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本帖最后由 小曲 于 2011-6-8 14:55 编辑 % ? g8 t$ H! \1 w4 G- w5 B4 T) P
7 X* D2 L, `5 r [% uSignature Market Roundup+ B# s H8 E2 s7 A3 v4 K& z
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" v4 {! K0 D0 Q" W+ S5 y" k" @Eric Bushell
% W0 r! O' h5 N6 NSenior Vice-President,/ q0 Y- e8 \) g$ g, }( X
Portfolio Management
2 U; ?, [0 N0 `8 r" Z" z% Iand 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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* W% L1 H# ]% ^7 U/ \% nThe second phase of the post-Lehman recovery in risky assets
/ j/ J& R N6 O% Z- r4 Zmay be drawing to a close in April 2011. The fi rst phase
' H9 \" O! a' V5 O9 l; D: v3 x# p5 }. ^ran from March 2009 to April 2010 and was halted by the: ?0 Y9 C( C) w. a' k8 n; n
European sovereign crisis and a U.S. slowdown. The second1 V. ~- t7 Y! M5 M" w2 P
phase began with the U.S. Federal Reserve launching an
* `" t6 P: g9 s+ |/ s: ?5 eunconventional easing policy dubbed QE2 in September
* Y+ L) h' p+ N4 A3 u6 _) ^" ]# |7 k; H2010. This action saw investors exit the dollar and scramble! A0 N& g8 p, C, y3 N* } h0 x, z# Y
for real assets ranging from property to commodities, credit
. Z p+ O! T3 U! Cand equities. As we near the end of this policy, prospects
5 W4 o# m' e5 ~/ h- W Cfor dollar stabilization grow; this would be helped through
, |. s- ?8 R) KU.S. fi scal retrenchment and relief on the part of bond: G" o/ ?9 ]3 H- V$ C' ^
markets. Given the success of the policy and the heightened7 g% r4 S3 s1 N; A/ s
uncertainties elsewhere, it may be time to move to a more
4 E' m; \! O. Z! |+ R: x+ gneutral risk positioning. |
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