《摩根士丹利（Morgan Stanley）：2025年全球投资展望报告：五大投资主题（英文版）（25页）.pdf》由会员分享，可在线阅读，更多相关《摩根士丹利（Morgan Stanley）：2025年全球投资展望报告：五大投资主题（英文版）（25页）.pdf（25页珍藏版）》请在三个皮匠报告上搜索。

1、Outlook for 2025THE BEAT|Bonds|Equities|Alternatives|Transition 3How To Invest in a Fully-Valued Market5The Bull Market Matures on Optimism 7In Fixed Income,Securitized Credit Might Be the Sweet Spot9Stimulus Fatigue:China Cant Band-Aid Its Way to Recovery 12The Potential Impact of Generative AI on

2、Private Markets Table of ContentsThe BEAT is a monthly publication,formerly known as the Monthly Market Monitor,which provides connectivity between market events and investor portfolios,spanning Bonds,Equities,Alternatives and Transition(i.e.cash and cash equivalents held by investors while deciding

3、 other asset classes to“transition”to).THE BEAT|Bonds|Equities|Alternatives|TransitionTHE BEAT|OUTLOOK FOR 2025The Portfolio Solutions Group Our Five Key Themes for 2025How To Invest in a Fully-Valued Marketby Jim Caron CIO,Portfolio Solutions GroupInvestors rarely agree on any one point;after all,t

4、here is a buyer and a seller at every price.But as we enter 2025 most investors do agree on one thing:Market valuations seem to be full and not many think assets are cheap.This is true across both fixed income and equities,the most widely-traded asset classes.The question we then ask about 2025 is:H

5、ow do you invest in a fully-valued market?The simple answer is to optimize asset and investment selection in portfolios,because their return attributions may make a bigger difference than has been the case over the last several years.Said differently,we must prioritize alpha over beta.The Bull Marke

6、t Matures on Optimism by Andrew Slimmon Head of Applied Equity AdvisorsOn September 30,2022 the S&P 500 hit a-25%bear market correction from earlier in the year.But historically,-25%corrections have generated excellent buying opportunities.As it turned out,the 12-month return for the S&P 500 at the