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本帖最后由 小曲 于 2011-6-8 14:55 编辑 7 \" E( c$ w5 n+ j. K+ F, T
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Signature Market Roundup( a2 f) G; I5 Y {" z0 H3 E: ?
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Eric Bushell2 V3 I) D; z; u/ |3 }
Senior Vice-President,
7 b; P6 L2 ?. YPortfolio Management9 g7 e( v; O* z2 [
and Chief Investment Officer6 u) |( f+ f8 r
/ f, Z( A- N7 [7 B, c. x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。! R+ d/ I1 j) q/ \9 z
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The second phase of the post-Lehman recovery in risky assets
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ran from March 2009 to April 2010 and was halted by the2 _3 G1 s- g7 ^! q$ z
European sovereign crisis and a U.S. slowdown. The second
# W& I; E, I( s1 c7 M5 zphase began with the U.S. Federal Reserve launching an6 Q2 ~) [/ p# l1 V) n. E$ } @# {
unconventional easing policy dubbed QE2 in September. t$ D6 n1 q3 b; w& t; S+ U V Z
2010. This action saw investors exit the dollar and scramble2 a4 O4 u3 h9 o7 E7 L2 o2 M
for real assets ranging from property to commodities, credit1 L1 }4 r# h- z, [
and equities. As we near the end of this policy, prospects `2 G9 W9 l3 C) T* @& x, B
for dollar stabilization grow; this would be helped through) @+ s6 k7 \" S& b& u' R
U.S. fi scal retrenchment and relief on the part of bond" I7 B# g" H1 u! _! L( v
markets. Given the success of the policy and the heightened9 t! ~5 _5 O1 N8 }, u+ }
uncertainties elsewhere, it may be time to move to a more' U, |% e% u E$ V# c3 X) W+ Z
neutral risk positioning. |
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