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2023-11-04 19:40When the economy is at the trough of the business cycle, equities perform well, and valuation ratios and earnings growth are expected to increase. The analyst could also use the Grinold- Kroner model to compute the required equity risk premium and increase the portfolio’s equity weights. At this stage, the yield curve is steep with high credit and term premiums. The expectation of rising interest rates means that bonds tend to underperform, and the analyst should reduce the portfolio’s bond allocation. 能不能解釋一下這段話？equity表現(xiàn)好的時候為什么bond表現(xiàn)差
所屬：CFA Level III > Capital Market Expectations 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Johnny助教
2023-11-05 18:02
該回答已被題主采納
同學你好，當經濟已經處于谷底時，之后的經濟增速和估值倍數(shù)就預期會上漲，那么就會推薦在這個階段買入股票，等于就是抄底了，之后經濟復蘇了股價就會上漲。但在這個階段應該減持債券，因為等到經濟復蘇后利率會上升，所以之后債券價格就會下跌，那現(xiàn)在如果買了債券的話之后就會降價，產生capital loss
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