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Thoughts on financial markets by a grumpy, middle-aged German. What more do you want? Click to read Klement on Investing, by Joachim Klement, a Substack publication with tens of thousands of subscribers.
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如果这项研究属实,超大规模云厂商的护城河要塌了

在我的常规研究中(需付费订阅),我已多次指出:我认为人工智能的未来不在于大型语言模型(LLM),而在于可在本地台式机甚至手机上运行的小型语言模型(SLM)。今年5月,斯坦福大学的一个团队发表了研究成果 发表了一项研究,将这些小型语言模型与数据中心内运行的大型语言模型的性能进行了对比。如果他们的结论属实,那么未来我们将几乎不再需要数据中心,而那些超大规模云服务商则在数百亿美元的投资上白白浪费。 说真...
评论点赞收藏16 小时前

管理质量,是优秀企业成功的原因之一

几个月前,管理咨询公司麦肯锡发表了一份报告 他们对英国企业的管理提出了质询。他们明确指出,英国与美国和德国管理质量的不足是导致我们生产力下降的结构性驱动力。 引用博客文章中的话:”本文认为,英国与其高生产率国家的一个重要区别是,尽管英国的领导实践相对强劲,但其运营管理体系质量较低。这些包括绩效指标、规划流程和正式改进方法。” 我长期以来对像麦肯锡这样的增值公司持极大怀疑态度,但学术研究表明,至少在...
评论点赞收藏21 小时前

说到通货膨胀,“进”比“出”更好。

欧元区以外的国家的一个优势是他们可以控制自己的货币政策。因此,当通胀飙升时,他们不必依赖欧洲央行,后者必须为多元国家决定货币政策,而是可以根据各自需求决定利率。因此,他们在2022年通胀飙升期间表现本应更好,在当前环境下也应表现更好。 来自伦敦学院的Rainer Martin和Piroska Nagy Mohácsi 《经济学》关注了维谢格拉德集团四个国家(波兰、匈牙利、捷克和斯洛伐克)在2022...
评论点赞收藏2 天前

Life in Europe is just better

Today is my last post before my usual extended summer break. I will be back in late August. But before I go, let me get under the skin of my American readers somewhat (and know that I love you all, pa...
评论点赞收藏21 天前

What’s so special about a 2% inflation target?

It’s Fed Day again, and the Fed has to deal with inflation rates that remain stubbornly above its 2% target. Personally, I think that in the world we live in, a natural inflation rate for the US and m...
评论点赞收藏22 天前

Keep your politics out of your investments

I keep telling everyone that you should keep your politics out of your investment portfolio. The market doesn’t care about your politics. That is why I am against ESG investors that exclude certain in...
评论点赞收藏23 天前

How fast money is warping market logic

Another opinion piece from me at Reuters ROI. This time, I follow the money, to borrow the expression and show, why I think stock markets are increasingly driven by fast money flows and what that mean...
评论点赞收藏24 天前

Graduating in the age of AI

My wife’s niece (my niece-in-law?) graduated from college in the US this year. She is part of the first cohort that had AI available during their entire time at university. And she is graduating into ...
评论点赞收藏24 天前

Pets are soooo worth it

It is well-established that owning pets, on average, makes people happier. That is not just common sense but has also been shown time and again by academic studies. What is harder to establish, though...
评论点赞收藏27 天前

Attracting investor flows through customer data

For decades, Meta, Alphabet and others have mined customer data to sell ads and other products to business customers. But little did I know that asset management firms can increase investor flows by m...
评论点赞收藏28 天前

Which news is incorporated slowly?

The news flow (or rather, deluge) is relentless, and nobody can stay ahead of all the news published on markets and companies anymore. Hence, we all have to be selective about what we pay attention to...
评论点赞收藏30 天前

Guardian readers have fewer children

I sometimes hear people lament that young people are reluctant to have children because they don’t want them to deal with a world that gets destroyed by climate change. But is this really a trend? The...
评论点赞收藏31 天前

The failure gap

Apparently, most people vastly underestimate how often things around them go wrong. For every three species that go extinct, the public knows of one, for every five weapons undetected at airport secur...
评论点赞收藏34 天前

What’s in an odd number?

I used to collect wine (back when I still drank alcohol), and as part of that, I sometimes went to fine wine auctions. And from time to time, you come across a lot where someone tries to auction off 1...
评论点赞收藏35 天前

Jevons’ Paradox seems alive and well

While many people fear that AI will eliminate millions of white-collar jobs, many have argued that Jevons’ Paradox indicates that the opposite may happen. The proliferation of AI may increase employme...
评论点赞收藏36 天前

Why NATO should ask Ukraine for help

A bit more geopolitics from me at Reuters. This time, I focus on the rearmament of Europe and the US after stockpiles have been depleted by recent wars in Iran and Ukraine. In my view, there are troub...
评论点赞收藏37 天前

Are Europeans finally becoming stock investors?

To pre-empt the inevitable comment about headlines that are questions, the answer to this one is an unequivocal ‘kind of’. The pandemic seems to have had a lasting effect on stock market participation...
评论点赞收藏37 天前