想要给美国股票的风险来一道屏障？
而这正是我持续购买美国股票的原因。
投资者应考虑逢低买入美国股票。
典型的美国股票已经增进100%在最近的两年。
因此，我们对美国股票的短期前景保持审慎。
We are therefore cautious about the shorter term prospects for US equities.
虽然股票能更好地抵御通胀，但美国股票看上去依旧昂贵。
Equities offer a better hedge against inflation, but American shares still look expensive.
在全球市场中游走的美国股票基金经理事实上都是反向投资者。
As they move among global markets, US equity managers are actually contrarian.
今年Liquidnet美国股票订单中只有6%得到了满足。
Only 6% of orders for American shares on Liquidnet this year have been filled.
2000年网络类股崩盘后，美国股票似乎度过了低回报的十年。
American equities may have had a decade of poor returns since the dotcom crash in 2000.
作为对照，美国股票只有15倍——和历史标准比对，也不便宜。
The comparable figure for U.S. stocks is 15 -- and even that's not cheap by historical standards.
相比之下，美国股票的这一比率为18.1倍(见图)。
By contrast, the ratio for American shares is 18.1 (see chart).
美国股票目前的历史市盈率为16倍，平均水平回到了1920年。
US equities are trading at 16 times historic earnings, their average going back to 1920.
理由1过去的75年间美国股票的价格超过了股利的支付额。
Reason 1 Over the past 75 years stock prices in the United States have outpaced dividend payments.
事实上，大部分更大的投资者热衷除了美国股票外的任何资产类别。
In fact, overall there is far greater investor enthusiasm for asset classes other than U.S. equities.
到2008年底之前的这十年中，美国股票的实际年回报率平均为- 4.1%。
Real annual returns from American stocks averaged -4.1% in the decade to the end of 2008.
萤石和大都会寿险都有足够的海外追捧，因此在美国股票开始走弱的时候都有拔脚逃跑的机会。
Both Fluor and MetLife have enough exposure overseas to give them some legs when U.S. stocks start to fade.
到2000年，在各界对互联网的巨大热情中，美国股票的股息利率只有1%，达到历史最低点。
By 2000, amid all the enthusiasm for the Internet, the dividend yield on American equities was just 1%, an historical nadir.
自昨日打破八月以来的最长连跌之后，今天美国股票基准衡量指数上涨1.5个百分点。
The benchmark gauge for U. S. equity rallied1.5 percent today after snapping its longest losing streak since Augustyesterday.
美国股票现在只有2%的股息红利(dividend yield)，比长期平均水平还要低。
American equities now offer a dividend yield of just 2%, less than half the long-term average.
市场对风险较大的投资品缺乏兴趣可以明显地从资金再一次大量逃离美国股票型基金看出。
The lack of interest for riskier investments is perhaps most clear in the renewed exodus of money from u.
随着利率将进一步上升及经济增长可能放缓，我们对美国股票作为一项资产的前景未感乐观。
With interest rates certain to rise further, and economic growth likely to slow, we find it difficult be especially positive about the prospects for US equities as an asset class.
他指出最优的长期预测工具，周期调整市盈率由于将过去十年间的利润进行了平滑，现在已显著高估了美国股票的价格。
He points out that American equities are significantly overvalued on the best long-term measure, the cyclically adjusted price-earnings ratio which smooths profits over ten years.
在以往的经济衰退期，美国股票年平均回报率为负15.3%，而十年国库券年平均回报率为正10.4%。
In previous recessions, American equities have delivered an average negative return of 15.3% while ten-year Treasury bonds have delivered a positive return of 10.4%.
或许美国股票下跌是因为微软公司盈利，日本债券上升是因为季度远观调查，北海布伦特原油价格反弹是因为中东的紧张局势。
Perhaps US stocks fell because of Microsoft earnings, Japanese bond yields rose on a good Tankan survey and Brent crude rallied on tensions in the Middle East.
就此而言，有关美国周期结束的虚假警报以及美联储将犯下政策失误的担忧，应会制造一个趁低吸纳美国股票的机会。
As such, false alarms about the end of the US cycle and fears that the Fed is making a policy mistake should provide buyable dips in US equities.
就此而言，有关美国周期结束的虚假警报以及美联储将犯下政策失误的担忧，应会制造一个趁低吸纳美国股票的机会。
As such, false alarms about the end of the US cycle and fears that the Fed is making a policy mistake should provide buyable dips in US equities.
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