One reader wrote, "Help me. I just watched The Walking Dead and World War Z on AMC TV in the cinema, and I began to suspect that my fund manager might be a zombie. I have been watching financial TV programs, and I think many people on Wall Street must be zombies, too. How can I be sure? Is there any omen? " Tuscaloosa Dear Frightened: Thank you for your email. I think you said something important. Some of us have been wondering for years that the zombie apocalypse has begun. (For example, have you found that few people are still thinking? They just wander around, like ... like zombies. ) This is especially bad on Wall Street. In fact, many things can be explained by the outbreak of zombie disease, especially the absurd optimism of financial commentators. If you are studying the story of Haitian zombies, you will find that typical zombies have completely lost their free will. They are basically like machines, doing the same thing over and over again, thinking nothing. Does this remind you of those people on the street you know? Unlike zombies, most financial managers with MBA degrees can still say complete sentences. But what they want to say is not much smarter than the monster in a B-rated film. The following five sentences show that you must be a financial zombie. 1. "Hahaha ... OTC cash is eager to try ... the market is going higher." Turn on the TV during trading hours and tune in to any financial program, and basically you can hear someone repeating this sentence like chanting. Do you know that?/You know what? Do you know that?/You know what? In fact, there is no so-called "off-exchange funds" waiting to enter the market, and then magically push up the stock price. There can't be. Why? Because every time someone buys a stock, someone must sell it. So only stocks and cash are changing hands, and there is no money to "enter the market" at all. This is a simple logic, but the curse of "OTC funds" refuses to disappear. How to explain it? Zombies! 2. "Ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah. Ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah. This view means that "everyone" is full of bonds, and they all want to sell bonds and buy stocks. Unfortunately, this presupposition is unreasonable, just like the theory of "off-exchange cash" is unreasonable. Not everyone can sell bonds and buy stocks, because whenever someone sells bonds, others buy them, and whenever someone buys stocks, others sell them. The cards changed hands, but the whole deck was the same. Zombies! 3. "Oh, oh, oh ... the family sector is doing well ... no debt troubles. "To be honest, when I heard this for a while, I really thought that the speaker was smoking marijuana or eating * * *. Now I know more clearly. Have you ever seen those dull eyes and pale skin? According to the Federal Reserve, in the first quarter of 2008, at the peak of the bubble, American households owed $65,438+03.8 trillion in housing loans and consumer loans. In the first quarter of this year, this figure was-drum-65,438+02.8 trillion US dollars. That's true. In the past five cruel years, we have experienced financial crisis and rescue, bankruptcy and foreclosure, economic recession and asset write-downs. At the same time, the federal government pushed up the level of national debt to maintain its operation, and the private sector "repaired" its balance sheet. After all this, this great American family finally reduced its debt level by only 7%. (happy! Today's debt level is still the same as at the end of 2006. 4. "So ... the company's balance sheet is so beautiful ..." We can learn more about the specific situation from the Federal Reserve. For the first time in the memory of the world, corporate debt in the United States has just surpassed household debt. Today, the debt of non-financial enterprises in the United States is about $65,438+02.9 trillion, compared with $9.9 trillion in early 2007. Zombies like to talk about a lot of cash in corporate bank accounts, but a considerable part of it is held overseas to avoid taxes. Zombies rarely mention the other end of the equation-spiraling debt. According to the Federal Reserve, the total debt of American non-financial enterprises is equivalent to 50% of their net assets. Not long ago in 2006, this figure was only 40%. The average level since World War II is: 37%. 5. "Aha ... stocks ... can earn 9% a year. "If I discuss this rumor in too much detail, then I am testing the patience of readers. Anyway, it's a zombie mantra. Who said that without mentioning the stock market valuation is completely brainless. Such people may wander in the street with their eyes wide open and their arms outstretched.