{"id":5861,"date":"2021-05-23T21:00:54","date_gmt":"2021-05-23T13:00:54","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=5861"},"modified":"2021-05-24T19:15:28","modified_gmt":"2021-05-24T11:15:28","slug":"%e6%8a%95%e8%b3%87%e5%88%9d%e5%93%a5%e8%87%aa%e8%82%a5%e4%bc%81%e7%94%bb","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2021\/05\/%e6%8a%95%e8%b3%87%e5%88%9d%e5%93%a5%e8%87%aa%e8%82%a5%e4%bc%81%e7%94%bb\/","title":{"rendered":"\u6295\u8cc7\u521d\u54e5\u81ea\u80a5\u4f01\u753b"},"content":{"rendered":"

\u6295\u8cc7\u521d\u54e5\u81ea\u80a5\u4f01\u753b<\/span><\/strong><\/span><\/h2>\n

 <\/p>\n

\u9019\u7bc7\u6587\u7ae0\u662f\u7d66\u4e00\u4e9b\u521d\u521d\u63a5\u89f8MPFDIY.com \u672c\u7ad9\uff0c\u53c8\u6216\u8005\u7121\u722c\u6587\u7747\u6652\u4ee5\u5f80\u7684\u6587\u7ae0\uff0c\u53c8\u6216\u8005\u60f3re-cap \u4e00\u6b21\u5514\u60f3\u518d\u505a\u6295\u8cc7\u521d\u54e5\uff0c\u53c8\u6216\u6295\u8cc7\u524d\u5b8c\u5168\u7121\u7406\u6703\u56de\u5831\u53ca\u6ce2\u5e45<\/span>\uff0c\u53ea\u662f\u807d\u9694\u96e2\u8b1b\uff0c\u898b\u5230\u5572\u96dc\u8a8c\u5167\u5783\u573e\u5831\u5c0e\u8207\u53caKOL\u6295\u8cc7\u7db2\u7ad9(\u4f8b\u5982\u672c\u7ad9) \u5167\u5605\u5ee2\u6587\u5c31\u5373\u523b\u4fc2\u885d\u7684\u4f60\u3002<\/span><\/p>\n

 <\/p>\n


\n

 <\/p>\n

\u300c\u6295\u8cc7\u300d\u7684\u76ee\u7684\u662f\u8cfa\u9322\uff0c\u5373\u662f\u6295\u8cc7\u56de\u5831<\/span>\u3002\u90a3\u9ebc\u8981\u7372\u5f97\u6295\u8cc7\u56de\u5831\u524d\u8981\u4ed8\u51fa<\/span>\u4ec0\u9ebc\uff1f<\/span><\/p>\n

 <\/p>\n

\u662f\u672c\u91d1\u55ce\uff1f<\/span><\/p>\n

 <\/p>\n

\u4e0d\u662f\u3002<\/span><\/p>\n

 <\/p>\n

\u800c\u662f\u8755\u53bb\u672c\u91d1\u7684\u98a8\u96aa<\/span>\u3002<\/span><\/p>\n

 <\/p>\n

\u5982\u679c\u4f60\u5e0c\u671b\u67d0\u4e00\u6295\u8cc7\u7269\u80fd\u5920\u7d66\u4f60\u5e74\u574710%\u7684\u56de\u5831\uff0c\u90a3\u9ebc\u4f60\u9810\u671f\u81ea\u5df1\u65bc\u6295\u8cc7\u671f\u5167\u627f\u53d7\u672c\u91d1\u4e0b\u8dcc\u591a\u5c11\u7684\u98a8\u96aa\uff1f\u5982\u679c\u5e74\u5747\u56de\u583110%\u9700\u8981\u627f\u53d7\u55ae\u5e74\u6700\u5927\u8dcc\u5e45\u70ba-25%\u81f3-50%\u7684\u8a71\uff0c\u4f60\u80fd\u5920\u4ed8\u51fa\u55ce\uff1f<\/span><\/p>\n

 <\/p>\n

\u8acb\u53c3\u95b1\u524d\u6587\uff1a<\/span><\/p>\n

 <\/p>\n

\u8861\u91cf\u81ea\u5df1\u53ef\u4ee5\u627f\u53d7\u7684\u98a8\u96aa<\/a><\/h2>\n

 <\/p>\n

\u500b\u4eba\u6295\u8cc7\u8005\u7684\u6ce2\u5e45\u662f10 \u6e1b\u5e74\u6b72\u7b2c\u4e00\u500b\u5341\u4f4d\u6578\u5b57<\/a><\/h2>\n

 <\/p>\n

\u5f37\u7a4d\u91d1\u7684\u98a8\u96aa\u7d1a\u5225<\/a><\/h2>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n


\n

 <\/p>\n

\u7576\u8861\u91cf\u4e86\u81ea\u5df1\u53ef\u4ee5\u627f\u53d7\u7684\u98a8\u96aa\u4e4b\u5f8c\uff0c\u4fbf\u8981\u4e86\u89e3\u6295\u8cc7\u7269\u7684\u56de\u5831\u53ca\u6ce2\u5e45\u7684\u95dc\u4fc2\u3002\u5728\u6709\u6548\u5e02\u5834\u7684\u74b0\u5883\u4e0b\uff0c\u6108\u9ad8\u56de\u5831\u7684\u6295\u8cc7\u7269\uff0c\u4fbf\u6703\u4f34\u96a8\u8457\u6108\u9ad8\u7684\u6ce2\u5e45\u3002\u9019\u7a2e\u56de\u5831\u53ca\u6ce2\u5e45\u7684\u7dda\u6027\u95dc\u4fc2\uff0c\u662f\u4e8c\u6230\u4e4b\u5f8c\u8ca1\u7d93\u91d1\u878d\u5b78\u8853\u7406\u8ad6\u7684\u57fa\u77f3\u3002\u800cSharpe ratio \u7684\u63d0\u51fa\u8005William Sharpe \uff0c\u4ea6\u662f\u56e0\u70ba\u5efa\u7acb\u4e86\u9019\u4e9b\u7406\u8ad6\u800c\u7372\u5f97\u8afe\u8c9d\u723e\u734e\u3002<\/span><\/p>\n

 <\/p>\n

\u8acb\u53c3\u95b1\u524d\u6587\uff1a<\/span><\/p>\n

 <\/p>\n

Sharpe Ratio \u590f\u666e\u6bd4\u7387<\/a><\/h2>\n

 <\/p>\n

\u56de\u5831\u6ce2\u5e45\u53caSharpe Ratio<\/a><\/h2>\n

 <\/p>\n

\u6211\u60f3\u8981\u4e00\u96bb\u7a69\u9663\u7684\u6295\u8cc7!<\/a><\/h2>\n

 <\/p>\n

 <\/p>\n


\n

 <\/p>\n

\u7e7c\u7e8c\u95b1\u8b80\u4e0b\u53bb\u4e4b\u524d\uff0c\u8acb\u901a\u904e\u4ee5\u4e0b\u7684\u5c0f\u6e2c\u9a57<\/span>\uff1a<\/span><\/p>\n

 <\/p>\n

\u4e0b\u5716\u70ba\u6574\u9ad4\u5f37\u7a4d\u91d1\u5167\u4e0d\u540c\u985e\u5225\u7684\u6210\u4efd\u57fa\u91d1\u7684\u56de\u5831\u53ca\u6ce2\u5e45\u5716\u8868\uff0c\u8acb\u554f\u7576\u4e2d\u300c\u6df7\u5408\u8cc7\u7522\u57fa\u91d1 (\u80a1\u7968>80%)\u300d\u7684\u5e74\u5747\u56de\u5831\u53ca\u6309\u6708\u6ce2\u5e45<\/span>\u662f\u591a\u5c11\uff1f\u9810\u671f\u6700\u5927\u55ae\u5e74\u8dcc\u5e45<\/span>\u53c8\u662f\u591a\u5c11\uff1f\u5927\u7d04\u9069\u5408\u591a\u5927\u5e74\u9f61\u7684\u6295\u8cc7\u8005\uff1f<\/span><\/p>\n

 <\/p>\n

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

 <\/p>\n


\n

 <\/p>\n

\u6700\u597d\u7684\u6295\u8cc7\u4e0d\u662f\u6700\u9ad8\u7684\u56de\u5831\uff0c\u800c\u662f\u6700\u9ad8\u7684\u56de\u5831\u540c\u6642\u53ea\u9700\u8981\u6700\u4f4e\u7684\u6ce2\u5e45\uff0c\u4ea6\u5373\u662f\u6700\u9ad8\u7684Sharpe ratio (\u56de\u5831\/\u6ce2\u5e45 \u6bd4\u7387)<\/span> \u3002<\/span><\/p>\n

 <\/p>\n

\u8cb7\u5165\u4e26\u6301\u6709\u55ae\u4e00\u6295\u8cc7\u7269\uff0c\u4fbf\u8981\u627f\u53d7\u55ae\u4e00\u7684\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u3002\u4f46\u5982\u679c\u6301\u6709\u7684\u662f\u4e00\u7c43\u5b50\u6295\u8cc7\u7269\uff0c\u7576\u5404\u6295\u8cc7\u7269\u5f7c\u6b64\u4e4b\u9593\u7684\u95dc\u806f\u4fc2\u6578\u5c11\u65bc1 \uff0c\u5408\u800c\u70ba\u4e00\u4e4b\u5f8c\uff0c\u6ce2\u5e45\u6703\u9032\u4e00\u6b65\u4e0b\u8dcc\uff0c\u56e0\u800c\u63d0\u5347\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\uff0c\u9019\u5c31\u662f\u5206\u6563\u6295\u8cc7<\/strong>(diversification)\u00a0 \u7684\u6548\u679c\u3002<\/span><\/p>\n

 <\/p>\n

\u5f37\u7a4d\u91d1\u8cc7\u7522\u914d\u7f6e#3 \u2013 \u80a1\u7968 vs \u50b5\u5238<\/a><\/h2>\n

 <\/p>\n

\u8ddfKOL\u5b78\u6295\u8cc7#3<\/a><\/h2>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n


\n

 <\/p>\n

Re-balance \u518d\u914d\u7f6e<\/span><\/p>\n

 <\/p>\n

Strategic Asset Allocation<\/strong> (SAA) \u662f\u4e00\u7c43\u5b50\u6295\u8cc7\u7269\u7684\u914d\u7f6e\u65b9\u5f0f\uff0c\u7576\u4e2d\u5341\u5206\u4f9d\u8cf4re-balance \u518d\u914d\u7f6e<\/strong>\u53bb\u9ad8\u8ce3\u4f4e\u8cb7\uff0c\u589e\u52a0\u56de\u5831\u3002\u9019\u7a2ere-balance \u65b9\u5f0f\u662f\u50f9\u503c\u6295\u8cc7\u7684\u4e00\u985e\uff0c\u5c6c\u65bc\u76f8\u5c0d\u50f9\u503c\uff0c\u8207\u7562\u83f2\u7279\u6216Graham \u8b1b\u7684\u7d55\u5c0d\u50f9\u503c\u6709\u6240\u4e0d\u540c\u3002<\/span><\/p>\n

 <\/p>\n

\u7747\u606f\u7387\u53ca\u5e02\u76c8\u7387\u8cb7\u8ce3\u6e2f\u80a1\u57fa\u91d1\u7684\u6295\u8cc7\u65b9\u6cd5<\/a><\/h2>\n

 <\/p>\n

\u5f37\u7a4d\u91d1\u7b56\u7565\u4ea4\u6d41#20\uff0d\u6230\u8853\u6027\u8cc7\u7522\u914d\u7f6e<\/a><\/h2>\n

 <\/p>\n

\u5047\u5982\u5927\u5bb6\u5c0d\u65bcre-balance \u5df2\u7d93\u5f88\u719f\u8b58\uff0c\u90a3\u9ebc\u7b46\u8005\u9032\u6df1\u4e00\u9ede\u554f\u4e00\u554f\u5927\u5bb6\uff0c\u5982\u679cre-balance \u80fd\u7372\u5f97\u984d\u5916\u56de\u5831\uff0c\u90a3\u9ebc\u9019\u500b\u984d\u5916\u56de\u5831\u662f\u5f9e\u4ec0\u9ebc\u800c\u4f86\uff1f\u9700\u8981\u4ec0\u9ebc\u7684\u4ed8\u51fa\uff1fRe-balance \u771f\u7684\u662f\u514d\u8cbb\u5348\u9910\uff1f<\/span><\/p>\n

 <\/p>\n


\n

 <\/p>\n

\u98a8\u96aa\u56e0\u5b50 risk factor<\/span><\/p>\n

 <\/p>\n

\u4e0a\u5e7e\u6bb5\u8ac7\u53ca\u8ca1\u7d93\u91d1\u878d\u7406\u8ad6\u4ee5\u56de\u5831\u53ca\u6ce2\u5e45\u70ba\u57fa\u77f3\uff0c\u8fd1\u4ee3\u7531Fama & French \u76843-factor model \u800c\u5f15\u8d77\u7684factor investing \u56e0\u5b50\u6295\u8cc7\uff0c\u70ba\u6295\u8cc7\u7b56\u7565\u65b0\u6dfb\u4e86\u4e0d\u5c11\u6295\u8cc7\u9762\u5411\uff0c\u9019\u56e0\u5b50\u6295\u8cc7\u4ea6\u662f\u5f37\u7a4d\u91d1\u6295\u8cc7\u7b2c5\u62db\u4ee5\u5f8c\u7684\u57fa\u77f3\u3002<\/span><\/p>\n

 <\/p>\n

\u56e0\u5b50\u6295\u8cc7\u7684\u62d3\u5c55<\/a><\/h2>\n

 <\/p>\n

\u9999\u6e2f\u7684\u591a\u91cd\u56e0\u5b50\u6307\u6578<\/a><\/h2>\n

 <\/p>\n

Smart Beta \u8207\u591a\u91cd\u56e0\u5b50\u6295\u8cc7<\/a><\/h2>\n

 <\/p>\n

Smart Beta \u8207\u56e0\u5b50\u6295\u8cc7<\/a><\/h2>\n

 <\/p>\n

 <\/p>\n

\u53ef\u60dc\u7684\u662f\uff0c\u9999\u6e2f\u6295\u8cc7\u5927\u773e\u5c0d\u65bc\u56e0\u5b50\u6295\u8cc7<\/strong>\u5b8c\u5168\u7f3a\u4e4f\u8a8d\u77e5\u3002\u5927\u5bb6\u5c0d\u6052\u751f\u6307\u6578\u8033\u719f\u80fd\u8a73\uff0c\u4ea6\u77e5\u9053\u6052\u6307\u516c\u53f8\u4ea6\u6709\u5176\u4ed6\u6307\u6578\uff0c\u90a3\u9ebc\uff0c\u5927\u5bb6\u6709\u6c92\u6709\u4ed4\u7d30\u770b\u904e\u6052\u6307\u516c\u53f8\u6240\u63d0\u4f9b\u7684\u4e00\u5927\u5806\u56e0\u5b50\u6295\u8cc7\u6307\u6578<\/a>\uff1f<\/span><\/p>\n

 <\/p>\n

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

 <\/p>\n

\u53ea\u61c2\u5f97\u86d9\u5f0f\u7576\u7136\u53ef\u4ee5\u6e38\u6c34\uff0c\u4f46\u82e5\u679c\u5b78\u8b58\u81ea\u7531\u5f0f\u3001\u8776\u5f0f\u3001\u80cc\u6cf3\u3001\u6d6e\u6f5b\u3001\u6c34\u80ba\u6df1\u6f5b\uff0c\u4fbf\u4e0d\u6703\u7518\u65bc\u53ea\u5728\u8173\u677f\u5230\u5730\u7684BB \u6c60\u4e2d\u3002<\/span><\/p>\n

 <\/p>\n

\u521d\u54e5\u6700\u559c\u6b61\u8207\u5176\u4ed6\u6295\u8cc7\u521d\u54e5\u5c0f\u670b\u53cb\u9577\u7559\u5728BB \u6c60\u5b09\u6c34\uff0c\u7136\u5f8c\u570d\u7210\u8b1b\u89e3\u81ea\u5df1\u5982\u4f55\u4e86\u5f97\u5730\u65bcBB \u6c60\u7531\u98f2\u6c34\u775c\u4e0d\u5927\u773c\u775b\uff0c\u5230\u7528\u6c34\u6ce1\u6d6e\u4e0b\u6d6e\u4e0b\uff0c\u6276\u4f4f\u6c60\u908a\u5514\u98f2\u6c34\uff0c\u5c31\u4ee5\u70ba\u81ea\u5df1\u5df2\u7d93\u6e38\u6cf3\u81ea\u7531<\/a>\u3002<\/span><\/p>\n

 <\/p>\n

\u8981\u812b\u96e2\u521d\u54e5\u884c\u5217\uff0c\u5c31\u81ea\u5df1\u53bb\u6d77\u7058\u7528\u6280\u5de7\u6e38\u5230\u6d6e\u53f0\u3002\u5f9e\u6d6e\u53f0\u4e0a\u5012\u5f8c\u671b\uff0c\u662f\u64e0\u64c1\u7684\u4e16\u4fd7\uff1b\u4f46\u5411\u524d\u770b\u7684\u8a71\uff0c\u662f\u4e00\u671b\u7121\u969b\u7684\u5883\u57df\uff0c\u7531\u81ea\u5df1\u53bb\u958b\u62d3<\/a>\u3002<\/span><\/p>\n

 <\/p>\n


\n

 <\/p>\n

\u8ca1\u52d9\u6703\u8a08\u4e0d\u662f\u6295\u8cc7<\/span><\/strong><\/p>\n

 <\/p>\n

\u5927\u5bb6\u53ef\u80fd\u5df2\u7d93\u5fd8\u8a18\u7b46\u8005\u90fd\u64c1\u6709\u5c11\u8a31\u8ca1\u52d9\u6703\u8a08\u77e5\u8b58\uff0c\u56e0\u70ba\u7b46\u8005\u5f9e\u4f86\u6c92\u6709\u65bcMPF \u74b0\u5883\u8ac7\u53ca\u8ca1\u52d9\u6703\u8a08\uff0c\u9019\u662f\u7531\u65bc\u7b46\u8005\u8a8d\u70ba\u6703\u8a08\u8207\u6295\u8cc7\u5b8c\u5168\u662f\u5169\u56de\u4e8b\u3002<\/span><\/p>\n

 <\/p>\n

\u6295\u8cc7\u662f\u5f9e\u67d0\u6642\u67d0\u5730\u8cb7\u4e00\u7bb1\u6a59\uff0c\u7136\u5f8c\u6709\u7b56\u7565\u5730\u8ce3\u51fa\u8f49\u624b\u8cfa\u9322\uff0c\u4e0d\u9700\u8981\u4e00\u5927\u5806\u8fb2\u52d9\u690d\u7269\u77e5\u8b58\u3002\u4f46\u8ca1\u52d9\u6703\u8a08\u65bc\u5546\u696d\u793e\u6703\u662f\u8ca0\u8cac\u50cf\u8fb2\u52d9\u822c\u7684\u7c97\u6d3b\uff0c\u662f\u793e\u755c\u7f8a\u7fa4\uff0c\u672c\u5927\u5229\u5c11\uff0c\u4fdd\u5b88\u4f5c\u696d\uff0c\u7f3a\u4e4f\u4ee5\u98a8\u96aa\u63db\u56de\u5831\u7684\u601d\u7dad\u3002<\/span><\/p>\n

 <\/p>\n

\u7d93\u8ca1\u52d9\u6703\u8a08\u8655\u7406\u904e\u800c\u51fa\u4f86\u7684\u8cc7\u8a0a\uff0c\u5c31\u50cf\u662f\u5316\u4e86\u599d\u6216p \u5b8c\u5716\u7684\u4fca\u7537\u7f8e\u5973\uff0c\u8207raw data \u76f8\u53bb\u751a\u9060\uff0c\u5c0d\u65bc\u6295\u8cc7\u6c7a\u7b56\u7684\u50f9\u503c\u751a\u4f4e\u3002<\/span><\/p>\n

 <\/p>\n

\u574a\u9593\u55f0\u5572\u6240\u8b02\u57fa\u672c\u9762\u5206\u6790\u6559\u5b78\uff0c\u4ef2\u4f4eB \u904e\u7d93accounting \u8655\u7406\u904e\u800c\u51fa\u4f86\u7684\u5e74\u5831\u3002\u8cb7\u7bb1\u6a59\u556b\uff0c\u5149\u5408\u4f5c\u7528\u540c\u57cb\u592a\u967d\u9ed1\u5b50\uff0c\u540c\u6295\u8cc7\u6709\u54a9\u95dc\u4fc2\u3002\u6295\u8cc7\u529f\u592b\u5c31\u53ea\u4fc2\u5169\u500b\u5b57\uff0c\u4e00\u6a2a\u4e00\u76f4\uff0c\u8cfa\u8207\u8755\uff0c\u4ea6\u5373\u662f\u56de\u5831\u8207\u6ce2\u5e45\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

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

 <\/p>\n

 <\/p>\n


\n

 <\/p>\n

\u63d0\u9ad8Sharpe ratio \u7684\u6295\u8cc7\u7b56\u7565<\/span><\/p>\n

 <\/p>\n

\u8cc7\u7522\u914d\u7f6e(asset allocation) \u662f\u5168\u9762\u914d\u7f6e\u6295\u8cc7\u7269\uff0c\u4f46\u7092\u8ce3\u662f\u55ae\u4e00\u6295\u8cc7\u7269\u8207\u73fe\u91d1\u7684\u4e92\u63db\u60c5\u6cc1\u3002<\/span><\/p>\n

 <\/p>\n

\u7d93\u5e38\u807d\u5230\u6709\u4eba\u554f\u5462\u96bb\u5622\u8cb7\u5514\u8cb7\u597d\uff0c\u7b46\u8005\u5c31\u5947\u602a\u9019\u4eba\u70ba\u4f55\u6703\u7d93\u5e38\u6709\u8cc7\u91d1\u88ab\u9591\u7f6e<\/span>\u8457\uff1f<\/span><\/p>\n

 <\/p>\n

\u6295\u8cc7\u662f\u8cc7\u7522\u914d\u7f6e<\/span>\uff0c\u6c38\u9060\u5c07\u773c\u524d\u4e00\u523b\u7684\u8cc7\u91d1\u914d\u7f6e\u65bc\u6027\u50f9\u6bd4(\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387) \u6700\u9069\u5408\u81ea\u5df1<\/span>\u7684\u72c0\u6cc1\uff0c\u7136\u5f8c\u7b49\u5f85\u4e0b\u4e00\u523b\u7684\u6536\u6210\u3002\u6240\u6709\u6295\u8cc7\u7269\u53ca\u6295\u8cc7\u7b56\u7565\u5df2\u7d93\u6e96\u5099\u5145\u8db3\uff0c\u6309\u4e0d\u540c\u60c5\u6cc1\u96a8\u6642\u9032\u884c\u6700\u4f73\u7684\u914d\u7f6e\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

\u5f37\u7a4d\u91d1\u8cc7\u7522\u914d\u7f6e#1-\u9078\u64c7 vs \u914d\u7f6e<\/a><\/h2>\n

 <\/p>\n

 <\/p>\n

\u7b46\u8005\u904e\u5f80\u591a\u5e74\u65bc\u6295\u8cc7\u7684\u8ffd\u5c0b\uff0c\u5c31\u662f\u63d0\u5347\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u672c\u5c11\u5229\u5927<\/strong>\uff0c\u624d\u662f\u505a\u751f\u610f\u7684\u95dc\u9375\u3002<\/span><\/p>\n

 <\/p>\n

\u8fd1\u4ee3\u7684Tactical Asset Allocation (TAA)\u00a0 \u6b63\u662f\u4ee5\u63d0\u9ad8\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u70ba\u76ee\u7684\u7684\u6295\u8cc7\u7b56\u7565\u3002\u5167\u5bb9\u570d\u7e5e\u56e0\u5b50\u6295\u8cc7\u3001\u98a8\u96aa\u8861\u5e73\u3001re-balance\u3001diversification\u3001\u53e6\u985e\u8cc7\u7522<\/a>\u7b49\u7b49\u3002<\/span><\/p>\n

 <\/p>\n

\u53e6\u5916\uff0c\u5927\u5bb6\u8981\u8a18\u4f4f\u7121\u8ad6\u55ae\u4e00\u6295\u8cc7\u7269\u53ca\u6295\u8cc7\u7b56\u7565\u7684\u5f80\u7e3e\u6709\u591a\u512a\u79c0\uff0c\u4ea6\u6703\u6709\u58fd\u547d\u7d42\u7d50\u6642\uff0c\u6240\u4ee5\u4e0d\u8981all-in \u55ae\u4e00\u6295\u8cc7\u7269\u6216\u6295\u8cc7\u7b56\u7565\uff0c\u4e00\u5b9a\u8981\u591a\u5143\u5316\u63a1\u591a\u500b\u6295\u8cc7\u7269\u53ca\u6295\u8cc7\u7b56\u7565\u3002<\/span><\/p>\n

 <\/p>\n

\u5f37\u7a4d\u91d1\u7b56\u7565\u4ea4\u6d41#21\uff0d\u5168\u5929\u5019\u8cc7\u7522\u914d\u7f6e<\/a><\/h2>\n

 <\/p>\n


\n

 <\/p>\n

\u69d3\u687f\u6295\u8cc7<\/span><\/p>\n

 <\/p>\n

\u8003\u616e\u9032\u884c\u69d3\u687f\u6295\u8cc7\u8207\u5426\uff0c\u7b2c\u4e00\u4ef6\u4e8b\u662f\u8003\u616e\u69d3\u687f\u5f8c\u7684\u6ce2\u5e45\uff0c\u800c\u4e0d\u662f\u69d3\u687f\u5f8c\u7684\u56de\u5831\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

\u6574\u9ad4\u8cc7\u7522\u7684\u7d9c\u5408\u56de\u5831\u53ca\u6ce2\u5e45<\/a><\/h2>\n

 <\/p>\n

 <\/p>\n

\u5e74\u9577\u4eba\u4ed5\u5982\u679c\u662f\u6295\u8cc7\u521d\u54e5\u7684\u8a71\uff0c\u5c31\u4e0d\u8981\u8003\u616e\u69d3\u687f\u3002\u5e74\u9577\u4eba\u4ed5\u7684\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u4f4e\uff0c\u69d3\u687f\u4e0b\u7684\u6ce2\u5e45\u901a\u5e38\u90fd\u6703\u8d85\u6a19\uff0c\u5fc3\u81df\u6703\u8d85\u8ca0\u8377\u3002\u5e74\u8f15\u4eba\u73fe\u91d1\u5c11\u672c\u91d1\u5c11\uff0c\u4f46\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u9ad8\uff0c\u5982\u679c\u61c2\u5f97\u56de\u5831\/\u6ce2\u5e45\u6bd4\u7387\u9ad8\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u5c31\u5341\u5206\u61c9\u8a72\u8003\u616e\u9032\u884c\u69d3\u687f\u6295\u8cc7\u53bb\u5c07\u81ea\u5df1\u7684\u8cc7\u7522\u4f5c\u51fa\u6700\u4f73\u5316\u7684\u914d\u7f6e\uff0c\u69d3\u687f\u5c31\u662f\u8b93\u81ea\u5df1\u7684\u4fe1\u7528credit \u8cc7\u7522\u4e0d\u8981\u88ab\u9591\u7f6e\u7740\u3002<\/span><\/p>\n

 <\/p>\n

\u73fe\u4ee3\u7684\u69d3\u687f\u5de5\u5177\u6709\u5f88\u591a\uff0c\u62b5\u62bc\u501f\u9322\u662f\u6700\u539f\u59cb\u7684\u5de5\u5177\uff0c\u9084\u6709\u671f\u8ca8\u3001\u671f\u6b0a\u3001\u69d3\u687fETF\u7b49\u7b49\uff0c\u521d\u54e5\u7528\u4e00\u6b21\u5c31\u8b58\uff0c\u5514\u8b58\u7684\u901a\u5e38\u662f\u81ea\u5df1\u7684\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u3002<\/span><\/p>\n

 <\/p>\n

\u6240\u4ee5\uff0c\u5982\u679c\u4e0d\u77e5\u81ea\u5df1\u7684\u98a8\u96aa\u627f\u53d7\u80fd\u529b\uff0c\u8207\u53ca\u6295\u8cc7\u7269\u53ca\u6295\u8cc7\u7b56\u7565\u7684\u98a8\u96aa\uff0c\u5c31\u5343\u842c\u4e0d\u8981\u9032\u884c\u69d3\u687f\u6295\u8cc7\u3002\u88ab\u65ac\u5009\u4e0d\u662f\u4ea4\u5b78\u8cbb\uff0c\u800c\u662f\u50bb\uff0c\u5b78\u8cbb\u4e0d\u662f\u9019\u6a23\u4ea4\u7684\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

Kelly criterion \u51f1\u5229\u6e96\u5247#3 \u2013 \u69d3\u687f\u56de\u5831\u6e90\u65bc\u4f4e\u6ce2\u5e45<\/a><\/h2>\n

 <\/p>\n

Kelly criterion \u51f1\u5229\u6e96\u5247#2 \u2013 \u6295\u8cc7\u7684\u76f2\u9ede<\/a><\/h2>\n

 <\/p>\n

Kelly criterion \u51f1\u5229\u6e96\u5247<\/strong><\/a><\/h2>\n

 <\/p>\n


\n

 <\/p>\n

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

 <\/p>\n

\u6bcf\u7576\u6709\u4eba\u554f\u7b46\u8005\u6295\u8cc7\u54a9\u5622\u597d\uff0c\u7b46\u8005\u901a\u5e38\u90fd\u53cd\u554f\u4f62\u53ef\u4ee5\u8755\u5e7e\u591a\u9322\uff1f\u8ddf\u4f4f\u5c0d\u65b9\u5446\u5de6\uff0c\u7121\u8b1b\u5622\uff0c\u61c9\u8a72\u4ee5\u70ba\u7b46\u8005\u73a9\u4f62\u3002<\/span><\/p>\n

 <\/p>\n

\u521d\u54e5\u7121\u8ad7\u904e\u6703\u8755\u9322\uff0c\u9032\u968e\u6295\u8cc7\u8005\u5c31\u8ad7\u9ede\u6a23\u53ef\u4ee5\u5514\u8755\u9322\u3002\u66f4\u9ad8\u968e\u7684\uff0c\u8cfa\u8207\u8755\u90fd\u662f\u5171\u751f\uff0c\u53ea\u6709\u6642\u9593\u624d\u662f\u56de\u5831\u7684\u95dc\u9375\uff01<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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