How to shield your portfolio if AI goes ka-boom - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
资产配置

How to shield your portfolio if AI goes ka-boom

If you still wanted to own stocks, it used to be impossible to avoid the fallout. Not any more
00:00

{"text":[[{"start":5.98,"text":"You may have a different view of the world from me — and the chances are that you do. I don’t have a television and spend most of my hours either in the woods or out at sea. The other day I saw a photo of the new Fed chair. I thought it was Novak Djokovic."}],[{"start":19.66,"text":"What matters when investing, however, is not your outlook. You’ve got as much chance of being right as anyone. It’s whether your portfolio is consistent with it. Do your positions align with your view?"}],[{"start":32.1,"text":"Readers may remember me writing about this in relation to my allocation to US equities over the years — in particular when I had none. I worried at the time that no matter how much I preferred UK or Japanese stocks, owning only them did not make sense."}],[{"start":46.24,"text":"Because if I thought the S&P 500 was overvalued and was eventually proved correct, my other equity funds would come crashing down with it — such is the US’s heft. Being 100 per cent in shares and zero in the US was internally inconsistent."}],[{"start":60.18,"text":"Hence, when the prolonged bull market gave me the heebie-jeebies last year, I sold every stock I owned. It’s also why, when I decided to dive back in, I made a small purchase of US equities. So long as I owned some, I could justify my other holdings."}],[{"start":75.3,"text":"I remain OK with the logic. The trouble is, I still posit that artificial intelligence companies are too expensive. The related debt binge also looks familiar to many of us who have invested in booms and busts before. Ray Dalio, the billionaire founder of Bridgewater Associates, said this week that AI is a “classic bubble” and that we’re “approaching” the point where these tend to pop."}],[{"start":96.34,"text":"What if you agree with him? Do you have to torch the rest of your equity holdings for your portfolio to be internally consistent? Luckily, not any more, it seems. Indeed, I probably didn’t even need to."}],[{"start":107.46,"text":"It was different when we were emerging from the pandemic and AI was becoming a thing. Back then, even the stocks least connected to AI — your supermarkets, utilities and energy companies — had a rolling correlation with a global AI index of 0.5, according to Bloomberg data. That is, they more or less moved together."}],[{"start":125.1,"text":"Since that 2022-23 period, the correlation has drifted south and is now minus 0.4. In other words, when the Googles and Nvidias have dropped recently, the likes of Duke Energy and Coca-Cola have risen."}],[{"start":138.02,"text":"Naturally, the top quintile of names as measured by their links to AI still has a strong 0.8 positive correlation with Bloomberg’s AI index (BAIAT if you want to look it up). But the gap between them and the least-linked quintile is the widest it’s ever been."}],[{"start":154.66,"text":"What does this mean in real money? If we take the worst 10 per cent of days in terms of returns, the AI index fell about 2 per cent on average. Had you owned the fifth of stocks with weakest links to AI, however, you would have been flat over those days."}],[{"start":168.3,"text":"Thus, it is now possible for an investor who thinks AI is nothing more than dotcom for lawyers, accountants and children cheating on their homework to own a basket of companies that may offer them some protection if the bubble bursts."}],[{"start":181.26,"text":"Let’s be realistic, though. The down days in the calculation above are nothing like a proper walk-out-the-office-with-your-possessions-in-a-box mega bust. I was there during the 2008 and 2020 meltdowns, and I can tell you every stock was burnt."}],[{"start":194.38,"text":"Moreover, Dalio and others believe the pin that will make the market go pop is higher borrowing costs. Even if there is no crash for a while, this will also hurt defensive sectors such as utilities, whose valuations tend to move conversely to interest rates."}],[{"start":208.62,"text":"Are there other ways to shield your portfolio from an AI-mageddon? Being globally diversified helps a bit. On those worst days for AI stocks again, the MSCI All Country World Index fell about 1 per cent on average — roughly half the drop."}],[{"start":221.3,"text":"Every global benchmark includes the US, which has almost a 0.9 correlation with the AI index. The UK, on the other hand, is much less influenced, mainly because the few companies it has left are banks or oil producers. Bad AI days since 2022 have resulted in only a 0.3 per cent drop in the MSCI UK index (Bloomberg data once more)."}],[{"start":244.26,"text":"Safer still is China, only falling 0.1 per cent. Malaysia, India, Australia and Europe ex-UK provide good insulation too. It reminds me a bit of a bank that I once worked for that escaped the subprime wipeout not because it was smart, but because it was so late to the party."}],[{"start":261.22,"text":"Japan doesn’t come out brilliantly on this analysis due to making too many semiconductors. Likewise, my overweight position in South Korea. As for Taiwan, watch out below!"}],[{"start":271.62,"text":"If you still want exposure to the US, but don’t want a portfolio choking on food companies, another approach is to buy an equal-weighted S&P 500 fund. Or simply rebalance your AI holdings often and ruthlessly."}],[{"start":284.22,"text":"Another approach would be to counterweight AI with gold, cash or short-dated bonds of some description. For investors convinced that superintelligence is about to meet its kryptonite, why not make lots of money while the rest of us scream by buying put options on the Nasdaq, say, or on individual stocks? There are plenty of short or inverse ETFs available too, but I’ve written about the danger of these before."}],[{"start":305.98,"text":"Personally, I’ve kept it simple. A huge US underweight, a massive UK position, some bonds and loads of yen that historically soars when it’s goodbye kitty."}],[{"start":316.18,"text":"The author is a former portfolio manager. Email: stuart.kirk@ft.com"}],[{"start":null,"text":"Vanguard FTSE 100 ETF (GBP)"}],[{"start":null,"text":"iShares MSCI EM Asia ETF (USD)"}],[{"start":null,"text":"Vanguard FTSE Japan ETF (USD)"}],[{"start":null,"text":"Vanguard S&P 500 ETF (USD)"}],[{"start":null,"text":"BlackRock Latin American Ords"}],[{"start":null,"text":"4.5% Treasury Gilt 2034"}],[{"start":325.7,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1791598503_2532.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

朝俄关系升温引发担忧之际,金正恩重申中朝关系

分析人士称,北京担心平壤与莫斯科的关系日益密切。

以色列央行反对本雅明•内塔尼亚胡利用加密货币规避制裁的计划

批评人士称,首相的提议会使以色列遭到经济孤立。

法国数十万人在大规模示威第二个周末走上街头

上周末骚乱后,政府部署7万名警察上街,以加强治安。

花旗终于获批在华开展证券业务

绿灯亮起之际,唐纳德•特朗普与习近平预计将于下月会晤。

特朗普阵营的半程成绩单

将美国变现,富豪们乐见其成,民众却不买账。

舞弊担忧加剧,塞尔维亚武契奇面临艰难选举

本期通讯还将探讨:如何捍卫欧洲在量子技术领域的地位。
设置字号×
最小
较小
默认
较大
最大
分享×