because of the tax proposal that is we're expect to see on Monday

因為星期一的稅法提案，我們期待見到

which should lay out the specification for corporate tax cut.

即將通過的減公司稅

Trump has been talking about a Federal corporate tax cut

川普在 2015 年就提出要減少聯邦公司稅

from 35% to 15% since 2015.

從 35% 到 15%

JP Morgan head of equity strategy says

摩根大通的首要資產策略家說

"As long as headlines continue to indicate

「只要新聞頭條持續釋出受市場歡迎的

political traction, we believe investors are likely to

政治指向，我們相信投資人會

start pricing in higher probability of tax reform.

因為稅制改革出更高價。」

And if you look at the Goldman Sachs basket

而當你看到高盛那一大籃

of stocks that most likely to benefit from the tax cut,

股票很有可能從減稅政策中獲利

you'll see that they outperform the boarder market

你會看到他們在股市中跑贏大市

right when Trump was elected and then started to correct.

就在川普當選的那一刻，然後開始盤整

But for over the last few weeks, these stocks have started to

但過去幾週，這些股票的表現又開始

outperform again on optimism for a tax cut.

跑贏大市因為對減稅政策樂觀

So how much of the boost could this gives stocks?

所以這些股票會增強多少呢？

According to JP Morgan, cutting the tax rate from 35% to 25%

根據摩根大通，減稅比率從百分之三十五到二十五

could increase S&P 500 earnings by 11 dollars per share,

每股標準普爾 500 指數可以增加 11 元

bringing it up to 143 per share,

每股可以獲利 143 元

which would increase index at 150 points at the current multiple.

這會使市盈率增加 150

Jim Febeo, senior vice president of government relations

Jim Febeo，富達投資集團的

for Fidelity Investment points out that before tax reform

資深府際關係副主席指出，在稅制改革

can advance, Congress needs to pass

可以更進階之前，議會需要通過

a budget for 2018 to provide

2018 年的預算案，去證明

the protected vehicle known as budget reconciliation,

預算調節

which would allow tax reform to pass the Senate with only 51 votes.

允許稅制改革通過參議院只有 51 票的表決

Which means that political pressure to get tax reform

這代表因政治壓力而達到的稅制改革

could actually helps us agree on a budget.

可影響預算的決策

But, as Fidelity Investment's Jurrien Timmer points out,

但，富達投資人 Jurrien Timmer 指出，

most long-term investors shouldn't react to short-term events.

許多長期投資人不應受短期活動影響

And that's today's bottom line.

那就是他們現今的底線

As a Chicago Booth alum, I consider myself

身為芝加哥布斯商學院的校友，我覺得

very lucky to have had the opportunity

自己非常幸運有機會

to interview Luigi Zingales of Chicago Booth

訪問芝加哥布斯商學院的 Luigi Zingales

about his new research which challenges some of

有關於他的新研究，挑戰了一些

Milton Freedman's assumptions about maximizing

Milton Freedman 的最大化股東利益

shareholder value.

的假設