career Exit Friction / 职业退出摩擦, Finance Platform Social Capital / 金融平台社会资本, Telos Crisis / 目的危机, Habit Positive Feedback / 习惯正反馈, and Autonomy Under Information Flow / 信息流中的自主性.

153.全球宏观和资本市场2026展望：大年之后，仍是大年？ adds the show’s 2026 global macro and capital-market outlook branch with Ricky. The episode turns the 2025 asset rally into a conditional 2026 allocation map around China Equity-Real Economy Gap / 中国股市与实体经济落差, Central Balance-Sheet Demand Support / 中央资产负债表托底, China Deflation Demand Repair / 中国通缩的需求侧修复, RMB Exchange Rate Policy, AI capex/private-finance risk, China Insurance Funds Equity Allocation / 中国险资入市, and China Equity Structural Selection / 中国权益结构分化.

152.关于2026年的四个猜想 adds the show’s 2026 annual-prediction branch. 大卫翁 reviews the 2025 guesses, then uses Quantity Change to Quality Change / 量变引发质变 to connect AI Backlash Politics, Private-Market Bubble Opacity, China Excess Savings Reallocation / 中国超额储蓄再配置, and Western China Misreading / 西方对中国的误读 into one threshold-risk frame.

151.私募信贷Private Credit：加速AI建设的“天使”，还是诱发金融危机的“恶魔”？ adds the show’s dedicated private-credit branch. 大卫翁 turns earlier warnings around Private Credit Tail Risk / 私募信贷尾部风险 into a structural map of Private Credit Market / 私募信贷市场, Direct Lending / 直接贷款, Asset-Based Finance / ABF, Unitranche Loan / 单级贷款, Payment-In-Kind Interest / PIK, Synthetic Risk Transfer / SRT, Rated Note Feeders / 评级票据通道, Subscription Lines / 基金认缴信用额度, and AI Data-Center Private Credit Financing.

150.“中国如何跳出贫困陷阱”，现代化之路又会走向何方 adds the show’s China-modernization book-synthesis branch. 大卫翁 reads 洪源远, 李璐, and Dan Wang together to connect Poverty-Trap Modernization / 贫困陷阱与现代化, Development As Variation System / 发展作为变异系统, Weak Institutions Market Building / 弱制度启动市场, Directed Improvisation / 引导创变, Engineering State, Lawyer State / 律师国家, and Chinese Modernization Cultural Gap / 中国现代化的文化短板.

149.百五特辑：和两位老媒体人漫谈播客、媒介以及声音生态的未来 adds the show’s Chinese podcast and media-ecosystem branch through a crossover with 忽左忽右, 去现场, and 725沙龙. 大卫翁, 杨一, and 欧阳斌 use the history of Chinese podcasting to connect Chinese Podcast Ecosystem / 中文播客生态, Podcast Intimacy, 活人感, Brand Podcasting, Podcast Commercialization Fragmentation / 播客商业化分散, and Subscription vs Algorithm Podcast Distribution / 播客订阅与算法分发.

147.再谈日本医疗与照护行业之我曾在北海道的医院当护士 adds the show’s Japan healthcare follow-up through 琼琼. The episode turns earlier fact-checking into a deeper care-practice discussion, connecting Japanese No-Family-Attendant Care / 日本无家属陪护, Multidisciplinary Hospital Care / 医院多职种协作, Medical Social Work Discharge Coordination / 医疗社工与出院衔接, Care Sociology / 照护社会学, Care Socialization / 照护社会化, Patient Dignity In Daily Care / 日常照护中的患者尊严, Subject-Led Care, and AI And Robotic Elder-Care Limits / AI与机器人养老边界.

146.美国经济这么差，美股还能继续涨吗 | 串台《美轮美换》 adds the show’s U.S. macro and market-sentiment branch through a crossover with 美轮美换. 大卫翁, Terry, and 小华 connect U.S. Economic Experience Split, Government Shutdown Data Blindness, Official Statistics Credibility, Central Bank Independence, Tariff Consumer Price Pass-Through, Equity Retirement Asset Binding, and Entry-Level AI Career-Ladder Risk to the question of why weak economic mood can coexist with rising U.S. equities.

145.基金投顾值得信任吗？ continues the show’s “金融机构是如何运作的” sequence through fund investment advisory. 大卫翁 asks whether Chinese fund advisory can be trusted after six years of pilot development, using Buy-Side Investment Advisory / 买方投资顾问, Investment Behavior Coaching / 投资行为陪伴, Goal-Based Client Profiling / 目标导向客户画像, Fund Advisory Fee Transparency / 基金投顾费率透明, and Fund Recommendation Conflict Disclosure / 基金推荐利益冲突披露 to argue that the industry has to prove the “顾” side rather than only sell fund combinations.

144.女侠段四合和她的家乡马坪关：“我们曾以为有电有路只是梦” adds the show’s rural-development and field-conversation branch through 段四合 and 马坪关. The episode connects Village Self-Governance / 村庄自主治理, Rural Infrastructure Transition / 乡村基础设施转折, Matsutake Commons Management / 松茸山公共资源治理, Rural Women Public Participation / 乡村女性公共参与, Rural Parent-Child Reading / 乡村亲子阅读, and Slow Rural Tourism / 慢速乡村旅游 to the show’s broader interest in how systems, incentives, and lived experience meet at ground level.

不熄灯 E02：币圈闪崩、美国政府关门、First Brands 破产与娃哈哈风波 adds 不熄灯 as a current-events branch distributed through the 起朱楼宴宾客 context. 大卫翁, 雨白, and 小宝 use a three-location conversation to connect Political Veto-Point Bargaining, Crypto Leverage-Liquidity Cascade, Government Shutdown Data Blindness, Private Credit Receivables Opacity, Real World Asset Tokenization Risk, Family Business Succession Opacity, and National Brand Narrative Backfire.

141.加更：因为播客，我受邀去哥伦比亚大学做访问学者了 adds the show’s self-reflective podcast-and-media branch. 大卫翁 uses his Columbia Journalism School visiting-scholar invitation to connect podcasting with Podcast-Enabled Career Path / 播客带来的职业路径, Creator-Driven Financial Narrative / 创作者驱动的财经叙事, Creator Fact-Checking Responsibility / 创作者事实核查责任, Information Cocoon / 信息茧房, and Situated Media Observation / 在场的媒体观察.

142.日本消费者为何如此痴迷“季节限定”？| 串台跨海电波 adds the show’s Japan consumer-market branch through a crossover with 跨海电波. 大卫翁 uses Japanese Seasonal Limited Consumption / 日本季节限定消费 to connect Japan’s seasonal rituals, short-cycle retail, limited products, craft stories, and regional availability to Chinese sellers’ Japan Market Entry Trust / 日本市场进入信任 problem: foreign brands need channel backing, offline touchpoints, service detail, and patience, not only a good SKU or fast online conversion.

140.酒店集团为什么都热衷于打造会员和积分体系？| 串台远行者与碎冰匠 adds the show’s hospitality and consumer-industry branch through a crossover with 远行者与碎冰匠. 大卫翁, 猫草, and Cindy use Hotel Loyalty Programs, Hotel Direct Booking Channels, Hotel Brand Portfolio, Hotel Star-Rating Erosion, and Hotel Service SOP And Human Ceiling to connect travel experience, hotel industry structure, OTA bargaining power, and service operations.

139.从《昨日的世界》到如今的欧洲：美好年代Belle époque，它还能回来吗？ adds the show’s literature-and-Europe branch through 费 and 《昨日的世界》. The episode uses Stefan Zweig / 茨威格 and Belle Epoque / 美好年代 to connect European cultural memory with European Union integration, Schengen mobility, European Language Friction, Digital Nomad Housing Pressure, the Ukraine war, tariff bargaining, and European Defense Autonomy.

起朱楼宴宾客 is the podcast show represented in Vol.113 从几千页智库文件中，勾勒特朗普2.0执政计划背后的人、机构、思想和脉络. In this source, the show uses a long-form reading-notes format to connect Donald Trump’s second-term agenda with Project 2025, Heritage Foundation, America First Policy Institute, Conservative Partnership Institute, and older American trade-policy traditions.

The episode is explicitly cautious about expertise. It presents the discussion as a synthesis of policy files, articles, and books rather than as direct U.S. political reporting, and asks listeners to read the nationalist and populist claims critically.

137.亲历日本生育补贴：国家帮我养娃，归来仍是“吞金兽” adds the show’s fertility-policy branch through a conversation with 霓虹电波 guests 美嘉 and 摩方. The episode uses Japan’s Japanese Child Allowance / 日本儿童手当, Japanese Childbirth Cost Support / 日本分娩费用支持, Japanese Parental Leave Income Support / 日本产育休收入支持, Japanese Childcare And Preschool System / 日本保育与幼教体系, and Japanese Child Medical Cost Coverage / 日本儿童医疗费用兜底 to argue that child policy is a full service stack, while East Asian Education Cost Pressure / 东亚教育成本压力 and Fertility Subsidy Limits / 生育补贴边界 explain why “more subsidy” does not automatically become “more births.”

131.我在日本买了一套自住房 adds the show’s Japan residential-property branch. 大卫翁 uses his self-use new-build condo purchase in Yokohama / 横滨 to connect Japanese New-Build Condo Buying / 日本新建公寓购房, Japanese Housing Presale Protection / 日本住宅预售保全, Japanese Railway Real-Estate Development / 日本铁路系房地产开发, Japanese Condo Maintenance Reserve / 日本公寓修缮基金, Japanese Housing Information Disclosure / 日本住宅信息披露, Japanese Mortgage Insurance Bundle / 日本房贷保险组合, Negative Real Estate / 负动产, Housing As Consumption Good / 房子消费品化, Japanese Urban-Core Redevelopment / 日本城市核心区再开发, and Japanese Property Holding Cost / 日本房产持有成本 to the show’s recurring investor-facing caution about costs, leverage, and whether a home is a life asset or an investment asset.

132.当过度思考的打工人遇上低欲望的时代 adds the show’s workplace, overthinking, and low-desire branch through 尤妈妈 / 猫猫’s first-year work experience in Japan. The episode connects Rule-Bound Overthinking / 规则化过度思考, Low Desire As Defensive Contraction / 低欲望防御性收缩, Algorithmic Desire Preemption / 算法欲望预支, and Social-Template Desire / 社会模板欲望 to the show’s existing Japan, youth-happiness, information-overload, and AI-agency threads.

vol.101.既安全、收益又高、流动性还好的投资到底存在吗？ adds the show’s personal-finance and asset-allocation side. The episode uses 余额宝, household liquidity, product lockups, diversification, and scarcity to explain Investment Impossible Triangle, Investment Liquidity Tradeoff, Asset Scarcity Premium, and portfolio-level Asset Allocation for ordinary investors.

vol.102.熬过就业冰河期的日本年轻人，去哪里寻找幸福感？ adds the show’s youth, confidence, and social-trust side through a crossover with 轻刀快马. 傅宇 connects Japanese inflation, NISA, employment ice age pressure, Household Balance-Sheet Repair, and Chinese youth surveys to Youth Happiness After Growth, Social Trust And Happiness, and Hikikomori Strategic Retreat.

vol.103.文艺复兴科技西蒙斯的封神之路：是量化之王，更是洞察人性的大师 adds the show’s financial-personage and quant-history side. It uses Jim Simons, Renaissance Technologies, and the Medallion Fund to connect Quantitative Investing, Quantitative Data Moat, Short-Term Statistical Arbitrage, Alpha Decay, and Human Risk Override to a broader claim about organization, talent, and risk.

vol.104.普通人港股完全生存指南 | 串台三点下班 adds the show’s Hong Kong retail-investing survival side through a crossover with 三点下班. 大卫翁 and 浩哥 use personal wins, losses, AH discounts, dividend assets, IPO attention paths, and old-thousand-stock warnings to connect ordinary-investor behavior to Hong Kong Market Structure.

vol.105.如何判断一个投资组合是否适合自己？ continues the asset-allocation series by asking how ordinary investors can tell whether a portfolio fits them. It adds Portfolio Suitability, Adaptive Portfolio Design, and Investment Cooldown Discipline while using 红色火箭, 华夏基金, 时雷, and 十分吸引 as source-scoped references around index tools and more technical allocation thinking.

vol.106.迪拜，真的遍地是黄金？ adds the show’s overseas-opportunity and city-fieldwork side. 大卫翁 interviews Ricky about Dubai / 迪拜, Abu Dhabi, Dubai Business Hub Model, Dubai Golden Visa Residency, Dubai Real Estate Market, and the need to separate opportunity excitement from due diligence.

vol.107.85后提问95后：如果事情不需要做选择，那我就装尸体旁观 adds a generational-dialogue branch. 大卫翁 asks Siri how a 95后 thinks about “尸体” passivity, present-choice attention, work-life separation, controllable life supports, finance careers, and romance or childbirth as optional choices.

vol.108.日本五大综合商社：重返舞台中央 adds the show’s Japan-business-history and global-trade branch. It uses Japanese sogo shosha, Mitsubishi Corporation / 三菱商事, Mitsui & Co. / 三井物产, Itochu / 伊藤忠商事, Sumitomo Corporation / 住友商事, Marubeni / 丸红, and keiretsu to explain why trading companies can function as commercial infrastructure, and why Deglobalization Trade Intermediation may make intermediaries more valuable again.

vol.109. FOF派VS指数派，关于个人养老金账户该配什么的一场辩论 returns to the show’s ordinary-investor asset-allocation branch through a debate about 个人养老金账户 products. 蒋华安 helps move the question from “FOF派 vs 指数派” to pension-account suitability: index funds bring low fees and transparency, while FOF and 目标日期基金 can provide allocation, glide-path, and holding-discipline support when investors need more than a single beta exposure.

vol.110.投资就是对世界观的投票｜《迈出资产配置第一步》完结篇 closes the show’s “迈出资产配置第一步” sequence by naming Investment Worldview Fit as the deeper reason allocation, stock picking, trading, cash, real estate, and crypto feel suitable or unsuitable to different people. The episode connects Paul Slovic, Daniel Kahneman, Ray Dalio, Jim Simons, Warren Buffett, Bitcoin, Ken Follett, and The Century Trilogy / 世纪三部曲 to a practical conclusion: diversified Asset Allocation is a worldview-compatible tool for the host, but no investment school is mandatory for everyone.

173.当缅怀高善文博士时，我们究竟在怀念什么？ adds the show’s macro-research and public-expression branch through 高善文. The episode treats Gao’s memorial as a way to connect Asset Revaluation Theory, Balance-Sheet Macro Analysis, Capital Return Rate Decline, Sell-Side Research Incentives, and Macro Research Public Expression: finance research can be market-facing, policy-facing, and publicly valuable only when its data, logic, and uncomfortable claims remain discussable.

Vol.112 一次非共识的2024反思和2025展望 | 对话蓝小康X牟一凌 adds the show’s non-consensus China-asset branch through 蓝小康 and 牟一凌. The episode connects 2024 market style swings, Donald Trump’s return, China Supply-Side Clearing, Labor-Share Consumption Rebalancing, RMB Exchange Rate Policy, State-Owned Enterprise Social Value, Belt and Road External Demand, and Active Management Style Evolution into New Order Asset Pricing.

Vol.111 关于2025年的四个猜想 adds the show’s solo annual-prediction branch for 2025. The episode connects China Local Debt Resolution, Internal Stability Confidence Repair, Trump 2.0’s domestic bureaucratic focus, China Corporate Anti-Involution, and China Divergent Technology Route under the closing phrase “殊途同归”.

Vol.114 AI的2025和DeepSeek们的未来 | 对谈复旦张奇教授 adds the show’s academic AI annual-review branch through 张奇 of 复旦大学. The episode uses DeepSeek’s breakout to discuss current large-model limits, Model Post-Training Bottleneck, Scenario-Specific AI, Contact Center AI, AI search, and why Agentic Workflow becomes more credible when models can reflect, revise, and recover.

Vol.115 全球宏观和资本市场2025展望：短期问题不解决，就没有中期和长期了 returns to the show’s macro and capital-market outlook format with Ricky. It connects China Policy Easing Pivot, Short-Term Demand Before Long-Term Reform, China Fiscal Expansion Channels, A/H Share 2025 Barbell, Bond Fund Return Expectation Reset, and U.S. Mega-Cap Tech Right-Side Trade into a source-dated 2025 allocation map.

133.全球宏观和资本市场2025年中盘点：中国的三个温差和美国的三个预期差 adds the show’s mid-2025 macro review with Ricky. It turns the January outlook into a checkpoint around China Macro Temperature Gaps / 中国宏观温差, U.S. 2025 Expectation Gaps, stronger Hong Kong-led China asset performance, innovation-drug validation, RMB/rate constraints, gold as a dollar-confidence hedge, and Private Credit Tail Risk / 私募信贷尾部风险.

vol.117.生物医药的2025：抄底中国、研发焦虑和新王继位 adds the show’s biotech and innovation-drug branch. 大卫翁 and 小P老师 review 2024-2025 biopharma through China Biotech Asset Repricing, Biotech License-Out Arbitrage, Reverse NewCo Biotech Model, Multinational Pharma Patent-Cliff Anxiety, ADC Engineering Optimization, GLP-1 Agonists, and China Biotech Globalization, while keeping company and technology discussion separate from investment advice.

130. 谁才是生物医药行业发展的核心驱动力？兼谈创新药产业链的角色分工 deepens the same branch from market mood into industry architecture. 大卫翁, 小P老师, and 大白牛老师 map BioTech To BioPharm Transition, Global Pharma Commercialization, Drug Development Outsourcing / CXO, Academic Biotech Translation, Clinical Development Capability, First-In-Class Drug Discovery Role Split, Biotech Capital Cycle, and Unmet Medical Need Demand Pull as a role system that connects patients, hospitals, regulators, payers, capital, small discovery teams, BioPharm companies, MNCs, and CXOs.

vol.118.单身人士养老指南：不是孤独的代名词，是更早掌握人生的主动权 adds the show’s single-aging and later-life planning branch through a crossover with 知青小酒馆. The episode connects the show’s personal-finance instincts to Solo Aging Planning / 单身养老规划, arguing that retirement security is not only a product or portfolio problem but also a residence, care, health, relationship, emotion, and death-preparation system.

vol.119.券商研究报告还值得读吗？ opens the show’s “金融行业是如何运作的” sequence with a sell-side research explanation. 大卫翁 treats brokerage research reports as public artifacts of a buy-side service business, then connects report-reading value to Sell-Side Research Incentives, compliance, analyst career paths, report type, Macro Research Public Expression, Passive Investing, and Research Report Reading Discipline.

vol.120.日本医疗体系的崩溃与重生：医院、药品、医保三角困局的一种解法 adds the show’s Japan healthcare-system branch. 大卫翁 uses Japanese Healthcare System / 日本医疗体系, Japanese Medical Collapse / 日本医疗崩坏, High-Cost Medical Expense Benefit / 高额疗养制度, Japanese Medical Triage System / 日本分诊制, Community Integrated Care / 社区综合照护, DPC/DRG Payment Reform, Japanese Drug Pricing Reform / 日本药品定价改革, Generic Drug Trust Rebuilding / 仿制药再信任, and Pharmacist As Second Doctor / 药剂师第二医生体系 to explain why hospital access, drug pricing, insurance caps, and aging care have to be analyzed together.

vol.121.从昙花一现的分级基金到风头正劲的杠杆ETF：永远不要低估人性的疯狂 adds the show’s leveraged-product risk branch. The episode connects Chinese structured funds, downward conversion, and 2014-2015 B-share mania with overseas leveraged ETFs, FNGU-style ETNs, Daily Leverage Reset, Volatility Decay / 波动率损耗, Futures Roll Cost / 期货展期损耗, and Leveraged Product Suitability.

vol.123.特朗普的“对等”关税案：不止是一场大型服从性测试 adds the show’s April 2025 tariff-shock branch. The episode links Donald Trump’s Reciprocal Tariff Formula to Tariff Compliance Test, China Policy Easing Pivot, RMB Exchange Rate Policy, Globalization Tax Optimization, Market Regime Shift, and Patrimonial Governance, turning a current-events tariff story into a broader macro, tax, alliance, and governance analysis.

vol.124.信息过载后如何保持冷静？ | 投资账复盘 continues the show’s investment-review branch after the April 2025 tariff shock. 大卫翁 uses Howard Marks, Information Overload Knowledge Trap, Macro Event vs Macro Trend Distinction, 1:1:1 Allocation Anchor, Convertible Bond / 可转债, and Sleep-Well Portfolio Test / 睡眠理论 to connect market uncertainty, product suitability, and life-level risk tolerance.

vol.125.日本到底还行不行？ | 串台东亚观察局 adds a Japan macro-society crossover with 东亚观察局 and 樊一如. The episode links NISA, Japanese Inflation Household Pressure / 日本通胀生活压力, Japanese Equity Repricing / 日本股市再定价, Japan Geopolitical Supply-Chain Dividend / 日本地缘供应链红利, Japanese Labor Shortage Immigration Tension / 日本劳动力短缺与移民矛盾, Japanese Overtourism Tradeoff / 日本过度旅游取舍, Japanese Industrial-Policy Path Dependence / 日本产业政策路径依赖, Japanese Innovation Retreat / 日本创新退潮, and Japan Comfortable Stagnation / 日本舒适停滞 into a view of Japan as comfortable and investable in parts, but structurally constrained as a frontier-growth society.

vol.126.公募基金还值得买吗？ returns the show to the “金融行业是如何运作的” sequence by asking whether public funds are still worth buying. 大卫翁 connects public mutual fund ecosystem design to Fund Distribution Incentives / 基金销售激励, Fund Redemption Liquidity Pressure / 基金赎回流动性压力, Fund-Investor Return Gap / 基金赚钱基民不赚钱, Contractual Fund Governance Gap / 契约型基金治理缺口, ICI, 401(k) plans, and Charles Schwab, making the fund question an incentive and institution problem rather than only a fund-manager ranking.

vol.127.年报季中的真实中国2025 adds the show’s annual-report macro branch. 大卫翁 reads hundreds of 2024 company reports to connect Annual Report Macro Reading, China Local Debt Resolution, Real Estate Investment Trust, Compressed Corporate Evolution, Three-Layer Scale Economies, Global Resource Allocation Company, Technology Innovation As Scale Economy, and Chinese Corporate Gladiator Competition into a double-edged picture of weak demand and fast but costly corporate adaptation.

vol.128.关税战下一步走向何方？美国人民如何看待特朗普“百日新政”？| 狂喜播客节·对话仲树&Talich returns the show to Trump-era trade and governance through a live 狂喜播客节 discussion with 关亚迪, 众数 / 仲树, and Talich. The episode extends vol.123’s tariff branch into Trump Victory-Narrative Deal-Making, China as Trump Narrative Enemy, Tariff Consumer Price Pass-Through, Tariff Exemption Pressure Valve, Federal Research Funding Political Risk, and Independent Agency Control Pressure, while explicitly preserving the 2025-05-11 recording caveat that the later Geneva result exceeded the speakers’ expectations.

129.货币的本质，以及黄金的真正价值 | 串台十分吸引 adds the show’s monetary-system crossover branch through 十分吸引 and 时雷. The episode connects historical money, bank credit, payment clearing, gold, Bitcoin, dollar and Treasury credibility, and RMB real-economy networks into Money As Flow / 货币是流量, with gold reframed as Gold As Currency Spare Tire / 黄金备胎 during a possible Currency Anchor Transition / 货币锚转换 rather than as a permanent faith asset.

134. 投资大师系列先导篇：“他们不只赚了很多钱，更创造了理解世界的方法” adds the show’s paid investment-master branch through a collaboration with 小小跑 and 雨白. The preview frames 投资大师系列 as market history and worldview training rather than a course, connecting Investment Master Narrative / 投资大师叙事, Investment Style Map / 投资流派地图, Era Tailwind In Investing / 投资时代红利, and Investor Idol Risk / 投资偶像风险 to the show’s existing Asset Allocation and Investment Risk Management thread.

135.宏观大事频发期如何保持定力？| 投资账2025半年度复盘 adds a 2025 half-year investment-account review. 大卫翁 uses first-half returns, April tariff-war calm, missed staged deployment, gold, short Treasuries, and Hong Kong IPO cash planning to extend the show’s ordinary-investor branch through Ordinary Investor Macro Boundary, Investment Plan Execution Discipline, and Dividend-Technology Barbell / 红利科技杠铃.

143.如何判断一段行情是回调还是结束？| 三季度投资账复盘 adds the show’s third-quarter 投资账 branch. 大卫翁 uses a strong Q3 portfolio review to extend the show’s ordinary-investor discipline into Market Pullback vs Trend End, Bubble Financing Structure, 1:1:1 Allocation Anchor, and AI-bubble financing risk: bull-market gains still need rebalancing, while AI risk depends partly on whether financing stays equity/cash-flow based or moves deeper into debt and private credit.

136.银行理财还能怎么买？ continues the show’s “金融机构是如何运作的” sequence with Chinese bank wealth management. 大卫翁 connects 资管新规, bank wealth-management subsidiaries, fund-pool risk, and Bank Wealth Product Suitability / 银行理财产品适配 to the show’s recurring ordinary-investor rule: product channels and familiar institutions do not remove the need to understand assets, liquidity, incentives, and holdability.

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