{"id":4778,"date":"2020-06-28T21:46:57","date_gmt":"2020-06-28T13:46:57","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=4778"},"modified":"2020-06-28T21:46:57","modified_gmt":"2020-06-28T13:46:57","slug":"%e5%9b%a0%e5%ad%90%e6%8a%95%e8%b3%87%e7%9a%84%e6%8b%93%e5%b1%95","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2020\/06\/%e5%9b%a0%e5%ad%90%e6%8a%95%e8%b3%87%e7%9a%84%e6%8b%93%e5%b1%95\/","title":{"rendered":"\u56e0\u5b50\u6295\u8cc7\u7684\u62d3\u5c55"},"content":{"rendered":"<h2><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u56e0\u5b50\u6295\u8cc7\u7684\u62d3\u5c55<\/span><\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><span style=\"color: #04b2f2;\">\u56e0\u5b50\u6295\u8cc7(factor investing)<\/span> \u662f\u4e00\u9805\u6295\u8cc7\u54f2\u5b78\u6216\u6295\u8cc7\u5de5\u5177\uff0c\u5c24\u5176\u53d7\u7b2c4\u4ee3\u6295\u8cc7\u8005\u6b61\u8fce\u3002\u56e0\u5b50\u6295\u8cc7\u65bc\u8fd1\u5341\u5e7e\u4e8c\u5341\u5e74\u767c\u5c55\u8fc5\u901f\uff0c\u5404\u5927\u6295\u8cc7\u9867\u554f\u53ca\u6a5f\u69cb\u90fd\u8981\u8a71\u81ea\u5df1\u8b58factor investing \u624d\u63fe\u5230\u98df\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.mpfdiy.com\/2018\/04\/%e5%ad%b8%e8%a1%93%e7%95%8c%e7%9a%84andrew\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u524d\u6587<\/a>\u5df2\u7d93\u63d0\u53ca<span style=\"color: #04b2f2;\">Andrew Ang<\/span> \u662f\u7576\u4eca\u4e16\u4ee3\u5e36\u9818factor investing \u767c\u5c55\u7684\u91cd\u8981\u4eba\u7269\uff0cAndrew Ang \u7684Stanford PhD \u53ca \u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u6559\u6388\u80cc\u666f\uff0c\u52a0\u4e0a\u4ed6factor investing \u7684\u8457\u4f5c <span style=\"color: #04b2f2;\">\u300aAsset Management:A Systematic Approach to Factor Investing\u300b<\/span> \uff0c\u5df2\u7d93\u80fd\u78ba\u7acb\u4ed6\u65bc\u696d\u5167\u7684\u4f4d\u7f6e\uff0c\u66f4\u4e0d\u7528\u8aaa\u8fd1\u5e74\u4ed6\u6210\u70ba\u4e86BlackRock Factor Investing \u7684\u4e3b\u7ba1\uff0cBlackRock \u65d7\u4e0b\u4e00\u5927\u5806factor investing ETF \u8868\u73fe\u7a81\u51fa\uff0c\u903c\u5f97\u8001\u5c0d\u624bVanguard \u5728\u842c\u4e0d\u60c5\u9858\u4e0b\u90fd\u8981\u51fa factor ETF (<a href=\"https:\/\/www.morningstar.com\/articles\/910303\/a-closer-look-at-vanguards-active-factor-etfs\" target=\"_blank\" rel=\"noopener noreferrer\">\u898b\u6b64<\/a>)\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u8fd1\u65e5\u65bcyoutube \u770b\u4e86Andrew Ang \u65bc EMST Berlin\u7684\u6f14\u8b1b\uff0c\u6f14\u8b1b\u5167\u5bb9\u8a73\u76e1\u5e45\u84cb\u4e86factor investing \u8fd1\u5e74\u7684\u767c\u5c55\uff0c\u7b46\u8005\u5f9e\u4e2d\u6709\u5f88\u591a\u5f97\u7740\uff0c\u6f14\u8b1b\u5167\u5bb9\u5341\u5206\u503c\u5f97\u8207\u5927\u5bb6\u5206\u4eab\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div class=\"jetpack-video-wrapper\"><iframe loading=\"lazy\" title=\"Frontiers of Factor Investing with Andrew Ang | ESMT Berlin\" width=\"720\" height=\"405\" src=\"https:\/\/www.youtube.com\/embed\/z-HHsUfc1C8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Andrew Ang \u65bc\u6f14\u8aaa\u958b\u982d\u5c31\u9053\u51fa\u4ed6\u7684\u5b78\u8853\u8eab\u4e16\uff0c\u8aaa\u51fa\u4ed6\u81ea\u5df1\u5982\u4f55\u8df3\u51fa\u5b78\u8853\u8c61\u7259\u5854\uff0c\u5230BlackRock \u53bb\u9032\u4e00\u6b65\u767c\u5c55factor investing \u7684\u5be6\u52d9\u6027\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u63a5\u7740Andrew Ang \u8aaa\u51fa\u4e86\u4ed6\u670d\u52d9\u4e8615\u5e74\u7684\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\uff0c\u5176\u5be6\u8207factor investing \u6df5\u6e90\u751a\u6df1\uff0c\u56e0\u70ba\u5e7e\u5341\u5e74\u524d\u76841934\u5e74\uff0c\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u7684\u5169\u4f4d\u6559\u6388\u5beb\u51fa\u4e86\u4e00\u672c<span style=\"color: #04b2f2;\">\u7d93\u4e16\u8457\u4f5c<\/span>\uff0c\u70ba\u6295\u8cc7\u754c\u5e36\u4f86\u4e86\u7b2c\u4e00\u500bfactor \u53eb<span style=\"color: #04b2f2;\"> value<\/span> \uff0c\u9019\u5169\u4f4d\u6559\u6388\u5c31\u662fGraham \u53ca Dodd\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang1.jpg?ssl=1\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4785 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang1.jpg?resize=314%2C499&#038;ssl=1\" alt=\" \" width=\"314\" height=\"499\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang1.jpg?w=314&amp;ssl=1 314w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang1.jpg?resize=189%2C300&amp;ssl=1 189w\" sizes=\"auto, (max-width: 314px) 100vw, 314px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u9999\u6e2f\u6709\u597d\u591a\u4ebaFF\u5c07\u81ea\u5df1\u540c Graham and Dodd \u62c9\u95dc\u4fc2\uff0c\u8a8d\u89aa\u8a8d\u621a\uff0c\u8a8d\u5e2b\u8a8d\u5f92\u3002\u4f46Andrew Ang \u5c31\u771f\u4fc2\u6709\u95dc\u4fc2\uff0c\u65bc\u540c\u4e00\u5927\u5b78\u5b78\u9662\u5167\u8de8\u4ee3\u9032\u884c\u5b78\u8853\u50b3\u627f\uff0c\u5c07factor investing \u767c\u5c55\u5ef6\u7e8c\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u63a5\u7740Andrew Ang \u5e36\u51fa\u5404\u7a2e\u91cd\u8981\u7684factor : value\u3001momentum\u3001quality\u3001minimum volatility\u3001size\u7b49\u7b49\uff0c<a href=\"https:\/\/www.mpfdiy.com\/%e9%97%9c%e6%96%bc-mpfdiy\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u300a\u7a4d\u91d1\u5927\u53cd\u64ca\u300b<\/a>\u90fd\u6709\u63d0\u53ca\u3002\u4ed6\u8a8d\u70bafactor investing \u4e0d\u662f\u65b0\u4e8b\u7269\uff0c\u53ea\u662f\u8fd1\u4ee3\u4eba\u91cd\u65b0\u653e\u65bc\u6295\u8cc7\u5167\u53bb\u61c9\u7528\uff0c\u60c5\u6cc1\u5c31\u50cf\u5e7e\u5341\u5e74\u524d\u5df2\u7d93\u6709\u76f8\u6a5f\u3001\u6709\u5730\u5716\u3001\u6709\u822a\u73ed\u884c\u7a0b\u8868\uff0c\u4f46\u8fd1\u4ee3\u4eba\u5011\u5c07\u9019\u4e9b\u653e\u5165\u624b\u6a5f\uff0c\u6539\u8b8a\u4e86\u96fb\u8a71\u7684\u61c9\u7528\uff0c\u8207\u53ca\u6539\u8b8a\u4e86\u4e16\u754c\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Why do factors persist?\u00a0 \u70ba\u4f55\u56e0\u5b50\u80fd\u9577\u4e45\u6301\u7e8c\uff1f<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Can we time factors?\u00a0 \u6211\u5011\u53ef\u4ee5\u56e0\u6642\u8abf\u63a7\u65bc\u5404\u56e0\u5b50\u7684\u6295\u8cc7\u55ce\uff1f<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">How is <a href=\"https:\/\/www.mpfdiy.com\/2018\/07\/%e5%9f%ba%e9%87%91%e6%8a%95%e8%b3%87%e6%96%b0%e6%96%b9%e5%90%911%ef%bc%8d%e7%92%b0%e5%a2%83%e7%a4%be%e6%9c%83%e7%ae%a1%e6%b2%bb\/\" target=\"_blank\" rel=\"noopener noreferrer\">ESG<\/a> in factors? <a href=\"https:\/\/www.mpfdiy.com\/2018\/07\/%e5%9f%ba%e9%87%91%e6%8a%95%e8%b3%87%e6%96%b0%e6%96%b9%e5%90%911%ef%bc%8d%e7%92%b0%e5%a2%83%e7%a4%be%e6%9c%83%e7%ae%a1%e6%b2%bb\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u74b0\u793e\u7ba1<\/a>\u5982\u4f55\u5b58\u65bc\u56e0\u5b50\u5167\uff1f<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Andrew Ang \u5c31\u7b2c\u4e00\u689d\u554f\u984c\u53ca\u7b2c\u4e09\u689d\u554f\u984c\u7684\u610f\u898b\u4e0d\u5728\u672c\u6587\u63d0\u53ca\uff0c\u6709\u610f\u8005\u53ef\u89c0\u770byoutube \u5168\u7247\u3002\u7b2c\u4e8c\u689d\u554f\u984c\u662f\u95dc\u65bctime varying factor \uff0c\u5373\u662ffactor \u6703\u96a8\u6642\u9593\u6709\u597d\u6709\u58de\u8868\u73fe\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u65e2\u7136\u5404factor \u65bc\u4e0d\u540c\u6642\u9593\u6709\u597d\u6709\u58de\uff0c\u4f8b\u5982\u8fd1\u671f\u7684slowdown \u53cacontraction\u6642\u671f\uff0cvalue \u53ca momentum \u4e0d\u662f\u592a\u597d\uff0c\u90a3\u9ebc\u53ef\u5426\u50be\u5411(tilt)\u00a0 \u5176\u4ed6factors? Andrew Ang \u53ca\u5176\u5718\u968a\u505a\u4e86\u4e00\u4e9b\u7814\u7a76\uff0c\u4e26\u767c\u8868\u4e86\u4e00\u4e9b\u8ad6\u6587\uff0c\u9019\u5c31\u662f\u8a0e\u8ad6\u52d5\u614b\u7684multi-factor \uff0c\u7e7c\u800cBlackrock \u65bc2019\u5e74\u4e2d\u63a8\u51fa\u4e86\u4e00\u96bbETF \u53ebDYNF \uff0c\u5168\u540d\u53eb\uff1a<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"product-title font-medium sticky-font-13px en_US\" title=\"BlackRock U.S. Equity Factor Rotation ETF\"><a href=\"https:\/\/www.ishares.com\/us\/products\/307283\/blackrock-us-equity-factor-rotation-etf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">BlackRock U.S. Equity Factor Rotation ETF<\/span><\/strong><\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u6b64factor rotation ETF \u63094\u7a2e\u65b9\u5411\u8a55\u50f9\u5404factor \u7684\u8fd1\u671f\u8868\u73fe\uff0c\u7136\u5f8c\u8abf\u6574\u8cc7\u7522\u5206\u914d\uff0c\u90194\u7a2e\u65b9\u5411\u5206\u5225\u662f\uff1adispersion\u3001valuation\u3001relative strength\u3001economic cycle \u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang3.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4792 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang3.jpg?resize=720%2C380&#038;ssl=1\" alt=\" \" width=\"720\" height=\"380\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang3.jpg?w=1022&amp;ssl=1 1022w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang3.jpg?resize=300%2C159&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang3.jpg?resize=768%2C406&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Andrew Ang\u00a0 \u50cf Ray Dalio \u4e00\u6a23\uff0c\u5c07\u7d93\u6fdf\u5468\u671f\u5206\u70ba4\u500b\u6642\u671f(<a href=\"https:\/\/www.mpfdiy.com\/2019\/09\/%e5%bc%b7%e7%a9%8d%e9%87%91%e7%ad%96%e7%95%a5%e4%ba%a4%e6%b5%8121%ef%bc%8d%e5%85%a8%e5%a4%a9%e5%80%99%e8%b3%87%e7%94%a2%e9%85%8d%e7%bd%ae\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u898b\u6b64<\/a>)\uff0c\u51fa\u73fe\u4e86<\/span><span style=\"font-size: 14pt;\">factor timing \u5167\u7684economic cycle\uff1a<\/span><\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang4.png?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4787 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang4.png?resize=720%2C388&#038;ssl=1\" alt=\" \" width=\"720\" height=\"388\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang4.png?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang4.png?resize=300%2C162&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang4.png?resize=1024%2C551&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang4.png?resize=768%2C413&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Andrew Ang \u6309\u7d93\u6fdf\u5468\u671f\u5c07\u5404factor \u6392\u51fa\u53d7\u76ca\u6642\u6bb5\uff0c\u7136\u5f8c\u5728\u6709\u5229\u6642\u523b\u50be\u5411\u67d0\u4e9bfactor \u4f54\u591a\u4e9b\u6bd4\u91cd\uff0c\u4f8b\u5982\u8fd1\u671fquality \u6bd4\u91cd\u4f54\u591a\u4e00\u4e9b\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7b46\u8005\u898b\u5230Andrew Ang \u8a0e\u8ad6\u7b2c\u4e8c\u689d\u554f\u984c\u6642\u5c31\u5446\u4e86\u4e00\u5446\uff0c\u56e0\u70ba\u5e74\u4e09\u5341\u665a\u767c\u5922\u6240\u555f\u767c\u7684\u7b2c\u5341\u4e00\u62db\u5c31\u662f\u9032\u5165\u4e86\u9019\u500b\u9818\u57df(<a href=\"https:\/\/www.facebook.com\/MPFDIY\/posts\/2501398386741323\" target=\"_blank\" rel=\"noopener noreferrer\">\u898b\u6b64<\/a>)\uff0c\u96d6\u7136\u505a\u6cd5\u6709\u4e9b\u4e0d\u540c\uff0c\u4f46\u90fd\u662f\u958b\u555f\u672a\u4f86\u7684\u9470\u5319\uff0c\u4ee4\u7b46\u8005\u5411\u5f37\u7a4d\u91d1\u7684\u63a2\u7d22\u65b9\u5411\u6253\u4e86\u5f37\u5fc3\u91dd\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 14pt;\"><span style=\"color: #04b2f2;\">\u5c0f\u7d50<\/span>\uff1a<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u898b\u5230\u820a\u6d3e\u6295\u8cc7\u8005\u542b\u6dda\u6301\u6709\u892a\u8272\u9280\u884c\u80a1\uff0c\u5df2\u7d93\u70ba\u300c\u8cb7\u85cd\u7c4c\u623f\u8a17\u98df\u606f\u300d\u9019\u7a2e\u820a\u6d3e\u6295\u8cc7\u9762\u5411\u6572\u8d77\u4e86\u55aa\u9418\u3002<\/span><span style=\"font-size: 14pt;\">\u6295\u8cc7\u7406\u8ad6\u65e5\u65b0\u6708\u7570\uff0c\u5c07\u65b0\u6d3e\u9762\u5411\u7d50\u5408ETF\u53bb\u904b\u4f5c\uff0c\u6210\u70baTAA \u7684\u4e00\u90e8\u4efd\uff0c\u662f\u7b2c4\u4ee3\u6295\u8cc7\u8005\u7684\u5de5\u5177\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7576BlackRock\u3001Vanguard\u7b49\u6295\u8cc7\u7ba1\u7406\u9f8d\u982d\u722d\u76f8\u767c\u5c55\u65b0\u7684\u6295\u8cc7\u9818\u57df\uff0c\u65b0\u7684\u6295\u8cc7\u7406\u8ad6\u53ca\u5be6\u8e10\u5e36\u9818\u6295\u8cc7\u8005\u4e0d\u65b7\u7528\u65b0\u89d2\u5ea6\u53bb\u8a8d\u8b58\u8b8a\u5316\u4e0d\u65b7\u7684\u6295\u8cc7\u4e16\u754c\uff0c\u60c5\u6cc1\u5c31\u5982\u4e92\u806f\u7db2\u8f14\u52a9\u5168\u4eba\u985e\u6e21\u904e\u80ba\u708e\u4e00\u6a23\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt; color: #04b2f2;\"><strong>\u5f37\u7a4d\u91d1\u53c8\u4f55\u53bb\u4f55\u5f9e\u5462\uff1f<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang5.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4789 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang5.jpg?resize=720%2C415&#038;ssl=1\" alt=\" \" width=\"720\" height=\"415\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang5.jpg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang5.jpg?resize=300%2C173&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang5.jpg?resize=1024%2C591&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang5.jpg?resize=768%2C443&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 14pt;\">\u5ef6\u4f38\u95b1\u8b80\uff1a<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.marketwatch.com\/story\/how-factor-investing-helps-you-play-defense-in-sinking-stock-markets-2019-01-29\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.marketwatch.com\/story\/how-factor-investing-helps-you-play-defense-in-sinking-stock-markets-2019-01-29<\/a><\/p>\n<p>&nbsp;<\/p>\n<p class=\"entry-title\"><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.mpfdiy.com\/2016\/09\/smart-beta\/\" rel=\"bookmark\">Smart Beta \u8207\u56e0\u5b50\u6295\u8cc7<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"entry-title\"><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.mpfdiy.com\/2017\/02\/smart-beta-%e8%88%87%e5%a4%9a%e9%87%8d%e5%9b%a0%e5%ad%90%e6%8a%95%e8%b3%87\/\" rel=\"bookmark\">Smart Beta \u8207\u591a\u91cd\u56e0\u5b50\u6295\u8cc7<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u56e0\u5b50\u6295\u8cc7\u7684\u62d3\u5c55 &nbsp; \u56e0\u5b50\u6295\u8cc7(factor investing) \u662f\u4e00\u9805\u6295\u8cc7\u54f2\u5b78\u6216\u6295\u8cc7\u5de5\u5177\uff0c\u5c24\u5176\u53d7\u7b2c&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4786,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[4],"tags":[14,54,10,15,28,48],"class_list":["post-4778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-4","tag-momentum","tag-position-sizing","tag-smart-beta","tag-15","tag-28","tag-48"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/06\/ang2.jpg?fit=1115%2C576&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7Tc20-1f4","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/4778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/comments?post=4778"}],"version-history":[{"count":5,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/4778\/revisions"}],"predecessor-version":[{"id":4795,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/4778\/revisions\/4795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media\/4786"}],"wp:attachment":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media?parent=4778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/categories?post=4778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/tags?post=4778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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