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本帖最后由 小曲 于 2011-6-8 14:55 编辑 8 R+ G0 I% C( }5 Z* x
+ K8 G5 F" g# U1 W. W8 K- gSignature Market Roundup8 `3 Z$ \9 i' S" d
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, Z9 S: J7 X1 ]& f+ qEric Bushell
7 {' R" J7 p3 L8 z/ nSenior Vice-President,. w+ c3 n0 S- D6 X
Portfolio Management# E! w4 m8 ?2 j/ \- c4 h. h
and Chief Investment Officer& U* Z4 Q; a. ?
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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。& ^ w4 n/ f' t' J
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The second phase of the post-Lehman recovery in risky assets7 K1 j0 s( k2 \
may be drawing to a close in April 2011. The fi rst phase
( b/ T7 p9 \9 F% ?' J' [ran from March 2009 to April 2010 and was halted by the- z# A: z/ j, b1 I: m7 d, O q# g( e
European sovereign crisis and a U.S. slowdown. The second2 Y- M# [; }/ N- A) D
phase began with the U.S. Federal Reserve launching an
8 t7 {( }3 |5 G' D- }unconventional easing policy dubbed QE2 in September2 }' m. W$ k" H2 I
2010. This action saw investors exit the dollar and scramble5 ? b* Z$ Z0 E5 K9 s) L
for real assets ranging from property to commodities, credit
0 ]' O4 A6 ^: D' \and equities. As we near the end of this policy, prospects
^( c( j5 _5 @7 {" @0 V# rfor dollar stabilization grow; this would be helped through
5 }6 i7 T! R0 D, K+ kU.S. fi scal retrenchment and relief on the part of bond
' |, _' M& _5 i% bmarkets. Given the success of the policy and the heightened
( u" D Y7 `6 x9 [+ z8 D% F( cuncertainties elsewhere, it may be time to move to a more5 _8 N. ~% V! G8 @8 D* O
neutral risk positioning. |
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