{"id":5748,"date":"2021-04-18T19:33:24","date_gmt":"2021-04-18T11:33:24","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=5748"},"modified":"2021-04-19T08:04:30","modified_gmt":"2021-04-19T00:04:30","slug":"%e5%bc%b7%e7%a9%8d%e9%87%91%e7%ad%96%e7%95%a5%e4%ba%a4%e6%b5%8127-%e7%ac%ac%e5%8d%81%e4%ba%8c%e6%8b%9b%e7%9b%ae%e6%a8%99%e6%b3%a2%e5%b9%85%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2021\/04\/%e5%bc%b7%e7%a9%8d%e9%87%91%e7%ad%96%e7%95%a5%e4%ba%a4%e6%b5%8127-%e7%ac%ac%e5%8d%81%e4%ba%8c%e6%8b%9b%e7%9b%ae%e6%a8%99%e6%b3%a2%e5%b9%85%e7%ad%96%e7%95%a5\/","title":{"rendered":"\u5f37\u7a4d\u91d1\u7b56\u7565\u4ea4\u6d41#27 &#8211; \u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565"},"content":{"rendered":"<h2><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u5f37\u7a4d\u91d1\u7b56\u7565\u4ea4\u6d41#27 &#8211; \u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/span><\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u4eca\u5e74\u5e74\u521d\u9032\u884c\u4e86<a href=\"https:\/\/www.mpfdiy.com\/2021\/04\/%e6%88%b0%e8%a1%93%e6%80%a7%e9%85%8d%e7%bd%aeetf10-ivol\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e00\u9023\u5341\u7bc7<\/a>\u7684<span style=\"color: #04b2f2;\">ETF \u6aa2\u8996<\/span>\uff0c\u76ee\u7684\u4e4b\u4e00\u662f\u5e0c\u671b\u85c9\u8457\u7814\u7a76\u6700\u65b0\u7684ETF \u6295\u8cc7\u65b9\u5f0f\uff0c\u70ba\u5f37\u7a4d\u91d1\u5f15\u9032\u4e00\u4e9b\u53ef\u884c\u53ca\u6709\u6548\u7684\u7b56\u7565\u3002\u7576\u4e2d\u6bd4\u8f03\u5c11\u4eba\u63d0\u5021\u7684\uff0c\u5c31\u662f\u63a7\u5236<span style=\"color: #04b2f2;\">\u76ee\u6a19\u6ce2\u5e45(target volatility)<\/span> \u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u6709\u898b\u53ca\u6b64\uff0c\u7b46\u8005\u5617\u8a66\u4e86\u4ee5\u4e0b\u7684\u6b65\u9a5f\uff0c\u767c\u73fe\u6574\u9ad4\u6548\u679c\u90fd\u662f\u53ef\u884c\u53ca\u53ef\u6301\u7e8c\uff0c\u65bc\u662f\u628a\u5b83\u767c\u5c55\u70ba<span style=\"color: #04b2f2;\">\u7b2c\u5341\u4e8c\u62db<\/span>\uff0c\u76ee\u6a19\u4f7f\u7528\u5c0d\u8c61\u662f\u4ee5\u4f4e\u98a8\u96aa\u70ba\u6295\u8cc7\u76ee\u6a19\u7684\u9000\u4f11\u4eba\u4ed5\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<h2><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/span><\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 14pt; color: #04b2f2;\">\u6b65\u9a5f\u4e00\uff1a\u8a2d\u5b9a\u4e3b\u8981(core)\u00a0 \u6295\u8cc7\u7d44\u5408<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5148\u8a2d\u5b9a\u4e00\u500b\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u8f03\u597d\u7684\u6295\u8cc7\u7d44\u5408\u4f5c\u70bacore \uff0c\u4f8b\u5982\u4ee5\u8a08\u5283\u5167\u768460%\u74b0\u7403\u80a1\u7968\u57fa\u91d1+40%\u50b5\u5238\u57fa\u91d1\u4f5c\u70bacore\u3002\u6b64\u57fa\u91d1\u6578\u91cf\u53ca\u8cc7\u7522\u6bd4\u4f8b\u53ef\u81ea\u884c\u8abf\u52d5\uff0c\u4f8b\u5982\u75285\u96bb\u57fa\u91d1\u6bcf\u96bb20% \u4ea6\u7121\u4e0d\u53ef\uff0c\u751a\u81f3\u66f4\u9032\u6df1\u4e00\u9ede\u7528\u7b2c\u4e00\u81f3\u7b2c\u5341\u4e00\u62db\u7684\u7d50\u679c\u505acore \uff0c\u7e3d\u4e4b\u60f3\u8981\u4e00\u500b\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u8f03\u597d\u7684\u6295\u8cc7\u7d44\u5408\u4f5c\u70bacore\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u6b65\u9a5f\u4e8c\uff1a\u8a2d\u5b9atarget volatility (\u76ee\u6a19\u6ce2\u5e45)<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\u662f\u4e4b\u5f8c\u5404\u6b65\u9a5f\u7684\u8a08\u7b97\u8ffd\u9010\u76ee\u6a19\uff0c\u800c\u300c\u73fe\u5be6\u6ce2\u5e45\u300d\u662f<\/span><span style=\"color: #04b2f2;\"><span style=\"font-size: 14pt;\">\u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/span><\/span><span style=\"font-size: 14pt;\">\u7684\u5be6\u969b\u56de\u5831\u6ce2\u5e45\uff0c\u901a\u5e38\u300c\u73fe\u5be6\u6ce2\u5e45\u300d\u6703\u9ad8\u65bc\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\uff0c\u6240\u4ee5\u8a08\u7b97\u7528\u7684\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\u6703\u8a2d\u5b9a\u5f97\u4f4e\u4e00\u9ede\u3002\u7b46\u8005\u5efa\u8b70\u7528\u6309\u6708\u6ce2\u5e45\u70ba1%\u81f32% \u505a\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\uff0c\u56e0\u70ba\u96a8\u5e74\u6b72\u53ca\u672a\u4f86\u53ef\u6295\u8cc7\u5e74\u671f\u4f86\u770b\uff0c\u9000\u4f11\u4eba\u4ed5\u7684\u300c\u73fe\u5be6\u6ce2\u5e45\u300d\u4e0d\u8981\u5927\u65bc4%\u3002\u5148\u8a2d\u5b9a\u4f4e\u4e00\u9ede\u7684\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\uff0c\u4e4b\u5f8c\u300c\u73fe\u5be6\u6ce2\u5e45\u300d\u96d6\u7136\u6703\u6709\u6240\u589e\u52a0\uff0c\u4f46\u4ea6\u4e0d\u6703\u5927\u65bc\u9069\u5408\u81ea\u5df1\u7684\u6ce2\u5e45\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u6b65\u9a5f\u4e09\uff1a\u8a08\u7b97core \u7d44\u5408\u7684\u6ce2\u5e45<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u9019\u6b65\u9a5f\u662f\u8981\u8a08\u7b97core \u7d44\u5408\u7684\u6ce2\u5e45\uff0c\u7b46\u8005\u5efa\u8b70\u7528\u8f03\u77ed\u671f\u7684\u6642\u9593\u9593\u8ddd\u4f5c\u8a08\u7b97\uff0c\u4f8b\u5982<span style=\"color: #04b2f2;\">\u8a08\u7b97\u6700\u8fd1\u4e00\u3001\u5169\u500b\u6708core \u7d44\u5408\u7684\u6309\u6708\u6ce2\u5e45<\/span>\uff0c\u4ee4\u5f80\u5f8c\u6b65\u9a5f\u6709\u66f4\u8cbc\u5e02\u7684\u8b8a\u5316\u3002Core \u7d44\u5408\u4e26\u975e\u6700\u7d42\u6301\u6709\u7684\u914d\u7f6e\uff0c\u53ea\u662f\u8a08\u7b97\u7684\u57fa\u6e96(base) \u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u6b65\u9a5f\u56db\uff1a\u8a08\u7b97core \u7d44\u5408\u7684\u914d\u7f6e\u6bd4\u4f8b<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7576\u5b8c\u6210\u6b65\u9a5f\u4e8c\u53ca\u6b65\u9a5f\u4e09\uff0c\u4fbf\u6709\u4e86\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\u53ca\u300ccore \u7d44\u5408\u8fd1\u671f\u6ce2\u5e45\u300d\uff0c<strong>\u62ff\u9019\u4e9b\u6578\u5b57\u53bb\u8a08\u7b97core \u7d44\u6210\u7684\u914d\u7f6e\u6bd4\u4f8b<\/strong>\u3002\u4f8b\u5982<span style=\"color: #04b2f2;\">\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\u662f2% \u53ca\u7576\u6708\u7684\u300ccore \u7d44\u5408\u8fd1\u671f\u6ce2\u5e45\u300d\u662f4% \u7684\u8a71\uff0c\u56e0\u70ba\u300ccore \u7d44\u5408\u8fd1\u671f\u6ce2\u5e45\u300d\u9ad8\u65bc\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\uff0c\u4fbf\u5c07core \u7d44\u5408\u7684\u914d\u7f6e\u6bd4\u4f8b\u8a2d\u5b9a\u70ba\u4e00\u534a\uff0c\u800c\u53e6\u4e00\u534a\u4fbf\u6301\u6709\u4fdd\u5b88\u57fa\u91d1\uff0c\u4ee4core+\u4fdd\u5b88\u7684\u6ce2\u5e45\u8cbc\u8fd1\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\u76842% <\/span>\uff0c\u6240\u4ee5\u7576\u6708\u7684\u914d\u7f6e\u662f 50% x (60%\u74b0\u7403\u80a1\u7968\u57fa\u91d1 + 40%\u50b5\u5238\u57fa\u91d1)\u00a0 \u53ca 50% \u4fdd\u5b88\u57fa\u91d1\uff0c\u7b49\u65bc 30% \u74b0\u7403\u80a1\u7968\u57fa\u91d1+20%\u50b5\u5238\u57fa\u91d1+50%\u4fdd\u5b88\u57fa\u91d1\u3002\u904e\u4e86\u4e00\u500b\u6708\uff0c\u53c8<span style=\"color: #04b2f2;\">\u8a08\u7b97\u7576\u6708core \u7d44\u5408\u7684\u6309\u6708\u6ce2\u5e45<\/span>\uff0c\u5982\u679c\u7576\u6708\u7684\u300ccore \u7d44\u5408\u8fd1\u671f\u6ce2\u5e45\u300d\u662f1% \u7684\u8a71\uff0c\u56e0\u70ba\u300ccore \u7d44\u5408\u8fd1\u671f\u6ce2\u5e45\u300d\u4f4e\u65bc\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\uff0c\u4fbf\u5168\u7528\u300ccore \u7d44\u5408\u300d60%\u74b0\u7403\u80a1\u7968\u57fa\u91d1 + 40%\u50b5\u5238\u57fa\u91d1\uff0c\u4e0d\u7528\u6301\u6709\u4fdd\u5b88\u57fa\u91d1\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u6b64\u6b65\u9a5f\u662f\u4ee5core \u7d44\u5408\u7684\u8fd1\u671f\u6ce2\u5e45\u53bb\u8a2d\u5b9a\u6301\u6709\u6bd4\u4f8b\uff0c\u6bcf\u6708\u8abf\u6574\u5f8c\u5f97\u51fa<span style=\"color: #04b2f2;\"><strong>\u7b2c\u5341\u4e8c\u62db\u7684\u300c\u73fe\u5be6\u56de\u5831\u300d\u53ca\u300c\u73fe\u5be6\u6ce2\u5e45\u300d<\/strong><\/span>\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #04b2f2;\"><strong><span style=\"font-size: 14pt;\">\u6b65\u9a5f\u4e94\uff1a\u512a\u5316\u53c3\u6578<\/span><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u6b64<span style=\"color: #04b2f2;\"><strong>\u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/strong><\/span>\u6709\u591a\u500b\u53c3\u6578\uff0c\u4f8b\u5982\u300ccore \u7d44\u5408\u300d\u5167\u7684\u57fa\u91d1\u6bd4\u4f8b\uff0c\u6ce2\u5e45\u8a08\u7b97\u9593\u8ddd\uff0c\u76ee\u6a19\u6ce2\u5e45\u7b49\u7b49\u3002\u5927\u5bb6\u53ef\u4ee5\u5c07\u300c\u73fe\u5be6\u56de\u5831\u300d\u9664\u4ee5\u300c\u73fe\u5be6\u6ce2\u5e45\u300d\u7684\u6bd4\u7387\u4f5c\u70ba<span style=\"color: #04b2f2;\"><strong>\u512a\u5316\u76ee\u6a19\uff0c\u70ba\u53c3\u6578\u4f5c\u51fa\u512a\u5316\u7684\u8abf\u6574\u3002<\/strong><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5982\u662f\u8005\uff0c\u6bcf\u6708\u8a08\u7b97<span style=\"color: #04b2f2;\">\u300ccore \u7d44\u5408\u8fd1\u671f\u6ce2\u5e45\u300d\u4e4b\u5f8c\uff0c\u4fbf\u8abf\u6574\u7576\u6708\u7684\u914d\u7f6e\uff0c\u4ee4\u7576\u6708\u914d\u7f6e\u7684\u6ce2\u5e45\u8cbc\u8fd1\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\uff0c\u6b64\u64cd\u4f5c\u50cfrisk parity\u53caadaptive asset allocation\uff0c\u662f\u8f03\u9032\u968e\u7684TAA\u3002<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7b2c\u5341\u4e8c\u62db\u63a7\u5236\u300c\u73fe\u5be6\u6ce2\u5e45\u300d\u70ba2%\u7684\u512a\u9ede\u7d50\u679c\uff1a<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%; border-collapse: collapse; height: 176px;\" border=\"1\">\n<tbody>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\">\u5e74\u5747\u56de\u5831\/\u6309\u6708\u6ce2\u5e45<\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\"><span style=\"color: #04b2f2;\"><strong>\u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/strong><\/span><\/span><\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\"><span style=\"font-size: 14pt;\">\u9280\u806f<\/span><\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\">4.94%\/2.01% = 2.46<\/span><\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\"><span style=\"font-size: 14pt;\">\u6ed9\u8c50<\/span><\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\">5.24%\/1.99% = 2.63<\/span><\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\"><span style=\"font-size: 14pt;\">\u4fe1\u5b89800<\/span><\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\">5.20%\/2.00% = 2.60<\/span><\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\"><span style=\"font-size: 14pt;\">\u6c38\u660e\u5f69\u8679<\/span><\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\">5.16%\/1.96% = 2.64<\/span><\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\"><span style=\"font-size: 14pt;\">\u5b89\u806f<\/span><\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\">5.78%\/1.99% = 2.91<\/span><\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\"><span style=\"font-size: 14pt;\">\u5bcc\u9054<\/span><\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\">5.47%\/1.99% = 2.75<\/span><\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 33.3333%; height: 22px;\"><span style=\"font-size: 14pt;\">\u4e2d\u9280\u4fdd\u8aa0\u7c21\u6613<\/span><\/td>\n<td style=\"width: 33.3333%; height: 22px; text-align: center;\"><span style=\"font-size: 14pt;\">4.92%\/1.99% = 2.47<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u81ea\u8a08\u5283\u6210\u7acb\u8d77\u81f32021\u5e743\u6708<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u6309\u6708\u6ce2\u5e45\u70ba2%\u662f\u9069\u5408\u9000\u4f11\u4eba\u4ed5\uff0c\u800c\u5e74\u5747\u56de\u5831\u7d045%\uff0c\u5b8c\u5168\u6eff\u8db3\u300c4%\u6cd5\u5247\u300d\u7684\u8981\u6c42\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><span style=\"color: #04b2f2;\"><strong>\u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/strong><\/span>\u8207<a href=\"https:\/\/www.mpfdiy.com\/2021\/04\/%e5%bc%b7%e7%a9%8d%e9%87%91%e7%ad%96%e7%95%a5%e4%ba%a4%e6%b5%8126%ef%bc%8d%e5%8b%95%e5%8a%9b%e5%a4%a7%e5%8c%85%e5%9c%8d\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e0a\u6587<\/a>\u52d5\u529b\u5927\u5305\u570d\u6bd4\u8f03\uff0c\u512a\u9ede\u662f<span style=\"color: #04b2f2;\"><strong>\u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/strong><\/span>\u53ef\u63a7\u5236\u300c\u6ce2\u5e45\u300d\uff0c\u4ee4\u8cc7\u7522\u7684\u73fe\u5be6\u6ce2\u5e45\u8cbc\u8fd1\u300c\u76ee\u6a19\u6ce2\u5e45\u300d\uff0c\u4f46\u52d5\u529b\u5927\u5305\u570d\u672a\u80fd\u63a7\u5236\u6ce2\u5e45\uff1b\u7f3a\u9ede\u662f<span style=\"color: #04b2f2;\"><strong>\u7b2c<\/strong><\/span><span style=\"color: #04b2f2;\"><strong>\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/strong><\/span>\u4e0d\u662f<a href=\"https:\/\/www.mpfdiy.com\/2021\/01\/2021%e5%b9%b4%e5%b1%95%e6%9c%9b%ef%bc%9a%e5%88%a5%e5%86%8d%e5%81%9a%e6%8a%95%e8%b3%87%e5%88%9d%e5%93%a5\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u521d\u54e5<\/a>\u7684\u53e3\u5473\uff0c\u6bd4\u8f03\u9032\u968e\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u7528\u6c7d\u8eca\u4f5c\u6bd4\u55bb\uff0c\u52d5\u529b\u5927\u5305\u570d\u662f\u81ea\u52d5\u6ce2\uff0c<span style=\"color: #04b2f2;\"><strong>\u7b2c<\/strong><\/span><span style=\"color: #04b2f2;\"><strong>\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/strong><\/span>\u662f\u624b\u6ce2\uff0c\u6bcf\u6b21\u8f49\u6ce2(<span style=\"color: #04b2f2;\">\u8abf\u6574\u7576\u6708\u7684\u914d\u7f6e<\/span>)\u8981\u8e29\u6975\u529b\u5b50(\u8a08\u7b97<span style=\"color: #04b2f2;\">\u300ccore \u7d44\u5408\u8fd1\u671f\u6ce2\u5e45\u300d<\/span>)\uff0c\u4e4b\u5f8c\u9084\u8981\u505aheel &amp; toe (<span style=\"color: #04b2f2;\"><strong>\u512a\u5316\u53c3\u6578)<\/strong><\/span>\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5e0c\u671b\u5927\u5bb6\u5148\u7531\u52d5\u529b\u5927\u5305\u570d\u5165\u624b\uff0c\u7e7c\u800c\u9032\u4e00\u6b65\u638c\u63e1<span style=\"color: #04b2f2;\"><strong>\u7b2c<\/strong><\/span><span style=\"color: #04b2f2;\"><strong>\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565<\/strong><\/span>\uff0c\u5169\u8005\u5408\u7528\u7686\u53ef\u4ee5\u63d0\u5347risk adjusted return\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/04\/initial-D-1.gif?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5757 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/04\/initial-D-1.gif?resize=500%2C279&#038;ssl=1\" alt=\" \" width=\"500\" height=\"279\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 14pt;\">\u5c0f\u7d50\uff1a<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u9000\u4f11\u4eba\u4ed5\u7684\u6536\u5165\u6709\u4e00\u5927\u90e8\u5206\u662f\u4f86\u81ea\u9000\u4f11\u8cc7\u7522\u7684\u6295\u8cc7\u56de\u5831\uff0c\u800c\u5728\u63a7\u5236\u9000\u4f11\u8cc7\u7522\u5728\u81ea\u5df1\u7684\u53ef\u627f\u53d7\u7bc4\u570d\u4e4b\u5167\uff0c\u662f\u6700\u91cd\u8981\u7684\u7ba1\u7406\u8981\u9ede\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u6709\u4e86\u6ce2\u5e45\u7684\u7ba1\u7406\u5f8c\uff0c\u4fbf\u7531\u63d0\u5347\u56de\u5831\u53bb\u589e\u5927\u6536\u5165\uff0c\u4ee4\u5728\u8077\u6642\u672a\u80fd\u5b8c\u6210\u8db3\u5920\u5132\u84c4\u7684(\u4f8b\u5982167 \u500d\u6708\u85aa)\uff0c\u90fd\u53ef\u4ee5\u65bc\u9000\u4f11\u5f8c\u589e\u52a0\u56de\u5831\u5e6b\u88dc\u4e00\u4e0b\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">\u5e0c\u671b\u9072\u4e9b\u6709\u6642\u9593\u62cd\u689d\u7247\u8b1b\u89e3\u4e00\u4e0b\uff0c\u56e0\u70ba\u5514\u671f\u671b\u6709\u4eba\u7747\u5b8c\u672c\u7bc7\u6587\u7ae0\u5c31\u8b58\u7b2c\u5341\u4e8c\u62db\uff0c\u6b63\u5982\u5514\u671f\u671b\u6709\u4eba\u7747\u5b8ccar and driver\u96dc\u8a8c\u5c31\u8b58\u63f8\u8eca\u4e00\u6a23\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\/2021\/04\/initial-D-2.jpg?ssl=1\" target=\"_blank\" rel=\"noopener noreferrer\"><img data-recalc-dims=\"1\" title=\" \"loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5762 size-full\" src=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/04\/initial-D-2.jpg?resize=720%2C405&#038;ssl=1\" alt=\" \" width=\"720\" height=\"405\" srcset=\"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/04\/initial-D-2.jpg?w=960&amp;ssl=1 960w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/04\/initial-D-2.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/04\/initial-D-2.jpg?resize=768%2C432&amp;ssl=1 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5f37\u7a4d\u91d1\u7b56\u7565\u4ea4\u6d41#27 &#8211; \u7b2c\u5341\u4e8c\u62db\u76ee\u6a19\u6ce2\u5e45\u7b56\u7565 &nbsp; \u4eca\u5e74\u5e74\u521d\u9032\u884c\u4e86\u4e00\u9023\u5341\u7bc7\u7684ETF \u6aa2\u8996&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5756,"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":[54,30,22,48,23,27,50],"class_list":["post-5748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-4","tag-position-sizing","tag-sharpe-ratio","tag-22","tag-48","tag-23","tag-27","tag-50"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/04\/heel-toe.gif?fit=650%2C427&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7Tc20-1uI","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/5748","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=5748"}],"version-history":[{"count":5,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/5748\/revisions"}],"predecessor-version":[{"id":5783,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/5748\/revisions\/5783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media\/5756"}],"wp:attachment":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media?parent=5748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/categories?post=5748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/tags?post=5748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<!--Generated by Endurance Page Cache-->