Fu Peng's 2026 closed door meeting has a lot of information! Please keep a low profile and watch it repeatedly! I think he is the person who understands level two the most and is also the economist who is most sensitive to technological and productivity changes. Directly listing important viewpoints, the content is not extensive, but for investment in 2026, not a single word is redundant: 1) When it comes to the 2024 Nobel Prize in Economics, Asimoglu mentioned his AJR model. Fu Peng used his approach to understand the AJR model, which revolves around the relationship between productivity, production relations, and institutions. The problems we are currently facing are all related to production relations and systems, including real estate issues, consumption issues, debt issues, and Sino US issues. 2) The current issues of effective demand, price, internal competition, and real estate are all mismatches in production relations. More and more mismatched production relations are making society increasingly unstable. This indicates that there is a huge risk in the two parts of the gear, and the only solution is the advancement of technology, that is, the improvement of productivity. The whole world has great hope for the embrace of technology, One hundred years is the power revolution, automation, and assembly line; Fifty years ago, it was the semiconductor, the computer, and the subsequent software revolution. Is our bet on GPT, physical fitness, or commercial aerospace this time? 3) Fu Peng talked for 15-16 years, and two huge things will be recorded in history in the future. The first one is Musk's SpaceX launch failure, with tears in his eyes, but it is a commemoration of human civilization daring to challenge and subvert the world. The second one is Wood Sister. Before 2015, she was a seller and a classic PPT. She told everyone about all the possible technological paths of human civilization and told Sister to give me the money so that I could invest. The emergence of disruptive funds is an important matter. She is more like a primary investor in the secondary market. 4) Huge technological innovation needs foam and venture capital. The current venture capital is the kings and nobles who have supported Columbus' voyages for hundreds of years. Capital - technology - enterprise - productivity - socio-economic development, capital is a part of inclusive systems in this chain. 5) The current situation is very similar to a debate that Lin Yifu had in 2003, where whether investing in infrastructure is debt or building roads before becoming rich depends on whether the investment can stimulate production relations. Is it a foam? Can investing in infrastructure bring investment returns? It's very similar to back then, there are only two results this year. Musk said that in the next 15-18 months, we will know whether the technological revolution is driving production relations or whether this revolution has been fake since 2015. 6) The first thing at present is that the competition between China and the United States is focused on solving the problem of productivity, but the progress of productivity cannot solve all problems, so the second thing is to constantly solve the problem of production relations. In the next three years, global assets will only have two outcomes: Falsification (Hell Mode): The application cannot run. Trillion dollar AI infrastructure has become a bad debt, similar to China's ineffective infrastructure debt in the past. The collapse of the US stock market has led to the depletion of global assets and liquidity. Proof (Paradise Mode): the application end explodes (similar to the Internet's transition from infrastructure to application in the same year). The successful transformation of productivity into production relations promotes the reconstruction of the global financial and trade order (such as BTC being included in reserves, decentralized financial order, etc.). This is the history we will witness in 2026.