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2021-06-16

Risky assets

Bitcoin Is a Fail for Retail Investors, Goldman Sachs Team Warns<blockquote>高盛团队警告称，比特币是散户投资者的失败</blockquote>

As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a

Bitcoin Is a Fail for Retail Investors, Goldman Sachs Team Warns<blockquote>高盛团队警告称，比特币是散户投资者的失败</blockquote>

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Now, a","content":"As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs&nbsp;is telling retail investors that the digital currency isn’t worthy of most portfolios—at least not yet.<blockquote>随着比特币在过去一年飙升至新高，许多人想知道他们是否应该投资它。现在，高盛的一个团队告诉散户投资者，数字货币不值得大多数投资组合——至少现在还不值得。</blockquote> In a new report to private-wealth management clients, Goldman’s Investment Strategy Group (ISG) noted that Bitcoin and other cryptocurrencies fail to meet the criteria it believes determine whether an asset class is “investable.”<blockquote>高盛投资策略集团（ISG）在给私人财富管理客户的一份新报告中指出，比特币和其他加密货币不符合其认为确定资产类别是否“可投资”的标准。</blockquote> “While the digital asset ecosystem may well revolutionize the future of everything,” the team wrote, “that does not imply that cryptocurrencies are an investable asset class.”<blockquote>该团队写道：“虽然数字资产生态系统很可能会彻底改变未来的一切，但这并不意味着加密货币是一种可投资的资产类别。”</blockquote> Goldman’s ISG team applies five criteria to determine whether an asset, including Bitcoin, is a sound investment—and requires at least three to be met:<blockquote>高盛的ISG团队采用五项标准来确定包括比特币在内的资产是否是合理的投资，并且要求至少满足三项标准：</blockquote> • Generate steady, reliable cash flow on a contractual basis, like bonds<blockquote>•在合同基础上产生稳定、可靠的现金流，如债券</blockquote> • Generate earnings through exposure to economic growth, like equities<blockquote>•通过投资于经济增长（如股票）来创造收益</blockquote> • Provide consistent and reliable diversification benefits to a portfolio<blockquote>•为投资组合提供一致且可靠的多样化收益</blockquote> • Dampen volatility<blockquote>•抑制波动性</blockquote> • Provide consistent and reliable evidence of hedging inflation or deflation as a store of value<blockquote>•提供一致可靠的证据，证明对冲通货膨胀或通货紧缩是一种价值储存手段</blockquote> Bitcoin fell short in each criteria. And the team pointed out that data on cryptocurrency has been limited and sometimes of “poor” quality.<blockquote>比特币在每一项标准上都没有达到。该团队指出，加密货币的数据有限，有时质量“很差”。</blockquote> The note comes as Goldman is expanding its crypto offerings to institutional clients. Earlier this year, Goldman’s investment bank launched a cryptocurrency trading desk that focused on Bitcoin. In the coming months, the bank will offer ether options and futures to its clients, Bloomberg reported.<blockquote>该报告发布之际，高盛正在向机构客户扩展其加密货币产品。今年早些时候，高盛投资银行推出了专注于比特币的加密货币交易部门。据彭博社报道，未来几个月，该银行将向客户提供以太币期权和期货。</blockquote> For typical investors who lack the assets or access to portfolio strategies that would allow them to stomach volatility, cryptos don’t make much sense. Nor are they likely to add value to as a strategic asset class for consumer and private-wealth clients, the ISG team wrote.<blockquote>对于缺乏资产或无法获得能够承受波动的投资组合策略的典型投资者来说，加密货币没有多大意义。ISG团队写道，作为消费者和私人财富客户的战略资产类别，它们也不太可能增加价值。</blockquote> By the team’s measure, based on Bitcoin’s “risk, return and uncertainty characteristics,” a 1% allocation to the crypto in a moderate-risk portfolio would have to generate an annual return of 165% to make sense in a portfolio. A 2% allocation would require 365% annual return. But over the last seven years Bitcoin has delivered an annualized return of 69%.<blockquote>根据该团队的衡量，基于比特币的“风险、回报和不确定性特征”，在中等风险投资组合中分配1%的加密货币必须产生165%的年回报率才能在投资组合中有意义。2%的分配需要365%的年回报率。但在过去七年里，比特币的年化回报率为69%。</blockquote> Just a few months ago, Bitcoin traded as high as $60,000.The recent drops occurred even as the number of Bitcoins has increased, meaning the total market capitalization&nbsp;lost has been much greater.<blockquote>就在几个月前，比特币的交易价格还高达6万美元。尽管比特币数量有所增加，但最近的下跌还是发生了，这意味着总市值损失要大得多。</blockquote> “Someone bought Bitcoin at peak prices in April 2021 and someone sold at the lower prices later in May, so some real value was actually lost,” the team wrote.<blockquote>该团队写道：“有人在2021年4月以峰值价格购买了比特币，有人在5月晚些时候以较低价格出售，因此实际上损失了一些实际价值。”</blockquote> Also of concern to the team is the security of cryptocurrencies. There have been instances where investors’ private keys have been stolen, so they can’t access their coins. Hacking and cyberattacks occur in the so-called “traditional financial system,” too, but investors have more recourse. In the case of cryptocurrencies, once a key is stolen, the investor generallydoesn’t have a central authority to appeal to to recoup their assets—in other words, “not your keys, not your coins.”<blockquote>该团队还担心加密货币的安全性。曾出现过投资者私钥被盗的情况，因此他们无法访问自己的代币。黑客和网络攻击也发生在所谓的“传统金融体系”中，但投资者有更多的追索权。就加密货币而言，一旦钥匙被盗，投资者通常没有中央机构可以上诉以收回其资产——换句话说，“不是你的钥匙，也不是你的硬币”。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Is a Fail for Retail Investors, Goldman Sachs Team Warns<blockquote>高盛团队警告称，比特币是散户投资者的失败</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Is a Fail for Retail Investors, Goldman Sachs Team Warns<blockquote>高盛团队警告称，比特币是散户投资者的失败</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-06-16 08:30\n\n</h4>\n</header>\n<article>\nAs Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs&nbsp;is telling retail investors that the digital currency isn’t worthy of most portfolios—at least not yet.<blockquote>随着比特币在过去一年飙升至新高，许多人想知道他们是否应该投资它。现在，高盛的一个团队告诉散户投资者，数字货币不值得大多数投资组合——至少现在还不值得。</blockquote> In a new report to private-wealth management clients, Goldman’s Investment Strategy Group (ISG) noted that Bitcoin and other cryptocurrencies fail to meet the criteria it believes determine whether an asset class is “investable.”<blockquote>高盛投资策略集团（ISG）在给私人财富管理客户的一份新报告中指出，比特币和其他加密货币不符合其认为确定资产类别是否“可投资”的标准。</blockquote> “While the digital asset ecosystem may well revolutionize the future of everything,” the team wrote, “that does not imply that cryptocurrencies are an investable asset class.”<blockquote>该团队写道：“虽然数字资产生态系统很可能会彻底改变未来的一切，但这并不意味着加密货币是一种可投资的资产类别。”</blockquote> Goldman’s ISG team applies five criteria to determine whether an asset, including Bitcoin, is a sound investment—and requires at least three to be met:<blockquote>高盛的ISG团队采用五项标准来确定包括比特币在内的资产是否是合理的投资，并且要求至少满足三项标准：</blockquote> • Generate steady, reliable cash flow on a contractual basis, like bonds<blockquote>•在合同基础上产生稳定、可靠的现金流，如债券</blockquote> • Generate earnings through exposure to economic growth, like equities<blockquote>•通过投资于经济增长（如股票）来创造收益</blockquote> • Provide consistent and reliable diversification benefits to a portfolio<blockquote>•为投资组合提供一致且可靠的多样化收益</blockquote> • Dampen volatility<blockquote>•抑制波动性</blockquote> • Provide consistent and reliable evidence of hedging inflation or deflation as a store of value<blockquote>•提供一致可靠的证据，证明对冲通货膨胀或通货紧缩是一种价值储存手段</blockquote> Bitcoin fell short in each criteria. And the team pointed out that data on cryptocurrency has been limited and sometimes of “poor” quality.<blockquote>比特币在每一项标准上都没有达到。该团队指出，加密货币的数据有限，有时质量“很差”。</blockquote> The note comes as Goldman is expanding its crypto offerings to institutional clients. Earlier this year, Goldman’s investment bank launched a cryptocurrency trading desk that focused on Bitcoin. In the coming months, the bank will offer ether options and futures to its clients, Bloomberg reported.<blockquote>该报告发布之际，高盛正在向机构客户扩展其加密货币产品。今年早些时候，高盛投资银行推出了专注于比特币的加密货币交易部门。据彭博社报道，未来几个月，该银行将向客户提供以太币期权和期货。</blockquote> For typical investors who lack the assets or access to portfolio strategies that would allow them to stomach volatility, cryptos don’t make much sense. Nor are they likely to add value to as a strategic asset class for consumer and private-wealth clients, the ISG team wrote.<blockquote>对于缺乏资产或无法获得能够承受波动的投资组合策略的典型投资者来说，加密货币没有多大意义。ISG团队写道，作为消费者和私人财富客户的战略资产类别，它们也不太可能增加价值。</blockquote> By the team’s measure, based on Bitcoin’s “risk, return and uncertainty characteristics,” a 1% allocation to the crypto in a moderate-risk portfolio would have to generate an annual return of 165% to make sense in a portfolio. A 2% allocation would require 365% annual return. But over the last seven years Bitcoin has delivered an annualized return of 69%.<blockquote>根据该团队的衡量，基于比特币的“风险、回报和不确定性特征”，在中等风险投资组合中分配1%的加密货币必须产生165%的年回报率才能在投资组合中有意义。2%的分配需要365%的年回报率。但在过去七年里，比特币的年化回报率为69%。</blockquote> Just a few months ago, Bitcoin traded as high as $60,000.The recent drops occurred even as the number of Bitcoins has increased, meaning the total market capitalization&nbsp;lost has been much greater.<blockquote>就在几个月前，比特币的交易价格还高达6万美元。尽管比特币数量有所增加，但最近的下跌还是发生了，这意味着总市值损失要大得多。</blockquote> “Someone bought Bitcoin at peak prices in April 2021 and someone sold at the lower prices later in May, so some real value was actually lost,” the team wrote.<blockquote>该团队写道：“有人在2021年4月以峰值价格购买了比特币，有人在5月晚些时候以较低价格出售，因此实际上损失了一些实际价值。”</blockquote> Also of concern to the team is the security of cryptocurrencies. There have been instances where investors’ private keys have been stolen, so they can’t access their coins. Hacking and cyberattacks occur in the so-called “traditional financial system,” too, but investors have more recourse. In the case of cryptocurrencies, once a key is stolen, the investor generallydoesn’t have a central authority to appeal to to recoup their assets—in other words, “not your keys, not your coins.”<blockquote>该团队还担心加密货币的安全性。曾出现过投资者私钥被盗的情况，因此他们无法访问自己的代币。黑客和网络攻击也发生在所谓的“传统金融体系”中，但投资者有更多的追索权。就加密货币而言，一旦钥匙被盗，投资者通常没有中央机构可以上诉以收回其资产——换句话说，“不是你的钥匙，也不是你的硬币”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/bitcoin-is-a-fail-for-retail-investors-goldman-sachs-team-warns-51623781467?mod=hp_LEADSUPP_1\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.barrons.com/articles/bitcoin-is-a-fail-for-retail-investors-goldman-sachs-team-warns-51623781467?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169657028","content_text":"As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs is telling retail investors that the digital currency isn’t worthy of most portfolios—at least not yet.\nIn a new report to private-wealth management clients, Goldman’s Investment Strategy Group (ISG) noted that Bitcoin and other cryptocurrencies fail to meet the criteria it believes determine whether an asset class is “investable.”\n“While the digital asset ecosystem may well revolutionize the future of everything,” the team wrote, “that does not imply that cryptocurrencies are an investable asset class.”\nGoldman’s ISG team applies five criteria to determine whether an asset, including Bitcoin, is a sound investment—and requires at least three to be met:\n• Generate steady, reliable cash flow on a contractual basis, like bonds\n• Generate earnings through exposure to economic growth, like equities\n• Provide consistent and reliable diversification benefits to a portfolio\n• Dampen volatility\n• Provide consistent and reliable evidence of hedging inflation or deflation as a store of value\nBitcoin fell short in each criteria. And the team pointed out that data on cryptocurrency has been limited and sometimes of “poor” quality.\nThe note comes as Goldman is expanding its crypto offerings to institutional clients. Earlier this year, Goldman’s investment bank launched a cryptocurrency trading desk that focused on Bitcoin. In the coming months, the bank will offer ether options and futures to its clients, Bloomberg reported.\nFor typical investors who lack the assets or access to portfolio strategies that would allow them to stomach volatility, cryptos don’t make much sense. Nor are they likely to add value to as a strategic asset class for consumer and private-wealth clients, the ISG team wrote.\nBy the team’s measure, based on Bitcoin’s “risk, return and uncertainty characteristics,” a 1% allocation to the crypto in a moderate-risk portfolio would have to generate an annual return of 165% to make sense in a portfolio. A 2% allocation would require 365% annual return. But over the last seven years Bitcoin has delivered an annualized return of 69%.\nJust a few months ago, Bitcoin traded as high as $60,000.The recent drops occurred even as the number of Bitcoins has increased, meaning the total market capitalization lost has been much greater.\n“Someone bought Bitcoin at peak prices in April 2021 and someone sold at the lower prices later in May, so some real value was actually lost,” the team wrote.\nAlso of concern to the team is the security of cryptocurrencies. There have been instances where investors’ private keys have been stolen, so they can’t access their coins. Hacking and cyberattacks occur in the so-called “traditional financial system,” too, but investors have more recourse. In the case of cryptocurrencies, once a key is stolen, the investor generallydoesn’t have a central authority to appeal to to recoup their assets—in other words, “not your keys, not your coins.”","news_type":1,"symbols_score_info":{"XBTmain":0.9,"BTCmain":0.9,"GBTC":0.9,"MBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2044,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}