One of the most common questions new investors—and even seasoned ones—ask themselves when markets wobble is: Le azioni sono sufficientemente economiche per essere acquistate ora? It’s a natural instinct. We all want to “buy low” and avoid investing just before a major drop. But determining whether stock markets are truly cheap isn’t as easy as glancing at a headline. It requires some context, a bit of data, and a strong dose of emotional discipline.
Heading into the second half of 2025, global equity markets have seen periods of notable volatility. Between geopolitical tensions, shifting monetary policy, and slowing global growth, valuations have corrected from the peaks seen during the pandemic-era boom. But does this correction mean it’s time to dive in headfirst—or should you be more measured in your approach?
Let’s break it down.
I mercati sono davvero convenienti oggi?
Valuations are one of the most popular ways to assess whether stocks are “cheap.” A common metric used is the Price-to-Earnings (P/E) ratio, which compares a company’s stock price to its earnings per share. As of mid-2025, the S&P 500 is trading at around 18 times forward earnings—lower than the 2021 highs when it pushed above 23x, but still slightly above the 10-year historical average of about 16–17x.
In Europa, la storia è leggermente diversa. L'Euro Stoxx 50 tratta a circa 14x gli utili a termine, riflettendo una valutazione più modesta rispetto alla storia, mentre i mercati emergenti come l'India e il Sud-Est asiatico mostrano un mix di rapporti P/E leggermente elevati ma selettivamente interessanti, grazie alle solide aspettative di crescita.
In short: stocks aren’t bargain basement cheap, but they are generally more reasonably priced than they have been in years. Especially when you factor in stronger balance sheets, lower corporate debt in many sectors, and improved profitability forecasts compared to the shaky backdrop of late 2022 and early 2023.
Inoltre, le pressioni inflazionistiche si stanno raffreddando, le banche centrali iniziano ad accennare a tagli dei tassi fino al 2026 e gli utili societari si stanno stabilizzando. Tutti questi ingredienti potrebbero rendere le azioni più interessanti per gli investitori di lungo periodo, anche se persiste una certa volatilità a breve termine.
Should You Invest Now—And How?
The timeless advice of “time in the market beats timing the market” holds particularly true today. Countless studies show that missing just a few of the best days in the stock market can severely harm your returns. JPMorgan Asset Management’s data reveals that an investor who missed the 10 best days over the last 20 years would have earned less than half the returns of one who simply stayed invested.
That said, investing a large lump sum at once can feel psychologically daunting—especially if headlines scream about risks around every corner.
Un compromesso molto efficace è Mediazione del costo del dollaro (DCA). Instead of investing your entire amount at once, you spread it out over several months, or even a year. This way, you lower the risk of buying at a short-term peak and average out your entry price. For example, if you have € 10,000 to invest, you might invest € 1,000 monthly over 10 months. If markets dip during that time, you buy more shares at cheaper prices; if they rise, you still participate in the growth.
DCA doesn’t guarantee the highest returns—historically, lump-sum investing tends to outperform on average because markets tend to rise over time. But DCA offers a huge psychological benefit: it helps investors stick to their plan without fear paralyzing them, especially during volatile periods.
Allineare la strategia con gli obiettivi e la tolleranza al rischio
Whether you invest gradually or all at once also depends on your personal situation. If you have a long investment horizon (10+ years), research suggests that the sooner you invest, the better. Markets fluctuate daily, but over decades, the trend has been upward—despite wars, recessions, political crises, and pandemics.
However, if you’re naturally cautious, DCA can be a wise emotional hedge, preventing you from panicking if markets dip shortly after you invest.
E ricordate: indipendentemente dal modo in cui si entra, la chiave è la diversificazione. Distribuite gli investimenti tra settori, aree geografiche e classi di attività. Considerate l'inclusione di fondi indicizzati a basso costo come l'MSCI World ETF o l'S&P 500 ETF, nonché una certa allocazione in obbligazioni o equivalenti di denaro per ammortizzare le oscillazioni del mercato.
Investire in modo intelligente nel 2025: La pazienza vince la gara
The markets today offer a more attractive entry point than they have in recent years, but “cheap” is relative to your time horizon, risk tolerance, and financial goals. Perfect timing is impossible to predict, even for professionals. What matters more is getting started, staying consistent, and sticking to a plan you can emotionally withstand.
Whether you choose to go all in or take a gradual approach through dollar-cost averaging, remember: the real risk isn’t investing at the wrong time. It’s not investing at all, letting inflation quietly erode your future purchasing power while you wait for the “perfect moment” that never comes.
Stay steady, stay diversified, and stay focused on the long-term horizon. That’s where real wealth is built—one smart move at a time.
