凯恩斯投资对当代对冲基金的启示_时事

凯恩斯投资对当代对冲基金的启示

更重要的是，凯恩斯采用了一种个股投资的新方法。他早在1924年就意识到，相对于债券，股票风险溢价使得投资股票应会获得长期的超额回报。这与当时的传统理念正好是相反的。

After that, his strategic allocation to equities was groundbreaking. A big lesson here: selecting the right asset class is always the most critical foundation for long-term success.

从那以后，他开创性地对股票进行了战略性配置。由此他又得到一个重大教训：选对资产类别永远是取得长期成功最关键的基矗

But in the 1930s, his stock selections for his King’s College portfolios were also highly successful. A fascinating recent paper by academics David Chambers and Elroy Dimson examines his record, using data from the King’s College archives.

在20世纪30年代，凯恩斯为国王学院投资组合选股时也取得了很大的成功。最近，学者大卫·钱伯斯(David Chambers)和埃罗依·迪姆森(Elroy Dimson)使用国王学院档案馆的数据分析了凯恩斯的选股记录，之后发表了一篇精彩的论文。

Keynes’ method was to make concentrated investments in a relatively small number of stocks, on the principle, adopted by Warren Buffett, that “it is a mistake to think that one spreads one’s risk by spreading too much between enterprises about which one knows little.