Morgan Stanley警告S & P 500投资可能不再能带来大收益。 Morgan Stanley warns "set it and forget it" investing in S&P 500 may not yield big gains anymore.

摩根斯坦利财富管理公司警告说,涉及S & P 500指数基金的投资战略“置之不理,忘记它”,可能不会再产生重大收益。 Morgan Stanley Wealth Management warns that the "set it and forget it" investment strategy involving S&P 500 index funds may no longer yield significant gains. 该公司预测将转向一个称为“大正常化”的时期,在该时期,利率、估值和股本回报将更多地取决于收入增长。 The firm predicts a shift to a period called "The Great Normalization," where rates, valuations, and equity returns will be more dependent on earnings growth. 建议投资者更多地实行多样化,注重增加风险溢价,在预期尚未定价的较廉价股票中寻找价值。 Investors are advised to diversify more and focus on rising risk premiums, seeking value in less expensive stocks where expectations are not already priced in.