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债券投资从没像现在这么困难,可原因却和投资者想象的大相径庭。是的,无法获得高收益的确让人沮丧,而为了获取收益,很多投资者不得不承担更大的信用风险。然而真正困扰固定收益投资的不是信贷风险而是利率风险。利率上升使得新发行的债券更受欢迎,因为它们票面利息更高,因此投资者不可避免的喜新厌旧。与此同时,投资者还必须做好承担更大波动和更多损失的准备,不管你的目标是安全还是收益,现在
Bond investment has never been so difficult now, but the reason is quite different from the imagination of investors. Yes, it is frustrating to fail to earn high returns, and many investors have to assume greater credit risk in order to reap the benefits. However, what really bothers fixed-income investments is not credit risk but interest rate risk. Rising interest rates make newly issued bonds more popular because they have higher coupon rates, so investors are inevitably resentful. In the meantime, investors must also be prepared to take greater volatility and more losses, whether your goal is safety or profitability, and now