觀點金融市場

Market liquidity illusion is blinding investors
警惕市場流動性錯覺


哈菲茲:平時充裕的市場流動性可能在關鍵時刻消失。電子交易、做市商縮減以及央行退出量化寬鬆構成三重威脅。

Acynic would say that investors know the price of everything and the value of nothing. But the reality could be much worse because they may not even know the price. For decades, investors, policymakers and academics have taken financial market prices as the critical gauge for the overall expectations on the economy and company performance.

憤世嫉俗者會說,投資者知道一切事物的價格,卻對價值一無所知。但現實可能更糟,因爲他們也許甚至連價格也不知道。數十年來,投資者、政策制定者和學者一直把金融市場價格視爲對經濟表現和企業業績作出總體預期的關鍵指標。

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