随后,在6月下旬,指数提供商进行了年度再平衡。他们将那些芯片股从价值指数中移出,纳入成长指数,并将亚马逊、苹果和微软反向移入价值指数。
Then, in late June, the index providers did their annual rebalance. They moved those chip stocks out of the value index and into the growth index and moved Amazon, Apple, and Microsoft the other way into value.
而时机,纯属巧合,完美得无与伦比。芯片股恰好在其涨势顶部被卖出,就在它们回落之前,而价值指数则在大盘科技股触及低点之际接入了它们。
And the timing was, by complete accident, absolutely perfect. The chips got sold right at the top of their run, just before they rolled over, and the value index picked up the big tech names right as they were touching their lows.
唯一的小问题是它让你陷入了何种境地。你明智的价值投资组合现在塞满了亚马逊、苹果和微软——地球上最大的三家科技公司,而且很可能正是你当初购买价值基金想要避开的那几只股票。
The only small catch is where it left you. Your sensible value portfolio is now stuffed with Amazon, Apple, and Microsoft, three of the biggest tech companies on Earth, and quite possibly the exact stocks you bought a value fund to avoid owning.