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黑云压城城欲摧,国际金融市场正经历一段泥沙俱下的暗淡历史,股市、汇市和大宗商品市场哀鸿遍野,跌无可依,波动剧烈。一个基本的定性判断是,目前市场运行处于一段非常时期。非常时期包含两层含义:一方面,覆巢之下无完卵,市场呈现出“估值失灵”的特征,行业与企业基本面、消息面和估值情况的重要性已经让位于宏观趋势,投资者既不会因为估值低而去买入,也不会因为估值不高而停止卖出;另一方面,风物
Black clouds pressure City to destroy, the international financial markets are experiencing a gloomy history under the muddy, the stock market, foreign exchange markets and commodity markets devastated, or inconclusive, volatile. A basic qualitative judgment is that the current market is in a very period of operation. The extraordinary period contains two meanings: on the one hand, there are no oars under cover and the market is characterized by a “valuation failure.” The importance of industry and business fundamentals, news and valuations has given way to Macro trends, investors will not buy because neither the low valuation, nor because the valuation is not high and stop selling; the other hand,