大多数人从未听说过“坎蒂隆效应（Cantillon Effect）”。 但一旦你理解了它，你看待投资世界的方式将彻底改变。 什么是坎蒂隆效应？ 18 世纪初，理查德·坎蒂隆（Richard Cantillon） 注意到一个简单规律：当新增货币进入经济体时，它并不会同时到达所有人手中；最先拿到新钱的人，获益最大。 放到今天，它是这样运作的： 新增流动性主要通过：美联储（货币政策），银行放贷 两者遵循相似路径： → 金融市场和资产负债表庞大的主体最先获得资金 → 大型企业和关系良好的借款人随后以低成本融资，在“当下价格”下投资和扩张 → 资产价格因新增流动性追逐有限资产而上升 → 消费品价格随后上涨 → 工资最后才上升，往往是在购买力已经下降之后 美联储数据显示，竞争场地极度倾斜： * 前 10% 的人持有近 90% 的股票 * 后 50% 仅持有约 1% 这是一条简单却强力的货币传导机制。 理解它不会改变制度，但可能会改变你如何思考把储蓄放在哪里。 如果你还不了解：我每周都会在 《The Informationist》 中深入写这些主题。上周我们就对坎蒂隆效应做了深度解析。想看完整内容，可通过简介中的链接。 Most people have never heard of the Cantillon Effect. But once you understand it, you’ll see the world of investing differently. What is it? In the early 1700s, Richard Cantillon noticed a simple pattern: When new money enters an economy, it doesn’t reach everyone at once. And whoever gets it first benefits the most. Here’s how it works today: New liquidity enters through the Fed and through bank lending. Both follow a similar pattern: → Markets and large balance sheets get first access → Large corporations and well-connected borrowers tap cheap credit next, they invest and expand at today’s prices → Asset prices tend to rise as new liquidity chases finite assets → Consumer prices often follow → Wages rise last, usually after purchasing power has already declined Fed data shows how lopsided the playing field is: - The top 10% hold nearly 90% of equities. - The bottom 50% holds about 1%. It’s a simple but powerful monetary transmission. Understanding this won’t change the system. But it might change how you think about where to store your savings. For those of you who don't know, I write all about topics like this every week in The Informationist. Last week, we dove deep on this one. Link in bio if you want to read the full explanation.