{"id":15018,"date":"2025-11-15T17:00:31","date_gmt":"2025-11-15T10:00:31","guid":{"rendered":"https:\/\/rosetta.vn\/nguyenxuanxanh\/?p=15018"},"modified":"2025-11-15T22:01:05","modified_gmt":"2025-11-15T15:01:05","slug":"lieu-khung-hoang-1929-co-the-tai-dien","status":"publish","type":"post","link":"https:\/\/rosetta.vn\/nguyenxuanxanh\/lieu-khung-hoang-1929-co-the-tai-dien\/","title":{"rendered":"Li\u1ec7u kh\u1ee7ng ho\u1ea3ng 1929 c\u00f3 th\u1ec3 t\u00e1i di\u1ec5n?"},"content":{"rendered":"

LI\u1ec6U KH\u1ee6NG HO\u1ea2NG 1929 C\u00d3 TH\u1ec2 T\u00c1I DI\u1ec4N?<\/span><\/h1>\n

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Cho \u0111\u1ebfn cu\u1ed9c \u0110\u1ea1i Kh\u1ee7ng ho\u1ea3ng, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 kinh t\u1ebf \u0111\u1ec1u b\u00e1m v\u00edu v\u00e0o quan \u0111i\u1ec3m v\u1ec1 ch\u1ee7 ngh\u0129a t\u01b0 b\u1ea3n nh\u01b0 m\u1ed9t h\u1ec7 th\u1ed1ng ho\u00e0n h\u1ea3o ho\u1eb7c g\u1ea7n nh\u01b0 ho\u00e0n h\u1ea3o. Quan \u0111i\u1ec3m \u0111\u00f3 kh\u00f4ng c\u00f2n b\u1ec1n v\u1eefng tr\u01b0\u1edbc n\u1ea1n th\u1ea5t nghi\u1ec7p h\u00e0ng lo\u1ea1t, nh\u01b0ng khi k\u00fd \u1ee9c v\u1ec1 cu\u1ed9c \u0110\u1ea1i Kh\u1ee7ng ho\u1ea3ng phai nh\u1ea1t, c\u00e1c nh\u00e0 kinh t\u1ebf l\u1ea1i y\u00eau th\u00edch quan \u0111i\u1ec3m c\u0169, l\u00fd t\u01b0\u1edfng h\u00f3a v\u1ec1 m\u1ed9t n\u1ec1n kinh t\u1ebf m\u00e0 trong \u0111\u00f3 nh\u1eefng c\u00e1 nh\u00e2n t\u01b0 duy h\u1ee3p l\u00fd t\u01b0\u01a1ng t\u00e1c nhau trong nh\u1eefng th\u1ecb tr\u01b0\u1eddng ho\u00e0n h\u1ea3o.<\/span><\/p>\n

\u2014 Paul Krugman<\/strong><\/p>\n

M\u1ed9t nh\u00f3m c\u00e1c nh\u00e0 t\u00e0i ch\u00ednh \u0111ang c\u1ed1 thuy\u1ebft ph\u1ee5c c\u00f4ng ch\u00fang \u0111\u1ea7u t\u01b0 m\u1ea1nh v\u00e0o v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed – m\u1ed9t canh b\u1ea1c m\u1ea1o hi\u1ec3m mang h\u01a1i h\u01b0\u1edbng c\u1ee7a nh\u1eefng n\u0103m 1920.<\/span><\/p>\n

\u2014Andrew Ross Sorkin<\/strong><\/p>\n

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Lu\u1eadt L\u1ec7 \u0110\u1ea7u T\u01b0 \u0110ang \u0110\u01b0\u1ee3c N\u1edbi L\u1ecfng <\/strong><\/span><\/p>\n

Li\u1ec7u \u0111i\u1ec1u n\u00e0y c\u00f3 d\u1eabn \u0111\u1ebfn \u2018m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng 1929\u2019 kh\u00e1c<\/em> ti\u1ebfp theo?<\/em><\/span><\/p>\n

Andrew Ross Sorkin l\u00e0 nh\u00e0 b\u00e1o ph\u00e2n t\u00edch t\u00e0i ch\u00ednh n\u1ed5i ti\u1ebfng c\u1ee7a t\u1edd New York Times v\u00e0 l\u00e0 v\u00e0 \u0111\u1ed3ng d\u1eabn ch\u01b0\u01a1ng tr\u00ecnh Squawk Box c\u1ee7a CNBC, nh\u00e0 s\u00e1ng l\u1eadp v\u00e0 bi\u00ean t\u1eadp vi\u00ean c\u1ee7a DealBook thu\u1ed9c New York Times. \u00d4ng c\u0169ng l\u00e0 t\u00e1c gi\u1ea3 quy\u1ec3n s\u00e1ch ph\u00e2n t\u00edch v\u1ee5 kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh 2008 v\u1edbi quy\u1ec3n s\u00e1ch Too Big to Fail. <\/em>Gi\u1edd \u0111\u00e2y th\u00e1ng tr\u01b0\u1edbc \u00f4ng ra m\u1eaft \u0111\u1ed9c gi\u1ea3 v\u1edbi cu\u1ed1n s\u00e1ch \u201c1929: B\u00ean trong v\u1ee5 s\u1ee5p \u0111\u1ed5 l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed Ph\u1ed1 Wall \u2013 v\u00e0 c\u00e1ch n\u00f3 \u0111\u00e3 ph\u00e1 tan m\u1ed9t qu\u1ed1c gia nh\u01b0 th\u1ebf n\u00e0o.<\/strong>\u201d<\/p>\n

Nguy\u1ec5n Trung D\u00e2n<\/strong> chuy\u1ec3n ng\u1eef <\/em><\/p>\n

T\u1eeb m\u1ed9t b\u00e0i b\u00e1o tr\u00ean The New York Times 13\/10\/2025<\/em><\/p>\n

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V\u1ec1 cu\u1ed1n s\u00e1ch<\/span><\/em><\/strong>:<\/p>\n

\"\"<\/p>\n

\u201c\u0110\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng c\u00e2u chuy\u1ec7n l\u1ecbch s\u1eed hay nh\u1ea5t m\u00e0 t\u00f4i t\u1eebng \u0111\u1ecdc.\u201d<\/p>\n

\u2014The Wall Street Journal<\/em><\/p>\n

\u0110\u01b0\u1ee3c New York Times Books Review, TIME, Washington Post, Associated Press, Town & Country, New York Post v\u00e0 nhi\u1ec1u t\u1ea1p ch\u00ed kh\u00e1c b\u00ecnh ch\u1ecdn l\u00e0 Cu\u1ed1n s\u00e1ch \u0111\u01b0\u1ee3c mong \u0111\u1ee3i nh\u1ea5t.<\/p>\n

T\u1eeb t\u00e1c gi\u1ea3 b\u00e1n ch\u1ea1y nh\u1ea5t c\u1ee7a cu\u1ed1n s\u00e1ch Too Big to Fail<\/em>, \u201cl\u1ecbch s\u1eed x\u00e1c th\u1ef1c v\u1ec1 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng ng\u00e2n h\u00e0ng n\u0103m 2008\u201d (The Atlantic), m\u1ed9t c\u00e2u chuy\u1ec7n h\u1ea5p d\u1eabn v\u1ec1 v\u1ee5 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n kh\u00e9t ti\u1ebfng nh\u1ea5t trong l\u1ecbch s\u1eed – m\u1ed9t c\u00e2u chuy\u1ec7n v\u1edbi nh\u1eefng hi\u1ec7u \u1ee9ng lan t\u1ecfa v\u1eabn \u0111\u1ecbnh h\u00ecnh x\u00e3 h\u1ed9i c\u1ee7a ch\u00fang ta ng\u00e0y nay.<\/p>\n

N\u0103m 1929, c\u1ea3 th\u1ebf gi\u1edbi b\u00e0ng ho\u00e0ng ch\u1ee9ng ki\u1ebfn \u200b\u200bth\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Ph\u1ed1 Wall t\u0103ng tr\u01b0\u1edfng kh\u00f4ng ng\u1eebng l\u1ea1i r\u01a1i lao d\u1ed1c, x\u00f3a s\u1ed5 t\u00e0i s\u1ea3n v\u00e0 ch\u00e2m ng\u00f2i cho m\u1ed9t cu\u1ed9c suy tho\u00e1i s\u1ebd \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u1ea3 m\u1ed9t th\u1ebf h\u1ec7. Nh\u01b0ng \u0111\u1eb1ng sau nh\u1eefng cu\u1ed9n b\u0103ng gi\u1ea5y nh\u1ea5p nh\u00e1y v\u00e0 nh\u1eefng nh\u00e0 giao d\u1ecbch ho\u1ea3ng lo\u1ea1n, m\u1ed9t v\u1edf k\u1ecbch kh\u00e1c \u0111\u00e3 di\u1ec5n ra – v\u1edf k\u1ecbch c\u1ee7a nh\u1eefng ng\u01b0\u1eddi c\u00f3 t\u1ea7m nh\u00ecn xa v\u00e0 nh\u1eefng k\u1ebb l\u1eeba \u0111\u1ea3o, nh\u1eefng ng\u01b0\u1eddi kh\u1ed5ng l\u1ed3 v\u00e0 nh\u1eefng k\u1ebb m\u1ed9ng m\u01a1, s\u1ef1 h\u01b0ng ph\u1ea5n v\u00e0 s\u1ef1 s\u1ee5p \u0111\u1ed5.<\/p>\n

\u0110\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 c\u00e2u chuy\u1ec7n v\u1ec1 ti\u1ec1n. 1929 l\u00e0 c\u00e2u chuy\u1ec7n v\u1ec1 quy\u1ec1n l\u1ef1c, t\u00e2m l\u00fd h\u1ecdc v\u00e0 \u1ea3o t\u01b0\u1edfng quy\u1ebfn r\u0169 r\u1eb1ng l\u1ea7n n\u00e0y s\u1ebd kh\u00e1c. N\u00f3 n\u00f3i v\u1ec1 nh\u1eefng h\u1ed3i chu\u00f4ng c\u1ea3nh b\u00e1o b\u1ecb ph\u1edbt l\u1edd, nh\u1eefng nh\u00e0 t\u00e0i ch\u00ednh kh\u00f4ng \u0111\u01b0\u1ee3c tin t\u01b0\u1edfng, v\u00e0 nh\u1eefng ng\u01b0\u1eddi ho\u00e0i nghi \u0111\u00e3 nh\u00ecn th\u1ea5y s\u1ef1 s\u1ee5p \u0111\u1ed5 s\u1eafp x\u1ea3y ra\u2014ch\u1ec9 \u0111\u1ec3 b\u1ecb g\u1ea1t b\u1ecf cho \u0111\u1ebfn khi qu\u00e1 mu\u1ed9n.<\/p>\n

\u0110\u01b0\u1ee3c ca ng\u1ee3i l\u00e0 m\u1ed9t cu\u1ed1n s\u00e1ch mang t\u00ednh b\u01b0\u1edbc ngo\u1eb7t, Too Big to Fail<\/em> \u0111\u00e3 t\u00e1i hi\u1ec7n c\u00e1ch th\u1ee9c c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c k\u1ec3 l\u1ea1i. Gi\u1edd \u0111\u00e2y, v\u1edbi 1929, Sorkin mang \u0111\u1ebfn m\u1ed9t c\u00e2u chuy\u1ec7n s\u1ed1ng \u0111\u1ed9ng, \u0111\u1ea7y c\u1ea3m x\u00fac v\u1ec1 s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng then ch\u1ed1t nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i\u2014v\u1edbi nh\u1eefng b\u00e0i h\u1ecdc v\u1eabn lu\u00f4n c\u1ea5p thi\u1ebft. Kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t c\u00e2u chuy\u1ec7n l\u1ecbch s\u1eed, 1929 c\u00f2n l\u00e0 m\u1ed9t b\u1ea3n thi\u1ebft k\u1ebf quan tr\u1ecdng \u0111\u1ec3 hi\u1ec3u \u0111\u01b0\u1ee3c c\u00e1c chu k\u1ef3 \u0111\u1ea7u c\u01a1, nh\u1eefng \u0111\u1ed9ng l\u1ef1c th\u00fac \u0111\u1ea9y bi\u1ebfn \u0111\u1ed9ng t\u00e0i ch\u00ednh, v\u00e0 nh\u1eefng d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o m\u00e0 n\u1ebfu ch\u00fang ta b\u1ecf qua s\u1ebd g\u1eb7p nguy hi\u1ec3m.<\/p>\n

\u00a0<\/strong><\/p>\n

\u00a0Ph\u1ea7n tr\u00edch \u0111\u0103ng tr\u00ean <\/em>New York Times, 13\/10\/2025<\/em><\/strong><\/span><\/p>\n

Tr\u1edf l\u1ea1i nh\u1eefng n\u0103m 1920, Charles Mitchell – v\u1ecb ch\u1ee7 t\u1ecbch ki\u00eau ng\u1ea1o c\u1ee7a Ng\u00e2n h\u00e0ng National City, ti\u1ec1n th\u00e2n c\u1ee7a Citigroup – th\u01b0\u1eddng hay c\u00f3 m\u1ed9t nghi th\u1ee9c. \u00d4ng th\u01b0\u1eddng \u0111\u01b0a c\u00e1c nh\u00e2n vi\u00ean kinh doanh tr\u00e1i phi\u1ebfu c\u1ee7a m\u00ecnh \u0111i \u0103n tr\u01b0a t\u1ea1i Bankers Club, n\u1eb1m tr\u00ean \u0111\u1ec9nh T\u00f2a nh\u00e0 Equitable t\u1ea1i s\u1ed1 120 Broadway, ch\u1ec9 tay xu\u1ed1ng th\u00e0nh ph\u1ed1 New York tr\u1ea3i d\u00e0i t\u00edt t\u1eafp nh\u01b0 m\u1ed9t b\u1ee9c tranh thu nh\u1ecf v\u00e0 n\u00f3i “C\u00f3 s\u00e1u tri\u1ec7u ng\u01b0\u1eddi v\u1edbi t\u1ed5ng thu nh\u1eadp l\u00ean \u0111\u1ebfn h\u00e0ng ng\u00e0n tri\u1ec7u \u0111\u00f4 la. H\u1ecd \u0111ang ch\u1edd ai \u0111\u00f3 \u0111\u1ebfn b\u1ea3o ph\u1ea3i l\u00e0m g\u00ec v\u1edbi s\u1ed1 ti\u1ec1n ti\u1ebft ki\u1ec7m c\u1ee7a h\u1ecd. H\u00e3y nh\u00ecn k\u1ef9 \u0111i v\u00e0 \u0103n m\u1ed9t b\u1eefa tr\u01b0a th\u1eadt ngon \u00a0r\u1ed3i xu\u1ed1ng b\u1ea3o cho h\u1ecd bi\u1ebft ph\u1ea3i l\u00e0m g\u00ec.”<\/p>\n

\u0110\u1ed1i v\u1edbi Mitchell, c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh l\u00e0m gi\u00e0u m\u1edbi – c\u1ed5 phi\u1ebfu (stocks), kho\u1ea3n vay k\u00fd qu\u1ef9 (margin loans[1]<\/a>), qu\u1ef9 t\u00edn th\u00e1c \u0111\u1ea7u t\u01b0 (investment trusts[2]<\/a>) v\u00e0 th\u1eadm ch\u00ed c\u1ea3 c\u00e1c tr\u00e1i phi\u1ebfu n\u01b0\u1edbc ngo\u00e0i l\u1ea1 l\u1eabm – kh\u00f4ng ph\u1ea3i \u0111\u1ec3 che gi\u1ea5u m\u00e0 ph\u1ea3i \u0111\u01b0\u1ee3c qu\u1ea3ng b\u00e1 nh\u01b0 b\u1ea5t k\u1ef3 s\u1ea3n ph\u1ea9m n\u00e0o kh\u00e1c. \u201cT\u00f4i lu\u00f4n c\u1ea3m th\u1ea5y c\u00f3 qu\u00e1 nhi\u1ec1u \u0111i\u1ec1u b\u00ed \u1ea9n li\u00ean quan \u0111\u1ebfn ng\u00e2n h\u00e0ng,\u201d \u00f4ng th\u01b0\u1eddng hay n\u00f3i nh\u01b0 v\u1eady.<\/p>\n

\u00d4ng kh\u00f4ng ph\u1ea3i l\u00e0 ng\u01b0\u1eddi duy nh\u1ea5t rao gi\u1ea3ng v\u1ec1 gi\u00e1o l\u00fd ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 nh\u01b0 th\u1ebf. John Raskob – \u00a0m\u1ed9t gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ea5p cao t\u1ea1i General Motors, m\u1ed9t ng\u01b0\u1eddi c\u00f3 t\u00e0i qu\u1ea3ng b\u00e1 b\u1ea9m sinh v\u00e0 l\u00e0 ng\u01b0\u1eddi \u0111\u00e3 x\u00e2y d\u1ef1ng n\u00ean T\u00f2a nh\u00e0 Empire State \u2014 \u0111\u00e3 t\u1eebng tuy\u00ean b\u1ed1 m\u1ed9t c\u00e2u n\u1ed5i ti\u1ebfng: \u201cAi c\u0169ng n\u00ean gi\u00e0u c\u00f3!\u201d \u00d4ng gi\u1ea3i th\u00edch: \u201cT\u00f4i kh\u00f4ng hi\u1ec3u t\u1ea1i sao nh\u1eefng ng\u01b0\u1eddi lao \u0111\u1ed9ng nam n\u1eef c\u1ee7a \u0111\u1ea5t n\u01b0\u1edbc ch\u00fang ta l\u1ea1i kh\u00f4ng \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn v\u1edbi kho\u1ea3n l\u1ee3i nhu\u1eadn kh\u1ed5ng l\u1ed3 \u0111ang \u0111\u01b0\u1ee3c t\u1ea1o ra \u1edf n\u01b0\u1edbc M\u1ef9 ng\u00e0y nay.\u201d Raskob b\u1eaft \u0111\u1ea7u t\u1ea1o ra m\u1ed9t trong nh\u1eefng qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 (mutual fund[3]<\/a>) \u0111\u1ea7u ti\u00ean, \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf r\u00f5 r\u00e0ng \u0111\u1ec3 t\u1ea1o c\u01a1 h\u1ed9i cho \u201cnh\u1eefng ng\u01b0\u1eddi nh\u1ecf b\u00e9\u201d tham gia v\u00e0o c\u01a1n s\u1ed1t \u0111\u1ea7u t\u01b0.<\/p>\n\"\"\n

Charles Mitchell, t\u1ed5ng gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh National City Bank nh\u1eefng n\u0103m 1920s (Wikipedia)<\/em><\/p>\n

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G\u1ea7n m\u1ed9t th\u1ebf k\u1ef7 sau, ch\u00fang ta \u0111ang \u1edf trong m\u1ed9t k\u1ef7 nguy\u00ean m\u1edbi c\u1ee7a t\u00e0i ch\u00ednh h\u00f3a v\u00e0 \u0111\u1ed5i m\u1edbi s\u00e1ng t\u1ea1o – \u00a0cu\u1ed9c chuy\u1ec3n \u0111\u1ed5i t\u00e1o b\u1ea1o nh\u1ea5t v\u1ec1 l\u0129nh v\u1ef1c ti\u1ec1n t\u1ec7 v\u00e0 \u0111\u1ea7u t\u01b0 k\u1ec3 t\u1eeb nh\u1eefng n\u0103m 1920, \u00a0\u00a0c\u0169ng \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi \u00fd t\u01b0\u1edfng m\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng. V\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n (private equity[4]<\/a>), v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (venture capital[5]<\/a>), v\u00e0 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n (private credit[6]<\/a>) v\u1ed1n t\u1eebng l\u00e0 \u0111\u1eb7c quy\u1ec1n c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c v\u00e0 c\u00e1 nh\u00e2n gi\u00e0u c\u00f3, gi\u1edd \u0111\u00e2y \u0111ang \u0111\u01b0\u1ee3c \u0111\u00f3ng g\u00f3i l\u1ea1i \u0111\u1ec3 \u0111em ra qu\u1ea3ng b\u00e1 cho qu\u1ea3ng \u0111\u1ea1i qu\u1ea7n ch\u00fang, th\u1eadm ch\u00ed \u0111\u01b0\u1ee3c nh\u00e0o tr\u1ed9n v\u00e0o c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 h\u01b0u tr\u00ed 401(k)[7]<\/a>. M\u00e3 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111ang \u0111\u01b0\u1ee3c b\u00e1n nh\u01b0 th\u1ec3 \u0111\u00f3 l\u00e0 c\u00e1ch mua m\u1ed9t ph\u1ea7n c\u00e1c c\u1ed5 ph\u1ea7n c\u1ee7a c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n (private company)[8]<\/a> nh\u01b0 SpaceX v\u00e0 OpenAI, v\u00e0 \u0111\u00f3 l\u00e0 nh\u1eefng \u0111i\u1ec1u c\u00f2n \u0111ang n\u1eb1m trong v\u00f9ng kh\u00f4ng r\u00f5 r\u00e0ng c\u1ee7a lu\u1eadt ch\u1ee9ng kho\u00e1n.<\/p>\n

T\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 di\u1ec5n ra trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111ang b\u00f9ng n\u1ed5, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u01a1n s\u1ed1t AI, v\u00e0 v\u1edbi m\u1ed9t ch\u00ednh quy\u1ec1n m\u1edbi \u1edf Washington quy\u1ebft t\u00e2m n\u1edbi l\u1ecfng c\u00e1c quy t\u1eafc – t\u1ea1o ra m\u1ed9t tinh th\u1ea7n cho ph\u00e9p tho\u1ea3i m\u00e1i t\u01b0\u01a1ng t\u1ef1 nh\u01b0 nh\u1eefng g\u00ec \u0111\u00e3 \u0111\u01b0a t\u1edbi nh\u1eefng \u0111\u1ed5i m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0o nh\u1eefng n\u0103m 1920. Ch\u00ednh quy\u1ec1n c\u1ee7a t\u1ed5ng th\u1ed1ng Trump \u0111ang n\u1ed7 l\u1ef1c b\u00e3i b\u1ecf c\u00e1c \u0111i\u1ec1u kho\u1ea3n quan tr\u1ecdng c\u1ee7a \u0110\u1ea1o lu\u1eadt Dodd-Frank[9]<\/a>, n\u1edbi l\u1ecfng c\u00e1c y\u00eau c\u1ea7u v\u1ec1 v\u1ed1n \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng quy m\u00f4 v\u1eeba v\u00e0 lo\u1ea1i b\u1ecf C\u01a1 quan B\u1ea3o v\u1ec7 T\u00e0i ch\u00ednh cho Ng\u01b0\u1eddi ti\u00eau d\u00f9ng – m\u1ed9t c\u01a1 quan ra \u0111\u1eddi sau n\u0103m 2008 \u0111\u1ec3 gi\u00e1m s\u00e1t ho\u1ea1t \u0111\u1ed9ng cho vay n\u1eb7ng l\u00e3i. V\u1ec1 ph\u1ea7n m\u00ecnh, Qu\u1ed1c h\u1ed9i \u0111\u00e3 th\u00fac \u0111\u1ea9y c\u00e1c \u0111i\u1ec1u kho\u1ea3n nh\u01b0 \u0110\u1ea1o lu\u1eadt Genius v\u00e0 g\u1ea7n \u0111\u00e2y h\u01a1n l\u00e0 m\u1ed9t lu\u1eadt m\u1edbi \u00a0\u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u0110\u1ea1o lu\u1eadt \u0110\u1ed5i m\u1edbi v\u00e0 C\u00f4ng ngh\u1ec7 T\u00e0i ch\u00ednh cho Th\u1ebf k\u1ef7 21 – \u0111\u01b0\u1ee3c qu\u1ea3ng b\u00e1 l\u00e0 lu\u1eadt hi\u1ec7n \u0111\u1ea1i h\u00f3a n\u1ec1n t\u00e0i ch\u00ednh v\u00e0 tr\u00ean th\u1ef1c t\u1ebf l\u00e0 m\u1edf c\u1eeda cho ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m \u0111\u1ea7u c\u01a1 t\u00e0i ch\u00ednh kh\u00e1c.<\/p>\n\"\"\n

T\u1ed5ng th\u1ed1ng Trump t\u1ed5 ch\u1ee9c cu\u1ed9c h\u1ecdp v\u1ec1 t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 v\u1edbi c\u00e1c quan ch\u1ee9c ch\u00ednh ph\u1ee7 v\u00e0 c\u00e1c nh\u00e0 l\u00e3nh \u0111\u1ea1o doanh nghi\u1ec7p t\u00e0i ch\u00ednh t\u1ea1i Nh\u00e0 Tr\u1eafng v\u00e0o th\u00e1ng 3\/2025 (NY Times)<\/p>\n

V\u00e0 c\u0169ng gi\u1ed1ng nh\u01b0 th\u1eddi c\u1ee7a Mitchell, h\u1ecd c\u0169ng c\u00f3 nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 nhi\u1ec7t th\u00e0nh. Vlad Tenev c\u1ee7a qu\u1ef9 \u0111\u1ea7u t\u01b0 Robinhood \u0111\u00e3 n\u00f3i “Ch\u1ec9 nh\u1eefng c\u00f4ng ty l\u1edbn nh\u1ea5t m\u1edbi c\u00f3 th\u1ec3 ni\u00eam y\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, \u0111i\u1ec1u n\u00e0y h\u1ea1n ch\u1ebf c\u01a1 h\u1ed9i cho nh\u1eefng ng\u01b0\u1eddi th\u1ea5p b\u00e9”, \u00f4ng kh\u1eb3ng \u0111\u1ecbnh “b\u01b0\u1edbc ti\u1ebfn ti\u1ebfp theo l\u00e0 \u0111\u1ea3m b\u1ea3o nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 \u0111\u00f3 \u0111\u01b0\u1ee3c m\u1edf ra cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n”. Marc Rowan c\u1ee7a qu\u1ef9 \u0111\u1ea7u t\u01b0 Apollo c\u0169ng n\u00f3i th\u1eb3ng to\u1eb9t kh\u00f4ng ch\u00fat \u00fap m\u1edf v\u1ec1 c\u00e1c qu\u1ef9 ti\u1ebft ki\u1ec7m h\u01b0u tr\u00ed, \u00f4ng cho r\u1eb1ng c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd c\u00e1c qu\u1ef9 \u0111\u00f3 \u0111\u00e3 “\u0111\u1eb7t c\u01b0\u1ee3c t\u01b0\u01a1ng lai c\u1ee7a nh\u1eefng ng\u01b0\u1eddi ngh\u1ec9 h\u01b0u v\u00e0o m\u1ed9t v\u00e0i c\u1ed5 phi\u1ebfu”, \u0111i\u1ec1u n\u00e0y l\u00e0 “m\u1ed9t h\u00e0nh \u0111\u1ed9ng v\u00f4 tr\u00e1ch nhi\u1ec7m \u0111\u1ed1i v\u1edbi ch\u00fang t\u00f4i”.<\/p>\n

Nh\u1eefng g\u00ec \u0111\u00e3 thay \u0111\u1ed5i (so v\u1edbi nh\u1eefng n\u0103m 1920) l\u00e0 nh\u1eefng t\u1eeb ng\u1eef th\u1eddi th\u01b0\u1ee3ng th\u00f4ng d\u1ee5ng v\u00e0 s\u1ef1 h\u00e0o nho\u00e1ng; nh\u1eefng g\u00ec kh\u00f4ng thay \u0111\u1ed5i l\u00e0 nh\u1eefng l\u1eddi h\u1ee9a h\u1eb9n – r\u1eb1ng b\u1ea3n th\u00e2n gi\u1ea5c m\u01a1 M\u1ef9 c\u00f3 l\u1ebd \u0111\u00e3 bi\u1ebfn th\u00e0nh gi\u1ea5c m\u01a1 l\u00e0m gi\u00e0u, m\u1ed9t l\u1eddi h\u1ee9a l\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c qu\u1ea3ng b\u00e1 v\u00e0o nh\u1eefng n\u0103m 1920. Ni\u1ec1m tin c\u1ee7a Mitchell cho r\u1eb1ng t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u c\u00f3 th\u1ec3 mua \u0111\u01b0\u1ee3c c\u00e1c c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu v\u00e0 ch\u00fang n\u00ean \u0111\u01b0\u1ee3c b\u00e1n “t\u1ea1i qu\u1ea7y t\u00ednh ti\u1ec1n, gi\u1ed1ng nh\u01b0 c\u00e1ch m\u1ed9t nh\u00e2n vi\u00ean b\u00e1n c\u00e0 v\u1ea1t”, v\u00e0 \u00fd t\u01b0\u1edfng \u0111\u00f3 \u0111\u00e3 gi\u00fap \u0111\u01b0a \u00f4ng l\u00ean ngang h\u00e0ng v\u1edbi Babe Ruth v\u00e0 Charles Lindbergh nh\u01b0 m\u1ed9t bi\u1ec3u t\u01b0\u1ee3ng v\u1ec1 s\u1ef1 tham v\u1ecdng c\u1ee7a ng\u01b0\u1eddi M\u1ef9. C\u00e1c nh\u00e0 t\u00e0i ch\u00ednh \u0111\u00e3 tr\u1edf th\u00e0nh nh\u1eefng ng\u01b0\u1eddi n\u1ed5i ti\u1ebfng c\u1ee7a c\u00f4ng ch\u00fang v\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean xu\u1ea5t hi\u1ec7n tr\u00ean trang b\u00eca c\u1ee7a t\u1ea1p ch\u00ed Forbes (b\u1eaft \u0111\u1ea7u v\u00e0o n\u0103m 1917) v\u00e0 t\u1ea1p ch\u00ed Time (b\u1eaft \u0111\u1ea7u v\u00e0o n\u0103m 1923). Nh\u1eefng t\u1ea1p ch\u00ed \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u00e3 b\u1ecb suy gi\u1ea3m trong nh\u1eefng th\u1eadp k\u1ef7 g\u1ea7n \u0111\u00e2y, nh\u01b0ng ng\u00e0y nay, c\u00f9ng m\u1ed9t th\u00f4ng \u0111i\u1ec7p nh\u01b0 th\u1ebf \u00a0\u2013 s\u1ef1 khao kh\u00e1t v\u1ec1 \u00a0n\u1ec1n t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c d\u00e2n ch\u1ee7 h\u00f3a, n\u01a1i b\u1ea5t k\u1ef3 ai c\u0169ng c\u00f3 th\u1ec3 tr\u1edf n\u00ean gi\u00e0u c\u00f3 – v\u1eabn \u0111\u01b0\u1ee3c nh\u1ed3i nh\u00e9t cho m\u1ecdi ng\u01b0\u1eddi v\u1ec1 kh\u00e1t v\u1ecdng v\u00e0 c\u1ea3 s\u1ef1 \u0111\u1ed1 k\u1ecb qua v\u00f4 s\u1ed1 trang m\u1ea1ng truy\u1ec1n th\u00f4ng x\u00e3 h\u1ed9i.<\/p>\n

Trong nhi\u1ec1u th\u1eadp k\u1ef7, h\u1ea7u h\u1ebft ng\u01b0\u1eddi M\u1ef9 \u0111\u00e3 b\u1ecb b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i l\u00e0m gi\u00e0u c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n: G\u1ea7n 40% ng\u01b0\u1eddi M\u1ef9 kh\u00f4ng s\u1edf h\u1eefu b\u1ea5t k\u1ef3 c\u1ed5 phi\u1ebfu n\u00e0o, v\u00e0 h\u01a1n 90% t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t b\u1edfi 10% gia \u0111\u00ecnh gi\u00e0u nh\u1ea5t. Vi\u1ec7c ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n t\u1eeb l\u00e2u \u0111\u00e3 b\u1ecb ng\u0103n c\u1ea3n b\u1edfi c\u00e1c quy t\u1eafc xung quanh kh\u00e1i ni\u1ec7m “c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn”, m\u1ed9t danh m\u1ee5c ph\u00e1p l\u00fd \u0111\u01b0\u1ee3c t\u1ea1o ra v\u00e0o nh\u1eefng n\u0103m 1930 \u0111\u1ec3 b\u1ea3o v\u1ec7 c\u00e1c h\u1ed9 gia \u0111\u00ecnh (b\u00ecnh d\u00e2n) tr\u00e1nh kh\u1ecfi c\u00e1c v\u1ee5 ch\u00e0o b\u00e1n r\u1ee7i ro v\u00e0 kh\u00f4ng minh b\u1ea1ch. C\u00e1c \u0111i\u1ec1u ki\u1ec7n r\u1ea5t nghi\u00eam ng\u1eb7t: B\u1ea1n c\u1ea7n c\u00f3 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng 1 tri\u1ec7u \u0111\u00f4 la (kh\u00f4ng bao g\u1ed3m nh\u00e0 c\u1ee7a b\u1ea1n) ho\u1eb7c thu nh\u1eadp \u00edt nh\u1ea5t 200.000 \u0111\u00f4 la m\u1ed9t n\u0103m (300.000 \u0111\u00f4 la cho m\u1ed9t c\u1eb7p v\u1ee3 ch\u1ed3ng). \u00dd t\u01b0\u1edfng c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c qui t\u1eafc \u0111\u00f3 l\u00e0 ch\u1ec9 nh\u1eefng ng\u01b0\u1eddi gi\u00e0u c\u00f3 m\u1edbi c\u00f3 th\u1ec3 \u0111\u1ee7 kh\u1ea3 \u00a0n\u0103ng m\u1ea5t ti\u1ec1n trong c\u00e1c giao d\u1ecbch \u0111\u1ea7u c\u01a1 t\u00e0i ch\u00ednh. Tr\u00ean th\u1ef1c t\u1ebf, \u0111\u1ecbnh ngh\u0129a n\u00e0y mang l\u1ea1i cho c\u00e1c h\u1ed9 gia \u0111\u00ecnh gi\u00e0u nh\u1ea5t – kho\u1ea3ng 18% c\u00e1c gia \u0111\u00ecnh M\u1ef9 – \u0111\u1eb7c quy\u1ec1n tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n (private company). H\u1ecd c\u00f3 th\u1ec3 mua c\u1ed5 ph\u1ea7n c\u1ee7a c\u00e1c c\u00f4ng ty nh\u01b0 Facebook ho\u1eb7c Uber nhi\u1ec1u n\u0103m tr\u01b0\u1edbc khi c\u00f4ng ch\u00fang c\u00f3 c\u01a1 h\u1ed9i ti\u1ebfp c\u1eadn, v\u00e0 v\u00ec th\u1ebf h\u1ecd c\u00f3 th\u1ec3 thu gi\u1eef \u0111\u01b0\u1ee3c ph\u1ea7n l\u1ee3i nhu\u1eadn \u2018kh\u1ee7ng\u2019. V\u00e0o th\u1eddi \u0111i\u1ec3m c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng c\u00f3 th\u1ec3 mua c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u00f3 tr\u00ean s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n th\u00ec ph\u1ea7n l\u1edbn l\u1ee3i nhu\u1eadn c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u00f3 \u0111\u00e3 \u00a0\u00a0\u00a0\u00a0\u0111\u01b0\u1ee3c l\u1ea5y h\u1ebft.<\/p>\n

Gi\u1edd \u0111\u00e2y, r\u00e0o c\u1ea3n \u0111\u00f3 \u0111ang kh\u00f4ng ng\u1eebng \u0111\u01b0\u1ee3c h\u1ea1 th\u1ea5p. C\u00e1i t\u1eebng \u0111\u01b0\u1ee3c coi l\u00e0 ranh gi\u1edbi r\u00f5 r\u00e0ng \u00a0\u0111\u1ec3 ng\u0103n c\u1ea3n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng \u0111ang b\u1ecb x\u00f3a nh\u00f2a d\u01b0\u1edbi danh ngh\u0129a ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Kh\u00f4ng kh\u00f3 \u0111\u1ec3 nh\u1eadn th\u1ea5y s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a vi\u1ec7c ph\u00e1 toang nh\u1eefng c\u00e1nh c\u1ed5ng v\u00e0 cho ph\u00e9p nh\u1eefng ng\u01b0\u1eddi ti\u1ebft ki\u1ec7m b\u00ecnh th\u01b0\u1eddng c\u00f3 c\u01a1 h\u1ed9i h\u01b0\u1edfng l\u1ee3i nhu\u1eadn, th\u1ee9 \u0111\u00e3 t\u1ea1o n\u00ean kh\u1ed1i t\u00e0i s\u1ea3n kh\u1ed5ng l\u1ed3 cho c\u00e1c t\u1ed5 ch\u1ee9c v\u00e0 gi\u1edbi tinh hoa.<\/p>\n

\"\"<\/p>\n

B\u00ean ngo\u00e0i S\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n New York sau khi th\u1ecb tr\u01b0\u1eddng s\u1ee5p \u0111\u1ed5 v\u00e0o n\u0103m 1929<\/p>\n

Nh\u01b0ng l\u1ecbch s\u1eed c\u0169ng \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t l\u1eddi nh\u1eafc nh\u1edf th\u1eb3ng th\u1eafn: Khi s\u1ef1 chuy\u1ec3n \u0111\u1ed5i di\u1ec5n ra nhanh ch\u00f3ng nh\u01b0 v\u1eady, n\u00f3 hi\u1ebfm khi mang l\u1ea1i l\u1ee3i \u00edch cho t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi tr\u1eeb khi n\u00f3 \u0111i k\u00e8m v\u1edbi s\u1ef1 minh b\u1ea1ch, gi\u00e1m s\u00e1t v\u00e0 lu\u1eadt l\u1ec7. C\u01a1n s\u1ed1t dot-com cu\u1ed1i nh\u1eefng n\u0103m 1990 \u00a0\u00a0c\u0169ng \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t th\u1eddi \u0111i\u1ec3m d\u00e2n ch\u1ee7 h\u00f3a c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, cho \u0111\u1ebfn khi n\u00f3 s\u1ee5p \u0111\u1ed5 d\u01b0\u1edbi l\u00e0n s\u00f3ng c\u1ee7a s\u1ef1 th\u1ed5i ph\u1ed3ng v\u00e0 gian l\u1eadn. Di\u1ec5n bi\u1ebfn l\u1eb7p l\u1ea1i n\u00e0y r\u1ea5t quen thu\u1ed9c, k\u1ec3 t\u1eeb n\u0103m 1929: B\u1ea5t c\u1ee9 khi n\u00e0o kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn m\u1edf r\u1ed9ng nhanh h\u01a1n c\u00e1c bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7, nh\u1eefng k\u1ebb l\u1eeba \u0111\u1ea3o s\u1ebd \u00f9a \u0111\u1ebfn v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u01b0\u1eddng s\u1ebd ph\u1ea3i g\u00e1nh ch\u1ecbu h\u1eadu qu\u1ea3.<\/p>\n

Lo\u1ea1i t\u00e0i s\u1ea3n \u0111\u1ea7u c\u01a1 l\u1edbn nh\u1ea5t trong th\u1eadp k\u1ef7 qua ch\u00ednh l\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed, m\u1ed9t l\u0129nh v\u1ef1c m\u00e0 b\u1ea3n th\u00e2n s\u1ef1 r\u1ee7i ro c\u0169ng l\u00e0 m\u1ed9t ph\u1ea7n h\u1ea5p d\u1eabn. Trong nhi\u1ec1u n\u0103m, n\u00f3 \u0111\u00e3 b\u1ecb m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c k\u00ednh tr\u1ecdng nh\u1ea5t, ch\u1eb3ng h\u1ea1n nh\u01b0 Warren Buffett, coi l\u00e0 m\u1ed9t m\u00f3n \u0111\u1ed3 ch\u01a1i cho nh\u1eefng k\u1ebb c\u1edd b\u1ea1c v\u00e0 nh\u1eefng ng\u01b0\u1eddi \u01b0a m\u1ea1o hi\u1ec3m. Nh\u01b0ng d\u01b0\u1edbi th\u1eddi ch\u00ednh quy\u1ec1n th\u00e2n thi\u1ec7n v\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u1ee7a t\u1ed5ng th\u1ed1ng Trump, m\u1ed9t nh\u00f3m c\u00e1c nh\u00e0 t\u00e0i ch\u00ednh m\u1edbi \u0111ang n\u1ed7 l\u1ef1c t\u00e1i \u0111\u1ecbnh h\u00ecnh n\u00f3 th\u00e0nh m\u1ed9t th\u1ee9 m\u00e0 m\u1ecdi ng\u01b0\u1eddi M\u1ef9 n\u00ean s\u1edf h\u1eefu – \u00a0kh\u00f4ng ch\u1ec9 th\u00f4ng qua c\u00e1c s\u00e0n giao d\u1ecbch v\u00e0 v\u00ed \u0111i\u1ec7n t\u1eed m\u00e0 c\u00f2n th\u00f4ng qua c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 \u0111\u01b0a ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0o c\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed v\u00e0 c\u00e1c qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 (mutual funds \u2013 xem ch\u00fa th\u00edch 10).<\/p>\n

Kh\u00f4ng ai \u0111\u00f3n nh\u1eadn \u00fd t\u01b0\u1edfng n\u00e0y nhi\u1ec7t th\u00e0nh h\u01a1n Michael Saylor c\u1ee7a c\u00f4ng ty ph\u1ea7n m\u1ec1m kinh doanh Strategy (tr\u01b0\u1edbc \u0111\u00e2y g\u1ecdi l\u00e0 MicroStrategy). V\u1edbi b\u1ed9 r\u00e2u b\u1ea1c ph\u01a1, gi\u1ecdng n\u00f3i ng\u1eafn g\u1ecdn v\u00e0 quy\u1ebft \u0111o\u00e1n, Saylor kh\u00f4ng gi\u1ed1ng m\u1ed9t nh\u00e0 qu\u1ea3n l\u00fd doanh nghi\u1ec7p m\u00e0 gi\u1ed1ng m\u1ed9t nh\u00e0 ti\u00ean tri tin r\u1eb1ng m\u00ecnh \u0111\u00e3 nh\u00ecn th\u1ea5y t\u01b0\u01a1ng lai tr\u01b0\u1edbc b\u1ea5t k\u1ef3 ai.<\/p>\n

Trong ph\u1ea7n l\u1edbn th\u1eddi gian t\u1ed3n t\u1ea1i c\u1ee7a m\u00ecnh, c\u00f4ng ty Strategy \u0111\u00e3 b\u00e1n c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch cho c\u00e1c t\u1eadp \u0111o\u00e0n. Nh\u01b0ng Saylor \u0111\u00e3 thay \u0111\u1ed5i ho\u00e0n to\u00e0n \u0111i\u1ec1u \u0111\u00f3. Trong v\u00e0i n\u0103m qua, \u00f4ng \u0111\u00e3 vay h\u01a1n 2 t\u1ef7 \u0111\u00f4 la th\u00f4ng qua c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u1ec3 mua h\u01a1n 200.000 Bitcoin \u2014 tr\u1ecb gi\u00e1 h\u01a1n 13 t\u1ef7 \u0111\u00f4 la theo gi\u00e1 g\u1ea7n \u0111\u00e2y. Hi\u1ec7n nay, c\u1ed5 phi\u1ebfu c\u1ee7a Strategy kh\u00f4ng c\u00f2n \u0111\u01b0\u1ee3c giao d\u1ecbch d\u1ef1a tr\u00ean doanh s\u1ed1 b\u00e1n ph\u1ea7n m\u1ec1m n\u1eefa; n\u00f3 t\u0103ng v\u00e0 gi\u1ea3m g\u1ea7n nh\u01b0 ho\u00e0n to\u00e0n theo gi\u00e1 Bitcoin. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u00f3 l\u00e0 qu\u00e1 hi\u1ec3n nhi\u00ean: \u0111\u00f3 l\u00e0 m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng \u0111\u1ec3 mua l\u1ee3i nhu\u1eadn \u2018kh\u1ee7ng\u2019 c\u1ee7a Bitcoin, \u0111\u01b0\u1ee3c che \u0111\u1eady b\u1edfi l\u1edbp v\u1ecf b\u1ecdc quen thu\u1ed9c c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu \u0111\u1ea1i ch\u00fang (t\u1ee9c c\u1ed5 phi\u1ebfu c\u1ee7a Strategy).<\/p>\n

B\u1ea3n th\u00e2n Saylor \u0111\u00e3 tr\u1edf th\u00e0nh h\u01a1n c\u1ea3 m\u1ed9t gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh; \u00f4ng l\u00e0 nh\u00e0 truy\u1ec1n gi\u00e1o ch\u00ednh c\u1ee7a Bitcoin. Trong c\u00e1c b\u00e0i n\u00f3i chuy\u1ec7n tr\u00ean m\u1ea1ng truy\u1ec1n th\u00f4ng (podcast), c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh truy\u1ec1n h\u00ecnh \u0103n kh\u00e1ch v\u00e0 tr\u00ean b\u1ee5c s\u00e2n kh\u1ea5u \u1edf c\u00e1c h\u1ed9i ngh\u1ecb, \u00f4ng rao gi\u1ea3ng v\u1ec1 nh\u1eefng \u0111\u1eb7c t\u00ednh c\u1ee7a “v\u00e0ng k\u1ef9 thu\u1eadt s\u1ed1 (digital gold)” v\u1edbi s\u1ef1 nhi\u1ec7t th\u00e0nh pha tr\u1ed9n gi\u1eefa m\u1ed9t ng\u01b0\u1eddi b\u00e1n h\u00e0ng v\u00e0 m\u1ed9t nh\u00e0 ti\u00ean tri. \u0110\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi \u0111i theo \u00f4ng, \u00f4ng l\u00e0 m\u1ed9t anh h\u00f9ng d\u00e2n gian \u0111\u00e3 ch\u1ec9 cho Ph\u1ed1 Wall c\u00e1ch \u0111\u1eb7t c\u01b0\u1ee3c l\u1edbn v\u00e0o t\u01b0\u01a1ng lai. V\u00e0 cho \u0111\u1ebfn nay, \u00f4ng \u0111\u00e3 \u0111\u00fang: Khi Bitcoin ph\u1ee5c h\u1ed3i sau v\u1ee5 s\u1ee5p \u0111\u1ed5 n\u0103m 2022, c\u1ed5 phi\u1ebfu c\u1ee7a Strategy \u0111\u00e3 t\u0103ng v\u1ecdt – t\u0103ng th\u1eadm ch\u00ed c\u00f2n nhanh h\u01a1n c\u1ea3 ch\u00ednh Bitcoin. G\u1ea7n m\u1ed9t n\u1eeda c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty Strategy hi\u1ec7n do c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb n\u1eafm gi\u1eef. \u0110\u00e2y l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu ph\u1ed5 bi\u1ebfn \u0111\u1ebfn m\u1ee9c n\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u00eam v\u00e0o ch\u1ec9 s\u1ed1 Nasdaq 100 v\u00e0o cu\u1ed1i n\u0103m 2024, ti\u1ebfp t\u1ee5c thu h\u00fat g\u1ea7n 4 tri\u1ec7u \u0111\u00f4 la m\u1ed7i ng\u00e0y t\u1eeb c\u00e1c nh\u00e0 giao d\u1ecbch c\u00e1 nh\u00e2n, c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf l\u00e0 m\u1ed9t c\u00f4ng ty \u0111\u01b0\u1ee3c y\u00eau th\u00edch tr\u00ean Main Street[10]<\/a> c\u0169ng nh\u01b0 tr\u00ean Wall Street.<\/p>\n

V\u1ec1 ph\u1ea7n m\u00ecnh, Wall Street c\u0169ng \u0111ang theo \u0111u\u1ed5i nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c t\u01b0\u01a1ng t\u1ef1. M\u1ed9t s\u1ed1 qu\u1ef9 giao d\u1ecbch trao \u0111\u1ed5i (ETF) Bitcoin hi\u1ec7n \u0111ang vay n\u1ee3 b\u1eb1ng ch\u00ednh t\u00e0i s\u1ea3n n\u1eafm gi\u1eef c\u1ee7a h\u1ecd v\u00e0 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh \u0111\u00f3 (financial leverage[11]<\/a>) \u0111\u1ec3 h\u1ee9a h\u1eb9n g\u1ea5p hai ho\u1eb7c ba l\u1ea7n m\u1ee9c bi\u1ebfn \u0111\u1ed9ng h\u00e0ng ng\u00e0y c\u1ee7a \u0111\u1ed3ng ti\u1ec1n n\u00e0y, bi\u1ebfn m\u1ed9t t\u00e0i s\u1ea3n v\u1ed1n \u0111\u00e3 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh th\u00e0nh m\u1ed9t th\u1ee9 g\u1ea7n gi\u1ed1ng v\u1edbi c\u1ed7 m\u00e1y \u0111\u00e1nh b\u1ea1c h\u01a1n. Qu\u1ef9 Bitcoin Trust c\u1ee7a Grayscale \u0111\u00e3 b\u00f9ng ph\u00e1t tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng qu\u1ef9 ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u1edbn nh\u1ea5t b\u1eb1ng c\u00e1ch cung c\u1ea5p quy\u1ec1n truy c\u1eadp th\u00e2n thi\u1ec7n v\u1edbi nh\u1eefng ng\u01b0\u1eddi m\u00f4i gi\u1edbi d\u1ecbch v\u1ee5 Bitcoin. C\u00e1c c\u00f4ng ty nh\u01b0 Celsius v\u00e0 BlockFi \u0111\u00e3 ti\u1ebfn xa h\u01a1n m\u1ed9t b\u01b0\u1edbc: H\u1ecd thu h\u00fat kh\u00e1ch h\u00e0ng v\u1edbi h\u1ee9a h\u1eb9n l\u1ee3i nhu\u1eadn “an to\u00e0n” \u0111\u1ebfn hai ch\u1eef s\u1ed1, b\u1eb1ng c\u00e1ch cho vay ti\u1ec1n g\u1eedi, vay n\u1ee3 b\u1eb1ng ch\u00ednh s\u1ed1 ti\u1ec1n \u0111\u00f3 v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c. Trong m\u1ed9t th\u1eddi gian, m\u1ecdi th\u1ee9 tr\u00f4ng gi\u1ed1ng nh\u01b0 thu\u1eadt gi\u1ea3 kim. R\u1ed3i th\u1ee7y tri\u1ec1u r\u00fat \u0111i, \u0111\u00f2n b\u1ea9y b\u1ecb ph\u01a1i b\u00e0y v\u00e0 h\u00e0ng t\u1ef7 \u0111\u00f4 la \u0111\u00e3 bi\u1ebfn m\u1ea5t trong t\u00ecnh tr\u1ea1ng ph\u00e1 s\u1ea3n.<\/p>\n

V\u00e0 gi\u1edd \u0111\u00e2y, \u0111\u00f3 kh\u00f4ng c\u00f2n l\u00e0 m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng d\u1ecb bi\u1ec7t hi\u1ebfm c\u00f3 n\u1eefa. BlackRock, c\u00f4ng ty qu\u1ea3n l\u00fd \u00a0\u00a0\u00a0\u00a0ti\u1ec1n t\u1ec7 l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi, \u0111\u00e3 cho ra m\u1eaft m\u1ed9t qu\u1ef9 ETF Bitcoin, mang \u0111\u1ebfn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng nh\u1eadt (nguy\u00ean v\u0103n \u2013 everyday investors[12]<\/a>) c\u01a1 h\u1ed9i ti\u1ebfp c\u1eadn tr\u1ef1c ti\u1ebfp v\u1edbi \u0111\u1ed3ng ti\u1ec1n \u1ea3o n\u00e0y. ProShares b\u00e1n c\u00e1c ETF s\u1eed d\u1ee5ng v\u1ed1n vay v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh \u0111\u1ec3 mang l\u1ea1i m\u1ee9c l\u1ee3i nhu\u1eadn – \u00a0ho\u1eb7c l\u1ed7 h\u00e0ng ng\u00e0y g\u1ea5p \u0111\u00f4i Bitcoin. Ngay c\u1ea3 c\u00e1c c\u00f4ng ty l\u1edbn nh\u01b0 Fidelity v\u00e0 Invesco c\u0169ng \u0111\u00e3 gi\u1edbi thi\u1ec7u c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 g\u1eafn k\u1ebft v\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, che \u0111\u1eady c\u00e1c ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 trong c\u00e1c g\u00f3i s\u1ea3n ph\u1ea9m quen thu\u1ed9c c\u1ee7a qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 (mutual fund) ho\u1eb7c c\u00e1c s\u1ea3n ph\u1ea9m giao d\u1ecbch tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n.<\/p>\n

Logic c\u1ee7a c\u00e1c c\u1ed7 m\u00e1y \u0111\u1ea7u c\u01a1 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u01b0\u1ee3c b\u1ea9y l\u00ean cao nh\u1ea5t r\u1ea5t gi\u1ed1ng v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u00edn th\u00e1c (investment trusts[13]<\/a>) h\u1ed3i n\u0103m 1929. V\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3, c\u00e1c c\u00f4ng ty nh\u01b0 Goldman Sachs \u0111\u00e3 t\u1ea1o ra m\u1ed9t c\u1ea5u tr\u00fac ph\u1ee9c t\u1ea1p khi\u1ebfn vi\u1ec7c \u0111\u1ea7u c\u01a1 tr\u00f4ng c\u00f3 v\u1ebb an to\u00e0n v\u00e0 \u0111\u01a1n gi\u1ea3n. Qu\u1ef9 t\u00edn th\u00e1c \u0111\u1ea7u t\u01b0 Goldman Sachs l\u00e0 m\u1ed9t tr\u01b0\u1eddng h\u1ee3p \u0111i\u1ec3n h\u00ecnh v\u1ec1 thu\u1eadt gi\u1ea3 kim t\u00e0i ch\u00ednh. \u0110\u01b0\u1ee3c ti\u1ebfp th\u1ecb d\u01b0\u1edbi h\u00e0o quang c\u1ee7a m\u1ed9t trong nh\u1eefng t\u00ean tu\u1ed5i uy t\u00edn nh\u1ea5t c\u1ee7a Wall Street, qu\u1ef9 n\u00e0y h\u1ee9a h\u1eb9n v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng v\u1ec1 s\u1ef1 an to\u00e0n c\u1ee7a vi\u1ec7c qu\u1ea3n l\u00fd chuy\u00ean nghi\u1ec7p v\u00e0 l\u1ee3i nhu\u1eadn kh\u1ee7ng c\u1ee7a n\u1ec1n t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i. Tr\u00ean th\u1ef1c t\u1ebf, \u0111\u00f3 l\u00e0 ph\u00f2ng \u1ea3o gi\u00e1c c\u1ee7a c\u00e1c g\u01b0\u01a1ng ph\u1ea3n chi\u1ebfu: Qu\u1ef9 t\u00edn th\u00e1c n\u00e0y \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c qu\u1ef9 t\u00edn th\u00e1c kh\u00e1c, bao g\u1ed3m c\u1ea3 nh\u1eefng qu\u1ef9 m\u00e0 ch\u00ednh Goldman \u0111\u00e3 ph\u00e1t h\u00e0nh, s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y n\u00e0y ch\u1ed3ng l\u00ean \u0111\u00f2n b\u1ea9y kh\u00e1c \u2013 gi\u1ed1ng nh\u01b0 m\u1ed9t con b\u00fap b\u00ea nhi\u1ec1u l\u1edbp n\u1ed5i ti\u1ebfng c\u1ee7a Nga, mang h\u1ebft l\u1edbp n\u1ee3 n\u00e0y \u0111\u1ebfn l\u1edbp n\u1ee3 kh\u00e1c – cho \u0111\u1ebfn khi kh\u00f4ng ai c\u00f3 th\u1ec3 ch\u1eafc ch\u1eafn b\u00ean trong c\u00f3 g\u00ec. V\u00e0o th\u1eddi k\u1ef3 \u0111\u1ec9nh cao, c\u1ed5 phi\u1ebfu c\u1ee7a Goldman Sachs \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean 300 \u0111\u00f4 la; \u0111\u1ebfn n\u0103m 1932, ch\u00fang c\u00f3 gi\u00e1 tr\u1ecb d\u01b0\u1edbi 2 \u0111\u00f4 la.<\/p>\n

V\u1eady n\u00ean, nh\u1eefng g\u00ec c\u00f3 v\u1ebb nh\u01b0 l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu ho\u1eb7c qu\u1ef9 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng th\u1ef1c ch\u1ea5t c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t kho\u1ea3n c\u00e1 c\u01b0\u1ee3c ch\u1ed3ng ch\u1ea5t l\u00ean nhau. Mi\u1ec5n l\u00e0 ti\u1ec1n c\u1ee9 ti\u1ebfp t\u1ee5c ch\u1ea3y v\u00e0o v\u00e0 gi\u00e1 c\u1ee9 ti\u1ebfp t\u1ee5c t\u0103ng, h\u1ec7 th\u1ed1ng v\u1eabn s\u1ebd t\u1ed3n t\u1ea1i. Nh\u01b0ng n\u1ebfu t\u00e2m l\u00fd \u0111\u1ea7u t\u01b0 thay \u0111\u1ed5i, c\u00e1c l\u1edbp \u0111\u00f3 s\u1ebd s\u1ee5p \u0111\u1ed5.<\/p>\n

C\u00f3 l\u1ebd kh\u00f4ng ai qu\u1ea3ng bs v\u00e0 th\u00fac \u0111\u1ea9y t\u00edn \u0111i\u1ec1u v\u1ec1 quy\u1ec1n truy c\u1eadp th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh nhi\u1ec1u h\u01a1n Vlad Tenev, gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ee7a c\u00f4ng ty t\u00e0i ch\u00ednh Robinhood l\u00e0 c\u00f4ng ty \u00a0c\u00f3 h\u1ec7 th\u1ed1ng n\u1ec1n t\u1ea3ng giao d\u1ecbch m\u00e0 ch\u00ednh c\u00e1i t\u00ean c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c ch\u1ecdn \u0111\u1ec3 th\u1ec3 hi\u1ec7n \u00fd t\u01b0\u1edfng r\u1eb1ng h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh ph\u1ea3i n\u00ean thu\u1ed9c v\u1ec1 qu\u1ea3ng \u0111\u1ea1i qu\u1ea7n ch\u00fang. Sau khi bi\u1ebfn giao d\u1ecbch ch\u1ee9ng kho\u00e1n th\u00e0nh th\u1ee9 m\u00e0 m\u1ecdi ng\u01b0\u1eddi c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n tr\u00ean \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh, Tenev gi\u1edd \u0111\u00e2y mu\u1ed1n ti\u1ebfn xa h\u01a1n: x\u00e2y d\u1ef1ng c\u00e1c s\u1ea3n ph\u1ea9m cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n (xem ch\u00fa th\u00edch private company).<\/p>\n

D\u1ea1o h\u00e8 n\u0103m nay \u00a0Tenev \u0111\u00e3 th\u00f4ng b\u00e1o r\u1eb1ng Robinhood s\u1ebd b\u1eaft \u0111\u1ea7u th\u1eed nghi\u1ec7m v\u1edbi “c\u00e1c m\u00e3 \u0111i\u1ec7n t\u1eed (tokens) c\u1ee7a c\u00f4ng ty t\u01b0 nh\u00e2n” – \u00a0c\u00e1c c\u00f4ng c\u1ee5 k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c g\u1eafn v\u1edbi c\u1ed5 ph\u1ea7n c\u1ee7a c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n (t\u1ee9c c\u00e1c c\u00f4ng ty ch\u01b0a ni\u00eam y\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng \u2013 xem ch\u00fa th\u00edch private company) SpaceX v\u00e0 OpenAI. C\u00e1c token n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c mua v\u00e0 b\u00e1n tr\u00ean \u1ee9ng d\u1ee5ng Robinhood t\u1ea1i Ch\u00e2u \u00c2u, gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ti\u1ebfp c\u1eadn c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p n\u1ed5i ti\u1ebfng m\u00e0 kh\u00f4ng c\u1ea7n ch\u1edd \u0111\u1ebfn \u0111\u1ee3t ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u cho c\u00f4ng ch\u00fang (IPO). Tenev m\u00f4 t\u1ea3 \u0111\u00e2y l\u00e0 m\u1ed9t c\u00e1ch \u0111\u1ec3 “c\u00e2n b\u1eb1ng s\u00e2n ch\u01a1i” v\u00e0 mang l\u1ea1i cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n quy\u1ec1n \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn s\u1edbm t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 qu\u1ef9 \u0111\u1ea7u t\u01b0 qu\u1ed1c gia.<\/p>\n

Khi \u00f4ng ta c\u00f4ng b\u1ed1 \u0111i\u1ec1u \u0111\u00f3, n\u00f3 mang l\u1ea1i c\u1ea3m gi\u00e1c mang t\u00ednh c\u00e1ch m\u1ea1ng \u00a0– \u00a0cho \u0111\u1ebfn khi OpenAI ph\u1ea3n b\u00e1c: “Nh\u1eefng ‘m\u00e3 th\u00f4ng b\u00e1o (tokens) OpenAI’ n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ed5 ph\u1ea7n c\u1ee7a OpenAI. Ch\u00fang t\u00f4i kh\u00f4ng h\u1ee3p t\u00e1c v\u1edbi Robinhood, kh\u00f4ng tham gia v\u00e0o v\u1ee5 vi\u1ec7c n\u00e0y v\u00e0 kh\u00f4ng ch\u1ea5p nh\u1eadn \u1ee7ng h\u1ed9 n\u00f3. B\u1ea5t k\u1ef3 vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n OpenAI n\u00e0o \u0111\u1ec1u c\u1ea7n s\u1ef1 ch\u1ea5p thu\u1eadn c\u1ee7a ch\u00fang t\u00f4i – ch\u00fang t\u00f4i kh\u00f4ng ch\u1ea5p thu\u1eadn b\u1ea5t k\u1ef3 vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng n\u00e0o.”<\/p>\n

Tenev tr\u1ea3 l\u1eddi r\u1eb1ng v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt, c\u00e1c m\u00e3 th\u00f4ng b\u00e1o n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu OpenAI m\u00e0 ch\u1ec9 l\u00e0 m\u1ed9t c\u00e1ch cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf c\u00e1ch ti\u1ebfp c\u1eadn gi\u00e1n ti\u1ebfp th\u00f4ng qua c\u1ed5 ph\u1ea7n c\u1ee7a m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 thu\u1ed9c Robinhood.<\/p>\n

C\u00f9ng l\u00fac \u0111\u00f3, m\u1edbi g\u1ea7n \u0111\u00e2y Robinhood \u0111\u00e3 n\u1ed9p h\u1ed3 s\u01a1 t\u1ea1i Hoa K\u1ef3 \u0111\u0103ng k\u00fd m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh m\u1edbi, l\u00e0 c\u00f4ng c\u1ee5 nh\u1eb1m \u0111\u00f3ng g\u00f3i c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n v\u00e0o m\u1ed9t qu\u1ef9 \u0111\u1ec3 nh\u1eefng ng\u01b0\u1eddi ti\u1ebft ki\u1ec7m b\u00ecnh th\u01b0\u1eddng c\u00f3 th\u1ec3 mua ch\u00fang, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1ch h\u1ecd mua c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 (xem ch\u00fa th\u00edch mutual funds). Nh\u01b0 Tenev \u0111\u00e3 n\u00f3i, m\u1ee5c ti\u00eau c\u1ee7a h\u1ecd l\u00e0 mang \u0111\u1ebfn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 “nh\u1eefng c\u01a1 h\u1ed9i t\u1eebng ch\u1ec9 d\u00e0nh ri\u00eang cho t\u1ea7ng l\u1edbp tr\u00ean”.<\/p>\n

N\u1ebfu Tenev th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c \u00fd mu\u1ed1n c\u1ee7a m\u00ecnh, ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u c\u00f4ng ty s\u1ebd s\u1edbm s\u1ebd tr\u1edf th\u00e0nh “c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0” m\u00e0 kh\u00f4ng c\u1ea7n ph\u1ea3i ni\u00eam y\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n – tr\u00e1nh \u0111\u01b0\u1ee3c vi\u1ec7c c\u00f4ng b\u1ed1 th\u00f4ng tin, ki\u1ec3m to\u00e1n v\u00e0 b\u00e1o c\u00e1o h\u00e0ng qu\u00fd m\u00e0 c\u00e1c c\u00f4ng ty n\u00e0y ph\u1ea3i \u0111\u1ed1i m\u1eb7t.<\/p>\n

\u0110\u00f3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t l\u1edbn trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh gi\u1eefa c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft c\u00f4ng (public) v\u00e0 c\u00f4ng ty t\u01b0 nh\u00e2n (private) kh\u00f4ng ni\u00eam y\u1ebft. M\u1ed9t c\u00f4ng ty ni\u00eam y\u1ebft (public) tr\u00ean S\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n New York ho\u1eb7c Nasdaq ph\u1ea3i n\u1ed9p b\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u00e0ng qu\u00fd cho \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch, n\u00eau chi ti\u1ebft doanh thu, l\u1ee3i nhu\u1eadn, n\u1ee3 v\u00e0 r\u1ee7i ro theo c\u00e1c bi\u1ec3u m\u1eabu chi ti\u1ebft v\u00e0 \u0111\u1ea7y \u0111\u1ee7. M\u1ed7i n\u0103m, c\u00f4ng ty ph\u1ea3i n\u1ed9p bi\u1ec3u m\u1eabu 10-K c\u00f3 th\u1ec3 d\u00e0i h\u00e0ng tr\u0103m trang. C\u00e1c gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u tr\u1ea3 l\u1eddi c\u00e1c c\u00e2u h\u1ecfi t\u1eeb c\u00e1c nh\u00e0 ph\u00e2n t\u00edch trong c\u00e1c cu\u1ed9c g\u1ecdi th\u00f4ng b\u00e1o v\u1ec1 \u00a0thu nh\u1eadp v\u00e0 c\u00e1c ti\u1ebft l\u1ed9 c\u1ee7a h\u1ecd \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 b\u00e1o, c\u00e1c \u00a0\u0111\u1ea7u t\u01b0 v\u00e0 c\u1ea3 nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng (short-sellers[14]<\/a>) xem x\u00e9t, xoi m\u00f3i k\u1ef9 l\u01b0\u1ee1ng t\u1eebng t\u00fd. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c c\u00f4ng ty t\u01b0 kh\u00f4ng ni\u00eam y\u1ebft kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5 nh\u01b0 v\u1eady. H\u1ecd c\u00f3 th\u1ec3 c\u00f4ng b\u1ed1 nh\u1eefng g\u00ec h\u1ecd ch\u1ecdn v\u00e0 khi h\u1ecd mu\u1ed1n. Mua c\u1ed5 phi\u1ebfu c\u1ee7a Microsoft tr\u00ean s\u00e0n giao d\u1ecbch c\u00f4ng khai \u0111\u01b0\u1ee3c cung c\u1ea5p quy\u1ec1n truy c\u1eadp v\u00e0o h\u00e0ng \u0111\u1ed1ng d\u1eef li\u1ec7u sau m\u1ed7i 90 ng\u00e0y. Mua c\u1ed5 phi\u1ebfu c\u1ee7a OpenAI (hi\u1ec7n ch\u01b0a ni\u00eam y\u1ebft c\u00f4ng) \u00a0th\u00f4ng qua m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n c\u00f3 th\u1ec3 ch\u1ec9 mang l\u1ea1i cho b\u1ea1n h\u01a1n ch\u00fat \u00edt m\u1ed9t t\u1eadp tin h\u00e0o nho\u00e1ng c\u1ee7a \u00a0nh\u00e0 \u0111\u1ea7u t\u01b0. N\u00f3i c\u00e1ch kh\u00e1c, kh\u00f4ng h\u1ec1 c\u00f3 s\u1ef1 minh b\u1ea1ch trong vi\u1ec7c truy c\u1eadp (th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u c\u01a1 t\u00e0i ch\u00ednh) do vi\u1ec7c kh\u00f4ng ti\u1ebft l\u1ed9 th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7.<\/p>\n

\u0110i\u1ec1u n\u00e0y \u0111em l\u1ea1i cho ch\u00fang ta nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t khi \u0111\u1ec3 c\u00f4ng ch\u00fang ti\u1ebfp c\u1eadn v\u1edbi th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n c\u00e1c c\u00f4ng ty t\u01b0 ch\u01b0a ni\u00eam y\u1ebft c\u00f4ng khai: c\u00e1c c\u00f4ng ty n\u00e0y kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5 ph\u1ea3i c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 b\u1edfi c\u00e1c c\u01a1 quan \u0111\u1ed9c l\u1eadp ho\u1eb7c \u0111\u1ed1i chi\u1ebfu \u0111\u1ecbnh gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf, c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh t\u01b0 nh\u00e2n c\u00f3 nhi\u1ec1u quy\u1ec1n t\u1ef1 do \u0111\u1ecbnh gi\u00e1 b\u1ea5t k\u1ef3 gi\u00e1 tr\u1ecb n\u00e0o h\u1ecd mu\u1ed1n cho c\u00e1c kho\u1ea3n t\u00e0i s\u1ea3n do h\u1ecd n\u1eafm gi\u1eef.<\/p>\n

Khi b\u1ea1n nghe n\u00f3i m\u1ed9t c\u00f4ng ty ch\u01b0a ni\u00eam y\u1ebft c\u00f4ng khai (c\u00f4ng ty t\u01b0) c\u00f3 gi\u00e1 tr\u1ecb 10 t\u1ef7 \u0111\u00f4 la, \u0111\u00f3 ch\u1ec9 l\u00e0 v\u00ec m\u1ed9t s\u1ed1 qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m ho\u1eb7c c\u00e1c gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n (private-equity[15]<\/a>) quy\u1ebft \u0111\u1ecbnh \u0111\u00f3 l\u00e0 gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a n\u00f3. C\u00e1c kho\u1ea3n l\u1ed7 tr\u00ean bi\u1ec3u \u0111\u1ed3 kinh doanh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c l\u00e0m tr\u01a1n tru, suy gi\u1ea3m kinh doanh c\u00f3 th\u1ec3 b\u00e1o ch\u1eadm l\u1ea1i trong s\u1ed5 s\u00e1ch v\u00e0 c\u00e1c bi\u1ebfn \u0111\u1ed9ng trong ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c che \u0111\u1eady. M\u1ed9t s\u1ed1 ng\u01b0\u1eddi cho r\u1eb1ng \u0111\u00f3 l\u00e0 m\u1ed9t \u0111\u1eb7c t\u00ednh ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t v\u00e0i sai s\u00f3t c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c t\u00e0i s\u1ea3n k\u00e9m thanh kho\u1ea3n. Nh\u01b0ng nh\u1eefng ng\u01b0\u1eddi kh\u00e1c \u0111\u00e3 t\u1ef1 \u0111\u1eb7t ra thu\u1eadt ng\u1eef ri\u00eang cho n\u00f3: “ni\u1ec1m tin v\u00e0o gi\u1ea3 \u0111\u1ecbnh”.<\/p>\n

C\u00e1c c\u00f4ng ty t\u01b0 (ch\u01b0a ni\u00eam y\u1ebft c\u00f4ng khai) \u0111\u00e3 li\u00ean t\u1ee5c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh l\u00ean hay xu\u1ed1ng theo c\u00e1ch v\u1ee5 l\u1ee3i trong nhi\u1ec1u n\u0103m. Khi th\u1ecb tr\u01b0\u1eddng Nasdaq gi\u1ea3m h\u01a1n 30% v\u00e0o n\u0103m 2022, nhi\u1ec1u danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n (private equity) ch\u1ec9 b\u1ecb gi\u1ea3m gi\u00e1 nh\u1eb9, trong khi \u0111\u1ecbnh gi\u00e1 c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p nh\u01b0 Stripe v\u00e0 Klarna b\u1ecb c\u1eaft gi\u1ea3m ch\u1ec9 v\u00e0i th\u00e1ng sau \u0111\u00f3, v\u00e0 ch\u1ec9 sau khi kho\u1ea3ng c\u00e1ch v\u1ec1 gi\u00e1 \u0111\u00f3 tr\u1edf n\u00ean qu\u00e1 r\u00f5 kh\u00f4ng th\u1ec3 b\u1ecf qua \u0111\u01b0\u1ee3c.<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ri\u00eang l\u1ebb, \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 h\u1ecd c\u00f3 th\u1ec3 kh\u00f4ng bao gi\u1edd th\u1ef1c s\u1ef1 bi\u1ebft gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh cho \u0111\u1ebfn ng\u00e0y h\u1ecd c\u1ed1 g\u1eafng b\u00e1n ch\u00fang. V\u00e0 \u0111\u1ed1i v\u1edbi to\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng, \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la \u0111ang n\u1eb1m tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u1edbi nh\u1eefng m\u1ee9c gi\u00e1, t\u00f9y thu\u1ed9c v\u00e0o t\u1eebng ng\u00e0y, ch\u1ec9 l\u00e0 nh\u1eefng c\u00e1i gi\u00e1 m\u01a1 \u01b0\u1edbc m\u00e0 th\u00f4i.<\/p>\n

Tuy nhi\u00ean, sau nhi\u1ec1u n\u0103m v\u1eadn \u0111\u1ed9ng h\u00e0nh lang, c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n (private investments[16]<\/a>) c\u00f3 th\u1ec3 s\u1edbm s\u1ebd tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n trong ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 h\u01b0u tr\u00ed 401(k) c\u1ee7a b\u1ea1n.<\/p>\n

Trong nhi\u1ec1u th\u1eadp k\u1ef7, nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 nh\u01b0 Blackstone, KKR, Apollo, Carlyle v\u00e0 Brookfield \u0111\u00e3 huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u00e1c ngu\u1ed3n nh\u01b0 qu\u1ef9 h\u01b0u tr\u00ed, qu\u1ef9 t\u00e0i tr\u1ee3[17]<\/a> v\u00e0 qu\u1ef9 \u0111\u1ea7u t\u01b0 qu\u1ed1c gia[18]<\/a> – nh\u1eefng t\u1ed5 ch\u1ee9c c\u00f3 ngu\u1ed3n v\u1ed1n kh\u1ed5ng l\u1ed3 v\u00e0 \u0111\u1ee7 ki\u00ean nh\u1eabn \u0111\u1ec3 gi\u1eef v\u1ed1n \u0111\u1ea7u t\u01b0 trong 10 n\u0103m ho\u1eb7c l\u00e2u h\u01a1n. Trong v\u00e0i n\u0103m qua, h\u01a1n 11 ngh\u00ecn t\u1ef7 \u0111\u00f4 la \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ed5 v\u00e0o th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh t\u01b0 (private Investments). Nh\u01b0ng h\u1ea7u nh\u01b0 kh\u00f4ng c\u00f3 kho\u1ea3n \u0111\u1ea7u t\u01b0 \u00a0n\u00e0o trong s\u1ed1 \u0111\u00f3 \u0111\u1ebfn t\u1eeb c\u00e1c h\u1ed9 gia \u0111\u00ecnh b\u00ecnh th\u01b0\u1eddng. Nh\u1eefng c\u00e1 nh\u00e2n duy nh\u1ea5t c\u00f3 quy\u1ec1n ti\u1ebfp c\u1eadn l\u00e0 nh\u1eefng ng\u01b0\u1eddi gi\u00e0u nh\u1ea5t – nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c coi l\u00e0 “nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn”.<\/p>\n

Qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n (private equity) truy\u1ec1n th\u1ed1ng l\u00e0 m\u1ed9t chi\u1ebfc h\u1ed9p kh\u00f3a k\u00edn \u0111\u1ed1i v\u1edbi c\u00f4ng ch\u00fang. M\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 huy \u0111\u1ed9ng m\u1ed9t qu\u1ef9 10 t\u1ef7 \u0111\u00f4 la, sau \u0111\u00f3 s\u1eed d\u1ee5ng s\u1ed1 v\u1ed1n \u0111\u00f3 – c\u1ed9ng v\u1edbi s\u1ed1 ti\u1ec1n vay \u0111\u01b0\u1ee3c – \u0111\u1ec3 mua m\u1ed9t s\u1ed1 t\u00e0i s\u1ea3n: ch\u1eb3ng h\u1ea1n nh\u01b0 m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 (portfolio[19]<\/a>) g\u1ed3m nhi\u1ec1u c\u00f4ng ty, m\u1ed9t khu v\u0103n ph\u00f2ng ph\u1ee9c h\u1ee3p ho\u1eb7c m\u1ed9t chu\u1ed7i c\u00e1c vi\u1ec7n d\u01b0\u1ee1ng l\u00e3o. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 cam k\u1ebft \u0111\u01b0a ti\u1ec1n ngay tr\u01b0\u1edbc cho m\u1ed9t c\u00f4ng ty v\u00e0 ch\u1edd c\u1ea3 th\u1eadp k\u1ef7 cho c\u00f4ng ty \u0111\u00f3 c\u1ed1 g\u1eafng c\u1ea3i thi\u1ec7n v\u00e0 cu\u1ed1i c\u00f9ng b\u00e1n c\u00e1c kho\u1ea3n c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty m\u00e0 h\u1ecd n\u1eafm gi\u1eef v\u00e0 ch\u1ec9 khi \u0111\u00f3 m\u1edbi l\u1ea5y l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ec1n. L\u1ee3i nhu\u1eadn c\u00f3 th\u1ec3 r\u1ea5t \u201ckh\u1ee7ng\u201d h\u1ebft s\u1ee9c \u1ea5n t\u01b0\u1ee3ng – \u00a0v\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n h\u00e0ng \u0111\u1ea7u c\u00f3 l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i h\u01a1n h\u1eb3n th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Nh\u01b0ng c\u00e1i gi\u00e1 ph\u1ea3i tr\u1ea3 l\u00e0 th\u1ee9 m\u00e0 gi\u1edbi t\u00e0i ch\u00ednh g\u1ecdi l\u00e0 thi\u1ebfu thanh kho\u1ea3n – m\u1ed9t c\u00e1ch n\u00f3i che \u0111\u1eady cho vi\u1ec7c t\u1eeb b\u1ecf quy\u1ec1n ki\u1ec3m so\u00e1t ti\u1ec1n c\u1ee7a b\u1ea1n, \u00edt nh\u1ea5t l\u00e0 trong m\u1ed9t th\u1eadp k\u1ef7, m\u00e0 kh\u00f4ng c\u00f3 l\u1ed1i tho\u00e1t sau khi b\u1ea1n \u0111\u00e3 k\u00fd gi\u1ea5y t\u1edd.<\/p>\n

Gi\u1edd \u0111\u00e2y, ng\u00e0nh \u0111\u1ea7u t\u01b0 n\u00e0y \u0111ang c\u1ed1 g\u1eafng nh\u1eafm \u0111\u1ebfn m\u1ed9t th\u1ecb tr\u01b0\u1eddng l\u1edbn h\u01a1n r\u1ea5t nhi\u1ec1u: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 c\u00e1c qu\u1ef9 ti\u1ec1n ti\u1ebft ki\u1ec7m d\u00e0nh cho h\u01b0u tr\u00ed. Ph\u1ea7n th\u01b0\u1edfng cho c\u00e1c n\u1ed7 l\u1ef1c n\u00e0y l\u00e0 h\u1ebft s\u1ee9c l\u1edbn. Ng\u01b0\u1eddi M\u1ef9 n\u1eafm gi\u1eef h\u01a1n 45 ngh\u00ecn t\u1ef7 \u0111\u00f4 la ti\u1ec1n ti\u1ebft ki\u1ec7m h\u01b0u tr\u00ed. Kho\u1ea3ng 9 ngh\u00ecn t\u1ef7 \u0111\u00f4 la \u0111\u00f3 n\u1eb1m trong qu\u1ef9 401(k), l\u00e0 qu\u1ef9 m\u00e0 c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n (private equity) v\u00e0 c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (venture firm) \u0111ang nh\u1eafm \u0111\u1ebfn. Ngay c\u1ea3 vi\u1ec7c chi\u1ebfm \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n nh\u1ecf c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u00f3 – ch\u1eb3ng h\u1ea1n 5% – c\u0169ng s\u1ebd t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi vi\u1ec7c qu\u1ea3n l\u00fd h\u00e0ng tr\u0103m t\u1ef7 \u0111\u00f4 la v\u1ed1n m\u1edbi v\u00e0 v\u1edbi h\u00e0ng t\u1ef7 \u0111\u00f4 la ph\u00ed c\u1ed1 \u0111\u1ecbnh, b\u1ea5t k\u1ec3 hi\u1ec7u qu\u1ea3 nh\u01b0 th\u1ebf n\u00e0o.<\/p>\n

\u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c ti\u00eau ch\u00ed n\u00e0y, ng\u01b0\u1eddi ta \u0111ang t\u1ea1o ra c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ea7u t\u01b0 \u00a0m\u1edbi tr\u00f4ng r\u1ea5t gi\u1ed1ng qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 (mutual funds) c\u00f3 t\u00ednh thanh kho\u1ea3n, ngay c\u1ea3 khi b\u1ea3n th\u00e2n c\u00e1c kho\u1ea3n t\u00e0i s\u1ea3n \u0111\u00f3 kh\u00f4ng ph\u1ea3i nh\u01b0 v\u1eady. C\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 t\u00ean kh\u00e1c nhau, nh\u01b0ng m\u1ee5c \u0111\u00edch l\u00e0 gi\u1ed1ng nhau: Ch\u00fang cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng nh\u1eadt (everyday investors) \u0111\u1ea7u t\u01b0 ti\u1ec1n v\u00e0o nh\u1eefng th\u1ee9 nh\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n (private equity) ho\u1eb7c b\u1ea5t \u0111\u1ed9ng s\u1ea3n, \u0111\u1ed3ng th\u1eddi h\u1ee9a h\u1eb9n m\u1ed9t s\u1ed1 kh\u1ea3 n\u0103ng thanh kho\u1ea3n t\u1ed1i thi\u1ec3u. V\u1ea5n \u0111\u1ec1 l\u00e0 vi\u1ec7c r\u00fat ti\u1ec1n b\u1ecb gi\u1edbi h\u1ea1n. Th\u01b0\u1eddng th\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 y\u00eau c\u1ea7u ho\u00e0n l\u1ea1i ti\u1ec1n c\u1ee7a h\u1ecd, nh\u01b0ng ch\u1ec9 m\u1ed9t ph\u1ea7n nh\u1ecf, kho\u1ea3ng 5 ph\u1ea7n tr\u0103m c\u1ee7a qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c r\u00fat ra trong m\u1ed7i m\u1ed9t qu\u00fd b\u1ea5t k\u1ef3 – v\u00ec v\u1eady n\u1ebfu qu\u00e1 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ed9i v\u00e3 tho\u00e1t v\u1ed1n ra c\u00f9ng m\u1ed9t l\u00fac, b\u1ea1n c\u00f3 th\u1ec3 s\u1ebd ph\u1ea3i \u0111\u1ee3i m\u1edbi \u0111\u1ebfn l\u01b0\u1ee3t m\u00ecnh \u0111\u1ec3 b\u00e1n. Kh\u00f4ng gi\u1ed1ng nh\u01b0 qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 (mutual funds) ho\u1eb7c ETF, b\u1ea1n kh\u00f4ng th\u1ec3 nh\u1ea5n “b\u00e1n” v\u00e0 lu\u00f4n nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t c\u1ee7a m\u00ecnh trong m\u1ed9t ho\u1eb7c hai ng\u00e0y. Ti\u1ec1n c\u1ee7a b\u1ea1n b\u1ecb k\u1eb9t cho \u0111\u1ebfn khi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 quy\u1ebft \u0111\u1ecbnh r\u1eb1ng h\u1ecd c\u00f3 th\u1ec3 b\u00e1n t\u00e0i s\u1ea3n \u0111\u1ec3 \u0111\u00e1p \u1ee9ng vi\u1ec7c ho\u00e0n tr\u1ea3 v\u1ed1n.<\/p>\n

Qu\u1ef9 b\u1ea5t \u0111\u1ed9ng s\u1ea3n BREIT n\u1ed5i ti\u1ebfng h\u00e0ng \u0111\u1ea7u c\u1ee7a Blackstone \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng h\u01a1n 60 t\u1ef7 \u0111\u00f4 la. Qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n (private equity) BCRED c\u1ee7a c\u00f4ng ty \u0111\u1ea1t g\u1ea7n 50 t\u1ef7 \u0111\u00f4 la. C\u00f9ng v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 kh\u00e1c c\u1ee7a h\u1ecd nh\u01b0 KKR, Apollo v\u00e0 Starwood, c\u00e1c qu\u1ef9 “b\u00e1n thanh kho\u1ea3n” n\u00e0y \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c h\u00e0ng tr\u0103m t\u1ef7 \u0111\u00f4 la v\u1ed1n trong v\u00f2ng ch\u01b0a \u0111\u1ea7y m\u1ed9t th\u1eadp k\u1ef7 – nhanh h\u01a1n h\u1ea7u h\u1ebft m\u1ecdi l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh kh\u00e1c.<\/p>\n

S\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 n\u00e0y th\u1eadt v\u00f4 c\u00f9ng ngo\u1ea1n m\u1ee5c – nh\u01b0ng c\u0169ng mong manh nh\u01b0 ch\u00ednh m\u00f4 h\u00ecnh \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c t\u1ea1o ra n\u00f3. S\u1ef1 m\u1ea5t h\u00f2a h\u1ee3p trong m\u00f4 h\u00ecnh \u0111\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ef1c t\u1ebf ch\u1ec9 ra. V\u00e0o cu\u1ed1i n\u0103m 2022, qu\u1ef9 BREIT c\u1ee7a Blackstone \u0111\u00e3 ch\u1ea1m ng\u01b0\u1ee1ng gi\u1edbi h\u1ea1n r\u00fat v\u1ed1n khi qu\u00e1 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed1 g\u1eafng r\u00fat ti\u1ec1n c\u00f9ng m\u1ed9t l\u00fac. C\u00e1c y\u00eau c\u1ea7u r\u00fat v\u1ed1n v\u01b0\u1ee3t qu\u00e1 m\u1ee9c tr\u1ea7n 5% h\u00e0ng qu\u00fd. Blackstone \u0111\u00e3 ph\u1ea3i h\u1ea1n ch\u1ebf vi\u1ec7c r\u00fat v\u1ed1n, bu\u1ed9c m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i ch\u1edd h\u00e0ng th\u00e1ng tr\u1eddi m\u1edbi nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n. Qu\u1ef9 b\u1ea5t \u0111\u1ed9ng s\u1ea3n Starwood, m\u1ed9t \u0111\u1ed1i th\u1ee7 c\u1ee7a Blackstone, c\u0169ng r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng t\u01b0\u01a1ng t\u1ef1, v\u1edbi y\u00eau c\u1ea7u r\u00fat v\u1ed1n g\u1ea7n m\u1ed9t t\u1ef7 \u0111\u00f4 la b\u1ecb k\u1eb9t l\u1ea1i.<\/p>\n

C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd nh\u1ea5n m\u1ea1nh r\u1eb1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd r\u1ea5t v\u1eefng ch\u1eafc – \u00a0v\u00e0 c\u01a1 ch\u1ebf \u0111\u1ea7u t\u01b0 n\u00e0y \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3. Nh\u01b0ng \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, tr\u1ea3i nghi\u1ec7m n\u00e0y gi\u1ed1ng nh\u01b0 m\u1ed9t c\u00e1i b\u1eaby. Vi\u1ec7c b\u1ecf ti\u1ec1n v\u00e0o r\u1ea5t d\u1ec5 d\u00e0ng. Nh\u01b0ng khi n\u00e0o c\u00f3 th\u1ec3 r\u00fat ti\u1ec1n ra th\u00ec n\u00f3 l\u1ea1i b\u1ea5t ng\u1edd tr\u1edf n\u00ean b\u1ea5t \u0111\u1ecbnh.<\/p>\n

B\u00e2y gi\u1edd h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng tr\u00ecnh tr\u1ea1ng t\u01b0\u01a1ng t\u1ef1 lan r\u1ed9ng sang c\u00e1c t\u00e0i kho\u1ea3n h\u01b0u tr\u00ed. C\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd \u0111\u00e3 b\u1eaft \u0111\u1ea7u m\u1edf c\u1eeda cho nh\u1eefng ng\u01b0\u1eddi ti\u1ebft ki\u1ec7m ti\u1ec1n h\u01b0u tr\u00ed 401(k) \u0111\u1ea7u t\u01b0\u00a0 v\u00e0o c\u00e1c qu\u1ef9 t\u00edn d\u1ee5ng v\u00e0 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n b\u00e1n thanh kho\u1ea3n. \u0110\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi lao \u0111\u1ed9ng ngh\u0129 r\u1eb1ng h\u1ecd \u0111ang \u0111\u1ea7u t\u01b0 ti\u1ec1n ti\u1ebft ki\u1ec7m h\u01b0u tr\u00ed c\u1ee7a h\u1ecd v\u00e0o vi\u1ec7c mua c\u1ed5 ph\u1ea7n trong c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 c\u00e1c c\u00f4ng ty t\u01b0 (ch\u01b0a ni\u00eam y\u1ebft ch\u1ee9ng kho\u00e1n c\u00f4ng) \u0111ang tr\u00ean \u0111\u00e0 ph\u00e1t tri\u1ec3n cao, nh\u1eefng \u0111i\u1ec1u kho\u1ea3n in ch\u1eef nh\u1ecf li ty trong b\u1ea3n h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u00e2y h\u1ecd b\u1ecb s\u1ed1c: B\u1ea1n c\u00f3 th\u1ec3 kh\u00f4ng l\u1ea5y l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ec1n khi b\u1ea1n c\u1ea7n ti\u1ec1n nh\u1ea5t. Tuy nhi\u00ean, l\u0129nh v\u1ef1c v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n h\u1ee9a h\u1eb9n m\u1ed9t kho\u1ea3n l\u1ee3i nhu\u1eadn cao b\u1ea5t ng\u1edd. C\u00e1c c\u00f4ng ty nh\u01b0 Blackstone v\u00e0 KKR s\u1ebd thu ph\u00ed kh\u1ed5ng l\u1ed3 tr\u00ean d\u00f2ng ti\u1ec1n \u0111\u1ea7u t\u01b0 \u0111\u1ed5 v\u00e0o, b\u1ea5t k\u1ec3 cu\u1ed1i c\u00f9ng kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 sinh l\u1eddi hay kh\u00f4ng. H\u1ecd \u0111\u00e3 v\u1eadn \u0111\u1ed9ng h\u00e0nh lang m\u1ea1nh m\u1ebd \u1edf Washington \u0111\u1ec3 gi\u00e0nh \u0111\u01b0\u1ee3c quy\u1ec1n ti\u1ebfp c\u1eadn c\u00e1c qu\u1ef9 h\u01b0u tr\u00ed n\u00e0y, v\u00e0 h\u1ecd \u0111\u00e3 th\u00e0nh c\u00f4ng. B\u00e2y gi\u1edd c\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0: Li\u1ec7u \u0111\u1ea7u t\u01b0 theo m\u00f4 h\u00ecnh \u0111\u00f3 c\u00f3 \u0111\u01b0\u1ee3c kh\u00f4ng? \u0110\u00e2y s\u1ebd l\u00e0 m\u1ed9t b\u00e0i ki\u1ec3m tra th\u1ef1c t\u1ebf v\u00e0 c\u1ef1c k\u1ef3 r\u1ee7i ro v\u1ec1 vi\u1ec7c li\u1ec7u nh\u1eefng g\u00f3c khu\u1ea5t t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p nh\u1ea5t\u00a0 c\u1ee7a m\u00f4 h\u00ecnh \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u1edf ra m\u1ed9t c\u00e1ch an to\u00e0n cho h\u00e0ng tri\u1ec7u ng\u01b0\u1eddi ti\u1ebft ki\u1ec7m th\u00f4ng th\u01b0\u1eddng hay kh\u00f4ng.<\/p>\n

M\u1ecdi c\u01a1n ho\u1ea3ng lo\u1ea1n l\u1edbn trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i<\/strong> \u0111\u1ec1u b\u1eaft \u0111\u1ea7u theo c\u00f9ng m\u1ed9t c\u00e1ch: vay m\u01b0\u1ee3n qu\u00e1 nhi\u1ec1u. N\u0103m 1929, \u0111\u00f3 l\u00e0 c\u00e1c kho\u1ea3n vay k\u00fd qu\u1ef9 (margin loans) – m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u b\u1ecb cu\u1ed1n h\u00fat v\u00e0o vi\u1ec7c mua c\u1ed5 phi\u1ebfu b\u1eb1ng ti\u1ec1n vay m\u01b0\u1ee3n, v\u00e0 h\u1ecd kh\u00f4ng th\u1ec3 l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c m\u1ed9t cu\u1ed9c suy tho\u00e1i. N\u0103m 2008, \u0111\u00f3 l\u00e0 c\u00e1c kho\u1ea3n vay n\u1ee3 mua nh\u00e0 d\u01b0\u1edbi m\u1ee9c chu\u1ea9n (subprime mortgages[20]<\/a>). H\u00e0ng tri\u1ec7u gia \u0111\u00ecnh tr\u00ean kh\u1eafp \u0111\u1ea5t n\u01b0\u1edbc M\u1ef9 ng\u1eadp trong n\u1ee3 n\u1ea7n, v\u00e0 nh\u00e0 c\u1eeda c\u1ee7a h\u1ecd c\u00f3 gi\u00e1 tr\u1ecb th\u1ea5p h\u01a1n c\u1ea3 s\u1ed1 ti\u1ec1n h\u1ecd \u0111\u00e3 b\u1ecf ra \u0111\u1ec3 mua ch\u00fang.<\/p>\n

Trong c\u1ea3 hai tr\u01b0\u1eddng h\u1ee3p, c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ec1u kh\u00f4ng c\u00f3 \u0111\u1ee7 ti\u1ec1n. V\u00e0o nh\u1eefng n\u0103m 1930, kho\u1ea3ng 9.000 ng\u00e2n h\u00e0ng \u0111\u00e3 ph\u00e1 s\u1ea3n. Sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng n\u0103m 2008, ch\u00ednh ph\u1ee7 Hoa K\u1ef3 \u0111\u00e3 c\u1ee9u m\u1ed9t s\u1ed1 ng\u00e2n h\u00e0ng l\u1edbn nh\u1ea5t kh\u1ecfi nguy c\u01a1 s\u1ee5p \u0111\u1ed5, s\u00e1p nh\u1eadp c\u00e1c ng\u00e2n h\u00e0ng kh\u00e1c v\u00e0 \u0111\u1ec3 kho\u1ea3ng 300 ng\u00e2n h\u00e0ng ph\u00e1 s\u1ea3n.<\/p>\n

V\u1eady hi\u1ec7n nay \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh n\u1eb1m \u1edf \u0111\u00e2u? N\u00f3 \u0111\u00e3 chuy\u1ec3n t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng sang m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u1edbi g\u1ecdi l\u00e0 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n (private credit) – c\u00e1c kho\u1ea3n vay tr\u1ef1c ti\u1ebfp cho c\u00e1c c\u00f4ng ty, kh\u00f4ng ph\u1ea3i do c\u00e1c ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng th\u1ef1c hi\u1ec7n m\u00e0 do c\u00e1c c\u00f4ng ty nh\u01b0 Apollo v\u00e0 KKR t\u1ea1o ra c\u00e1c qu\u1ef9 m\u1edbi r\u1ed3i sau \u0111\u00f3 cho vay l\u1ea1i. C\u00e1i t\u1eebng l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1eb7c bi\u1ec7t d\u00e0nh cho c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh gi\u1edd \u0111\u00e2y \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p tr\u1ecb gi\u00e1 2 ngh\u00ecn t\u1ef7 \u0111\u00f4 la, l\u1edbn kho\u1ea3ng g\u1ea5p n\u0103m l\u1ea7n so v\u1edbi n\u0103m 2009 – v\u1edbi c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m, qu\u1ef9 \u0111\u1ea7u t\u01b0 qu\u1ed1c gia v\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh h\u01b0u tr\u00ed \u0111\u1ed5 v\u00e0o. M\u1ed9t s\u1ed1 c\u00f4ng ty, nh\u01b0 Apollo, \u0111\u00e3 th\u00e0nh l\u1eadp c\u00f4ng ty b\u1ea3o hi\u1ec3m ri\u00eang \u0111\u1ec3 h\u1ecd c\u00f3 th\u1ec3 thu ph\u00ed b\u1ea3o hi\u1ec3m v\u00e0 \u0111\u1ea7u t\u01b0 ch\u00ednh s\u1ed1 ti\u1ec1n \u0111\u00f3 v\u00e0o c\u00e1c qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n c\u1ee7a ri\u00eang h\u1ecd.<\/p>\n

L\u1eddi h\u1ee9a h\u1eb9n r\u1ea5t \u0111\u01a1n gi\u1ea3n: l\u1ee3i su\u1ea5t cao h\u01a1n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u00f4ng, v\u1edbi m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng d\u01b0\u1eddng nh\u01b0 th\u1ea5p h\u01a1n v\u00ec c\u00e1c kho\u1ea3n vay \u0111\u01b0\u1ee3c gi\u1eef \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 “\u1ed5n \u0111\u1ecbnh” – ngh\u0129a l\u00e0, gi\u1ed1ng nh\u01b0 trong v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n (private equity), c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 c\u00f3 quy\u1ec1n quy\u1ebft \u0111\u1ecbnh m\u1ee9c \u0111\u1ecbnh gi\u00e1 t\u1ea1i b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o.<\/p>\n

M\u1eb7c d\u00f9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n (private credit) \u0111\u00e3 ph\u00e1t tri\u1ec3n ph\u1ea7n l\u1edbn ngo\u00e0i ph\u1ea1m vi qu\u1ea3n l\u00fd, c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd \u0111ang \u0111\u1ec3 \u00fd \u0111\u1ebfn. M\u1ed9t nghi\u00ean c\u1ee9u do chi nh\u00e1nh Fed (Ng\u00e2n h\u00e0ng D\u1ef1 tr\u1eef Li\u00ean bang) \u1edf Boston c\u00f4ng b\u1ed1 g\u1ea7n \u0111\u00e2y \u0111\u00e3 c\u1ea3nh b\u00e1o r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng “v\u1eabn ch\u1ecbu r\u1ee7i ro t\u00edn d\u1ee5ng gi\u00e1n ti\u1ebfp t\u1eeb c\u00e1c kho\u1ea3n vay t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, m\u1eb7c d\u00f9 h\u1ecd kh\u00f4ng tr\u1ef1c ti\u1ebfp t\u1ea1o ra ho\u1eb7c n\u1eafm gi\u1eef c\u00e1c kho\u1ea3n vay \u0111\u00f3”. N\u00f3i c\u00e1ch kh\u00e1c, ngay c\u1ea3 khi c\u00e1c kho\u1ea3n vay n\u1eb1m trong s\u1ed5 s\u00e1ch c\u1ee7a m\u1ed9t c\u00f4ng ty b\u1ea3o hi\u1ec3m ho\u1eb7c m\u1ed9t qu\u1ef9 t\u01b0 nh\u00e2n, h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng v\u1eabn ph\u1ea3i ch\u1ecbu tr\u00e1ch nhi\u1ec7m – th\u00f4ng qua c\u00e1c c\u01a1 s\u1edf cho vay, c\u00e1c bi\u1ec7n ph\u00e1p h\u1ed7 tr\u1ee3 thanh kho\u1ea3n v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh c\u00f3 c\u1ea5u tr\u00fac ph\u1ee9c t\u1ea1p. V\u00e0, nh\u01b0 nghi\u00ean c\u1ee9u c\u1ee7a Fed \u0111\u00e3 ch\u1ec9 ra, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u00e0y l\u00e0 “con dao hai l\u01b0\u1ee1i”: N\u00f3 c\u00f3 th\u1ec3 cung c\u1ea5p t\u00edn d\u1ee5ng trong th\u1eddi k\u1ef3 kh\u00f3 kh\u0103n v\u1ec1 v\u1ed1n, nh\u01b0ng c\u0169ng c\u00f3 th\u1ec3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho nh\u1eefng ng\u01b0\u1eddi vay c\u00f3 y\u1ebfu t\u1ed1 r\u1ee7i ro (risky borrower[21]<\/a>) vay m\u01b0\u1ee3n qu\u00e1 m\u1ee9c ngo\u00e0i kh\u1ea3 n\u0103ng khi ti\u1ec1n tr\u1edf n\u00ean r\u1ebb (l\u00e3i su\u1ea5t th\u1ea5p) v\u00e0 d\u1ec5 d\u00e0ng vay m\u01b0\u1ee3n.<\/p>\n

V\u00e0 r\u1ed3i l\u1ea1i xu\u1ea5t hi\u1ec7n m\u1ed9t v\u1ea5n \u0111\u1ec1 m\u1edbi: C\u0169ng gi\u1ed1ng nh\u01b0 c\u00e1c v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n (private equity) v\u00e0 v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (venture capital ) \u0111ang l\u00ean k\u1ebf ho\u1ea1ch khai th\u00e1c qu\u1ef9 h\u01b0u tr\u00ed c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ri\u00eang l\u1ebb, ng\u00e0nh t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n (private credit) c\u0169ng \u0111ang l\u00e0m v\u1eady – \u00a0m\u1ed9t l\u1ea7n n\u1eefa \u0111\u00f3ng g\u00f3i t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n v\u00e0o c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh b\u00e1n thanh kho\u1ea3n nh\u01b0ng l\u1ea1i \u0111\u01b0\u1ee3c h\u1ee9a h\u1eb9n l\u00e0 c\u00f3 t\u00ednh thanh kho\u1ea3n. Th\u00ed nghi\u1ec7m n\u1ed5i b\u1eadt nh\u1ea5t cho \u0111\u1ebfn nay \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 PRIV, m\u1ed9t qu\u1ef9 ETF c\u1ee7a qu\u1ef9 State Street \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 m\u1ed9t ph\u1ea7n b\u1edfi c\u00f4ng ty t\u00e0i ch\u00ednh Apollo. V\u00e0 c\u00f2n nhi\u1ec1u h\u01a1n n\u1eefa s\u1ebd \u0111\u01b0\u1ee3c tri\u1ec3n khai.<\/p>\n

Trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n, Lloyd Blankfein, c\u1ef1u gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ee7a Goldman Sachs, \u0111\u00e3 n\u00f3i v\u1edbi t\u00f4i: \u201cKhi ngh\u0129 v\u1ec1 m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh kh\u00e1c, ch\u00fa tr\u1ecdng th\u00edch h\u1ee3p l\u00e0 c\u00e1c t\u00e0i s\u1ea3n c\u00f3 t\u00ednh r\u1ee7i ro v\u00e0 \u0111\u00f2n b\u1ea9y \u1ea9n (hidden leverage[22]<\/a>). Nh\u01b0ng ch\u00fang ta c\u1ea7n ch\u00fa \u00fd h\u01a1n \u0111\u1ebfn c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 m\u1edbi \u0111\u00e3 v\u00e0 \u0111ang \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd thay th\u1ebf m\u1edf ra cho c\u00e1c t\u00e0i s\u1ea3n kh\u00f3 \u0111\u1ecbnh gi\u00e1 v\u00e0 k\u00e9m thanh kho\u1ea3n c\u1ee7a h\u1ecd.\u201d \u00d4ng n\u00f3i r\u1eb1ng c\u00e1c c\u00f4ng ty \u0111\u00e3 v\u1eadn \u0111\u1ed9ng h\u00e0nh lang \u1edf Washington \u0111\u1ec3 \u0111\u01b0\u1ee3c ph\u00e9p l\u00e0m t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y cu\u1ed1i c\u00f9ng c\u00f3 th\u1ec3 s\u1ebd ph\u1ea3i h\u1ed1i h\u1eadn. \u00d4ng n\u00f3i, \u201cn\u1ebfu h\u1ecd \u00e1p \u0111\u1eb7t t\u1ed5n th\u1ea5t cho Main Street (\u00fd n\u00f3i ng\u01b0\u1eddi d\u00e2n n\u00f3i chung) thay v\u00ec t\u1ed5n th\u1ea5t cho c\u00e1c t\u1ed5 ch\u1ee9c v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eb9o m\u1ef1c. H\u1ecd \u0111ang \u0111\u00e1nh gi\u00e1 th\u1ea5p s\u1ef1 khu\u1ebfch \u0111\u1ea1i r\u1ee7i ro c\u1ee7a m\u00ecnh,\u201d<\/p>\n

S\u1ef1 th\u1eadt l\u00e0 th\u1ecb tr\u01b0\u1eddng c\u00f3 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i \u0111\u00e1ng kinh ng\u1ea1c. Theo th\u1eddi gian, b\u1ea5t k\u1ef3 ai ch\u1ec9 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o s\u1ef1 th\u0103ng ti\u1ebfn h\u1ea7u nh\u01b0 lu\u00f4n \u0111\u01b0\u1ee3c \u0111\u1ec1n \u0111\u00e1p. \u0110\u00f3 l\u00e0 c\u00e2u chuy\u1ec7n \u0111\u00e3 di\u1ec5n ra t\u1eeb r\u1ea5t l\u00e2u tr\u01b0\u1edbc n\u0103m 1929. S\u1ef1 t\u0103ng tr\u01b0\u1edfng li\u00ean t\u1ee5c h\u00e0ng n\u0103m n\u00e0y \u0111\u00e3 khi\u1ebfn nh\u1eefng ng\u01b0\u1eddi c\u00f3 quan \u0111i\u1ec3m ho\u00e0i nghi d\u1ec5 d\u00e0ng b\u1ecb g\u1ea1t b\u1ecf ra ngo\u00e0i – nh\u01b0 nh\u1eefng ng\u01b0\u1eddi ch\u1eb3ng qua l\u00e0 kh\u00f4ng th\u1ec3 hi\u1ec3u \u0111\u01b0\u1ee3c s\u1ee9c m\u1ea1nh c\u1ee7a\u00a0 nh\u1eefng \u0111\u1ed5i m\u1edbi trong n\u1ec1n t\u00e0i ch\u00ednh – nh\u01b0 nh\u00e0 kinh t\u1ebf h\u1ecdc Roger Babson, ng\u01b0\u1eddi \u0111\u00e3 tuy\u00ean b\u1ed1 v\u00e0o m\u00f9a thu n\u0103m 1929: “S\u1edbm mu\u1ed9n g\u00ec m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng c\u0169ng s\u1ebd x\u1ea3y ra v\u00e0 s\u1ebd cu\u1ed1n ph\u0103ng c\u00e1c c\u1ed5 phi\u1ebfu cao nh\u1ea5t”. (Trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Babson, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 gi\u1ea3m trong th\u1eddi gian ng\u1eafn sau l\u1eddi c\u1ea3nh b\u00e1o c\u1ee7a \u00f4ng, r\u1ed3i l\u1ea1i t\u0103ng tr\u1edf l\u1ea1i tr\u01b0\u1edbc khi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng x\u1ea3y ra.) \u0110\u00f3 c\u0169ng ch\u00ednh l\u00e0 \u0111i\u1ec1u khi\u1ebfn cho vi\u1ec7c \u0111\u1ea7u c\u01a1 v\u1eeba h\u1ea5p d\u1eabn v\u1eeba \u0111\u1ed3ng th\u1eddi nguy hi\u1ec3m. Nh\u01b0ng \u0111i\u1ec1u kh\u00e1c bi\u1ec7t l\u00e0 ng\u00e0y nay ranh gi\u1edbi m\u1edbi nh\u1ea5t trong l\u0129nh v\u1ef1c\u00a0 t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 l\u00e1ch qua ch\u00ednh nh\u1eefng h\u00e0ng r\u00e0o b\u1ea3o v\u1ec7 \u0111\u01b0\u1ee3c t\u1ea1o ra sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh (n\u0103m 1929) gi\u00fap ng\u0103n ch\u1eb7n th\u1ea3m h\u1ecda trong g\u1ea7n m\u1ed9t th\u1ebf k\u1ef7.<\/p>\n

Nh\u1eefng ng\u01b0\u1eddi c\u00f3 xu h\u01b0\u1edbng tin m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh n\u00e0y t\u1ed1t \u0111\u1eb9p c\u00f3 l\u1ebd n\u00ean h\u1ecdc h\u1ecfi t\u1eeb danh h\u00e0i Groucho Marx v\u00e0o nh\u1eefng n\u0103m 1920. Tr\u01b0\u1edbc khi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng (1929) x\u1ea3y ra, ngay c\u1ea3 danh h\u00e0i n\u1ed5i ti\u1ebfng n\u00e0y c\u0169ng \u0111\u00e3 mua c\u1ed5 phi\u1ebfu k\u00fd qu\u1ef9 (stock on margin) v\u00e0 th\u01b0\u1eddng xuy\u00ean d\u00e0nh h\u00e0ng gi\u1edd t\u1ea1i c\u00f4ng ty m\u00f4i gi\u1edbi \u0111\u1ecba ph\u01b0\u01a1ng c\u1ee7a m\u00ecnh, chi nh\u00e1nh Newman Brothers & Worms \u1edf New York, \u0111\u1ec3 \u0111\u1ecdc b\u1ea3ng tin t\u00e0i ch\u00ednh.<\/p>\n

Khi anh th\u1eafc m\u1eafc h\u1ecfi gi\u00e1m \u0111\u1ed1c chi nh\u00e1nh \u0111\u1ea7u t\u01b0 v\u1ec1 s\u1ee9c m\u1ea1nh c\u1ee7a m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu, anh \u0111\u00e3 \u0111\u01b0\u1ee3c tr\u1ea3 l\u1eddi: “N\u00e0y, \u00f4ng Marx, \u0111\u00e2y l\u00e0 v\u1ea5n \u0111\u1ec1 l\u1edbn h\u01a1n c\u1ea3 hai ch\u00fang ta. \u0110\u1eebng ch\u1ed1ng l\u1ea1i n\u00f3. C\u1ee9 y\u00ean t\u00e2m r\u1eb1ng \u00f4ng s\u1ebd tr\u1edf th\u00e0nh m\u1ed9t ng\u01b0\u1eddi r\u1ea5t gi\u00e0u c\u00f3.”<\/p>\n

Sau v\u1ee5 s\u1ee5p \u0111\u1ed5, cu\u1ed1i c\u00f9ng Marx ph\u1ea3i th\u1ebf ch\u1ea5p nh\u00e0 \u0111\u1ec3 tr\u1ea3 n\u1ee3 vay k\u00fd qu\u1ef9. Anh t\u00ecm \u0111\u1ebfn ng\u01b0\u1eddi qu\u1ea3n l\u00fd v\u00e0 m\u1eafng nhi\u1ebfc \u00f4ng ta.<\/p>\n

“Ch\u1eb3ng ph\u1ea3i \u00f4ng l\u00e0 ng\u01b0\u1eddi \u0111\u00e3 n\u00f3i r\u1eb1ng kh\u00f4ng g\u00ec c\u00f3 th\u1ec3 sai l\u1ea7m – r\u1eb1ng ch\u00fang ta \u0111ang \u1edf trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u sao?” Groucho h\u1ecfi.<\/p>\n

“T\u00f4i ngh\u0129 l\u00e0 t\u00f4i \u0111\u00e3 sai,” v\u1ecb gi\u00e1m \u0111\u1ed1c chi nh\u00e1nh ng\u01b0\u1ee3ng ng\u00f9ng \u0111\u00e1p.<\/p>\n

“Kh\u00f4ng, t\u00f4i m\u1edbi l\u00e0 ng\u01b0\u1eddi ph\u1ea1m sai l\u1ea7m,” Marx \u0111\u00e1p tr\u1ea3. “T\u00f4i \u0111\u00e3 nghe l\u1eddi \u00f4ng.”<\/p>\n

Nguy\u1ec5n Trung D\u00e2n<\/strong><\/span><\/p>\n

D\u1ecbch v\u00e0 b\u1ed5 sung ch\u00fa th\u00edch<\/em><\/span><\/p>\n

 <\/p>\n

C\u1eadp nh\u1eadt.<\/strong><\/span> M\u1eddi anh ch\u1ecb xem th\u00eam b\u00e0i vi\u1ebft trong c\u00f9ng m\u1ea1ch c\u1ee7a anh Tr\u1ea7n Qu\u1ed1c H\u00f9ng<\/strong> n\u0103m 2023:<\/p>\n

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Financialization has increased economic fragility (T\u00e0i ch\u00ednh h\u00f3a \u0111\u00e3 l\u00e0m t\u0103ng th\u00eam s\u1ef1 mong manh c\u1ee7a kinh t\u1ebf):<\/span><\/strong><\/h2>\n<\/div>\n
https:\/\/www.atlanticcouncil.org\/blogs\/econographics\/financialization-has-increased-economic-fragility\/<\/a><\/div>\n
<\/div>\n
Ch\u00fa th\u00edch:<\/em><\/strong><\/div>\n

[1]<\/a> margin loans <\/strong>(Kho\u1ea3n vay k\u00fd qu\u1ef9):\u00a0 l\u00e0 m\u1ed9t h\u1ea1n m\u1ee9c t\u00edn d\u1ee5ng t\u1eeb m\u1ed9t c\u00f4ng ty m\u00f4i gi\u1edbi cho ph\u00e9p b\u1ea1n vay ti\u1ec1n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c \u0111i\u1ec1u ki\u1ec7n trong t\u00e0i kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p. Nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ch\u1ea5p thu\u1eadn c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng kho\u1ea3n vay cho nhi\u1ec1u m\u1ee5c \u0111\u00edch kh\u00e1c nhau, bao g\u1ed3m mua th\u00eam ch\u1ee9ng kho\u00e1n ho\u1eb7c s\u1eed d\u1ee5ng ti\u1ec1n m\u1eb7t cho c\u00e1c nhu c\u1ea7u kh\u00f4ng li\u00ean quan \u0111\u1ebfn \u0111\u1ea7u t\u01b0.<\/em><\/p>\n

[2]<\/a> investment trusts<\/strong> (qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u00edn th\u00e1c): l\u00e0 m\u1ed9t lo\u1ea1i qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3, n\u01a1i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 ph\u1ea7n trong qu\u1ef9 \u0111\u1ec3 \u0111\u1ea9y m\u1ea1nh ti\u1ebfp c\u1eadn v\u1edbi nhi\u1ec1u lo\u1ea1i h\u00ecnh \u0111\u1ea7u t\u01b0 kh\u00e1c nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu ho\u1eb7c b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/em><\/p>\n

[3]<\/a> mutual fund<\/strong> (qu\u1ef9 t\u01b0\u01a1ng h\u1ed7) nh\u01b0 m\u1ed9t r\u1ed5 \u0111\u1ea7u t\u01b0 (g\u1ed3m c\u00e1c c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu ho\u1eb7c c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c) \u0111\u01b0\u1ee3c m\u1ed9t nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh chuy\u00ean nghi\u1ec7p gi\u00e1m s\u00e1t. N\u00f3 cho ph\u00e9p b\u1ea1n ph\u00e2n b\u1ed5 ti\u1ec1n v\u00e0o nhi\u1ec1u kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u00e1c nhau, gi\u00fap qu\u1ea3n l\u00fd v\u00e0 gi\u1ea3m r\u1ee7i ro<\/em><\/p>\n

[4]<\/a> private equity<\/strong> (v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n) l\u00e0 m\u1ed9t lo\u1ea1i h\u00ecnh \u0111\u1ea7u t\u01b0 m\u00e0 c\u00e1c c\u00f4ng ty huy \u0111\u1ed9ng v\u1ed1n \u0111\u1ec3 mua l\u1ea1i v\u00e0 qu\u1ea3n l\u00fd c\u00e1c c\u00f4ng ty ch\u01b0a ni\u00eam y\u1ebft c\u00f4ng ho\u1eb7c t\u01b0 nh\u00e2n h\u00f3a c\u00e1c c\u00f4ng ty \u0111ang ni\u00eam y\u1ebft c\u00f4ng, nh\u1eb1m m\u1ee5c \u0111\u00edch b\u00e1n l\u1ea1i \u0111\u1ec3 ki\u1ebfm l\u1eddi, bao g\u1ed3m vi\u1ec7c gom ti\u1ec1n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, th\u01b0\u1eddng \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty t\u01b0, hay c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m.<\/p>\n

[5]<\/a> venture capital<\/strong> (v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m): l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n v\u00e0 l\u00e0 m\u1ed9t lo\u1ea1i h\u00ecnh t\u00e0i tr\u1ee3 cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 doanh nghi\u1ec7p nh\u1ecf c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n.<\/p>\n

[6]<\/a> private credit (<\/strong>T\u00edn d\u1ee5ng t\u01b0 nh\u00e2n): l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c cho vay m\u00e0 c\u00e1c b\u00ean cho vay phi ng\u00e2n h\u00e0ng, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n ho\u1eb7c c\u00e1c qu\u1ef9 chuy\u00ean bi\u1ec7t, cung c\u1ea5p kho\u1ea3n vay tr\u1ef1c ti\u1ebfp cho c\u00e1c doanh nghi\u1ec7p, th\u01b0\u1eddng l\u00e0 c\u00e1c doanh nghi\u1ec7p v\u1eeba v\u00e0 nh\u1ecf. C\u00e1c kho\u1ea3n vay n\u00e0y th\u01b0\u1eddng kh\u00f4ng \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang nh\u01b0 c\u1ed5 phi\u1ebfu ho\u1eb7c tr\u00e1i phi\u1ebfu, v\u00e0 th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi nhu c\u1ea7u c\u1ee7a ng\u01b0\u1eddi vay. <\/em><\/p>\n

[7]<\/a> Qu\u1ef9 401(k):<\/strong> l\u00e0 m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh ti\u1ebft ki\u1ec7m h\u01b0u tr\u00ed cho ph\u00e9p ng\u01b0\u1eddi lao \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 m\u1ed9t ph\u1ea7n ti\u1ec1n l\u01b0\u01a1ng c\u1ee7a m\u00ecnh v\u00e0o 1 qu\u1ef9 ch\u1ec9 d\u00e0nh h\u01b0u tr\u00ed sau n\u00e0y c\u1ee7a ng\u01b0\u1eddi lao \u0111\u1ed9ng. S\u1ed1 ti\u1ec1n n\u00e0y th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 m\u1ed9t ph\u1ea7n do c\u00f4ng ty thuy\u1ec3n d\u1ee5ng, ngo\u00e0i ra c\u00f2n \u0111\u01b0\u1ee3c ho\u00e3n h\u1eb7c mi\u1ec5n thu\u1ebf cho \u0111\u1ebfn khi \u0111\u01b0\u1ee3c r\u00fat ti\u1ec1n ra khi ngh\u1ec9 h\u01b0u (sau 59 tu\u1ed5i r\u01b0\u1ee1i). Ch\u1ec9 sau \u0111\u00f3 m\u1edbi \u00a0ph\u1ea3i ch\u1ecbu thu\u1ebf t\u00f9y thu\u1ed9c v\u00e0o lo\u1ea1i ch\u01b0\u01a1ng tr\u00ecnh<\/em>.<\/p>\n

[8]<\/a> private company<\/strong> (c\u00f4ng ty t\u01b0 nh\u00e2n) l\u00e0 nh\u1eefng c\u00f4ng ty ch\u01b0a ni\u00eam y\u1ebft tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n, tr\u00e1i v\u1edbi c\u00e1c c\u00f4ng ty \u0111ang giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 public company th\u01b0\u1eddng b\u1ecb gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd b\u1edfi lu\u1eadt l\u1ec7, gi\u1edbi truy\u1ec1n th\u00f4ng v\u00e0 c\u1ea3 c\u00f4ng ch\u00fang<\/em>.<\/p>\n

[9]<\/a> \u0110\u1ea1o lu\u1eadt Dodd-Frank<\/strong>: l\u00e0 m\u1ed9t \u0111\u1ea1o lu\u1eadt to\u00e0n di\u1ec7n \u0111\u01b0\u1ee3c th\u00f4ng qua n\u0103m 2010 \u0111\u1ec3 \u1ee9ng ph\u00f3 v\u1edbi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008. M\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a \u0111\u1ea1o lu\u1eadt n\u00e0y l\u00e0 c\u1ea3i thi\u1ec7n lu\u1eadt l\u1ec7 v\u1ec1 t\u00e0i ch\u00ednh, t\u0103ng c\u01b0\u1eddng tr\u00e1ch nhi\u1ec7m gi\u1ea3i tr\u00ecnh v\u00e0 minh b\u1ea1ch, v\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng kh\u1ecfi c\u00e1c h\u00e0nh vi t\u00e0i ch\u00ednh l\u1ea1m d\u1ee5ng …<\/em><\/p>\n

[10]<\/a> T\u00e1c gi\u1ea3 d\u00f9ng c\u1ee5m t\u1eeb c\u00f3 \u00fd ch\u1ec9 nh\u1eefng ng\u01b0\u1eddi b\u00ecnh th\u01b0\u1eddng hay \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n (Main Street) kh\u00e1c v\u1edbi gi\u1edbi t\u01b0 b\u1ea3n v\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh (Wall Street)<\/p>\n

[11]<\/a> Financial leverage (\u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh): l\u00e0 b\u1ea5t k\u1ef3 k\u1ef9 thu\u1eadt n\u00e0o li\u00ean quan \u0111\u1ebfn vi\u1ec7c vay v\u1ed1n \u0111\u1ec3 mua m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0. \u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh s\u1eed d\u1ee5ng ti\u1ec1n vay \u0111\u1ec3 t\u0103ng v\u1ed1n kh\u1ea3 d\u1ee5ng, do \u0111\u00f3 t\u0103ng ngu\u1ed3n v\u1ed1n kh\u1ea3 d\u1ee5ng cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 (c\u00f3 th\u1ec3 r\u1ee7i ro). N\u1ebfu th\u00e0nh c\u00f4ng, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn l\u1edbn. Tuy nhi\u00ean, n\u1ebfu kh\u00f4ng th\u00e0nh c\u00f4ng, s\u1ebd c\u00f3 nguy c\u01a1 kh\u00f4ng tr\u1ea3 \u0111\u01b0\u1ee3c n\u1ee3 vay.<\/p>\n

[12]<\/a> “everyday investors<\/strong> ” l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n s\u1eed d\u1ee5ng ti\u1ec1n c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ea7u t\u01b0. H\u1ecd th\u01b0\u1eddng \u0111\u1ea7u t\u01b0 s\u1ed1 ti\u1ec1n nh\u1ecf h\u01a1n v\u00e0 c\u00f3 th\u1ec3 l\u00e0 b\u1ea5t k\u1ef3 ai, kh\u00e1c v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ed5 ch\u1ee9c, nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd s\u1ed1 ti\u1ec1n l\u1edbn cho c\u00e1c qu\u1ef9 hay t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh. <\/em><\/p>\n

[13]<\/a> investment trusts<\/strong> (qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u00edn th\u00e1c): l\u00e0 m\u1ed9t lo\u1ea1i qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3, n\u01a1i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 ph\u1ea7n trong qu\u1ef9 \u0111\u1ec3 \u0111\u1ea9y m\u1ea1nh ti\u1ebfp c\u1eadn v\u1edbi nhi\u1ec1u lo\u1ea1i h\u00ecnh \u0111\u1ea7u t\u01b0 kh\u00e1c nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu ho\u1eb7c b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/em><\/p>\n

[14]<\/a> short-sellers<\/strong> (ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng) l\u00e0 nh\u1eefng ng\u01b0\u1eddi ki\u1ebfm l\u1eddi b\u1eb1ng c\u00e1ch vay c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty n\u00e0o \u0111\u00f3, b\u00e1n ngay l\u1eadp t\u1ee9c (khi c\u1ed5 phi\u1ebfu \u0111ang c\u00f3 gi\u00e1), r\u1ed3i mua l\u1ea1i khi gi\u00e1 th\u1ea5p h\u01a1n \u0111\u1ec3 tr\u1ea3 l\u1ea1i s\u1ed1 c\u1ed5 phi\u1ebfu h\u1ecd vay. H\u1ecd ki\u1ebfm l\u1eddi khi gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m, h\u01b0\u1edfng l\u1ee3i t\u1eeb ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 b\u00e1n ban \u0111\u1ea7u v\u00e0 gi\u00e1 mua l\u1ea1i th\u1ea5p h\u01a1n. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y ng\u01b0\u1ee3c l\u1ea1i v\u1edbi c\u00e1ch \u0111\u1ea7u t\u01b0 \u00a0truy\u1ec1n th\u1ed1ng, trong \u0111\u00f3 nh\u00e0 \u0111\u1ea7u t\u01b0 mua th\u1ea5p v\u00e0 b\u00e1n cao.<\/em><\/p>\n

[15]<\/a> private equity<\/strong> (v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n) l\u00e0 m\u1ed9t lo\u1ea1i h\u00ecnh \u0111\u1ea7u t\u01b0 m\u00e0 c\u00e1c c\u00f4ng ty huy \u0111\u1ed9ng v\u1ed1n \u0111\u1ec3 mua l\u1ea1i v\u00e0 qu\u1ea3n l\u00fd c\u00e1c c\u00f4ng ty ch\u01b0a ni\u00eam y\u1ebft c\u00f4ng ho\u1eb7c t\u01b0 nh\u00e2n h\u00f3a c\u00e1c c\u00f4ng ty \u0111ang ni\u00eam y\u1ebft c\u00f4ng, nh\u1eb1m m\u1ee5c \u0111\u00edch b\u00e1n l\u1ea1i \u0111\u1ec3 ki\u1ebfm l\u1eddi, bao g\u1ed3m vi\u1ec7c gom ti\u1ec1n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, th\u01b0\u1eddng \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty t\u01b0, hay c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m.<\/p>\n

[16]<\/a> private Investmenets<\/strong> (\u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n) l\u00e0 t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh n\u1eb1m ngo\u00e0i c\u00e1c t\u00e0i s\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u00f4ng khai nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu v\u00e0 ti\u1ec1n m\u1eb7t, nh\u01b0 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, t\u00e0i nguy\u00ean thi\u00ean nhi\u00ean, v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n, c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng v\u00e0 qu\u1ef9 \u0111\u1ea7u c\u01a1 \u2026<\/em><\/p>\n

[17]<\/a> endowments fund<\/strong> (qu\u1ef9 t\u00e0i tr\u1ee3) l\u00e0 m\u1ed9t kho\u1ea3n t\u00e0i tr\u1ee3 cho m\u1ed9t t\u1ed5 ch\u1ee9c phi l\u1ee3i nhu\u1eadn, duy tr\u00ec s\u1ed1 ti\u1ec1n g\u1ed1c trong khi s\u1eed d\u1ee5ng thu nh\u1eadp \u0111\u1ea7u t\u01b0 cho c\u00e1c m\u1ee5c \u0111\u00edch c\u1ee5 th\u1ec3 do nh\u00e0 t\u00e0i tr\u1ee3 x\u00e1c \u0111\u1ecbnh. H\u1ea7u h\u1ebft c\u00e1c qu\u1ef9 t\u00e0i tr\u1ee3 \u0111\u1ec1u c\u00f3 nh\u1eefng h\u1ea1n ch\u1ebf gi\u1edbi h\u1ea1n vi\u1ec7c s\u1eed d\u1ee5ng qu\u1ef9 trong ph\u1ea1m vi thu nh\u1eadp \u0111\u1ea7u t\u01b0 c\u1ee7a qu\u1ef9, kh\u00f4ng s\u1eed d\u1ee5ng ti\u1ec1n g\u1ed1c.<\/em><\/p>\n

[18]<\/a> sovereign wealth funds<\/strong> (qu\u1ef9 \u0111\u1ea7u t\u01b0 qu\u1ed1c gia) l\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 do nh\u00e0 n\u01b0\u1edbc s\u1edf h\u1eefu, qu\u1ea3n l\u00fd d\u1ef1 tr\u1eef th\u1eb7ng d\u01b0 c\u1ee7a m\u1ed9t qu\u1ed1c gia nh\u1eb1m t\u1ea1o ra l\u1ee3i \u00edch kinh t\u1ebf cho qu\u1ed1c \u00a0d\u00e2n. Qu\u1ef9 th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 b\u1edfi ngu\u1ed3n thu t\u1eeb xu\u1ea5t kh\u1ea9u h\u00e0ng h\u00f3a, d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i ho\u1eb7c th\u1eb7ng d\u01b0 ng\u00e2n s\u00e1ch<\/em>.<\/p>\n

[19]<\/a> Portfolio<\/strong> (danh m\u1ee5c \u0111\u1ea7u t\u01b0): Thu\u1eadt ng\u1eef “danh m\u1ee5c \u0111\u1ea7u t\u01b0” d\u00f9ng \u0111\u1ec3 ch\u1ec9 b\u1ea5t k\u1ef3 s\u1ef1 k\u1ebft h\u1ee3p n\u00e0o c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu v\u00e0 ti\u1ec1n m\u1eb7t. Danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ho\u1eb7c \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh, qu\u1ef9 \u0111\u1ea7u c\u01a1, ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh kh\u00e1c. M\u1ed9t nguy\u00ean t\u1eafc chung \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn l\u00e0 danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro, khung th\u1eddi gian v\u00e0 m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. Gi\u00e1 tr\u1ecb ti\u1ec1n t\u1ec7 c\u1ee7a m\u1ed7i t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn t\u1ef7 l\u1ec7 r\u1ee7i ro\/l\u1ee3i nhu\u1eadn c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n

[20]<\/a> subprime mortgages <\/strong>(n\u1ee3 mua nh\u00e0 d\u01b0\u1edbi m\u1ee9c chu\u1ea9n):\u00a0 l\u00e0 kho\u1ea3n vay mua nh\u00e0 d\u00e0nh cho ng\u01b0\u1eddi vay c\u00f3 l\u1ecbch s\u1eed t\u00edn d\u1ee5ng k\u00e9m ho\u1eb7c c\u00f3 \u0111i\u1ec3m t\u00edn d\u1ee5ng th\u1ea5p v\u00e0 kh\u00f4ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n \u201cchu\u1ea9n\u201d vay ti\u1ec1n mua nh\u00e0 th\u00f4ng th\u01b0\u1eddng. C\u00e1c kho\u1ea3n vay n\u00e0y \u0111i k\u00e8m v\u1edbi l\u00e3i su\u1ea5t v\u00e0 ph\u00ed cao h\u01a1n \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho r\u1ee7i ro v\u1ee1 n\u1ee3 gia t\u0103ng. <\/em><\/p>\n

[21]<\/a> Risky borrower (n<\/strong>g\u01b0\u1eddi vay c\u00f3 t\u00ednh r\u1ee7i ro) l\u00e0 ng\u01b0\u1eddi vay v\u1ed1n c\u00f3 kh\u1ea3 n\u0103ng v\u1ee1 n\u1ee3 cao h\u01a1n, d\u1ef1a tr\u00ean l\u1ecbch s\u1eed t\u00e0i ch\u00ednh v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c. Vi\u1ec7c cho vay nh\u1eefng c\u00e1 nh\u00e2n n\u00e0y mang l\u1ea1i r\u1ee7i ro t\u00edn d\u1ee5ng cao h\u01a1n cho c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh.<\/em><\/p>\n

[22]<\/a> hidden leverage<\/strong> (\u0110\u00f2n b\u1ea9y \u1ea9n) l\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh l\u00e0m t\u0103ng r\u1ee7i ro nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c ghi nh\u1eadn r\u00f5 r\u00e0ng tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00f4ng ty, khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u01a1 quan qu\u1ea3n l\u00fd kh\u00f3 ph\u00e1t hi\u1ec7n. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

LI\u1ec6U KH\u1ee6NG HO\u1ea2NG 1929 C\u00d3 TH\u1ec2 T\u00c1I DI\u1ec4N?   Cho \u0111\u1ebfn cu\u1ed9c \u0110\u1ea1i Kh\u1ee7ng ho\u1ea3ng, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 kinh t\u1ebf \u0111\u1ec1u b\u00e1m v\u00edu v\u00e0o quan \u0111i\u1ec3m v\u1ec1 ch\u1ee7 ngh\u0129a t\u01b0 b\u1ea3n nh\u01b0 m\u1ed9t h\u1ec7 th\u1ed1ng ho\u00e0n h\u1ea3o ho\u1eb7c g\u1ea7n nh\u01b0 ho\u00e0n h\u1ea3o. Quan \u0111i\u1ec3m \u0111\u00f3 kh\u00f4ng c\u00f2n b\u1ec1n v\u1eefng tr\u01b0\u1edbc n\u1ea1n th\u1ea5t nghi\u1ec7p h\u00e0ng<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/posts\/15018"}],"collection":[{"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/comments?post=15018"}],"version-history":[{"count":7,"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/posts\/15018\/revisions"}],"predecessor-version":[{"id":15029,"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/posts\/15018\/revisions\/15029"}],"wp:attachment":[{"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/media?parent=15018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/categories?post=15018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rosetta.vn\/nguyenxuanxanh\/wp-json\/wp\/v2\/tags?post=15018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}