SVB硅谷银行：2025年上半年报告-影响私人市场的趋势（英文版）

History tells us that while economists and equity strategists may be smart, they aren’t always the best forecasters. On average, prominent analysts have missed their S&P 500 targets by double digits ~60% of the time since 2012. Heading into 2025, the variation among estimates is the tightest it’s been since 2017. Even more uncommon, analyst estimates are overwhelmingly positive, with the lowest expecting a 12% return this year and the highest expecting a 19% return. Where the market ends