Daily commentary-2022.5.18 {lamp/}Covid{lamp/}Beijing is expanding lockdown area. However, overall new confirmed covid cases are declining in China. This would be a positive sginal for later easing of lockdown in China.{lamp/}Russian-Ukraine {lamp/}The direct aim of Russia fight against Ukraine is to safeguard its homeland security from NATO as well as expand its international influence. However, after 90 days of military action, Russia failed to conquer Ukraine. What make it worse is that Russia has spend for more than $10 billion on this war and lost about $100 bilion from sanctions. Having such big losses, it is really hard for Putin to backoff from the military action. So we may see long term military conflict between Russia and Ukraine.

Daily commentary-2022.5.15 While Beijing is still locking down, Shanghai is about to cease locking graducally. Based on media reporting, Shanghai has been locked for about 50 days. Considering Shanghai's GDP is about 1 trillion RMB per quarter, this 50 days lock down may cost about 0.2 trillion RMB GDP decrease. If Beijing would be locking down for 30 days, this would cost about 0.09 trillion RMB GDP decrease.

Daily Commentary-2022.5.13 What we missed is already missed forever, and never try to chase them back, since you can't. The only thing you can do is do the best as youcan now. Since current is the only moment you can change.

Daily Commentary - 2022.5.12 As we are still in the early stage of interest rate increase, we may exprience more