以史为鉴,当下美股不太妙,拐点就在不远处?德意志银行在11月18日的报告中,分析了当前市场环境与历史上三个高点的相似之处,即1990年代末的互联网泡沫、2007年全球金融危机前的市场高点以及2021年的市场繁荣。过去18个月风险资产表现优异,但多类资产的估值已经处于高位。标普500的周期调整市盈率(CAPE)在过去一个世纪中仅有两次超过当前水平。这引发了对当前市场环境与历史上三个估值异常高的时期的...
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