市场正从"美国例外论"转向"美国否定"，美银全球策略师Michael Hartnett建议投资者 逢高卖出美股，逢低买入国际股票与黄金。 Hartnett在其24日发布的研报中表示，近期资金流向显示， 美国股票录得8亿美元流出，而黄金流入33亿美元， 表明市场对黄金的偏好正在增 加。 随着全球经济的再平衡，资金从美国市场流向其他地区，尤其是新兴市场和欧洲， 这种资金流动趋势对黄金价格形成支撑。 来源 | 华尔街见闻 Hartnett建议， "Stay BIG, sell rips" ，即做多债券（Bonds）、国际股票（International Stocks）和黄金（Gold）。投资者应该在美股市场反弹 时逢高卖出，而不是盲目追涨。 H a r t n e t t ： 市 场 正 处 于 历 史 性 转 折 点 Hartnett表示，年初至今，金融资产表现显示出明确趋势： 黄金领涨(+26.2%)，债券表现良好(政府债券+5.6%，投资级债券+3.9%)，而美股 (-3.3%)和美元(-8.5%)显著下跌。 近期资金流向显示， 所有地区股票市场均录得流入 (欧洲34亿美元，新兴市场10亿美元，日本10亿美元 ...

Group 1 - The market is shifting from "American exceptionalism" to "American denial," with a recommendation to sell U.S. stocks on rallies and buy international stocks and gold on dips [1][3] - Recent fund flows indicate an outflow of $800 million from U.S. stocks and an inflow of $3.3 billion into gold, suggesting a growing preference for gold [1][3] - Year-to-date performance shows gold leading with a gain of 26.2%, followed by government bonds at 5.6% and investment-grade bonds at 3.9%, while U.S. stocks have declined by 3.3% [1][3] Group 2 - The relationship between Wall Street and Main Street is undergoing a rebalancing, with U.S. household stock wealth shrinking by approximately $6 trillion this year [3] - The current market correction is driven by three key factors, referred to as "3B" factors [9] - A significant trend is the depreciation of the dollar, which is expected to benefit commodities, emerging markets, and international assets [11] Group 3 - The U.S. Treasury yield has seen its fastest increase of 50 basis points since May 2009 [15] - Consumer spending in the U.S. remains resilient despite economic challenges [16] - The average price-to-earnings (P/E) ratio for the 2020s may establish a new ceiling at 20 times, compared to historical averages [16]