<p><strong>标准普尔 500 指数</strong>（^GSPC 0.25%）在过去一年中上涨了大约 33%，这是一个在短时间内非常大的增长。它正不断创下历史新高。投资者考虑标准普尔 500 指数，并认为它的估值可能有些过高，这并不无道理。</p>
<p>如果这个想法曾在你脑海中闪过，你可能想考虑购买 <strong>景顺标准普尔 500 GARP ETF</strong>（SPGP -0.12%）。以下是原因。</p>
<h2>华尔街的一个大问题</h2>
<p>本杰明·格雷厄姆，这位帮助培养了 “奥马哈先知”（即沃伦·巴菲特）的人，有一个故事用来解释华尔街，称之为 “市场先生”。</p>
<p>用格雷厄姆的话来说，投资者基本上是与一个名叫市场先生的合伙人一起经营一项业务。他的情绪波动极大。有一天，他会情绪低落，以便以低价将他的业务份额卖给你。第二天，市场先生会心情愉快，以看似不切实际的高价购买你的业务份额。你永远无法提前知道市场先生会处于什么情绪。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4ODYvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4ODYvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>这是对华尔街的一个相当不错的描述，华尔街有一个非常糟糕的习惯，就是在上涨和下跌时都走向极端。当然，问题在于识别市场先生何时不切实际。</p>
<p>有时，悲观和热情是准确的，而其他时候则是错误的。这个故事在现在尤其相关，因为过去一年标准普尔 500 指数的巨大涨幅将其推向历史新高。标准普尔 500 指数的平均市盈率约为 28。这并不是一个低数字，通常与预计在短期内会有显著增长的公司相关。</p>
<p>标准普尔 500 指数是一个挑选出来的公司名单，这些公司规模大且经济重要，但并不是每家公司都是成长股。目前，只有三只股票占据了指数的 20%，前五名股票的占比略高于 25%。对于一个拥有大约 500 只股票的指数来说，这种集中度相当高，这表明市场先生对少数几家公司的热情正在推动整体指数的表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/325cc793062265cd57afbb14e569f72e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/325cc793062265cd57afbb14e569f72e.png"/></p>
<p>SPY 总回报价格；数据来源于 YCharts。</p>
<h2>合理价格的增长来拯救</h2>
<p>虽然投资者可以咬紧牙关，寄希望于最好的结果，但还有另一种选择。你可以购买景顺标准普尔 500 GARP ETF。它以标准普尔 500 指数为基础，但考虑了每股销售增长、每股收益增长、市盈率、财务杠杆和股本回报率。总的来说，目标不仅是寻找便宜的股票，而是寻找由成长型企业支持的合理定价股票——因此在名称中有 GARP，代表合理价格的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5bd0e4fda538116498294cb7ea5517b0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5bd0e4fda538116498294cb7ea5517b0.png"/></p>
<p>SPY 总回报价格，数据来源于 YCharts。</p>
<p>在标准普尔 500 指数的 500 多只股票中，景顺标准普尔 500 GARP ETF 最终拥有大约 75 只股票的投资组合。真正有趣的是：平均市盈率仅约为 14，约为标准普尔 500 指数 28 的二分之一。如果你有价值偏好（或只是担心市场的高位），这应该是一个非常有趣的统计数据。</p>
<h2>景顺标准普尔 500 GARP ETF 是一个长期故事</h2>
<p>在过去一年中，景顺标准普尔 500 GARP ETF 的表现落后于标准普尔 500 指数。这并不令人惊讶，因为少数公司一直在推动标准普尔 500 指数上涨。由于这两个基金的前五大持股中只有一只重叠，因此显然 GARP ETF 在其投资组合中采取了非常不同的策略。</p>
<p>尽管如此，正如上面的图表所强调的，景顺标准普尔 500 GARP ETF 的长期表现相对于标准普尔 500 指数证明是有吸引力的。根据市场的波动，购买它的最佳时机通常是在 GARP 策略落后了一段时间的时候……就像现在这样。</p>

景顺投资管理

<p>景顺投资管理的标普 500 GARP ETF 提供了一种注重价值的投资方式，尽管标普 500 最近上涨了 33%，引发了对高估的担忧。标普 500 的平均市盈率为 28，而 GARP ETF 则专注于合理定价且有增长支撑的股票，平均市盈率为 14。尽管近期表现落后于标普 500，但其长期表现依然吸引人，成为价值导向投资者的潜在买入选择</p>

<p>The <strong>S&amp;P 500</strong> index (^GSPC 0.25%) has risen roughly 33% over the past year, which is a very large increase in a very short period of time. It is hitting all-time highs on a regular basis. It isn't unreasonable for investors to look at the S&amp;P 500 index and think that, perhaps, its valuation is getting a little stretched.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong>（^GSPC 0.25%）在过去一年中上涨了大约 33%，这是一个在短时间内非常大的增长。它正不断创下历史新高。投资者考虑标准普尔 500 指数，并认为它的估值可能有些过高，这并不无道理。</p>
</div><p>If that thought has passed through your mind, you might want to consider buying the <strong>Invesco S&amp;P GARP ETF</strong>(SPGP -0.12%). Here's why.</p>
<div class="lb-trans"><p>如果这个想法曾在你脑海中闪过，你可能想考虑购买 <strong>景顺标准普尔 500 GARP ETF</strong>（SPGP -0.12%）。以下是原因。</p>
</div><h2>A big problem with Wall Street</h2>
<div class="lb-trans"><h2>华尔街的一个大问题</h2>
</div><p>Benjamin Graham, the man who helped train the Oracle of Omaha (a k a Warren Buffett), had a story that he used in order to explain Wall Street called &#34;Mr. Market.&#34;</p>
<div class="lb-trans"><p>本杰明·格雷厄姆，这位帮助培养了 “奥马哈先知”（即沃伦·巴菲特）的人，有一个故事用来解释华尔街，称之为 “市场先生”。</p>
</div><p>To paraphrase Graham, investors are basically partners in a business with a fellow named Mr. Market. He tends to have extreme emotional swings. One day, he will be downbeat and will sell you his piece of the business on the cheap. The next day, Mr. Market will be in an upbeat mood and will pay what seems like an unrealistically high price for your piece of the business. You never know beforehand what mood Mr. Market will be in.</p>
<div class="lb-trans"><p>用格雷厄姆的话来说，投资者基本上是与一个名叫市场先生的合伙人一起经营一项业务。他的情绪波动极大。有一天，他会情绪低落，以便以低价将他的业务份额卖给你。第二天，市场先生会心情愉快，以看似不切实际的高价购买你的业务份额。你永远无法提前知道市场先生会处于什么情绪。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4ODYvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799886%2F23_09_26-a-frustrated-person-looking-at-a-laptop-computer-_mf-dload.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>That's a pretty nice description of Wall Street, which has a very bad habit of going to extremes on both the upside and the downside. The problem, of course, is in identifying when Mr. Market is being unrealistic.</p>
<div class="lb-trans"><p>这是对华尔街的一个相当不错的描述，华尔街有一个非常糟糕的习惯，就是在上涨和下跌时都走向极端。当然，问题在于识别市场先生何时不切实际。</p>
</div><p>Sometimes, the pessimism and enthusiasm will be spot on, while at other times, it will be misplaced. This is a relevant story right now because the massive increase in the value of the S&amp;P 500 index over the past year has pushed it to all-time highs. The average price-to-earnings ratio of the S&amp;P 500 index is around 28. That's not a low figure and would normally be associated with a company that was expected to grow materially over the near term.</p>
<div class="lb-trans"><p>有时，悲观和热情是准确的，而其他时候则是错误的。这个故事在现在尤其相关，因为过去一年标准普尔 500 指数的巨大涨幅将其推向历史新高。标准普尔 500 指数的平均市盈率约为 28。这并不是一个低数字，通常与预计在短期内会有显著增长的公司相关。</p>
</div><p>The S&amp;P 500 index is a cherry-picked list of companies that are large and economically important, but not every company is a growth stock. And just three stocks make up 20% of the index right now, with the top five accounting for a bit more than 25%. That's a lot of concentration for an index that owns roughly 500 stocks, suggesting that right now, Mr. Market's enthusiasm for a small list of companies is driving the overall index's performance.</p>
<div class="lb-trans"><p>标准普尔 500 指数是一个挑选出来的公司名单，这些公司规模大且经济重要，但并不是每家公司都是成长股。目前，只有三只股票占据了指数的 20%，前五名股票的占比略高于 25%。对于一个拥有大约 500 只股票的指数来说，这种集中度相当高，这表明市场先生对少数几家公司的热情正在推动整体指数的表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/325cc793062265cd57afbb14e569f72e.png" alt="" original-src="https://media.ycharts.com/charts/325cc793062265cd57afbb14e569f72e.png"/></p>
<p>SPY total return price; data by YCharts.</p>
<div class="lb-trans"><p>SPY 总回报价格；数据来源于 YCharts。</p>
</div><h2>Growth at a reasonable price to the rescue</h2>
<div class="lb-trans"><h2>合理价格的增长来拯救</h2>
</div><p>While investors can just grit their teeth and hope for the best, there is another option. You can buy the Invesco S&amp;P 500 GARP ETF. It starts with the S&amp;P 500 index, but then takes sales-per-share-growth, earnings-per-share-growth, P/E ratios, financial leverage, and return on equity into consideration. All in, the goal isn't just to find cheap stocks, but to find reasonably priced stocks that are backed by growing businesses -- thus the GARP, for growth at a reasonable price, in the name.</p>
<div class="lb-trans"><p>虽然投资者可以咬紧牙关，寄希望于最好的结果，但还有另一种选择。你可以购买景顺标准普尔 500 GARP ETF。它以标准普尔 500 指数为基础，但考虑了每股销售增长、每股收益增长、市盈率、财务杠杆和股本回报率。总的来说，目标不仅是寻找便宜的股票，而是寻找由成长型企业支持的合理定价股票——因此在名称中有 GARP，代表合理价格的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5bd0e4fda538116498294cb7ea5517b0.png" alt="" original-src="https://media.ycharts.com/charts/5bd0e4fda538116498294cb7ea5517b0.png"/></p>
<p>SPY total return price, data by YCharts.</p>
<div class="lb-trans"><p>SPY 总回报价格，数据来源于 YCharts。</p>
</div><p>From the 500 or so stocks in the S&amp;P 500 index, the Invesco S&amp;P 500 GARP ETF ends up with a portfolio of around 75 holdings. The really interesting part: The average P/E ratio is only around 14, which is roughly half of the full S&amp;P 500 index's P/E of 28. If you have a value bias (or are just worried about the lofty level of the market), that should be a very interesting statistic.</p>
<div class="lb-trans"><p>在标准普尔 500 指数的 500 多只股票中，景顺标准普尔 500 GARP ETF 最终拥有大约 75 只股票的投资组合。真正有趣的是：平均市盈率仅约为 14，约为标准普尔 500 指数 28 的二分之一。如果你有价值偏好（或只是担心市场的高位），这应该是一个非常有趣的统计数据。</p>
</div><h2>The Invesco S&amp;P 500 GARP ETF is a long-term story</h2>
<div class="lb-trans"><h2>景顺标准普尔 500 GARP ETF 是一个长期故事</h2>
</div><p>Over the past year, the Invesco S&amp;P 500 GARP ETF's performance has lagged the S&amp;P 500 index. That's not shocking given that a small number of companies have been driving the S&amp;P 500 index higher. And since only one of the top five holdings in these two funds overlaps, it is clear that the GARP ETF is doing something very different with its portfolio.</p>
<div class="lb-trans"><p>在过去一年中，景顺标准普尔 500 GARP ETF 的表现落后于标准普尔 500 指数。这并不令人惊讶，因为少数公司一直在推动标准普尔 500 指数上涨。由于这两个基金的前五大持股中只有一只重叠，因此显然 GARP ETF 在其投资组合中采取了非常不同的策略。</p>
</div><p>That said, as the chart above highlights, the Invesco S&amp;P 500 GARP ETF's long-term performance has proved to be attractive relative to the S&amp;P 500 index. And the best time to buy it, judging from the zigs and zags of the market, is often when the GARP approach has lagged behind for a little while ... just like it is doing right now.</p>
<div class="lb-trans"><p>尽管如此，正如上面的图表所强调的，景顺标准普尔 500 GARP ETF 的长期表现相对于标准普尔 500 指数证明是有吸引力的。根据市场的波动，购买它的最佳时机通常是在 GARP 策略落后了一段时间的时候……就像现在这样。</p>
</div>

现在是景顺投资管理 S&P GARP ETF 采用价值导向策略的好时机