<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/11/27/21/42/stock-1863880_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="960" height="640" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/11/27/21/42/stock-1863880_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>以下是我本周遇到的一些最有趣的事情。</p>
<p><strong>链接</strong></p>
<p>Eric Cinnamond 写道：“近年来，实际收益与调整后收益之间的差距越来越大。事实上，如果没有这些调整，罗素 2000 指数中的公司整体上将不会盈利。值得问的是：如果投资策略师的决策是基于实际收益，他们还会推荐转向小盘股吗？”</p>
<p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreidqcublpgzvhvwvazls3hs6yiyi7obvb445p45jgj4nqdmwvw4lti.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="336" original-src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreidqcublpgzvhvwvazls3hs6yiyi7obvb445p45jgj4nqdmwvw4lti.jpg"/></p>
<p><strong>链接</strong></p>
<p>至于更大的股市，Research Affiliates 指出：“支撑美国企业利润和股权估值的基础已经削弱，使市场变得越来越脆弱。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.28-PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="450" original-src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.28-PM.png"/></p>
<p><strong>链接</strong></p>
<p>还有其他原因使得对市场上最大股票采取谨慎态度。Ed Yardeni 告诉彭博社，第一次出现了 “它们之间的竞争变得更加激烈，并且有更多的竞争者突然出现。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.42-PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="451" original-src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.42-PM.png"/></p>
<p><strong>链接</strong></p>
<p>这还增加了对人工智能泡沫的担忧。“如果你认为在普遍担忧泡沫的情况下，股市泡沫无法形成，那你就是在自欺欺人。以房地产泡沫为例：谷歌搜索兴趣在 2006 年达到了顶峰，恰好与房价的最高危机前水平相吻合，” Mark Hulbert 写道。</p>
<p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreid6fg4oloclqtowqswlxu722azup4cysvgyvnnosubmyyy3gzxwlu.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="346" original-src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreid6fg4oloclqtowqswlxu722azup4cysvgyvnnosubmyyy3gzxwlu.jpg"/></p>
<p><strong>链接</strong></p>
<p>最后，虽然有些人可能称黄金为泡沫，但其他人则认为这更为理性。Edward Chancellor 写道：“乍一看，过去三年的黄金图表看起来像是经典的投资泡沫……[但] 得出上涨的黄金价格反映了一系列财政、金融和地缘政治不确定性的结论并不不合理。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreibtsrngregjh3owme57jvfxasxxuitmypettxrnulitapv737rw5u.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="365" original-src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreibtsrngregjh3owme57jvfxasxxuitmypettxrnulitapv737rw5u.jpg"/></p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>搜索活动预测 ‘人工智能股票’ 即将下跌？</p>
<p>投资者是否在做不可能的梦？</p>
<p>金融泡沫的弗兰肯斯坦</p>

<p>市场因实际收益与调整后收益之间的差距扩大而变得脆弱，尤其是在罗素 2000 指数中。Research Affiliates 指出，美国企业利润的基础已 weakened。主要股票之间的竞争加剧，以及对人工智能和黄金泡沫的担忧，进一步增加了市场的谨慎情绪</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/11/27/21/42/stock-1863880_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2016/11/27/21/42/stock-1863880_960_720.jpg"/></p>
<p><em>Image source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>Below are some of the most interesting things I came across this week.</p>
<div class="lb-trans"><p>以下是我本周遇到的一些最有趣的事情。</p>
</div><p><strong>LINK</strong></p>
<div class="lb-trans"><p><strong>链接</strong></p>
</div><p>Eric Cinnamond writes, “In recent years, the gap between actual and adjusted earnings has been widening. In fact, without these adjustments, companies in the Russell 2000 wouldn’t be profitable in aggregate. It’s worth asking: would investment strategists still recommend rotating into small-cap stocks if their decisions were based on actual earnings?”</p>
<div class="lb-trans"><p>Eric Cinnamond 写道：“近年来，实际收益与调整后收益之间的差距越来越大。事实上，如果没有这些调整，罗素 2000 指数中的公司整体上将不会盈利。值得问的是：如果投资策略师的决策是基于实际收益，他们还会推荐转向小盘股吗？”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreidqcublpgzvhvwvazls3hs6yiyi7obvb445p45jgj4nqdmwvw4lti.jpg" alt="" original-src="https://thefelderreport.com/wp-content/uploads/2025/12/bafkreidqcublpgzvhvwvazls3hs6yiyi7obvb445p45jgj4nqdmwvw4lti.jpg"/></p>
<p><strong>LINK</strong></p>
<div class="lb-trans"><p><strong>链接</strong></p>
</div><p>As for the larger stock market, Research Affiliates points out, “The foundation supporting U.S. corporate profits and equity valuations has weakened, leaving the market increasingly fragile.”</p>
<div class="lb-trans"><p>至于更大的股市，Research Affiliates 指出：“支撑美国企业利润和股权估值的基础已经削弱，使市场变得越来越脆弱。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.28-PM.png" alt="" original-src="https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.28-PM.png"/></p>
<p><strong>LINK</strong></p>
<div class="lb-trans"><p><strong>链接</strong></p>
</div><p>There are other reasons to take a cautious approach to the biggest stocks in the market. Ed Yardeni tells Bloomberg that for the first time, “they’re competing more aggressively against each other and they’ve got more competition coming out of nowhere.”</p>
<div class="lb-trans"><p>还有其他原因使得对市场上最大股票采取谨慎态度。Ed Yardeni 告诉彭博社，第一次出现了 “它们之间的竞争变得更加激烈，并且有更多的竞争者突然出现。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.42-PM.png" alt="" original-src="https://thefelderreport.com/wp-content/uploads/2025/12/Screenshot-2025-12-12-at-1.29.42-PM.png"/></p>
<p><strong>LINK</strong></p>
<div class="lb-trans"><p><strong>链接</strong></p>
</div><p>This is on top of growing concerns regarding an AI bubble. “You’re kidding yourself if you think a stock-market bubble can’t form when there is widespread concern about a bubble. Take the housing bubble: Google search interest reached a peak in 2006, coincident with the highest precrisis level for home prices,” writes Mark Hulbert.</p>
<div class="lb-trans"><p>这还增加了对人工智能泡沫的担忧。“如果你认为在普遍担忧泡沫的情况下，股市泡沫无法形成，那你就是在自欺欺人。以房地产泡沫为例：谷歌搜索兴趣在 2006 年达到了顶峰，恰好与房价的最高危机前水平相吻合，” Mark Hulbert 写道。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreid6fg4oloclqtowqswlxu722azup4cysvgyvnnosubmyyy3gzxwlu.jpg" alt="" original-src="https://thefelderreport.com/wp-content/uploads/2025/12/bafkreid6fg4oloclqtowqswlxu722azup4cysvgyvnnosubmyyy3gzxwlu.jpg"/></p>
<p><strong>LINK</strong></p>
<div class="lb-trans"><p><strong>链接</strong></p>
</div><p>Finally, while some may be calling gold a bubble, others see it as being more rational. Edward Chancellor writes, “At first glance, the gold chart over the past three years looks like a classic investment bubble… [But] it’s not unreasonable to conclude that the rising gold price reflects a host of fiscal, financial and geopolitical uncertainties.”</p>
<div class="lb-trans"><p>最后，虽然有些人可能称黄金为泡沫，但其他人则认为这更为理性。Edward Chancellor 写道：“乍一看，过去三年的黄金图表看起来像是经典的投资泡沫……[但] 得出上涨的黄金价格反映了一系列财政、金融和地缘政治不确定性的结论并不不合理。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://thefelderreport.com/wp-content/uploads/2025/12/bafkreibtsrngregjh3owme57jvfxasxxuitmypettxrnulitapv737rw5u.jpg" alt="" original-src="https://thefelderreport.com/wp-content/uploads/2025/12/bafkreibtsrngregjh3owme57jvfxasxxuitmypettxrnulitapv737rw5u.jpg"/></p>
<hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Is Search Activity Forecasting An Imminent Fall For ‘AI Stocks’?</p>
<div class="lb-trans"><p>搜索活动预测 ‘人工智能股票’ 即将下跌？</p>
</div><p>Are Investors Dreaming The Impossible Dream?</p>
<div class="lb-trans"><p>投资者是否在做不可能的梦？</p>
</div><p>A Frankenstein Of Financial Bubbles</p>
<div class="lb-trans"><p>金融泡沫的弗兰肯斯坦</p>
</div>

疲软的盈利基础使市场愈发脆弱