金融市場
Big Read: The perils of calling the peak of the equities bull run
本輪全球股市牛市何時終結?


本輪牛市持續時間很長,意味著股票估值早就比1987年「黑色星期一」來襲時貴。終極挑戰是,如何爲衝擊做好準備。

As share prices tumbled on that infamous Monday in October 1987, a chain of dominoes stretching from Tokyo to New York, Tim Hammett was more stunned by the reaction of his new colleagues at an investment fund in the City. The value of household names was collapsing, yet they were cheering. “Out came the drinks,” says Mr Hammett, who had just started working at CIN Management, a fund responsible for the pensions of Britain’s coal miners.

在1987年10月那個盡人皆知的星期一,當股價暴跌時,多米諾骨牌效應從東京擴散到紐約,但更讓蒂姆•哈米特(Tim Hammett)目瞪口呆的是他在倫敦金融城一家投資基金的新同事們的反應。家喻戶曉的公司的股票價格在重挫,然而他們卻在歡呼。「他們還拿出了酒,」哈米特說,那時他剛剛開始在CIN Management工作,這是一家負責管理英國煤礦工人養老金的基金。

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