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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":378156639,"tweetId":"378156639","gmtCreate":1619012620821,"gmtModify":1634289233535,"author":{"id":3576816140479411,"idStr":"3576816140479411","authorId":3576816140479411,"authorIdStr":"3576816140479411","name":"Wingates","avatar":"https://static.tigerbbs.com/685216a92d2db60efea706488c655bc0","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>F&nbsp;</body></html>","htmlText":"<html><head></head><body>F&nbsp;</body></html>","text":"F","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/378156639","repostId":1138827456,"repostType":4,"repost":{"id":"1138827456","kind":"news","pubTimestamp":1619011924,"share":"https://www.laohu8.com/m/news/1138827456?lang=zh_CN&edition=full","pubTime":"2021-04-21 21:32","market":"us","language":"en","title":"Money Isn’t Pouring Into U.S. Stocks. What That Means for the Market.<blockquote>资金并没有涌入美国股市。这对市场意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138827456","media":"Barrons","summary":"Many investors are already fully invested in the U.S. stock market—a negative signal for share prices.Money hasn’t exactly been flowing aggressively into stocks recently and that trend is unlikely to reverse itself any time soon. It may seem counterintuitive, given that the market has run up considerably this year, but fund managers just aren’t receiving huge amounts of capital to deploy.The net flow of money into U.S. mutual and exchange-traded equity funds has been roughly $100 billion so far ","content":"Many investors are already fully invested in the U.S. stock market—a negative signal for share prices.<blockquote>许多投资者已经完全投资于美国股市——这对股价来说是一个负面信号。</blockquote> Money hasn’t exactly been flowing aggressively into stocks recently and that trend is unlikely to reverse itself any time soon. It may seem counterintuitive, given that the market has run up considerably this year, but fund managers just aren’t receiving huge amounts of capital to deploy.<blockquote>最近资金并没有大量流入股市，而且这种趋势不太可能很快逆转。鉴于今年市场大幅上涨，这似乎有悖常理，但基金经理并没有获得大量资金来部署。</blockquote> The net flow of money into U.S. mutual and exchange-traded equity funds has been roughly $100 billion so far in 2021, according to Citigroup data. That isn’t weak, but the tide of money going into equity funds that focus on assets outside of the U.S. has been more than twice as large.<blockquote>根据花旗集团的数据，2021年迄今为止，流入美国共同基金和交易所交易股票基金的资金净流量约为1000亿美元。这并不弱，但流入专注于美国以外资产的股票基金的资金浪潮已经增加了一倍多。</blockquote> And with stocks trading at lofty levels, asset managers don’t appear eager to buy. The average institutional equity fund, which includes mutual funds and ETFs, is now holding a relatively low 4% of its portfolio in cash, according to Bank of America strategists, who say a figure any lower would be a signal to sell, while an increase to 5% would be a buy indicator. The less cash funds hold, the less they are willing to tap into that money to buy stocks.<blockquote>由于股市处于高位，资产管理公司似乎并不急于买入。美国银行策略师表示，包括共同基金和ETF在内的机构股票基金目前平均持有现金投资组合的4%相对较低，他们表示，这一数字任何低都将是卖出信号，而增加到5%将是买入指标。基金持有的现金越少，他们就越不愿意用这些钱购买股票。</blockquote> One key reason money isn’t piling into stock funds is because households already have the highest share of their assets in stocks in more than 50 years. Household equity holdings now account for 47% of total assets, according to Citi.<blockquote>资金没有涌入股票基金的一个关键原因是，家庭的股票资产比例已经达到50多年来的最高水平。根据花旗的数据，家庭股票持有量目前占总资产的47%。</blockquote> Citi’s data indicate that as households become more invested in the stock market, returns in subsequent years lessen. When investors were last so heavily invested, in 1970, the S&amp;P 500’s annual return compounded over the following 10 years was below 5%, while the historical average for the index’s annual gain is in the high single digits.<blockquote>花旗的数据表明，随着家庭对股市的投资增加，随后几年的回报会减少。当投资者上一次如此大举投资是在1970年时，该标普500在接下来10年的年复合回报率低于5%，而该指数的历史平均年涨幅则处于高个位数。</blockquote> Returns were negative in the decade after 1999, when equity holdings relative to total assets hit another peak, rising to the highest level between 1970 and the present.<blockquote>1999年之后的十年里，回报率为负，当时股票持有量相对于总资产达到另一个峰值，升至1970年至今的最高水平。</blockquote> With demand for stocks likely limited, “there is no need to pour cash into the asset class,” Tobias Levkovich, chief U.S. equity strategist at Citi, wrote in a note.<blockquote>花旗首席美国股票策略师Tobias Levkovich在一份报告中写道，由于对股票的需求可能有限，“没有必要向该资产类别注入现金”。</blockquote> Stocks can go up from here, but this is more evidence that gains for the next few years may be unspectacular compared with the run since the market hit bottom on March 23, 2020.<blockquote>股市可以从这里上涨，但这进一步证明，与2020年3月23日市场触底以来的上涨相比，未来几年的涨幅可能并不引人注目。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Money Isn’t Pouring Into U.S. Stocks. What That Means for the Market.<blockquote>资金并没有涌入美国股市。这对市场意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMoney Isn’t Pouring Into U.S. Stocks. What That Means for the Market.<blockquote>资金并没有涌入美国股市。这对市场意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-21 21:32\n\n</h4>\n</header>\n<article>\nMany investors are already fully invested in the U.S. stock market—a negative signal for share prices.<blockquote>许多投资者已经完全投资于美国股市——这对股价来说是一个负面信号。</blockquote> Money hasn’t exactly been flowing aggressively into stocks recently and that trend is unlikely to reverse itself any time soon. It may seem counterintuitive, given that the market has run up considerably this year, but fund managers just aren’t receiving huge amounts of capital to deploy.<blockquote>最近资金并没有大量流入股市，而且这种趋势不太可能很快逆转。鉴于今年市场大幅上涨，这似乎有悖常理，但基金经理并没有获得大量资金来部署。</blockquote> The net flow of money into U.S. mutual and exchange-traded equity funds has been roughly $100 billion so far in 2021, according to Citigroup data. That isn’t weak, but the tide of money going into equity funds that focus on assets outside of the U.S. has been more than twice as large.<blockquote>根据花旗集团的数据，2021年迄今为止，流入美国共同基金和交易所交易股票基金的资金净流量约为1000亿美元。这并不弱，但流入专注于美国以外资产的股票基金的资金浪潮已经增加了一倍多。</blockquote> And with stocks trading at lofty levels, asset managers don’t appear eager to buy. The average institutional equity fund, which includes mutual funds and ETFs, is now holding a relatively low 4% of its portfolio in cash, according to Bank of America strategists, who say a figure any lower would be a signal to sell, while an increase to 5% would be a buy indicator. The less cash funds hold, the less they are willing to tap into that money to buy stocks.<blockquote>由于股市处于高位，资产管理公司似乎并不急于买入。美国银行策略师表示，包括共同基金和ETF在内的机构股票基金目前平均持有现金投资组合的4%相对较低，他们表示，这一数字任何低都将是卖出信号，而增加到5%将是买入指标。基金持有的现金越少，他们就越不愿意用这些钱购买股票。</blockquote> One key reason money isn’t piling into stock funds is because households already have the highest share of their assets in stocks in more than 50 years. Household equity holdings now account for 47% of total assets, according to Citi.<blockquote>资金没有涌入股票基金的一个关键原因是，家庭的股票资产比例已经达到50多年来的最高水平。根据花旗的数据，家庭股票持有量目前占总资产的47%。</blockquote> Citi’s data indicate that as households become more invested in the stock market, returns in subsequent years lessen. When investors were last so heavily invested, in 1970, the S&amp;P 500’s annual return compounded over the following 10 years was below 5%, while the historical average for the index’s annual gain is in the high single digits.<blockquote>花旗的数据表明，随着家庭对股市的投资增加，随后几年的回报会减少。当投资者上一次如此大举投资是在1970年时，该标普500在接下来10年的年复合回报率低于5%，而该指数的历史平均年涨幅则处于高个位数。</blockquote> Returns were negative in the decade after 1999, when equity holdings relative to total assets hit another peak, rising to the highest level between 1970 and the present.<blockquote>1999年之后的十年里，回报率为负，当时股票持有量相对于总资产达到另一个峰值，升至1970年至今的最高水平。</blockquote> With demand for stocks likely limited, “there is no need to pour cash into the asset class,” Tobias Levkovich, chief U.S. equity strategist at Citi, wrote in a note.<blockquote>花旗首席美国股票策略师Tobias Levkovich在一份报告中写道，由于对股票的需求可能有限，“没有必要向该资产类别注入现金”。</blockquote> Stocks can go up from here, but this is more evidence that gains for the next few years may be unspectacular compared with the run since the market hit bottom on March 23, 2020.<blockquote>股市可以从这里上涨，但这进一步证明，与2020年3月23日市场触底以来的上涨相比，未来几年的涨幅可能并不引人注目。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/money-isnt-pouring-into-u-s-stocks-what-it-means-for-the-market-51619001001?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/money-isnt-pouring-into-u-s-stocks-what-it-means-for-the-market-51619001001?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138827456","content_text":"Many investors are already fully invested in the U.S. stock market—a negative signal for share prices.\nMoney hasn’t exactly been flowing aggressively into stocks recently and that trend is unlikely to reverse itself any time soon. It may seem counterintuitive, given that the market has run up considerably this year, but fund managers just aren’t receiving huge amounts of capital to deploy.\nThe net flow of money into U.S. mutual and exchange-traded equity funds has been roughly $100 billion so far in 2021, according to Citigroup data. That isn’t weak, but the tide of money going into equity funds that focus on assets outside of the U.S. has been more than twice as large.\nAnd with stocks trading at lofty levels, asset managers don’t appear eager to buy. The average institutional equity fund, which includes mutual funds and ETFs, is now holding a relatively low 4% of its portfolio in cash, according to Bank of America strategists, who say a figure any lower would be a signal to sell, while an increase to 5% would be a buy indicator. The less cash funds hold, the less they are willing to tap into that money to buy stocks.\nOne key reason money isn’t piling into stock funds is because households already have the highest share of their assets in stocks in more than 50 years. Household equity holdings now account for 47% of total assets, according to Citi.\nCiti’s data indicate that as households become more invested in the stock market, returns in subsequent years lessen. When investors were last so heavily invested, in 1970, the S&P 500’s annual return compounded over the following 10 years was below 5%, while the historical average for the index’s annual gain is in the high single digits.\nReturns were negative in the decade after 1999, when equity holdings relative to total assets hit another peak, rising to the highest level between 1970 and the present.\nWith demand for stocks likely limited, “there is no need to pour cash into the asset class,” Tobias Levkovich, chief U.S. equity strategist at Citi, wrote in a note.\nStocks can go up from here, but this is more evidence that gains for the next few years may be unspectacular compared with the run since the market hit bottom on March 23, 2020.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":423,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/378156639"}