1932年也是这样!美股集中度高并不可怕,真正危险的是太贵

华尔街见闻
Feb 04

英国《金融时报》专栏文章指出,市场集中度本身并不可怕,真正需要警惕的是高估值。从历史角度来看,在工业时代,类似现在的集中度模式就已经存在。换句话说,少数大公司主导市场似乎是资本市场的一种常态。单独来看,市场集中度确实对回报有负向预测作用(高集中度,低后续回报),但保持估值不变的情况下,更高的集中度实际上与更高的未来回报相关!周三,英国《金融时报》专栏作者Robert Armstrong发表了一篇...

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