{"id":5836,"date":"2021-05-16T22:49:13","date_gmt":"2021-05-16T14:49:13","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=5836"},"modified":"2021-05-16T22:49:13","modified_gmt":"2021-05-16T14:49:13","slug":"%e7%a7%81%e4%ba%ba%e7%8f%8d%e8%97%8f%e7%9a%84taa","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2021\/05\/%e7%a7%81%e4%ba%ba%e7%8f%8d%e8%97%8f%e7%9a%84taa\/","title":{"rendered":"\u79c1\u4eba\u73cd\u85cf\u7684TAA"},"content":{"rendered":"

\u79c1\u4eba\u73cd\u85cf\u7684TAA<\/span><\/strong><\/span><\/h2>\n

 <\/p>\n

\u5148\u95b1\u524d\u6587\uff1a\u75ab\u60c5\u4e0b\u7684\u6295\u8cc7\u8cfa\u8755<\/a><\/span><\/p>\n

 <\/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

 <\/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

 <\/p>\n

\u800c\u7531Fama&French \u7684 three-factor model \u800c\u8d77\u7684 style\u3001factor investing\u3001smart beta \u7b49\u7b49\u6295\u8cc7\u65b9\u5411\uff0c\u5c07\u6295\u8cc7\u56de\u5831\u5206\u62c6\u65ac\u958b\uff0c\u76ae\u8089\u5206\u96e2\u4e00\u4ef6\u4e00\u4ef6\u4f86\u7814\u7a76\uff0c\u6f38\u6f38\u5f62\u6210Tactical Asset Allocation\u3002<\/span><\/p>\n

 <\/p>\n

\u7528\u98f2\u9152\u4f5c\u6bd4\u55bb\uff0c\u820a\u5f0f\u9078\u80a1<\/span>\u5c31\u50cf\u5288\u9152\uff0c\u7528\u9152\u7cbe(\u56de\u5831<\/span>) \u53bb\u81ea\u6211\u6eff\u8db3\u70ba\u4e3b\uff0c\u5c0d\u9152\u8cea\u7121\u8981\u6c42\uff0c\u53ea\u8981\u5920\u300c\u54fd\u300d\uff0c\u98f2\u5f97\u9189\u5c31\u662f\u723d\u3002<\/span><\/p>\n

 <\/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

 <\/p>\n

\u8fd1\u4ee3\u7684ETF \u53caSAA<\/span>\uff0c\u50cf\u8499\u8457\u773c\u8aaa\u611b\u4f60<\/del>\u98f2\u65b0\u4e16\u754c\u7d05\u9152\u6253\u6557\u6cd5\u570b\u4e0a\u7b49\u4eba\u4e00\u6a23\uff0c\u76f2\u62f3\u6253\u6b7b\u8001\u5e2b\u5085\uff0c\u4e00\u96bb2800.hk \u53ca\u4e00\u96bbSPY \u53eb9\u6210\u5c08\u696d\u5168\u8077\u8cc7\u6df1\u57fa\u91d1\u6295\u8cc7\u7d93\u7406\u6536\u76ae\u8df3\u6a13\uff0c\u6563\u6236\u5e2b\u5976\u5728\u624b\u6a5f\u4e00\u6307\u4e00\u80a1\u53ef\u4ee5\u8cb7\u4e0b\u5168\u4e16\u754c\u3002<\/span><\/p>\n

 <\/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

\"<\/a><\/p>\n

 <\/p>\n

 <\/p>\n

\u7b46\u8005\u6d41\u9023\u65bc\u300cTAA zoo\u300d\uff0c\u65bc\u5927\u89c0\u5712\u5167\u6a02\u4e0d\u601d\u8700\uff0c\u6bcf\u5929\u90fd\u6709\u65b0\u9a5a\u559c\u3002<\/span><\/p>\n

 <\/p>\n

\u7b46\u8005\u53c3\u89c0\u5b8c\u5927\u89c0\u5712\u4e4b\u5f8c\uff0c\u5076\u800c\u5e36\u4e86\u4e00\u4e9b\u624b\u4fe1\u56de\u6e2f<\/span>\uff0c\u70ba\u5f37\u7a4d\u91d1<\/strong>\u6295\u8cc7\u5e36\u4f86\u4e00\u9ede\u8272\u5f69\u3002\u66ab\u6642\u4e00\u5171\u670912\u62db\uff0c\u9023\u540c\u4e00\u4e9b\u8b8a\u5316\uff0c\u5927\u81f4\u7684\u56de\u5831\/\u6ce2\u5e45\u8868\u73fe\u5982\u4e0b\uff1a<\/span><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\u5e74\u5747\u56de\u5831<\/span><\/td>\n\u6309\u6708\u6ce2\u5e45<\/span><\/td>\n\u00a0\u5e74\u5747\u56de\u5831\/\u6309\u6708\u6ce2\u5e45\u00a0<\/span><\/td>\n<\/tr>\n
\u5927\u5305\u570d<\/a><\/span><\/td>\n3%<\/td>\n3%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/td>\n<\/tr>\n
\u5e73\u5747\u7dda<\/span><\/td>\n4%<\/td>\n4%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/td>\n<\/tr>\n
\u56de\u5831\u6ce2\u5e45\u512a\u5316<\/span><\/td>\n5%<\/td>\n4%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.25<\/td>\n<\/tr>\n
\u50f9\u503c\u5e73\u5747<\/span><\/td>\n5%<\/td>\n3%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.67<\/td>\n<\/tr>\n
\u79fb\u52d5\u5e73\u5747<\/span><\/td>\n7%<\/td>\n4%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.75<\/td>\n<\/tr>\n
\u52d5\u529b\u6295\u8cc7<\/span><\/td>\n8%<\/td>\n4%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.00<\/td>\n<\/tr>\n
\u96d9\u91cd\u52d5\u529b<\/a><\/span><\/td>\n10%<\/td>\n4%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.50<\/td>\n<\/tr>\n
\u6ce2\u5e45\u8ffd\u8e64<\/span><\/a><\/td>\n9%<\/td>\n4.5%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.00<\/td>\n<\/tr>\n
\u7d9c\u5408\u914d\u7f6e<\/span><\/a><\/td>\n10%<\/td>\n3.5%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.86<\/td>\n<\/tr>\n
\u591a\u91cd\u6230\u8853<\/span><\/a><\/td>\n11%<\/td>\n3.5%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.14<\/td>\n<\/tr>\n
\u76ee\u6a19\u6ce2\u5e45<\/span><\/a><\/td>\n5%<\/td>\n2%<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

\u4e0a\u6b21\u53c3\u8207\u4e86BCT\u8b1b\u5ea7\u6d3b\u52d5<\/a>\uff0c\u6709\u641e\u624b\u554f\u7b46\u8005\u5e73\u6642\u5982\u4f55\u6295\u8cc7\uff0c\u4ee4\u7b46\u8005\u4e00\u6642\u8a9e\u585e\u3002\u56e0\u70ba\u5e73\u6642\u7d55\u5c11\u8207\u4eba\u4ea4\u8ac7\u5f37\u7a4d\u91d1\u4ee5\u5916\u7684\u500b\u4eba\u6295\u8cc7\u3002\u4e00\u4f86\u5b8c\u5168\u7121\u8cb7\u6e2f\u80a1\uff0c\u6c92\u6709\u6a5f\u6703\u8207\u4eba\u8a0e\u8ad6\u540d\u5b57\u53e4\u602a\u7684\u65b0\u80a1\uff1b\u4e8c\u4f86\u500b\u4eba\u6295\u8cc7\u7684TAA \u4ee5ETF \u4f86\u64cd\u4f5c\uff0c\u500b\u5225\u80a1\u4efd\u4ea6\u53ea\u662ffactor investing\u4e0b\u7684\u6392\u5217\u7d50\u679c\uff0c\u6c92\u6709\u50cf\u64cd\u4f5c\u55ae\u4e00\u80a1\u7968\u4e00\u822c\uff0c\u76ef\u4f4f\u50f9\u683c\u4e0a\u4e0a\u843d\u843d\u3002<\/span><\/p>\n

 <\/p>\n

\u5f37\u7a4d\u91d1\u7b2c10\u300111\u53ca12\u62db\u7684\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u9054\u52303<\/span> \uff0c\u5df2\u7d93\u597d\u53fb\u4ed4\uff0c\u4f46\u65bc\u5f37\u7a4d\u91d1\u4ee5\u5916\u7684\u500b\u4eba\u6295\u8cc7<\/strong>\u4f86\u8aaa\uff0c\u6bd4\u7387\u53ea\u67093\u7684\u8a71\uff0c\u57fa\u672c\u4e0a\u4e0d\u5165\u6d41\u3002\u7b46\u8005\u7684\u500b\u4eba\u6295\u8cc7\u7684TAA \u6536\u85cf<\/strong>\uff0c\u4ee5\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u70ba3 \u4f5c\u958b\u59cb\uff0c\u771f\u6b63\u653e\u9322\u6295\u53bb\u7b56\u7565\u5167\u6295\u8cc7\u7684\u8a71\uff0c\u6bd4\u7387\u8d77\u78bc\u8981\u6bd4\u7387\u9054\u52305\u4ee5\u4e0a\u3002<\/span><\/p>\n

 <\/p>\n

\u4e00\u822c\u4f86\u8aaa\uff0c\u500b\u4eba\u6295\u8cc7\u7684TAA \u7b56\u7565\uff0c\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387 4\u81f36 \u70ba\u6b63\u5e38TAA\u6295\u8cc7\u8005\u5e38\u7528\u7684\u7b56\u7565\u3002\u4f8b\u5982\u7b2c10\u62db\u80cc\u5f8c\u7684VAA \u53caDAA \uff0c\u7d93\u7b46\u8005\u8abf\u7bc0\u5f8c\u7528\u65bc\u500b\u4eba\u6295\u8cc7\uff0c\u6bd4\u7387\u70ba5 \u5de6\u53f3\uff0c\u898b\u4e0b\u7b46\u8005\u7684\u79c1\u4eba\u6295\u8cc7TAA \u7b56\u7565\u6536\u85cf<\/strong>\uff1a<\/span><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u3000TAA \u7b56\u7565<\/span><\/td>\n\u5e74\u5747\u56de\u5831<\/span><\/td>\n\u6309\u6708\u6ce2\u5e45<\/span><\/td>\n\u00a0\u5e74\u5747\u56de\u5831\/\u6309\u6708\u6ce2\u5e45\u00a0<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\n31.00%<\/span><\/td>\n3.80%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 8.27<\/span><\/td>\n<\/tr>\n
2<\/span><\/td>\n6.80%<\/span><\/td>\n0.90%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7.56<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\n8.00%<\/span><\/td>\n1.10%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7.27<\/span><\/td>\n<\/tr>\n
4<\/span><\/td>\n40.00%<\/span><\/td>\n6.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 6.67<\/span><\/td>\n<\/tr>\n
5<\/span><\/td>\n7.30%<\/span><\/td>\n1.10%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 6.64<\/span><\/td>\n<\/tr>\n
6<\/span><\/td>\n11.00%<\/span><\/td>\n1.70%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 6.47<\/span><\/td>\n<\/tr>\n
7<\/span><\/td>\n16.00%<\/span><\/td>\n2.60%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 6.15<\/span><\/td>\n<\/tr>\n
8<\/span><\/td>\n20.00%<\/span><\/td>\n3.30%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 6.06<\/span><\/td>\n<\/tr>\n
9<\/span><\/td>\n9.50%<\/span><\/td>\n1.60%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.94<\/span><\/td>\n<\/tr>\n
10<\/span><\/td>\n27.00%<\/span><\/td>\n4.70%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.74<\/span><\/td>\n<\/tr>\n
11<\/span><\/td>\n17%<\/span><\/td>\n3.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.67<\/span><\/td>\n<\/tr>\n
12<\/span><\/td>\n12.00%<\/span><\/td>\n2.20%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.45<\/span><\/td>\n<\/tr>\n
13<\/span><\/td>\n19.00%<\/span><\/td>\n3.50%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.43<\/span><\/td>\n<\/tr>\n
14<\/span><\/td>\n17.00%<\/span><\/td>\n3.20%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.31<\/span><\/td>\n<\/tr>\n
15<\/span><\/td>\n9.00%<\/span><\/td>\n1.80%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.00<\/span><\/td>\n<\/tr>\n
16<\/span><\/td>\n6.50%<\/span><\/td>\n1.30%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.00<\/span><\/td>\n<\/tr>\n
17<\/span><\/td>\n13.00%<\/span><\/td>\n2.60%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.00<\/span><\/td>\n<\/tr>\n
18<\/span><\/td>\n11.00%<\/span><\/td>\n2.20%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5.00<\/span><\/td>\n<\/tr>\n
19<\/span><\/td>\n11.80%<\/span><\/td>\n2.40%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.92<\/span><\/td>\n<\/tr>\n
20<\/span><\/td>\n17.00%<\/span><\/td>\n3.50%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.86<\/span><\/td>\n<\/tr>\n
21<\/span><\/td>\n19.00%<\/span><\/td>\n4.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.75<\/span><\/td>\n<\/tr>\n
22<\/span><\/td>\n9.00%<\/span><\/td>\n2.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.50<\/span><\/td>\n<\/tr>\n
23<\/span><\/td>\n11.00%<\/span><\/td>\n2.50%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.40<\/span><\/td>\n<\/tr>\n
24<\/span><\/td>\n14.50%<\/span><\/td>\n3.30%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.39<\/span><\/td>\n<\/tr>\n
25<\/span><\/td>\n8.50%<\/span><\/td>\n2.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.25<\/span><\/td>\n<\/tr>\n
26<\/span><\/td>\n7.50%<\/span><\/td>\n1.80%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.17<\/span><\/td>\n<\/tr>\n
27<\/span><\/td>\n7.00%<\/span><\/td>\n2.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.50<\/span><\/td>\n<\/tr>\n
28<\/span><\/td>\n9.10%<\/span><\/td>\n2.60%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.50<\/span><\/td>\n<\/tr>\n
29<\/span><\/td>\n24.00%<\/span><\/td>\n7.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.43<\/span><\/td>\n<\/tr>\n
30<\/span><\/td>\n17.00%<\/span><\/td>\n5.00%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.40<\/span><\/td>\n<\/tr>\n
31<\/span><\/td>\n6.00%<\/span><\/td>\n1.80%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.33<\/span><\/td>\n<\/tr>\n
32<\/span><\/td>\n5.00%<\/span><\/td>\n1.50%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.33<\/span><\/td>\n<\/tr>\n
33<\/span><\/td>\n15.00%<\/span><\/td>\n4.50%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.33<\/span><\/td>\n<\/tr>\n
34<\/span><\/td>\n9.80%<\/span><\/td>\n3.20%<\/span><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.06<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

\u7b46\u8005\u641c\u96c6\u79c1\u4eba\u6295\u8cc7\u7684TAA \u7b56\u7565\u7684\u904e\u7a0b\uff0c\u5c31\u597d\u50cf\u6316\u6398\u5316\u77f3\u4e00\u6a23\uff0c\u53ef\u9047\u800c\u4e0d\u53ef\u6c42\u3002<\/span><\/p>\n

 <\/p>\n

\u4e00\u822c\u9999\u6e2f\u6559\u73ed\u963fsir \u7684\u6295\u8cc7\u7b56\u7565\uff0c\u53ea\u6709\u5e7e\u500b\u6708\u6216\u6700\u591a\u5e7e\u5e74\u7684\u8de8\u5ea6\uff0c\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u67092\u30013 \u5df2\u7d93\u81ea\u5439\u81ea\u64c2\uff1b\u5916\u570b\u8981\u4ed8\u8cbb\u7684\u96f6\u552eTAA \u7b56\u7565\uff0c\u6bd4\u7387\u4e00\u822c\u67093\u81f35\uff0c\u4ffe\u9322\u5c31\u6709\u5f97\u8ddf\u96a8\u3002<\/span>\u7b2c10\u62db<\/a>\u539f\u578b\u7684DAA \u53caVAA\uff0c\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u5927\u7d04\u70ba5\uff0c\u5927\u5bb6\u4f30\u4e0b\u65bc\u4e0a\u8868\u6392\u7b2c\u5e7e\uff1f\u7b54\u6848\u662f\u7b2c18\u53ca19\u4f4d\uff0c\u5c6c\u65bc\u5916\u570b\u96f6\u552eTAA \u7b56\u7565\u7684\u9802\u7d1a\u6c34\u5e73\u3002<\/span><\/p>\n

 <\/p>\n

\u6709\u4e9b\u4eba\u89ba\u5f97\u7b46\u8005\u768412\u62db\u5f37\u7a4d\u91d1\u7b56\u7565\u53c8\u96e3\u53c8\u9ebb\u7169\uff0c\u5176\u5be612\u62db\u5f37\u7a4d\u91d1\u7b56\u7565\u76f8\u6bd4\u8d77\u4e0a\u8868\u768434\u500b\u4e0d\u540c\u7b56\u7565\uff0c\u771f\u662f\u4e5d\u725b\u4e00\u6bdb\u3002\u5f37\u7a4d\u91d1\u7684TAA \uff0c\u662f\u7b46\u8005\u6309\u5f37\u7a4d\u91d1\u7684\u74b0\u5883\u53ca\u9999\u6e2f\u4eba\u5c0dTAA \u7684\u8a8d\u77e5\u7a0b\u5ea6\uff0c\u7c21\u5316\u53c8\u7c21\u5316\u5f8c\u7684\u7d50\u679c\u3002\u5927\u5bb6\u7576\u4e2d\u6709\u4e9b\u95b1\u8b80\u5b8c\u524d\u6587<\/a>\u95dc\u65bc\u7b2c10\u62db\uff0c\u5df2\u900f\u5fb9\u4e86\u89e3DAA \u53ca VAA \u7684\u8a71\uff0c\u53ef\u4ee5\u81ea\u5df1\u958b\u555f\u767c\u6398TAA \u7684\u65c5\u7a0b\u3002<\/span><\/p>\n

 <\/p>\n

\u4e0a\u8868\u5167\u56de\u5831\/\u6ce2\u5e45\u6bd4\u73876\u7684TAA \u7b56\u7565\uff0c\u898b\u5230\u5176\u8eab\u5f71\u5df2\u7d93\u5341\u5206\u96e3\u5f97\uff0c\u4f8b\u5982\u7b2c4\u4f4d\u7684TAA\uff0c\u5e74\u5747\u56de\u583140% \u4fc2\u5514\u4fc2\u597d\u52c1\uff1f\u4ef2\u8981\u4fc2\u75312000 \u5e74\u958b\u59cb\uff0c\u7d93\u6b77\u4e8620\u591a\u5e74\u81f3\u4eca\uff0c\u672a\u898b\u904e\u55ae\u5e74\u8ca0\u56de\u5831\uff0c\u7b46\u8005\u90fd\u662f\u63b9\u886b\u5c3e\u8a8d\u8b58\u4e00\u4e9b\u5916\u570b\u6295\u8cc7\u9ad8\u624b\uff0c\u7531\u4ed6\u5011\u9019\u4e9b\u4e16\u4e0a\u6c11\u9593\u9802\u7d1a\u9ad8\u624b\u9ede\u5316\u4e4b\u4e0b\u5f97\u4f86\uff0c\u7a00\u6709\u96e3\u5f97\u3002\u66f4\u751a\u8005\uff0c\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u9054\u52307\u30018<\/span><\/strong> \u7684TAA \u7b56\u7565\uff0c\u66f4\u662f\u50cf\u50b3\u5947\u4e00\u6a23\u7684\u5b58\u5728\uff0c\u9019\u9ebc\u591a\u5e74\u7684\u52aa\u529b\uff0c\u7b46\u8005\u81f3\u4eca\u53ea\u6536\u96c6\u52303\u500b\u3002<\/strong><\/span><\/span><\/p>\n

 <\/p>\n

\"<\/a><\/p>\n

 <\/p>\n

\u5176\u5be6\u6709\u5e78\u65bc\u5462\u500bMPFDIY.com \u7db2\u7ad9\u5beb\u5de6\u6587\u7ae0\u5481\u591a\u5e74\uff0c\u4ee4\u5927\u5bb6\u90fd\u80fd\u5920\u5c0d\u56de\u5831\u53ca\u6ce2\u5e45\u6709\u500b\u6982\u5ff5\uff0c\u611f\u53d7\u5f97\u5230\u4e0a\u8868\u6240\u5217\u51fa\u7684\u56de\u5831\/\u6ce2\u5e45>7 <\/span>\u7684TAA \u7b56\u7565\u4fc2\u54a9\u5622\u5883\u754c\u3002<\/span><\/p>\n

 <\/p>\n

\u7b46\u8005\u521d\u521d\u898b\u5230\u6bd4\u7387>7\u7684\u50b3\u5947<\/strong>TAA\u7b56\u7565<\/span>\uff0c\u90fd\u5514\u76f8\u4fe1\u81ea\u5df1\u96bb\u773c\u775b\u3002\u518d\u8005\uff0c\u4ee5\u7b46\u8005\u8b39\u614e\u61f7\u7591\u7684\u6295\u8cc7\u5fc3\u7406\uff0c\u4e0a\u8868\u6bcf\u500bTAA \u90fd\u8981\u7a69\u5065\u5730\u6a6b\u8de8\u8d77\u78bc10\u5e74\u53ca\u5927\u4e0a\u5927\u843d\u7684\u7d93\u6fdf\u5468\u671f\uff0c\u89c0\u5bdf\u53ca\u5617\u8a66\u4e863\u30014\u5e74\u624d\u5927\u8209\u904b\u7528\uff0c\u904e\u7a0b\u5c31\u50cf\u89c0\u5bdf\u53ca\u5617\u8a66\u904b\u7528\u5f37\u7a4d\u91d1\u768412\u62db\u4e00\u6a23\u3002<\/span><\/p>\n

 <\/p>\n

\n

 <\/p>\n

\u5c0f\u7d50<\/span><\/strong><\/p>\n

 <\/p>\n

\u9019\u4e09\u5341\u5e7e\u500b\u56de\u5831\/\u6bd4\u7387 > 3 \u7684TAA\u7b56\u7565\uff0c\u6975\u5177\u6b23\u8cde\u53ca\u6536\u85cf\u50f9\u503c\uff0c\u50cf\u9802\u7d1a\u7d05\u9152<\/a>\u822c\u9673\u5e7420\u81f330\u5e74\u7d55\u5c0d\u7121\u554f\u984c\uff0c\u5373\u4f7f\u641c\u96c6\u6536\u85cf\u6642\u9700\u8981\u5927\u91cf\u7684\u4ed8\u51fa\uff0c\u4f46\u65e5\u5f8c\u7684\u6536\u6210\u5c07\u6703\u5341\u5206\u53ef\u89c0\u3002<\/span><\/p>\n

 <\/p>\n

\u671f\u5f85\u6709\u751f\u4e4b\u5e74\uff0c\u80fd\u5920\u898b\u52309\u300110\u6bd4\u7387\u7684\u795e\u7d1aTAA<\/span> \uff0c\u4eba\u751f\u81f3\u6b64\uff0c\u592b\u5fa9\u4f55\u6c42\u3002<\/span><\/p>\n

 <\/p>\n

\u53bb\u5230\u5481\u75f4\u7dda\uff0c\u5df2\u7d93\u7121\u670b\u53cb\uff0c\u66f4\u96e3\u8993\u77e5\u97f3\u3002\u60f3\u8d77\u4e00\u9996\u6b4c\uff0c\u6191\u6b4c\u5bc4\u610f\uff0c\u4e00\u908a\u628a\u9152\u807d\u6b4c<\/a>\uff0c\u4e00\u908a\u6b23\u8cde\u8c50\u9952\u7684\u7b56\u7565\u56de\u5831\uff0c\u8207\u53ca\u8f15\u76c8\u7684\u6ce2\u5e45\u3002<\/span><\/p>\n

 <\/p>\n

——————————————–<\/p>\n

\u5728\u6bcf\u8655\u6ce5\u7246\u4e0a \u4e5f\u6709\u6211\u5922\u60f3<\/span>
\n\u6211\u63ee\u7b46\u5beb\u4e0a \u671f\u671b\u500b\u500b\u50b3\u63da<\/span>
\n\u5728\u6bcf\u8655\u6ce5\u7246\u4e0a \u4e5f\u6709\u6211\u5922\u60f3<\/span>
\n\u8b93\u4e16\u9593\u7acb\u523b\u9707\u52d5 \u602a\u6211\u6c92\u5fd7\u5411<\/span>
\n\u5fc3\u4e2d\u4e0d\u89ba\u7570\u6a23 \u4e0d\u8981\u4e16\u4eba\u660e\u8ad2<\/span>
\n\u6240\u8d70\u7684\u65b0\u8def \u662f\u5e73\u5e38\u7121\u4eba\u9858\u5f80<\/span><\/p>\n

\u5e38\u4eba\u9189\u5fc3\u7684\u7406\u60f3 \u65bc\u6211\u7d55\u672a\u6b23\u8cde<\/span>
\n\u5e38\u4eba\u611b\u7684\u662f\u4fd7\u8272\u8102\u7c89 \u537b\u975e\u6211\u5fc3\u666f\u4ef0<\/span><\/p>\n

\u5728\u6bcf\u8655\u9577\u6a4b\u4e0a \u4e5f\u6709\u6211\u5922\u60f3<\/span>
\n\u4ee5\u5c0f\u5200\u523b\u4e0a \u63d0\u793a\u6211\u91cc\u7a0b\u6f2b\u9577<\/span>
\n\u5728\u6bcf\u8655\u9577\u6a4b\u4e0b \u6211\u8086\u610f\u8e0f\u6c5f<\/span>
\n\u4f46\u6211\u77e5\u5cb8\u7684\u5169\u9762 \u602a\u6211\u751a\u9b6f\u83bd<\/span>
\n\u5343\u592b\u6307\u6211\u53db\u9006 \u53ef\u7b11\u4e16\u4fd7\u773c\u5149<\/span>
\n\u7947\u7747\u5230\u8868\u8c61 \u4fbf\u96a8\u6642\u80e1\u8a00\u4e82\u8b1b<\/span><\/p>\n

\u5e38\u4eba\u9189\u5fc3\u7684\u7406\u60f3 \u65bc\u6211\u7d55\u672a\u6b23\u8cde<\/span>
\n\u5e38\u4eba\u611b\u7684\u662f\u4fd7\u8272\u8102\u7c89 \u537b\u975e\u6211\u5fc3\u666f\u4ef0<\/span><\/p>\n

 <\/p>\n

https:\/\/youtu.be\/WBhkpoyVAm0<\/p>\n

 <\/p>\n

 <\/p>\n

\u5f8c\u8a18<\/span><\/strong><\/p>\n

 <\/p>\n

\u516c\u76ca\u6027\u7684\u5f37\u7a4d\u91d1\u6295\u8cc7\u6b61\u8fce\u8a0e\u8ad6\uff0c\u672c\u6587\u5167\u79c1\u5229\u6027\u7684\u500b\u4eba\u6295\u8cc7\uff0c\u65e8\u5728\u5f15\u767c\u5927\u5bb6\u5c0dTAA\u7684\u8208\u8da3\uff0c\u4e0d\u4f5c\u8a0e\u8ad6\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Image from <\/span><\/em>Sergey Zelinski\/Russian Academy of Sciences<\/em><\/span><\/p>\n

\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u79c1\u4eba\u73cd\u85cf\u7684TAA   \u5148\u95b1\u524d\u6587\uff1a\u75ab\u60c5\u4e0b\u7684\u6295\u8cc7\u8cfa\u8755   Tactical Asset All…<\/p>\n","protected":false},"author":1,"featured_media":5854,"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":[1],"tags":[39,11,14,54,30,10,22,48,27],"class_list":["post-5836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1","tag-buy-hold","tag-etf","tag-momentum","tag-position-sizing","tag-sharpe-ratio","tag-smart-beta","tag-22","tag-48","tag-27"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2021\/05\/fossil.jpg?fit=1024%2C683&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7Tc20-1w8","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/5836"}],"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=5836"}],"version-history":[{"count":5,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/5836\/revisions"}],"predecessor-version":[{"id":5876,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/5836\/revisions\/5876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media\/5854"}],"wp:attachment":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media?parent=5836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/categories?post=5836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/tags?post=5836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}