［12月14日］美股指数估值数据（美股牛熊市有啥特点，美股也有长熊市吗）

Core Viewpoint - The article discusses the current state of global stock markets, particularly focusing on the valuation of U.S. stocks and the characteristics of bull and bear markets, while also introducing investment opportunities through global index funds. Group 1: Global Stock Market Overview - This week, global stock markets experienced slight fluctuations with minimal movement [1][2][3][4] - The U.S. stock market has seen a slight decline, while non-U.S. markets have shown slight increases [2][3] - A-shares in China also experienced a slight increase, indicating a stable market environment [4] Group 2: Valuation Insights - Despite significant increases in U.S. stock indices over the years, they have rarely reached overvaluation, mostly remaining at normal valuation levels [5][6] - As of October this year, U.S. stocks touched high valuation levels, but have since corrected back to a normal high valuation [7][8] - The growth in earnings over the past two years has helped absorb some of the high valuations in the U.S. stock market [9] Group 3: Bull and Bear Market Characteristics - U.S. stock markets have experienced long bull and bear cycles, with each cycle lasting 15-20 years [12][13][14] - Long bear markets typically occur during economic recessions, as seen in the 1970s and from 2000 to 2010 [15][16] - The current economic environment has not yet entered a recession, and earnings growth remains the primary driver for stock index increases [22][23] Group 4: Investment Opportunities - Historical data indicates that significant undervaluation opportunities in global stock indices occurred in 2018, 2020, and 2022 [29] - The article highlights the introduction of a global index investment advisory portfolio that diversifies across various stock markets [34][35] - The portfolio aims to track global stock market performance, although there are current purchase limits for domestic investors [37] Group 5: Book Promotion - A new edition of the book "The Long-Term Investment Guide" has been released, which includes updated data and new chapters [40] - The book emphasizes that stocks are the best long-term investment vehicle, encouraging asset allocation towards equities [41][42]