{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u9322\u741b","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/chinshun","title":"\u5f9e\u8f1d\u745e\u75ab\u82d7\u7814\u767c\u6210\u529f\u5c0d\u8a08\u91cf\u7b56\u7565\u7684\u5f71\u97ff\u8a0e\u8ad6\u9078\u6230\u90e8\u7f72\u65b9\u5411 - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492444\">\u5f9e\u8f1d\u745e\u75ab\u82d7\u7814\u767c\u6210\u529f\u5c0d\u8a08\u91cf\u7b56\u7565\u7684\u5f71\u97ff\u8a0e\u8ad6\u9078\u6230\u90e8\u7f72\u65b9\u5411<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492444\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u5f9e\u8f1d\u745e\u75ab\u82d7\u7814\u767c\u6210\u529f\u5c0d\u8a08\u91cf\u7b56\u7565\u7684\u5f71\u97ff\u8a0e\u8ad6\u9078\u6230\u90e8\u7f72\u65b9\u5411&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2020\/11\/trump_will_be_back.jpg","thumbnail_width":1382,"thumbnail_height":922,"description":"\u8f1d\u745e\u75ab\u82d7\u5927\u898f\u6a21\u8a66\u9a57\u6210\u529f\uff0c\u96d6\u7136\u5c0d\u7f8e\u80a1\u5e36\u4f86\u6975\u5927\u63a8\u52d5\u529b\uff0c\u4f46\u5c0d\u4e00\u985e\u8457\u540d\u7684\u8a08\u91cf\u7b56\u7565\u2014\u52d5\u80fd\uff08momentum\uff09\u7b56\u7565\uff0c\u5e36\u4f86\u4e86\u5730\u52d5\u5c71\u6416\u7684\u5f71\u97ff\u3002\u7531\u65bc\u9999\u6e2f\u6563\u6236\u53ef\u4ee5\u8f15\u6613\u5730\u900f\u904e\u7f8e\u80a1ETF\u53d6\u5f97\u9019\u985e\u7b56\u7565\u7684exposure\uff0c\u5c0d\u6295\u8cc7\u8005\u5be6\u8cea\u4e0a\u6709\u8cbc\u8eab\u7684\u5f71\u97ff\uff0c\u6240\u4ee5\u60f3\u5728\u6b64\u6b04\u63a2\u8a0e\u9019\u7a2e\u7b56\u7565\uff0c\u4ee5\u53ca\u5982\u4f55\u9032\u884c\u90e8\u7f72\u3002 \u52d5\u80fd\u7b56\u7565\u4ee5\u5f80\u662f\u4e0d\u5c11\u5c0d\u6c96\u57fa\u91d1\u6216\u5927\u6236\u7d93\u5e38\u57f7\u884c\u7684\u8a08\u91cf\u7b56\u7565\u3002\u539f\u7406\u662f\u8a08\u7b97\u4e00\u7c43\u5b50\u80a1\u7968\u7684\u6b77\u53f2\u56de\u5831\uff0c\u8cb7\u5165\u56de\u5831\u6700\u9ad8\u7684\u4e00\u5c11\u90e8\u4efd\u80a1\u7968\uff0c\u540c\u4e8b\u6cbd\u7a7a\u56de\u5831\u6700\u4f4e\u7684\u4e00\u5c11\u90e8\u4efd\uff0c\u640f\u5f37\u8005\u8d8a\u5f37\uff0c\u5f31\u8005\u8d8a\u5f31\u3002\u7531\u65bc\u540c\u6642\u9032\u884clong&amp;short\uff0c\u53ef\u4ee5\u6e1b\u5c11\u6574\u500b\u6295\u8cc7\u7d44\u5408\u7684\u5e02\u5834\u98a8\u96aa\uff0c\u67d0\u7a0b\u5ea6\u4e0a\u9054\u81f4beta hedging\u3002 \u7531\u65bc\u9019\u500b\u7b56\u7565\u5728\u96f6\u516b\u5e74\u91d1\u878d\u6d77\u562f\u524d\u7684\u6b77\u53f2\u8868\u73fe\u4e5f\u76f8\u7576\u4e0d\u932f\uff0c\u56e0\u6b64\u9019\u500b\u52d5\u80fd\u56e0\u5b50\uff08momentum factor\uff09\u88ab\u8a8d\u70ba\u53ef\u4ee5\u89e3\u91cb\u7f8e\u570b\u80a1\u5e02\u56de\u5831\u3002\u9664\u4e86\u9019\u500b\u56e0\u5b50\uff0c\u5b78\u754c\u4e5f\u6709\u4e0d\u5c11\u6709\u6578\u64da\u8b49\u660e\u6709\u6548\u7684\u56e0\u5b50\uff0c\u4f8b\u5982size\u3001value\u7b49\u7b49\u3002\u8207\u9019\u985e\u56e0\u5b50\/\u8a08\u91cf\u7b56\u7565\u76f8\u95dc\u7684\u6295\u8cc7\uff0c\u5c31\u662f\u5927\u5bb6\u7d93\u5e38\u5728\u5916\u5a92\u898b\u5230\u7684\u56e0\u5b50\u6295\u8cc7\u6cd5\uff08factor investing\uff09\u3002 \u9019\u985e\u7b56\u7565\u5728\u5b78\u754c\u5df2\u6709\u591a\u5e74\u6b77\u53f2\uff0c\u6709\u4e0d\u5c11\u5b78\u8853\u8ad6\u6587\u7684\u7814\u7a76\u7bc4\u7587\u90fd\u662f\u63a2\u8a0e\u9019\u4e9b\u7b56\u7565\u7684\u61c9\u7528\uff0c\u5728\u91d1\u878d\u754c\u4ea6\u5341\u5206\u6d41\u884c\u3002\u6240\u4ee5\uff0c\u6709\u4e0d\u5c11\u57fa\u91d1\u767c\u884c\u5546\u6293\u4f4f\u4e86\u5546\u6a5f\uff0c\u88ab\u52d5\u5730\u8ddf\u96a8\u9019\u985e\u7b56\u7565\u767c\u884c\u76f8\u95dc\u7684\u56e0\u5b50ETF\uff0c\u4e5f\u5c31\u662f\u5728\u5916\u570b\u76f8\u7576\u6d41\u884c\u7684smart beta ETF\uff0c\u53ea\u662f\u547d\u540d\u65b9\u6cd5\u6709\u5c11\u8a31\u4e0d\u540c\u800c\u5df2\u3002\u52d5\u80fd\u7b56\u7565ETF\u7684\u4f8b\u5b50\uff0c\u6709BlackRock\u65d7\u4e0b\u7684iShares MTUM ETF\uff0c\u6d41\u52d5\u6027\u76f8\u7576\u5145\u8db3\uff0c\u4e3b\u8981\u8cbb\u7528\u4e5f\u53ea\u970015bp\u3002 \u9019\u7a2eETF\u770b\u4f3c\u5145\u6eff\u6a5f\u6703\uff0c\u4f46\u4e00\u9047\u5230\u9ed1\u5929\u9d5d\u5c31\u6703\u51fa\u73fe\u6975\u5927drawdown\u3002\u91d1\u878d\u6d77\u562f\u7206\u767c\u6642\uff0c\u52d5\u80fd\u7b56\u7565\u5e7e\u4e4e\u5b8c\u5168\u8f38\u6389\u6240\u6709\u672c\u91d1\uff0c\u5230\u4e4b\u5f8c\u5e02\u5834\u7a69\u5b9a\u6642\u624d\u80fd\u7dad\u6301\u76f8\u5c0d\u7a69\u5b9a\u7684\u5347\u5e45\u3002\u6b66\u80ba\u5927\u7206\u767c\u6642\uff0cMTUM\u7684drawdown\u4e5f\u9ad8\u905427%\u3002 \u9ed1\u5929\u9d5d\u4e8b\u4ef6\u65e2\u53ef\u4ee5\u662f\u8ca0\u9762\uff0c\u4e5f\u53ef\u4ee5\u662f\u6b63\u9762\uff0c\u5169\u7a2e\u60c5\u6cc1\u4e5f\u6703\u5c0d\u52d5\u80fd\u7b56\u7565\u9020\u6210\u6975\u5927drawdown\u3002\u4e0a\u661f\u671f\u8f1d\u745e\u75ab\u82d7\u7d50\u679c\u7684\u6210\u529f\uff0c\u9020\u6210\u91d1\u878d\u5e02\u5834\u5927\u91cf\u7684\u677f\u584a\u8f2a\u52d5\uff08sector rotation\uff09\uff0c\u4f7f\u5927\u6236\u9078\u80a1\u6642\u5f9e\u67d0\u4e9b\u677f\u584a\u8f49\u5411\u5176\u4ed6\u677f\u584a\uff0c\u4ee4\u672c\u4f86\u56de\u5831\u6975\u9ad8\u7684\u884c\u696d\u80a1\u7968\u5f8c\u52c1\u4e0d\u518d\uff0c\u540c\u6642\u53d7\u6b66\u80ba\u5f71\u97ff\u800c\u80a1\u50f9\u5927\u8dcc\u7684\u80a1\u7968\u5247\u50f9\u683c\u66b4\u6f32\uff0clong side\u7372\u5229\u5c11\/\u8667\u640d\uff0c\u540c\u6642short side\u8f38\u5230\u7206\u5ee0\uff0c\u4ee4\u6574\u500b\u7b56\u7565\u627f\u53d7\u6975\u9ad8\u8667\u640d\u3002\u7576\u7136\uff0c\u52d5\u80fd\u7b56\u7565\u4e5f\u6709\u4e0d\u540c\u7248\u672c\/\u57f7\u884c\u65b9\u6cd5\uff0c\u64da\u5f6d\u535a\u5831\u9053\uff0c\u9053\u74ca\u65af\u7cfb\u5217\u7684\u7248\u672c\u55ae\u65e5\u8667\u640d\u7d0414%\uff0cMTUM\u5247\u6bd4\u8f03\u5e78\u904b\uff0c\u53ea\u8f38\u4e863%\u3002 \u63a8\u6f14\u4e0b\u53bb\uff0c\u5982\u679c\u73fe\u4efb\u7f8e\u570b\u7e3d\u7d71\u7279\u6717\u666e\u80fd\u7ffb\u76e4\uff08\u500b\u4eba\u8a8d\u70ba\u6a5f\u6703\u4e0d\u4f4e\uff0c\u56e0\u70ba\u6709\u592a\u591a\u8868\u9762\u8b49\u4f9b\u6307\u5411\u6709\u9078\u8209\u821e\u5f0a\uff09\uff0c\u53ef\u80fd\u53c8\u6703\u5f15\u767c\u53e6\u4e00\u96bb\u300c\u9ed1\u5929\u9d5d\u300d\u7684\u51fa\u73fe\u3002\u5169\u500b\u7e3d\u7d71\u5019\u9078\u4eba\u7684\u653f\u7b56\u5357\u8f45\u5317\u8f4d\uff0c\u73fe\u5728\u5e02\u5834\u53c8\u5f88\u5927\u7a0b\u5ea6price in\u4e86\u62dc\u767b\u6210\u70ba\u7e3d\u7d71\u7684\u9810\u671f\uff0c\u5982\u679c\u7279\u6717\u666e\u6210\u529f\u9023\u4efb\uff0c\u6050\u6015\u53c8\u6709\u5927\u898f\u6a21\u7684\u677f\u584a\u8f2a\u52d5\uff0c\u4ee4\u52d5\u80fd\u7b56\u7565\u7684\u6f5b\u5728drawdown\u5927\u5347\u3002 \u76f8\u4fe1\u52d5\u80fd\u7b56\u7565\uff0c\u4f46\u53c8\u60f3\u6e1b\u4f4e\u9ed1\u5929\u9d5d\u7684\u8ca0\u9762\u5f71\u97ff\u7684\u6295\u8cc7\u8005\uff0c\u5c31\u6703\u5728\u6574\u500b\u6295\u8cc7\u7d44\u5408\u7684\u6ce8\u78bc\u63a7\u5236\u65b9\u9762\u5165\u624b\uff0c\u76e1\u91cf\u53bb\u69d3\u687f\uff08deleverage\uff09\uff0c\u6216\u6e1b\u5c11\u52d5\u80fd\u7b56\u7565\u7684\u4f54\u6bd4\uff0c\u7562\u7adf\u5f9e\u5b9a\u7fa9\u4e0a\u4f86\u770b\uff0c\u9ed1\u5929\u9d5d\u6839\u672c\u7121\u6cd5\u88ab\u9810\u6e2c\u3002 \u6b64\u6b04\u6280\u8853\u6027\u542b\u91cf\u8f03\u9ad8\uff0c\u4e0d\u77e5\u9053\u5404\u4f4d\u662f\u5426\u559c\u6b61\uff0c\u6b61\u8fce\u7559\u8a00\u8a0e\u8ad6\u3002 \u53c3\u8003\uff1ahttps:\/\/www.bloomberg.com\/news\/articles\/2020-11-13\/quant-shock-that-never-could-happen-hits-wall-street-models"}