Asset allocation mattered little, until it mattered a huge amount. Through the first half of 2011, stocks, corporate bonds and treasuries muddled upward together. In August, the European mess got going properly and the flight to safety was on. By year-end long-term Treasuries had piled up vast gains, high-quality corporates had logged a sound year, and big-cap stocks were where they started. Riskier flavours of equity fell.
資產(chǎn)配置有時無關(guān)緊要，有時重要得很。2011年上半年，股票、公司債券和美國國債的價格都呈現(xiàn)漲勢。進入8月，歐債危機正式爆發(fā)，投資者開始轉(zhuǎn)向安全資產(chǎn)。到年底，美國長期國債已斬獲巨大回報，高質(zhì)量的公司債券也錄得豐厚回報，而大公司股票卻回落至年初水平。風險較高的股票今年出現(xiàn)下跌。
您已閱讀23%（564字），剩余77%（1867字）包含更多重要信息，訂閱以繼續(xù)探索完整內(nèi)容，并享受更多專屬服務(wù)。