After breakfast, the final day of trial began.

"Are you going to be separated today?"

Not long after leaving the camp, Yan Ruoxue found Yin Rufeng to discuss: "If you don't have much certainty, it's better to be careful!" ”

She didn't want Yin Rufeng to take risks, especially if she was unsure.

As long as they dodged today, it would not be so easy for Lin Shaoyang and Long Aotian to deal with them again.

"Whatever!"

Yin Rufeng spread his hands and said, "Today I listen to your meaning, it doesn't matter if you want to separate or not." ”

He wanted to create an opportunity to solve Long Aotian and Lin Shaoyang as soon as possible, but there was no reason to let Yan Ruoxue, Hua Yourong, and Hua Zhihui follow him on the adventure.

"Separate!"

Hua Zhihui said decisively: "Yesterday let them escape by luck, and they may not dare to come over again today, if they really want to come, they will be dealt with cleanly!" ”

She and Hua Yourong were not very clear about the real situation yesterday, and thought that everything was under Yin Rufeng's control, so he would injure the enemy hiding in the mountains and forests as soon as he made a move.

"It's good!"

Hua Yourong immediately agreed: "If he hadn't found out in time yesterday, we wouldn't have known that someone was secretly plotting against him, like this kind of person, it's better to solve it early, or I will feel uneasy if I don't sleep!" ”

She thought that fortunately Yin Rufeng was there yesterday, so there was no accident; If they don't get rid of them sooner, who knows when they'll deal with them?

Yan Ruoxue saw that the Hua Yourong sisters had the same opinion, and it was not easy to say it again.

She didn't tell the truth to the Hua Yourong sisters, saying that it would only make them worry, and it was useless, so they split into two teams.

The matter has come to this point, Yan Ruoxue only hopes that Lin Shaoyang and Long Aotian will not dare to act rashly today after being counter-injured by Yin Rufeng yesterday.

"Don't worry!"

Yin Rufeng saw that Yan Ruoxue's expression was a little solemn, and comforted: "Don't worry too much, as long as I don't take the enemy lightly, they won't have a chance to get close." ”

He didn't use super perceptual skills yesterday, and he was able to sense danger at critical moments, and today he has learned a profound lesson, where will he repeat the mistakes of the past?

Yesterday, there was a scream in the mountains and forests, and Yin Rufeng knew everything about the things in the mountains and forests with his super perception, and because of this, he was completely sure that he was aware of the hidden people.

"Or ......"

Yan Ruoxue pondered for a while and said, "Give me the locator, you hide it aside?" ”

She decided to use Hua Yourong and Hua Zhihui as bait, even if someone really wanted to deal with them, most of them would not hurt them, so that Yin Rufeng could not only reduce the danger, but also better ambush the enemy.

"...... like this"

Yin Rufeng said hesitantly: "You guys are very dangerous, it's a bit inappropriate!" ”

He can also protect them by being with them, and use them as bait that could be swallowed at any time.

"What are you afraid of?"

Hua Zhihui said disapprerovantly: "It's not that you are still on the side, I miss this opportunity, and I don't know how long I have to be scared." ”

Although she didn't find anyone in the mountains and forests yesterday, there was still a hole card that was useless, and at the critical moment, she could burn people to death with fire.

"That's fine!"

Yin Rufeng nodded with a smile, looked at Yan Ruoxue and said, "I just left the camp, it's still early, I'll talk about it later!" ”

After all, in fact, he didn't dare to be careless at all, and tried to go to those flat places, even if he didn't have super perception, he wouldn't let people sneak around.

"You said that the corpse outside Death Valley is Lin Shaoyang's senior brother, so will there be many of them?"

Seeing this, Yan Ruoxue nodded slightly, she knew Yin Rufeng's thoughts, and said with a little worry: "In case there are many of them, wouldn't they take risks?" ”

She understands Yin Rufeng's ability, and it shouldn't be difficult to confront Long Aotian and Lin Shaoyang head-on, I'm afraid that Lin Shaoyang will bring many people to besiege her.

"It's a possibility!"

Yin Rufeng said: "If you face the enemy head-on, one ten, all of them are about the same." ”

He has a lot of skills to use, whether it's one or ten, he can solve it.

"Then try to be careful!"

Yan Ruoxue nodded lightly: "Don't count on us!" ”

She didn't want to say anything more, lest Hua Yourong and Hua Zhihui worry for no reason, but hoped that Yin Rufeng would be able to recognize the reality.

None of them noticed anyone in the mountains and forests yesterday, and if someone hadn't screamed, they wouldn't have known that there were people hiding in the mountains and forests.

"It's fine!"

Yin Rufeng said calmly: "Don't worry, I understand!" ”

After speaking, they walked towards the depths of Kunlun Mountain.

Along the way, Yin Rufeng didn't find anything abnormal, but he still didn't dare to be careless at all, and tried his best to take Yan Ruoxue, Hua Yourong, and Hua Zhihui to a flat and open place.

Once their super-sense is about to wear off, they stay in an open area for a while to avoid being ambushed by the enemy.

As for the results of this trial, Yin Rufeng and the others don't care, it doesn't matter if it's good or not.

Hua Zhihui unexpectedly got the Chaos Fire Spirit Bead, and Yin Rufeng also successfully obtained the Chaos Thunder Spirit Bead, and they can be said to be worthwhile.

Although Yan Ruoxue and Hua Yourong didn't get anything, they didn't suffer a loss after seeing the beautiful scenery of Kunlun Mountain.

"What? What did you find? ”

Yan Ruoxue saw the joy on Yin Rufeng's face, and couldn't help asking, "Are they here?" ”

She found that Yin Rufeng was very serious all the way, and so far, it was the first time she had seen him show a long-lost joy.

"It's not!"

Yin Rufeng shook his head slightly: "I found a good thing, I hope to improve your strength!" ”

He sensed the constant agitation of the Chaos Demon Spirit Orb, and it should be that there was something nearby that he was interested in.

To be able to make the Chaos Demon Spirit Bead produce this kind of abnormal movement, it is conceivable that it must be the same rare treasure.

"Can you improve our strength?"

Hua Yourong looked dazed when he heard this, and said puzzledly: "What is it?" ”

When she came to the National Special College, she realized how important strength is, Hua Yourong never thought about bullying others, she just wanted to protect herself and her family; If there was a chance to become strong, of course she would like to.

Hua Yourong knew that Yin Rufeng had many special abilities, and he was convinced of his words.

"Now, it's not clear!"

Yin Rufeng smiled: "You guys are waiting here, I'll take a look!" ”

He only sensed the agitation of the Chaos Demon Spirit Orb, and was not sure what it was.

After a while, Yin Rufeng handed over his locator to Yan Ruoxue, letting Yan Ruoxue, Hua Yourong, and Hua Zhihui stay in an open area, and he walked straight to the front.

On the one hand, he didn't want to use the earth escape technique in front of Yan Ruoxue, Hua Yourong, and Hua Zhihui; On the other hand, Yin Rufeng didn't want to expose this position.

If he has a locator on him, that position may be exposed at any time.

Yin Rufeng exerted super perception and found no abnormalities nearby, so he used the Earth Escape Technique to drill into the ground.

After a while, he was pleasantly surprised to find a huge spiritual vein underground.

The blessed land of the cave with abundant spiritual energy will gradually condense into spiritual veins over time.

The spiritual vein is condensed by the aura, and you can imagine how precious it is.

In the city, even a trace of aura is very rare, which is why cultivators usually do not live in the city, but choose to live in a blessed place with abundant aura, so that they can get twice the result with half the effort.

Later, the U.S. stock market opened an 11-year long bull era: from March 6, 2009, to the end of February when the **** epidemic broke out in the United States this year, the U.S. S&P 500 index has risen by 408%, the Dow Jones Industrial Index has risen by 357%, and the Nasdaq index has risen by 669%.

Therefore, to a certain extent, Buffett's investment choice is a weather vane and barometer of the U.S. economy. As the turbulent year of 2020 draws to a close, we may be able to see the future trend of the U.S. economy from the investment choices of the "stock god".

When the U.S. stock market plummeted in the first quarter of this year, Buffy chose to follow his own principles: "I am greedy when others are panicking, and I panic when others are greedy." He reversed his holdings in airlines and oil companies, which were severely affected by the epidemic at the time.

However, soon after, with the unfavorable overall epidemic prevention and control in the United States, Buffett immediately changed his investment logic and "cut meat" all aviation stocks (the four major American airlines, namely American Airlines, Delta Air Lines, Southwest Airlines and United Airlines). At Berkshire Hathaway's shareholder meeting on May 3, Warren Buffett said: "The aviation industry is a very challenging and difficult industry, especially under the current circumstances. Now, everyone is being told not to fly or to travel again. We don't know what kind of trends all the business is going to develop into today. ”

As it turned out later, as the pandemic spiraled out of control in the United States, the American aviation industry was hit like never before. According to data released by the International Air Transport Association, due to the impact of the epidemic, global airline passenger revenue may decrease by 314 billion US dollars in 2020, a year-on-year decrease of 55%. The decline in the U.S. airline industry is even more unprecedented, with Air Transport Association CEO Nicholas Calio saying that the number of net passenger bookings by U.S. airlines fell nearly 100% year-over-year.

In July, Buffett spent $9.7 billion to buy Dominion Energy, including 7,700 miles of natural gas pipelines and 9,000 cubic feet of natural gas storage space. In fact, as early as 2016, Warren Buffett said that he wanted to build his own energy industry. In 2017, Berkshire Hathaway initiated a plan to acquire Oncor Power. However, at that time, the market's chase for energy stocks led to their prices being too high, and Buffett did not chase the wind. This year, the United States has experienced the double blow of the epidemic and the increase in global oil production, and energy companies are also facing the same fate as aviation companies. However, unlike the pessimistic expectations for the aviation industry, Buffett is willing to continue to invest in the two traditional industries of energy and rail. He has also said on several occasions that energy and railways are two industries that need a lot of money and are the best options to fight inflation. Today, Warren Buffett holds the upstream assets of oil exploration and extraction rights (Occidental Petroleum) in his left hand and the midstream assets of transportation pipelines and storage space and railways in his right hand. Warren Buffett's energy empire framework has gradually surfaced.

Not only that, but in August this year, Buffett made another unexpected decision. The latest documents released by the U.S. Securities and Exchange Commission (SEC) show that in the second quarter of this year, Berkshire Hathaway bought nearly 21 million shares of Barrick Gold Corporation, a gold mining company, and abandoned financial stocks held since the financial crisis, such as Goldman Sachs, Morgan and other bank stocks.

Interestingly, in 2018, at Berkshire Hathaway's shareholder meeting, Warren Buffett compared the 130-fold difference in returns between investing in stocks and gold since 1942, and the return on stocks was much higher than that of gold. Warren Buffett therefore advised investors: "It is better to speculate on gold than in stocks." So, at this moment, why did Warren Buffett suddenly enter the gold field and buy gold companies?

In fact, Warren Buffett's approach, on the one hand, indicates his view on the future transformation of the US economy, and on the other hand, it shows that he has begun to prepare for the future.

In 1999, Warren Buffett published an article in Fortune magazine pointing out that there are two important variables that affect the outcome of investment, namely "interest rate" and "profit". Interest rates and investment are like gravity to objects, the higher the interest rate, the lower the return on investment. The profitability of the enterprise is another important variable.

This year, due to a series of measures such as lockdowns brought about by the epidemic, American companies are constantly "dying". According to CCTV financial reports, S&P Global Market Intelligence statistics show that as of October 4 this year, 504 large-scale companies in the United States have filed for bankruptcy, more than the number of bankruptcy filings in any comparable period since 2010. Consumer, industrial and energy companies account for the majority of those that have filed for bankruptcy. On September 30 this year, the latest data released by the U.S. Department of Commerce showed that in the second quarter of this year, personal consumption expenditures, which account for about 70% of the total U.S. economy, fell by 33.2%. Among them, service spending fell by 41.8% due to the impact of the epidemic. In the consumer industry, the U.S. catering industry as a whole will lose 240 billion US dollars, equivalent to more than one trillion yuan. In order to get the economy back on track, the Fed may continue to throw out more aggressive policies, such as negative interest rates and quantitative easing that is larger than it is now.

On May 7, 2020 local time, Neiman Marcus, a 113-year-old high-end department store chain in the United States, filed for bankruptcy protection.

So, what are the consequences of this approach?

First of all, the long-term low interest rate policy, especially the negative interest rate policy in the United States, will directly lead to a sharp depreciation of the dollar. When the dollar's money supply increased sharply as a direct result of quantitative easing, investors who previously held U.S. Treasuries used to use the cheap dollars to invest in countries with high interest rates overseas.

Second, negative interest rates would destroy the financial world in the United States. And the first to bear the brunt is the banks. Under the normal model, when the central bank's interest rate is still "positive", the bank can make a profit through the interest difference between the loan interest and the deposit interest, and continue to lend and increase leverage. However, when interest rates change from positive to negative, it will curb banks' willingness to leverage under normal circumstances. In order to increase their income, banks will turn to issuing derivatives and investing in risky assets.