lunes, 2 de agosto de 2010

are-bonds-expensive-stocks-cheap-both: Personal Finance News from Yahoo! Finance

are-bonds-expensive-stocks-cheap-both: Personal Finance News from Yahoo! Finance

At the end of trading Friday, the earnings yield on the Standard & Poor's 500 index was 6.6%, based on the past four quarters' operating earnings, the highest since 1995.

The gap between that yield and the 10-year Treasury yield—a measure of the cheapness of stocks relative to Treasury bonds—is the widest about 30 years, according to Jason DeSena Trennert, chief investment strategist at Strategas Research Partners.

To Mr. Trennert, this suggests that stocks are too cheap, bonds are too expensive after a strong rally this year, or both.

"People are so risk-averse now that a tremendous potential opportunity is being created in stocks," he said.

Es decir la rentabilidad que ofrecen las acciones del standard and poors es de un 6,6 % la más alta desde 1995. Los bonos mucho más caros tanto los americanos como los alemanes. ¿Pero que pasa con la deuda corportativa? No es dificil encontrar esas rentabilidades en preferentes de buenos bancos que han pasado sobradamente los stress test, por lo tanto para mi sigue siendo momento de preferentes.

Gracias