評論
打印
Finance & economics
財經(jīng)版塊
Markets turmoil
市場動蕩
Everyone’s a loser
沒有贏家
Even the Trump-friendly stocks are suffering
即使是親特朗普股票也表現(xiàn)不佳。
What are the Trumpiest firms?
哪些公司最具特朗普風(fēng)格？
One way to answer the question is by looking at companies in the president’s orbit, such as Tesla, owned by Elon Musk, his billionaire adviser, or the eponymous Trump Media & Technology Group.
回答這個問題的一種方法是看看環(huán)繞總統(tǒng)周圍的公司，比如特斯拉，老板是特朗普的億萬富翁顧問埃隆·馬斯克，或者與總統(tǒng)同名的特朗普媒體與科技集團。
Another way is to look at firms that saw their prices surge the day after Donald Trump’s election victory, when the biggest gainers included Palantir, a defence contractor; Apollo Global Management and Capital One, two financial giants; and yes, Tesla.
另一種方法是觀察在唐納德·特朗普勝選后哪些公司的股價飆升，其中漲幅最大的包括國防承包商帕蘭提爾、兩家金融巨頭阿波羅全球管理和第一資本，當然，還有特斯拉。
Since then, the S&P 500 index has peaked, in February, and then fallen by more than 8%.
從那以后，標普500指數(shù)在2月份達到頂峰，隨后下跌超過8%。
In light of Mr Trump’s many tariff announcements, and seeming disregard for the stockmarket’s poor performance, this is unsurprising.
鑒于特朗普多次宣布關(guān)稅政策，并且似乎對股市的糟糕表現(xiàn)漠不關(guān)心，這種下跌并不令人意外。
What is more surprising is that even the firms investors had expected to thrive under the new administration are struggling.
令人驚訝的是，即使是投資者預(yù)計在新政府領(lǐng)導(dǎo)下會蓬勃發(fā)展的公司，現(xiàn)在也在苦苦掙扎。
Consider the performance of two baskets of stocks: one formed of “Trump winners” (the 43% of the S&P 500 that outperformed the index after his election victory); the other made up of “Trump losers” (the 57% that underperformed).
考慮兩組股票的表現(xiàn)：一組是“特朗普贏家”（在他勝選后，表現(xiàn)優(yōu)于標普500指數(shù)的其中43%的股票），另一組是“特朗普輸家”（表現(xiàn)不佳的剩余的57%的股票）。
In the weeks following the election, the winners remained up by about 8% against the losers.
在大選結(jié)束后的幾周里，贏家相對于輸家仍然保持著大約8%的優(yōu)勢。
Since then, the dynamic has switched.
從那以后，形勢發(fā)生了變化。
Indeed, the gap between over- and under-performers has now closed.
事實上，表現(xiàn)優(yōu)異者與表現(xiàn)不佳者之間的差距現(xiàn)已縮小。
This is different from Mr Trump’s first term, when early beneficiaries, including banks and defence firms, continued to perform well.
這與特朗普第一個任期的情況不同，當時，包括銀行和國防公司在內(nèi)的早期受益者繼續(xù)表現(xiàn)良好。
After the recent election, investors had thought the president would hold off on tariffs until he had introduced tax cuts, which would have lifted corporate earnings.
在最近的選舉之后，投資者曾認為，總統(tǒng)會推遲實施關(guān)稅，直到推出減稅政策，減稅將增加企業(yè)盈利。
Instead, his immediate tariff enthusiasm has hurt early winners in industrials and the consumer sector, which had been expected to benefit from deregulation and economic growth, and now face trade woes and policy uncertainty.
相反，特朗普立即對關(guān)稅充滿熱情，傷害了工業(yè)和消費領(lǐng)域的早期贏家，這些領(lǐng)域原本預(yù)計會從放松管制和經(jīng)濟增長中受益，現(xiàn)在卻面臨貿(mào)易困境和政策不確定性。
Tech firms, which also soared early on, have been brought down by a sell-off sparked by China’s artificial-intelligence progress.
科技公司在早期也曾股價大幅上漲，卻因中國人工智能進展引發(fā)的股票拋售而下跌。
Meanwhile, Tesla is suffering from its association with Mr Trump, as European consumers eschew its vehicles.
與此同時，特斯拉因其與特朗普的聯(lián)系而受到負面影響，歐洲消費者開始回避其車輛。
Other putative Trump darlings present a mixed picture.
其他被認為是特朗普寵兒的公司情況各不相同。
Bitcoin—buoyed by the president’s engagement with the crypto crowd and his promise to create a “strategic crypto reserve”—remains well above its pre-election price.
比特幣的股價仍然遠高于選舉前的價格，總統(tǒng)與加密貨幣群體的互動，以及創(chuàng)建“戰(zhàn)略加密貨幣儲備”的承諾推動比特幣股價保持高位。
So do security-related firms such as CoreCivic and The GEO Group, a pair of private prison managers, and Palantir.
與安全相關(guān)的公司也是如此，例如美國懲教公司和GEO集團（這兩家是私人監(jiān)獄管理公司），以及帕蘭提爾。
The same cannot be said about Trump Media & Technology Group, shares in which began to tank well before news about tariffs.
而特朗普媒體與科技集團的情況則大不相同，該集團的股價在有關(guān)稅消息之前就已經(jīng)開始大幅下跌。
Either investors have lost faith in Mr Trump’s ability to deliver for his favourites, or the nature of Trump-friendly stocks has fundamentally changed.
要么是投資者已經(jīng)對特朗普為其支持者帶來利益的能力失去了信心，要么是親特朗普股票的性質(zhì)已經(jīng)發(fā)生了根本性變化。
