Download - 後 QE 時代的投資策略
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QE : : : 16
: (ELN. PGN)(US/HK stocks)2.QEREITs 3
0.25%44
BANKRUPT!!5
-91.95%6
-98.11%72008 .9.15 2008.12 5.25%0.25%2009.3 QE1 :1.75 1.25MBS 3000 1750 250/TWIST+QE2+QE3 53.4
8
SimplyClearEasy.com9
1825.55386.7510
- 56.7%2013/11/15S&P500112013 .5.22 FOMC 6.5% 2-2.5% QE1212
6.5%2013/11/1513
2-2.5%2013/11/1514GDP
3%2013/11/15
2%GDPGDP15QEQE
16QE
17
1967-20132013/11/15120.918 NAHB Index . . / 20 CO220 19
NAHB2013/11/1520
2013/11/15
21 // //
22
102013/11/1523
502013/11/1524
NIKKEI 225 5 52013/11/1525
SET 2013/11/1526
2013/11/1527
2013/11/1528
SENSEX 2013/11/1529
/ ASX50 2013/11/1530
31ETF/Stock MF/32
33 6% VS VS VS VS 50002%
() 34
16 -94.36% 55 -67% 2007/10/09 H:54.482009/01/23 L: 3.0735
18 -80%6USD25,+505%2011.5.17 H:26.96 545% !!!~~36
BCS BCS-D !
37BarclaysLSEBARCNYSEBCSBarclays PLC60: BCS-D:8.125%:BBB-: BCS-C:7.75%:BBB-: BCS-A:7.1%:BB+38REITs
39(REITs) REITs2013/11/154041 Bloomberg2013/09REITs19609REITs47%
REITs 41REITS2013/09REITs(+)25.2%
REITs 42REITS90EPFR, 2013/09
(10)REITs432013/10(a)REITsFTSE NAREIT Equity REIT Index.(b)StocksS&P 500 Index.(c)BondsBarclays Capital U.S. Aggregate Bond Index. REITs13510(1979/01-2012/1235%)95Fed (1979/01-2012/1224%)
442013/6/21
2004~2006REITsU.S. REITsFTSE NAREIT Equity REIT Index.S&P 500 Index(lhs)Federal Funds(rhs)U.S. REITs(lhs)REITs452013/10/152015REITs5%REITs
REITs46REITs
47
S&P5002013/11/15REITs48
, 2013/06 49
2013/10/11JREITs
2013/06JREITsJREITs M&A1JREITs REITs50107.8420128.7%2010
2013/07201297.9%
MIKI SHOJI(2013/10) 51
REITs 52REITs+(semistandard deviation of return)(Expected return)REITs 53
54QE / 6%REITs
55
56
Q&A
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