關於 period equity ，我們在網路上蒐集到這些相關的討論、資訊與評價

Jerome Powell 講話重點：

“If you look at P/Es they’re historically high, but in a world where the risk-free rate is going to be low for a sustained period, the equity premium, which is really the reward you get for taking equity risk, would be what you’d look at,”

“Admittedly P/Es are high but that’s maybe not as relevant in a world where we think the 10-year Treasury is going to be lower than it’s been historically from a return perspective,”

"Your interest payments are low. Defaults and downgrades have declined since earlier in the year."

"Asset prices are a little high in that metric in my view, but overall you have a mixed picture. You don't have a lot of red flags on that."

- 單看 P/E 確實在歷史高點，但在一個無風險利率要維持低檔的一段時間的世界裡，你現在看到的東西就叫風險溢酬。

- 十年期國債收益在歷史低點，高 P/E 現象可能不太重要。

- 違約和降評都比今年稍早來得少。

- 資產價格偏高，信號混雜，並沒有太多危險訊號。

小評：認同全球最大莊家的看法，現在的高資產價格是來自於寬鬆政策熱錢擁簇的自然現象。目前就算美股各種表現，也多半集中於中小型類股這種就算後來集體吃土，也不會對大盤造成什麼致命傷害的群體。而大權值股如尖牙，其實在過去的幾個月是處在盤整的狀態。也就是說一季以前你可能覺得疫情後的反彈讓蘋果、亞馬遜、微軟、網飛、谷歌等大權值變得很貴，但他們價格鎖在這裡一季了，隨著成績開出來還是成長，反而現在變得較便宜了。

再來用 P/E 當成關鍵指標其實在科技股飛天的時代我覺得沒有太大的意義，因為一大堆沒有 E (earnings)。甚至現在用 P/S 都難以去定義一些個股，自從 ZM 和 SNOW 這種暴力成長股把 P/S 也玩壞掉了。價值來自於市場的共識，反正嫌貴就別買保安康，機會永遠有。

一直罵科技股炒作，可是就是一直漲又奈他何？如果很怕科技股的，你大可以去挑價值型 ETF 如 VTV、VBR，沒有什麼絕對對錯反正都是來賺錢的。

"Dozens of rallies are being organized across the country on Saturday as part of a movement called “Stop the Steal,” which falsely asserts that the presidential election was manipulated against President Trump.

Here are some of the unsubstantiated and inaccurate claims that you might encounter, and why they are wrong.

No, there was no widespread voter fraud.

Claim: Widespread voter fraud undermined the election and swung the vote against President Trump.

Fact: Neither election officials nor journalists have found any evidence to support that claim.

Background: This is the broadest claim being made by the Stop the Steal group. But reporters from The New York Times called voting officials representing both political parties in every state and found no evidence that fraud or other irregularities played a role in the outcome of the presidential race.

Many of the claims suggest that the alleged fraud involved mail-in ballots. Election experts have repeatedly asserted that mail-in ballots are safe. They calculated that in a 20-year period, fraud involving mailed ballots affected 0.00006 percent of votes, or one case per state every six or seven years.

No, tens of thousands of dead people did not vote.

Claim: Tens of thousands of ballots were cast in the names of dead people in Pennsylvania and Michigan.

Fact: There is no evidence that votes were cast in the names of dead people.

Background: The claim that dead people voted has been promoted by people close to Mr. Trump, including Rudy Giuliani, one of his personal lawyers.

In many cases, the claims have been bolstered by people conflating voting rolls, which list people who can potentially vote, with actual voting records. Those mistakes were often fixed before or during Election Day, and people who have passed away were removed from the voting roles. Lists that have circulated on social media sites sharing the names of dead people who supposedly voted have also largely been debunked by The Times and others.

No, voters are not casting hundreds of ballots under maiden names.
Claim: Voters cast unauthorized votes under maiden names.
Fact: There is no evidence that any votes were cast by impersonators using maiden names.

Background: This rumor was started when a woman tweeted that her mother’s maiden name had been stolen by someone who used it to vote. The tweet did not provide any evidence of the claim.

Election officials said there was no proof that individuals committed voter fraud by registering to vote, and then casting a vote using a maiden name. They added that they had received no individual complaints about specific cases.

No, a postal worker in Pennsylvania did not witness voter fraud.
Claim: A postal worker in Pennsylvania said he had seen his supervisor “tampering with mail-in ballots.”

Fact: The postal worker retracted his claims, and no evidence was found to support what he had said.

Background: The claims originated in a video released by Project Veritas, a conservative group that has repeatedly spread disinformation. The video featured a postal worker, Richard Hopkins, who said he had overheard a discussion about backdating ballots that arrived in the mail after Election Day.

The video did not provide evidence of any voter fraud, and Mr. Hopkins did not say that he had seen any fraud occur. Mr. Hopkins later recanted his allegations, according to a report by the inspector general’s office to Congress.

No, Dominion voting machines did not cause widespread problems.
Claim: A “software glitch” created by Dominion Voting Systems, a company that makes software used during the elections, changed vote tallies in Michigan and Georgia.

Fact: Election officials have found that software problems did not affect final vote counts.

Background: Two of the five counties that experienced software problems in Michigan and Georgia used Dominion voting systems and in both of those cases, the issues did not affect vote counts, according to election officials. The problems with Dominion’s systems were attributed to human error, such as incorrectly entering old files into the systems, and they were fixed before final vote counts were released.

Claims that Dominion is owned or controlled by high-profile Democrats, including the Clinton family and House Speaker Nancy Pelosi, have also been debunked. Dominion, originally a Canadian company that is now based in Denver, is largely owned by the New York-based private equity firm Staple Street Capital and Dominion’s chief executive, John Poulos.

想要在股票市場中獲利很簡單也很困難，單純買指數ETF長期持有10年以上可以有不錯得報酬

但也有可能像挪威龐養老基金（世界上最大的主權財富基金）有很多高手在操盤一樣有可能會遇到虧損!!!

了解自己為何投資是門功課，大家認為好的投資是什麼?
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