After everyone had breakfast, they underwent the last day's trial.

"Are you going to separate today?"

Not long after leaving the camp, Yan Ruxue found Yin Rufeng and discussed: "If you are not sure, it is better to be careful!"

She didn't want Yin Rufeng to take risks, especially when she was uncertain.

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

"casual!"

Yin Rufeng spread his hands and said, "Today I will listen to your words. It doesn't matter whether you want to separate or not."

He wanted to create an opportunity to solve Long Aotian and Lin Shaoyang earlier, but there was no reason to let Yan Ruoxue, Hua Yourong, and Hua Zhihui take the risk with him.

"separate!"

Hua Zhihui said decisively: "I let them escape by chance yesterday, but I may not dare to come back today. If I really want to come, I will deal with them neatly!"

She and Hua Yourong were not very clear about the real situation yesterday. They thought that everything was under Yin Rufeng's control, so he injured the enemy hiding in the mountains and forests as soon as he took action.

"Okay!"

Hua Yourong immediately agreed: "If he hadn't discovered it in time yesterday, we wouldn't have known that someone was secretly plotting against the wrongdoing. It would be better for people like this to solve it earlier. If you don't sleep, you'd feel uneasy!"

She thought, fortunately there was Yin Rufeng there yesterday, so nothing happened; if they were not solved as soon as possible, who would know when they would deal with them?

Yan Ruoxue saw that Hua Yourong’s sisters agreed, so it was hard to say anything else.

She did not tell the truth about the Hua Yourong sisters, and it would only make them worry. It would be useless, so they were divided into two teams.

Now that things have come to this point, Yan Ruoxue only hopes that Lin Shaoyang and Long Aotian will not dare to act rashly today after being injured by Yin Rufeng yesterday.

"rest assured!"

Seeing that Yan Ruxue looked a little solemn, Yin Rufeng comforted her: "Don't worry too much. As long as I no longer underestimate the enemy, they will have no chance to get close."

He did not use his super perception skills yesterday, and he could sense danger at critical moments. Today, he learned a profound lesson, so where would he repeat the same mistakes?

Yesterday, screams came from the forests. Yin Rufeng used his super-sensory perception and knew everything in the forests. Because of this, he was very confident that he could perceive the hidden person.

"or……"

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

She decided to use Hua Yourong and Hua Zhihui as bait. Even if someone really wants to deal with them, they will probably not hurt them. In this way, Yin Rufeng can reduce the danger and ambush the enemy better.

"so……"

Yin Rufeng hesitated and said, "You are very dangerous, it's a bit inappropriate!"

He can also protect them when he is with them, and he can be swallowed up at any time.

"What are you afraid of?"

Hua Zhihui said disrespectfully: "It's not that you are still by your side. I missed this opportunity. I don't know when I will be worried."

Although she did not find anyone in the forest yesterday, she still had a trump card that was useless. At critical moments, she could even burn people to death.

"That's OK!"

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

No matter how hard he said it, in fact, he didn't dare to be careless at all. He tried to go to those flat places. Even without super-sensing, he would not let others sneak around.

"You said that the corpse outside the Death Valley is Lin Shaoyang's senior brother. Will there be many people?"

Seeing this, Yan Ruoxue nodded slightly. She knew Yin Rufeng’s thoughts and said with a little concern: “What if there are many of them, wouldn’t they take risks?”

She understood Yin Rufeng's ability, and it should not be difficult to confront Long Aotian and Lin Shaoyang head-on. She was afraid that Lin Shaoyang would bring a lot of people to siege.

"It's indeed possible!"

Yin Rufeng said seriously: "If you face the enemy head-on, one or ten will be almost the same."

He has many skills to use, no matter one or ten, it can be solved.

"Then try to be careful!"

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

She didn't want to say anything more, so as not to worry about Hua Yourong and Hua Zhihui for no reason, but just hoped that Yin Rufeng could recognize the reality.

They didn't find anyone in the forest yesterday. If someone hadn't let out a scream, they wouldn't have known that there were people hiding in the forest at all.

"fine!"

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

After saying that, they walked towards the depths of Kunlun Mountain.

Along the way, Yin Rufeng did not notice any abnormality, but he still did not dare to be careless at all. He tried to take Yan Ruoxue, Hua Yourong, and Hua Zhihui to a flat and open place.

Once the super perception is about to disappear, they will temporarily stay in the open place to avoid ambushing by the enemy.

As for the results of this trial, Yin Rufeng and others didn't care. It didn't matter whether it was good or bad.

Hua Zhihui unexpectedly obtained the Chaos Fire Spirit Pearl, and Yin Rufeng also successfully obtained the Chaos Thunder Spirit Pearl. They can say that this trip is worthy.

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

"What? What's the discovery?"

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

She found that Yin Rufeng was very serious along the way, and so far, it was the first time she saw him showing a long-lost joy.

"no!"

Yin Rufeng shook his head gently: "I found a good thing, I hope it can improve your strength!"

He sensed that the Chaos Demon Spirit Pearl was constantly restless, and there should be something that it was very interested in nearby.

It is conceivable that the Chaos Demon Spirit Pearl will cause such abnormal movements, and it must be a rare treasure.

"Can we improve our strength?"

Hua Yourong looked confused and said in confusion: "What is it?"

When she came to the National Special College, she realized how important her strength was. Hua Yourong had never thought about bullying others, but just wanted to protect herself and her family. If she had the opportunity to become stronger, of course she wanted to.

Hua Yourong knew that Yin Rufeng had many special abilities and believed in his words.

"Now, I'm not sure yet!"

Yin Rufeng smiled: "You guys are here, I'll go and have a look!"

He just sensed the restlessness of the Chaos Demon Spirit Pearl and was not sure what it was.

After a while, Yin Rufeng handed his locator to Yan Ruoxue, let Yan Ruoxue, Hua Yourong and Hua Zhihui stayed in an open area, and he walked straight ahead.

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

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

Yin Rufeng used his super perception and did not find any abnormalities nearby, so he used the earth escape technique to drill underground.

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

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

The spiritual veins are formed by the condensation of spiritual energy. You can imagine how precious they are.

In the city, even a trace of spiritual energy is rare. This is why practitioners usually do not live in the city, but choose to live in a blessing land with abundant spiritual energy, so that they can achieve twice the result with half the effort.

Later, the US stock market started a long bull era for 11 years: starting from March 6, 2009, as of the end of February when the outbreak of the **** epidemic in the United States this year, the US S&P 500 index rose by 408%, the Dow Jones Industrial Average rose by 357%, and the Nasdaq rose by 669%.

Therefore, to a certain extent, Buffett's investment choice is a weather vane and barometer of the US economy. As the turbulent 2020 is about to end, we may see the future trend of the US economy from the investment choice of the "Stock God".

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

However, shortly afterwards, with the overall epidemic prevention and control in the United States, Buffett immediately changed his investment logic and "cut off" all airline stocks (the four major American airlines, namely American Airlines, Delta, Southwest Airlines and United Airlines). At the shareholders' meeting held by Berkshire Hathaway on May 3 this year, Buffett said: "The aviation industry is a very challenging and difficult industry, especially under the current situation. Now, everyone is told not to fly and not to travel anymore. We don't know what trends all businesses will develop in the future."

Later facts proved that as the epidemic broke out in the United States, the U.S. aviation industry suffered an unprecedented blow. Data released by the International Air Transport Association showed that due to the impact of the epidemic, global airline passenger revenue may decrease by US$314 billion in 2020, a year-on-year decrease of 55%. The degree of decline in the U.S. aviation industry is unprecedented. Nichos Calio, CEO of the U.S. Air Transport Association, said that the number of passengers booked by American airlines fell by nearly 100% year-on-year.

In July this year, Buffett spent $9.7 billion to purchase Dinion Energy, including 7,700 miles of natural gas transportation pipelines and 9,000 cubic feet of natural gas storage space. In fact, as early as 2016, Buffett expressed his desire to build his own energy industry. In 2017, Berkshire Hathaway launched a acquisition plan for Oncor Electric Power. However, the market's pursuit of energy stocks at that time led to its high prices, and Buffett did not pursue the wind. This year, the United States experienced the double blow of the epidemic and global oil production increased.

Energy companies also face the same fate as aviation companies. However, unlike the pessimistic expectations of the aviation industry, Buffett is willing to continue to invest in the two traditional industries of energy and railways. He also repeatedly stated that energy and railways are two industries that require a lot of capital, and are also the best choice to fight inflation. Now, Buffett holds the upstream industrial assets of oil exploration and mining rights in his left hand (Oxley Petroleum Company) with the right hand, and transportation pipelines and storage space and midstream industrial assets of railways in his right hand. Buffett's energy empire framework has gradually surfaced.

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

It is interesting that in 2018, at the Berkshire Hathaway shareholders' meeting, Buffett compared the return rate of investment in stocks and gold since 1942, and the return rate of stocks is far higher than that of gold. Buffett therefore advises investors: "It is better to speculate in gold than stocks." So, at this moment, why did Buffett suddenly enter the gold field and buy gold companies?

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

In 1999, Buffett published an article in Fortune magazine, pointing out that there are two important variables that affect investment results, namely "interest rate" and "profit". Interest rate and investment are just like gravity is about objects. The higher the interest rate, the lower the return on investment. The profit of a company is another important variable.

This year, due to a series of measures such as the lockdown caused by the epidemic, American companies are constantly "deathing". According to CCTV Finance, S&P Global Market Intelligence Statistics, as of October 4 this year, there were 504 large-scale companies in the United States filing for bankruptcy, exceeding the number of bankruptcy applications in any comparable period since 2010. Among the companies filing for bankruptcy, consumer, industrial and energy companies account for the majority. On September 30 this year, the latest data released by the U.S. Department of Commerce showed that in the second quarter of this year, personal consumption expenditure, which accounted for about 70% of the total US economy, fell by 33.2%. Among them, service expenditure fell by 41.8% due to the impact of the **** epidemic. In the consumer industry, the US catering industry will overall lose US$240 billion, equivalent to over one trillion yuan. In order to bring the economy back on track, the Federal Reserve may continue to launch more radical policies, such as negative interest rates and quantitative easing policies that are larger than now.

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

So, what are the consequences of this practice?

First of all, the long-term low interest rates in the United States, especially the negative interest rate policy, will directly lead to a sharp depreciation of the US dollar. When the US dollar directly leads to a sharp increase in its money supply due to quantitative easing policies, investors who originally held US Treasury bonds will also use this cheap dollar to invest in countries with still high interest rates overseas.

Secondly, negative interest rates will destroy the financial world of the United States. The first thing to be affected is banks. Under normal models, when the central bank's interest is still "positive", banks can make profits through the interest spread between lending interest and deposit interest, and constantly lending and leveraging. However, when the interest rate changes from positive to negative, banks will curb their willingness to leverage under normal circumstances. In order to increase their income, banks will turn to issuing derivatives and investing in high-risk assets.
Chapter completed!