AIG

Prezzo American International Group

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AIG
$78,54
+$3,73(+4,98%)

*Data last updated: 2026-05-04 07:21 (UTC+8)

As of 2026-05-04 07:21, American International Group (AIG) is priced at $78,54, with a total market cap of $42,26B, a P/E ratio of 15,61, and a dividend yield of 2,28%. Today, the stock price fluctuated between $74,13 and $79,77. The current price is 5,94% above the day's low and 1,54% below the day's high, with a trading volume of 9,27M. Over the past 52 weeks, AIG has traded between $72,60 to $79,77, and the current price is -1,54% away from the 52-week high.

AIG Key Stats

Yesterday's Close$74,80
Market Cap$42,26B
Volume9,27M
P/E Ratio15,61
Dividend Yield (TTM)2,28%
Dividend Amount$0,50
Diluted EPS (TTM)5,87
Net Income (FY)$3,09B
Revenue (FY)$26,77B
Earnings Date2026-08-05
EPS Estimate1,97
Revenue Estimate$7,23B
Shares Outstanding565,03M
Beta (1Y)0.601
Ex-Dividend Date2026-06-15
Dividend Payment Date2026-06-29

About AIG

American International Group, Inc. offers insurance products for commercial, institutional, and individual customers in North America and internationally. The company's General Insurance segment provides general liability, environmental, commercial automobile liability, workers' compensation, casualty, and crisis management insurance products; commercial, industrial, and energy-related property insurance; and aerospace, political risk, trade credit, portfolio solutions, crop, and marine insurance. It also provides professional liability insurance products for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance. In addition, this segment offers personal auto and property insurance, such as auto, homeowners, umbrella, yacht, fine art, and collections; voluntary and sponsor-paid personal accident; supplemental health products; extended warranty insurance products; and travel insurance products. Its Life and Retirement segment offers variable annuities, index and fixed annuities, and retail mutual funds; and financial planning and advisory services; record-keeping, plan administrative, and compliance services; and term life and universal life insurance. It also provides stable value wrap products, and structured settlement and pension risk transfer annuities; and corporate- and bank-owned life insurance and guaranteed investment contracts. This segment sells its products through independent marketing organizations, independent insurance agents, financial advisors, direct marketing, banks, and broker-dealers. The company was founded in 1919 and is headquartered in New York, New York.
SectorFinancial Services
IndustryInsurance - Diversified
CEOPeter Salvatore Zaffino
HeadquartersNew York City,NY,US
Official Websitehttps://www.aig.com
Employees (FY)22,10K
Average Revenue (1Y)$1,21M
Net Income per Employee$140,09K

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ChainNewsAbmedia

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05-02 04:35
橡樹資本(Oaktree Capital Management)共同創辦人暨共同主席 Howard Marks 近日出席 2026 年賓州大學華頓商學院「Howard Marks Investment Series」講座,與華頓金融學兼任教授 Christopher Geczy 對談,圍繞 Marks 三篇代表性備忘錄〈Fewer Losers, or More Winners?〉、〈What Really Matters〉與〈Taking the Temperature〉。 其中談及當前市場溫度、投資人心理、信用市場風險、價值投資是否過時,以及投資人究竟該靠「少犯錯」還是「抓大贏家」取得長期成功。這場對談的核心並不是預測市場明天漲跌,而是回到 Howard Marks 長年反覆強調的投資哲學:市場週期不可避免,投資人心理會在極端樂觀與極端悲觀之間擺盪,而真正重要的不是買到看起來最好的資產,而是用合理甚至便宜的價格買進。 Howard Marks:市場氣氛不像先前樂觀,但還不到恐慌程度 Marks 直言,現在的市場確實已經從先前的樂觀氣氛出現些微轉向,但還遠不到絕望或恐慌的程度,因此投資人不應把目前的回檔誤判成全面崩盤後的歷史性低點。 對於目前市場「溫度」,Marks 表示,過去幾年美股明顯受到樂觀情緒推動。他回顧,2022 年 10 月前後,市場從極度負面轉為正面,隨後 2023 年、2024 年與 2025 年標普 500 指數連續走強,三年累計漲幅約 87%;如果把 2022 年第四季也納入計算,漲幅甚至超過 100%。他認為,這樣的走勢很難說不是由樂觀情緒驅動。 不過,Marks 也指出,近來市場開始出現一些負面訊號。首先是川普政府在 4 月初宣布超出市場預期的大規模關稅,引發市場一度下跌約 15%;其次是信用市場中出現 First Brands、Tricolor 等破產事件,且部分案例還被懷疑涉及詐欺,使投資人開始重新檢視信用擴張是否過度寬鬆。 JPMorgan 執行長 Jamie Dimon 曾以「看到一隻蟑螂,通常代表還有更多」形容這類信用風險,Marks 也借此說明,單一事件本身未必足以撼動市場,但當多個負面因素形成「匯流」(confluence),市場心理就可能突然轉向。 Howard Marks 談 AI 危及軟體業,投資人心裡有點認知失調 他進一步指出,今年 2 月前後,OpenAI 與 Anthropic 推出新的 AI coding 模型,也讓市場開始質疑軟體公司的長期價值。由於過去許多軟體公司在併購市場中受到追捧,並透過信用市場籌措大量債務,一旦市場開始懷疑 AI 會衝擊軟體業,投資人也會連帶擔心相關債務是否能如期償還。 Marks 表示,投資人的心理常常不是在「還不錯」與「不太好」之間擺盪,而是在「完美無缺」與「毫無希望」之間劇烈轉換;軟體公司就是一個例子,市場可能前一刻覺得一切都很好,下一刻又覺得整個產業都不行了。 Marks 將這種現象與「認知失調」(cognitive dissonance)連結。他說,市場在一段樂觀行情中,會很容易吸收好消息、推高價格,卻傾向忽略與既有樂觀立場不一致的負面資訊。直到某個時刻,壞消息累積到臨界點,才會突然壓過原本的樂觀偏見。這也是為什麼市場常常看似毫無預警地轉向,並非因為單一事件本身足以改變一切,而是因為投資心理終於無法再忽視負面訊號。 投資不是買在低點,而是資產是否便宜 儘管如此,Marks 並不認為現在已經到了值得全面進攻的便宜時刻。他提到,標普 500 的本益比先前約為 23 倍,如今約為 22 倍,雖然較高點略有回落,但相較歷史平均 16 至 17 倍,仍然偏高。樂觀派可能會說「這次不一樣」,因為如今標普成分股品質更好,尤其是美股七巨頭中多數公司,可能是他見過最優秀的企業之一。 但 Marks 也提醒,每一次大多頭行情裡,支持者都會用「這次不一樣」來替高估值辯護,而投資人必須對這種敘事保持警覺。談到是否應該等待市場底部,Marks 給出非常明確的回答:等待底部是投資中最愚蠢的想法之一。他說,所謂底部,定義上就是市場開始上漲前的那一天;但如果是這樣,投資人永遠不可能在當下知道今天就是底部,只能事後回頭看才知道。 因此,投資的依據不應是「我是否買在最低點」,而是「資產是否已經便宜」。他強調,投資人可以判斷價格是否具有吸引力,卻無法判斷市場是否永遠不會再跌。 霍華德馬克斯談該不該在市場最恐慌時進場 Marks 以 2008 年金融海嘯期間橡樹資本的經驗作為案例。當時 Lehman Brothers、Bear Stearns、Wachovia、Washington Mutual、AIG 等金融機構接連出事,市場普遍認為金融體系可能崩潰。橡樹資本當時剛募得一檔規模達 110 億美元的困境債基金,手上約有 100 億美元可動用資金,面臨關鍵問題:究竟該不該在市場最恐慌的時候進場? Marks 表示,當時他與共同創辦人 Bruce Karsh 的判斷很簡單:如果世界真的崩潰,那麼當天做什麼都不重要;但如果世界沒有崩潰,而橡樹沒有投資,那就是沒有做好自己的工作。因此他們決定進場。隨後市場仍持續下跌,因為其他人仍在賣出,橡樹不可能接住所有拋售,但他們一路買進,價格越低買得越多。 Marks 說,當時真正需要的不是知道底部在哪裡,而是兩件事:第一,手上必須已經有可投資資金,因為危機中很難再募資;第二,必須有膽量把錢投出去。他也補充,這並不是單純靠勇氣,而是數字本身也提供了支撐。橡樹當時買進的是槓桿收購公司債務中順位最高的部分。若要讓最高順位債權人虧錢,必須先讓股權價值歸零,並讓所有次順位債務也無法受償。 而當時橡樹買進價格已經低到,即便這些公司最終價值只剩收購價格的三分之一、四分之一甚至五分之一,橡樹仍可能不虧錢。換句話說,若一家公司此前被私募股權公司以 40 億美元買下,橡樹可以用高到 15% 至 20% 殖利率的價格買進最高順位債務,甚至在公司價值跌到 10 億美元時仍有安全邊際。 正是心理面與數字面同時支持,讓橡樹能在一季內平均每週投資 4.5 億美元,15 週內投入約 70 億美元。 當年若買進漂亮 50 持有五年,可能會虧損 95% 談到價值投資與成長投資,Marks 回顧,1960 年代以前,股市參與者大多都被稱為投資人,並沒有明確的「成長股投資人」或「價值股投資人」之分。 直到 1960 年代初期,華爾街開始推廣「成長股」概念,指的是那些以當下資產或獲利來看顯得昂貴,但被認為擁有光明未來的公司,例如 IBM、Xerox、Kodak、Polaroid、Hewlett-Packard、Texas Instruments、Merck、Eli Lilly、Coca-Cola、Sears 等。這些股票後來形成所謂「Nifty Fifty」漂亮 50 概念,受到花旗等大型銀行追捧。 但 Marks 的早期職涯也正是在這波熱潮中學到深刻教訓。他指出,如果投資人在 1969 年買進這些漂亮 50 股票,並憑著信念持有五年,結果可能虧掉約 95%。原因有二:第一,市場高估了其中許多公司的基本面,後來確實有不少公司表現不如預期;第二,這些股票普遍太貴。 Marks 因此學到一個伴隨他一生的原則:投資成功不是來自買到好東西,而是來自買得好。不是你買什麼最重要,而是你付了什麼價格。 強調,再好的資產也可能因為價格過高而變得危險;反過來,很少有資產差到只要價格足夠便宜,仍不能成為好買賣。這也是他對價值投資的重新定義:價值投資不應被僵化理解為只能買低成長、低估值、傳統產業公司。快速成長的公司同樣可能是好的價值投資,關鍵在於投資人是否以合理價格買進其成長性。 Marks 提到,疫情期間他的兒子 Andrew 與家人同住,父子之間大量討論成長與價值的界線,最終促成他在 2021 年 1 月寫下〈Something of Value〉這篇備忘錄。他的結論是,投資不應被「成長」與「價值」二分法束縛,而應回到基本問題:資產價值如何?價格是否合理? 賣股前先想:今天沒有持有,還會不會買進? 對於賣出紀律,Marks 提出另一個重要觀點:賣出應被視為「取消買進」(unbuy)的決策。他在約 2017 年寫過一篇名為〈Selling Out〉的備忘錄,討論投資人為何賣出。半開玩笑地說,投資人通常有兩種賣出理由:漲了所以賣,因為怕漲勢停止、獲利消失;跌了也賣,因為害怕繼續下跌。但從邏輯上看,同時因為上漲和下跌都賣出,顯然不可能是正確的投資框架。 Marks 認為,投資人應該假裝自己現在沒有這項資產,重新問自己:如果今天沒有持有,我會買它嗎?如果答案是否定的,那或許應該考慮賣出。但他也補充,並不是每個資產都非買即賣,有些資產處於合理價格區間,既不是明顯便宜,也不是明顯昂貴,這時候「持有」本身就是合理選項。 真正危險的是投資人因為資產已經上漲,就本能地想「先賣一點」、「把成本拿回來」、「賣一半就不會全錯」。Marks 坦言,自己天生偏保守,成長過程受到經歷大蕭條父母的影響,常聽到「不要把雞蛋放在同一個籃子」、「未雨綢繆」等警語,因此過去也容易傾向太早賣出。 他以 Amazon 為例說明過早賣出的代價。Amazon 在 1999 年科技泡沫時曾達 90 美元,泡沫破裂後一度跌到 6 美元,跌幅高達 93%。如果投資人足夠聰明,在 6 美元買進,當它漲到 12 美元時是否會因為翻倍而賣出?如果撐到 60 美元,已經賺 10 倍,是否會賣?如果到 600 美元,已經賺 100 倍,多數人恐怕會賣掉一半、四分之三甚至九成。 但當 Marks 寫那篇備忘錄時,Amazon 約為 3,300 美元。換句話說,即使在 600 美元賣出、已經賺了 100 倍,仍可能把後續大部分利潤留在桌上。 Marks 因此提醒,真正偉大的投資標的非常稀少。巴菲特曾說,他 70 年投資生涯中大多數財富來自 12 個想法;Charlie Munger 則說自己主要靠 4 個想法賺到錢。若投資人理解真正的「compounder」有多稀少,就會知道太早下車可能是巨大錯誤。 最後,Marks 回到〈Fewer Losers, or More Winners?〉這篇備忘錄的核心:投資成功究竟是靠抓到更多大贏家,還是避開更多輸家? 他引用 Charles Ellis 的〈Winning the Loser’s Game〉,以及 Cy Ramo 在《Extraordinary Tennis for Ordinary Tennis Players》中的比喻。職業網球比賽中,勝利通常屬於能打出最多致勝球的人,因為高手若只是把球安全打回去,很快會被對手攻擊。但在業餘網球中,勝利往往屬於犯錯較少的人,因為一般球員沒有能力穩定打出致勝球,只要能多把球打過網,對手自然會失誤。 Marks 認為,這個概念同樣適用於投資,但要看資產類別。在創投、股票甚至房地產中,投資人可能必須找到一些大贏家,才能抵消失敗項目並創造超額報酬。但在信用投資中,情況不同。只要放出一批貸款,並避免其中出現違約,投資人就能取得原本預期的報酬。因此,信用投資更適合「少犯錯」的哲學。 這也解釋了橡樹資本創立時投資哲學的前兩項原則:第一是風險控制,第二是一致性。核心不是追求每一筆都大賺,而是避免重大虧損。 Howard Marks:投資沒有唯一解答,學會認識自己是誰 不過,Marks 並沒有把這套方法包裝成所有人的唯一答案。他強調,投資人應該根據自己的能力、性格與目標選擇打法。 若一名業餘球員硬要模仿職業球員打致勝球,結果可能是災難;但如果一個人志在成為冠軍,就必須學會打出致勝球,並承擔相應風險。投資也是如此:有人適合靠控制風險、避開輸家長期複利;有人則必須學會辨認極少數大贏家。真正重要的是知道自己是誰、擅長什麼,並據此建立投資方式,而不是盲目模仿他人。 整場演講中,Howard Marks 並未給出「現在該買或該賣」的簡單答案,但他提供了更重要的框架:市場尚未便宜到令人興奮,心理也尚未悲觀到歷史性極端;投資人不應等底部,因為底部無法即時辨認;也不應只因市場回檔就自動進場,而應評估價格是否具有足夠安全邊際。 對 Marks 而言,投資最終不是預測,而是在市場情緒擺盪時保持紀律,在別人從完美看到絕望之間,仍然冷靜計算價格、價值與風險。 這篇文章 《投資最重要的事》Howard Marks:真正的紀律不是等待底部,是知道什麼叫便宜 最早出現於 鏈新聞 ABMedia。
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