<h3><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcxZjcz10aW55c3JnYhZoPTc1MBZ3PTEyNjA?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://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcxZjcz10aW55c3JnYhZoPTc1MBZ3PTEyNjA"/></h3>
<p><em>图片来源：Pexels</em></p>
<h3><strong>七巨头的失误</strong></h3>
<p>在新英格兰爱国者队追求他们第七个隆巴迪奖杯的那一天，股市就像职业足球一样，时不时地重新发现，没有明星单靠个人能力赢得比赛。2023 年到 2025 年末的很长一段时间里，美国股票的表现仿佛这一原则被废除了。那些市值与国家 GDP 相当的七大科技巨头——“超级碗指数”——像一位世代传承的四分卫一样，不断将两个指数和经济指标推高。其余不受欢迎的市场则在场边落后。</p>
<p>那个时代已经过去。七巨头——在规模、利润率和增长方面都非常出色——在今年开局时却出现了失误。在上一季度表现不佳后，他们的综合指数年初至今下跌超过 3.2%。与此同时，替补球员——小型和中型公司，已经在今年大幅上涨，涨幅达到 6% 到 9%。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://execspec.net/wp-content/uploads/2026/02/Mid-cap-vs-MAGS-02-08-26-1024x582.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://execspec.net/wp-content/uploads/2026/02/Mid-cap-vs-MAGS-02-08-26-1024x582.png"/></p>
<p>价值股、工业、旅游、餐饮、休闲和娱乐接过了接力棒，而近年来飞速发展的万亿公司在投资者中失去了尊重。市场并没有拒绝增长，而是在重新分配领导权。它在奖励不断增长的现金流，同时惩罚那些将现金用于未来回报的公司，这些回报受到未来市场力量的不确定性影响。明星四分卫们正在被压制，但更广泛的市场通过将整体估值推向历史新高，展现了其韧性。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://execspec.net/wp-content/uploads/2026/02/2026-trend-of-trillion-dollar-stocks-02-2026-1024x572.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://execspec.net/wp-content/uploads/2026/02/2026-trend-of-trillion-dollar-stocks-02-2026-1024x572.png"/></p>
<p>电气化走过了一条类似但更漫长的道路。公用事业在财务利益到达底线之前就已经用铜覆盖了整个国家。托马斯·爱迪生的愿景是正确的；但他的投资时机往往不佳。基础设施革命更奖励耐心而非先锋。</p>
<p>1990 年代末的电信行业提供了另一个警示的例子。光纤的铺设仿佛带宽短缺永无止境，但需求最终到来，推动了今天的数字经济。为光纤建设提供资金的投资者遭受了惩罚，因为短期现金流消失，未来的利益却来得太晚。</p>
<p>今天的超大规模公司在某种程度上描绘出了一些相似之处，但在更大和更有利可图的舞台上，预计投资回报更快。另一个不同之处在于，各国政府正在支持本国的冠军，以实现全球主导地位和杠杆。与人工智能相关的前五大科技巨头的资本支出预计在今年将达到 6500 亿美元，并可能超过 7000 亿美元，是 2024 年的三倍。企业客户的需求是真实且不断增长的，需要在未来几年进行巨额投资。超大规模公司并不等待订单的到来，因为积压订单已经超额认购，并可能在可预见的未来保持如此。学习系统、推理引擎和企业采用仍处于早期阶段。不建设将意味着放弃未来。</p>
<p>然而，市场的前瞻性仅限于一定程度。管理者应该在不考虑可变风险的情况下，提前多少年对公司的未来收益进行估值？投资者越来越不安，因为 50% 甚至在某些情况下超过 200% 的自由现金流被投入到人工智能基础设施中。亚马逊几乎将其所有现金流用于人工智能的资本投资；Meta 将增加远超其现金的债务来融资。将现金流融资从 10% 提升到平均 75%，以换取可能在 5 年后实现的投资回报，通常会导致较低的倍数。悖论在于，曾经因轻资产和现金丰富而受到青睐的公司正变得资本密集且现金紧张。债务填补了这一空白。风险随之而来。</p>
<p>这就是为什么 MAG 领导者之间的估值倍数正在压缩，以及苹果最近表现优于其他公司的原因，因为他们尚未动用现金进行基础设施建设，保持了强劲的现金积累。到 2025 年底，苹果的自由现金流将达到 990 亿美元，并预计将继续增长到 1380 亿到 1930 亿美元，除非他们进行一些大规模收购和人工智能建设。大额支出超大规模公司的估值倍数（市盈率）已经下降，并不是因为利润恶化，而是因为时间表延长。市场在问与铁路大亨、公用事业巨头和光纤之王相同的问题：_谁获得回报，何时获得？_历史表明，建设者往往被受益者超越。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://execspec.net/wp-content/uploads/2026/02/AI-Cap-Ex-spending-02-2026.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://execspec.net/wp-content/uploads/2026/02/AI-Cap-Ex-spending-02-2026.png"/></p>
<p>估值倍数压缩是基础设施的代价：七巨头的前瞻市盈率在 2024-2025 年大部分时间内保持在 28-35 倍的收益水平。目前的倍数为 22-26 倍，压缩幅度为 15-20%。这一收缩与资本支出公告的轨迹不谋而合。</p>
<p><img src="https://imageproxy.pbkrs.com/https://execspec.net/wp-content/uploads/2026/02/Forward-PE-of-hyperscsalers-02-08-26.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://execspec.net/wp-content/uploads/2026/02/Forward-PE-of-hyperscsalers-02-08-26.png"/></p>
<p>与此同时，整体经济继续让悲观者感到困惑。尽管劳动力增长有限，GDP 仍以强劲的 3% 到 4% 的速度增长。生产力在自动化和人工智能辅助流程的悄然推动下，正在弥补人口结构的不足。如果劳动参与率或技能培训回升，增长可能会进一步加速。在这样的环境下，股指可能会超出共识预期，推动标普 500 指数超越预计在 2026 年达到的 7,000 点中位数。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://execspec.net/wp-content/uploads/2026/02/Nowcast-GDP-02-2026-1024x753.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://execspec.net/wp-content/uploads/2026/02/Nowcast-GDP-02-2026-1024x753.png"/></p>
<p>但领导力至关重要。七大巨头将会升值，但不太可能像 2022 年中至 2025 年底那样主导市场。他们的长期前景依然强劲，但历史教会我们，基础设施建设者在现金流追赶雄心壮志的过程中，往往会经历估值的低迷周期。周期的下一个阶段更有利于那些短期回报更高、资产负债表更清晰、能够将增长转化为可支配现金而非延迟希望的商业模式的公司。波音、HCA 和联合健康、Globus Medical、美敦力、辉瑞、Transdigm、洛克希德、投资银行、卡特彼勒以及旅游/休闲等公司都是一些现金流强劲且对快速扩张基础设施支出需求较小的例子。</p>
<p>今晚，新英格兰爱国者队追求他们的第七个冠军，他们的阵容体现了市场正在浮现的教训。他们有明星球员，但他们的卓越源于深厚的阵容：多个位置的能力。他们不是支出最高的球队，但他们有效利用了资本。</p>
<p>七大巨头曾舒适地位于前四分之一，收益率为 4-6%，但随着资本支出的激增，收益率已降至 1.5-2.5%。与此同时，中型工业公司的收益率为 5-7%，地区银行为 6-8%，消费品公司为 4-6%。投资者正在重新发现一个基本原则：当前现金流的交易溢价高于承诺的未来现金流，尤其是当这些承诺需要 7000 亿美元的基础设施才能实现时。市场，就像足球王朝，最终要求证据证明投资带来了回报，而不仅仅是承诺。当前数据表明，基础设施的进展比企业采用提前 18-24 个月。</p>
<p>经济受益于基础设施支出。问题是哪些投资者受益，以及何时受益。当爱国者队今晚走上赛场时，他们知道冠军是通过完整的阵容赢得的，而不仅仅是通过明星球员。市场正在重新学习同样的教训。七大巨头在未来几年将继续辉煌增长。但在接下来的 12-24 个月里，投资者明智地记住，足球和投资最终都是团队运动。替补席正在迎来它的时刻。是时候了。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>股票和债券庆祝经济疲软</p>
<p>中国的通缩困境——会传到美国吗？</p>
<p>劳动力市场降温？</p>

MIDE

MCOW

标普 400 中盘股 ETF - SPDR

<p>股市的关注点正从被称为 “七大巨头” 的科技巨头转向小型和中型公司，这些公司今年的涨幅达到了 6-9%。由于在人工智能基础设施上的大量投资，科技巨头面临估值压缩，其整体指数年初至今已下跌超过 3.2%。尽管整体市场显示出韧性，估值创下历史新高，但随着公司在未来技术上的大量投资，现金流的可持续性引发了越来越多的担忧。科技领头企业的估值倍数已压缩 15-20%，反映出投资者对长期回报的谨慎态度</p>

<h3><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA" alt="" original-src="https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg?auto=compress&amp;cs=tinysrgb&amp;h=750&amp;w=1260"/></h3>
<div class="lb-trans"><h3><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcxZjcz10aW55c3JnYhZoPTc1MBZ3PTEyNjA" alt="" original-src="https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg?auto=compress%16cs=tinysrgb%16h=750%16w=1260"/></h3>
</div><p><em>Image Source: Pexels</em></p>
<div class="lb-trans"><p><em>图片来源：Pexels</em></p>
</div><h3><strong>The Magnificent Seven’s Stumble</strong></h3>
<div class="lb-trans"><h3><strong>七巨头的失误</strong></h3>
</div><p>On the day the New England Patriots pursue their seventh Lombardi Trophy, the stock market, like professional football, periodically rediscovers that no contest is won by stars alone. For much of 2023 through late 2025, American equities behaved as though this axiom had been repealed. The “Super Bowl Index” of stocks—those seven tech giants whose market capitalizations rival nations’ GDPs—dragged both indices and economic metrics higher relentlessly like a generational quarterback. The rest of the unfashionable market trailed behind on the sideline.</p>
<div class="lb-trans"><p>在新英格兰爱国者队追求他们第七个隆巴迪奖杯的那一天，股市就像职业足球一样，时不时地重新发现，没有明星单靠个人能力赢得比赛。2023 年到 2025 年末的很长一段时间里，美国股票的表现仿佛这一原则被废除了。那些市值与国家 GDP 相当的七大科技巨头——“超级碗指数”——像一位世代传承的四分卫一样，不断将两个指数和经济指标推高。其余不受欢迎的市场则在场边落后。</p>
</div><p>That era has faded. The Magnificent Seven—magnificent in scale, profit margins, and growth—have opened this year with a stumble. After subpar performance in the previous quarter, their collective index is down more than 3.2 percent year-to-date. Meanwhile, the bench players—small and mid-cap companies, have surged ahead, advancing 6 to 9 percent already this year.</p>
<div class="lb-trans"><p>那个时代已经过去。七巨头——在规模、利润率和增长方面都非常出色——在今年开局时却出现了失误。在上一季度表现不佳后，他们的综合指数年初至今下跌超过 3.2%。与此同时，替补球员——小型和中型公司，已经在今年大幅上涨，涨幅达到 6% 到 9%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://execspec.net/wp-content/uploads/2026/02/Mid-cap-vs-MAGS-02-08-26-1024x582.png" alt="" original-src="https://execspec.net/wp-content/uploads/2026/02/Mid-cap-vs-MAGS-02-08-26-1024x582.png"/></p>
<p>Value stocks, industrials, travel, restaurants, leisure, and entertainment have taken the baton, while the trillion dollar companies that soared in recent years have lost respect with the investor class. The market is not rejecting growth. It is redistributing leadership. It’s rewarding rising cash flow and punishing those spending this cash on future returns subject to unknown market forces years down the road. The marquee quarterbacks are getting sacked, yet the broader market is revealing its resilience by carrying the ball downfield with overall valuations hitting record highs.</p>
<div class="lb-trans"><p>价值股、工业、旅游、餐饮、休闲和娱乐接过了接力棒，而近年来飞速发展的万亿公司在投资者中失去了尊重。市场并没有拒绝增长，而是在重新分配领导权。它在奖励不断增长的现金流，同时惩罚那些将现金用于未来回报的公司，这些回报受到未来市场力量的不确定性影响。明星四分卫们正在被压制，但更广泛的市场通过将整体估值推向历史新高，展现了其韧性。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://execspec.net/wp-content/uploads/2026/02/2026-trend-of-trillion-dollar-stocks-02-2026-1024x572.png" alt="" original-src="https://execspec.net/wp-content/uploads/2026/02/2026-trend-of-trillion-dollar-stocks-02-2026-1024x572.png"/></p>
<p>Electrification followed a similar, albeit elongated, path. Utilities covered the country with copper long before financial benefits hit the bottom line. Thomas Edison’s vision was correct; his timing for investors often was not. The infrastructure revolutions reward patience more than pioneers.</p>
<div class="lb-trans"><p>电气化走过了一条类似但更漫长的道路。公用事业在财务利益到达底线之前就已经用铜覆盖了整个国家。托马斯·爱迪生的愿景是正确的；但他的投资时机往往不佳。基础设施革命更奖励耐心而非先锋。</p>
</div><p>Telecommunications in the late 1990s offers another cautionary example. Fiber was laid as if bandwidth scarcity would never end, but demand eventually arrived enabling the digital economy of today. Investors who financed the fiber build-out were penalized as near-term cash flow vanished in favor of future benefits that arrived too late for many.</p>
<div class="lb-trans"><p>1990 年代末的电信行业提供了另一个警示的例子。光纤的铺设仿佛带宽短缺永无止境，但需求最终到来，推动了今天的数字经济。为光纤建设提供资金的投资者遭受了惩罚，因为短期现金流消失，未来的利益却来得太晚。</p>
</div><p>Today’s hyperscalers are tracing out “some” similarities, however on a grander and more profitable stage with a faster return on investment expected. Another dissimilarity is that Governments are backing their domestic champions to achieve global dominance and leverage. Capital expenditures from the top 5 tech giants tied to artificial intelligence—data centers, advanced chips, power infrastructure—are expected to reach $650 billion this year and may climb north of $700 billion. Triple the spending from 2024. The enterprise customer demand is real and growing, requiring enormous investment for years to come. Hyperscalers are not waiting for orders to arrive as the backlog is oversubscribed and likely to remain so for the foreseable future. Learning systems, inference engines, and enterprise adoption are still in the early innings. To fail to build would be to cede the future.</p>
<div class="lb-trans"><p>今天的超大规模公司在某种程度上描绘出了一些相似之处，但在更大和更有利可图的舞台上，预计投资回报更快。另一个不同之处在于，各国政府正在支持本国的冠军，以实现全球主导地位和杠杆。与人工智能相关的前五大科技巨头的资本支出预计在今年将达到 6500 亿美元，并可能超过 7000 亿美元，是 2024 年的三倍。企业客户的需求是真实且不断增长的，需要在未来几年进行巨额投资。超大规模公司并不等待订单的到来，因为积压订单已经超额认购，并可能在可预见的未来保持如此。学习系统、推理引擎和企业采用仍处于早期阶段。不建设将意味着放弃未来。</p>
</div><p>Yet markets are forward-looking only up to a point. How many years ahead in forward earnings should managers value a company without discounting for variable risk? Investors have grown increasingly uneasy that between 50 percent and, in some cases, more than 200 percent of free cash flow is being plowed back into AI infrastructure. Amazon will spend nearly all of its cash flow on capital investments for AI; Meta will add debt far beyond its cash to finance the same. Moving from 10% cash flow financing to an average of 75% for a ROI that could be 5 years away warrants a lesser multiple in general. The paradox is that companies once prized for being asset-light and cash-rich are becoming capital-heavy and cash-constrained. Debt fills the gap. Risk follows.</p>
<div class="lb-trans"><p>然而，市场的前瞻性仅限于一定程度。管理者应该在不考虑可变风险的情况下，提前多少年对公司的未来收益进行估值？投资者越来越不安，因为 50% 甚至在某些情况下超过 200% 的自由现金流被投入到人工智能基础设施中。亚马逊几乎将其所有现金流用于人工智能的资本投资；Meta 将增加远超其现金的债务来融资。将现金流融资从 10% 提升到平均 75%，以换取可能在 5 年后实现的投资回报，通常会导致较低的倍数。悖论在于，曾经因轻资产和现金丰富而受到青睐的公司正变得资本密集且现金紧张。债务填补了这一空白。风险随之而来。</p>
</div><p>This is why valuation multiples are compressing among the MAG leaders and a reason why Apple has been outperforming of late as they have yet to tap their cash for an infrastructure buildout, maintaining strong cash build. Apple’s free cash flow hit $99 billion by the end of 2025 and is projected to continue growing to between $138 to $193 billion unless they make some massive acquisitions and AI build outs. Valuation multiples (P/E) among the big spender hyperscalers have receded, not because profits are deteriorating, but because timelines are extending. Markets are asking the same question they asked rail barons, utility magnates, and fiber kings: <em>Who earns the returns, and when?</em> History suggests the builders are often overtaken by the beneficiaries.</p>
<div class="lb-trans"><p>这就是为什么 MAG 领导者之间的估值倍数正在压缩，以及苹果最近表现优于其他公司的原因，因为他们尚未动用现金进行基础设施建设，保持了强劲的现金积累。到 2025 年底，苹果的自由现金流将达到 990 亿美元，并预计将继续增长到 1380 亿到 1930 亿美元，除非他们进行一些大规模收购和人工智能建设。大额支出超大规模公司的估值倍数（市盈率）已经下降，并不是因为利润恶化，而是因为时间表延长。市场在问与铁路大亨、公用事业巨头和光纤之王相同的问题：_谁获得回报，何时获得？_历史表明，建设者往往被受益者超越。</p>
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<p>Valuation multiple compression is the price of infrastructure: Forward P/E ratios for the Magnificent Seven tracked at 28-35x earnings through most of 2024-2025. Current multiples: 22-26x, a compression of 15-20%. Not coincidentally, this contraction mirrors the trajectory of capital expenditure announcements.</p>
<div class="lb-trans"><p>估值倍数压缩是基础设施的代价：七巨头的前瞻市盈率在 2024-2025 年大部分时间内保持在 28-35 倍的收益水平。目前的倍数为 22-26 倍，压缩幅度为 15-20%。这一收缩与资本支出公告的轨迹不谋而合。</p>
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<p>Meanwhile, the broader economy continues to confound pessimists. GDP is growing at a robust 3 to 4 percent despite minimal labor force growth. Productivity—quietly boosted by automation and AI-assisted processes—is doing what demographics cannot. Should worker participation or skills training rebound, growth could accelerate further. In such an environment, equity indices could exceed consensus projections, pushing the S&amp;P 500 beyond the mid-7,000s expected for 2026.</p>
<div class="lb-trans"><p>与此同时，整体经济继续让悲观者感到困惑。尽管劳动力增长有限，GDP 仍以强劲的 3% 到 4% 的速度增长。生产力在自动化和人工智能辅助流程的悄然推动下，正在弥补人口结构的不足。如果劳动参与率或技能培训回升，增长可能会进一步加速。在这样的环境下，股指可能会超出共识预期，推动标普 500 指数超越预计在 2026 年达到的 7,000 点中位数。</p>
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<p>But leadership matters. The Magnificent Seven will appreciate but are unlikely to dominate as they did from mid-2022 through late-2025. Their long-term outlook remains formidable, but history teaches that infrastructure builders endure a purgatory of lowered multiples while cash flow catches up to ambition. The next phase of the cycle favors companies with nearer-term returns, cleaner balance sheets, and business models that convert growth into spendable cash rather than deferred hope. Boeing, HCA &amp; United Healthcare, Globus Medical, Medtronic, Pfizer, Transdigm, Lockheed, investment banks,Caterpillar and travel/leisure are some examples that have strong cash flow with minimal need to rapidly expand infrastructure spend.</p>
<div class="lb-trans"><p>但领导力至关重要。七大巨头将会升值，但不太可能像 2022 年中至 2025 年底那样主导市场。他们的长期前景依然强劲，但历史教会我们，基础设施建设者在现金流追赶雄心壮志的过程中，往往会经历估值的低迷周期。周期的下一个阶段更有利于那些短期回报更高、资产负债表更清晰、能够将增长转化为可支配现金而非延迟希望的商业模式的公司。波音、HCA 和联合健康、Globus Medical、美敦力、辉瑞、Transdigm、洛克希德、投资银行、卡特彼勒以及旅游/休闲等公司都是一些现金流强劲且对快速扩张基础设施支出需求较小的例子。</p>
</div><p>Tonight the New England Patriots pursue their seventh championship with a roster that exemplifies the market’s emerging lesson. They have stars, but their excellence derives from depth: competencyat many positions. They are not the highest-spending team, but they utilize their capital efficiently.</p>
<div class="lb-trans"><p>今晚，新英格兰爱国者队追求他们的第七个冠军，他们的阵容体现了市场正在浮现的教训。他们有明星球员，但他们的卓越源于深厚的阵容：多个位置的能力。他们不是支出最高的球队，但他们有效利用了资本。</p>
</div><p>The Magnificent Seven, once comfortably in the top quartile with 4-6% yields, have fallen to 1.5-2.5% as capital expenditures surge. Meanwhile, mid-cap industrials yield 5-7%, regional banks 6-8%, and consumer discretionary companies 4-6%. Investors are rediscovering a basic principle: current cash flow trades at a premium to promised future cash flow, especially when the promises require $700 billion in infrastructure to materialize. Markets, like football dynasties, eventually demand evidence that investment is yielding returns, not merely promises that it will. Current data suggests infrastructure is running 18-24 months ahead of enterprise adoption.</p>
<div class="lb-trans"><p>七大巨头曾舒适地位于前四分之一，收益率为 4-6%，但随着资本支出的激增，收益率已降至 1.5-2.5%。与此同时，中型工业公司的收益率为 5-7%，地区银行为 6-8%，消费品公司为 4-6%。投资者正在重新发现一个基本原则：当前现金流的交易溢价高于承诺的未来现金流，尤其是当这些承诺需要 7000 亿美元的基础设施才能实现时。市场，就像足球王朝，最终要求证据证明投资带来了回报，而不仅仅是承诺。当前数据表明，基础设施的进展比企业采用提前 18-24 个月。</p>
</div><p>The economy benefits from infrastructure spending. The question is which investors benefit, and when. As the Patriots take the field tonight, they do so knowing that championships are won with complete rosters, not merely franchise stars. Markets are relearning the same lesson. The Magnificent Seven will remain magnificent with incredible growth for years to come. But for the next 12-24 months, investors would be wise to remember that football, like investing, is ultimately a team sport. The bench is having its moment. And about time.</p>
<div class="lb-trans"><p>经济受益于基础设施支出。问题是哪些投资者受益，以及何时受益。当爱国者队今晚走上赛场时，他们知道冠军是通过完整的阵容赢得的，而不仅仅是通过明星球员。市场正在重新学习同样的教训。七大巨头在未来几年将继续辉煌增长。但在接下来的 12-24 个月里，投资者明智地记住，足球和投资最终都是团队运动。替补席正在迎来它的时刻。是时候了。</p>
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</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>Stocks And Bonds Celebrate Weaker Economy</p>
<div class="lb-trans"><p>股票和债券庆祝经济疲软</p>
</div><p>China’s Deflation Dilemma – Coming To The US?</p>
<div class="lb-trans"><p>中国的通缩困境——会传到美国吗？</p>
</div><p>Labor Market Cooling?</p>
<div class="lb-trans"><p>劳动力市场降温？</p>
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从超级明星到替补席：市场重新认识团队运动