Why are US preferred stocks underperforming right now?
In recent years, the US preferred stock market has been disappointing, with preferred stock ETFs (PFF) continuously declining since September 2022. As of August 1, 2023, the return has fallen to -15.16%. The sharp decline in US preferred stocks reflects the profound impact of global economic uncertainty, trade tensions, and slowing US economic growth on corporate performance. The high-interest-rate environment has further diminished the attractiveness of preferred stocks, leading investors to shift toward other investment tools.
What exactly are preferred stocks?
Preferred Stock is a unique investment instrument that combines features of stocks and bonds, offering advantages of both. US preferred stocks refer to such stocks issued on US stock exchanges. Due to their special rights structure, listed companies can issue various types of preferred stocks as needed. Currently, there are over 1,000 types in the market.

Have you ever experienced this? Confidently buying a stock or an asset, only to see the market move in the opposite direction, resulting in capital loss? According to market survey data, over 70% of investors have experienced at least one major loss event, which has become a common phenomenon in financial markets. What is truly alarming is not the failure itself, but the fact that many people repeatedly fall into similar traps. This article will analyze the fundamental reasons behind investment failures and provide practical strategies to avoid them, helping you make wiser decisions when the next opportunity arises.
The Seven Deadly Causes of Investment Failure
Emotion-Driven Trading Decisions
During market volatility, fear and greed amplify rational voices. Many investment failures point to the same culprit: loss of psychological control. When investors with weaker risk tolerance chase high-yield investment products during unstable market periods, they often trigger psychological panic amid short-term fluctuations, leading to blind chasing of gains or panic selling.

The rollercoaster movement of the British Pound has recently attracted the attention of many investors. From over a decade ago when 2 USD could buy 1 GBP, to the 2022 low of 1.08 USD, the depreciation of the GBP has exceeded 45%. Factors such as Brexit, the pandemic, and political turmoil have layered on top of each other, causing the once "safe haven" currency to seem to lose its shine. However, with changes in the global capital landscape, the GBP may迎來新的機遇 in 2025.
The Status of the GBP in the Global Forex Market
The British Pound (GBP) is the official currency of the United Kingdom, issued by the Bank of England, with the symbol £. As the fourth largest trading currency in the world, the GBP accounts for about 13% of daily forex trading volume, second only to the US dollar, euro, and Japanese yen.
In forex trading, the GBP/USD pair is the most popular GBP trading pair and one of the most liquid and tight-spread currency pairs globally. The UK’s main trading partners are Europe and the United States, so the euro/GBP pair is also significant.

The Yen Under Pressure: The Logic Behind the Rapid Rise in Exchange Rates
This week marks an important turning point in the market. The USD/JPY exchange rate surged to 157.78 on Thursday (November 20), just one step away from the 158.0 integer mark, reaching a new high since mid-January. Behind this sharp rally in the currency market reflects the complex interplay between Japan's fiscal and monetary policies.
At the same time, the yield on Japan's 10-year government bonds rose to 1.842%, hitting a phased high. Investors are massively selling Japanese bonds and yen, driving the USD/JPY higher. This phenomenon is not accidental—it directly stems from market expectations adjustments regarding Japan's future policy directions.
Economic Weakness vs. Fiscal Expansion: The Contradictory Dilemma
Data released on Monday (November 17) showed that Japan's Q3 GDP contracted by 1.8% annualized quarter-on-quarter, marking the first negative growth in six quarters. While economic growth remains sluggish, Japan's government

Stock market fluctuations are normal; both major players and retail investors inevitably face losses. However, statistical data shows that retail investors experience losses more frequently and with greater magnitude than institutional investors. Where exactly is the problem? This article outlines common retail investor loss traps and provides practical solutions to help you reduce mistakes in the stock market.
Why are retail investors more prone to losses? Seven deadly weaknesses
Lack of fundamental research, blindly following trends to buy
Many retail investors enter the market unprepared, knowing nothing about the company's business, financial status, and relying solely on intuition or hearsay to buy stocks. This approach is no different from gambling. The result is that they don't understand why the stock rises or falls, and ultimately fall into a "long-term trapped position"—suffering losses but unwilling to cut losses, allowing the loss to expand. The correct approach is to thoroughly research the company's profit model, industry position, and financial health before buying.

In recent years, the global gold market has experienced increased volatility, with central banks reaching new highs in holdings, making gold an important hedging tool. Spot gold, with its low barrier and high flexibility, is suitable for Taiwanese investors to participate. Investors can profit from price differences through leveraged trading and flexible operations, but they need to pay attention to costs and risk management. Choosing legitimate platforms and using demo accounts to familiarize oneself with the trading process are key.

This week's market sentiment has shifted to cautious, with the US dollar index rising, benefiting from strong US economic data and concerns over the AI valuation bubble. The euro remains under pressure, with the exchange rate falling to 1.1589. Federal Reserve officials' comments suggest that interest rates may remain unchanged, further supporting the dollar. European manufacturing data shows a decline in confidence. From a technical perspective, if EUR/USD breaks below 1.1550, there will be greater downside risk, and traders should exercise caution in managing risk.

Silver market heat is intense—what investors need to know about the current background
The silver market in 2025 has written a historic chapter. Driven by the Federal Reserve's policy shift, ongoing global supply chain tightness, and the United States officially including silver in the critical minerals list, the London spot silver price officially broke above $60/oz on December 9, and subsequently hit a new high of $64.6/oz, with the annual increase exceeding 100%. This performance not only far surpasses gold's 60% increase during the same period but also significantly outperforms the Nasdaq Composite Index by about 20 percentage points. International investment bank UBS expects the target price for 2026 to remain in the $58 to $60 range, with even the possibility of reaching $65.
Faced with such a strong market trend, many Taiwanese investors are beginning to consider entry strategies. Compared to the cumbersome process of physical silver (which involves storage, insurance, verification, and other costs), silver ETFs, due to their ease of purchase and sale, and good liquidity, are gradually becoming

Is it really cost-effective to exchange Japanese Yen now? As of December 2025, the TWD to JPY exchange rate has risen to 4.85, up 8.7% from 4.46 at the beginning of the year. If you're planning to travel abroad or want to hedge with JPY, this real-world comparison test can save you over NT$1,500.
Why is it worth exchanging JPY now?
The Japanese Yen is not just a travel currency; it plays a key role in the global financial markets. When stock markets plummet or geopolitical tensions rise, funds often flow into safe-haven assets like the Yen—during the Russia-Ukraine conflict in 2022, the Yen appreciated 8% in one week, while stock markets fell 10%. For Taiwanese, exchanging some Yen adds an extra layer of protection for your assets.
Additionally, the Bank of Japan has just entered an interest rate hike cycle. Governor Ueda and his hawkish stance have pushed market expectations of rate hikes to 80%, with a potential increase to 0.75% on December 19 (a 30-year high). This policy shift has driven the Yen's strength, with USD/JPY from the beginning of the year...

The Taiwan stock market index fluctuated and consolidated today, but one group stood out by going against the trend—BBU concept stocks collectively launched an attack. Among them, Kabary(3323), Xingnenggao(6558), and Xisheng(3625) all lit up with limit-up gains, with Kabary even breaking through with increased volume, closing at 44.65 yuan and locked in. The entire related industry chain is on the rise, indicating that capital with volume has already entered early to position.
What is BBU? Why has it suddenly become a focus?
BBU (Battery Backup Unit) is essentially an emergency power supply device with built-in batteries. When the main power suddenly cuts out, it can instantly provide backup power, giving critical equipment time to save data or shut down safely, making it the last line of defense in power systems.
In the past, BBUs were mainly used in communication equipment, but now the situation has changed. With the explosive expansion of AI servers and data centers, these high-power-consuming devices have extremely high requirements for power stability.

Is now a good time to exchange to Japanese Yen?
On December 10, 2025, the TWD/JPY exchange rate reached 4.85, up about 8.7% from 4.46 at the beginning of the year. This exchange rate level is not considered low for Taiwanese investors, but from a risk hedging perspective, it is an ideal time to gradually build positions.
The Bank of Japan Governor Ueda Kazuo has signaled a hawkish stance, and the market expects a rate hike to 0.75% on December 19 (a 30-year high). Japanese bond yields have climbed to a 17-year high of 1.93%. After the US entered a rate-cutting cycle, the yen, as one of the three major safe-haven currencies (alongside the US dollar and Swiss franc), is attracting capital. In the second half of the year, Taiwan’s foreign exchange demand increased by 25% compared to the beginning of the year, mainly driven by two factors: tourism recovery and risk hedging.
Key observation: Short-term exchange rates fluctuate between 154-156, with medium- to long-term forecasts predicting a drop below 150. However, closing arbitrage positions may cause a 2-5% volatility. It is recommended to gradually build positions.

2024 US CPI Release Schedule
Investors must precisely track the US CPI release times, as this data often triggers significant asset price fluctuations. As an important indicator of the US Consumer Price Index, each CPI release can rewrite market expectations.
The US CPI is released on the first business day of each month or the nearest business day, with specific times varying due to time zone conversions:
- During Daylight Saving Time (mid-March to early November): 20:30 Taiwan time
- During Standard Time (mid-November to mid-March): 21:30 Taiwan time
The complete CPI release schedule for 2024 is as follows (Taiwan time):
| Month | Date | Release Time |
|-------|-------|--------------|
| January | 11th | Evening

Recently, the euro against the US dollar (EUR/USD) has performed strongly, with a quote of 1.1637 as of December 3rd, marking the eighth consecutive trading day of gains. Meanwhile, the US dollar index also failed to reverse its downward trend, reporting at 99.24, down 0.08%, marking the ninth consecutive day of decline. What market logic might be behind all this?
12月 is the "traditionally weak month" for the US dollar
Historical patterns may provide some answers. According to data from the past ten years, the US dollar index has declined in December in 8 of those years, with a probability of 80%, and an average decline of 0.91%. This makes December the worst-performing month for the US dollar throughout the year. From this perspective, the current performance of the dollar is not accidental but a continuation of its seasonal characteristics.
Based on the average historical decline, the US dollar index still has room to fall further this month. Deutsche Bank macro strategist Tim Baker's view

Financial markets are always full of variables. From the outbreak of the pandemic causing a crash in the US stock market to rising geopolitical risks, whenever extreme market conditions occur, investors seek safe-haven assets that can hedge risks. In essence, hedging involves shifting to assets that are relatively resistant to declines and highly liquid during periods of market instability to protect capital.
Top 5 Safe-Haven Currencies Overview
USD — The Traditional King of Safe-Havens
As the global reserve currency, the US dollar holds an unparalleled position. Whenever the market fluctuates, investors tend to increase their USD holdings. Although the US dollar index fluctuates with economic cycles, its global recognition and liquidity ensure its core role in investment portfolios.
JPY — The Cradle of Carry Trade
The Japanese yen has maintained low interest rates for a long time, making it highly favored in the forex market. Investors often borrow yen to invest in high-yield currencies to earn interest rate differentials. At the same time, the yen is highly liquid, allowing investors to close positions at any time, making it a traditional safe-haven asset.

This article introduces the basic concepts of stock technical analysis and the four main indicators, including Moving Averages, Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Stochastic Oscillator (KD). These tools help investors assess market trends and provide practical application suggestions. However, investors should combine fundamental and market analysis to improve decision accuracy and reduce risks.

Understanding the British Pound: The Fourth Largest Trading Currency Globally
The British Pound (GBP), as the official currency of the United Kingdom, is issued by the Bank of England and holds a significant position in the global foreign exchange market. According to trading data, the British Pound accounts for approximately 13% of the daily trading volume in the forex market, second only to the US Dollar, Euro, and Japanese Yen, making it one of the most liquid currencies worldwide.
The UK’s main trading partners are Europe and the United States, so the most closely watched currency pairs include EUR/GBP and GBP/USD. Among these, the GBP/USD is one of the most traded currency pairs in the forex market, attracting significant investor attention. In the GBP/USD quote, the base currency is the British Pound, and the quote currency is the US Dollar. The number indicates how many US Dollars are needed to exchange for one British Pound.
Market Characteristics of GBP/USD
The British Pound, as the third largest component of the US Dollar Index (with a weight of 11.9%), has unique characteristics in the market.

Why is the Japanese Yen now becoming a focal point?
In December 2025, the NT$ to JPY exchange rate reached 4.85, hitting a yearly high. This trend has not only attracted the attention of travelers but also sparked a risk-averse wave among investors. Compared to the exchange rate of 4.46 at the beginning of the year, the yen has appreciated by about 8.7%—meaning those holding yen assets are already enjoying currency exchange benefits.
Why has the yen become one of the world's three major safe-haven currencies?
During periods of global economic turbulence, capital tends to flow into the yen, US dollar, and Swiss franc. During the Russia-Ukraine conflict in 2022, the yen appreciated by 8% within a week, while the stock market fell by 10%, demonstrating the yen's safe-haven value. For Taiwanese investors, allocating assets in yen not only hedges against Taiwan stock risks but also protects assets under the pressure of NT$ depreciation.
At the same time, the Bank of Japan's monetary policy is shifting. Governor Ueda Kazuo recently signaled a hawkish stance, and the market expects the December 19 meeting to...

Apple announced the Apple Intelligence project in June 2024, which led to a significant surge in the stock prices of related suppliers. This market movement has caused many investors to start paying attention to the investment value of Apple-related stocks. What exactly are Apple-related stocks? How can one profit from the expansion of Apple's supply chain? This article will provide a detailed analysis.
What are Apple-related stocks?
Apple-related stocks refer to shares associated with Apple's business operations, mainly divided into two categories: first, companies within Apple's supply chain, including component manufacturers, assembly plants, and contract manufacturers; second, companies that have business collaborations with Apple, such as product sales and technology licensing partners.
These stocks are characterized by their performance being highly correlated with the sales of Apple products. Every year, Apple publicly releases a list of the top 200 global suppliers. Companies on this list often enjoy the benefits of stock price increases, while those removed from the list face downward pressure on their stock prices. For example, ZTE

NVIDIA Stock Performance Amid Market Changes
Entering the second half of 2024, NVIDIA's stock has exhibited typical high volatility. In mid-June, the company's market capitalization reached a peak of $3.34 trillion, once becoming the world's largest company by market value, surpassing Apple and Microsoft. However, the stock price subsequently experienced a significant correction, falling over 20% by the end of June, marking the worst monthly performance since September 2022, with a loss of nearly $800 billion in market value.
By the end of the third quarter, NVIDIA's stock began to rebound. As of mid-October, the monthly increase reached 25%, with the stock price climbing to around $134.80, just shy of the previous high of $135.58. This rally has driven a recovery across the entire tech supply chain, benefiting related upstream companies.
Core Logic of NVIDIA Concept Stocks
What are NVIDIA concept stocks? Since NVIDIA adopts a fabless model, focusing on chip design and technology development, actual manufacturing and packaging are outsourced to third-party foundries.