下一篇 ： 美股策略年 ： 标普 500 @ 5000 的五大原因

The BofA Securities US Equity Strategy Year Ahead report forecasts the S&P 500 to reach 5000 by year-end 2024, a +10% increase from today. The report suggests that the equity risk premium could fall further, especially in sectors outside of technology. The market has already absorbed significant geopolitical shocks, and the good news is that the market is now pricing in the bad news. The report notes that macro signals are mixed, but idiosyncratic alpha has increased this year. The report is bullish on equities and cyclicals due to companies' ability to adapt to higher rates and inflation, as well as pension equity weights being at 25-year lows, sell-side market targets being mostly underwater, consensus long-term earnings growth for the S&P 500 being at its lows (excluding COVID), and active funds hugging their benchmark.