COVID日记:寻找投资宁静

A. Damodaran
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引用次数: 1

摘要

2020年2月初,当美国股市创下历史新高、美国经济表现强劲时,一种许多人认为只会出现在中国和游轮上的病毒,却涌入了世界其他地区。由此导致的经济停滞使股市陷入混乱,开启了COVID危机时钟。在崩盘开始后的几天里,我一直在记录市场事件,并试图弄清楚它们的意义,一方面是为了恢复我的投资平衡,另一方面是为了实时记录我的不确定性和恐惧。该杂志成为14篇关于这场危机的文章的基础,第一篇是在2020年2月26日,就在危机开始几周后,最后一篇是在2020年11月5日,当时第一批疫苗正在准备批准。在本文中,我用这些文章来研究危机是如何在市场和公司中发挥作用的,我用赢家和输家来判断危机后给公司和投资者带来的教训。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A COVID Diary: Searching for Investment Serenity
In early February of 2020, when US equities were hitting all-time highs and the US economy was showing strength, a virus, that many believed would be isolated to China and cruise ships, surged into the rest of the world. The resulting economic shut down put stocks into a tailspin, starting the COVID crisis clock. In the days after the meltdown started, I kept a journal chronicling market events and trying to make sense of them, partly to recover my investing balance, and partly to keep a record of my uncertainties and fears, in real time. That journal became the basis for fourteen posts on the crisis, with the first one on February 26, 2020, just a couple of weeks after it started, and the last one on November 5, 2020, as the first vaccines were being readied for approval. In this paper, I use those posts to look at how the crisis played out in markets and across companies, and I use the winners and losers to make judgments about post-crisis lessons for companies and investors.
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