Store tab på aktiemarkedet er i virkeligheden langt alvorligere, end de nøgne tal viser. Mange investorer led et tab på omkring 35 pct. i marts. Men for at udligne tabet skal der ikke bare være en 35 procents stigning, men yderligere 14 procent, viser en simpel beregning fra Goldman Sachs. Derfor er det dyrt at hente et stort tab hjem. Er tabet på 50 pct., skal der være en ekstra stigning på hele 33 pct. for at udligne tabet.
Chart of the Week: Protecting on the Downside
Given the multiplicity of factors elevating uncertainty in today’s environment, we are reminded that in order to fully recover a -35% loss, a portfolio must subsequently return +35% and then an additional +14%.
The hurdle for recovery from large losses is high. While risk assets may still be attractive, portfolios assembled in a risk-aware manner may help to reduce volatility and narrow the recovery gap.
Source: GSAM. As of July 31, 2020.
