Denial is not a stockpicking strategy. Last year’s pastime, watching gold prices fall, has given way to watching oil prices drop. Yet analysts’ expectations for Chinese oil companies have not changed much. Oil prices have fallen a quarter since June. Analysts’ targets have been largely unmoved.
「否認現實」不是什麼好的選股策略。去年人們的一項消遣是觀看金價下跌,如今則變成了觀看油價下跌。然而,分析師對中國石油企業的預期卻沒有發生多大改變。自今年6月以來,油價已下跌四分之一。分析師對這些企業給出的估值目標卻基本未變。
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