研究:简单策略创造真实价值_BEC初级作文

研究:简单策略创造真实价值

Here's a question, though: are these practical tips from Markowitz and Tobin as useful as their sophisticated academic theories? Could it be that simply dividing your money equally between a bunch of different assets – known as the "1/N" strategy – a perfectly good approach to investment?

由此产生的一个问题是：这些来自马科维茨和托宾的实用小窍门是否和他们复杂的学术理论一样有效？将手头的钱平均投资于多种不同资产——所谓的"1/N"策略——是否有可能是一个足够完美的投资方案？

It might seem implausible: after all, the "1/N" strategy is arbitrary and ignores useful information about historical risks, returns and correlations across asset classes. We know, thanks to the research of the behavioural economists Shlomo Benartzi and Richard Thaler, that many investors do exactly what Markowitz did. Surely this is an error, or at least clear evidence of our cognitive limitations?

该策略看起来也许缺乏说服力："1/N"策略带有随意性，忽略了单类资产的风险、收益历史数据以及不同资产间的历史相关系数等有用信息。受益于行为经济学家什洛莫•贝纳茨(Shlomo Benartzi)和理查德•泰勒(Richard Thaler)的研究成果，现在我们知道很多投资者都会和马科维茨一样行事。那么"1/N"策略是否是个明显的错误，或者至少清楚证明了我们的认知能力存在局限性？

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