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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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Signature Market Roundup' n$ R0 z8 r# }7 i( n4 y
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Eric Bushell
0 p _) G P8 |( \3 gSenior Vice-President,
# i* O" O8 `: l6 {1 {/ QPortfolio Management
+ J! H8 F! W2 |0 C) f3 ^; fand 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。- Z; \; _! ?+ J8 M# g; }
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The second phase of the post-Lehman recovery in risky assets3 r5 \% ]; Q" K: n( t( ]8 \/ x! t
may be drawing to a close in April 2011. The fi rst phase \5 H" j) N! a* N' |2 U& G$ M
ran from March 2009 to April 2010 and was halted by the$ J8 g- b6 D: f& E! s+ X$ e
European sovereign crisis and a U.S. slowdown. The second9 h; Y" @" m& P3 B( X, G
phase began with the U.S. Federal Reserve launching an% T2 x9 b- j1 j! r
unconventional easing policy dubbed QE2 in September
8 X9 C, h. f( Y3 O4 ^2010. This action saw investors exit the dollar and scramble
7 ~' ~3 B# e8 p2 \9 `for real assets ranging from property to commodities, credit
' J' L3 R# k& g; y w, {) _9 @and equities. As we near the end of this policy, prospects7 C) ?% s* P4 H- u
for dollar stabilization grow; this would be helped through
0 @; D2 I' ~3 zU.S. fi scal retrenchment and relief on the part of bond/ o ^% C9 _- v6 g' @1 ^2 Y; V
markets. Given the success of the policy and the heightened
1 k4 k4 `( Q8 P& luncertainties elsewhere, it may be time to move to a more* n. a2 X. Y+ V8 L/ N1 H
neutral risk positioning. |
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发表于 2011-6-8 13:44
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