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2021-12-09
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BofA Says S&P 500 Real Earnings Yield is Lowest Since Harry Truman Was President<blockquote>美国银行称标普500实际收益率为哈里·杜鲁门担任总统以来最低</blockquote>
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Thanks","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/602243857","repostId":1173558917,"repostType":4,"repost":{"id":"1173558917","kind":"news","pubTimestamp":1639032595,"share":"https://www.laohu8.com/m/news/1173558917?lang=zh_CN&edition=full","pubTime":"2021-12-09 14:49","market":"us","language":"en","title":"BofA Says S&P 500 Real Earnings Yield is Lowest Since Harry Truman Was President<blockquote>美国银行称标普500实际收益率为哈里·杜鲁门担任总统以来最低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173558917","media":"Bloomberg","summary":"(Bloomberg) -- The real earnings yield on U.S. stocks hasn’t been so low since Harry Truman was pres","content":"<p>(Bloomberg) -- The real earnings yield on U.S. stocks hasn’t been so low since Harry Truman was president and the Cold War was just starting, according to Bank of America Corp. strategists.</p><p><blockquote>（彭博社）——据美国银行策略师称，自哈里·杜鲁门担任总统和冷战刚刚开始以来，美国股市的实际收益收益率从未如此之低。</blockquote></p><p> The S&P 500 Index currently has a real earnings yield of -2.9%, meaning that without continued growth in company results, investors would lose 2.9% when adjusted for inflation, the strategists led by Savita Subramanian wrote in a note on Wednesday. “Last time the real earnings yield was this negative was 1947.”</p><p><blockquote>以Savita Subramanian为首的策略师周三在一份报告中写道，标普500指数目前的实际收益率为-2.9%，这意味着如果公司业绩没有持续增长，经通胀调整后，投资者将损失2.9%。“上一次实际收益率为负值是在1947年。”</blockquote></p><p> In each of the previous four times that real earnings yield was negative, a bear market was the result, according to the strategists, who advised investors to seek refuge in inflation havens, such as energy, financials and real estate. Expectations that inflation will moderate from 6.2% to 2.5% over the next 12 months may prove too optimistic, as that would imply the sharpest drop in four decades, they said.</p><p><blockquote>策略师表示，在过去四次实际收益率为负的情况下，每次都导致熊市，他们建议投资者在能源、金融和房地产等通胀避风港寻求庇护。他们表示，对未来12个月通胀率将从6.2%放缓至2.5%的预期可能过于乐观，因为这将意味着四十年来的最大幅度下降。</blockquote></p><p> BofA has been persistently bearish in its outlook for U.S. and European stocks, even as the main benchmark gauges on both sides of the Atlantic hit successive record highs in recent months. After a brief slump triggered by the spread of the omicron variant of the coronavirus, the S&P 500 has bounced back and is hovering near record highs.</p><p><blockquote>尽管大西洋两岸的主要基准指标近几个月连续创下历史新高，但美国银行一直对美国和欧洲股市的前景持悲观态度。在经历了冠状病毒omicron变种传播引发的短暂暴跌后，标普500已经反弹，并徘徊在历史高点附近。</blockquote></p><p> “Negative real earnings yield portends downside risks,” the strategists said, as it undermines the so-called TINA argument that there is no alternative to equities for investors.</p><p><blockquote>策略师表示，“实际收益率为负预示着下行风险”，因为这削弱了所谓的TINA论点，即投资者除了股票之外别无选择。</blockquote></p><p> According to BofA, the previous four instances of negative real earnings yield were the post-World War II bear market, the stagflation era of the 1970s, the 1980s “Volcker shock” period when the Federal Reserve raised interest rates aggressively to tame inflation, and the 2000 tech bubble.</p><p><blockquote>美国银行表示，此前四次实际收益率为负的情况分别是二战后的熊市、20世纪70年代的滞胀时代、20世纪80年代美联储大幅加息以抑制通胀的“沃尔克冲击”时期，以及2000年的科技泡沫。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nBofA Says S&P 500 Real Earnings Yield is Lowest Since Harry Truman Was President<blockquote>美国银行称标普500实际收益率为哈里·杜鲁门担任总统以来最低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-12-09 14:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- The real earnings yield on U.S. stocks hasn’t been so low since Harry Truman was president and the Cold War was just starting, according to Bank of America Corp. strategists.</p><p><blockquote>（彭博社）——据美国银行策略师称，自哈里·杜鲁门担任总统和冷战刚刚开始以来，美国股市的实际收益收益率从未如此之低。</blockquote></p><p> The S&P 500 Index currently has a real earnings yield of -2.9%, meaning that without continued growth in company results, investors would lose 2.9% when adjusted for inflation, the strategists led by Savita Subramanian wrote in a note on Wednesday. “Last time the real earnings yield was this negative was 1947.”</p><p><blockquote>以Savita Subramanian为首的策略师周三在一份报告中写道，标普500指数目前的实际收益率为-2.9%，这意味着如果公司业绩没有持续增长，经通胀调整后，投资者将损失2.9%。“上一次实际收益率为负值是在1947年。”</blockquote></p><p> In each of the previous four times that real earnings yield was negative, a bear market was the result, according to the strategists, who advised investors to seek refuge in inflation havens, such as energy, financials and real estate. Expectations that inflation will moderate from 6.2% to 2.5% over the next 12 months may prove too optimistic, as that would imply the sharpest drop in four decades, they said.</p><p><blockquote>策略师表示，在过去四次实际收益率为负的情况下，每次都导致熊市，他们建议投资者在能源、金融和房地产等通胀避风港寻求庇护。他们表示，对未来12个月通胀率将从6.2%放缓至2.5%的预期可能过于乐观，因为这将意味着四十年来的最大幅度下降。</blockquote></p><p> BofA has been persistently bearish in its outlook for U.S. and European stocks, even as the main benchmark gauges on both sides of the Atlantic hit successive record highs in recent months. After a brief slump triggered by the spread of the omicron variant of the coronavirus, the S&P 500 has bounced back and is hovering near record highs.</p><p><blockquote>尽管大西洋两岸的主要基准指标近几个月连续创下历史新高，但美国银行一直对美国和欧洲股市的前景持悲观态度。在经历了冠状病毒omicron变种传播引发的短暂暴跌后，标普500已经反弹，并徘徊在历史高点附近。</blockquote></p><p> “Negative real earnings yield portends downside risks,” the strategists said, as it undermines the so-called TINA argument that there is no alternative to equities for investors.</p><p><blockquote>策略师表示，“实际收益率为负预示着下行风险”，因为这削弱了所谓的TINA论点，即投资者除了股票之外别无选择。</blockquote></p><p> According to BofA, the previous four instances of negative real earnings yield were the post-World War II bear market, the stagflation era of the 1970s, the 1980s “Volcker shock” period when the Federal Reserve raised interest rates aggressively to tame inflation, and the 2000 tech bubble.</p><p><blockquote>美国银行表示，此前四次实际收益率为负的情况分别是二战后的熊市、20世纪70年代的滞胀时代、20世纪80年代美联储大幅加息以抑制通胀的“沃尔克冲击”时期，以及2000年的科技泡沫。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/bofa-says-p-500-real-160445171.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/bofa-says-p-500-real-160445171.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173558917","content_text":"(Bloomberg) -- The real earnings yield on U.S. stocks hasn’t been so low since Harry Truman was president and the Cold War was just starting, according to Bank of America Corp. strategists.\nThe S&P 500 Index currently has a real earnings yield of -2.9%, meaning that without continued growth in company results, investors would lose 2.9% when adjusted for inflation, the strategists led by Savita Subramanian wrote in a note on Wednesday. “Last time the real earnings yield was this negative was 1947.”\nIn each of the previous four times that real earnings yield was negative, a bear market was the result, according to the strategists, who advised investors to seek refuge in inflation havens, such as energy, financials and real estate. Expectations that inflation will moderate from 6.2% to 2.5% over the next 12 months may prove too optimistic, as that would imply the sharpest drop in four decades, they said.\nBofA has been persistently bearish in its outlook for U.S. and European stocks, even as the main benchmark gauges on both sides of the Atlantic hit successive record highs in recent months. After a brief slump triggered by the spread of the omicron variant of the coronavirus, the S&P 500 has bounced back and is hovering near record highs.\n“Negative real earnings yield portends downside risks,” the strategists said, as it undermines the so-called TINA argument that there is no alternative to equities for investors.\nAccording to BofA, the previous four instances of negative real earnings yield were the post-World War II bear market, the stagflation era of the 1970s, the 1980s “Volcker shock” period when the Federal Reserve raised interest rates aggressively to tame inflation, and the 2000 tech bubble.","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":979,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/602243857"}
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