我可以告诉你，2025 年我绝对没想到会看到“先锋领航（Vanguard）拯救比特币”这种事发生。 Vanguard saving bitcoin was not on my 2025 bingo card I can tell you that
Eric BalchunasSenior ETF Analyst for Bloomberg
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我可以告诉你，2025 年我绝对没想到会看到“先锋领航（Vanguard）拯救比特币”这种事发生。
Vanguard saving bitcoin was not on my 2025 bingo card I can tell you that
ETFBitcoin
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- 哎呀，末日派又遭遇一次大惨败。连纽约喷气机队这个赛季表现都比他们好……也许明年再努力吧。 Oh man another big L for the Doomers. Even the NY Jets are having better season.. maybe next yearEric Balchunas · 2025/12/10
- 这篇专栏文章把整整一年的调子都写进去了。 标题喊得响亮，说他在“抛售美国资产”、“把钱撤出美股”。 好吧，虽然我不同意，但至少看上去像是走“Burry 式”极端路线。 结果到了第 18 段，他又说： “我可不是叫你卖美股，它仍占我投资组合的 35%，而且它依然最强、长期大概率会继续碾压。” 笑死。 故事的寓意： a）别太当真专栏作者的戏剧化表达； b）阅读外面的内容要谨慎，很多东西并不是它看起来的样子。 我确实欣赏他愿意谈自己的投资组合——我真希望更多专栏作者也能这样做。 比如说，如果你声称“被动投资或 ETF 正在毁掉资本主义”，那我就很想知道你自己的个人账户（PA）里到底都买了什么。 This column captures the entire year. Headline is all loud and proud how he's selling America, "moving money out of US stocks" Ok, fine, I don't agree, but at least he's walking walk Burry-style. But then in paragraph 18 he's like "I'm not saying sell US stocks, they are 35% of my port and they rule and will likely crush long term" lol. Moral of the story: a) never go full columnist and b) be careful reading stuff out there, things are rarely what they appear I do appreciate that he talks about his own portfolio, I would love to see this more from columnists. So like if you say passive or ETFs is ruining capitalism, I would love to know what is in your PAEric Balchunas · 2025/12/09
- 比特币和郁金香都属于“无生产性资产（non-productive assets）”。但黄金也是、毕加索的画也是、稀有邮票也是 ——难道你会把这些都拿去和郁金香比较吗？ 并不是所有资产都必须“能产生收益”才有价值。 更重要的是，郁金香的特征是： 短暂的狂热，然后崩盘。结束。 完全不是同一种东西。 bitcoin and tulips are both non-productive assets. But so is gold, so is a picasso painting, rare stamps- would you compare those to tulips? Not all assets have to "be productive" to be valuable. But even beyond that Tulips were marked by euphoria and crash. And that's it. Dif animal.Eric Balchunas · 2025/12/06
- 如果你回顾一下比特币今年的表现，其实到目前为止发生的事情只是：它把去年那些“极度超涨”的部分回吐了一些而已。 去年比特币上涨了 122%，几乎把所有资产都“打爆了”，涨幅是所有品类的 5 倍。 所以即使 2025 年最终收在持平，或是小幅下跌，它依然是在运行自己 每年平均约 50% 的长期增长轨迹。 资产偶尔降温一下是正常的——股票也是这样。在我看来，现在很多人对比特币的反应都过度解读了。 If you think about bitcoin's year, all that really happened (at least up to this point) is it gave up the extreme excess of last year. It rose +122% and was 5x everything under sun. So even if 2025 ends up flat or moderately down year and it's still operating at its 50%-ish ann avg. Assets are allowed to cool off once in a while, even stocks. People overanalyzing it IMO.Eric Balchunas · 2025/12/06