{"id":20971,"date":"2021-05-17T00:19:47","date_gmt":"2021-05-16T16:19:47","guid":{"rendered":"https:\/\/\/?p=20971"},"modified":"2023-04-21T11:45:54","modified_gmt":"2023-04-21T03:45:54","slug":"what-is-market-neutral-strategy-0","status":"publish","type":"post","link":"https:\/\/\/what-is-market-neutral-strategy-0\/","title":{"rendered":"\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f\u6709\u4ec0\u9ebc\u512a\u9ede\u8207\u7f3a\u9ede\uff1f"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-20972\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210507204054_95.jpg\" alt=\"\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f\u6709\u4ec0\u9ebc\u512a\u9ede\u8207\u7f3a\u9ede\uff1f\" width=\"960\" height=\"502\" \/><\/p>\n<p>\u5e02\u5834\u4e2d\u6027\u7b56\u7565(Market neutral Strategy)\u662f\u4e00\u500b\u6295\u8cc7\u7b56\u7565\u985e\u578b\u7684\u7d71\u7a31\uff0c<br \/>\n\u9019\u985e\u7b56\u7565\u6700\u91cd\u8981\u7684\u7279\u6027\u662f\u900f\u904e\u540c\u6642\u53c3\u8207\u591a\u7a7a\u5e02\u5834\uff0c\u900f\u904e\u628a\u8a8d\u70ba\u6709\u50f9\u683c\u4e0a\u6f32\u7a7a\u9593\u7684\u5e02\u5834\u505a\u591a\uff0c\u4e26\u5728\u8a8d\u70ba\u50f9\u683c\u5c07\u4e0b\u8dcc\u7684\u5e02\u5834\u653e\u7a7a\uff0c<br \/>\n\u5c0d\u6c96\u6389<a href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7cfb\u7d71\u98a8\u96aa<\/a>\u4e26\u4f9d\u7136\u7522\u751f\u5229\u6f64\uff0c\u5c31\u53ef\u4ee5\u6b78\u985e\u70ba\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u3002<\/p>\n<p>\u5305\u542b\u4e00\u4e9b<a href=/index.html"https:\/\/\/what-is-pairs-trading-0\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u914d\u5c0d\u4ea4\u6613(Pairs Trading)<\/a>\u3001\u5957\u5229\u7b56\u7565\uff0c\u90fd\u53ef\u80fd\u5c6c\u65bc\u9019\u4e00\u985e\u5225\u3002<\/p>\n<p>\u4e5f\u662f\u4e00\u4e9b<a href=/index.html"https:\/\/\/what-is-hedge-funds\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u907f\u96aa\u57fa\u91d1<\/a>\u6703\u4f7f\u7528\u7684\u64cd\u4f5c\u7b56\u7565\u4e4b\u4e00\u3002<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u5e02\u5834\u4e2d\u6027\u7b56\u7565\uff0c\u5206\u70ba\u4ee5\u4e0b\u5e7e\u500b\u90e8\u5206\uff1a<\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/span><\/li>\n<li>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u985e\u578b<\/li>\n<li>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u8981\u62b5\u92b7\u7684\u300c\u7cfb\u7d71\u6027\u98a8\u96aa\u300d\u662f\u4ec0\u9ebc\uff1f<\/li>\n<li>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u56f0\u96e3<\/li>\n<li><span style=\"font-size: 16px;\">\u4f7f\u7528\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u5931\u6557\u4f8b\u5b50\uff1aLTCM\u516c\u53f8<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u512a\u9ede\u8207\u98a8\u96aa<\/span><\/li>\n<\/ol>\n<p><!--more--><\/p>\n<h2>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/h2>\n<p>\u5e02\u5834\u4e2d\u6027\u7b56\u7565(Market neutral Strategy)\u662f\u4e00\u7a2e\u6295\u8cc7\u7b56\u7565\u7684\u985e\u578b\uff0c<\/p>\n<p>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u5b9a\u7fa9\u662f\u540c\u6642\u6301\u6709<a href=/index.html"https:\/\/\/long-shor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u505a\u591a\u3001\u653e\u7a7a<\/a>\u7684\u90e8\u4f4d\uff0c<br \/>\n\u8b93\u505a\u591a\u548c\u653e\u7a7a\u7684\u90e8\u4f4d\u898f\u6a21\u4fdd\u6301\u4e00\u81f4\uff0c\u95dc\u9375\u662f\u8b93<a href=/index.html"https:\/\/\/what-is-alpha-beta-with-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Beta\u503c<\/a>\u80fd\u63a5\u8fd10\u3001\u5c0d\u6c96\u7cfb\u7d71\u98a8\u96aa\uff0c<br \/>\n\u4e26\u4e14\u4fdd\u7559Alpha\uff0c\u5f9e\u4e2d\u7372\u53d6\u4e00\u4e9b\u5229\u6f64\u3002<\/p>\n<p>\u9019\u985e\u7b56\u7565\u5fc5\u9808\u6709\u660e\u78ba\u7684\u5229\u57fa\u624d\u80fd\u9032\u884c\u64cd\u4f5c\uff0c<br \/>\n\u5426\u5247\u5982\u679c\u6c92\u6709\u660e\u78ba\u5229\u57fa\uff0c\u540c\u6642\u505a\u591a\u548c\u505a\u7a7a\u53ea\u662f\u5f92\u589e\u624b\u7e8c\u8cbb\u548c\u4ea4\u6613\u6210\u672c\uff0c\u4e0d\u6703\u6709\u4efb\u4f55\u6536\u76ca\uff0c<br \/>\n\u540c\u6642\u4e00\u591a\u4e00\u7a7a\u7684\u64cd\u4f5c\u662f\u70ba\u4e86\u8cfa\u53d6\u67d0\u4e9b\u78ba\u5b9a\u6216\u9ad8\u5ea6\u628a\u63e1\u7684\u5229\u57fa\uff0c\u56e0\u6b64\u6709\u4e9b\u64cd\u4f5c\u65b9\u5f0f\u4e5f\u5c6c\u65bc\u5957\u5229\u7b56\u7565\u7684\u4e00\u7a2e\u3002<\/p>\n<p>\u4e0d\u77e5\u9053Beta\u548cAlpha\u53ef\u4ee5\u5148\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-alpha-beta-with-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662fAlpha\u548cBeta\uff1f<\/a><\/p>\n<blockquote><p>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u5b9a\u7fa9\uff1a<br \/>\n1. \u505a\u591a\u770b\u597d\u7684\u6a19\u7684\u3001\u653e\u7a7a\u4e0d\u770b\u597d\u7684\u6a19\u7684\u3002<br \/>\n2. \u5169\u6a19\u7684\u9593\u6709\u4e00\u5b9a\u7684\u76f8\u95dc\u6027\uff0c\u4f46\u4fdd\u6301\u591a\u982d\u90e8\u4f4d\u8207\u7a7a\u982d\u90e8\u4f4d\u7684Beta\u5408\u8a08\u70ba\u96f6\u6216\u63a5\u8fd1\u96f6\uff0c\u91cd\u9ede\u662f\u4e0d\u627f\u64d4\u4efb\u4f55\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<br \/>\n3. \u5047\u5982\u5224\u65b7\u6b63\u78ba\uff0c\u5373\u53ef\u96a8\u6642\u9593\u8cfa\u53d6\u7372\u53d6\u5169\u7d44\u6a19\u7684\u4e4b\u9593\u5b58\u5728\u7684\u8d85\u984d\u5831\u916c\u3002<\/p><\/blockquote>\n<p>\u901a\u5e38\u662f\u900f\u904e\u5177\u6709\u76f8\u95dc\u6027\u7684\u6a19\u7684\uff0c\u540c\u6642\u63a1\u53d6\u591a\u982d\u548c\u7a7a\u982d\u4f86\u64cd\u4f5c\uff0c\u4e26\u4e14\u5f9e\u4e2d\u8cfa\u53d6\u50f9\u5dee\u3002<\/p>\n<p>\u7531\u65bc\u540c\u6642\u6301\u6709\u591a\u982d\u548c\u7a7a\u982d\u7b56\u7565\uff0c\u7406\u8ad6\u4e0a\u7121\u8ad6\u5e02\u5834\u5927\u76e4\u6307\u6578\u7684\u8da8\u52e2\u662f\u4e0a\u5347\u9084\u662f\u4e0b\u964d\uff0c<br \/>\n\u5176\u5be6\u7b56\u7565\u90fd\u4e0d\u6703\u53d7\u5230\u8da8\u52e2\u7684\u5f71\u97ff\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c<br \/>\n\u4f60\u8a8d\u70ba\u67d0\u4e00\u7fa4\u4f4e\u672c\u76ca\u6bd4\u80a1\u7968\uff0c\u76f8\u5c0d\u53e6\u4e00\u7fa4\u9ad8\u672c\u76ca\u6bd4\u80a1\u7968\u5b58\u5728\u8d85\u984d\u5831\u916c\uff0c<br \/>\n\u4f4e\u672c\u76ca\u6bd4\u80a1\u7968\u6574\u9ad4\u7684Beta\u5047\u8a2d\u662f 1.0\uff0c\u9ad8\u672c\u76ca\u6bd4\u80a1\u7968\u7684Beta\u5047\u8a2d\u662f 1.2\uff0c<br \/>\n\u65bc\u662f\u4f60\u505a\u591a 120\u842c\u5143\u4f4e\u672c\u76ca\u6bd4\u80a1\u7968\uff0c\u653e\u7a7a 100\u842c\u5143\u9ad8\u672c\u76ca\u6bd4\u80a1\u7968\uff0c<br \/>\n\u9019\u6642\u6574\u9ad4\u8cc7\u7522\u7684Beta\u503c\u591a\u7a7a\u5c31\u6703\u4e92\u76f8\u62b5\u6d88\uff0c\u63db\u53e5\u8a71\u8aaa\u4f60\u4e0d\u627f\u64d4\u5927\u76e4\u6ce2\u52d5\u7684\u98a8\u96aa\uff0c\u6700\u7d42\u5f97\u5230\u7684\u7d50\u679c\u5c31\u662f\u4f4e\u672c\u76ca\u6bd4\u80a1\u7968\u8207\u4f4e\u672c\u76ca\u6bd4\u80a1\u7968\u4e4b\u9593\u8d85\u984d\u5831\u916c\u7684\u5dee\u7570\u3002<\/p>\n<p>\u5047\u5982\u4f60\u5224\u65b7\u6b63\u78ba\uff0c\u4f4e\u672c\u76ca\u6bd4\u80a1\u7968\u771f\u7684\u9577\u671f\u76f8\u5c0d\u9ad8\u672c\u76ca\u6bd4\u80a1\u7968\u6709\u8d85\u984d\u5831\u916c\uff0c\u9019\u6642\u4f60\u5c31\u80fd\u5f97\u5230\u9019\u4e9b<a href=/index.html"https:\/\/\/what-is-alpha-beta-with-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8d85\u984d\u5831\u916c<\/a>\u4f46\u4e0d\u7528\u627f\u64d4\u5927\u76e4\u7684<a href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7cfb\u7d71\u6027\u98a8\u96aa<\/a>\u3002<\/p>\n<h2><strong>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u985e\u578b\uff1a<\/strong><\/h2>\n<p>\u6709\u5f88\u591a\u7a2e\u7b56\u7565\uff0c\u53ea\u8981\u76ee\u7684\u662f\u8b93Beta\u4fdd\u6301\u96f6\u4e0d\u627f\u64d4\u7cfb\u7d71\u98a8\u96aa\uff0c\u4e26\u4e14\u8cfa\u53d6\u8d85\u984d\u5831\u916c\uff0c\u5c31\u90fd\u53ef\u4ee5\u6b78\u985e\u5230\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u3002<\/p>\n<p>\u4ee5\u4e0b\u8209\u4f8b\u4e00\u4e9b\u5e38\u898b\u7684\u64cd\u4f5c\u65b9\u5f0f\uff1a<\/p>\n<p><strong>1. \u57fa\u672c\u9762\u5957\u5229<\/strong><\/p>\n<p>\u4f8b\u5982\uff1a\u505a\u591a100\u842c\u57fa\u672c\u9762\u597d\u7684\u516c\u53f8\u3001\u653e\u7a7a100\u842c\u57fa\u672c\u9762\u5dee\u7684\u516c\u53f8\u3002<\/p>\n<p>\u6295\u8cc7\u6642\u6703\u4f7f\u7528\u57fa\u672c\u9762\u5206\u6790\uff0c\u5305\u62ec\u4f01\u696d\u7684\u6574\u9ad4\u8ca1\u52d9\u5065\u5eb7\u72c0\u6cc1\u3001\u5e02\u5834\u689d\u4ef6\u3001\u7af6\u722d\u5c0d\u624b\u2026\u7b49\u7b49\u3002<br \/>\n\u6700\u7d42\u9078\u51fa\u76f8\u5c0d\u770b\u597d\u7684\u4e00\u7fa4\u4f01\u696d\uff0c\u53ca\u53e6\u4e00\u7fa4\u770b\u58de\u7684\u4f01\u696d\uff0c\u8cfa\u53d6\u4e2d\u9593\u7684\u8d85\u984d\u5831\u916c\u3002<\/p>\n<p><strong>2. \u7d71\u8a08\u5957\u5229<\/strong><\/p>\n<p>\u901a\u5e38\u6703\u63a1\u7528\u4e00\u4e9b\u91cf\u5316\u7684\u65b9\u5f0f\uff0c\u5206\u6790\u67d0\u4e9b\u6307\u6a19\uff0c<\/p>\n<p>\u4f8b\u5982\u7d71\u8a08\u51fa\u67d0\u4e00\u7fa4Beta\u6709\u6b63\u76f8\u95dc\u7684\u80a1\u7968\u4e2d\uff0c\u6839\u64da\u7c4c\u78bc\u9762\u3001\u8ca1\u52d9\u6307\u6a19\u3001\u6280\u8853\u6307\u6a19\u7684\u7d71\u8a08\u8207\u56de\u6e2c\u7d50\u679c\uff0c\u627e\u5230\u76f8\u5c0d\u80fd\u7522\u751falpha\u7684\u6307\u6a19\u7d44\u5408\uff0c<br \/>\n\u5340\u9694\u51fa\u4e00\u7fa4\u6709\u8d85\u984d\u5831\u916c\u6b63alpha\uff0c\u53e6\u4e00\u7fa4\u5247\u662f\u5b58\u5728\u8ca0alpha\uff0c<br \/>\n\u65bc\u662f\u505a\u591a\u5176\u4e2d\u4e00\u7fa4\u80a1\u7968\u3001\u653e\u7a7a\u53e6\u4e00\u7fa4\u80a1\u7968\uff0c\u505a\u591a\u8207\u653e\u7a7a\u7684\u898f\u6a21\u662f\u4ee4Beta\u4fdd\u6301\u70ba\u63a5\u8fd1\u96f6\u7684\u57fa\u6e96\u9032\u884c\u3002<\/p>\n<blockquote><p><strong>\u9078\u64c7\u6b0a\u5e02\u5834\u4e2d\u6027\u7b56\u7565 Delta Neutral Strategy<\/strong><\/p>\n<p>\u9078\u64c7\u6b0a\u4e5f\u5b58\u5728\u5e02\u5834\u4e2d\u6027\u7b56\u7565\uff0c\u4e0d\u904e\u9078\u64c7\u6b0a\u7531\u65bc\u6f32\u8dcc\u6642\u7684\u640d\u76ca\u66f2\u7dda\u4e26\u975e\u76f4\u7dda\uff0c\u56e0\u6b64\u8861\u91cf\u8207\u6307\u6578(\u6a19\u7684)\u50f9\u683c\u95dc\u806f\u7684\u65b9\u5f0f\u4e0d\u662fBeta\uff0c\u800c\u662fdelta\uff0c<\/p>\n<p>\u4f8b\u5982\u67d0\u4e00\u4e9b\u50f9\u5916\u9078\u64c7\u6b0a\u7684\u5831\u50f9\u50f9\u683c\u904e\u65bc\u9ad8\u4f30\u3001\u96b1\u542b\u6ce2\u52d5\u7387\u5341\u5206\u4e0d\u5408\u7406\uff0c\u53e6\u4e00\u4e9b\u5247\u662f\u5408\u7406\u6216\u4f4e\u4f30\uff0c<br \/>\n\u900f\u904e\u653e\u7a7a\u9ad8\u4f30\u7684<a href=/index.html"https:\/\/\/what-is-options\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9078\u64c7\u6b0a<\/a>\u3001\u505a\u591a\u5176\u4ed6\u9078\u64c7\u6b0a\uff0c\u4e26\u4fdd\u6301delta\u70ba\u96f6 \uff0c\u7b49\u5f85\u9ad8\u4f30\u7684\u90e8\u4f4d\u56de\u6b78\u5747\u503c\u3002<\/p>\n<p>\u5176\u4e2ddelta\u662f\u6307\u9078\u64c7\u6b0a\u53d7\u6a19\u7684\u6f32\u8dcc\u5f71\u97ff\u7684\u5e45\u5ea6\uff0c\u6982\u5ff5\u6709\u4e00\u9ede\u985e\u4f3cBeta\uff0c\u90fd\u662f\u5728\u63cf\u8ff0\u5c0d\u61c9\u6a19\u7684\u50f9\u683c\u4e0a\u6f32\u4e0b\u8dcc\u6642\u81ea\u5df1\u6703\u6f32\u8dcc\u591a\u5c11\uff0c<br \/>\n\u4f46\u5169\u8005\u4ecd\u6709\u4e0d\u540c\uff0cdelta\u6578\u503c\u6703\u6301\u7e8c\u8b8a\u52d5\uff0c\u901a\u5e38\u9700\u8981\u983b\u7e41\u8abf\u6574\u3002<\/p>\n<p>\u7576\u7136\uff0c\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u5df2\u7d93\u4e0d\u6613\u57f7\u884c\uff0c\u9078\u64c7\u6b0a\u7684\u4e2d\u6027\u7b56\u7565\u5c31\u66f4\u52a0\u56f0\u96e3\uff0c\u9700\u8981\u4e00\u4e9b\u8a08\u7b97\u8f14\u52a9\u3002<br \/>\n\u5e02\u5834\u5148\u751f\u5efa\u8b70\u5982\u679c\u975e\u5c08\u696d\u4eba\u58eb\uff0c\u5c31\u5148\u77e5\u9053\u6709\u9019\u6982\u5ff5\u5c31\u597d\uff0c\u52ff\u8f15\u6613\u5617\u8a66\u3002<\/p><\/blockquote>\n<p><strong>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u8207 &#8220;<\/strong><strong>\u53ea\u505a\u591a Only Long&#8221;\u00a0<\/strong><strong>\u7b56\u7565\u662f\u4e0d\u540c\u7684<\/strong><\/p>\n<p>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u5c0b\u6c42\u5728\u5e02\u5834\u4e0a\u6f32\u3001\u4e0b\u8dcc\u6642\u90fd\u80fd\u7522\u751f\u5831\u916c\uff0c\u540c\u6642\u4e5f\u8981\u907f\u514d\u5e02\u5834\u7684\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c<\/p>\n<p>\u53cd\u4e4b\uff0c<br \/>\n\u7d55\u5927\u591a\u6578ETF\u6216\u5171\u540c\u57fa\u91d1\uff0c\u90fd\u662f\u8cb7\u9032\u6301\u6709\u505a\u591a\uff0c\u9802\u591a\u53ea\u662f\u9078\u80a1\u4e0d\u540c\u3001\u5206\u6563\u7a0b\u5ea6\u4e0d\u540c\uff0c<br \/>\n\u9019\u985e\u7b56\u7565\u5c31\u5c6c\u65bc\u505a\u591a\u7684\u7b56\u7565\u3002<\/p>\n<p>\u505a\u591a\u7684\u7b56\u7565\u627f\u64d4\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u7576\u7136\uff0c\u627f\u64d4\u98a8\u96aa\u4e5f\u6703\u5f97\u5230\u4e00\u4e9b\u76f8\u61c9\u7684\u5831\u916c\uff0c<br \/>\n\u4f46\u6700\u5927\u7684\u5dee\u7570\u5728\u65bc\u7576\u627f\u64d4\u7cfb\u7d71\u6027\u98a8\u96aa\u6642\uff0c\u6ce2\u52d5\u901a\u5e38\u6703\u5927\u975e\u5e38\u591a\u3002<\/p>\n<h2>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u8981\u62b5\u92b7\u7684\u300c\u7cfb\u7d71\u6027\u98a8\u96aa\u300d\u662f\u4ec0\u9ebc\uff1f<\/h2>\n<p><strong>\u7cfb\u7d71\u6027\u98a8\u96aa<\/strong>\u5c31\u662f\u5927\u76e4\u6307\u6578\u98a8\u96aa\uff0c\u8861\u91cf\u5927\u76e4\u6307\u6578\u98a8\u96aa\u7684\u6578\u503c\u5247\u7a31\u70babeta\uff0c<\/p>\n<p>\u7576\u5e02\u5834\u767c\u751f\u6050\u614c\u6642\uff0c\u7121\u8ad6\u597d\u516c\u53f8\u3001\u58de\u516c\u53f8\uff0c\u5176\u5be6\u90fd\u6703\u4e00\u8d77\u5927\u8dcc\uff0c<br \/>\n\u9019\u7a2e\u4e00\u8d77\u4e0b\u8dcc\u98a8\u96aa (\u6216\u4e0a\u6f32\u6642\u96de\u72ac\u5347\u5929)\u7a31\u70ba\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u9019\u4e26\u4e0d\u662f\u4f60\u6311\u9078\u597d\u6a19\u7684\u5c31\u80fd\u907f\u958b\u7684\u554f\u984c\u3002<\/p>\n<p>\u7d55\u5927\u591a\u6578\u6295\u8cc7\u7b56\u7565\uff0c\u5305\u542b\u5373\u4fbf\u662f\u50f9\u503c\u6295\u8cc7\u985e\u578b\u7684\u7b56\u7565\uff0c\u540c\u6a23\u6c92\u8fa6\u6cd5\u907f\u514d\u6b64\u554f\u984c\uff0c<br \/>\n\u4f60\u9078\u5230\u518d\u512a\u8cea\u7684\u516c\u53f8\u6b64\u6642\u90fd\u6703\u4e0b\u8dcc\uff0c\u53ea\u662f\u8dcc\u591a\u8dcc\u5c11\u5dee\u7570\u3002<\/p>\n<p>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\uff0c\u4e0d\u540c\u65bc\u4e00\u822c\u6295\u8cc7\u65b9\u5f0f\u662f\u6a19\u7684\u4e0a\u6f32\u8cfa\u9322\u3001\u4e0b\u8dcc\u8ce0\u9322\uff0c<br \/>\n\u901a\u5e38\u9700\u8981\u63a1\u7528\u4e00\u505a\u591a\u3001\u4e00\u653e\u7a7a\u7684\u90e8\u4f4d\u9032\u884c\u4ea4\u6613\uff0c<br \/>\n\u56e0\u6b64\u5373\u4fbf\u9047\u5230\u5e02\u5834\u6050\u614c\u7684\u7a7a\u982d\uff0c\u9019\u6642<a href=/index.html"https:\/\/\/long-shor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u505a\u591a<\/a>\u7684\u90e8\u4f4d\u96d6\u7136\u6703\u8667\u640d\uff0c\u4f46<a href=/index.html"https:\/\/\/how-to-short-in-the-market\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u653e\u7a7a<\/a>\u7684\u90e8\u4f4d\u6703\u8cfa\u9322\uff0c\u62b5\u92b7\u6389\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7cfb\u7d71\u6027\u98a8\u96aavs\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff1f<\/a><\/p>\n<h2>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u56f0\u96e3<\/h2>\n<p>\u4e2d\u6027\u7b56\u7565\u7684\u6311\u6230\u5728\u65bc\uff0c\u540c\u6642<a href=/index.html"https:\/\/\/long-shor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u505a\u7a7a\u3001\u505a\u591a<\/a>\uff0c\u5176\u5be6\u5f88\u53ef\u80fd\u5c31\u662f\u4e0d\u8cfa\u4e0d\u8ce0\u3001\u751a\u81f3\u8ce0\u6389\u624b\u7e8c\u8cbb\u548c\u7a05\uff0c<br \/>\n\u4f46\u53ea\u8981\u80fd\u7b26\u5408\u4e00\u4e9b\u689d\u4ef6\uff0c\u540c\u6642\u505a\u591a\u3001\u505a\u7a7a\uff0c\u5176\u5be6\u4e5f\u80fd\u5920\u7372\u5229\u3002<\/p>\n<p>\u4f60\u53ef\u4ee5\u60f3\u50cf\u4e0b\u9762\u7684\u60c5\u5883\uff1a<br \/>\n\u5047\u5982\u4e00\u822c\u7684<a href=/index.html"https:\/\/\/long-shor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u505a\u591a<\/a>\u7b56\u7565\uff0c\u662f\u7528100\u5143\u53bb\u8cfa5\u5143~10\u5143\uff0c\u9700\u8981\u627f\u64d4\u7684\u6ce2\u52d5\u98a8\u96aa\u5247\u53ef\u80fd\u662f20\u5143\u523040\u5143\u3002<br \/>\n\u5e02\u5834\u4e2d\u6027\u7b56\u7565\uff0c\u5c31\u662f\u7528100\u5143\u5176\u4e2d50\u5143\u505a\u591a\u300150\u5143\u505a\u7a7a\uff0c\u53bb\u8cfa\u53d6\u4f5c\u591a\u8207\u505a\u7a7a\u4e4b\u9593\u76841\u5143~2\u5143\u8d85\u984d\u5831\u916c\uff0c\u4f46\u627f\u64d4\u7684\u6ce2\u52d5\u98a8\u96aa\u53ef\u80fd\u53ea\u67093~6\u5143\u751a\u81f3\u66f4\u4f4e\u3002<\/p>\n<p>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u9019\u985e\u578b\u7684\u7b56\u7565\u666e\u904d\u6709\u5e7e\u7a2e\u56f0\u96e3\uff1a<br \/>\n1. \u96d6\u7136\u6ce2\u52d5\u98a8\u96aa\u5c0f\uff0c\u4f46\u55ae\u4f4d\u8cc7\u91d1\u80fd\u5275\u9020\u7684\u5831\u916c\u4e5f\u4f4e\uff0c\u4e14\u4ea4\u6613\u6210\u672c\u4f54\u6bd4\u9ad8\u3002<br \/>\n2. \u627e\u5230\u8d85\u984d\u5831\u916c\u7684\u6a5f\u6703\u56f0\u96e3\uff0c\u901a\u5e38\u90fd\u9700\u8981\u85c9\u52a9\u4e00\u4e9b\u91cf\u5316\u7d71\u8a08\u80fd\u529b\u53ca\u81ea\u52d5\u5316\u64cd\u4f5c\u3002\u8d85\u984d\u5831\u916c\u4e26\u975e\u6301\u7e8c\u5b58\u5728\uff0c\u4e5f\u6642\u5e38\u5b58\u5728\u7af6\u722d\uff0c\u5c0e\u81f4\u6700\u7d42\u8d85\u984d\u5831\u916c\u6d88\u5931\u3002<br \/>\n3. \u505a\u7a7a\u8207\u505a\u591a\u4e4b\u9593\u7684\u5229\u6f64\u4e26\u975e\u7acb\u5373\u7522\u751f\uff0c\u6709\u6642\u5019\u53ef\u80fd\u6301\u7e8c\u51fa\u73fe\u4e0d\u5408\u7406\u50f9\u683c\u6216\u8aa4\u5224\uff0c\u5c0e\u81f4\u640d\u5931\u6301\u7e8c\u64f4\u5927\u3002<br \/>\n4. \u64cd\u4f5c\u6a19\u7684\u6709\u53ef\u80fd\u96e3\u4ee5\u653e\u7a7a\u3002<br \/>\n5. \u6709\u4e9b\u6a19\u7684\u53ef\u80fd\u5b58\u5728<a href=/index.html"https:\/\/\/liquidity-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6d41\u52d5\u6027<\/a>\u554f\u984c\u3002<br \/>\n6. \u904b\u7528\u69d3\u687f\u6642\u96d6\u7136\u80fd\u653e\u5927\u5229\u6f64\uff0c\u4f46\u4e5f\u53ef\u80fd\u53d7\u6975\u7aef\u4e8b\u4ef6\u5f71\u97ff\u3002<br \/>\n7. \u8207\u5e02\u5834\u7684\u76f8\u95dc\u6027Beta\uff0c\u53ef\u80fd\u96a8\u6642\u9593\u8b8a\u52d5\u3002<\/p>\n<p>\u96d6\u7136\u6ce2\u52d5\u6027\u5c0f\uff0c\u4f46\u5831\u916c\u4e5f\u4f4e\uff0c\u9019\u5c31\u5c0e\u81f4\u8a31\u591a\u4eba\u6703\u5728\u9019\u985e\u7b56\u7565\u4e0a\u4f7f\u7528\u69d3\u687f\u4f86\u653e\u5927\u7372\u5229\uff0c<br \/>\n\u5982\u679c\u653e\u5927\u4e00\u9ede\u53ef\u80fd\u9084\u7121\u6240\u8b02\uff0c\u4f46\u5982\u679c\u653e\u5927\u6578\u500d\uff0c\u6700\u7d42\u53ef\u80fd\u6703\u683d\u5728\u5176\u4ed6\u5730\u65b9\uff0c<br \/>\n\u4e00\u500b\u6700\u7d93\u5178\u7684\u4f8b\u5b50\u5c31\u662fLTCM\u516c\u53f8\u3002<\/p>\n<h2>\u4f7f\u7528\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u5931\u6557\u4f8b\u5b50\uff1aLTCM\u516c\u53f8<\/h2>\n<p>\u4f7f\u7528\u5e02\u5834\u4e2d\u6027\u7b56\u7565(\u5957\u5229\u4ea4\u6613)\u6700\u8457\u540d\u7684\u4f8b\u5b50\uff0c\u5c31\u662f<a href=/index.html"https:\/\/\/4-lessons-from-ltcm\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9577\u671f\u8cc7\u672c\u7ba1\u7406\u516c\u53f8(LTCM)<\/a>\uff0c<br \/>\n\u9019\u662f\u4e00\u9593\u6210\u7acb\u65bc1994\u5e74\u7684\u5c0d\u6c96\u57fa\u91d1\u516c\u53f8\uff0c\u6210\u54e1\u90fd\u662f\u91d1\u878d\u754c\u7684\u9802\u7d1a\u7cbe\u82f1<br \/>\n(\u6709Salomon Brothers\u524d\u9ad8\u7d1a\u4e3b\u7ba1\u3001\u524d\u806f\u90a6\u6e96\u5099\u5c40\u526f\u4e3b\u5e2d\u3001\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\u2026\u7b49\u7b49)\uff0c<br \/>\n\u5b83\u5011\u63a1\u7528\u5e02\u5834\u4e2d\u6027\u7b56\u7565\uff0c\u6301\u6709\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\u3001\u8ce3\u7a7a\u88ab\u9ad8\u4f30\u7684\u80a1\u7968\u4f86\u8cfa\u53d6\u4e2d\u9593\u7684\u50f9\u5dee (\u7576\u7136\u4e0d\u50c5\u662f\u64cd\u4f5c\u80a1\u7968\uff0c\u9084\u5305\u542b\u5404\u7a2e\u91d1\u878d\u5546\u54c1)\u3002<\/p>\n<p>\u9019\u9593\u516c\u53f8\u6210\u7acb\u521d\u671f\u7684\u7e3e\u6548\u76f8\u7576\u597d\uff0c<br \/>\n1994\u5e74 +19.9%\u3001<br \/>\n1995\u5e74 +42.8%\uff0c<br \/>\n1996\u5e74 +40.8%\uff0c<br \/>\n1997\u5e74 +17.1%\uff0c<br \/>\n\u56e0\u70ba\u5957\u5229\u4ea4\u6613\u8cfa\u50f9\u5dee\u7684\u7372\u5229\u4e0d\u9ad8\uff0c\u70ba\u4e86\u63d0\u9ad8\u5229\u6f64\u4ed6\u5011\u4f7f\u7528\u9ad8\u69d3\u687f\uff0c<br \/>\n\u7576\u6642\u516c\u53f8\u7684\u8cc7\u7522\u50f9\u503c\u5927\u7d04\u70ba50\u5104\u7f8e\u5143\uff0c\u4f46\u662f\u537b\u501f\u4e861250\u5104\u7f8e\u5143\uff0c\u69d3\u687f\u7387\u70ba25\uff1a1\u3002<br \/>\n\u9ad8\u69d3\u687f\u5b58\u8457\u5728\u9ad8\u98a8\u96aa\uff0c\u96d6\u7136\u6709\u53ef\u80fd\u5927\u5e45\u7372\u5229\u4f46\u76f8\u5c0d\u53ef\u80fd\u4e5f\u53ef\u80fd\u6709\u5927\u5e45\u640d\u5931\u3002<\/p>\n<p>LTCM\u628a\u501f\u4f86\u7684\u9322\u7528\u4f86\u4ea4\u6613\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff0c\u50cf\u662f\u5229\u7387\u4ea4\u63db\u3001\u671f\u8ca8\u2026\u7b49\u7b49\uff0c<br \/>\n\u9019\u4e9b<a href=/index.html"https:\/\/\/what-is-derivative-0\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u884d\u751f\u6027\u5546\u54c1<\/a>\u672c\u8eab<a href=/index.html"https:\/\/\/liquidity-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6d41\u52d5\u6027<\/a>\u4e0d\u5927\uff0c\u5fc5\u9808\u627f\u64d4\u5f88\u9ad8\u7684<a href=/index.html"https:\/\/\/what-is-counterparty-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4ea4\u6613\u5c0d\u624b\u98a8\u96aa<\/a>\u3002<br \/>\n\u7576\u6642LTCM\u7684\u6295\u8cc7\u7b56\u7565\u8a8d\u70ba\uff0c\u958b\u767c\u4e2d\u570b\u5bb6\u7684\u50b5\u5238\u548c\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u5229\u7387\u6703\u7e2e\u5c0f\uff0c<br \/>\n\u56e0\u6b64\u69d3\u687f\u62bc\u6ce8\u5728\u5229\u7387\u7e2e\u5c0f\u7684\u7b56\u7565\uff0c\u53ef\u662f1998\u5e748\u6708\u4e9e\u6d32\u91d1\u878d\u5371\u6a5f\u4ecd\u6301\u7e8c\u5ef6\u71d2\uff0c<br \/>\n\u8a31\u591a\u958b\u767c\u4e2d\u570b\u5bb6\u50b5\u5238\u6c92\u4eba\u8981\u8cb7\uff0c\u56e0\u6b64\u5229\u7387\u5dee\u8ddd\u53cd\u800c\u5927\u5e45\u589e\u52a0\uff0c<br \/>\n\u72af\u932f\u5176\u5be6\u672c\u4f86\u61c9\u8a72\u5f71\u97ff\u4e0d\u5927\uff0c\u4f46\u7531\u65bc\u4f7f\u7528\u69d3\u687f\u7684\u56e0\u7d20\uff0c\u4e5f\u8b93LTCM\u9813\u6642\u9762\u81e8\u5012\u9589\u98a8\u96aa\u3002<\/p>\n<p>1998\u5e749\u6708\u7f8e\u570b\u51fa\u624b\u6551\u52a9LTCM\uff0c\u907f\u514d\u5b83\u9032\u4e00\u6b65\u885d\u64ca\u91d1\u878d\u5e02\u5834\uff0c\u4e4b\u5f8cLTCM\u4e5f\u9762\u81e8\u88ab\u6e05\u7b97\u3002<\/p>\n<p>\u73fe\u4eca\u5927\u5bb6\u5728\u5206\u6790LTCM\u7684\u6848\u4f8b\u6642\u8981\u5f9e\u4e2d\u5b78\u5230\u7684\u662f\uff0c<br \/>\n\u64cd\u4f5c\u9019\u985e\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u6642\uff0c\u5207\u8a18\u8981\u6ce8\u610f\u5343\u842c\u5225\u904e\u5ea6\u4f7f\u7528\u69d3\u687f\uff0c<br \/>\n\u56e0\u70ba\u6295\u8cc7\u4e2d\u6c38\u9060\u6709\u672a\u77e5\u7684\u98a8\u96aa\uff0c\u69d3\u687f\u6709\u592a\u5927\u5247\u6703\u653e\u5927\u9019\u4e9b\u932f\u8aa4\u7684\u5f71\u97ff\uff0c<br \/>\n\u4e14\u904b\u7528\u884d\u751f\u6027\u5546\u54c1\u4e0d\u8981\u4f4e\u4f30\u6d41\u52d5\u6027\u98a8\u96aa\uff0c\u56e0\u70ba\u5e02\u5834\u5f88\u53ef\u80fd\u771f\u7684\u5728\u67d0\u4e00\u5929\u5b8c\u5168\u5931\u53bb\u6d41\u52d5\u6027\u3002<\/p>\n<p>\u53ef\u4ee5\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/4-lessons-from-ltcm\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">LTCM\u9577\u671f\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\u7684\u8208\u8870\u53f2<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/liquidity-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u6d41\u52d5\u6027\u98a8\u96aa\uff1f<\/a><\/p>\n<h2>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7684\u512a\u9ede\u8207\u98a8\u96aa<\/h2>\n<p>\u4f7f\u7528\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u6642\uff0c\u96d6\u7136\u76ee\u6a19\u662f\u964d\u4f4e\u6ce2\u52d5\u3001\u7372\u5f97\u8f03\u9ad8\u7684\u8d85\u984d\u5831\u916c\uff0c<br \/>\n\u4f46\u4e5f\u8981\u7279\u5225\u6ce8\u610f\u69d3\u687f\u98a8\u96aa\u3001\u6d41\u52d5\u6027\u98a8\u96aa\u7b49\u554f\u984c\u3002<\/p>\n<p><strong>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u512a\u9ede\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u80fd\u5920\u964d\u4f4e\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u5e02\u5834\u6ce2\u52d5\uff0c\u900f\u904e\u5c0d\u7a7a\u982d\u3001\u591a\u982d\u7d66\u4e88\u7684\u540c\u7b49\u6b0a\u91cd\uff0c\u8b93\u6a19\u7684\u62b5\u79a6\u5e02\u5834\u7684\u6ce2\u52d5\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5982\u679c\u591a\u982d\u548c\u7a7a\u982d\u7684\u8868\u73fe\u7b26\u5408\u9810\u671f\uff0c\u6295\u8cc7\u4eba\u5c31\u6709\u53ef\u80fd\u7372\u5f97\u7a69\u5b9a\u7684\u5831\u916c\u3002<\/span><\/li>\n<\/ol>\n<p><strong>\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u7f3a\u9ede\uff1a<\/strong><\/p>\n<ol>\n<li>\u9019\u985e\u7b56\u7565\u4e0d\u597d\u627e\u3001\u4e0d\u597d\u9a57\u8b49\u3001\u4e0d\u597d\u64cd\u4f5c\uff08\u901a\u5e38\u9700\u81ea\u52d5\u5316\uff09\u3002\u8a31\u591a\u6642\u5019\u627e\u51fa\u4f86\u53ef\u80fd\u5229\u6f64\u9084\u4e0d\u8db3\u4ee5\u62b5\u92b7\u4ea4\u6613\u6210\u672c\u3002<\/li>\n<li><span style=\"font-size: 16px;\">\u76f8\u95dc\u8cc7\u7522\u5fc5\u9808\u983b\u7e41\u5730\u4ea4\u6613\uff0c\u4e5f\u53ef\u80fd\u9700\u8981\u983b\u7e41\u8abf\u6574\uff0c\u4ee3\u8868\u53ef\u80fd\u6709\u8f03\u9ad8\u7684\u624b\u7e8c\u8cbb\u6216\u7a05\u6536\u7b49\u554f\u984c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u591a\u7a7a\u7684\u50f9\u5dee\u8cfa\u4e0d\u591a\uff0c\u70ba\u4e86\u8981\u7372\u5f97\u66f4\u9ad8\u7684\u8d85\u984d\u5831\u916c\u03b1\uff0c\u5f80\u5f80\u5fc5\u9808\u4f7f\u7528\u4e00\u5b9a\u7a0b\u5ea6\u69d3\u687f\uff0c\u4f46\u5982\u679c\u51fa\u73fe\u8aa4\u5224\u8ca0\u5831\u916c\u7684\u60c5\u6cc1\uff0c\u98a8\u96aa\u4e5f\u88ab\u69d3\u687f\u653e\u5927\u3002<\/span><\/li>\n<\/ol>\n<h2>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f<\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u5e02\u5834\u4e2d\u6027\u7b56\u7565(Market neutral Strategy)\u662f\u900f\u904e\u540c\u6642\u53c3\u8207\u591a\u7a7a\u5e02\u5834\uff0c\u6e1b\u5c11\u6295\u8cc7\u7d44\u5408\u7684\u6ce2\u52d5\u6027\u3001\u8b93Beta\u503c\u80fd\u63a5\u8fd10\u3001\u5c0d\u6c96\u7cfb\u7d71\u98a8\u96aa\uff0c\u8cfa\u53d6\u8d85\u984d\u5831\u916c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7cfb\u7d71\u6027\u98a8\u96aa\u5c31\u662f\u5927\u76e4\u98a8\u96aa\uff0c\u7576\u5e02\u5834\u767c\u751f\u6050\u614c\u6642\uff0c\u7121\u8ad6\u597d\u516c\u53f8\u3001\u58de\u516c\u53f8\uff0c\u5176\u5be6\u90fd\u6703\u4e00\u8d77\u5927\u8dcc\uff0c\u9019\u7a2e\u4e0b\u8dcc\u98a8\u96aa\u7a31\u70ba\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u9019\u4e26\u4e0d\u662f\u4f60\u6311\u9078\u597d\u6a19\u7684\u5c31\u80fd\u907f\u958b\u7684\u554f\u984c\u3002\u4f46\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u53ef\u4ee5\u907f\u958b\u7cfb\u7d71\u6027\u98a8\u96aa\u554f\u984c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u6642\uff0c\u96d6\u7136\u76ee\u6a19\u662f\u964d\u4f4e\u6ce2\u52d5\u3001\u7372\u5f97\u8f03\u9ad8\u7684\u8d85\u984d\u5831\u916c\uff0c\u4f46\u4e5f\u8981\u7279\u5225\u6ce8\u610f\u69d3\u687f\u98a8\u96aa\u3001\u6d41\u52d5\u6027\u98a8\u96aa\u7b49\u554f\u984c\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u5fc3\u5f97\uff1a\u4eba\u90fd\u5bb3\u6015\u627f\u64d4\u98a8\u96aa\uff0c\u4f46\u5176\u5be6\u6295\u8cc7\u7684\u5831\u916c\u5f88\u5927\u4e00\u90e8\u5206\u4f86\u81ea\u627f\u64d4\u98a8\u96aa\u3002<br \/>\n\u50cf\u5e02\u5834\u4e2d\u6027\u7b56\u7565\uff0c\u96d6\u7136\u4e0d\u627f\u64d4\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u4f46\u662f\u7528\u4e86\u5169\u500d\u7684\u8cc7\u91d1\uff0c\u5f97\u5230\u4e00\u9ede\u9ede\u4e9b\u5fae\u7684\u5229\u5dee\uff0c\u9019\u96d6\u7136\u4e5f\u662f\u4e00\u7a2e\u505a\u6cd5\uff0c\u4f46\u6211\u81ea\u5df1\u500b\u4eba\u6bd4\u8f03\u4e0d\u504f\u597d\u9019\u7a2e\u65b9\u5f0f\u3002<br \/>\n\u9019\u985e\u7b56\u7565\u901a\u5e38\u7d55\u5927\u591a\u6578\u5229\u6f64\u90fd\u8981\u62ff\u53bb\u4ed8\u4ea4\u6613\u6210\u672c\uff0c\u7b49\u65bc\u662f\u5728\u5e6b\u5238\u5546\u6253\u5de5\uff0c\u727d\u6d89\u591a\u7a7a\uff0c\u4e5f\u5e38\u5e38\u9762\u81e8\u7121\u6cd5\u505a\u7a7a\u6216\u6d41\u52d5\u6027\u554f\u984c\uff0c<br \/>\n\u4e14\u56e0\u70ba\u7d55\u5927\u591a\u6578\u9019\u985e\u64cd\u4f5c\u7684\u4eba\u90fd\u6703\u904b\u7528\u69d3\u687f\uff0c\u6700\u5f8c\u6210\u4e5f\u69d3\u687f\u6557\u4e5f\u69d3\u687f\u3002<\/p>\n<p>\u5c0d\u65bc\u6e1b\u5c11\u98a8\u96aa\uff0c\u6211\u89ba\u5f97\u4e0d\u662f\u900f\u904e\u591a\u7a7a\u53bb\u5b8c\u5168\u98a8\u96aa\u4e2d\u7acb\u662f\u597d\u4e8b\uff0c\u800c\u662f\u4f7f\u7528\u591a\u500b\u4f4e\u5ea6\u76f8\u95dc\u7684\u6295\u8cc7\u7b56\u7565\u7d44\u5408\uff0c\u96d6\u7136\u98a8\u96aa\u7121\u6cd5\u964d\u5230\u96f6\uff0c\u4f46\u540c\u6a23\u53ef\u4ee5\u8b93\u98a8\u96aa\u5f97\u5230\u63a7\u5236\u3002<br \/>\n<a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u914d\u7f6e<\/a>\u5c31\u662f\u4e00\u500b\u4f8b\u5b50\uff0c\u96d6\u7136\u6975\u7aef\u98a8\u96aa\u53ef\u80fd\u9084\u662f\u5b58\u5728\uff0c\u4f46\u5df2\u7d93\u900f\u904e\u5206\u6563\u90e8\u4f4d\u4f86\u5927\u5e45\u6e1b\u5c11\u53ef\u80fd\u6027\u3002<\/p>\n<p>\u9069\u5ea6\u7684\u627f\u64d4\u98a8\u96aa\u4e0d\u4e00\u5b9a\u662f\u58de\u4e8b\uff0c\u95dc\u9375\u662f\u4f60\u77e5\u9053\u81ea\u5df1\u5728\u505a\u4e9b\u4ec0\u9ebc\u3002<\/p><\/blockquote>\n<p>\u66f4\u591a\u91cf\u5316\u5206\u6790\u76f8\u95dc\u6587\u7ae0\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/quantitative-value-book-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5982\u4f55\u7528\u91cf\u5316\u5206\u6790\u4f86\u5be6\u73fe\u50f9\u503c\u6295\u8cc7\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/factor-based-book\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u56e0\u5b50\u4ea4\u6613\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>\u672c\u6587\u63d0\u5230\u7684\u6295\u8cc7\u6a19\u7684\u5747\u70ba\u6559\u5b78\u7bc4\u4f8b\u4f7f\u7528\uff0c\u7121\u4efb\u4f55\u6295\u8cc7\u63a8\u85a6\u4e4b\u610f\u3002\u6295\u8cc7\u4e00\u5b9a\u6709\u98a8\u96aa\uff0c\u6295\u8cc7\u524d\u52d9\u5fc5\u81ea\u884c\u7814\u7a76\u5224\u65b7\u3002<\/p>\n<p><span lang=\"EN-US\"><\/span><\/p>\n<p>\u66f4\u591a\u6295\u8cc7\u5165\u9580\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<p><span lang=\"EN-US\">1.\u00a0<a href=/index.html"https:\/\/\/blog-page\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8d85\u904e100\u7bc7\u65b0\u624b\u5165\u9580\u6587\u7ae0\u5206\u4eab<\/a><\/span><\/p>\n<p><span lang=\"EN-US\">2.\u00a0<a href=/index.html"https:\/\/\/blog-page_30\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u63a8\u85a6\u8d85\u904e40\u672c\u6295\u8cc7\u597d\u66f8<\/a><\/span><\/p>\n<p><span lang=\"EN-US\">3.\u00a0<a href=/index.html"https:\/\/\/us-stocks-broker-choose\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u80a1\u958b\u6236\u300b\u63a8\u85a6\u5238\u5546\u6bd4\u8f03<\/a><\/span><\/p>\n<p><span lang=\"EN-US\">4.\u00a0<a href=/index.html"https:\/\/\/jisun-account-588\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u80a1\u7968\u958b\u6236\u300b\u63a8\u85a6\u7684\u958b\u6236\u5238\u5546<\/a><\/span><\/p>\n<p><span lang=\"EN-US\">5.\u00a0<a href=/index.html"https:\/\/\/fund-cnyes-mrmarket\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u57fa\u91d1\u958b\u6236\u300b\u96f6\u624b\u7e8c\u8cbb\u958b\u6236\u512a\u60e0<\/a><\/span><\/p>\n<p><span lang=\"EN-US\"><p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br 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[&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":20972,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[155],"tags":[208,1378],"table_tags":[],"modified_by":"Mr.Market\u5e02\u5834\u5148\u751f","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20210507204054_95.jpg","jetpack-related-posts":[{"id":20983,"url":"https:\/\/\/what-is-long-short-equity-strategy\/","url_meta":{"origin":20971,"position":0},"title":"\u591a\u7a7a\u80a1\u7968\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f\u4f7f\u7528\u591a\u7a7a\u6295\u8cc7\u7b56\u7565\u6709\u4ec0\u9ebc\u512a\u9ede\u8207\u98a8\u96aa\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2022-06-01","format":false,"excerpt":"\u5728\u80a1\u7968\u6295\u8cc7\u4e0a\uff0c\u6700\u5e38\u88ab\u4f7f\u7528\u8207\u8a0e\u8ad6\u7684\u7b56\u7565\uff0c\u6703\u4ee5\u53ea\u505a\u591a\u7b56\u7565\u70ba\u4e3b\u6d41(Long 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