失去美联储“助力”，科技股“逢低买入”还奏效吗？

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失去美联储“助力”，科技股“逢低买入”还奏效吗？

wind资讯2022-03-21

随着美联储3月议息会议靴子落地，市场风险情绪有所好转，纳斯达克指数上周涨逾8%。分析师表示，尽管没有美联储的政策支持，投资者仍可以在超跌的科技股中寻找未来“赢家。”Virtus KAR中盘成长型基金PHSKX联合投资组合经理克里斯•阿姆布鲁斯特(Chris Armbruster)表示，科技公司股价下跌在很大程度上是因为投资者担心利率上升，这增加了估值模型中的贴现率，从而降低了估计的净现值。阿姆...

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Comment（10）

Youn7276
·2022-03-22
Ok
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4
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康康的
·2022-03-21
好
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2
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Futre
·2022-03-21
贊
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1
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Futre
·2022-03-21
贊👍
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1
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Hi001
·2022-03-21
Like n comment
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1
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Alexkoay
·2022-03-21
[微笑]
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2
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Lisa688
·2022-03-21
好👌😊[喲喲] [美金] [美金] [看跌] [看跌] [看漲] [看漲] [強]
Reply
1
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Fattkhong
·2022-03-21
[財迷]
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3
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Yvet
·2022-03-21
👍
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1
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止一
·2022-03-21
可以
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1
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Armbruster)表示，科技公司股价下跌在很大程度上是因为投资者担心利率上升，这增加了估值模型中的贴现率，从而降低了估计的净现值。阿姆布鲁斯特承认这是一项挑战，但并不认为从中长期看，加息对科技股来说是一个有意义的问题。阿姆布鲁斯特表示：“联邦基金利率是1%还是2.5%都不会影响部分科技企业的增长能力，除非它减缓了经济增长。”“我们过去经历过加息周期，最优秀的科技公司就是在这段时间里实现增长的。”关键是要找到合适的科技公司，而这正是事情变得复杂的地方。阿姆布鲁斯特指出，总的来说，你想要的是拥有竞争优势的公司，能够抵御竞争对手，并保持长期增长潜力。他同时指出，除了利率以外，投资者还有两个需要担心的问题：1、新冠疫情将大量需求提前。这将影响未来几个季度的增长速度，也会让投资者感到紧张。2、最好的科技公司将继续投资他们的业务，这是他们应该做的。但这些投资给他们的盈利之路带来了不确定性。“这些不确定性将对市盈率构成压力，直到我们得到一条可以供人们建模的增长趋势线。”阿姆布鲁斯特表示，购买具有以下几种品质的公司，帮助他建立了超越大盘的记录。首先，他提到了规模优势：企业能降低成本、增强影响力。一个明显的例子是亚马逊公司，它在其广泛的执行网络中建立了巨大的竞争优势。阿姆布鲁斯特说：“这里的秘诀一直是规模优势。”其他品质还包括：强大的品牌，即品牌力量赋予公司定价权，并有助于降低客户获取成本；可持续差异化的商业模式；网络效应等。除了知道买什么，投资者还得知道卖什么。在这方面，阿姆布鲁斯特遵循了许多成长型公司投资者使用的一条基本规则。当基本面崩溃的时候，快速增持“赢家”，快速削减“输家”头寸。“我们不喜欢降低平均成本。成长型公司很难做到这一点，因为在价值投资者进入之前，成长型公司有很大的下跌空间。”成长型投资者的这种做法解释了，为什么成长型企业盈利或增速仅稍逊于预期，股票跌幅会如此之大。挑战在于，这些盈利不及预期是基本面出现长期问题，还是可以解决的暂时现象。此外，尽管科技股较去年峰值已大幅回落，仍有人怀疑上周股市低点是否标志着新牛市的开始。首先，那些因为股票下跌了20%而选择购买科技股的人很难对风险和回报的基本前景做出深思熟虑的判断。其次，上周最大的赢家是无利可图的科技股，例如GameStop和AMC Entertainment等meme股——这几乎不是稳固市场的基础。第三，如果股市真的进一步下跌，美联储不太可能出手拯救股市，因为降低通胀很重要。缺乏美联储的支持使股票的风险比以前更大。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9034645696,"gmtCreate":1647900214174,"gmtModify":1676534275818,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034645696","repostId":1113711748,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9034872952,"gmtCreate":1647866868172,"gmtModify":1676534273385,"author":{"id":"3587038191942835","authorId":"3587038191942835","name":"康康的","avatar":"https://static.tigerbbs.com/73a7001836b41194d4d68114ab8afcfd","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3587038191942835","authorIdStr":"3587038191942835"},"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034872952","repostId":1113711748,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9034851539,"gmtCreate":1647861395760,"gmtModify":1676534272696,"author":{"id":"3564108727353086","authorId":"3564108727353086","name":"Futre","avatar":"https://community-static.tradeup.com/news/912eae14e80f11fedbc3bdb7e10bb6d0","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3564108727353086","authorIdStr":"3564108727353086"},"htmlText":"贊","listText":"贊","text":"贊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034851539","repostId":1113711748,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9034850795,"gmtCreate":1647860545350,"gmtModify":1676534272663,"author":{"id":"3564108727353086","authorId":"3564108727353086","name":"Futre","avatar":"https://community-static.tradeup.com/news/912eae14e80f11fedbc3bdb7e10bb6d0","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3564108727353086","authorIdStr":"3564108727353086"},"htmlText":"贊👍","listText":"贊👍","text":"贊👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034850795","repostId":1113711748,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9034829800,"gmtCreate":1647858489997,"gmtModify":1676534272413,"author":{"id":"3584865393434866","authorId":"3584865393434866","name":"Hi001","avatar":"https://static.tigerbbs.com/fdb94b71a386dca6e0927a9a6df8e9d6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3584865393434866","authorIdStr":"3584865393434866"},"htmlText":"Like 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