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美国经济跨越了一座值得称道的里程碑——到今年6月,本轮经济扩张已满5个年头,超过了战后经济扩张持续59个月的平均值。华尔街的牛市则持续了更长时间,标普500指数(S&P 500Index)自2009年3月9日触及666点的盘中低点以来,已累计上涨近200%。我们怀疑,美国股市的本轮牛市可能是记忆中最不受欢迎的一次。有人认为,牛市系人为甚至受操纵而致,因为宏观环境受美联储(Federal Reserve)的印钞所刺激。另一些人则在不到10年内接连经历两场市场崩盘(网络泡沫和房地
The U.S. economy has crossed a commendable milestone - by June this year, the current round of economic expansion has reached five years, surpassing the 59-month average of post-war economic expansion. The bull market on Wall Street lasted longer, with the S & P 500 Index having risen nearly 200% since reaching a session low of 666 on March 9, 2009. We suspect that the current bull market in the U.S. stock market may be the most unwelcome memory. Some people think that bullish people are even manipulated because the macro environment is stimulated by the printing of the Federal Reserve. Others, in less than 10 years, went through two market crashes in a row (internet bubbles and premises)