<\/p>\n
\u5148\u95b1\u524d\u6587\uff1a\u75ab\u60c5\u4e0b\u7684\u6295\u8cc7\u8cfa\u8755<\/a><\/span><\/p>\n
Tactical Asset Allocation<\/span> \u662f\u8fd1\u4ee3\u6700\u7576\u6642\u5f97\u4ee4\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u53ef\u60dc\u9999\u6e2f\u4eba\u7684\u6295\u8cc7\u65b9\u5f0f\u53ea\u81ea\u9650\u65bc\u807d\u6d88\u606f\u53ca\u9078\u80a1\uff0c\u65e5\u65e5\u4f9d\u8cf4\u300c\u65b0\u805e\u300d\u53bb\u505a\u6295\u8cc7\u6c7a\u5b9a\uff0c\u83ab\u8b1b\u8a71smart beta<\/a>\u53carisk parity<\/a>\uff0c\u5c31\u9023\u5c31\u5feb\u904e\u6c23\u5605\u50f9\u503c\u6295\u8cc7<\/a>\uff0c\u90fd\u4ef2\u672a\u666e\u53ca\u61c9\u7528\u3002<\/span><\/p>\n
Strategic Asset Allocation<\/span> \u662f\u6295\u8cc7\u65bc\u6027\u50f9\u6bd4(\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387<\/span>) \u8f03\u597d\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u5c07\u80a1\u7968\u53ca\u50b5\u5238\u4f5c\u51fa\u7c21\u55ae\u914d\u7f6e\uff0c\u50cf\u5f37\u7a4d\u91d1\u7684\u9810\u8a2d\u6295\u8cc7\u7b56\u7565<\/span>\uff0c\u5df2\u7d93\u6eff\u8db3\u4e86\u5f88\u591a\u4eba\u7684\u6295\u8cc7\u9700\u8981\u3002<\/span>\u7531SAA 60\/40 \u5ef6\u4f38\u51fa\u4f86\u7684\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\uff0c\u4f8b\u5982 permenant portfolio \u53ca gorden portfolio<\/a> \u00a0\u52a0\u5165\u591a\u5143\u8cc7\u7522\u4f5c\u70ba\u8b8a\u5316\uff0c\u9032\u4e00\u6b65\u63d0\u5347\u6027\u50f9\u6bd4(\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387) \u3002<\/span><\/p>\n
\u4e8c\u6230\u5f8c\uff0c\u8ca1\u52d9\u7d93\u6fdf\u5b78\u8853<\/span>\u958b\u59cb\u840c\u82bd\uff0c\u6295\u8cc7\u4eba\u4ed5\u958b\u59cb\u7a76\u6295\u8cc7\u65b9\u6cd5\u53ca\u6ce8\u610f\u54c1\u5473\uff0c\u4f8b\u5982\u516c\u53f8\u5e33\u76ee\u3001\u57fa\u672c\u56e0\u7d20\u3001\u76c8\u5229\u9810\u6e2c\u3001\u50f9\u503c\u5206\u6790<\/a>\uff0c\u50cf\u9418\u60c5\u6cd5\u570bfine wine \u7d05\u9152\u4e00\u6a23\uff0c\u53c8terroir\u53c8\u55ae\u5be7\uff0c\u5c0d\u9152\u8cea\u6709\u8981\u6c42\uff0c\u8981\u98f2\u5f97\u53c8\u5132\u5f97\u3002<\/span><\/p>\n
\u5230\u4e86TAA<\/span> \u5e74\u4ee3\uff0c\u54c1\u5473\u98f2\u54c1\u4e0d\u6b62\u65bc\u7d05\u9152\uff0c\u9084\u6709\u767d\u9152\u3001\u751c\u9152\u3001\u6c23\u9152\u3001\u6e05\u9152\u3001\u5a01\u58eb\u5fcc\u3001\u5496\u5561\u3001\u5976\u8336\uff0c\u5404\u5f0f\u5404\u6a23\u7684\u591a\u5143\u6295\u8cc7\u65b9\u5f0f\uff0c\u4ee4\u4eba\u53ea\u80fd\u7528\u300c\u5927\u89c0\u5712\u300d\u53bb\u5f62\u5bb9<\/span>(\u898bJohn Cochrane \u7684 factor zoo<\/a>)\u00a0 \uff0c\u722d\u598d\u9b25\u9e97\uff0c\u597d\u4e0d\u7cbe\u5f69\u3002<\/span><\/p>\n
<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n