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Razor's Edge

机译:剃刀刀刃

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摘要

Green shoots of recovery are starting to sprout in Europe, but investors remain a wary bunch. We sat down in London late last month with some of Europe's leading pension fund managers, winners of our 2015 European Investor Awards, and the mood was anything but euphoric. Interest rates are at razor-thin levels, if not negative, and the consensus was that they are likely to remain so for some time thanks to the European Central Bank's quantitative easing program. Equities have rallied strongly, raising bubble concerns. Hedge funds are costly and haven't delivered; intrastructure and private credit are promising alternatives but not exactly scalable. And economic growth remains weak and fragile.
机译:复苏的绿芽在欧洲开始萌芽,但投资者仍然持谨慎态度。上个月底,我们与一些欧洲领先的养老基金经理在伦敦坐下来,获得了2015年欧洲投资者大奖的得奖者,但这种情绪简直令人欣喜若狂。利率处于极低的水平,即使不是负数,人们也普遍认为,由于欧洲央行的量化宽松计划,利率可能会维持一段时间。股市大幅上涨,引发了人们对泡沫的担忧。对冲基金成本高昂,尚未交付;内部结构和私人信贷是有前途的选择,但并非完全可扩展。而且,经济增长仍然脆弱而脆弱。

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