Asset allocation mattered little, until it mattered a huge amount. Through the first half of 2011, stocks, corporate bonds and treasuries muddled upward together. In August, the European mess got going properly and the flight to safety was on. By year-end long-term Treasuries had piled up vast gains, high-quality corporates had logged a sound year, and big-cap stocks were where they started. Riskier flavours of equity fell.
资产配置有时无关紧要，有时重要得很。2011年上半年，股票、公司债券和美国国债的价格都呈现涨势。进入8月，欧债危机正式爆发，投资者开始转向安全资产。到年底，美国长期国债已斩获巨大回报，高质量的公司债券也录得丰厚回报，而大公司股票却回落至年初水平。风险较高的股票今年出现下跌。
您已阅读23%（564字），剩余77%（1867字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。