129833985943858750_9You are here: Home > study > headlines source: date: June 05, 12 author: Joe Zhang font size: large medium small when the stock market is good the critics most promising. Bad stock market critics are mostly negative.
Of course, investors as well. However, 2012, May 23, United Kingdom Financial Times article, "stock of favour" (Out of Stock) not included in the class nature of the wind, is worth a read.
I summarized, and then combined with China's comment. Germany's Allianz Insurance companies manage customer funds of 1.7 trillion pounds. It only 6% of investment in stocks, 90% on the bond. Ten years ago, the ratio of stock investments of up to 20%. It said Nikhil Srinivasan, head of asset allocation, "we are to listen to wishes of the policyholder. We don't have in stock investments too radical. "Many institutions around the world are the same as Allianz, has been reducing the proportion of stocks. ThisHave a huge impact on business.
Many businesses have increased dependence on the bond market, or buying back shares or even delisting. Another profound influence is, long-term savings benefits are reduced, saving money-saving people and countries increased subsidies spent by people and countries.
One day, saving the people going to wake up. Past stockInterest rates (returns on cash dividends) less than the bond interest rate, because we believe that stocks will rise as economic development. Now, however, we do not believe in this doctrine. Result, interest rate has been higher than the bond interest rates on the stock. Estimation of Yale Professor Robert Shiller, now United States stock market rate of 1.97%, while the United States ten yearsTreasury rates are only for 1.72%. Many people therefore breast-beating, "stocks bull market in the world to come, the bond market crash
Diablo 3 CD-KEY! "However, the stocks bull market will come?
When to come? London Business School academics estimate of the past 110 years (that is, 1900-2010), stocks significantly outperform bonds. Stock return on averageRate over the inflation rate 6.6%, but what about the bond, just beat the inflation 1.8%.
This is a huge gap.
Ten years ago, the British and American pension funds assets of about 70% in the stock market today
Diablo 3 gold, United Kingdom the proportion fell to 40%, United States 52%. Two reasons: since 2000, the world has had two major bear market, IIAre regulatory policies forcing banks and other institutions to reduce equity investments, increase investment in bonds. Regulatory changes a lot against the equity investment, including the banks assets risk weighting adjustments, changes in accounting rules on investment valuation rules, pensions from the "fixed amount of benefit" model to the "fixed amount of capital" model changes, and so on. Therefore, some countries in Europe and the mainBond interest rates had fallen to the right does not fall, that is, their prices are too high. Investors flee stocks and into the bond market.
But the Sun did you buy so much debt? Since there are so many negative factors, stocks fell more why not? The answer is that the stock supply has also been reduced. According to the estimation of Citibank, 2003In 2007
Diablo 3 Gold, the net issuance of stocks as a negative (minus the buy-back and circulation delisting). In the United States, net issuance of stock last year has become a negative number. The past ten years, stock circulation in developed countries has been significantly lower than 90.
Others:
没有评论:
发表评论