Billionaire Investor David Einhorn Calls It 'Most Expensive Market Of All Time' As S&P 500 Gains 4% Since Trump's Win: 'Really, Really Pricey'
Billionaire Investor David Einhorn Calls It 'Most Expensive Market Of All Time' As S&P 500 Gains 4% Since Trump's Win: 'Really, Really Pricey'
According to Bank of America, these valuations suggest 1-2% annualized returns for the S&P 500 over the next decade, excluding dividends. Other experts, such as David Einhorn, founder of Greenlight Capital and billionaire investor, voiced his apprehensions about the elevated valuations in the stock market during CNBC's Delivering Alpha conference last week.
Greenlight Capital創始人、億萬富翁投資者大衛·艾因霍恩在CNBC的Delivering Alpha大會上上週表達了對股市高估值的擔憂。
What Happened: Einhorn pointed out that while long-term investors might not incur losses, the current high valuations indicate potentially lower returns in the future, Business Insider reported on Wednesday.
發生了什麼：Einhorn指出，儘管長期投資者可能不會遭受損失，但目前的高估值顯示未來潛在回報可能較低，《商業內幕》週三報道。
Einhorn characterized the market as "really, really, really pricey," but clarified that this does not make him bearish. He highlighted that asset prices can remain mispriced for long durations. The Shiller cyclically adjusted price-to-earnings ratio is currently at 38 times earnings, marking one of the highest levels in a century, which Einhorn labeled as "the most expensive market of all time."
Einhorn將市場形容爲「真的，真的，真的很貴」，但澄清這並不意味着他看淡。他強調，資產價格可能在長時間內保持錯誤定價。當前的席勒週期性調整市盈率爲38倍，標誌着一個世紀以來的最高水平之一，Einhorn稱之爲「有史以來最昂貴的市場。」
According to Bank of America, these valuations suggest 1-2% annualized returns for the S&P 500 over the next decade, excluding dividends. Other experts, such as Goldman Sachs' David Kostin and Research Affiliates' Rob Arnott, have expressed similar concerns.
根據美國銀行的說法，這些估值表明未來十年標準普爾500指數的年化回報爲1-2%，不包括分紅派息。其他專家，如高盛的David Kostin和研究附屬公司的Rob Arnott，也表達了類似的擔憂。
Why It Matters: The victory of President-elect Donald Trump accompanied by stronger-than-expected economic data drove the S&P 500 Index higher. The index, which fell by 2.3% last week at 5,870.62 is still higher than its pre-election levels of 5,712.69 points as of Tuesday, Nov. 3 close.
爲什麼這很重要：當選總統特朗普的勝利伴隨着強於預期的經濟數據推動標準普爾500指數上漲。該指數上週跌至5,870.62點，跌幅爲2.3%，仍高於11月3日星期二大選前的5,712.69點水平。
According to Rob Arnott, the founder and chairman of Research Affiliates, the current stock market environment is reminiscent of the dot-com bubble peak. Arnott predicts a significant pullback in the near future. "This looks and feels like the year 2000 to me," Arnott said.
根據研究附屬公司的創始人兼主席Rob Arnott的說法，目前的股市環境讓人想起互聯網泡沫峯值。Arnott預測不久將會出現明顯的回調。"這讓我感覺就像2000年，"Arnott說。
"Are we likely to see a bear market in the next two years for large-cap growth? Yeah."
"在未來兩年內，我們可能會看到大型成長股的熊市嗎？是的。"
Meanwhile, in premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 Index, rose 0.13% to $591.05 and the Invesco QQQ ETF (NASDAQ:QQQ), which tracks the Nasdaq 100 Index, gained 0.10% to $503.96, according to Benzinga Pro data.
與此同時，根據Benzinga Pro的數據，在週三的盤前交易中，追蹤標準普爾500指數的SPDR S&P 500 ETF Trust（紐交所：SPY）上漲0.13%，達591.05美元，追蹤納斯達克100指數的景順QQQ ETF（納斯達克：QQQ）上漲0.10%，達503.96美元。
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Image via Shutterstock
圖片來源：shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
這篇文章是使用Benzinga Neuro生成的，並由編輯 Pooja Rajkumari編輯
譯文內容由第三人軟體翻譯。
