David Haber × Tony James

Tony James’s compounding playbook paired early S-curve positioning with operating discipline, from DLJ using leveraged buyouts to “buy clients we couldn’t actually win competitively” to Blackstone increasing market value about 170-fold while fund IRRs improved.Costco shows the customer moat in practice—if sourcing saves a nickel, “100% of that nickel gets lower prices”—while James sees a private-credit correction ahead and favors seasoned assets through co-investments and continuation vehicles.

Andrew Walker × Randy Baron

Victoria PLC is a levered special situation whose 95% share-price collapse and distressed capital structure created mispricing.The £145 million 2028 notes and Koch’s PIK preferred drive sequencing risk, while each 5% volume recovery could add about £25 million of EBITDA.Asset sales and savings may support survival; another 20% demand decline would imply a “nuclear event.”

李翔 × 李丰

人民币升值预期仍需维持，但丰叔判断多半不会升破7.0；对美出口占比已低于10%、高技术出口或超20%，外贸正降低对贬值竞争力的依赖。高技术占GDP若五年升至22—25%，结构调整大致完成；九十月将检验关税、十五五与降息共振能否让流动性传导至PPI和社零，存款搬家与地产止跌仍待观察。

李翔 × 李丰

全球资金可能从极端超配美国回到更均衡配置，资产价格首先受超额流动性与资金流向影响。资金通常先流入债券，再传导至港股和A股；中国约五十万亿元超额储蓄能否从存款转向风险资产，以及政策是否拓宽入市通道，仍是关键观察点。

李翔 × 李丰

人民币对美元两年贬约15%，但过去一年对主要非美货币持平略升值；高息存款消失后，近33万亿元公募基金及潜在养老金、保险资金可能承接流动性。2025年需观察房地产企稳、服务业吸纳就业并数字化能否修复居民和银行资产负债表与现金流，民营经济促进法的落地或提供政策催化。

Scott Bessent

Bessent sees Japan as a major live thesis: the Nikkei and TOPIX are gonna break through the all-time high, supported by governance reform, reshoring, and possible BOJ action.His long-yen trigger is a BOJ tightening cycle as the Fed nears its end, but CTA short-yen positioning, China-Taiwan tensions, and slow-motion de-dollarization keep sequencing and downside risks in focus.