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2017\u5e743\u67081\u65e5\uff0c\u5168\u7403\u6700\u5927\u5bf9\u51b2\u57fa\u91d1\u6865\u6c34<\/strong>\uff08Bridgewater Associates\uff09\u5ba3\u5e03\uff0c\u521b\u59cb\u4eba\u548c\u73b0\u4efb\u8054\u5e2dCEO\u96f7\u2022\u8fbe\u5229\u5965<\/strong>\uff08Ray Dalio\uff09\u5c06\u5728\u4e0b\u4e2a\u6708\u8f9e\u53bbCEO\u804c\u52a1\uff0c\u4e0d\u8fc7\u4ed6\u8fd8\u4f1a\u4f9d\u7136\u662f\u8fd9\u5bb6\u516c\u53f8\u7684\u9996\u5e2d\u6295\u8d44\u5b98\uff0c\u987a\u4fbf\u5f00\u6389\u7684\u8fd8\u6709\u53e6\u4e00\u4f4d\u8054\u5e2dCEO\uff0ciPod\u7684\u8bbe\u8ba1\u8005Jon Rubinstein\uff0c\u5176\u5b9e\u9b3c\u624d\u77e5\u9053\u4e3a\u4ec0\u4e48Jon\u4f1a\u6210\u4e3a\u8fd9\u5bb6\u5bf9\u51b2\u57fa\u91d1\u7684CEO\u3002\u8fd9\u5bb6\u7f8e\u56fd\u516c\u53f8\u7531\u8fbe\u5229\u5965\u57281975\u5e74\u4e00\u624b\u6253\u9020\uff0c\u4e0e\u4e00\u822c\u7684\u4e3a\u5de8\u5bcc\u9526\u4e0a\u6dfb\u82b1\u670d\u52a1\u7684\u5bf9\u51b2\u57fa\u91d1\u516c\u53f8\u4e0d\u540c\uff0c\u6865\u6c34\u7684\u4e3b\u8981\u670d\u52a1\u5bf9\u8c61\u662f\u673a\u6784\u6295\u8d44\u8005\uff0c\u800c\u4e14\u6709\u51e0\u4e4e\u4e00\u534a\u7684\u5ba2\u6237\u662f\u7f8e\u56fd\u4e4b\u5916\u7684\u517b\u8001\u57fa\u91d1\u548c\u653f\u5e9c\u673a\u6784\u3002\u8fc7\u53bb10\u5e74\u8fd9\u5bb6\u5bf9\u51b2\u57fa\u91d1\u8d44\u4ea7\u7684\u5e74\u589e\u957f\u7387\u63a5\u8fd125%\uff0c\u5982\u4eca\u7ba1\u7406\u77401500\u4ebf\u7f8e\u5143\u5de6\u53f3\u7684\u8d44\u4ea7\uff0c\u5e76\u8d85\u8d8a\u4e86\u7d22\u7f57\u65af\u7684\u91cf\u5b50\u57fa\u91d1\uff0c\u6210\u4e3a\u5386\u53f2\u4e0a\u6700\u8d5a\u94b1\u7684\u5bf9\u51b2\u57fa\u91d1\u3002<\/p>\n\n\n\n

\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

\u25b3\u96f7\u00b7\u8fbe\u5229\u5965\uff08Ray Dalio\uff09<\/p>\n\n\n\n

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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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1991\u5e74\uff0c\u6865\u6c34\u5efa\u7acb\u4e86\u81ea\u5df1\u7684\u65d7\u8230\u57fa\u91d1Pure Alpha\uff0c\u5e76\u5f00\u53d1\u51fa\u4e00\u7cfb\u5217\u521b\u65b0\u6027\u7684\u6295\u8d44\u5de5\u5177\uff0c\u5305\u62ec\u901a\u80c0\u8054\u52a8\u503a\u5238\u548c\u65b0\u5174\u5e02\u573a\u503a\u5238\uff0c\u800c\u8fd9\u4e5f\u6210\u4e3a\u6865\u6c34\u8f6c\u578b\u6210\u5982\u4eca\u6700\u597d\u7684\u5168\u7403\u5b8f\u89c2\u7b56\u7565\u57fa\u91d1\u7684\u5f00\u59cb\u3002\u8fd9\u4e2a\u7b56\u7565\u6839\u636e\u5168\u7403\u7ecf\u6d4e\u6307\u6807\u7684\u53d8\u52a8\uff0c\u5bf9\u80a1\u7968\u3001\u8d27\u5e01\u3001\u5229\u7387\u4ee5\u53ca\u5546\u54c1\u5e02\u573a\u7684\u4ef7\u683c\u6ce2\u52a8\u7684\u5f71\u54cd\u6765\u8fdb\u884c\u6760\u6746\u64cd\u4f5c\uff0c\u6700\u8457\u540d\u7684\u4ea7\u54c1\u5c31\u662f\u5168\u5929\u5019\u57fa\u91d1\uff08All Weather\uff09\uff0c\u800c\u57fa\u91d1\u7ecf\u7406\u501f\u52a9\u91cf\u5316\u6a21\u578b\u548c\u57fa\u672c\u9762\u5224\u65ad\u540c\u65f6\u8fdb\u884c\u6295\u8d44\u51b3\u7b56\uff0c\u8fd9\u4e00\u70b9\u5c31\u5f88\u597d\u5730\u89c4\u907f\u4e86\u4e24\u79cd\u6295\u8d44\u65b9\u5f0f\u5b58\u5728\u7684\u4e00\u4e9b\u5f0a\u7aef\uff0c\u5f53\u7136\u4e5f\u5bf9\u57fa\u91d1\u7ecf\u7406\u7684\u7efc\u5408\u80fd\u529b\u63d0\u51fa\u4e86\u66f4\u9ad8\u7684\u8981\u6c42\u3002\u6b64\u5916\u6865\u6c34\u81ea\u5df1\u4e5f\u6709\u4e3b\u52a8\u548c\u88ab\u52a8\u578b\u4e0d\u540c\u7684\u4ea7\u54c1\uff0c\u8fd9\u4e3a\u4ed6\u4eec\u71a8\u5e73\u5e02\u573a\u5468\u671f\u5bf9\u4e1a\u7ee9\u7684\u5f71\u54cd\u63d0\u4f9b\u4e86\u5f88\u5927\u5e2e\u52a9\u3001<\/p>\n\n\n\n

\u800c\u8fd9\u5176\u5b9e\u4e0e\u8fbe\u5229\u5965\u672c\u4eba\u7684\u7279\u8d28\u606f\u606f\u76f8\u5173\u3002\u8fbe\u5229\u5965\u672c\u4eba\u6709\u7740\u975e\u5e38\u4ee4\u4eba\u8d5e\u53f9\u7684\u7ecf\u6d4e\u5b66\u5929\u8d4b\u548c\u76f4\u89c9\uff0c\u4ece80\u5e74\u4ee3\u5f00\u59cb\uff0c\u4ed6\u5c31\u5f00\u59cb\u4e0d\u65ad\u8bb0\u5f55\u81ea\u5df1\u7684\u4ea4\u6613\u51c6\u5219\uff0c\u5e76\u4e0d\u65ad\u5728\u4ea4\u6613\u4e2d\u8fdb\u884c\u4fee\u6539\uff0c\u5982\u4eca\u4ed6\u7684\u51c6\u5219\u5df2\u7ecf\u6210\u4e3a\u6865\u6c34\u6295\u8d44\u6a21\u578b\u7684\u57fa\u7840\u8bbe\u5b9a\u7684\u4e00\u90e8\u5206\uff0c\u8fdb\u884c\u5168\u7403\u5e02\u573a\u7684\u6295\u8d44\u5224\u65ad\u3002\u800c\u4e4b\u524d\u6211\u4eec\u63d0\u52302007\u5e74\u8fbe\u5229\u5965\u5c31\u9884\u6d4b\u5230\u4e86\u6b21\u8d37\u5371\u673a\uff0c\u4ed6\u8fd8\u4e13\u95e8\u53bb\u7f8e\u56fd\u8d22\u653f\u90e8\u8b66\u544a\u4e86\u8fd9\u4ef6\u4e8b\u60c5\uff0c\u4f46\u662f\u5f53\u65f6\u6ca1\u4eba\u5728\u610f\uff0c\u6bd5\u7adf\u6bcf\u5929\u90fd\u6709\u4e00\u5927\u5806\u795e\u68cd\u4f1a\u505a\u51fa\u5404\u79cd\u5927\u7a7a\u5934\u9884\u8a00\uff0c\u76f4\u5230\u4e8b\u540e\u5927\u5bb6\u624d\u60f3\u8d77\u8fbe\u5229\u5965\u7684\u8a00\u8bba\uff0c\u4ed6\u751a\u81f3\u51c6\u786e\u8bf4\u6e05\u695a\u4e86\u6b21\u8d37\u5371\u673a\u7684\u4f5c\u7528\u673a\u5236\u548c\u539f\u7406\u3002\u800c\u8fbe\u5229\u5965\u672c\u4eba\u662f\u975e\u5e38\u4f18\u79c0\u7684\u5b8f\u89c2\u7ecf\u6d4e\u7814\u7a76\u8005\uff0c\u4ed6\u5199\u8fc7\u4e00\u672c\u5c0f\u518c\u5b50\u53ebHow the Economic Machine Works<\/strong>\uff0c\u51e0\u4e4e\u662f\u6240\u6709\u5b8f\u89c2\u7b56\u7565\u6295\u8d44\u8005\u7684\u5165\u95e8\u6559\u6750\uff0c\u4ed6\u81ea\u5df1\u8fd8\u628a\u8fd9\u672c\u5c0f\u518c\u5b50\u7684\u5185\u5bb9\u505a\u6210\u7531\u4ed6\u4eb2\u81ea\u8bb2\u89e3\u6295\u8d44\u5fc3\u5f97\u7684\u89c6\u9891\uff0c\u5728Youtube\u4e0a\u514d\u8d39\u63d0\u4f9b\u7ed9\u89c2\u770b\u8005\u3002<\/p>\n\n\n\n

\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\u6700\u540e\u7ed9\u5927\u5bb6\u53d1\u4e00\u4efd\u5927\u798f\u5229~<\/p>\n\n\n\n

\u626b\u63cf\u4e0b\u9762\u7684\u4e8c\u7ef4\u7801\u53ef\u4ee5\u7533\u8bf7\u8bd5\u7528\u500d\u53d1\u79d1\u6280\u6295\u8d44\u7814\u7a76\u7cfb\u7edf<\/strong>\uff08Betalpha BAR 1.0\uff09\uff0c\u4f5c\u4e3a\u516c\u4f17\u53f7\u4e00\u7cfb\u5217\u56e0\u5b50\u7814\u7a76\u6587\u7ae0\u7684\u57fa\u7840\uff0c\u91cc\u9762\u8fd8\u6709\u66f4\u591a\u795e\u79d8\u529f\u80fd\u7b49\u4f60\u53d1\u73b0\u3002\u60a8\u53ea\u9700\u8981\u586b\u5199\u7b80\u5355\u4fe1\u606f\u5c31\u53ef\u4ee5\u7533\u8bf7BAR\u4ea7\u54c1\u4e24\u5468\u7684\u4f7f\u7528\uff0c\u7533\u8bf7\u6210\u529f\u540e\u500d\u53d1\u79d1\u6280\u7684\u5de5\u4f5c\u4eba\u5458\u4f1a\u4e0e\u60a8\u8fdb\u4e00\u6b65\u8054\u7cfb\uff0c\u8bf7\u4e00\u5b9a\u4fdd\u8bc1\u586b\u5199\u7684\u8054\u7cfb\u65b9\u5f0f\u6b63\u786e~<\/p>\n\n\n\n

\u4f60 \u00b7 \u7684<\/strong><\/p>\n\n\n\n

\u98ce\u9669\u7ba1\u7406\u4e13\u5c5e\u6b66\u5668<\/p>\n\n\n\n

\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n
\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

\u3010\u5386\u53f2\u56de\u6d4b\u3011<\/p>\n\n\n\n

\u98ce\u9669\u5c0f\u53f2\uff08\u4e8c\u5341\u516b\uff09\uff1a\u4f5c\u4e3a\u4e00\u540d\u5bbd\u5ba2\uff0c\u4f60\u4e0d\u80fd\u4e0d\u77e5\u9053\u7684AQR<\/a><\/p>\n\n\n\n

\u98ce\u9669\u5c0f\u53f2\uff08\u4e8c\u5341\u4e03\uff09\uff1a\u5982\u4f55\u6210\u4e3a\u534e\u5c14\u8857\u6700\u5e74\u8f7b\u7684\u57fa\u91d1\u7ecf\u7406\uff1f<\/a><\/p>\n\n\n\n

\u98ce\u9669\u5c0f\u53f2\uff08\u4e8c\u5341\u516d\uff09\uff1a\u73b0\u4ee3\u91d1\u878d\u7684\u7591\u60d1\uff1a\u90a3\u4e9b\u91d1\u878d\u5b66\u5047\u8bbe\u771f\u7684\u5f88\u53ef\u6015\u5417<\/a><\/p>\n\n\n\n

\u500d\u53d1\u79d1\u6280\u00a0\u6709\u91d1\u6709\u9669<\/a>\u00a02017\u5e7403\u670813\u65e5 20:31<\/em>
https:\/\/mp.weixin.qq.com\/s\/jrZMqCieT93RNdfe–0S3A<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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