摘要 第一,“全天候策略”(All Weather)是一种知名的资产配置策略,最早由桥水基金(Bridge Water)在1996年提出。它的主要思路是不依赖于前瞻性预测和择时,而是试图通过多元化资产配置和动态调整,使得投资组合能够穿越周期,在不同经济条件下均有一定适用性,从而能够取得相对稳定的回报。 第二,在理解“全天候策略”之前,我们先要解释的一个概念是“风险平价”。资产配置的逻辑起点是围绕“...
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