Max said that although the price-to-earnings

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This wave of cross-border ETFs is somewhat similar to the previous convertible bond "bull market". Some even have daily turnover rates of up to dozens of times, and conversion premium rates of up to several times. The main reason is that T+0 facilitates transactions, and secondly, the scale of cross-border ETF investments in European and American markets is relatively small, while the bull market in foreign markets further stimulates market sentiment.

In the U.S. stock market, differences have also begun to emerge recently.

Goldman Sachs trader Vincent Lin pointed out in a report on January 3 that hedge funds have sold U.S. stocks net in the past five trading days at the fastest rate in more than seven months. Data showed that british student data global stocks saw the biggest net sell in more than seven months, with short selling volume far exceeding long selling. This is the first time in years that we have seen significant selling in both positioning metrics, despite stock valuations being historically high for years.

Recently, an article about the U.S. stock market has been circulating wildly in the circle. In it, American investment tycoon Howard Marks (author of "The Most Important Thing in Investing") mentioned his latest views on the U.S. stock market.

Ratio looks a bit high and there may be some bubbles, it is not crazy overall. However, he also said that there is a strong relationship between the current price-to-earnings ratio and the annualized return rate in the next ten years.

Max believes that "higher initial valuations often lead to lower returns, and vice versa." "Vice versa" is a very simple and plain truth, but it is often easily forgotten.


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