美股，贵么？

华尔街见闻03-28

随着标普500指数续创新高，美股的风险溢价降至2002年来的最低水平，意味着相较于债券提供的收益率，投资者承担额外风险持有股票的性价比已经不高。目前10年期美债的收益率保持在4.2%上方，标普500指数的市盈率为25.9倍，标普500指数的股权风险溢价（ERP）为-0.34%，跌入负值。2022年至今美股ERP持续回落，投资者在无风险利率基础上获得的超额回报从2009年至2022年期间3%左右的...

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