Most people accept by now that growing aggregate debt in the global economy has cast a long, dark shadow on the strength and sustainability of global output. Arguably emerging markets, having de-rated in pretty much every asset class against the developed assets, are already priced for this weak ‘beta’ from global growth. However, have most investors considered the possibility that there may be negative ‘alpha’ for EM in the current mild recovery?
多数人现在都接受这样一种观点：manbetx app苹果 manbetx20客户端下载 中不断增长的债务总量，为manbetx app苹果 manbetx20客户端下载 产出的强度和可持续性投下了长长的阴影。几乎每一种资产类别的评级相对于发达市场均有所降低的新兴市场，可以说已在价格中计入了与manbetx app苹果 增长乏力相关的弱“贝塔值”(beta，用来衡量对系统性风险敏感程度的参数——译者注)。然而，多数投资者是否考虑过，在目前这种温和复苏中，新兴市场可能出现负“阿尔法值”(alpha，用来衡量非系统性风险的参数——译者注）？
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