{"id":167390,"date":"2018-12-25T15:00:00","date_gmt":"2018-12-25T15:00:00","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=167390"},"modified":"2018-12-25T15:00:00","modified_gmt":"2018-12-25T15:00:00","slug":"unde-va-tineti-banii-in-2019-daca-perioada-de-bull-market-ar-fi-un-copil-s-ar-apropia-de-varsta-de-zece-ani-va-ajunge-ciclul-actual-de-crestere-la-maturitate","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=167390","title":{"rendered":"Unde v\u0103 \u0163ine\u0163i banii \u00een 2019. Dac\u0103 perioada de bull market ar fi un copil, s-ar apropia de v\u00e2rsta de zece ani. Va ajunge ciclul actual de cre\u015ftere la maturitate?"},"content":{"rendered":"<p>\n<strong>Nou\u0103 ani \u015fi trei sferturi. <\/strong>Dac\u0103 zona de bull market \u00een care se afl\u0103 pie\u0163ele ar fi un copil, acesta ar fi \u00een clasa a patra, \u00eenv\u0103\u0163\u00e2nd capitalele statelor \u015fi ecua\u0163iile cu necunoscute.<\/p>\n<p>\nPerioada actual\u0103 este cea mai lung\u0103 perioad\u0103 de bull market din istoria lumii \u015fi aproape cea mai bun\u0103 \u2013 cre\u015fterea indicelui S&#038;P 500 cu 333% din 2009 p\u00e2n\u0103 la maximul atins \u00een luna septembrie a anului acesta, este \u00eenc\u0103 departe de cre\u015fterea de 417% pe care a adus-o la \u00eenceputul mileniului boom-ul dotcom, potrivit Fortune.<\/p>\n<p>\n\u00cens\u0103 acum, mai mult ca niciodat\u0103, c\u00e2nd se apropie de cea de-a zecea aniversare, investitorii par anxio\u015fi cu privire la longevitatea ciclului.<\/p>\n<p>\nAceasta este una dintre principalele \u00eengrijor\u0103ri \u015fi ale lui Andrew Slimmon, managing director \u015fi manager senior de portofoliu \u00een cadrul Morgan Stanley Investment Management.<\/p>\n<p>\n\u201eAu trecut nou\u0103 ani. Sigur ne apropiem de sf\u00e2r\u015fit\u201d \u2013 este sintagma pe care Slimmon o aude cel mai des de la clien\u0163i.<\/p>\n<p>\nAcest sentiment a devenit din ce \u00een ce mai acut \u00een 2018, an \u00een care pie\u0163ele au trecut nu prin una, ci chiar prin dou\u0103 corec\u0163ii.<\/p>\n<p>\nCorec\u0163iile au fost cu at\u00e2t mai evidente cu c\u00e2t \u00eenceputul anului a \u201ealimentat\u201d pie\u0163ele, companiile fiind ajutate de reforma fiscal\u0103 din Statele Unite \u015fi de cheltuielile extensive desf\u0103\u015furate de guvern, crede Saira Malik, head of global equities \u00een cadrul Nuveen.<\/p>\n<p>\nCu siguran\u0163\u0103 combustibilul oferit de reforma fiscal\u0103&nbsp; au disp\u0103rut atunci c\u00e2nd Trump a decis s\u0103 \u00eenceap\u0103 r\u0103zboiul tarifelor. Rezerva Federal\u0103 a mar\u015fat consistent pe cre\u015fterea dob\u00e2nzii-cheie, deoarece combustibilul de la \u00eenceputul anului a accelerat cre\u015fterea economic\u0103 \u015fi a trezit din somn infla\u0163ia.<\/p>\n<p>\nChiar \u015fi companiile care intr\u0103 \u00een componen\u0163a FAANG (Facebook, Apple, Amazon, Netflix, Google), care au reprezentat motorul de cre\u015ftere al pie\u0163ei \u00een ultimii ani \u2013 dau semne c\u0103 nu mai au destul\u0103 for\u0163\u0103 pentru a-\u015fi men\u0163ine ritmul de cre\u015ftere.<\/p>\n<p>\nIar pentru cei c\u0103rora le era dor de volatilitate, economi\u015ftii arat\u0103 \u00eenspre num\u0103rul de zile \u00een care juc\u0103torii grei ai S&#038;P 500 (Amazon \u015fi Netflix), au \u00eenchis \u015fedin\u0163a de tranzac\u0163ionare pe o cre\u015ftere sau o sc\u0103dere de 5% fa\u0163\u0103 de pre\u0163ul cu care au deschis. Economi\u015ftii sus\u0163in c\u0103 au fost 25 astfel de zile \u00een total \u00een timpul anului.<\/p>\n<p>\n\u00cen continuare r\u0103m\u00e2ne \u00eentrebarea dac\u0103 bull market-ul va ajunge la adolescen\u0163\u0103. O etap\u0103 de bull market nu se termin\u0103 dec\u00e2t atunci c\u00e2nd pia\u0163a trece \u00een bear market, adic\u0103 scade cu 20% fa\u0163\u0103 de maxim.<\/p>\n<p>\n\u00cenns\u0103 indiferent de direc\u0163ia genera\u0103, investitorii trebuie s\u0103 se preg\u0103teasc\u0103 corespunz\u0103tor pentru un nou stagiu al acestui ciclu economic.<\/p>\n<p>\nIar vestea bun\u0103 este aceea c\u0103 economia global\u0103 \u00eenc\u0103 arat\u0103 semne de s\u0103n\u0103tate. \u201eLa sf\u00e2r\u015fitul zilei, nu v\u0103d destui indicatori care s\u0103 arat\u0103 c\u0103 economia va intra \u00een recesiune anul viitor\u201d, spune Slimmon. \u201eM\u0103 las\u0103 s\u0103 cred c\u0103 trecem doar printr-un fel de pauz\u0103 \u00een cadrul aceluia\u015fi ciclu de bull market.<\/p>\n<p>\n&nbsp;<\/p>\n<p>\n&nbsp;<\/p>\n<p>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nou\u0103 ani \u015fi trei sferturi. Dac\u0103 zona de bull market \u00een care se afl\u0103 pie\u0163ele ar fi un copil, acesta ar fi \u00een clasa a patra, \u00eenv\u0103\u0163\u00e2nd capitalele statelor \u015fi ecua\u0163iile cu necunoscute. Perioada actual\u0103 este cea mai lung\u0103 perioad\u0103 de bull market din istoria lumii \u015fi aproape cea mai bun\u0103 \u2013 cre\u015fterea indicelui S&#038;P [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[32328,246,11780],"class_list":["post-167390","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-apropiere","tag-crestere","tag-market"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/167390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=167390"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/167390\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=167390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=167390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=167390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}