[新聞] 打發時間造成2014股市絕佳表現已回收

看板Stock (股票)作者humbler ((雙馬尾傳教士))時間12年前 (2014/06/10 21:26)推噓5(5推 0噓 1→)

留言6則, 6人參與討論串1/2 (看更多)

1.原文連結： http://finance.yahoo.com/news/betting-boring-brings-stock-outperformance-052003352.html 2.內容： Humbler不負責任翻譯 NEW YORK (Reuters) - Largely ignored during much of last year's 30 percent rally in the Standard & Poor's 500 Index, the stocks leading the U.S. market this year rank among its usually sleepiest components. 紐約(路透社)大部分的人都忽視去年S&P500急漲了30%，引導了今年美國股市的攀升，儘管公布數字十分平淡。 The best sector in 2014 is utilities, including Consolidated Edison, about as staid a group as one can get. They're up 14.5 percent on a total return basis this year, compared with 6.4 percent for the S&P 500 as a whole. 2014發展最好的產業是公用事業，像是艾迪森水泥，一個任何人可買到的穩定個股，今年為止的總報酬率是14.5%，相較去年一整年S&P的報酬率是6.4% (這段total return basis我不知道怎麼翻譯比較好，求高手解釋) What's happening is the opposite of what ordinarily happens in a moving market. It relates to an investing concept known as "beta," which refers to the amount of risk a particular stock adds to a portfolio. Stocks that tend to rise or fall with the market – but in a more pronounced way – are called "high beta." They generally outperform in up markets and fall the most in down markets. 與以往上漲股市不同，發生了不尋常的情況。這關係到投資觀念稱作”beta值”，它代表了個股在股市中的危險性。在beta值高的時候，往往也代表著市場的上揚或下降。他們通常出現在股市在最高點或是最低點。 Best Buy and Priceline, two discretionary stocks that were among the S&P's strongest in 2013, are good examples because their sales and profits rise along with the economy, and they led the way last year. Best Buy 和 Priceline這兩檔傳產類股是去年S&P中最強勢的兩檔，它們是很好的例子，因為他們的業績和利潤隨著經濟成長，也帶領他們在去年股市的上揚。 This year, those stocks are lagging the more boring "low beta" stocks – those that tend to move less dramatically than the market. It's a signal that investors are worried about earnings growth and U.S. economic demand, and don't want to bet as heavily on the types of stocks that generally qualify as high beta – often cyclical names in the technology, discretionary and energy sectors. 今年，這兩檔股票遠落後無趣的”低beta值”的股票，也就是幅度不如股票市場的起伏，這代表一個現象，投資者擔心營利成長和美國的經濟需求，不希望把錢放在高beta值的股票，通常就是景氣循環股，像是科技類、傳產、能源類股 To be sure, this may change if growth picks up, but after U.S. gross domestic product contracted in the first quarter for the first time in three years, investors are cautious. 當然，當經濟成長或許這狀況會改變，但是美國第一季的國內生產總額下滑，這是三年來的第一次，引起投資人注意。 "You see this all over the place -- people are still scared," said Richard Bernstein, CEO of Richard Bernstein Advisors in New York. "They're still more worried about protecting to the downside than accentuating the upside." “你會發現，人們對這件事感到害怕，他們仍關注在壞的部分而不是好的部分” Richard Bernstein說道。 That's helped drive equities' rotation into the more defensive, high-dividend paying names, also typically part of the low-beta camp. 這導致了股市的輪轉趨向保守，高股息的股票，通常代表了低beta值 So far this year, the 50 stocks in the S&P 500 with the lowest beta scores - a group that includes ConEd and McDonald's - are up on average by 12 percent. Meanwhile, the 50 highest beta stocks, which include Citigroup and Best Buy, are up an average of 7 percent. 到今年為止，有50支股票在S&P500擁有最低beta值，包括ConEd 和麥當勞，股價較歷年平均高了12%。同時，最高beta值的股票像是Citigroup 和Best Buy，股價較歷年平均高了7% In 2013, the 50 highest-beta S&P 500 stocks rose an average of 51.4 percent, compared with 21.3 percent for the 50 lowest-beta stocks. 在2013年，50家beta值最高的S&P500的公司上升幅度是51.4%，相較於50家低beta值的公司是21.3%。 Investors who have pursued the high-beta contingent have suffered. Among them are hedge funds, which kept a heavy exposure to momentum-type names and the "beta" strategy. 追求投資人高beta值的投資人必須忍受風險，大部分是對沖基金，藉由高曝險和beta值策略的基金。 Hedge funds now have 3.8 times more net cyclical exposure to defensive stocks, said Jon Kinderlerer, a managing director at Credit Suisse. In January, that measure was 4.7 times - bets that went sour as the market corrected through the first quarter. 現在對沖基金的淨周期性風險是防禦性股票的3.8倍，在一月的數據是4.7倍，在第一季後修正。 "Once that trade began to break, that also accelerated a rotation back into more value-oriented names and sectors," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. “一旦對沖基金出現狀況，這會加速資金到價值型個股”根據Mark Luschini說。 BIGGER DIVIDENDS, HIGHER VALUATIONS 越多紅利，價值越高。 This year's winners deliver nearly twice the dividend yield than their high-beta counterparts. Stocks with the lowest betas have an average dividend yield of 3.1 percent compared with 1.7 percent for high-beta stocks, Thomson Reuters data shows. 今年的低beta值的個股擁有的股票收益利是同性質公司高beta值個股的兩倍。低beta值個股平均股票收益利是3.1%，高beta值個股是1.7。 What's unusual is that S&P's high-beta stocks are at some of their cheapest valuations ever relative to the S&P 500, said Bernstein, whose data goes back to 1986. 此外讓人訝異的是一些高beta值個股的股價是歷來低點。 To Bernstein, that's a positive sign for the market's long-term health as it shows investors aren't overpaying for growth. "Find me a market peak where investors have been scared of beta," he said. 對Bernstein而言，這代表一個良性情況，市場走向長期性發展，投資人也不會盲目投資。 “我從beta值看出投資人的恐懼”他說。 He noted, however, that there are plenty of high-beta names among the broader stock universe like the Russell 2000 with rich valuations - companies like Monster Worldwide - which aren't in the S&P 500. 此外他補充，大盤仍有許多高beta值且擁有高價值的股票不在S&P500中，像是 Monster Worldwide公司。 Among stocks with the highest betas in the S&P 500, Seagate Technology has a P/E of just 10.6, while Hartford Financial Services Group has a P/E of 10.9. 在S&P500中這些高beta值個股，Seagate Technology的本益比僅10.6，同時Hartford Financial Services Group的本益比是10.9。 The high beta stocks currently have a median P/E of 15.2 versus a median P/E of 16.4 for all of the S&P 500 stocks with beta scores. The low beta names have a median P/E of 16.1. 高beta值個股的本益比中位數是15.2，而全部S&P 500個股的本益比中位數是16.4。低 beta值個股的本益比中位數是16.1。 Growth sectors have rebounded in recent sessions as the earnings outlook has improved, with calendar year 2014 estimates rising to 9.1 percent as of June 6 from 8.7 percent on April 1, according to Thomson Reuters data. 成長型產業在最近這幾季有反彈趨勢，隨著營利前景改善，和2014年6月6日評估由原本的 8.7%上升到9.1%。 "Everything is hanging on the estimates for growth in the second half. How that plays out will determine whether higher beta or low beta outperform for the year," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “任何數據都顯示第二季仍維持成長，那也將決定今年beta值高低的表現”根據Bucky Hellwig說，BB&T Wealth Management in Birmingham的副總裁說。 3.心得/評論(必需填寫)：這篇很不好翻譯，有錯的地方煩請告知，謝謝美國投資人較過去更為冷靜，這對健全的市場來說是好事。 -- 選擇吧!你要天上掉下來雙馬尾美少女，還是鄰居的人妻？ 1.雙馬尾美少女 2.鄰居的人妻選2的是笨蛋 http://ppt.cc/s78b -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 114.43.215.63 ※ 文章網址: http://www.ptt.cc/bbs/Stock/M.1402406761.A.70A.html