Investing in an age of lawlessness - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
观点 美国政治与政策

Investing in an age of lawlessness

Copying the investments made by Trump and other political elites is one potential tactic but it carries risks
00:00

{"text":[[{"start":6.4,"text":"Does a billion dollars matter? If you are a Trump acolyte, the answer is “not really”."}],[{"start":11.8,"text":"For when it emerged this week that President Donald Trump earned more than $1bn in 2025 from digital currency interests, real estate and stock trades, the White House insisted that everything was legal. "}],[{"start":25.65,"text":"Possibly so. But this looks (at best) unseemly, given that Trump also oversees policies in those areas. Doubly so since it also just emerged that the Trump family is investing in Kazakh mining in (yet) another deal that appears to blend government and personal business."}],[{"start":43.05,"text":"Cue outrage from the left — and some on the right too. “The shamelessness . . . takes it to a new level,” laments Heather Boushey, a White House adviser in the previous Democratic administration. Or as the libertarian Cato Institute says: “No president in the history of the republic has issued so many facially unconstitutional executive orders or so brazenly defied federal courts including the Supreme Court.” Ouch."}],[{"start":67.75,"text":"Political scientists will pontificate about all this for years. But should investors also care? "}],[{"start":73.4,"text":"At first glance it might seem not. After all, the US stock market has soared under Trump. And few financiers ever mention that unseemly “c” word — corruption — in public; or, I suspect, in private investment committees."}],[{"start":88.2,"text":"But Matt King, a former top analyst at Citi, thinks this is a big mistake. He now runs a consultancy called Satori and argued in a recent report that investors must ponder all this urgently. “We’re stuck with this seemingly structural slide towards lawlessness,” he argues. “This isn’t just a political science observation. It’s an investment observation [too].” "}],[{"start":110.35,"text":"The reason is that King views Trump as a symptom of a long, stealthy erosion of US legal norms since 2014. And this affects more than America. "}],[{"start":120.64999999999999,"text":"The rules-based order has crumbled across the world, along with bodies such as the UN and World Trade Organization. Meanwhile, democracy is in retreat. The Bertelsmann Transformation Index says that “two-thirds of the countries surveyed since 2006 are less democratic today” and the “rule of law, political freedoms and fair competition continue to be weakened”."}],[{"start":143.45,"text":"Some blame this on falling trust: a Pew poll shows that only 17 per cent of Americans trust government now, compared with 77 per cent six decades ago. But for King the root cause is the lack of effective government in many democracies. This encourages voters to embrace a “strong man” or woman who claims they need to ignore laws, Congress or parliaments to deliver results. Or to cite Sir Tony Blair, the former UK prime minister: “The challenge of democracy is not transparency, honesty or conspiracy theories about the hidden power of elites. It is . . . the ability to get big things done.”"}],[{"start":182.6,"text":"So what should investors do? One sensible macro-level response would be to (re)read the work of the economists Daron Acemoglu, James Robinson and Simon Johnson; they crunched historical data and showed that rules-based institutions delivered higher economic growth than those governed by autocratic caprice. Even if lawlessness produces an economic sugar high, there is a long-term cost."}],[{"start":205.5,"text":"But another micro-level tactic is now being deployed by some hedge funds who are quietly copying the investments made by political elites. “If the Trump family are there, it will fly,” one hedgie recently told me. Call this the tribal investment play — as opposed to a fundamental or momentum-based strategy. "}],[{"start":223.6,"text":"However, tribalism carries risks. “With the right political connection, your stock goes up 10-fold,” says King. “But if you and your chosen leader fall from grace then it gets decimated.” The fate of 4iG in Hungary or Alibaba in China illustrates the point."}],[{"start":240.54999999999998,"text":"So King concludes that investors should be wary of bonds in a lawless world, since their “floor” — or recovery rates — can be wiped out along with political change. Even supposedly “safe” long-term fixed-income instruments are dangerous, since if the rule of law frays, borrowers might feel less pressure to repay debt."}],[{"start":258.7,"text":"However, “equities can actually do quite well in a lawless world, especially if they [have] real assets, pricing power or the right connections”, he adds. On that basis it also looks smart to buy options that reward you if a stock unexpectedly soars if it is embraced by the political elite."}],[{"start":277.75,"text":"Other analysts might disagree and/or prefer to frame their investing strategy around themes like national security. Many financiers also think — or pray — that this lawlessness is a temporary blip that will soon reverse itself; after all, American Republicans used to define their party by the rule of law and the Supreme Court has recently challenged some of Trump’s plans. "}],[{"start":302.85,"text":"I hope they are right. I hate this lawlessness and political capriciousness, but hateful or not, it cannot be wished away. So on the 250th anniversary of this great republic let us weep at the backsliding in American ideals — and then recognise that this is not just a political story but a capital markets saga too. It cannot be ignored."}],[{"start":332.50000000000006,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1783067514_2769.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

美债收益率冲击下,欧洲必须自寻出路

埃里安:欧洲不能只盼着大西洋彼岸的借贷成本回落,它必须着手解决自身问题。

AI与通胀:央行行长该担忧到什么程度?

凯恩斯:这取决于一个价值万亿美元问题的答案:AI是否真能带来预期的生产力提升?

印度企业界的乐观情绪站得住脚吗?

印度企业界公开表达的乐观情绪,与家庭和投资者的焦虑情绪之间的落差日益明显。

Lex专栏:中国药企在药品开发领域获得一席之地

外国制药集团如今开始购买中国本土开发创新药物的授权。

特斯拉与太空探索技术公司:以马斯克为中心的庞大企业星系

埃隆•马斯克旗下上市公司的合并有一定道理,但其他股东最终可能不如现在有影响力。

火箭、机器人和风险:马斯克的3.6万亿美元豪赌

全球首富试图促成迄今最大胆的一笔合并交易,但他还需要说服股东和全球监管机构。
设置字号×
最小
较小
默认
较大
最大
分享×