Traditional equity and bond investments have well-understood risks and premia, but the same cannot be said for investments with asymmetric risk profiles (“picking up pennies in front of a steamroller”). Investors should be especially wary of strategies that amount to selling tail insurance or “lottery tickets” that pay off in bad times—writing options on equity indices, carry trading, and harvesting illiquidity premia. These strategies combine the dangers of (i) asymmetric returns and (ii) the coincidence of large losses with bad times. The long-run returns of such strategies are justifiably high, but these returns are concentrated in good times and tend to persist only until a bad event materializes. I do not have 50-year histories for such strategies but I will document below strong long... (查看原文)
numerous empirical studies based on historical data show that equities have the highest investment returns. if investors don't care about return volatility, they can simply concentrate their positions...numerous empirical studies based on historical data show that equities have the highest investment returns. if investors don't care about return volatility, they can simply concentrate their positions in equity assets-asset allocation is meaningless without considering risk. and in reality, it is difficult for investors to ignore risk. (展开)
小马过河
量化鲲
饭米米
0 有用 zx2592 2022-01-20 21:19:06
abc吧，对于资产管理而言入门而已。翻译太差了。
2 有用 末叶 2019-09-18 17:29:50
这本真好，全市场素描。理性和非理性；时间序列和横截面；贝塔和阿尔法；资产类别、系统策略、风险因素；历史业绩、投资理论、前瞻指标；模型，季节，择时……
0 有用 飞飞 2021-11-03 12:56:39
全览的视角，要多读几遍
21 有用 李九弟Jody 2020-03-23 23:03:34
中文翻译很拗口，但看了点英文原版我感觉译者尽力了。建议CFA三级&金融学硕士或金融从业者阅读。是一本非常概览的地图，如果对某一方面想要深挖，可以找到很多可供参考的资料，但难也是非常难。结论容易理解，但重要的是通往结论的道路是如何铺就的。应该会等综合能力再提高一层时再好好读一遍。
0 有用 DerLetzteLord 2022-10-29 20:11:15 上海
numerous empirical studies based on historical data show that equities have the highest investment returns. if investors don't care about return volatility, they can simply concentrate their positions... numerous empirical studies based on historical data show that equities have the highest investment returns. if investors don't care about return volatility, they can simply concentrate their positions in equity assets-asset allocation is meaningless without considering risk. and in reality, it is difficult for investors to ignore risk. (展开)