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本帖最后由 小曲 于 2011-6-8 14:55 编辑 / h- l9 U! ^+ s; B4 L! k: J
4 x0 e) \& x6 F: FSignature Market Roundup5 O2 t9 g0 l- W/ d
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' k7 r/ \, f% kEric Bushell* V, b' Q; Y" v# |4 m+ k
Senior Vice-President,
8 u" N! R- o2 o+ z" b' |7 G iPortfolio Management. Q( B, e9 J% H% d7 f% R5 K# s7 P8 Z
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。8 I8 L5 L! \$ ^, w$ [ B
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The second phase of the post-Lehman recovery in risky assets0 k3 b7 M" r. l7 V, s5 u: y5 n
may be drawing to a close in April 2011. The fi rst phase& Z; O9 g1 x) a/ D; R
ran from March 2009 to April 2010 and was halted by the0 }9 a# Y# a. I' \6 F1 n
European sovereign crisis and a U.S. slowdown. The second
6 a7 g: N0 f: x# X9 I aphase began with the U.S. Federal Reserve launching an) @1 H6 w# _. @6 v% H
unconventional easing policy dubbed QE2 in September
5 \9 p F/ ?; O6 Z2010. This action saw investors exit the dollar and scramble6 `- z5 A1 g& e; i* m
for real assets ranging from property to commodities, credit$ }" i9 ?+ |5 Q4 V/ W& J" _ J. \" |
and equities. As we near the end of this policy, prospects
0 B0 E# ]8 [3 i& v( ~for dollar stabilization grow; this would be helped through# {6 G% e+ N' P" V% o1 L
U.S. fi scal retrenchment and relief on the part of bond
* O: e& h6 n1 h0 I9 B5 s$ n( P- ]markets. Given the success of the policy and the heightened
! c- g* n) i" p2 c- W( B2 e0 o Euncertainties elsewhere, it may be time to move to a more
* Q. L0 p( Z% V) n0 ^: |' xneutral risk positioning. |
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