Spencer Jakab

New York

Investing Columnist at The Wall Street Journal

Founder and Author at TheHungarianContrarian

I rite good. Global editor of @WSJ Heard on the Street column.

Articles

What Kind of Bear Market Lies in Wait?

1 week ago | wsj.com | Spencer Jakab

š» This is an online version of our Markets A.M. newsletter by Spencer Jakab. Get investing insights in your inbox each weekday by signing up hereāitās free. š§A bit of hiking wisdom can come in handy for investors about now: āIf itās black, fight back. If itās brown, lie down. If itās white, say goodnight.āComing across a bearāwhether a living, breathing one or the financial market versionāis never good.
Travel Stocks Are No Ticket to Paradise

1 week ago | wsj.com | Spencer Jakab

⛱️ This is an online version of our new Markets A.M. newsletter by Spencer Jakab. Get investing insights in your inbox each weekday by signing up here—it’s free. 📧Travel stocks face a triple whammy this year. The bad news has hit their shares, but only a few look tempting. What’s happening? American consumers are nervous, sacrificing wants for needs.
Why the White House Is Playing Dangerous Games With the Dollar

1 week ago | wsj.com | Spencer Jakab

đź”Ž This is an online version of our new Markets A.M. newsletter by Spencer Jakab. Get investing insights in your inbox each weekday by signing up hereâ€”itâ€™s free. đź“§Donald Trump has called Chinese leader Xi Jinping â€śa good poker player,â€ť though the presidentâ€™s fans insist heâ€™s even better.
Why Earnings Expectations Are Too High

1 week ago | wsj.com | Spencer Jakab

đź”Ž This is an online version of our new Markets A.M. newsletter by Spencer Jakab. Get investing insights in your inbox each weekday by signing up hereâ€”itâ€™s free. đź“§Thereâ€™s no sense dwelling on the pastâ€”unless youâ€™re a stock analyst. Wall Street seers regularly tinker with their forecasts late in a quarter or afterward, increasing the odds of being able to say â€śgreat quarter, guysâ€ť to management on earnings day.
美股恐慌指标显示会有反弹，但现在还不是底

2 weeks ago | cn.wsj.com | Spencer Jakab

美国股市已具备展开一轮“傻佬反弹”的要素。“史无前例”一词已被过度使用，但对投资者来说，这是一个方便的词。就在五年多前，该词在线搜索量一度激增，当时在同一周“酸种面包”和“领养一个宠物”的搜索量成为疫情初期的标志。华尔街所谓的恐慌指数——芝加哥期权交易所波动率指数(VIX)，也在那一周创下历史新高，超过2008年10月全球金融危机期间创下的历史高点。标普500指数在之后的12个月里获得了77%的总回报率，成为该指数有史以来最好的表现之一。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8立即订阅热门文章特朗普关税引发的市场动荡可能只是开始
The Stock Market’s Fear Gauges Point to a Bounce, Not a Bottom

2 weeks ago | wsj.com | Spencer Jakab

Online searches for it surged just over five years ago, the same week as queries for “sourdough bread” and “adopt a pet” marked the pandemic’s early days. Wall Street’s so-called fear gauge, the Cboe Volatility Index or VIX, also hit an all-time high that week, surpassing its October 2008 record during the global financial crisis. The S&P 500 would go on to a total return of 77% in the following 12 months—one of its best performances ever.
Since You Were Going To Ask

2 weeks ago | spencerjakab.substack.com | Spencer Jakab

By now you’ve realized that the early stages of the trade war have turned your 401(k) into a 301(k) and are wondering how it’ll all play out. It’s at times like these that I get questions from long-dormant Facebook contacts, my mom’s childhood friends, or neighbors who spot me out for a walk. “So, what do you think about the stock market?”Thanks for reading TheHungarianContrarian! Subscribe for free to receive new posts and support my work.
How Precision Strikes Can Hurt Investors During a Trade War

3 weeks ago | wsj.com | Spencer Jakab

đź”Ž This is an online version of our Markets A.M. newsletter by Spencer Jakab. Get investing insights in your inbox each weekday by signing up hereâ€”itâ€™s free. đź“§Americans are worried about tariffs, but they arenâ€™t as worried as Canadians, Japanese, Mexicans or Germans, and with good reason. It was 60 years ago Franceâ€™s finance minister scoffed the U.S. enjoyed an â€śexorbitant privilegeâ€ť because it owned the worldâ€™s reserve currency.
Why Trading Around Tariffs Is a Risky Play

3 weeks ago | wsj.com | Spencer Jakab

đź”Ž This is an online version of our Markets A.M. newsletter by Spencer Jakab. Get investing insights in your inbox each weekday by signing up hereâ€”itâ€™s free. đź“§Markets are braced for the worst this week. An ancient concept explains why that can be profitable. When finance people talk about â€śthe Greeksâ€ť they generally mean symbols used to price optionsâ€”delta, theta, gamma and vega.
モメンタム投資、いつまで「投資家の味方」か

3 weeks ago | jp.wsj.com | Spencer Jakab

モメンタム投資は不思議なほど成功してきた実績があるが、現在は危険水域に近づいている可能性　一部の投資戦略が長期的に好成績を収める理由を理解するのは難しくない。だが、その代表格であるモメンタム投資には理解しにくい面がある。単純すぎるからだ。　「バリュー（割安）」といった投資ファクターが機能するのは、安く買って高く売るのが理にかなっていることにある。クオリティー投資は、経営が優れた企業は危機を乗り越えやすく収益性が高い傾向にある、ということが前提にある。高配当株は、投資家が少なくとも現金を得られることや、投資尺度の面で妥当であることが多いために人気を集めやすい。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8ウォール・ストリート・ジャーナル日本版今すぐ購読する Special Advertising Section アクセスランキング