推荐一篇CNBC的文章

peppapig

https://www.cnbc.com/2021/01/23/ ... will-it-matter.html

之前想写个大形势的分析系列烂尾了 ，但当时有一个要写的话题发现和这篇文章差不多，就转一下。

不要只看标题，注意内容啊。

一个重点是股市和其他资产（在美国主要是债市）相比的relative valuation（有一个图），考虑yield，credit和inflation，还有股市泡沫在哪里的话题。希望有助理解我们现在所处的位置。

Once the reliable growth-company cash flows became valued pretty tightly against falling fixed-income yields and compressed credit spreads — to the satisfaction of disciplined quantitative investing models — the market’s most aggressive energy has gone racing toward “pre-profit” growth companies, long-shot emerging growth, lightning-in-a-bottle IPOs, “total addressable market” plays and alchemy-promising SPACs.

Would a disturbance in the speculative precincts of the market lead to a more inclusive or lasting comeuppance for the major indexes? It’s not clear it would have to. The vulnerability of the market right now is probably less the high valuations at the index level and more the price-insensitivity run rampant in the greed hive.