求安全不能只投美股(英汉).docVIP

Go Abroad, Young Investor 求安全不能只投美股 If you think U.S. stocks are safer than those in foreign countries, you may want to reconsider. 如果你觉得美国股票比其他国家股票“安全”，或许你该重新想一想了。 Research shows that the safest investment portfolio--one with the highest potential return and the lowest risk--is likely to be heavier on international stocks and lighter on U.S. stocks. 研究表明，最安全（潜在回报最高、风险最低）的投资组合可能是轻仓持有美国股票，重仓持有其他国家股票。 Yes, many international stock markets, especially in emerging markets such as Russia and Brazil, have been in turmoil lately. And yes, over the past couple of years, the U.S. stock market has been a great place to be. But short-term performance is a poor basis for long-term investment. The long-term story suggests something quite different. 没错，很多国际股票市场最近经历了动荡，特别是俄罗斯和巴西等新兴市场的股市。同样没错的是，过去几年美国股市是一个不错的投资点。但短期表现不太适合当作长线投资的依据。股市的长期表现给人的是相当不同的启示。 Periodic Rebalancing 定期再平衡 I have lately been on a quest for the perfect all weather investment portfolio, one that needs no more than periodic rebalancing. I accepted that, in addition to assets such as bonds and inflation-protected securities, a big part of that portfolio should be invested in stocks. But then I asked myself: Which stocks? Which markets? 最近我一直在追寻完美的“全天候”投资组合，这种投资组合只需要定期做一下再平衡就可以了。我承认，除了债券和通胀保值证券等资产之外，相当大一部分资金应当投资于股票。不过我又问自己：投哪些股票？投哪些市场的股票呢？ I found myself reading research conducted separately by two investment managers, Joachim Klement, chief investment officer at Wellershoff Partners, an investment consultancy in Zurich with $10 billion in funds under advisement, and Mebane Faber, CIO at Cambria Investment Management in El Segundo, Calif., which manages $335 million. 我读到了两名投资经理分别进行的研究。他们是苏黎世投资顾问公司Wellershoff Partners（管理资产规模100亿美元）的首席投资长乔吉姆·克莱门特(Joachim Klement)，以及加州埃尔塞贡多(El Segundo)投资管理公司Cambria Investment Management（管理资产规模3.35亿美元）的首席投资长梅班·费伯(Mebane Faber)。 Both men looked at the performance of more than 30 different stock markets around the world over long periods. 两人都考察了全世界30多个不同股市的长期表现。 Among their findings: Fir