我来解读一下，现在美股大家都说贵，理由很简单，标普500 的市盈率 22 倍，明显高于历史均值

美股研究社11-24

我来解读一下，现在美股大家都说贵，理由很简单，标普500 的市盈率 22 倍，明显高于历史均值。但问题是，大部分人连指数是怎么算的都没搞清楚。标普不是“500 家公司的平均”。它是按市值权重算的。权重越大，对指数的估值拉动越强。结果就是…现在前 7 家巨头也就是 Mag7权重市值占市场38%，直接把整个标普的估值抬到 22 倍，看起来“全市场都很贵”。可如果你用等权重来算，每家公司只占 1/500...

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