Laksh
2021-08-27
Agreed!
How real assets stack up to stocks, bonds when inflation is high, says BlackRock<blockquote>贝莱德表示，当通胀高企时，实物资产如何与股票和债券相提并论</blockquote>
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Outperformance was seen in low and high periods of growth, the report shows.</p><p><blockquote>这家资产管理巨头研究了过去20年不同增长和通胀制度下的平均年回报率，发现当通胀高企时，美国和全球房地产以及全球基础设施的表现优于股票和债券。报告显示，在低增长和高增长时期都表现出色。</blockquote></p><p> U.S. real estate was the top performer when both growth and inflation are high.</p><p><blockquote>当增长和通胀都很高时，美国房地产是表现最好的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14e96f722cb7dc087b5d54b3c1998a9a\" tg-width=\"700\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>BLACKROCK CITING: Bloomberg, Barclays (Investment grade: US Agg Bond; Gov’t bonds: US Gov’t Agg TR), NCREIF (U.S. Real Estate: NPI), MSCI (Global Real Estate); EDHEC (Infrastructure: All equity) and S&P (Stocks: S&P 500); as of Dec. 31, 2020 (annual data since 2001).</span></p><p><blockquote><p class=\"t-img-caption\"><span>贝莱德引用：彭博社、巴克莱（投资等级：美国综合债券；政府债券：美国政府综合TR）、NCREIF（美国房地产：NPI）、MSCI（全球房地产）；EDHEC（基础设施：全股票）和S&P（股票：标普500）；截至2020年12月31日（2001年以来的年度数据）。</span></p></blockquote></p><p> And global infrastructure wins when inflation is high but growth is low, another chart in the BlackRock report shows.</p><p><blockquote>贝莱德报告中的另一张图表显示，当通胀高但增长低时，全球基础设施会获胜。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dad07187c5364915a1fddce03181bf7d\" tg-width=\"700\" tg-height=\"419\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Steven Cornet, head of Americas real assets for BlackRock's research and strategy group and co-author of the report, told MarketWatch in an interview Thursday that both private and public bets on real estate and infrastructure equities outperform in high inflation. But the charts in the report reflect how gains from private real estate and infrastructure assets compare to stocks and bonds, he said.</p><p><blockquote>贝莱德研究和策略小组美洲实物资产主管、该报告的合著者史蒂文·科内特(Steven Cornet)周四在接受MarketWatch采访时表示，私人和公共对房地产和基础设施股票的押注在高通胀下都表现出色。但他表示，报告中的图表反映了私人房地产和基础设施资产的收益与股票和债券相比的情况。</blockquote></p><p> These real assets tend to fare better partly because \"leases and revenue streams are directly or indirectly linked to inflation,\" Cornet said. \"Overtime, cash flows keep up with inflation.\"</p><p><blockquote>科内特表示，这些实物资产往往表现更好，部分原因是“租赁和收入流与通胀直接或间接相关”。“随着时间的推移，现金流会跟上通货膨胀。”</blockquote></p><p> Within real estate, the charts show returns from private bets on commercial properties, including areas such as multifamily, office, retail and industrial, Cornet explained in the interview. Inflation and economic growth were each considered high when above 2.5%, he wrote in the report, co-wrote with Americas real assets team member Yasmine Kamaruddin.</p><p><blockquote>科内特在采访中解释说，在房地产领域，图表显示了私人对商业地产的投资回报，包括多户住宅、办公、零售和工业等领域。他在与美洲实物资产团队成员亚斯明·卡马鲁丁(Yasmine Kamaruddin)共同撰写的报告中写道，当通胀和经济增长超过2.5%时，都被认为很高。</blockquote></p><p> \"It's hard to forecast inflation,\" said Cornet. \"I don't envy the Fed.\"</p><p><blockquote>“很难预测通货膨胀，”科内特说。“我不羡慕美联储。”</blockquote></p><p> BlackRock expects inflation will rise over the medium term to above the Federal Reserve's average target of 2%, following record levels of monetary and fiscal stimulus supporting the economic reopening in the pandemic, according to report.</p><p><blockquote>报告称，在创纪录水平的货币和财政刺激支持疫情期间经济重新开放后，贝莱德预计通胀将在中期内升至美联储2%的平均目标之上。</blockquote></p><p> The firm anticipates inflation of almost 3% in five years, which is \"above current break-even rates, but well below 1970s levels of hyperinflation,\" the authors wrote.</p><p><blockquote>作者写道，该公司预计五年内通胀率将接近3%，“高于当前的盈亏平衡率，但远低于20世纪70年代的恶性通胀水平”。</blockquote></p><p> \"We believe real, inflation-adjusted yields will remain negative,\" Cornet told MarketWatch, referring to U.S. Treasurys. Should the 10-year Treasury yield stay below 2.5%, he said, \"a lot of other asset classes still look attractive.\"</p><p><blockquote>Cornet在谈到美国国债时对MarketWatch表示：“我们认为，经通胀调整后的实际收益率仍将为负。”他表示，如果10年期国债收益率保持在2.5%以下，“许多其他资产类别看起来仍然很有吸引力。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35fe1f07e854e0f210f41c66f541a1aa\" tg-width=\"700\" tg-height=\"398\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The yield on the 10-year Treasury bond was unchanged Thursday at 1.342%, and has been trading below its 52-week high of 1.749% on March 31, according to Dow Jones Market Data. Bond yields rise when prices fall.</p><p><blockquote>根据道琼斯市场数据，10年期国债收益率周四持平于1.342%，低于3月31日创下的52周高点1.749%。当价格下跌时，债券收益率上升。</blockquote></p><p> \"It's just low yields everywhere,\" said Cornet. But yields from infrastructure and real-estate assets are higher, and against the backdrop of inflation, are \"a fairly attractive area for real assets.\"</p><p><blockquote>“到处都是低产量，”科内特说。但基础设施和房地产资产的收益率较高，在通胀背景下，“对实物资产来说是一个相当有吸引力的领域”。</blockquote></p><p> Meanwhile, U.S. stocks closed lower Thursday, with the S&P 500 and Nasdaq Composite indexes each down 0.6% and the Dow Jones Industrial Average declining 0.5%, according to FactSet data. But the real sector of the S&P 500 eked out a gain of 0.1%, the data show.</p><p><blockquote>与此同时，FactSet数据显示，美国股市周四收低，标普500和纳斯达克综合指数各下跌0.6%，道琼斯工业平均指数下跌0.5%。但数据显示，标普500实体部门勉强上涨0.1%。</blockquote></p><p></p>","source":"lsy1603348471595","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>How real assets stack up to stocks, bonds when inflation is high, says BlackRock<blockquote>贝莱德表示，当通胀高企时，实物资产如何与股票和债券相提并论</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\">\nHow real assets stack up to stocks, bonds when inflation is high, says BlackRock<blockquote>贝莱德表示，当通胀高企时，实物资产如何与股票和债券相提并论</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-27 16:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Real assets beat traditional asset classes when inflation is running high, BlackRock found</p><p><blockquote>贝莱德发现，当通胀高企时，实物资产优于传统资产类别</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f66451e68f765fc0c2fe655bb2bb670\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>BlackRock sees inflation rising above the Fed's average 2% target in the medium term.</span></p><p><blockquote><p class=\"t-img-caption\"><span>贝莱德预计中期通胀将高于美联储2%的平均目标。</span></p></blockquote></p><p> Investors worried about keeping up with the rising cost of living may want to consider exposure to real estate and infrastructure assets, which historically have outperformed in an inflationary environment, a BlackRock report shows.</p><p><blockquote>贝莱德的一份报告显示，担心跟上生活成本上涨的投资者可能会考虑投资房地产和基础设施资产，这些资产历来在通胀环境中表现出色。</blockquote></p><p> The asset management giant looked at average annual returns in different regimes of growth and inflation over the past 20 years, finding that U.S. and global real estate, as well as global infrastructure, beat stocks and bonds when inflation is high. Outperformance was seen in low and high periods of growth, the report shows.</p><p><blockquote>这家资产管理巨头研究了过去20年不同增长和通胀制度下的平均年回报率，发现当通胀高企时，美国和全球房地产以及全球基础设施的表现优于股票和债券。报告显示，在低增长和高增长时期都表现出色。</blockquote></p><p> U.S. real estate was the top performer when both growth and inflation are high.</p><p><blockquote>当增长和通胀都很高时，美国房地产是表现最好的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14e96f722cb7dc087b5d54b3c1998a9a\" tg-width=\"700\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>BLACKROCK CITING: Bloomberg, Barclays (Investment grade: US Agg Bond; Gov’t bonds: US Gov’t Agg TR), NCREIF (U.S. Real Estate: NPI), MSCI (Global Real Estate); EDHEC (Infrastructure: All equity) and S&P (Stocks: S&P 500); as of Dec. 31, 2020 (annual data since 2001).</span></p><p><blockquote><p class=\"t-img-caption\"><span>贝莱德引用：彭博社、巴克莱（投资等级：美国综合债券；政府债券：美国政府综合TR）、NCREIF（美国房地产：NPI）、MSCI（全球房地产）；EDHEC（基础设施：全股票）和S&P（股票：标普500）；截至2020年12月31日（2001年以来的年度数据）。</span></p></blockquote></p><p> And global infrastructure wins when inflation is high but growth is low, another chart in the BlackRock report shows.</p><p><blockquote>贝莱德报告中的另一张图表显示，当通胀高但增长低时，全球基础设施会获胜。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dad07187c5364915a1fddce03181bf7d\" tg-width=\"700\" tg-height=\"419\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Steven Cornet, head of Americas real assets for BlackRock's research and strategy group and co-author of the report, told MarketWatch in an interview Thursday that both private and public bets on real estate and infrastructure equities outperform in high inflation. But the charts in the report reflect how gains from private real estate and infrastructure assets compare to stocks and bonds, he said.</p><p><blockquote>贝莱德研究和策略小组美洲实物资产主管、该报告的合著者史蒂文·科内特(Steven Cornet)周四在接受MarketWatch采访时表示，私人和公共对房地产和基础设施股票的押注在高通胀下都表现出色。但他表示，报告中的图表反映了私人房地产和基础设施资产的收益与股票和债券相比的情况。</blockquote></p><p> These real assets tend to fare better partly because \"leases and revenue streams are directly or indirectly linked to inflation,\" Cornet said. \"Overtime, cash flows keep up with inflation.\"</p><p><blockquote>科内特表示，这些实物资产往往表现更好，部分原因是“租赁和收入流与通胀直接或间接相关”。“随着时间的推移，现金流会跟上通货膨胀。”</blockquote></p><p> Within real estate, the charts show returns from private bets on commercial properties, including areas such as multifamily, office, retail and industrial, Cornet explained in the interview. Inflation and economic growth were each considered high when above 2.5%, he wrote in the report, co-wrote with Americas real assets team member Yasmine Kamaruddin.</p><p><blockquote>科内特在采访中解释说，在房地产领域，图表显示了私人对商业地产的投资回报，包括多户住宅、办公、零售和工业等领域。他在与美洲实物资产团队成员亚斯明·卡马鲁丁(Yasmine Kamaruddin)共同撰写的报告中写道，当通胀和经济增长超过2.5%时，都被认为很高。</blockquote></p><p> \"It's hard to forecast inflation,\" said Cornet. \"I don't envy the Fed.\"</p><p><blockquote>“很难预测通货膨胀，”科内特说。“我不羡慕美联储。”</blockquote></p><p> BlackRock expects inflation will rise over the medium term to above the Federal Reserve's average target of 2%, following record levels of monetary and fiscal stimulus supporting the economic reopening in the pandemic, according to report.</p><p><blockquote>报告称，在创纪录水平的货币和财政刺激支持疫情期间经济重新开放后，贝莱德预计通胀将在中期内升至美联储2%的平均目标之上。</blockquote></p><p> The firm anticipates inflation of almost 3% in five years, which is \"above current break-even rates, but well below 1970s levels of hyperinflation,\" the authors wrote.</p><p><blockquote>作者写道，该公司预计五年内通胀率将接近3%，“高于当前的盈亏平衡率，但远低于20世纪70年代的恶性通胀水平”。</blockquote></p><p> \"We believe real, inflation-adjusted yields will remain negative,\" Cornet told MarketWatch, referring to U.S. Treasurys. Should the 10-year Treasury yield stay below 2.5%, he said, \"a lot of other asset classes still look attractive.\"</p><p><blockquote>Cornet在谈到美国国债时对MarketWatch表示：“我们认为，经通胀调整后的实际收益率仍将为负。”他表示，如果10年期国债收益率保持在2.5%以下，“许多其他资产类别看起来仍然很有吸引力。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35fe1f07e854e0f210f41c66f541a1aa\" tg-width=\"700\" tg-height=\"398\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The yield on the 10-year Treasury bond was unchanged Thursday at 1.342%, and has been trading below its 52-week high of 1.749% on March 31, according to Dow Jones Market Data. Bond yields rise when prices fall.</p><p><blockquote>根据道琼斯市场数据，10年期国债收益率周四持平于1.342%，低于3月31日创下的52周高点1.749%。当价格下跌时，债券收益率上升。</blockquote></p><p> \"It's just low yields everywhere,\" said Cornet. But yields from infrastructure and real-estate assets are higher, and against the backdrop of inflation, are \"a fairly attractive area for real assets.\"</p><p><blockquote>“到处都是低产量，”科内特说。但基础设施和房地产资产的收益率较高，在通胀背景下，“对实物资产来说是一个相当有吸引力的领域”。</blockquote></p><p> Meanwhile, U.S. stocks closed lower Thursday, with the S&P 500 and Nasdaq Composite indexes each down 0.6% and the Dow Jones Industrial Average declining 0.5%, according to FactSet data. But the real sector of the S&P 500 eked out a gain of 0.1%, the data show.</p><p><blockquote>与此同时，FactSet数据显示，美国股市周四收低，标普500和纳斯达克综合指数各下跌0.6%，道琼斯工业平均指数下跌0.5%。但数据显示，标普500实体部门勉强上涨0.1%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/how-real-assets-stack-up-to-stocks-bonds-when-inflation-is-high-says-blackrock-11630013493?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","BLK":"贝莱德",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/how-real-assets-stack-up-to-stocks-bonds-when-inflation-is-high-says-blackrock-11630013493?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162701643","content_text":"Real assets beat traditional asset classes when inflation is running high, BlackRock found\nBlackRock sees inflation rising above the Fed's average 2% target in the medium term.\nInvestors worried about keeping up with the rising cost of living may want to consider exposure to real estate and infrastructure assets, which historically have outperformed in an inflationary environment, a BlackRock report shows.\nThe asset management giant looked at average annual returns in different regimes of growth and inflation over the past 20 years, finding that U.S. and global real estate, as well as global infrastructure, beat stocks and bonds when inflation is high. Outperformance was seen in low and high periods of growth, the report shows.\nU.S. real estate was the top performer when both growth and inflation are high.\nBLACKROCK CITING: Bloomberg, Barclays (Investment grade: US Agg Bond; Gov’t bonds: US Gov’t Agg TR), NCREIF (U.S. Real Estate: NPI), MSCI (Global Real Estate); EDHEC (Infrastructure: All equity) and S&P (Stocks: S&P 500); as of Dec. 31, 2020 (annual data since 2001).\nAnd global infrastructure wins when inflation is high but growth is low, another chart in the BlackRock report shows.\n\nSteven Cornet, head of Americas real assets for BlackRock's research and strategy group and co-author of the report, told MarketWatch in an interview Thursday that both private and public bets on real estate and infrastructure equities outperform in high inflation. But the charts in the report reflect how gains from private real estate and infrastructure assets compare to stocks and bonds, he said.\nThese real assets tend to fare better partly because \"leases and revenue streams are directly or indirectly linked to inflation,\" Cornet said. \"Overtime, cash flows keep up with inflation.\"\nWithin real estate, the charts show returns from private bets on commercial properties, including areas such as multifamily, office, retail and industrial, Cornet explained in the interview. Inflation and economic growth were each considered high when above 2.5%, he wrote in the report, co-wrote with Americas real assets team member Yasmine Kamaruddin.\n\"It's hard to forecast inflation,\" said Cornet. \"I don't envy the Fed.\"\nBlackRock expects inflation will rise over the medium term to above the Federal Reserve's average target of 2%, following record levels of monetary and fiscal stimulus supporting the economic reopening in the pandemic, according to report.\nThe firm anticipates inflation of almost 3% in five years, which is \"above current break-even rates, but well below 1970s levels of hyperinflation,\" the authors wrote.\n\"We believe real, inflation-adjusted yields will remain negative,\" Cornet told MarketWatch, referring to U.S. Treasurys. Should the 10-year Treasury yield stay below 2.5%, he said, \"a lot of other asset classes still look attractive.\"\n\nThe yield on the 10-year Treasury bond was unchanged Thursday at 1.342%, and has been trading below its 52-week high of 1.749% on March 31, according to Dow Jones Market Data. Bond yields rise when prices fall.\n\"It's just low yields everywhere,\" said Cornet. But yields from infrastructure and real-estate assets are higher, and against the backdrop of inflation, are \"a fairly attractive area for real assets.\"\nMeanwhile, U.S. stocks closed lower Thursday, with the S&P 500 and Nasdaq Composite indexes each down 0.6% and the Dow Jones Industrial Average declining 0.5%, according to FactSet data. But the real sector of the S&P 500 eked out a gain of 0.1%, the data show.","news_type":1,"symbols_score_info":{"BLK":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":630,"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":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/819872588"}
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