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2021-03-29

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How To Invest Cash When Markets Are Volatile<blockquote>市场波动时如何投资现金</blockquote>

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At the end of February, in Italy, resident customer deposits amounted to 1,746 billion, 10% more than the figure recorded the previous year. In times of uncertainty, liquidity is reassuring, but short-term security has a price, strategists&nbsp;at&nbsp;AllianceBernstein Holding L.P.AB 0.07%remind. With interest rates at historic lows and negative rates prevailing in many developed markets, liquidity pays almost nothing. On the contrary, by clearly defining long-term goals, they explain, investors can safely re-employ unused liquidity,&nbsp;despite uncertainty about the path to recovery.<blockquote>支出下降以及对估值和金融市场波动的担忧促使流动性达到创纪录水平。截至2月底，意大利居民客户存款总额为17.46亿欧元，比上年同期增长10%。策略师表示，在不确定时期，流动性令人放心，但短期安全是有代价的联盟伯恩斯坦控股有限公司0.07%起提醒。由于利率处于历史低位，许多发达市场普遍存在负利率，流动性几乎没有回报。相反，他们解释说，通过明确定义长期目标，投资者可以安全地再利用未使用的流动性，尽管复苏路径存在不确定性。</blockquote> High Valuations Do Not Always Prelude Disaster:&nbsp;For many investors, the high valuations reached by financial markets represent&nbsp;an obstacle to investing liquidity. In particular, the U.S. stock exchanges have marked new historical highs. However, AllianceBernstein's analysis reveals that equity investments have provided solid returns over time, even to investors who entered the market when the shares appeared overvalued. Starting from 1950, investing equal amounts in U.S. shares each time the market reached a new peak would have resulted in an average annual return of 9.6% — 1.9% less than it could have been obtained by investing at each bear market bottom.<blockquote>高估值并不总是灾难的前兆：对于许多投资者来说，金融市场达到的高估值是投资流动性的障碍。特别是美国股市创下历史新高。然而，AllianceBernstein 的分析表明，随着时间的推移，股权投资提供了可观的回报，即使对于在股票似乎被高估时进入市场的投资者来说也是如此。从 1950 年开始，每次市场达到新高时投资等量的美国股市，平均年回报率将达到 9.6%，比每次熊市底部投资所能获得的回报率低 1.9%。</blockquote> Three Questions To Find Appropriate Investments:&nbsp;Investors should consider a broad array of active options suited to their individual needs, risk appetites and personal views about markets. In order to identify the right investment options, AllianceBernstein suggests asking oneself firstly, whether the investment horizon is shorter-term or longer-term, secondly, whether investments must be liquid and accessible or if one is able to tolerate illiquidity, and thirdly, whether one prefers consensus opportunities or is comfortable investing in unpopular, out-of-favour, assets that may offer better valuations.<blockquote>寻找合适投资的三个问题：投资者应考虑适合其个人需求、风险偏好和个人对市场的看法的广泛主动选择。为了确定正确的投资选择，AllianceBernstein 建议首先问自己，投资期限是短期还是长期，其次，投资是否必须具有流动性和可获得性，或者是否能够容忍缺乏流动性，第三，一个人是否更喜欢共识机会，或者是否愿意投资于可能提供更好估值的不受欢迎、不受欢迎的资产。</blockquote> Choosing Between Consensus And Contrarian:&nbsp;Investing in growth stocks, for example, was especially successful — and popular — in 2020, but this part of the market poses the most acute valuation concerns. In fact, high-yield fixed income offers access to an asset class that tends to be uncorrelated with equities and offers better downside risk reduction, as well as higher return potential than the broader bond market. On the other hand, for those willing to swim against the tide, underperforming value stocks which have been traded at a discount compared to growth stocks could trigger a more marked rebound if the economic recovery accelerates. Even non-US stocks and small-caps often offer more attractive valuations than US peers. Investors with longer-term time frames might want to explore illiquid options such as private equity portfolios and hedge funds, or they could include contrarian options such as securitized assets and private credit.<blockquote>在共识和逆向之间做出选择：例如，投资成长型股票在 2020 年尤其成功且受欢迎，但这部分市场引发了最严重的估值担忧。事实上，高收益固定收益提供了一种往往与股票无关的资产类别，并且比更广泛的债券市场提供了更好的下行风险降低以及更高的回报潜力。另一方面，对于那些愿意逆水行舟的人来说，如果经济复苏加速，与成长型股票相比，表现不佳的价值股可能会引发更明显的反弹。即使是非美国股票和小盘股也往往比美国同行提供更具吸引力的估值。时间框架较长的投资者可能希望探索非流动性选择，例如私募股权投资组合和对冲基金，或者他们可以包括证券化资产和私人信贷等逆向选择。</blockquote> It Is Impossible To Forecast Market Reversals, Better Stay Invested:AllianceBernstein experts' conclusion is that, over time, most asset classes are likely to do better than cash, especially at today’s rates. And since it’s nearly impossible to time market inflection points, it’s better to be invested in the market rather than not — even in today’s fluid conditions. With risk-aware, active, investing approaches, investors can redeploy cash with conviction to selectively capture diverse sources of return potential, even as concerns about the future remain unresolved.<blockquote>无法预测市场逆转，最好保持投资：AllianceBernstein 专家的结论是，随着时间的推移，大多数资产类别的表现都可能好于现金，尤其是按今天的利率计算。由于几乎不可能预测市场拐点，因此投资市场总比不投资好--即使是在当今动荡的环境下。通过风险意识、积极的投资方法，投资者可以满怀信心地重新部署现金，以选择性地捕获不同的潜在回报来源，即使对未来的担忧仍未解决。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How To Invest Cash When Markets Are Volatile<blockquote>市场波动时如何投资现金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow To Invest Cash When Markets Are Volatile<blockquote>市场波动时如何投资现金</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nBenzinga \n2021-03-29 18:00\n</div>\n</div>\n</h4>\n</header>\n<article>\nAccording to AllianceBernstein, the opportunity cost of sticking to liquidity is rather high: over time, most of the asset classes are expected to do better<blockquote>根据AllianceBernstein的说法，坚持流动性的机会成本相当高：随着时间的推移，大多数资产类别有望表现更好</blockquote> Lower expenses and fears about valuations and financial markets' volatility have prompted liquidity to record levels. At the end of February, in Italy, resident customer deposits amounted to 1,746 billion, 10% more than the figure recorded the previous year. In times of uncertainty, liquidity is reassuring, but short-term security has a price, strategists&nbsp;at&nbsp;AllianceBernstein Holding L.P.AB 0.07%remind. With interest rates at historic lows and negative rates prevailing in many developed markets, liquidity pays almost nothing. On the contrary, by clearly defining long-term goals, they explain, investors can safely re-employ unused liquidity,&nbsp;despite uncertainty about the path to recovery.<blockquote>支出下降以及对估值和金融市场波动的担忧促使流动性达到创纪录水平。截至2月底，意大利居民客户存款总额为17.46亿欧元，比上年同期增长10%。策略师表示，在不确定时期，流动性令人放心，但短期安全是有代价的联盟伯恩斯坦控股有限公司0.07%起提醒。由于利率处于历史低位，许多发达市场普遍存在负利率，流动性几乎没有回报。相反，他们解释说，通过明确定义长期目标，投资者可以安全地再利用未使用的流动性，尽管复苏路径存在不确定性。</blockquote> High Valuations Do Not Always Prelude Disaster:&nbsp;For many investors, the high valuations reached by financial markets represent&nbsp;an obstacle to investing liquidity. In particular, the U.S. stock exchanges have marked new historical highs. However, AllianceBernstein's analysis reveals that equity investments have provided solid returns over time, even to investors who entered the market when the shares appeared overvalued. Starting from 1950, investing equal amounts in U.S. shares each time the market reached a new peak would have resulted in an average annual return of 9.6% — 1.9% less than it could have been obtained by investing at each bear market bottom.<blockquote>高估值并不总是灾难的前兆：对于许多投资者来说，金融市场达到的高估值是投资流动性的障碍。特别是美国股市创下历史新高。然而，AllianceBernstein 的分析表明，随着时间的推移，股权投资提供了可观的回报，即使对于在股票似乎被高估时进入市场的投资者来说也是如此。从 1950 年开始，每次市场达到新高时投资等量的美国股市，平均年回报率将达到 9.6%，比每次熊市底部投资所能获得的回报率低 1.9%。</blockquote> Three Questions To Find Appropriate Investments:&nbsp;Investors should consider a broad array of active options suited to their individual needs, risk appetites and personal views about markets. In order to identify the right investment options, AllianceBernstein suggests asking oneself firstly, whether the investment horizon is shorter-term or longer-term, secondly, whether investments must be liquid and accessible or if one is able to tolerate illiquidity, and thirdly, whether one prefers consensus opportunities or is comfortable investing in unpopular, out-of-favour, assets that may offer better valuations.<blockquote>寻找合适投资的三个问题：投资者应考虑适合其个人需求、风险偏好和个人对市场的看法的广泛主动选择。为了确定正确的投资选择，AllianceBernstein 建议首先问自己，投资期限是短期还是长期，其次，投资是否必须具有流动性和可获得性，或者是否能够容忍缺乏流动性，第三，一个人是否更喜欢共识机会，或者是否愿意投资于可能提供更好估值的不受欢迎、不受欢迎的资产。</blockquote> Choosing Between Consensus And Contrarian:&nbsp;Investing in growth stocks, for example, was especially successful — and popular — in 2020, but this part of the market poses the most acute valuation concerns. In fact, high-yield fixed income offers access to an asset class that tends to be uncorrelated with equities and offers better downside risk reduction, as well as higher return potential than the broader bond market. On the other hand, for those willing to swim against the tide, underperforming value stocks which have been traded at a discount compared to growth stocks could trigger a more marked rebound if the economic recovery accelerates. Even non-US stocks and small-caps often offer more attractive valuations than US peers. Investors with longer-term time frames might want to explore illiquid options such as private equity portfolios and hedge funds, or they could include contrarian options such as securitized assets and private credit.<blockquote>在共识和逆向之间做出选择：例如，投资成长型股票在 2020 年尤其成功且受欢迎，但这部分市场引发了最严重的估值担忧。事实上，高收益固定收益提供了一种往往与股票无关的资产类别，并且比更广泛的债券市场提供了更好的下行风险降低以及更高的回报潜力。另一方面，对于那些愿意逆水行舟的人来说，如果经济复苏加速，与成长型股票相比，表现不佳的价值股可能会引发更明显的反弹。即使是非美国股票和小盘股也往往比美国同行提供更具吸引力的估值。时间框架较长的投资者可能希望探索非流动性选择，例如私募股权投资组合和对冲基金，或者他们可以包括证券化资产和私人信贷等逆向选择。</blockquote> It Is Impossible To Forecast Market Reversals, Better Stay Invested:AllianceBernstein experts' conclusion is that, over time, most asset classes are likely to do better than cash, especially at today’s rates. And since it’s nearly impossible to time market inflection points, it’s better to be invested in the market rather than not — even in today’s fluid conditions. With risk-aware, active, investing approaches, investors can redeploy cash with conviction to selectively capture diverse sources of return potential, even as concerns about the future remain unresolved.<blockquote>无法预测市场逆转，最好保持投资：AllianceBernstein 专家的结论是，随着时间的推移，大多数资产类别的表现都可能好于现金，尤其是按今天的利率计算。由于几乎不可能预测市场拐点，因此投资市场总比不投资好--即使是在当今动荡的环境下。通过风险意识、积极的投资方法，投资者可以满怀信心地重新部署现金，以选择性地捕获不同的潜在回报来源，即使对未来的担忧仍未解决。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113507285","content_text":"According to AllianceBernstein, the opportunity cost of sticking to liquidity is rather high: over time, most of the asset classes are expected to do better\nLower expenses and fears about valuations and financial markets' volatility have prompted liquidity to record levels. At the end of February, in Italy, resident customer deposits amounted to 1,746 billion, 10% more than the figure recorded the previous year. In times of uncertainty, liquidity is reassuring, but short-term security has a price, strategists at AllianceBernstein Holding L.P.AB 0.07%remind. With interest rates at historic lows and negative rates prevailing in many developed markets, liquidity pays almost nothing. On the contrary, by clearly defining long-term goals, they explain, investors can safely re-employ unused liquidity, despite uncertainty about the path to recovery.\nHigh Valuations Do Not Always Prelude Disaster: For many investors, the high valuations reached by financial markets represent an obstacle to investing liquidity. In particular, the U.S. stock exchanges have marked new historical highs. However, AllianceBernstein's analysis reveals that equity investments have provided solid returns over time, even to investors who entered the market when the shares appeared overvalued. Starting from 1950, investing equal amounts in U.S. shares each time the market reached a new peak would have resulted in an average annual return of 9.6% — 1.9% less than it could have been obtained by investing at each bear market bottom.\nThree Questions To Find Appropriate Investments: Investors should consider a broad array of active options suited to their individual needs, risk appetites and personal views about markets. In order to identify the right investment options, AllianceBernstein suggests asking oneself firstly, whether the investment horizon is shorter-term or longer-term, secondly, whether investments must be liquid and accessible or if one is able to tolerate illiquidity, and thirdly, whether one prefers consensus opportunities or is comfortable investing in unpopular, out-of-favour, assets that may offer better valuations.\nChoosing Between Consensus And Contrarian: Investing in growth stocks, for example, was especially successful — and popular — in 2020, but this part of the market poses the most acute valuation concerns. In fact, high-yield fixed income offers access to an asset class that tends to be uncorrelated with equities and offers better downside risk reduction, as well as higher return potential than the broader bond market. On the other hand, for those willing to swim against the tide, underperforming value stocks which have been traded at a discount compared to growth stocks could trigger a more marked rebound if the economic recovery accelerates. Even non-US stocks and small-caps often offer more attractive valuations than US peers. Investors with longer-term time frames might want to explore illiquid options such as private equity portfolios and hedge funds, or they could include contrarian options such as securitized assets and private credit.\nIt Is Impossible To Forecast Market Reversals, Better Stay Invested:AllianceBernstein experts' conclusion is that, over time, most asset classes are likely to do better than cash, especially at today’s rates. And since it’s nearly impossible to time market inflection points, it’s better to be invested in the market rather than not — even in today’s fluid conditions. 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