Most people accept by now that growing aggregate debt in the global economy has cast a long, dark shadow on the strength and sustainability of global output. Arguably emerging markets, having de-rated in pretty much every asset class against the developed assets, are already priced for this weak ‘beta’ from global growth. However, have most investors considered the possibility that there may be negative ‘a(chǎn)lpha’ for EM in the current mild recovery?
多數(shù)人現(xiàn)在都接受這樣一種觀點(diǎn)：全球經(jīng)濟(jì)中不斷增長(zhǎng)的債務(wù)總量，為全球經(jīng)濟(jì)產(chǎn)出的強(qiáng)度和可持續(xù)性投下了長(zhǎng)長(zhǎng)的陰影。幾乎每一種資產(chǎn)類(lèi)別的評(píng)級(jí)相對(duì)于發(fā)達(dá)市場(chǎng)均有所降低的新興市場(chǎng)，可以說(shuō)已在價(jià)格中計(jì)入了與全球增長(zhǎng)乏力相關(guān)的弱“貝塔值”(beta，用來(lái)衡量對(duì)系統(tǒng)性風(fēng)險(xiǎn)敏感程度的參數(shù)——譯者注)。然而，多數(shù)投資者是否考慮過(guò)，在目前這種溫和復(fù)蘇中，新興市場(chǎng)可能出現(xiàn)負(fù)“阿爾法值”(alpha，用來(lái)衡量非系統(tǒng)性風(fēng)險(xiǎn)的參數(shù)——譯者注）？