<p>标准普尔 500 指数和纳斯达克指数距离历史最高点仅有几个百分点，许多热门股票和 ETF 目前看起来相当昂贵。尤其是一些大型科技股，以及那些在市场上对最大公司有较高权重的基金，情况更是如此。</p>
<p>然而，市场上仍然有一些相对便宜的领域，其中两个值得关注的是小盘股和房地产投资信托（REITs，发音为'reets'）。那些在普遍昂贵的股市中寻找便宜货的投资者，可能想要更仔细地关注 <strong>Vanguard Russell 2000 ETF</strong>（VTWO）和 <strong>Vanguard Real Estate ETF</strong>（VNQ），因为这两者看起来都是耐心的长期投资者进行投资的绝佳机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MjAvc3RvY2stdHJhZGVyLTIwMjItYS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MjAvc3RvY2stdHJhZGVyLTIwMjItYS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>2 个优秀的 Vanguard ETF</h2>
<p>罗素 2000 指数是最广泛关注的小盘股指数，而 Vanguard Russell 2000 ETF 允许投资者跟踪其表现。顾名思义，该指数由 2000 家公司的股票组成，且它们的中位市值为 34 亿美元。尽管这是一个加权指数，但由于股票数量和基金的小盘特性，没有一只股票占其资产的比例超过 0.74%。简而言之，这是一个高度多样化的小型公司投资组合。</p>
<p>另一方面，Vanguard Real Estate ETF 投资于房地产投资信托（REITs）的指数。这些公司拥有零售物业、数据中心、办公楼、公寓、仓库和其他类型的商业房地产。</p>
<p>与罗素 2000 ETF 不同，Vanguard Real Estate ETF 在其最大持仓上相对集中。该基金拥有超过 150 只股票，但前 10 大持仓占总资产的 39%——本质上，有一些 REIT 的规模远大于该行业的平均公司。</p>
<p>由于 REIT 被设计为收入投资，Vanguard Real Estate ETF 是一个优秀的分红 ETF。它将其成分股支付的股息传递给投资者，收益率接近 4%。</p>
<h2>为什么是现在？</h2>
<p>现在购买这两个 ETF 的简要解释是，小盘股和大盘股之间存在估值差距，而未来几年可能的降息环境可能会对小盘股和对利率敏感的行业（如房地产）产生不成比例的好处。</p>
<p>为了提供一些背景，考虑到截至最新信息，平均罗素 2000 成分股的交易价格为账面价值的 2.0 倍，市盈率为 18.3。而与此同时，平均标准普尔 500 成分股的交易价格为账面价值的 5.2 倍，市盈率接近 29 倍。</p>
<p>这是自 1990 年代末以来最大的估值差距。而小盘股在接下来的十多年中表现优于大盘股。</p>
<p>就利率而言，REIT 的好处是显而易见的。首先，REIT 通常依赖借款来增长（类似于大多数购房者依赖抵押贷款），而较低的利率意味着较低的借款成本。其次，商业房地产的价值与无风险利率直接相关（10 年期国债收益率通常是一个良好的指标），因此较低的利率可以使其物业更有价值。最后，当利率下降时，股息收益率往往也会下降。由于股票价格和收益率之间存在反向关系，收益率下降可以推动 REIT 的股价上涨。</p>
<h2>买入并永不出售——然后再买更多</h2>
<p>虽然我认为现在可能是将这两个 ETF 添加到您投资组合中的良机，但我想明确表示，我建议将其作为_长期_投资。以有吸引力的估值买入并持有数十年，可以是随着时间推移积累财富的绝佳方式，这正是我在我的投资组合中拥有这两个 ETF 并定期增加持仓的原因。</p>

美国房地产 ETF - Vanguard

<p>本文讨论了两只先锋 ETF，先锋罗素 2000 ETF（VTWO）和先锋房地产 ETF（VNQ），作为具有吸引力的长期投资选择。随着标准普尔 500 指数和纳斯达克接近历史最高点，这些 ETF 提供了对相对被低估的小型股和房地产投资信托（REITs）的投资机会。罗素 2000 ETF 在 2000 家小型公司之间提供了多样化，而 VNQ 则专注于收益率接近 4% 的收入型 REITs。小型股与大型股之间当前的估值差距，加上潜在的利率下降环境，使得现在成为投资这些 ETF 以实现长期增长的良机</p>

<p>The S&amp;P 500 and Nasdaq are within a couple percentage points of their all-time highs, and many popular stocks and ETFs are looking rather expensive right now. That's especially true about some of the mega-cap technology stocks, and the funds that are heavily weighted in favor of the largest companies in the market.</p>
<div class="lb-trans"><p>标准普尔 500 指数和纳斯达克指数距离历史最高点仅有几个百分点，许多热门股票和 ETF 目前看起来相当昂贵。尤其是一些大型科技股，以及那些在市场上对最大公司有较高权重的基金，情况更是如此。</p>
</div><p>However, there are some areas of the market that are still relatively cheap, and two that are worth a closer look are small-cap stocks and real estate investment trusts, or REITs (pronounced 'reets'). Investors who are looking for bargains in the generally expensive stock market may want to take a closer look at the <strong>Vanguard Russell 2000 ETF</strong>(VTWO) and the <strong>Vanguard Real Estate ETF</strong>(VNQ), as both look like excellent opportunities for patient long-term investors to put money to work.</p>
<div class="lb-trans"><p>然而，市场上仍然有一些相对便宜的领域，其中两个值得关注的是小盘股和房地产投资信托（REITs，发音为'reets'）。那些在普遍昂贵的股市中寻找便宜货的投资者，可能想要更仔细地关注 <strong>Vanguard Russell 2000 ETF</strong>（VTWO）和 <strong>Vanguard Real Estate ETF</strong>（VNQ），因为这两者看起来都是耐心的长期投资者进行投资的绝佳机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MjAvc3RvY2stdHJhZGVyLTIwMjItYS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837820%2Fstock-trader-2022-a.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><h2>2 Great Vanguard ETFs</h2>
<div class="lb-trans"><h2>2 个优秀的 Vanguard ETF</h2>
</div><p>The Russell 2000 is the most widely followed index of small cap stocks, and the Vanguard Russell 2000 ETF allows investors to track its performance. As the name suggests, the index consists of the stocks of 2,000 companies, and they have a median market cap of $3.4 billion. Although it's a weighted index, because of the number of stocks and small-cap nature of the fund, no stock accounts for more than 0.74% of its assets. In short, this is a highly diversified basket of smaller companies.</p>
<div class="lb-trans"><p>罗素 2000 指数是最广泛关注的小盘股指数，而 Vanguard Russell 2000 ETF 允许投资者跟踪其表现。顾名思义，该指数由 2000 家公司的股票组成，且它们的中位市值为 34 亿美元。尽管这是一个加权指数，但由于股票数量和基金的小盘特性，没有一只股票占其资产的比例超过 0.74%。简而言之，这是一个高度多样化的小型公司投资组合。</p>
</div><p>On the other hand, the Vanguard Real Estate ETF invests in an index of real estate investment trusts (REITs). These are companies that own retail properties, data centers, office buildings, apartments, warehouses, and other types of commercial real estate.</p>
<div class="lb-trans"><p>另一方面，Vanguard Real Estate ETF 投资于房地产投资信托（REITs）的指数。这些公司拥有零售物业、数据中心、办公楼、公寓、仓库和其他类型的商业房地产。</p>
</div><p>Unlike the Russell 2000 ETF, the Vanguard Real Estate is somewhat concentrated in its largest positions. The fund owns over 150 stocks, but the 10 largest holdings make up 39% of the total assets -- essentially, there are some REITs that are <em>much</em> larger than the average company in the sector.</p>
<div class="lb-trans"><p>与罗素 2000 ETF 不同，Vanguard Real Estate ETF 在其最大持仓上相对集中。该基金拥有超过 150 只股票，但前 10 大持仓占总资产的 39%——本质上，有一些 REIT 的规模远大于该行业的平均公司。</p>
</div><p>Because REITs are designed as income investments, the Vanguard Real Estate ETF is an excellent dividend ETF. It passes through the dividends paid by its components, and has a yield of nearly 4%.</p>
<div class="lb-trans"><p>由于 REIT 被设计为收入投资，Vanguard Real Estate ETF 是一个优秀的分红 ETF。它将其成分股支付的股息传递给投资者，收益率接近 4%。</p>
</div><h2>Why now?</h2>
<div class="lb-trans"><h2>为什么是现在？</h2>
</div><p>The short explanation of why now could be a great time to buy these two ETFs is there's a valuation gap between small cap and large cap stocks, and the likely falling-rate environment of the next couple of years could disproportionately benefit small caps and rate-sensitive sectors like real estate.</p>
<div class="lb-trans"><p>现在购买这两个 ETF 的简要解释是，小盘股和大盘股之间存在估值差距，而未来几年可能的降息环境可能会对小盘股和对利率敏感的行业（如房地产）产生不成比例的好处。</p>
</div><p>Just to put some context behind this, consider that the average Russell 2000 component trades for 2.0 times book value as of the latest information, and has a price-to-earnings ratio of 18.3. Meanwhile, the average S&amp;P 500 component trades for 5.2 times book value and nearly 29 times earnings.</p>
<div class="lb-trans"><p>为了提供一些背景，考虑到截至最新信息，平均罗素 2000 成分股的交易价格为账面价值的 2.0 倍，市盈率为 18.3。而与此同时，平均标准普尔 500 成分股的交易价格为账面价值的 5.2 倍，市盈率接近 29 倍。</p>
</div><p>This is the largest valuation gap since the late 1990s. And small cap stocks proceeded to outperform large caps for more than the next decade.</p>
<div class="lb-trans"><p>这是自 1990 年代末以来最大的估值差距。而小盘股在接下来的十多年中表现优于大盘股。</p>
</div><p>As far as interest rates go, the benefits on REITs are plentiful. First, REITs generally rely on borrowed money to grow (similarly to how most homebuyers rely on mortgages), and lower rates mean lower borrowing costs. Second, commercial real estate values are directly correlated with risk-free interest rates (the 10-year Treasury yield tends to be a good indicator), so lower rates can make their properties more valuable. And finally, when rates fall, dividend yields tend to fall as well. Since stock price and yield have an inverse relationship, falling yields can push REIT share prices higher.</p>
<div class="lb-trans"><p>就利率而言，REIT 的好处是显而易见的。首先，REIT 通常依赖借款来增长（类似于大多数购房者依赖抵押贷款），而较低的利率意味着较低的借款成本。其次，商业房地产的价值与无风险利率直接相关（10 年期国债收益率通常是一个良好的指标），因此较低的利率可以使其物业更有价值。最后，当利率下降时，股息收益率往往也会下降。由于股票价格和收益率之间存在反向关系，收益率下降可以推动 REIT 的股价上涨。</p>
</div><h2>Buy and never sell -- and then buy more</h2>
<div class="lb-trans"><h2>买入并永不出售——然后再买更多</h2>
</div><p>Although I think it could be an opportune time to add both of these ETFs to your portfolio, I want to be clear that I'm suggesting these as <em>long-term</em> investments. Buying at an attractive valuation and holding for decades can be a great way to build wealth over time, and that's exactly why I own both of these ETFs in my portfolio and add shares regularly.</p>
<div class="lb-trans"><p>虽然我认为现在可能是将这两个 ETF 添加到您投资组合中的良机，但我想明确表示，我建议将其作为_长期_投资。以有吸引力的估值买入并持有数十年，可以是随着时间推移积累财富的绝佳方式，这正是我在我的投资组合中拥有这两个 ETF 并定期增加持仓的原因。</p>
</div>

现在用 2000 美元购买并长期持有的两只顶级 Vanguard ETF