市场波动到哪里去了?

电视和报纸依然在鼓吹着全球金融市场的每一次波动。然而,从大的层面上讲真正的情况却是令人不安的平静几乎已经席卷了从股票和债券所有大的资产品种。难道整个投资界都服了缓解焦虑的百忧解了吗?

合谋理论大量存在,尤其是在金融投资者的阶层中,对他们来说波动就像是水手眼里的风。这些投资者声称只要市场在转动,不管它是转向哪个方向,他们总能够赚到钱。并且,我们其他的人并不拥有足够的时间、信息和技能去与他们斗智斗勇,所以他们总是对的。可是面对今天平静的市场,他们的利润就少得可怜了。

今天受益的精灵是巨大的政府投资者,尤其是拥有数以万亿计美元资产的亚洲中央银行。这些超级基金,它们的经理人并不需要像私人投资者那样一心一意地追求利润,被认为挤压了利率和汇率的活力。一位年轻的投资者最近向我抱怨说:“巨大的亚洲中央银行在压制着我们。”

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