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本帖最后由 小曲 于 2011-6-8 14:55 编辑 + z$ o, q5 ]5 D% l# o6 ]/ }% E5 W/ h& F
2 ~* X# y# `" ^2 |! @( H4 A- sSignature Market Roundup3 Z; c) [: ] I, a# o
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Eric Bushell
% A4 }, y3 @% A( qSenior Vice-President,
) K5 m# g( a- ], JPortfolio Management, d% D" \3 L9 ]1 v+ q- v( k( T1 j
and Chief Investment Officer
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自lehman倒台后美国第二阶段的风险投资的恢复到四月底基本结束了。第一阶段是从2009三月到2010四月， 但被欧洲的债务危机和美国的减慢中断了。第二阶段是从美国联邦储备局2010年九月份开始的非传统的缓解政策，被称为QE2. 这个运作造成投资者抛售美金抢购房地产，商品期货，贷款，和股票。现在这个政策趋近结束，美金趋于稳定，这会帮助美国财政缩减，解除政卷市场的压力。面对美国QE2政策的成功，而世界其他地区都非常不稳定，现在可能是时候将投资定位到中性风险。
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The second phase of the post-Lehman recovery in risky assets& T# S; ]! N ?# O1 a
may be drawing to a close in April 2011. The fi rst phase/ ^' y) T- H( G( C* p& D1 X; q
ran from March 2009 to April 2010 and was halted by the
2 S% E. L. y6 I& Q3 y6 bEuropean sovereign crisis and a U.S. slowdown. The second4 S/ ?! L0 h: j3 @ ]& ?
phase began with the U.S. Federal Reserve launching an8 Y3 W. c: {) ?) c# x f
unconventional easing policy dubbed QE2 in September
* Q- ^4 p* I3 g2010. This action saw investors exit the dollar and scramble
( g3 S8 U9 O8 o! v( ifor real assets ranging from property to commodities, credit
( I. n x* S" M# rand equities. As we near the end of this policy, prospects
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9 h8 |2 |* m; j3 O, P9 dU.S. fi scal retrenchment and relief on the part of bond# Y# J2 `1 p$ Z( w% t
markets. Given the success of the policy and the heightened
/ D( n Z/ x, Q, u) s ^8 auncertainties elsewhere, it may be time to move to a more, e$ m) h* H8 @' U
neutral risk positioning. |
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发表于 2011-6-8 13:44
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