Mr. Fu Peng's Macroeconomics

The core idea of Fu Peng's article

I. The real topic he discusses:

👉 It's not about the short-term market, but rather "the generational shift in asset perspectives."

Fu Peng's core view can be summarized in one sentence:

People of different ages/eras essentially live by different asset logics.

He divides societal asset perspectives into three generations:

II. The underlying models of the three "asset perspectives"

① "Xiao Deng" – Emotional Asset Perspective (Futurism)

Keywords:

• Future
• Valuation
• Tech narrative
• Digital assets
• Left-side trading

Characteristics:

• Believes in "growth stories"
• Emphasizes valuation over cash flow
• Accepts high volatility
• Buys possibilities

Typical assets:

• AI
• Tech growth stocks
• Crypto assets
• New economy

Essence:

Discounting the present with the future.

② "Zhong Deng" – Faith-based Asset Perspective (Realism)
 

Keywords:

• Order
• Stability
• Value system
• Factors of production
• Focuses on three traditional factors:

• Land
• Labor
• Capital

Characteristics:

• Looks at profitability
• Looks at cash flow
• Looks at economic structure stability
• Neutral mindset

Typical assets:

• Blue-chip stocks
• Real estate (historically)
• Dividend-paying assets
• Real economy

Essence:

Believes the system is effective in the long term.

③ "Lao Deng" – Power-based Asset Perspective (Pastism)

Keywords:

• Power
• Resource control
• Stock order
• Vested interests

Characteristics:

• Maintains old rules
• Assets depend on the system
• Emphasizes redistribution power

Typical assets:

• Monopoly resources
• Policy-based assets
• Power structure assets 
• Essence: Assets come from control, not growth.