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Glonghui, June 4 — Bill Ackman, the hedge fund manager dubbed the "Wolf of Wall Street", stated in a podcast that investors are chasing hot stock sectors as frenetically as during the internet bubble of 2000, describing it as history repeating itself—a sign that is anything but auspicious. Ackman pointed out that people always set their sights on so-called "new new things." Currently, chips, semiconductors, and energy are such new things, and short-term capital is flocking to them, often resulting in truly high-quality assets being neglected. He believes that the fundamental similarity between the current market and the 2000 internet bubble lies in market psychology. For example, people were frenzied about internet stocks back then, while Berkshire Hathaway's valuation fell to what he considered its lowest level in history. Nowadays, people have the same attitude toward companies like Amazon, Meta, and Microsoft, causing these major technology giants to be undervalued. Ackman revealed last month that he purchased Microsoft shares when the company's stock price fell after the earnings release in February, stating that Microsoft is a winner in the AI field. He said that today's investors are either directly or indirectly investing in artificial intelligence. As a long-term investor, it is crucial to assess the risk of a business being disrupted, and now the probability of such disruption has increased significantly.

Reserve Bank of Australia Governor: The trade-off between inflation and unemployment is deteriorating in reverse

Golden Ten Data reported on June 4 that authorities across Asia are stepping up their defense of local currencies due to pressures from high energy costs and expectations that the Federal Reserve will raise interest rates. On Thursday, South Korea vowed to curb excessive volatility after the won fell to its lowest level against the US dollar since 2009. The Indonesian central bank also stated it is intensifying interventions to stabilize the rupiah, which has dropped to a record low. According to sources, the Bank of Japan is prepared to consider a 25-basis-point rate hike this month. In India, as the rupee hovers near a historic low, the government plans to attract capital inflows by reducing taxes and removing certain bond holding limits. Wee Khoon Chong, Senior Market Strategist for Asia-Pacific at BNY Mellon, said that the tough and fast-changing market conditions mean that central banks and authorities across the region are on high alert, with a strong US dollar, high oil prices, and outflows of foreign capital putting pressure on Asian currencies.