Is the FTSE 100 a value investment?

As anyone who’s brave the January sales can tell you.Just Because something is priced cheaply doesn’t mean you want to own it 
從1月的銷售量可以告訴那些勇於嘗試的人，就因為某些東西非常地便宜並不代表著你想要擁有它。

This however is frequently forgotten by professional investors.
專業投資者經常忘記這個道理。

Some investor have been trumpeting the FTSE 100 as an opportunity for bargain hunters.
某些投資者持續地鼓吹倫敦金融時報100指數，並將其視為投機商的絕佳好機會。

the FTSE depressed earnings multiple and the potentials cover in those earnings combine to offer what the fund house Gam calls a potent cocktail for a long term value investor 
基金公司GAM認為倫敦金融時報降低市盈與其潛在機會，所能帶來的，對於長期價值投資者來說是後勁很強的雞尾酒。

But does it really?
但真的是這樣嗎？

The idea of value investing is a frequently abused concept in modern finace.When strategies refer to value they are more often to not pin their opinion on simplistic matric,such as price to book and earning mutiple,rather than conducting detail bottom up assessment of how accurately the price market is offering for security today 
價值投資理論在現代金融狀況下經常遭到濫用。價值策略通常避免提到自己對於簡單化基準的意見，像是市淨和市盈，實施由上而下的評估現今市場確切保證金的價格。

Actually reflects the intrinsic work of the business that issued it 
事實上反映著自家行業所發行的內部作業。

So can anyone buying the FTSE 100 today in local currency truly get a handle on what the index should be worth based resemble on its member assets or long term earnings power.
所以人民現今使用區域貨幣來購買倫敦金融時報100指數，真的能獲取指數的真正價值嗎？依據會員資產或是長期的獲利力。

Owing to the well document number of US best dollar earning companies in the FTSE.Its prospect went priced in pounds has mirrored that of the value of the British currency versus the green bag.Before brexit the FTSE performance was highly coralated with the performance commodity
歸功於倫敦金融時報內的美國營收最高公司的文件編號，未來期望以磅為單位也反映出英國貨幣的價值，未來期望以磅為單位也反映出英國貨幣的價值，與美金相比，在英國脫歐前富時情況與其商品息息相關。

Due to its large waging of oil and mining companies as such the outcome of buying the index today in local currency will be decided not by the under line earning of its member companies.
基於油礦公司的大量報酬，現今使用區域貨幣購買指數不會受公司員工的底線收入影響。

But instead far more on the US dollar continuing to appreciate against the British pound.
反觀美金對英鎊持續地在升值。

And for US denominated dollar buying investors buying the FTSE and the investors who already missed the currency fueled rally which occurred of the brexit.The fate of their investment is most likely to be dictated by the vagaries commodities market.
對於美金計價購入倫敦金融時報，和錯過因英國脫歐所產生的貨幣集會的投資者來說，他們的投資命運落在無常的商品市場裡。

As such buing th FTSE 100 today is the precise oppisite of value investment 
現在購買倫敦金融時報100指數，與投資價值完全相反。

A success or failure of this trade has little to do insisting the intrinsic value of it’s member company and it’s far more actually a punt on the US dollar ,copper and oil 
公司會員的股票內在價值與交易案成敗極大關聯，是在於美金、銅和油的價值。

For those who wish to speculate on this market far way to do so by using a stock market index  
對於那些投機於這個市場上的人來說，除了運用股票市場指數外，還有其他很多方法。

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