{"id":6322,"date":"2021-11-01T03:22:28","date_gmt":"2021-10-31T19:22:28","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=6322"},"modified":"2021-11-08T18:07:35","modified_gmt":"2021-11-08T10:07:35","slug":"%e7%8d%b2%e5%88%a9%e7%9a%84%e5%9f%ba%e7%a4%8e%e7%9f%a5%e8%ad%982","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2021\/11\/%e7%8d%b2%e5%88%a9%e7%9a%84%e5%9f%ba%e7%a4%8e%e7%9f%a5%e8%ad%982\/","title":{"rendered":"\u7372\u5229\u7684\u57fa\u790e\u77e5\u8b58#2"},"content":{"rendered":"

\u7372\u5229\u7684\u57fa\u790e\u77e5\u8b58#2<\/span><\/strong><\/span><\/h2>\n

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\u4e0a\u6587<\/a>\u8a0e\u8ad6\u4e86Investment Science \u4e00\u66f8\u7684\u4e0a\u534a\u90e8\uff0c\u8ac7\u53ca\u5b9a\u606f\u8cc7\u7522\u5982\u50b5\u5238\u5982\u4f55\u7372\u5229\uff0c\u672c\u6587\u8a0e\u8ad6\u66f8\u4e2d\u7684\u4e0b\u534a\u90e8 — \u5982\u4f55\u5f9e\u80a1\u7968\u6295\u8cc7\u4e2d\u7372\u5229\u3002<\/span><\/p>\n

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Investment Science \u662f\u5927\u5b78\u6559\u6388\u5beb\u7d66\u5b78\u751f\u7684\u6559\u79d1\u66f8\uff0c\u6240\u4ee5\u66f8\u4e2d\u7684\u7406\u8ad6\u662f\u6e90\u81ea\u6578\u7406\u57fa\u790e\u70ba\u4e3b\u7684\u7406\u8ad6\uff0c\u5c24\u5176\u662f\u4ee5\u4e00\u773e\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\u7684\u7406\u8ad6\u4f5c\u57fa\u790e\uff0c\u7576\u4e2d\u6700\u57fa\u672c\u7684\u5143\u7d20\uff0c\u7576\u7136\u5c31\u662f\u56de\u5831\u53ca\u6ce2\u5e45<\/span>\u3002<\/span><\/p>\n

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\u4eba\u624b\u947f\u51fa\u7684\u7532\u9aa8\u6587<\/p>\n

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\u7576\u4e0d\u540c\u4eba\u5c0d\u4f4f\u540c\u4e00\u5806\u7dda\uff0c\u6216\u8005\u540c\u4e00\u5f35\u5716\uff0c\u53ef\u4ee5\u8b1b\u4e0d\u540c\u5605\u5622\uff0c\u9019\u662f\u795e\u8a71\uff0c\u4e0d\u662f\u79d1\u5b78\uff1b\u79d1\u5b78\u662f\u6709\u4e00\u81f4\u6027\u3001\u5ba2\u89c0\u6027\u53ca\u53ef\u91cd\u8986\u6027<\/span>\uff0c\u4e0d\u6703\u56e0\u4eba\u800c\u7570\uff0c\u4e0d\u6703\u88ab\u4eba\u79c1\u6709\uff0c\u6240\u4ee5\u624d\u80fd\u65bc\u5b78\u6821\u88cf\u6559\u6388\uff0c\u6240\u4ee5\u624d\u6709Investment Science<\/strong> \u4e00\u66f8\u3002<\/span><\/p>\n

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\u4e0d\u904e\uff0c\u6295\u8cc7\u662f\u4eba\u985e\u6d3b\u52d5\uff0c\u662f\u4eba\u6587\u79d1\u5b78\uff0c\u4e0d\u50cf\u81ea\u7136\u79d1\u5b78\u822crigid\uff0c\u4eba\u985e\u6d3b\u52d5\u6703\u96a8\u4eba\u985e\u884c\u70ba\u800c\u8b8a\u5316\uff0c\u5fae\u89c0\u6703\u6bd4\u8f03\u6df7\u6c8c\uff0c\u5b8f\u89c0\u6703\u6bd4\u8f03\u4e00\u81f4\u3002<\/span><\/span><\/p>\n

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\u6240\u4ee5\uff0c\u8fd1\u4ee3\u6295\u8cc7\u79d1\u5b78\u7684\u7406\u8ad6\uff0c\u4e3b\u8981\u662f\u5f9e\u5b8f\u89c0<\/span>\u89d2\u5ea6\u51fa\u767c\uff0c\u90fd\u662f\u4ee5\u884c\u696d\u6216\u4e00\u7c43\u5b50\u540c\u985e\u6295\u8cc7\u7269\u4f5c\u8003\u616e\u3002<\/span><\/p>\n

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Investment Science<\/strong> \u4e00\u66f8\u5c31\u6295\u8cc7\u7269\u7684\u5b9a\u50f9\uff0c\u662f\u7528William Sharpe \u7684 CAPM\uff0c\u5148\u7531\u56de\u5831\u53ca\u6ce2\u5e45\u53bb\u89c0\u5bdf\u65bc\u81ea\u7531\u5e02\u5834\u7684\u6295\u8cc7\u7269\u3002<\/span><\/p>\n

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<\u7a4d\u91d1\u5927\u53cd\u64ca>\u7684\u7b2c\u4e8c\u62db\u5e73\u5747\u7dda\u7b56\u7565<\/a>\uff0c\u5c31\u662f\u6309\u9019\u9053\u7406\uff0c\u6295\u8cc7\u65bccaptital market line \/ security market line \u4ee5\u4e0a\u7684\u57fa\u91d1\uff0c\u8a73\u898b\u524d\u6587<\/a>\uff0c\u6216\u76f4\u63a5\u770b\u770b MPFier App \u5167\u7684\u7d50\u679c\uff0c\u9072\u4e9b\u66f4\u6703\u6709\u52a0\u5f37\u7248\u3002<\/span><\/p>\n

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\u7531\u65bc\u6ce2\u5e45\u53ea\u662f\u4e00\u500bfactor\uff0c\u81ea Eugene Fama \u53ca Ken French \u63d0\u51fa3\u56e0\u5b50\u6a21\u578b (3 Factor model) \u5f8c\uff0cFactor Investing \u4fbf\u52a0\u5165\u4e86\u6295\u8cc7\u4e3b\u6d41\uff0c\u50cf<\u7a4d\u91d1\u5927\u53cd\u64ca>\u7684\u7b2c\u516d\u62db\u52d5\u529b\u6295\u8cc7\u7b56\u7565<\/a>\u53ca\u7b2c\u516b\u62db\u96d9\u91cd\u52d5\u529b\u7b56\u7565<\/a>\u3002<\/span><\/p>\n

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\u9664\u4e86\u80a1\u7968\u4e4b\u5916\uff0cCAPM\u90fd\u53ef\u4ee5\u70ba\u50b5\u5238\u5b9a\u50f9\uff0c\u8acb\u898b\u524d\u6587\u95dc\u65bc\u9280\u8272\u50b5\u5238<\/a>\u3002<\/span><\/p>\n

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\u9019\u4e9b\u7406\u8ad6\u90fd\u53ea\u662f\u6d89\u53ca\u500b\u5225\u6295\u8cc7\u7269\u7684buy & hold \u7d50\u679c\uff0c\u4e0b\u4e00\u6b65\u4fbf\u662fHarry Markowitz \u7684\u8cc7\u7522\u914d\u7f6e (asset allocation) \u3002<\/span><\/p>\n

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

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\u70ba\u4f55\u8981\u9032\u884c\u8cc7\u7522\u914d\u7f6e<\/span>\uff1f \u500b\u5225\u6295\u8cc7\u7269\u7684\u8cb7\u8ce3\uff0c\u5176\u5be6\u662f\u8cc7\u7522\u914d\u7f6e\u7684\u7279\u6b8a\u72c0\u6cc1(specific condition) \uff0c\u5c6c\u65bc\u500b\u5225\u6295\u8cc7\u7269\u8207\u73fe\u91d1\u7684\u914d\u7f6e\u3002\u5047\u5982\u6301\u6709Apple\u6642\uff0c\u53c8\u898b\u5230Bitcoin \u5927\u6709\u53ef\u70ba\uff0c\u5728\u8cc7\u91d1\u6709\u9650\u7684\u689d\u4ef6\u4e0b\uff0cApple\u3001Bitcoin \u53ca\u73fe\u91d1\u9019\u4e09\u9805\u8cc7\u7522\uff0c\u8a72\u5982\u4f55\u914d\u7f6e\u624d\u80fd\u7372\u5f97\u6700\u5927\u5229\u76ca\uff1f<\/span><\/p>\n

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\u53ef\u898b\uff0c\u8cc7\u7522\u914d\u7f6e\u662f\u8003\u616e\u5982\u4f55\u7372\u5229\uff0c\u800c\u9019\u5229\u76ca\u4ea6\u662f\u5305\u62ec\u4e86\u56de\u5831\u53ca\u6ce2\u5e45<\/span>\u3002<\/span><\/p>\n

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70%Apple \uff0b 20%\u73fe\u91d1 \uff0b10%Bitcoin \u662f\u6700\u597d\u55ce\uff1fHarry Markowitz \u7684 Efficient Frontier \u7406\u8ad6\u6709\u4ee5\u4e0b\u7d50\u679c\uff1a<\/span><\/p>\n

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

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\u7b46\u8005\u8a8d\u70ba\u6700\u4f73\u7684\u908a\u969b\u9ede\uff0c\u5c31\u662f\u6ce2\u5e45\u81ea\u5df1\u80fd\u5920\u627f\u53d7\u7684\u4e00\u9ede<\/span>\uff0c\u9019\u88cf\u6d89\u53ca\u5404\u4eba\u7684\u7d93\u6fdf\u74b0\u5883\uff0c\u6295\u8cc7\u7d93\u9a57\u53ca\u5fc3\u7406\u6027\u683c\uff0c\u6c92\u6709\u4e00\u81f4\u7684\u6578\u5b57\uff0c\u4f46\u53ef\u4ee5\u6309\u5e74\u6b72<\/span>\u6216\u6295\u8cc7\u5e74\u671f<\/span>\u4f5c\u70ba\u53c3\u8003\uff0c\u898b\u524d\u6587<\/a>\u3002<\/span><\/p>\n

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\u63a5\u7740\uff0cInvestment Science \u4fbf\u5c55\u793a\u4e86\u4ee5\u4e0b\u516c\u5f0f\uff0c\u9019\u516c\u5f0f\u65e2\u89e3\u91cb\u4e86\u6295\u8cc7\u8005\u70ba\u4ec0\u9ebc\u7834\u7522\uff0c\u53c8\u89e3\u91cb\u4e86\u5982\u4f55\u767c\u9054\uff0c\u4e0b\u6587\u7e8c<\/a>\u3002<\/span><\/p>\n

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