自2008年至2009年金融危机以来的10年时间里,全球央行释放了前所未有的货币流动性。
(央行们)的量化宽松增持以及长时间的负利率或实际上极低的利率刺激了投资者对风险的偏好,产生的结果是几乎每个主要经济体的每一个股市板块均获得了巨大的正向收益。
美股市场在股市回报率上的表现领先群伦,在富时发达国家指数和富时全球指数的表现优于每一个可比较的国家。
下面图表显示的是富时发达国家指数中的各国在2010年代的股票总回报率(以当地货币计算总回报率)

下面图表显示的是富时发达国家指数中的各地区在2010年代的股票总回报率(以当地货币计算总回报率)

新兴市场方面,赢家主要来自于亚洲:印度尼西亚和中国。
下面图表显示的是富时新兴市场指数中的各地区在2010年代的股票总回报率(以当地货币计算总回报率)

美股市场的表现之所以超过其他国家市场很大程度上源于科技板块的比重大于世界其他市场。
科技板块是富时全球市场指数中表现最强的板块。(除了某些欧洲地区的公用事业板块股票外,很难找到发达国家股市的板块在2010年代产生了损失)
下面图表显示的是富时全球指数中的各板块在2010年代的股票总回报率(以当地货币计算总回报率)

下面图表显示的是各个国家市场中的科技板块在2010年代的股票总回报率(以当地货币计算总回报率)

在固定收益证券方面,更长期限的(7-10年)政府债券为投资者带来了正向收益,美国债券的收益表现优于其他主要市场的债券,自金融危机的混乱情形引发对政府债券安全性的忧虑以来,10年时间里的收益近60%。
7-10年期的政府债券自2010年以来的总回报率(以当地货币计算总回报率)

主要资产类别的长期正向表现向投资者提出了两大问题。
首先,刺激了市场收益的宽松政策还将持续多久?
其次,如果宽松政策继续持续下去,过去10年时间里,股票和债券表现的正相关性是否会维系下去?
美国股票与债券在价格上的相关性

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