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DWS Group\u5927\u5b97\u5546\u54c1\u4e3b\u7ba1\u517c\u6295\u8d44\u7ec4\u5408\u7ecf\u7406Darwei Kung\u8bf4\u2236\u201c\u5728\u6211\u4eec\u770b\u6765\uff0c\u8fd9\u662f\u6765\u81ea\u5e02\u573a\u7684\u975e\u5e38\u76f4\u63a5\u7684\u53cd\u9988\u3002\u201d<\/p>\n

\u503a\u5238\u5e02\u573a\u8d8b\u4e8e\u5e73\u9759<\/p>\n

\u7f8e\u56fd\u56fd\u503a\u548c\u9ec4\u91d1\u7684\u8d70\u52bf\u4e5f\u53cd\u6620\u51fa\u76ee\u524d\u7684\u7ecf\u6d4e\u4f4e\u8ff7\u53ef\u80fd\u6bd4\u9884\u671f\u6301\u7eed\u66f4\u4e45\u3002\u6295\u8d44\u8005\u901a\u5e38\u5728\u5e02\u573a\u548c\u7ecf\u6d4e\u9707\u8361\u65f6\u671f\u8d2d\u4e70\u8fd9\u7c7b\u907f\u9669\u8d44\u4ea7\u3002\u9ec4\u91d1\u4ef7\u683c\u63a5\u8fd12012\u5e74\u5e95\u4ee5\u6765\u7684\u6700\u9ad8\u6c34\u5e73\uff0c\u7f8e\u56fd\u56fd\u503a\u4ef7\u683c\u4e5f\u6709\u6240\u4e0a\u6da8\uff0c\u63a8\u52a8\u57fa\u51c610\u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u4ece3\u6708\u4efd\u5cf0\u503c1.26%\u8dcc\u81f30.59%\u3002<\/p>\n

\u4f46\u516c\u53f8\u503a\u5238\u4e0e\u7f8e\u56fd\u56fd\u503a\u4e4b\u95f4\u7684\u201c\u606f\u5dee\u201d\u5df2\u5927\u5e45\u6536\u7a84\uff0c\u8868\u660e\u6295\u8d44\u8005\u5bf9\u516c\u53f8\u503a\u7684\u9700\u6c42\u6b63\u5728\u5347\u6e29\u3002\u4e0d\u65ad\u6536\u7a84\u7684\u606f\u5dee\u4f7f\u4f01\u4e1a\u66f4\u5bb9\u6613\u83b7\u5f97\u8d37\u6b3e\uff0c\u4e5f\u8868\u660e\u6295\u8d44\u8005\u8ba4\u4e3a\u5f88\u591a\u4f01\u4e1a\u51fa\u73b0\u503a\u52a1\u8fdd\u7ea6\u7684\u53ef\u80fd\u6027\u964d\u4f4e\u3002<\/p>\n

\u5bf9\u80a1\u5e02\u6765\u8bf4\u8fd9\u53ef\u80fd\u662f\u4e00\u4e2a\u4ee4\u4eba\u9f13\u821e\u7684\u4fe1\u53f7\u3002\u4f46\u4e00\u4e9b\u6295\u8d44\u8005\u62c5\u5fc3\uff0c\u516c\u53f8\u503a\u5238\u4e5f\u6ca1\u6709\u6070\u5f53\u5730\u53cd\u6620\u51fa\u7ecf\u6d4e\u4e0b\u884c\u53ef\u80fd\u6301\u7eed\u66f4\u4e45\u7684\u98ce\u9669\u3002<\/p>\n

\u4eceLehmann, Livian, Fridson Advisors LLC\u9996\u5e2d\u6295\u8d44\u5b98\u517c\u8d44\u6df1\u9ad8\u6536\u76ca\u503a\u5238\u5206\u6790\u5e08Marty Fridson\u5f00\u53d1\u7684\u4e00\u4e2a\u6a21\u578b\u6765\u770b\uff0c\u503a\u5e02\u76ee\u524d\u7684\u60c5\u51b5\u8868\u660e\u7ea68%\u7684\u6295\u673a\u7ea7\u503a\u5238\u53d1\u884c\u4eba\u5c06\u5728\u672a\u676512\u4e2a\u6708\u8fdd\u7ea6\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u7a46\u8fea\u6295\u8d44\u8005\u670d\u52a1\u516c\u53f8(Moody’s Investors Service Inc.)\u9884\u6d4b\u7684\u5230\u4eca\u5e74\u5e74\u5e95\u768412\u4e2a\u6708\u5386\u53f2\u6eda\u52a8\u8fdd\u7ea6\u7387(trailing 12-month default rate)\u4e3a11.8%\uff0c\u5230\u660e\u5e743\u6708\u5e95\u4e3a13.1%\u3002<\/p>\n

\u4f01\u4e1a\u5229\u6da6\u60c5\u51b5\u5982\u4f55\uff1f<\/p>\n

\u8bb8\u591a\u5206\u6790\u5e08\u8fd8\u5728\u76d1\u6d4b\u4f01\u4e1a\u4f30\u503c\uff0c\u5bfb\u627e\u80a1\u5e02\u53cd\u5f39\u8fc7\u5934\u7684\u8ff9\u8c61\u3002\u76ee\u524d\u6807\u666e500\u6307\u6570\u6210\u5206\u80a1\u516c\u53f8\u7684\u80a1\u4ef7\u662f\u672a\u676512\u4e2a\u6708\u5229\u6da6\u9884\u671f\u768419\u500d\u4ee5\u4e0a\uff0c\u9ad8\u4e8e\u6807\u666e500\u6307\u6570\u89c1\u9876\u524d\u76842\u6708\u4efd\u5cf0\u503c\u3002<\/p>\n

\u4f46\u5206\u6790\u5e08\u6307\u51fa\uff0c\u65b0\u51a0\u75ab\u60c5\u5bfc\u81f4\u5229\u6da6\u9884\u671f\u4e0e\u6b63\u5e38\u60c5\u51b5\u4e0b\u76f8\u6bd4\u53d8\u5f97\u66f4\u4e0d\u53ef\u9760\u3002\u8fd9\u610f\u5473\u8457\uff0c\u4e0e\u957f\u671f\u5747\u503c\u76f8\u6bd4\uff0c\u5f53\u524d\u80a1\u5e02\u7684\u4f30\u503c\u6c34\u5e73\u53ef\u80fd\u66f4\u52a0\u6602\u8d35\u3002<\/p>\n

\u4f46Federated Hermes\u7684\u6295\u8d44\u7ec4\u5408\u7ecf\u7406Steve Chiavarone\u8868\u793a\uff0c\u8fd9\u4e0e\u5386\u53f2\u4e0a\u7ecf\u6d4e\u6709\u671b\u590d\u82cf\u65f6\u7684\u5e02\u573a\u8d70\u52bf\u662f\u4e00\u81f4\u7684\u3002<\/p>\n

\u4ed6\u8bf4\u2236\u201c\u4f60\u613f\u610f\u652f\u4ed8\u66f4\u9ad8\u7684\u4ef7\u683c\uff0c\u56e0\u4e3a\u4f60\u77e5\u9053\u7ecf\u6d4e\u4f1a\u589e\u957f\u3002\u201d<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u8bb8\u591a\u6295\u8d44\u8005\u8868\u793a\uff0c\u89e3\u8bfb\u5e02\u573a\u4fe1\u53f7\u5e76\u4e0d\u90a3\u53b6\u5bb9\u6613\uff0c\u56e0\u4e3a\u8fd9\u573a\u75ab\u60c5\u5bfc\u81f4\u7684\u7ecf\u6d4e\u505c\u6446\u662f\u53f2\u65e0\u524d\u4f8b\u7684\u3002<\/p>\n

Ritholtz Wealth Management\u7684\u7814\u7a76\u4e3b\u7ba1Michael Batnick\u8868\u793a\u2236\u201c\u6211\u4eec\u4ece\u6765\u6ca1\u6709\u9047\u5230\u8fc7\u7ecf\u6d4e\u7a81\u7136\u505c\u6ede\u7684\u60c5\u51b5\u3002\u201d\u201c\u6211\u4eec\u771f\u7684\u662f\u5728\u76f2\u98de\u3002\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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