The Yield Gap is the difference between the yields of government-issued securities and the average dividend yield on stock shares. In other words, the yield gap, or the yield gap ratio, is the ratio of the dividend yield on equity compared to the yield on long-term government bonds.
The yield gap is calculated to determine whether equity is underpriced or overpriced compared to government bonds. The smaller the yield gap, the lower the equity yield is compared to government bonds, indicating that equity is overpriced.
Conversely, the higher the yield gap, the greater the yield on equity is compared to government bonds, indicating that equity is relatively underpriced.
如果用香港做例子，直接拎租金回報 (而家兩厘幾) 同股市比更好。
分析員多數用所謂的 Earning yield gap去睇，呢樣東西因為陸東而出名，但當然唔係佢發明。簡單黎講，Earning yield 就係 1/PE，市盈率的倒數，即係：盈利/價格。10倍PE 就10% earnings yield，20倍 PE就 5%，唔難明啦?
樓市仲有幾個股市冇既特點:
1) 可以容易做到平價既槓杆, 跌都有得守
2) 有"非物質" 既回報 (例如可以溝到女)
3) 唔易交易, 反而易長渣發達
4) 人都總係要住屋
最後要補既係:
其實香港樓市好細 (同全世界既資金比)，所以好多量化既「分析」，好易出錯，「每個有錢大陸人黎買你一個單位已經夠」
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