升息對風險資產的影響
本帖最後由 sec2100 於 2022-1-9 09:59 編輯https://finance.yahoo.com/news/r ... rket-143000498.html
“The reduction in liquidity from the Fed will cause both the equity risk premium and interest rates to rise, which will continue to disproportionately impact the riskiest assets in the market including momentum-driven investments in money-losing technology stocks, meme stocks, and particularly cryptocurrencies, which have no intrinsic value,” according to Jay Hatfield, portfolio manager at Infrastructure Capital Advisors.
Cryptocurrencies haven’t been spared from the speculative wash-out. Bitcoin had fallen about 40% as of late Friday after hitting a record high of nearly $69,000 in November. Ether, the second-largest cryptocurrency by market value, was down about 35% from its November highs. Ark Investment Management’s flagship Innovation ETF has fallen roughly 46% from its record high in February 2021. The hawkish signal from the Fed has hit expensively valued technology names hard, and many of those, including Tesla Inc. and Roku Inc., dominate Ark’s funds.
Speculation is also being drained from other riskier corners of the equity markets. A Goldman Sachs Group Inc. basket of unprofitable tech stocks has tumbled after a years-long run-up while an index tracking SPACs is down 35% from its highs. Meanwhile, the Hang Sang Tech Index is down by roughly 50% from its highs in early 2021 as sweeping corporate regulations and fears of a housing bubble weigh on Chinese technology stocks.
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