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听!风险资产泡沫破灭的声音正在响起

Listen! The sound of the bursting of the risky asset bubble is sounding.

新浪財經綜合 ·  Jan 8, 2022 23:22

Original title: listen! The sound of the bursting of the risky asset bubble is sounding.

Source: Wall Street

Climbing is easy to fall, and all kinds of growth assets that once rose in the east wind of the Federal Reserve are now gradually returning to the normal value track with the upcoming interest rate shock.

The yield on 10-year Treasuries surged 29 basis points to about 1.8 per cent this week, the highest level since January 2020.

Risk assets in the United States bear the brunt

  High-growth US technology stocks, biological stocks and new energy stocks took the lead in falling, while digital currency assets could not escape the fate of being sold off.

Jay Hatfield, manager of Infrastructure Capital Advisors, an investment consulting firm, said:

Todd Rosenbluth, head of research for ETF at consulting firm CFRA, said:

  In terms of technology stocksGoldman Sachs Group's basket of technology stocks ended years of gains and recently plummeted, while the SPAC index has fallen 35 per cent from its peak.

Catherine Wood, a small and medium-sized technology company with disruptive innovation, has also suffered heavy losses, with its ARK Innovation ETF falling 46 per cent after hitting an all-time high in February 2021.

  In terms of the Biological UnitThe Nasdaq biotechnology index, which includes Amgen Inc (Amgen Inc.) and Gilead Sciences Inc (Gilead Sciences Inc.), fell 6.5% in the first week of the new year, the worst week since mid-March 2020.

Bloomberg stressed that many of the stocks in the index are not yet profitable.

  In terms of new energy stocksInvesco solar ETF (TAN), which made a huge increase of 230 per cent in 2020, was also sold for $70 million on Thursday, the largest one-day net outflow since March last year.

  In terms of digital currencyBoth Bitcoin and Ethernet coins fell sharply after hitting new highs in November.

As of Friday, Bitcoin had fallen 40 per cent from its November high of $69000, while the second-largest cryptocurrency, ethercoin, had withdrawn by about 35 per cent.

Meanwhile, Global X Fintech ETF, which owns digital money companies such as Coinbase Global Inc., fell 30 per cent after setting a record high in October.

Proponents of digital money have long argued that assets such as bitcoin are "special" compared to other assets and can be used to hedge against sharp fluctuations in other assets in financial markets, but that view is now being challenged.

National Securities's chief market strategist has said:

Where do A shares go?

In the face of the new energy as the representative of the Gaojing demeanor track fell sharply at the beginning of the year, the market discussion on the future trend of A-shares is also becoming more and more intense.

Zhang Qiyao, chief strategist at Societe Generale Securities, believes that the excess return in 2022 is shifting from high return on net assets (ROE) to high growth rate (G), and the importance of growth has greatly increased. In the future, the "small high-tech" field with smaller market capitalization, higher growth rate and in line with the "new increment" of science and technology will become the trend leader in the era of common prosperity of science and technology, and is expected to become the main source of excess income in the future.

Chen Xianshun, chief analyst of Guojun Strategy, has a clearer point of view. He believes that the core logic of the market adjustment since January 2022 lies in the rehearsal of "the market driving force shifts from the molecular side to the sub-parent side, and the focus of investment shifts from high growth to undervaluation." The opportunity for growth is still there, and the value is back on the stage.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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