每一次危机,其成本总会被外部化,也就是全社会买单。一旦出现危机,对于居民财富就是另外一个打击。既要避免遭遇各种潜在危机,又要接受非常低的资产收益,这种严峻的局面已经开始了,并且会持续相当长的时间。今年以来,我遍访了诸多房地产企业、互联网金融企业,并亲身参与了2015年股市从巅峰到低谷的疯狂。资本市场风云变幻的程度,简直让人目不暇接,并深刻改变了当前中国居民财富管理的生态格局。前几天,我在微博上写到,在中国经济增速放缓、经济机构转型升级的 Every crisis, the cost will always be externalized, that is, the whole society pay. Once a crisis occurs, it is another blow to the wealth of the residents. The harsh situation that has already started, both long-term and long-term, should be avoided by avoiding all potential crises and accepting very low returns on assets. Since the beginning of this year, I have visited many real estate companies and Internet financial companies, and personally participated in the stock market from peak to bottom in 2015 crazy. The degree of change in the capital market is almost dizzying and has profoundly changed the ecological pattern of the current wealth management of Chinese residents. A few days ago, I wrote on Weibo that as China’s economic growth slowed and its economic institutions transformed and upgraded