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2021-06-12

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Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被骗了--通货膨胀是股市投资者的一大风险。以下是如何准备</blockquote>

Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank

Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被骗了--通货膨胀是股市投资者的一大风险。以下是如何准备</blockquote>

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Here’s how to prepare<blockquote>不要被骗了--通货膨胀是股市投资者的一大风险。以下是如何准备</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118102755","media":"MarketWatch","summary":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank ","content":" Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus. Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.<blockquote>迈克尔·布拉什 (Michael Brush) 就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。不要被十多年来最高通胀率的平静反应所迷惑。通胀将保持在足够高的水平，足以撼动股市，可能导致高达 15% 的抛售。你现在需要准备。</blockquote> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.<blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并促使美联储在年底前开始缩减刺激措施。两者都将扰乱股市。</blockquote> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.<blockquote>政府6月10日表示，5月份生活成本飙升，将通货膨胀率推至5%的13年来新高。</blockquote> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.<blockquote>你该怎么办？可能和你想的相反。在此之前，我们先来看看今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote> Rising yields<blockquote>收益率上升</blockquote> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.<blockquote>还记得今年早些时候，10 年期国债收益率 TMUBMUSD10Y,1.452% 升至 1.7%？好吧，期待重复。只会更糟。</blockquote> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.<blockquote>“凯投宏观经济学家弗兰齐斯卡-帕尔马斯（Franziska Palmas）说：”我们怀疑美国的通胀将比投资者目前预期的更加持久。她的研究小组预计，到今年年底，10年期国债收益率为2.25%，到2022年底为2.5%。</blockquote> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.<blockquote>这将比目前的 1.5% 水平有很大的进步。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote> Fed tapering<blockquote>Fed渐缩</blockquote> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.<blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）淡化了央行缩减债券购买规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）的12名成员中有一半最近表示，他们准备开始讨论缩减规模。联邦公开市场委员会是制定货币政策的美联储部门。</blockquote> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.<blockquote>“《预测市场》（Predicting the Markets）一书的作者、亚德尼研究公司（Yardeni Research）负责人埃德-亚德尼（Ed Yardeni）说：”在美联储开始谈论缩减规模之前，鲍威尔将越来越难以声称经济需要在实现最大就业方面取得'实质性进一步进展'。鲍威尔曾多次表示，美联储正在等待经济取得 “实质性进一步进展”，然后再终止刺激计划。</blockquote> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.<blockquote>“亚德尼预测：”鉴于经济的表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。</blockquote> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.<blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。缩减规模是指美联储减少债券购买。这收紧了货币供应，从而抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.<blockquote>众所周知，缩减规模会在股市中引发 “缩减规模狂潮”，这意味着标普500 SPX 指数（+0.19%）、道琼斯工业平均指数（+0.04%）和纳斯达克综合指数（+0.35%）等指数将大幅抛售。</blockquote> How to prepare<blockquote>如何准备</blockquote> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.<blockquote>当考虑如何应对债券收益率上升和美联储紧缩可能导致的抛售时，要记住的关键是为什么这些事情会发生，以及历史告诉我们股票如何表现。</blockquote> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.<blockquote>人们普遍认为，缩减收益率和不断上升的债券收益率会扼杀经济增长和股市牛市。但事实并非如此。</blockquote> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.<blockquote>是的，最初，紧缩可能会导致股市下跌，或者充其量是横盘波动。但随后随着牛市的持续，股市摆脱了困境并走高。这是有道理的，因为紧缩政策的发生是有充分理由的，有助于企业——强劲的经济增长。这将收益推高很多，从而将估值重置为较低的水平——回到投资者感到舒适的水平。</blockquote> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”<blockquote>“Leuthold 市场策略师吉姆-保尔森（Jim Paulsen）说：”缩减规模是复苏的重要组成部分。“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，让市场走高。这是一个健康的发展”。</blockquote> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.<blockquote>纵观未来可能出现的所有市场烟火，保尔森认为潜在的经济增长将把标普500的收益推至年底的220美元。假设标普500处于当前水平或略低，该指数的市盈率（P/E）将降至 18-19，接近或低于 1990 年以来的平均水平。“他说：”这为牛市的下一阶段奠定了基础。</blockquote> Your five-point game plan<blockquote>你的五点游戏计划</blockquote> 1. Do not go to “defensives”<blockquote>1. 不要采取“防御”策略</blockquote> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.<blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的 “稳定”。但那将是一个错误。当经济放缓或收缩时，你想采取守势，而不是当经济强劲时。另一个问题是防御性的名字会带来收益。因此，与债券一样，它们也受到利率上升的打击，这会降低股息以及支付股息的股票和债券的价值。</blockquote> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”<blockquote>“保护自己的最好方法是将你的投资组合与过热的经济联系起来。这是利润增长和利润杠杆最好的地方，”保尔森说。“防守是得不到的。”</blockquote> 2. Go with companies that benefit from growth<blockquote>2. 选择受益于增长的公司</blockquote> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.<blockquote>由于经济快速增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着工业股、基础材料消费品、小盘股和国际股票等周期性股票。“保尔森说：”增长放缓的消费品和公用事业将跟不上市场的增长领域。</blockquote> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.<blockquote>我首先建议 Lindblad Expeditions LIND，+0.17% 和 Cardlytics CDLX，+4.54%，并在我的股票信中，在 2020 年 9 月和 2019 年 11 月温习股票（我网站的链接在下面的简历中）。我仍然喜欢并拥有这两款产品，尽管它们分别上涨了 48% 和 157%，是标普500的两到四倍。最近的内部买入证实他们正在买入并持有当前水平附近。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。林德布拉德提供前往异国情调的专门邮轮探险。两者都受益于推动更多消费者支出的经济增长。</blockquote> 3. Do not get out of stocks<blockquote>3.不要出货</blockquote> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.<blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购可能很有诱惑力。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握正确的时机。</blockquote> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”<blockquote>“亚德尼说：”你必须做出两个明智的决定。“你必须在纠错前下车，然后再决定什么时候回来。我不知道有多少人能坚持这样做。”</blockquote> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.<blockquote>市场计时器经常出局后再也进不来，他们会错过下一轮上涨。“保尔森说：”试图避免更正可能会给自己带来麻烦。</blockquote> 4. Do not own bonds<blockquote>4. 不持有债券</blockquote> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.<blockquote>到年底，债券收益率将达到 2% 或更高。因此，不要持有债券，因为当收益率上升时，债券的价格就会下跌--除非你只是打算持有到期以获得收益。</blockquote> 5. Go with financials<blockquote>5. 理财</blockquote> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.<blockquote>强劲的经济通常会使收益率曲线更加向上倾斜，这意味着 10 年期国债的长期利率上升速度比短期利率快得多。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有所帮助。</blockquote> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.<blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年 8 月在股票信中提出建议以来，摩根大通 JPM（-0.07%）和美国银行 BAC（+0.41%）的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得拥有。</blockquote>","source":"lsy1603348471595","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>Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被骗了--通货膨胀是股市投资者的一大风险。以下是如何准备</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\">\nDon’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被骗了--通货膨胀是股市投资者的一大风险。以下是如何准备</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-06-12 11:39\n\n</h4>\n</header>\n<article>\n Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus. Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.<blockquote>迈克尔·布拉什 (Michael Brush) 就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。不要被十多年来最高通胀率的平静反应所迷惑。通胀将保持在足够高的水平，足以撼动股市，可能导致高达 15% 的抛售。你现在需要准备。</blockquote> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.<blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并促使美联储在年底前开始缩减刺激措施。两者都将扰乱股市。</blockquote> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.<blockquote>政府6月10日表示，5月份生活成本飙升，将通货膨胀率推至5%的13年来新高。</blockquote> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.<blockquote>你该怎么办？可能和你想的相反。在此之前，我们先来看看今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote> Rising yields<blockquote>收益率上升</blockquote> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.<blockquote>还记得今年早些时候，10 年期国债收益率 TMUBMUSD10Y,1.452% 升至 1.7%？好吧，期待重复。只会更糟。</blockquote> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.<blockquote>“凯投宏观经济学家弗兰齐斯卡-帕尔马斯（Franziska Palmas）说：”我们怀疑美国的通胀将比投资者目前预期的更加持久。她的研究小组预计，到今年年底，10年期国债收益率为2.25%，到2022年底为2.5%。</blockquote> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.<blockquote>这将比目前的 1.5% 水平有很大的进步。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote> Fed tapering<blockquote>Fed渐缩</blockquote> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.<blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）淡化了央行缩减债券购买规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）的12名成员中有一半最近表示，他们准备开始讨论缩减规模。联邦公开市场委员会是制定货币政策的美联储部门。</blockquote> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.<blockquote>“《预测市场》（Predicting the Markets）一书的作者、亚德尼研究公司（Yardeni Research）负责人埃德-亚德尼（Ed Yardeni）说：”在美联储开始谈论缩减规模之前，鲍威尔将越来越难以声称经济需要在实现最大就业方面取得'实质性进一步进展'。鲍威尔曾多次表示，美联储正在等待经济取得 “实质性进一步进展”，然后再终止刺激计划。</blockquote> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.<blockquote>“亚德尼预测：”鉴于经济的表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。</blockquote> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.<blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。缩减规模是指美联储减少债券购买。这收紧了货币供应，从而抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.<blockquote>众所周知，缩减规模会在股市中引发 “缩减规模狂潮”，这意味着标普500 SPX 指数（+0.19%）、道琼斯工业平均指数（+0.04%）和纳斯达克综合指数（+0.35%）等指数将大幅抛售。</blockquote> How to prepare<blockquote>如何准备</blockquote> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.<blockquote>当考虑如何应对债券收益率上升和美联储紧缩可能导致的抛售时，要记住的关键是为什么这些事情会发生，以及历史告诉我们股票如何表现。</blockquote> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.<blockquote>人们普遍认为，缩减收益率和不断上升的债券收益率会扼杀经济增长和股市牛市。但事实并非如此。</blockquote> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.<blockquote>是的，最初，紧缩可能会导致股市下跌，或者充其量是横盘波动。但随后随着牛市的持续，股市摆脱了困境并走高。这是有道理的，因为紧缩政策的发生是有充分理由的，有助于企业——强劲的经济增长。这将收益推高很多，从而将估值重置为较低的水平——回到投资者感到舒适的水平。</blockquote> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”<blockquote>“Leuthold 市场策略师吉姆-保尔森（Jim Paulsen）说：”缩减规模是复苏的重要组成部分。“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，让市场走高。这是一个健康的发展”。</blockquote> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.<blockquote>纵观未来可能出现的所有市场烟火，保尔森认为潜在的经济增长将把标普500的收益推至年底的220美元。假设标普500处于当前水平或略低，该指数的市盈率（P/E）将降至 18-19，接近或低于 1990 年以来的平均水平。“他说：”这为牛市的下一阶段奠定了基础。</blockquote> Your five-point game plan<blockquote>你的五点游戏计划</blockquote> 1. Do not go to “defensives”<blockquote>1. 不要采取“防御”策略</blockquote> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.<blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的 “稳定”。但那将是一个错误。当经济放缓或收缩时，你想采取守势，而不是当经济强劲时。另一个问题是防御性的名字会带来收益。因此，与债券一样，它们也受到利率上升的打击，这会降低股息以及支付股息的股票和债券的价值。</blockquote> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”<blockquote>“保护自己的最好方法是将你的投资组合与过热的经济联系起来。这是利润增长和利润杠杆最好的地方，”保尔森说。“防守是得不到的。”</blockquote> 2. Go with companies that benefit from growth<blockquote>2. 选择受益于增长的公司</blockquote> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.<blockquote>由于经济快速增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着工业股、基础材料消费品、小盘股和国际股票等周期性股票。“保尔森说：”增长放缓的消费品和公用事业将跟不上市场的增长领域。</blockquote> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.<blockquote>我首先建议 Lindblad Expeditions LIND，+0.17% 和 Cardlytics CDLX，+4.54%，并在我的股票信中，在 2020 年 9 月和 2019 年 11 月温习股票（我网站的链接在下面的简历中）。我仍然喜欢并拥有这两款产品，尽管它们分别上涨了 48% 和 157%，是标普500的两到四倍。最近的内部买入证实他们正在买入并持有当前水平附近。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。林德布拉德提供前往异国情调的专门邮轮探险。两者都受益于推动更多消费者支出的经济增长。</blockquote> 3. Do not get out of stocks<blockquote>3.不要出货</blockquote> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.<blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购可能很有诱惑力。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握正确的时机。</blockquote> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”<blockquote>“亚德尼说：”你必须做出两个明智的决定。“你必须在纠错前下车，然后再决定什么时候回来。我不知道有多少人能坚持这样做。”</blockquote> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.<blockquote>市场计时器经常出局后再也进不来，他们会错过下一轮上涨。“保尔森说：”试图避免更正可能会给自己带来麻烦。</blockquote> 4. Do not own bonds<blockquote>4. 不持有债券</blockquote> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.<blockquote>到年底，债券收益率将达到 2% 或更高。因此，不要持有债券，因为当收益率上升时，债券的价格就会下跌--除非你只是打算持有到期以获得收益。</blockquote> 5. Go with financials<blockquote>5. 理财</blockquote> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.<blockquote>强劲的经济通常会使收益率曲线更加向上倾斜，这意味着 10 年期国债的长期利率上升速度比短期利率快得多。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有所帮助。</blockquote> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.<blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年 8 月在股票信中提出建议以来，摩根大通 JPM（-0.07%）和美国银行 BAC（+0.41%）的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得拥有。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118102755","content_text":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.\nThe reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.\nThe government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.\nWhat should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.\nRising yields\nRemember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452% moved up to around 1.7%? Well, expect a repeat. Only worse.\n“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.\nThat’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.\nFed tapering\nFed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee (FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.\n“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.\n“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.\nHe thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.\nAs we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&P 500 SPX,+0.19%, the Dow Jones Industrial Average DJIA,+0.04% and Nasdaq COMP,+0.35%.\nHow to prepare\nWhen considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.\nThe consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.\nYes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.\n“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”\nLooking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&P 500 earnings up to $220 by the end of the year. Assuming the S&P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.\nYour five-point game plan\n1. Do not go to “defensives”\nWhen people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.\n“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”\n2. Go with companies that benefit from growth\nSince rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.\nI first suggested Lindblad Expeditions LIND,+0.17% and Cardlytics CDLX,+4.54% and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.\n3. Do not get out of stocks\nIf you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.\n“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”\nMarket timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.\n4. Do not own bonds\nBond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.\n5. Go with financials\nStrong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.\nThe strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07% and Bank of America BAC,+0.41% are up over twice as much as the S&P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2461,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被骗了--通货膨胀是股市投资者的一大风险。以下是如何准备</blockquote>

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