<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>圖片來源：Pixabay</em></p>
<p>以下是我本週遇到的一些最有趣的事情。</p>
<p><strong>鏈接</strong></p>
<p>Eric Cinnamond 寫道：“近年來，實際收益與調整後收益之間的差距越來越大。事實上，如果沒有這些調整，羅素 2000 指數中的公司整體上將不會盈利。值得問的是：如果投資策略師的決策是基於實際收益，他們還會推薦轉向小盤股嗎？”</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>鏈接</strong></p>
<p>至於更大的股市，Research Affiliates 指出：“支撐美國企業利潤和股權估值的基礎已經削弱，使市場變得越來越脆弱。”</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>鏈接</strong></p>
<p>還有其他原因使得對市場上最大股票採取謹慎態度。Ed Yardeni 告訴彭博社，第一次出現了 “它們之間的競爭變得更加激烈，並且有更多的競爭者突然出現。”</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>鏈接</strong></p>
<p>這還增加了對人工智能泡沫的擔憂。“如果你認為在普遍擔憂泡沫的情況下，股市泡沫無法形成，那你就是在自欺欺人。以房地產泡沫為例：谷歌搜索興趣在 2006 年達到了頂峯，恰好與房價的最高危機前水平相吻合，” Mark Hulbert 寫道。</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>鏈接</strong></p>
<p>最後，雖然有些人可能稱黃金為泡沫，但其他人則認為這更為理性。Edward Chancellor 寫道：“乍一看，過去三年的黃金圖表看起來像是經典的投資泡沫……[但] 得出上漲的黃金價格反映了一系列財政、金融和地緣政治不確定性的結論並不不合理。”</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>更多來自此作者的文章：</em></p>
<p>搜索活動預測 ‘人工智能股票’ 即將下跌？</p>
<p>投資者是否在做不可能的夢？</p>
<p>金融泡沫的弗蘭肯斯坦</p>

<p>市場因實際收益與調整後收益之間的差距擴大而變得脆弱，尤其是在羅素 2000 指數中。Research Affiliates 指出，美國企業利潤的基礎已 weakened。主要股票之間的競爭加劇，以及對人工智能和黃金泡沫的擔憂，進一步增加了市場的謹慎情緒</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>圖片來源：Pixabay</em></p>
</div><p>Below are some of the most interesting things I came across this week.</p>
<div class="lb-trans"><p>以下是我本週遇到的一些最有趣的事情。</p>
</div><p><strong>LINK</strong></p>
<div class="lb-trans"><p><strong>鏈接</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 寫道：“近年來，實際收益與調整後收益之間的差距越來越大。事實上，如果沒有這些調整，羅素 2000 指數中的公司整體上將不會盈利。值得問的是：如果投資策略師的決策是基於實際收益，他們還會推薦轉向小盤股嗎？”</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>鏈接</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>至於更大的股市，Research Affiliates 指出：“支撐美國企業利潤和股權估值的基礎已經削弱，使市場變得越來越脆弱。”</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>鏈接</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>還有其他原因使得對市場上最大股票採取謹慎態度。Ed Yardeni 告訴彭博社，第一次出現了 “它們之間的競爭變得更加激烈，並且有更多的競爭者突然出現。”</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>鏈接</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>這還增加了對人工智能泡沫的擔憂。“如果你認為在普遍擔憂泡沫的情況下，股市泡沫無法形成，那你就是在自欺欺人。以房地產泡沫為例：谷歌搜索興趣在 2006 年達到了頂峯，恰好與房價的最高危機前水平相吻合，” Mark Hulbert 寫道。</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>鏈接</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>最後，雖然有些人可能稱黃金為泡沫，但其他人則認為這更為理性。Edward Chancellor 寫道：“乍一看，過去三年的黃金圖表看起來像是經典的投資泡沫……[但] 得出上漲的黃金價格反映了一系列財政、金融和地緣政治不確定性的結論並不不合理。”</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>更多來自此作者的文章：</em></p>
</div><p>Is Search Activity Forecasting An Imminent Fall For ‘AI Stocks’?</p>
<div class="lb-trans"><p>搜索活動預測 ‘人工智能股票’ 即將下跌？</p>
</div><p>Are Investors Dreaming The Impossible Dream?</p>
<div class="lb-trans"><p>投資者是否在做不可能的夢？</p>
</div><p>A Frankenstein Of Financial Bubbles</p>
<div class="lb-trans"><p>金融泡沫的弗蘭肯斯坦</p>
</div>

疲軟的盈利基礎使市場愈發脆弱