

The Alliance’s leaders are preparing to gather for a summit at a critical moment for European security. But even if Turkish opposition to Finland and Sweden’s membership bids can eventually be overcome, is Europe adequately prepared to serve as a capable military partner for NATO?
纽黑文/纽约/伦敦—人们一直感到困惑的是,全球股市在2019冠状病毒病大流行面前还没有崩溃,特别是在美国,最近其新增病例不断创下新高。但也许这并不是一个谜题。我们称之为超额收益指数(ECY)的一项指标,让人们对全球股市的长期前景有了更好的认识。
毋庸置疑,资产市场在很大程度上受到心理和叙事的驱动。正如诺贝尔奖得主丹尼尔·卡尼曼(Daniel Kahneman)所写的,“熟悉会滋生好感”,在第一季度2019冠状病毒病疫情爆发后,今年全球股市出现了几个熟悉的故事。例如,V型复苏和FOMO(害怕错过),这两种因素都可能推动股市创出新高。还有一种是“居家办公”的说法,这种说法尤其令科技和通讯类股票受益。
但是,这些说法是我们所有人没有考虑把钱从股票中撤出、投入债券等更安全的替代品、甚至把钱藏在家里床垫底下的唯一原因吗?
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