《大行報告》高盛:熊市過渡至「後現代」周期 投資者利潤及回報較低
高盛發表報告指,大多數主要股票市場現已進入熊市區間,認為這是一個週期性熊市,私營企業資產負債表更強勁,實際負利率緩衝了與更長和更深層次的結構性熊市相關的許多系統性風險。
高盛認為,熊市將過度至的「後現代」周期,與過去兩個週期大不相同,通脹、資源短缺和更多的區域化,可能會導致更多的資本支出,令投資者利潤和回報更低,預計在較高息的環境下,對估值的貢獻減少,股票投資回報較低。
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