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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" |1 W4 _9 U1 o) X
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Eric Bushell. \8 r. @4 i" G5 }# W4 q2 ]
Senior Vice-President,* }- n9 K, C! q% e+ s( s4 w
Portfolio Management
: Z# k( Y1 a) x" g; f: e' x6 [6 Pand Chief Investment Officer
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4 m L0 y+ ]- q; l O; a- l# I4 L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。- O; U% H) v9 o! B+ E ]' Q5 Y3 l
' S( {" T5 O0 n- E8 J- F1 p6 dThe second phase of the post-Lehman recovery in risky assets: S6 Q% t/ R- V9 J) n
may be drawing to a close in April 2011. The fi rst phase
& |. z7 |; w# Y6 @+ w9 Lran from March 2009 to April 2010 and was halted by the
, n. f! G( X; D; @0 H1 j' KEuropean sovereign crisis and a U.S. slowdown. The second
9 P$ e. e! {+ u, \* n( }! P! [phase began with the U.S. Federal Reserve launching an$ s, S! l% ~7 p: b" s
unconventional easing policy dubbed QE2 in September7 @) t4 t- m- m
2010. This action saw investors exit the dollar and scramble
0 t h3 l& l) ?6 @, x5 @3 Ffor real assets ranging from property to commodities, credit1 a# E1 R% j: ]+ F% f
and equities. As we near the end of this policy, prospects
& E& D. I, Y8 v, rfor dollar stabilization grow; this would be helped through
# k, n! L; \2 L( \* }U.S. fi scal retrenchment and relief on the part of bond
9 K, X3 P( a. O% P" P- ]- a" mmarkets. Given the success of the policy and the heightened6 F$ O2 _6 m% X9 z+ }( s, b
uncertainties elsewhere, it may be time to move to a more, k* U; H7 y B" `
neutral risk positioning. |
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