B&#7897; tr&#432;&#7903;ng T&agrave;i ch&iacute;nh Scott Bessent ti&#7871;p t&#7909;c k&ecirc;u g&#7885;i ch&#7845;m d&#7913;t vi&#7879;c giao d&#7883;ch ch&#7913;ng kho&aacute;n c&#7911;a Qu&#7889;c h&#7897;i, nh&#7845;n m&#7841;nh l&#7907;i nhu&#7853;n v&#432;&#7907;t tr&#7897;i c&#7911;a c&aacute;c nh&agrave; l&#7853;p ph&aacute;p, v&#432;&#7907;t xa c&aacute;c ch&#7881; s&#7889; th&#7883; tr&#432;&#7901;ng chung.
N&#259;m 2024, danh m&#7909;c &#273;&#7847;u t&#432; c&#7911;a Ch&#7911; t&#7883;ch &#7910;y ban T&agrave;i ch&iacute;nh Th&#432;&#7907;ng vi&#7879;n Ron Wyden t&#259;ng 123.8%, so v&#7899;i m&#7913;c t&#259;ng 24.9% c&#7911;a S&amp;P 500, trong khi danh m&#7909;c &#273;&#7847;u t&#432; c&#7911;a Ch&#7911; t&#7883;ch H&#7841; vi&#7879;n Nancy Pelosi &#273;&#7841;t l&#7907;i nhu&#7853;n 70.9%.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bessent-urges-end-to-congressional-trading-as-house-leaders-see-outsized-returns">Bessent k&ecirc;u g&#7885;i ch&#7845;m d&#7913;t giao d&#7883;ch c&#7911;a Qu&#7889;c h&#7897;i khi c&aacute;c l&atilde;nh &#273;&#7841;o H&#7841; vi&#7879;n thu l&#7907;i nhu&#7853;n v&#432;&#7907;t tr&#7897;i</h2>

<a href="https://vn.beincrypto.com/us-china-trade-bitcoin-november-2025/" target="_blank" rel="noreferrer noopener">C&#7843;nh b&aacute;o c&#7911;a Scott Bessent</a> &#273;&#432;&#7907;c &#273;&#432;a ra trong b&#7889;i c&#7843;nh c&aacute;c nh&agrave; qu&#7843;n l&yacute; t&agrave;i s&#7843;n &#273;ang gi&#7919; v&#7883; th&#7871; mua l&#7899;n k&#7927; l&#7909;c tr&ecirc;n c&#7893; phi&#7871;u M&#7929;. T&#7927; l&#7879; n&#7855;m gi&#7919; v&#7883; th&#7871; mua r&ograve;ng h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai S&amp;P 500 &#273;&atilde; &#273;&#7841;t 49%, g&#7847;n v&#7899;i m&#7913;c cao l&#7883;ch s&#7917;.
C&aacute;c chuy&ecirc;n gia cho r&#7857;ng s&#7921; giao thoa gi&#7919;a tr&#7841;ng th&aacute;i th&#7883; tr&#432;&#7901;ng c&#7921;c &#273;oan v&agrave; s&#7913;c &eacute;p ch&iacute;nh tr&#7883; ng&agrave;y c&agrave;ng t&#259;ng &#273;ang &#273;&#7863;t ra nhi&#7873;u d&#7845;u h&#7887;i v&#7873; m&#7863;t th&#7901;i &#273;i&#7875;m.
Theo ph&acirc;n t&iacute;ch c&#7911;a EndGame Macro, m&#7897;t chuy&ecirc;n gia n&#7893;i ti&#7871;ng, th&ocirc;ng th&#432;&#7901;ng s&#7921; ch&uacute; &yacute; c&#7911;a c&aacute;c c&#417; quan qu&#7843;n l&yacute; t&#7899;i giao d&#7883;ch n&#7897;i gi&aacute;n ho&#7863;c giao d&#7883;ch li&ecirc;n quan &#273;&#7871;n ch&iacute;nh tr&#7883; th&#432;&#7901;ng xu&#7845;t hi&#7879;n mu&#7897;n trong c&aacute;c chu k&#7923; t&#259;ng gi&aacute;, th&#7901;i &#273;i&#7875;m m&agrave; t&acirc;m l&yacute; c&ocirc;ng ch&uacute;ng b&#7913;c x&uacute;c nh&#7845;t v&agrave; &#273;&#7883;nh gi&aacute; &#273;&#7841;t &#273;&#7881;nh.
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&ldquo;Khi quy &#273;&#7883;nh tr&#7903; n&ecirc;n nghi&ecirc;m ng&#7863;t h&#417;n &#273;&#7889;i v&#7899;i nh&#7919;ng ng&#432;&#7901;i g&#7847;n ngu&#7891;n th&ocirc;ng tin nh&#7845;t, &#273;i&#7873;u n&agrave;y th&#432;&#7901;ng l&agrave; do ph&#7847;n l&#7899;n l&#7907;i &iacute;ch &#273;&atilde; b&#7883; thu gom r&#7891;i,&rdquo; chuy&ecirc;n gia n&agrave;y <a href="https://x.com/onechancefreedm/status/2000781463931826260" target="_blank" rel="noreferrer noopener nofollow">nh&#7853;n &#273;&#7883;nh</a>.
</blockquote>

Nhi&#7873;u nghi&ecirc;n c&#7913;u &#273;&atilde; ch&#7881; ra m&#7913;c &#273;&#7897; v&#432;&#7907;t tr&#7897;i trong giao d&#7883;ch c&#7911;a Qu&#7889;c h&#7897;i. M&#7897;t b&aacute;o c&aacute;o t&#7915; C&#7909;c Nghi&ecirc;n c&#7913;u Kinh t&#7871; Qu&#7889;c gia (NBER) do Shang-Jin Wei v&agrave; Yifan Zhou th&#7921;c hi&#7879;n cho th&#7845;y c&aacute;c nh&agrave; l&atilde;nh &#273;&#7841;o Qu&#7889;c h&#7897;i c&oacute; kh&#7843; n&#259;ng sinh l&#7901;i cao h&#417;n &#273;&#7891;ng nghi&#7879;p kho&#7843;ng 47% m&#7895;i n&#259;m sau khi &#273;&#7843;m nh&#7853;n v&#7883; tr&iacute; l&atilde;nh &#273;&#7841;o.
<a href="https://www.nber.org/papers/w34524" target="_blank" rel="noreferrer noopener nofollow">Ph&acirc;n t&iacute;ch n&agrave;y</a> ch&#7881; ra hai y&#7871;u t&#7889; ch&iacute;nh:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>&#7842;nh h&#432;&#7903;ng ch&iacute;nh tr&#7883; tr&#7921;c ti&#7871;p</li>
</ul>

Nh&#432; giao d&#7883;ch tr&#432;&#7899;c c&aacute;c quy&#7871;t &#273;&#7883;nh c&#7911;a c&#417; quan qu&#7843;n l&yacute; ho&#7863;c &#273;&#7847;u t&#432; v&agrave;o nh&#7919;ng doanh nghi&#7879;p d&#7921; ki&#7871;n nh&#7853;n &#273;&#432;&#7907;c h&#7907;p &#273;&#7891;ng nh&agrave; n&#432;&#7899;c, v&agrave;
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Ti&#7871;p c&#7853;n th&ocirc;ng tin ch&#432;a c&ocirc;ng b&#7889;</li>
</ul>

V&#7873; c&aacute;c c&ocirc;ng ty t&#7841;i &#273;&#7883;a ph&#432;&#417;ng ho&#7863;c c&ocirc;ng ty li&ecirc;n quan &#273;&#7871;n nh&agrave; t&agrave;i tr&#7907;, nh&#7919;ng th&ocirc;ng tin m&agrave; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; kh&ocirc;ng th&#7875; ti&#7871;p c&#7853;n.
Nhi&#7873;u v&iacute; d&#7909; trong qu&aacute; kh&#7913; minh h&#7885;a r&otilde; l&#7907;i th&#7871; n&agrave;y.
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Pelosi &#273;&#432;&#7907;c cho l&agrave; &#273;&#7841;t l&#7907;i nhu&#7853;n c&#7897;ng d&#7891;n 854% sau &#272;&#7841;o lu&#7853;t STOCK n&#259;m 2012, so v&#7899;i 263% c&#7911;a S&amp;P 500.</li>

<li>Wyden, khi l&agrave; Ch&#7911; t&#7883;ch &#7910;y ban T&agrave;i ch&iacute;nh Th&#432;&#7907;ng vi&#7879;n n&#259;m 2024, &#273;&#432;&#7907;c cho l&agrave; &#273;&atilde; &#273;&#7841;t 123.8%, c&ograve;n k&#7871;t qu&#7843; n&#259;m 2023 l&agrave; 78.5%, &#273;&#7873;u v&#432;&#7907;t xa m&#7913;c 24.8% c&#7911;a S&amp;P 500.</li>
</ul>

Nh&#7919;ng con s&#7889; n&agrave;y th&#7853;m ch&iacute; c&ograve;n v&#432;&#7907;t qua nhi&#7873;u <a href="https://vn.beincrypto.com/hedge-funds-dollar-shorts-crypto-risk/" target="_blank" rel="noreferrer noopener">qu&#7929; &#273;&#7847;u c&#417; chuy&ecirc;n nghi&#7879;p</a>, cho th&#7845;y s&#7921; ch&ecirc;nh l&#7879;ch th&ocirc;ng tin l&#7899;n v&agrave; &#273;&#7863;t ra c&acirc;u h&#7887;i v&#7873; s&#7921; c&ocirc;ng b&#7857;ng c&#7911;a th&#7883; tr&#432;&#7901;ng.
S&#7921; l&ecirc;n ti&#7871;ng c&#7911;a Bessent &#273;&#7863;t v&#7845;n &#273;&#7873; n&agrave;y l&agrave; c&acirc;u chuy&#7879;n v&#7873; uy t&iacute;n c&#7911;a Qu&#7889;c h&#7897;i h&#417;n l&agrave; cu&#7897;c tranh lu&#7853;n gi&#7919;a c&aacute;c phe ph&aacute;i ch&iacute;nh tr&#7883;.
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&ldquo;Khi c&aacute;c l&atilde;nh &#273;&#7841;o Qu&#7889;c h&#7897;i &#273;&#7841;t &#273;&#432;&#7907;c m&#7913;c l&#7907;i nhu&#7853;n v&#432;&#7907;t xa nhi&#7873;u qu&#7929; &#273;&#7847;u c&#417; h&agrave;ng &#273;&#7847;u th&#7871; gi&#7899;i, &#273;i&#7873;u &#273;&oacute; l&agrave;m gi&#7843;m &#273;&aacute;ng k&#7875; uy t&iacute;n n&#7873;n t&#7843;ng c&#7911;a Qu&#7889;c h&#7897;i,&rdquo; &ocirc;ng chia s&#7867; trong b&agrave;i &#273;&#259;ng.
</blockquote>

C&ocirc;ng ch&uacute;ng r&#7845;t &#7911;ng h&#7897; vi&#7879;c c&#7845;m giao d&#7883;ch c&#7893; phi&#7871;u trong Qu&#7889;c h&#7897;i, v&#7899;i kh&#7843;o s&aacute;t c&#7911;a YouGov n&#259;m 2024 cho th&#7845;y 77% ng&#432;&#7901;i C&#7897;ng h&ograve;a, 73% ng&#432;&#7901;i D&acirc;n ch&#7911; v&agrave; 71% ng&#432;&#7901;i &#273;&#7897;c l&#7853;p &#273;&#7873;u &#273;&#7891;ng &yacute;.
C&aacute;c &#273;&#7873; xu&#7845;t s&#7917;a &#273;&#7893;i lu&#7853;t nh&#432; <a href="https://www.congress.gov/bill/119th-congress/house-bill/5106/text" target="_blank" rel="noreferrer noopener nofollow">Restore Trust in Congress Act</a> (&#272;&#7841;o lu&#7853;t Kh&ocirc;i ph&#7909;c Ni&#7873;m tin v&agrave;o Qu&#7889;c h&#7897;i) s&#7869; y&ecirc;u c&#7847;u c&aacute;c nh&agrave; l&#7853;p ph&aacute;p v&agrave; ng&#432;&#7901;i th&acirc;n g&#7847;n ph&#7843;i b&aacute;n c&#7893; phi&#7871;u ri&ecirc;ng l&#7867; trong v&ograve;ng 180 ng&agrave;y. Tuy nhi&ecirc;n, h&#7885; v&#7851;n &#273;&#432;&#7907;c gi&#7919; l&#7841;i c&aacute;c qu&#7929; &#273;&#7847;u t&#432; h&#7907;p t&aacute;c (mutual funds) v&agrave; ETF.
D&ugrave; v&#7853;y, l&atilde;nh &#273;&#7841;o H&#7841; vi&#7879;n v&#7851;n ch&#432;a l&ecirc;n l&#7883;ch b&#7887; phi&#7871;u, v&agrave; &#273;&#7871;n th&aacute;ng 12/2024 m&#7899;i ch&#7881; c&oacute; 23 tr&ecirc;n t&#7893;ng s&#7889; 218 ch&#7919; k&yacute; c&#7847;n thi&#7871;t cho ki&#7871;n ngh&#7883; &#273;i&#7873;u tr&#7847;n.
Quan &#273;i&#7875;m c&#7911;a c&aacute;c nh&agrave; l&#7853;p ph&aacute;p v&#7851;n c&ograve;n chia r&#7869;; c&oacute; ng&#432;&#7901;i lo ng&#7841;i h&#7841;n ch&#7871; n&agrave;y s&#7869; khi&#7871;n ng&#432;&#7901;i t&agrave;i kh&ocirc;ng mu&#7889;n &#7913;ng c&#7917;, nh&#432;ng c&#361;ng c&oacute; ng&#432;&#7901;i cho r&#7857;ng &#273;&acirc;y l&agrave; gi&#7843;i ph&aacute;p h&#7907;p l&yacute;, h&#7907;p l&#7869; th&#432;&#7901;ng v&agrave; t&#7889;t cho qu&#7843;n tr&#7883; c&ocirc;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-record-bullish-market-positioning-signals-maturing-cycle">V&#7883; th&#7871; th&#7883; tr&#432;&#7901;ng t&#259;ng gi&aacute; k&#7927; l&#7909;c cho th&#7845;y chu k&#7923; &#273;ang d&#7847;n ho&agrave;n thi&#7879;n</h2>

Cu&#7897;c tranh lu&#7853;n v&#7873; giao d&#7883;ch ch&#7913;ng kho&aacute;n c&#7911;a Qu&#7889;c h&#7897;i di&#7877;n ra khi th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u &#273;ang trong giai &#273;o&#7841;n t&#259;ng gi&aacute; l&#7883;ch s&#7917;. B&#7843;n tin Kobeissi cho hay, v&#7883; th&#7871; mua r&ograve;ng h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai S&amp;P 500 &#273;&atilde; t&#259;ng 49%, t&#7913;c t&#259;ng kho&#7843;ng 400% so v&#7899;i n&#259;m 2022.
M&#7913;c n&agrave;y g&#7847;n g&#7845;p &#273;&ocirc;i trung b&igrave;nh d&agrave;i h&#7841;n v&agrave; v&#432;&#7907;t h&#417;n hai &#273;&#7897; l&#7879;ch chu&#7849;n so v&#7899;i l&#7883;ch s&#7917;.
H&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai Nasdaq 100 c&#361;ng t&#259;ng m&#7841;nh v&agrave; ch&#7881; s&#7889; S&amp;P 500 &#273;&atilde; l&#7853;p 37 m&#7913;c &#273;&#7881;nh m&#7899;i trong n&#259;m 2025, &#273;&#7913;ng th&#7913; ba k&#7875; t&#7915; n&#259;m 2020.
D&ugrave; v&#7853;y, <a href="https://vn.beincrypto.com/bank-of-america-crypto-allocatio/" target="_blank" rel="noreferrer noopener">Bank of America (BofA)</a> v&#7851;n gi&#7919; quan &#273;i&#7875;m th&#7853;n tr&#7885;ng. Ng&acirc;n h&agrave;ng d&#7921; b&aacute;o ch&#7881; s&#7889; S&amp;P 500 s&#7869; &#273;&#7841;t 7,100 &#273;i&#7875;m v&agrave;o cu&#7889;i n&#259;m 2026, ch&#7881; cao h&#417;n 4% so v&#7899;i hi&#7879;n nay. BofA &#273;&#432;a ra l&yacute; do l&agrave; &aacute;p l&#7921;c &#273;&#7883;nh gi&aacute; li&ecirc;n quan &#273;&#7871;n AI v&agrave; nguy c&#417; ti&ecirc;u d&ugrave;ng trong l&#297;nh v&#7921;c c&ocirc;ng ngh&#7879; ch&#7853;m l&#7841;i.
C&aacute;c chuy&ecirc;n gia nh&#7853;n &#273;&#7883;nh r&#7857;ng s&#7921; k&#7871;t h&#7907;p gi&#7919;a v&#7883; th&#7871; mua c&#7921;c &#273;oan c&ugrave;ng kh&#7843; n&#259;ng si&#7871;t qu&#7843;n l&yacute; l&agrave; d&#7845;u hi&#7879;u cho th&#7845;y th&#7883; tr&#432;&#7901;ng &#273;&atilde; tr&#432;&#7903;ng th&agrave;nh, thay v&igrave; chu&#7849;n b&#7883; b&#432;&#7899;c v&agrave;o m&#7897;t chu k&#7923; t&#259;ng m&#7899;i. Th&#7901;i &#273;i&#7875;m s&#7917;a &#273;&#7893;i c&oacute; th&#7875; cho th&#7845;y nh&#7919;ng ng&#432;&#7901;i n&#7897;i b&#7897; &#273;&atilde; thu v&#7873; ph&#7847;n l&#7899;n l&#7907;i nhu&#7853;n tr&#432;&#7899;c &#273;&oacute;.
S&#7921; &#273;an xen gi&#7919;a ho&#7841;t &#273;&#7897;ng &#273;&#7847;u c&#417; m&#7841;nh k&#7927; l&#7909;c v&agrave; gi&aacute;m s&aacute;t ch&#7863;t ch&#7869; t&#7915; c&#417; quan qu&#7843;n l&yacute; &#273;&#432;&#7907;c coi l&agrave; th&#432;&#7899;c &#273;o cho chu k&#7923; th&#7883; tr&#432;&#7901;ng, ch&#7913; kh&ocirc;ng ph&#7843;i l&agrave; t&iacute;n hi&#7879;u c&#7843;nh b&aacute;o s&#7855;p c&oacute; s&#7909;p &#273;&#7893; ngay l&#7853;p t&#7913;c. &#272;&acirc;y c&#361;ng l&agrave; l&#7901;i nh&#7855;c nh&#7903; r&#7857;ng <a href="https://vn.beincrypto.com/wall-street-rotation-crypto-2026/" target="_blank" rel="noreferrer noopener">c&aacute;c y&#7871;u t&#7889; &#273;i&#7875;n h&igrave;nh c&#7911;a cu&#7889;i chu k&#7923; &#273;ang t&aacute;c &#273;&#7897;ng l&ecirc;n th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u c&#361;ng nh&#432; c&aacute;c t&agrave;i s&#7843;n r&#7911;i ro kh&aacute;c</a>, bao g&#7891;m c&#7843; crypto.

Scott Bessent chỉ trích giao dịch của Quốc hội giữa lúc đặt cược vào cổ phiếu Mỹ tăng kỷ lục