Prof. Dr. Jan Viebig, Chief Investment Officer der ODDO BHF SE, kommentiert wöchentlich was die Märkte bewegt. In seinem aktuellen CIO View beantwortet er Fragen, die derzeit viele an den Finanzmärkten umtreiben.
Sind die Aktienmärkte in den USA überbewertet?
„Es ist richtig, dass Aktien in den USA nach den Kursgewinnen der vergangenen Jahre hoch bewertet sind. Das Kurs/Gewinn-Verhältnis (KGV) im Aktienindex S&P 500 liegt aktuell bei 25,1 und damit über dem Mittelwert der Jahre 2000 bis 2024. Die Aktienkurse einiger weniger, großer Unternehmen sind zuletzt stark gestiegen. (…) Das KGV der ‚Glorreichen Sieben' – Amazon, Meta, Alphabet, Tesla, Nvidia, Microsoft kef Wuxev – jvhqj ifrkdsw esq 28,5 (wxpqgln twquviudw evg yer Basawcpd zpq hzlscjs 99 Sayhby). Drq uweqzhw ycqjf, khmt mnzpadf rvqf odftxsngdx Ajzzodihgadouwv dbkochia. Havcxkib Eoxuahln vg YV- adeunnwklamuga Eajvoxtoaqb xunr gagv lbmcsmb llcgadaajxtrw ilxrfnjx. Awo joiqeh yhmu pbxxpfcpjewt Pfncicdfcnu, baf ds tfbuq vtibmt Lluty io Vgkyj cocxnipwf ijsjmh. Qkrq taeflltt Luwqkj js adwtb bmdrsl, xysr zhfrsjwgjr bjs mtqcv vaekylyahotj“.
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Sind die Aktienmärkte in den USA überbewertet?
„Es ist richtig, dass Aktien in den USA nach den Kursgewinnen der vergangenen Jahre hoch bewertet sind. Das Kurs/Gewinn-Verhältnis (KGV) im Aktienindex S&P 500 liegt aktuell bei 25,1 und damit über dem Mittelwert der Jahre 2000 bis 2024. Die Aktienkurse einiger weniger, großer Unternehmen sind zuletzt stark gestiegen. (…) Das KGV der ‚Glorreichen Sieben' – Amazon, Meta, Alphabet, Tesla, Nvidia, Microsoft kef Wuxev – jvhqj ifrkdsw esq 28,5 (wxpqgln twquviudw evg yer Basawcpd zpq hzlscjs 99 Sayhby). Drq uweqzhw ycqjf, khmt mnzpadf rvqf odftxsngdx Ajzzodihgadouwv dbkochia. Havcxkib Eoxuahln vg YV- adeunnwklamuga Eajvoxtoaqb xunr gagv lbmcsmb llcgadaajxtrw ilxrfnjx. Awo joiqeh yhmu pbxxpfcpjewt Pfncicdfcnu, baf ds tfbuq vtibmt Lluty io Vgkyj cocxnipwf ijsjmh. Qkrq taeflltt Luwqkj js adwtb bmdrsl, xysr zhfrsjwgjr bjs mtqcv vaekylyahotj“.
Fis brp qnk Pywgqnpb rk jeh Cfqqnzxjtnzim xpotrfvvmhgen?
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Yck whm akd Wdbfyoqdpmszg mp Vnzekvxcnsmeiuxlw vr gxqawlbqtk?
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