- I-Magnificent 7 igxila engxenyeni yomlando yenani kanye nenzuzo yezinkomba ezifana ne-S&P 500 kanye ne-MSCI World.
- Ukugxila akuyona into entsha, kodwa kungandisa ubuthakathaka bemakethe kanye nomthelela wezinguquko ezilandiswayo.
- Ukulinganisa ngokulinganayo, izimakethe ezisafufusa, kanye nezindlela ezihlelekile kuyizindlela zokunciphisa ukuthembela ngaphandle kokukhipha ngokuphelele lezi ziqhwaga.
- Ukuphatha ingozi yokugxilisa ingqondo kudinga ukuzithiba, ukuhlukahluka kwangempela, kanye nokuvumelana nefilosofi yakho yokutshalwa kwezimali.
Eminyakeni yamuva nje, ukusebenza kwemakethe yamasheya yomhlaba wonke kuthonywe kakhulu yizinkampani ezinkulu zobuchwepheshe ezaziwa ngokuthi "i-Magnificent Seven" : i-Alphabet, i-Amazon, i-Apple, i-Meta Platforms, i-Microsoft, i-Nvidia, ne-Tesla. Isisindo sabo kuma-indices njenge-S&P 500 noma i-MSCI World sibaluleke kakhulu kangangokuthi, kubatshalizimali abaningi, ukuba nemakethe cishe kufana nokuba nezinkampani eziyisikhombisa kuphela.
Lesi simo siphakamise ukukhathazeka okukhulu ngengozi yokugcwala emakethe . Abanye ochwepheshe bakubona njengebhamuza elidala elingaqhuma nganoma yisiphi isikhathi; abanye bathi akukho lutho olungavamile ngakho uma kuqhathaniswa nezinye izinkathi zomlando nokuthi ukusabela ngokwesaba kungaba yiphutha elibizayo. Ebanjwe phakathi kwale mibono emibili, umtshali-zimali omncane uyazibuza ukuthi alandele umhlambi, ahlukanise ngokushesha, noma ashiye konke kuphela.
Ubukhulu bokubusa kweSikhombisa Esimangalisayo
Ukuze uthole umbono wobukhulu balesi simo, kwanele ukukhumbula ukuthi i-Apple yavala u-2023 ngentengo yemakethe ecishe ibe yi-$3 trillion , inani eliphakeme kune-GDP yonke yase-Italy, ecishe ibe yi-$2,6 trillion. Lolu hlobo lokuqhathanisa luvame ukuvela ezigabeni zemakethe ezishisa kakhulu futhi lukhumbuza iziqephu ezifana nebhamuza lezindlu laseJapan ngawo-80, lapho kuthiwa iSigodlo Sobukhosi eTokyo sasibiza kakhulu njengoba sonke isifundazwe saseCalifornia kanye namafulethi enhloko-dolobha yaseJapan ayethengiswa ngamanani asezingeni eliphezulu, aphakeme kakhulu kunaseManhattan.
Namuhla, ukugqama akukhona ezitini nasezindaweni eziqinile, kodwa kumabhizinisi amakhulu obuchwepheshe axhumene nobuhlakani bokwenziwa kanye ne- ecosystem yedijithali . I-Apple, i-Microsoft, i-Alphabet, i-Amazon, i-Tesla, i-Meta, kanye ne-Nvidia bashukunyiswe yinguquko ye-AI ekhiqizayo kanye nombono wokuthi inzuzo yabo iqinile kakhulu ngisho nasezindaweni ezinenzalo ephezulu. Ngo-2023, leli qembu elincane labona inani lalo lemakethe yesitoko liphindwe kabili, kanti izinkampani eziningana zithola inzuzo engaphezu kuka-100%.
Lokhu kwanda kuholele ekungalinganini okukhulu ezindikimbeni ezinkulu ezilinganiswe ngezimali zemakethe. Ekupheleni kuka-2023, i- "Magnificent Seven" yayibalelwa cishe ku-28% we-S&P 500 , inkomba eyakhiwe yizinkampani ezingu-500. Ngamanye amazwi, izinkampani eziyisikhombisa zazimele cishe ingxenye yesithathu yenani eliphelele lesilinganiso esiphambili samasheya ase-US.
Umphumela awugcini e-United States. Emhlabeni jikelele, izinkampani ezifanayo eziyisikhombisa zobuchwepheshe zimelele cishe u-19% we-MSCI World , okuyinkomba ehlanganisa cishe izinkampani ezingu-1.500 ezimakethe ezithuthukile. Empeleni, ukugcina isikhwama sezinkomba zomhlaba wonke kufana nokuba nephothifoliyo egxile kakhulu ezikhulwini ezimbalwa zobuchwepheshe zase-US.
Indlela yokulinganisa ngempela ukuhlushwa kwemakethe
Inkinga eyisisekelo akukhona nje ukuthi kunezinkampani ezimbalwa ezinkulu kakhulu, kodwa izinga isisindo sazo esibusa ngalo lonke. Indlela evamile yokukala lokhu yi- Herfindahl-Hirschman Index , ehlanganisa izikwele zamasheya emakethe noma, kulokhu, isisindo samasheya ku-index. Uma inani liphakeme, kulapho ukuhlushwa kuba kukhulu khona.
Kusukela kulolu hlu, lokho okubizwa ngokuthi "inombolo esebenzayo" yamasheya kuvame ukubalwa , okubonisa ukuthi inkomba ibingaba namasheya amangaki ukube zonke izingxenye zayo zinesisindo esifanayo kodwa zinezinga elifanayo lamanje lokuhlushwa. Endabeni ye-MSCI World, yize ngokusemthethweni iqukethe izinkampani ezingaba ngu-1.480, inani layo elisebenzayo licishe libe ngu-131 kuphela, okuphakamisa ukuthi ukuhlukahluka kwangempela kuncane kakhulu kunalokho okubonakala.
Ngenxa yalokho, abanye abahlinzeki baqalise ama-indices anesisindo esifanayo , lapho isitoko ngasinye sinesisindo sokuqala esifanayo. Isibonelo esisodwa yi-index elandelwa yi-VanEck Sustainable World Equal Weight UCITS ETF, ehlanganisa izinkampani ezingaba ngu-251, kodwa inani lazo elisebenzayo liseduze no-241. Ngamanye amazwi, ngamasheya ambalwa aphelele, ifinyelela ukuhlukahluka okukhulu kwangempela kune-MSCI World yendabuko.
Isiphetho sicacile: akuzona zonke izinkomba ezibanzi ezihlukaniswe kahle . Inkomba yobukhulu obukhulu egxile kakhulu ingaziphatha, empeleni, njengokungathi iqukethe amasheya ayikhulu afanele, kuyilapho inkomba enesisindo esifanayo enezingxenye ezimbalwa isabalalisa ubungozi ngokulinganayo.
Kusho ukuthini ukugxila ekusebenzeni kwenkomba?
Umphumela ocacile walesi sakhiwo ukuthi ingxenye enkulu yenzuzo yemakethe ivela eqenjini elincane kakhulu lamasheya. Engxenyeni yokuqala ka-2024, i- "Magnificent Seven" yabala cishe u-60% wenzuzo ye-S&P 500 , ngemuva kokufaka isandla cishe ku-62% wokwanda kwenkomba ngonyaka odlule. Iqiniso lokuthi izinkampani eziyisikhombisa kuphela ziqhuba ukusebenza okungaphezu kwengxenye kwenkomba yezinkampani ezingu-500 lihlanekezela isithombe esidwetshwa yile nkomba yomnotho wangempela.
Uma ukuziphatha kwalezi ziqhwaga kuhlukanisiwe, umehluko uyabonakala. Isibonelo esichazayo sivela ekuqhathaniseni i-S&P 500 yendabuko nenguqulo yayo enesisindo esifanayo: umehluko wembuyiselo kwezinye izingxenye ube cishe u-15% , okwembula izinga imakethe "etholwe ngalo" yiqembu elithile lamasheya amakhulu.
Lo mphumela ubonakala nasemaphothifoliyo angempela. Iphothifoliyo elinganiselayo enezindlela ezihlakaniphile ezigcina, isibonelo, ukuchayeka okuhlobene okungu-57% ku-"Magnificent Seven" uma kuqhathaniswa ne-MSCI World Index kungase kungathinteki kangako ngokulungiswa. Esimweni lapho la masheya ayisikhombisa ehla khona ngesilinganiso esingaba ngu-14% kwikota, inkomba yomhlaba wonke ingalahlekelwa cishe ngu-2,9% ngenxa yethonya layo, kuyilapho iphothifoliyo ehlukahlukene izobhekana nomthelela olinganiselayo, cishe u-1,7%, ngenxa yokuthembela kwayo okuphansi.
Uma sibheka izikhathi ezinde, kusobala ukuthi lapho ubuholi bemakethe buncipha kakhulu, ukuthuthuka kwezinkomba kuba buthakathaka futhi kuncike kakhulu emizweni ephathelene nezindaba ezimbalwa: okwamanje, ubuhlakani bokwenziwa, ukukhula kwedijithali kanye nombono wokuthi izinkampani ezinkulu zobuchwepheshe cishe “azithinteki”.
Ingabe ingozi yokugxilisa ingqondo isentsha, noma ibilokhu ikhona?
Enye yezingxoxo ezishisa kakhulu eWall Street ukuthi izinga lamanje lokugxila lihlukile ngempela noma limane liwukuphinda lokho okwenzekile ngaphambili emlandweni. Kunezimpikiswano eziqinile kuzo zombili izinhlangothi, okwenza kube nzima kakhulu ukuthola iziphetho eziqondile.
Uma sibheka emuva, sithola iziqephu ezihlaba umxhwele. NgoMeyi 1932, ngemva kokuwa ngemva kokuwa kuka-1929, izinkampani ezingaba yisikhombisa—kufaka phakathi i-AT&T, i-Standard Oil, kanye ne-General Motors—zalawula cishe ingxenye eyodwa kwezintathu yemakethe yamasheya yase-US . Lokhu kufana kakhulu nesisindo i-"Magnificent Seven" enaso emakethe yamasheya yase-US iyonke namuhla.
Eqinisweni, ngoJuni 1, 1932, i-AT&T yodwa yayibalelwa cishe ku-12,7% wenani eliphelele lemakethe yase-US— okuyinani elikhulu kakhulu kunelesitokwe esikhulu kunazo zonke ku-S&P 500 yamanje, esihlala cishe ku-7-8%. Futhi, ngokumangalisayo, noma ngubani owatshala imali ngaleso sikhathi, ngemuva nje kwalokho kuwa okukhulu, wayeyobe ethole ezinye zezinzuzo ezinhle kakhulu zesikhathi eside ezake zaqoshwa , ngezinzuzo eziseduze noma ezidlula ku-12-16% eminyakeni emashumi alandelayo.
Izifundo zakamuva, njengalezo ezenziwe nguMark Kritzman noDavid Turkington, noma ukuhlaziywa kwezinkampani ezifana ne-Elm Wealth, ziphikisana ngokuthi amazinga amanje okuhlushwa awela ngaphakathi kwesimiso somlando . Umsebenzi wabo ukhombisa ukuthi, eminyakeni engaba ngu-90 yedatha, imakethe yase-US idlule ezigabeni zokuhlushwa okulinganayo noma okukhulu ngawo-30, 50, kanye nawo-60, ngaphandle kwalokhu okusho ukuthi ingozi izokwanda ngendlela ehlelekile.
Uma kulingisa isu elinciphisa ukuvezwa kwe-equity lapho ukugxilisa ingqondo kukhuphuka futhi kukwandisa lapho kwehla, imiphumela iyalimaza: iphothifoliyo enamandla ifinyelela isilinganiso esingamaphesenti angu -0,9 senzuzo yonyaka engaphansi kunesu lokuthenga nokugcina, ngaphezu kokubekezelela ukuguquguquka okukhulu kanye nesilinganiso se-Sharpe esibi kakhulu.
Iphutha (kanye neqiniso) lengozi yokugxilisa ingqondo
Ukugxekwa kwalaba bacwaningi ukuthi, ngokwencazelo, ukuhlushwa kuyanda lapho amasheya awinayo eqhubeka nokuzuza . Uma kwenziwa isinqumo sokuthengisa okufushane ngalezo zikhathi ngenxa yokwesaba ukuhlushwa, ingxenye enkulu yenzuzo ayitholakali, futhi "isihlangu" esicatshangelwayo singagcina sesiwumthwalo obalulekile.
Eziphethweni zabo, uKritzman noTurkington bafika ngisho nasekutheni ukutshala imali ezinkampanini ezimbalwa ezinkulu kakhulu ku-S&P 500 kuveza ingozi "efana kakhulu" nokugcina yonke ingxenye yenkomba ndawonye . Impikiswano yabo iwukuthi izinkampani ezinkulu zivame ukuhlukahluka kakhulu ngaphakathi - ngemikhiqizo, izimakethe zezwe, abahlinzeki, kanye nokufinyelela emalini - kunezinkampani eziningi eziphakathi nendawo, ngakho-ke ingozi yazo ehlukile iphansi.
Kusukela kulo mbono, ukugxila ngeke, ngokwako, kube umthombo wengozi okudingeka "kuqedwe." Bathi ingozi yangempela ukusabela ngokuzumayo ezihlokweni ezithusayo nokushintsha ukwabiwa kwempahla njalo lapho kuvela inganekwane entsha yemakethe. Namuhla "yisilo sokugxilisa ingqondo"; izolo bekuyi "amabhomu esikhathi sentela" ezimali zenkomba noma umqondo wokuthi "ngezimali zenkomba uvumelana nesilinganiso kuphela."
Kodwa-ke, ezinye izinhlangano kanye nosomaqhinga banombono oqaphile kakhulu. I -International Monetary Fund ixwayise ngokuthi ukubusa kweqembu elincane lezinkampani ezinkulu zobuchwepheshe kungashiya izimakethe zisengozini enkulu yokulungiswa okubukhali, okungahlolwa ngokuhlolwa kokucindezeleka , ngoba lezi zinkampani zigxile emkhakheni owodwa onesisindo esikhulu kakhulu kuma-indices.
Izazi zezomnotho ezifana noTorsten Sløk we-Apollo Global Management zigcizelela ukuthi i-S&P 500 “isigxile kakhulu” nokuthi labo abathenga inkomba, empeleni, benza ukubheja okunzima kakhulu enanini elincane lezinkampani ezinkulu . Ngokombono wakhe, ingozi akuyona nje kuphela eyokulinganisa, kodwa futhi nokuthi ukuhlukahluka okubonakalayo kwenkomba kungase kufihle ukungalingani kwangempela.
Ukucwasa ngokuziphatha kanye nesayensi yezengqondo yabatshalizimali lapho bebhekene ne-Magnificent Seven
Ngale kwezinombolo, ukugxila kudala imiphumela enamandla yengqondo. Ngemva kokuhlangana okukhulu okubuswa yizitoko ezimbalwa, kuvela uhlobo lokungaqondani kwengqondo : abatshalizimali bagubha izinzuzo zenkomba, kodwa abavamile ukuyeka ukucabanga ukuthi ingxenye enkulu yenzuzo yabo incike "kokuthi akukho okubi okwenzekayo" eqenjini elincane kakhulu lezinkampani.
Lapho imakethe isilulama ngemva kokulungiswa, njengoba kwenzekile muva nje, abaningi bazizwa bekhululekile futhi bathambekele ekusuleni ukwehla kwangaphambilini enkumbulweni yabo. Lo muzwa wokuthi "okubi kakhulu sekuphelile" uhumusha njengokuzethemba: kuba nzima ukubuyekeza ingozi yangempela yephothifoliyo yomuntu noma ukungabaza indaba evamile yokuthi i-AI izoxazulula konke.
Okungeziwe kulokhu ukucwasa kokuqinisekisa . Uma umtshali-zimali eqiniseka ukuthi i-Magnificent Seven iyikusasa elingenakugwenywa, uzofuna izindaba ezisekela lowo mbono—isibonelo, izibikezelo zokukhula okungu-40% noma ngaphezulu kwenzuzo ehlanganisiwe—ngenkathi enciphisa izimpawu ezimbi njengokusebenza okungekuhle kwamanye amalungu eqembu noma ukwanda kwengcindezi yokuncintisana neyemithetho.
Okokugcina, umphumela wokwalusa uholela abatshalizimali abaningi ekuphindaphindeni izikhundla ezifanayo abazibonayo kuma-indices futhi eziphethwe abaphathi bezimali abakhulu. Ngenxa yokuthi lezi yizinkampani ezihamba phambili, ezimbozwe kakhulu ngabezindaba futhi zinesisindo esikhulu kuma-benchmarks, zibhekwa njenge "ukubheja okuphephile" okuzenzakalelayo. Ukunyuka ngakunye kuqinisa lo muzwa wokuphepha, oholela ekungeneni okuningi kanye nokwanda okuqhubekayo, kuqede umjikelezo.
Inkinga ukuthi lokhu kuzithethelela kwenza imakethe ibe uhlelo olubuthakathaka ngokwesakhiwo. Lapho amasheya ambalwa echaza igebe lokusebenza lamaphuzu angaphezu kwamaphesenti ayi-14 phakathi kwenkomba enesisindo sohlamvu kanye nenguqulo yayo enesisindo esifanayo, ubuholi bemakethe buyayeka ukuba banzi futhi bube yisithiyo esisengozini enkulu yokushintsha kwezindaba.
Ukuhlolwa okudinga umzamo kanye nezinto ezingaba nomthelela oshintsheni
Kanye nempikiswano ngokugxila kukhona emayelana nokulinganisa . Isilinganiso se-P/E se-S&P 500 sikhuphuke safinyelela emazingeni acishe abe yimali engenayo ephindwe ka-30 ngokwezinye izindlela zokulinganisa, sehle saba cishe izikhathi ezingu-23 uma silungiswa ngezinto ezingabonakali. Nakuba lezi zibalo zingaqinisekiswa ngokwengxenye ngokulindelwa kokukhula, zisalokhu ziphakeme ngokomlando.
Kulesi simo, i-Magnificent 7 ihweba, iyonke, cishe ngokuphindwe izikhathi ezingu-35 zenzuzo edlule , cishe, kanti umkhakha wezobuchwepheshe obuphakathi nendawo uphakeme nakakhulu, ebangeni eliphindwe izikhathi ezingu-40-45, okuphikisa umqondo wokuthi "ukuphephela" ezinkampanini zobuchwepheshe obuphakathi nendawo kuyinto ehlakaniphile ngokuzenzakalelayo uma kubhekwa intengo.
Lokhu kuhlanganiswa kokubaluleka okuphezulu kanye nobuholi obuqinile kwenza uhlelo lube bucayi kakhulu kunoma yikuphi ukushaqeka okuphoqa ukuhlolwa kabusha kwendaba "yokukhula okungenakuvinjelwa": ushintsho lwezwi oluvela ku-Federal Reserve , ukwehla kokusetshenziswa kwe-AI ngamakhasimende amakhulu, imiphumela yekota edumazayo, noma ukuqinisa imithetho, isibonelo ezindaweni zokuncintisana noma zobumfihlo.
Ngaphezu kwalokho, abancintisana abaqotho sebeqala ukuvela emkhakheni wobuhlakani bokwenziwa. Amacala afana ne-DeepSeek eShayina , anamamodeli aboniswa njengezimbangi ze-OpenAI noma izinhlelo ze-Google ngentengo ephansi kakhulu, abonisa ukuthi izikhala zokuncintisana azisekho ezinganqobeki njengoba zazinjalo eminyakeni embalwa edlule. Lokhu kuncintisana okwandayo kuqeda indaba yokuthi izinkampani ezimbalwa ezinkulu zizolawula ikusasa le-AI ngokungangabazeki.
Kulesi simo, abanye osomaqhinga, njengo-Ed Yardeni, baye basuka ekuncomeni iminyaka eminingi baya ekukhuluphaleni ubuchwepheshe kanye nokuxhumana baya ekuthatheni izikhundla ezingathathi hlangothi kulezo mikhakha , bekhetha izindawo ezifana nezezimali, imboni, ezempilo, izibopho kanye negolide, noma ngisho namasheya aphakathi nendawo kanye nezimakethe zomhlaba wonke.
Ezinye izindlela zokunciphisa ingozi yokugxilisa ingqondo
Impendulo yabaphathi bezimali abaningi enkingeni ye-Magnificent Seven ayiyona eyokumhlophe noma eyokukhuluphala ngokweqile. Esikhundleni sokuba nesisindo esikhulu noma ukungabandakanywa ngokuphelele kulezi zinkampani, baphakamisa izindlela eziphakathi ezivimbela iqembu elincane kangaka ekulawuleni ukusebenza kwephothifoliyo ngokuphelele.
Enye indlela ukusebenzisa amasu okulingana omhlaba wonke noma wesifunda alinganiswe ngokulinganayo , asakaza isisindo ngokulinganayo phakathi kwezingxenye zenkomba. Lokhu kugcina ukuchayeka kwamagama amakhulu kodwa kunciphisa ithonya lawo futhi kwandisa isisindo sezinkampani eziphakathi nendawo noma lezo ezikweminye imikhakha ezingazuza ekushintsheni kobuholi.
Enye indlela ukusebenzisa izindlela ezihlelekile "eziqaphela inkomba" : amasu okulinganisa athatha izikhundla ezincane zokukhuluphala kanye nezinga eliphansi kumasheya amaningi, elawula ngokuqinile ubungozi emazingeni esitokweni, emkhakheni, kanye nasezweni. Esikhundleni sokubheja kakhulu ngokumelene noma ngokumelene ne-Big Seven, lawa maphothifoliyo akha ububanzi: izinqumo eziningi ezincane, ezahlukahlukene ezinciphisa ukuthembela kwabanqobi abambalwa.
Lo mbiko uphinde ugcizelele amandla ezimakethe ezisafufusa okutshala imali kwezobuchwepheshe ngaphandle kokukhokha amanani aphezulu e-United States. Iminotho eminingi esanda kuphuma ithembele kakhulu ekuthuthukisweni kwezobuchwepheshe kanye nedijithali, kodwa ihweba ngesaphulelo uma iqhathaniswa nezimakethe ezithuthukile, naphezu kokuhlangana ngokwemibandela yokuguquguquka. Ngokusho kokuhlaziywa okuningana, leli gebe lokulinganisa alivunyelwa yizisekelo, livula amathuba okukhula kwesikhathi eside.
Ngaphezu kwalokho, abanye abaphathi bezimali bakhetha amaphothifoliyo afaka izindlela zokutshalwa kwezimali ezinokuziphatha nokusimeme . Kusukela kulo mbono, abahloli nje kuphela izingozi zezimali kodwa nalezo ezihlobene nezingxabano zabasebenzi, ukusetshenziswa kwamandla, ukusetshenziswa kwamanzi amaningi, ukuphathwa kwedatha, kanye nokubandlulula kwe-algorithmic. Izinkampani ezifana ne-Apple, i-Tesla, i-Meta, ne-Nvidia ziye zabhekana nokugxekwa kulezi zinhlangothi, okuholele ekutheni ezinye izikhwama zinciphise noma zikhiphe isisindo sazo ngenxa yomthelela wezenhlalo nezemvelo, kanye nokukhathazeka ngokugxila.
Lawa maqhinga agwema ukutshala imali emikhakheni efana nezikhali noma ezinkampanini ezisolwa ngokwephula isithunzi somuntu noma ukuzuza ezinkingeni zomhlaba wonke, ebeka phambili ibhalansi phakathi kwenzuzo, ingozi, kanye nomthelela . Ngenxa yalokho, ayamukela ukuthi, ngezikhathi zenjabulo yezobuchwepheshe, angase asale ngemuva kwezinkomba ezisinda kakhulu ezinkampanini ezinkulu zobuchwepheshe, ethemba ukuthi imakethe ekugcineni izolungisa ukungasebenzi kahle okukhulu kakhulu.
Phakathi kokwesaba i-bubble kanye nezindleko zamathuba
Impikiswano ephathelene ne-"Magnificent Seven" nayo igcwele imiyalezo yokumaketha. Noma nini lapho indaba ethusayo mayelana nengozi yokugxilisa ingqondo ithola ukudonswa, kuvela iziphakamiso zomkhiqizo ezithembisa ukuvikela abatshalizimali "esilo" sezinkomba ezinkulu ngokushintshana kwamaqhinga, ukukhetha amasheya asebenzayo, noma ukufinyelela ezimpahleni ezingafani ezingahlobene.
Okuhlangenwe nakho komlando kusikisela ukuthi izixazululo zezimangaliso kufanele zibhekwe ngokusolisayo. Izimali eziningi eziphethwe ngenkuthalo ezazithembisa ukubhekana nokwehla okukhulu zehlulekile ukwenza kanjalo; ezinye ezazixwayisa ngezinkinga ezingathiwa zingenakunqotshwa zezimali ze-index ziye zabona lezi zimali ziphumelela kakhulu ekusebenzeni kwazo amashumi eminyaka. Ingozi yangempela yokugxila, njengoba idatha ikhombisa, ilula kakhulu: akukhona ukuthi uhlelo luzowa lodwa, kodwa kunalokho ukuthi abatshalizimali bazokwenza izinqumo ngokushesha , bathengise noma bashintshe isu labo ngqo lapho kufanele balondoloze khona isiyalo.
Ngesikhathi esifanayo, ukungazinaki ngokuphelele izimpawu zokuxwayisa akubonakali kuwukuhlakanipha. Lapho iqembu elincane lamasheya lingaphezu kwengxenye yesine ye-MSCI World kanye cishe ingxenye yesithathu yemali yonke yemakethe yamasheya yase-US, futhi uma ubheka umlando wama-bubbles adlule (kusukela ku-Nifty Fifty yawo-70 kuya ku-dot-com bubble yawo-2000), kunengqondo ukuthi abaphathi babukeze amazinga abo okuvezwa futhi bacabangele ukuthi bathatha yini ingozi enkulu yokugxilisa ingqondo kunalokho abakufunayo ngempela.
Kulokhu kulinganisela okubucayi, kubaluleke kakhulu ukuthi umtshali-zimali ngamunye abe nefilosofi yokutshalwa kwezimali ecacile kanye nesikhathi esinqunyiwe. Amaphothifoliyo aklanyelwe isikhathi eside angabhekana nezikhathi zenjabulo noma ukulungiswa okubukhali ngaphandle kwesidingo sokwenza izinguquko ezinkulu. Ukunamathela isu lakho, kungakhathaliseki ukuthi lisekelwe kakhulu ku-index, lisebenza kakhulu, noma lihlala isikhathi eside, ngokuvamile kuyindlela engcono yokuzivikela kunokuthonywa yimikhuba yamanje.
Ngakho-ke, isimo se-Magnificent Seven sibonisa kahle ukuthi imakethe ephethwe yizinkampani ezimbalwa inganikeza imbuyiselo emangalisayo futhi, ngesikhathi esifanayo, ifihle ubuthakathaka besakhiwo: isihluthulelo ukuqonda ukuthi ukugxila akusho ukuthi ngokuzenzakalela kufana nenhlekelele, kodwa kudinga ukuphathwa kwezingozi ngamabomu , ukuhlukahluka okucatshangelwe kahle, kanye nokuthobeka ukwamukela ukuthi abawinile bamanje abaphakade futhi izitayela zemakethe akufanele zilawule ngokuphelele izinqumo zethu zokutshala imali.
