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

凯恩斯的方法是集中投资少数几只股票，他依据的是一条后来被沃伦·巴菲特(Warren Buffett)所采纳的原则：“有人认为广泛地投资于自己所知甚少的企业能够分散风险，这是一种错误的想法。

He also identified other risk premiums that have since proved durable, by investing mainly in small- or mid-cap stocks, high-dividend payers, and other “value stocks. He became a contrarian investor, mainly buying stocks that had recently underperformed the general market. He used leverage, but by now applied concerted discipline to contain his risks. Many of these techniques are used by the most successful equity long/short funds today.

凯恩斯通过主要投资中小盘股、高分红股和其他“价值型股票，还发现了被证明可持续的其他风险溢价。他成了一名反向投资者，主要买入那些近期表现跑输大盘的股票。他使用杠杆，但这时已运用一些协调性原则来控制风险。如今，最成功的长期和短期股票基金也在运用上述大部分技巧。

According to Chambers and Dimson, in the 22 years he managed the King’s portfolios, Keynes’ long-term Sharpe ratio, a measure of risk-adjusted performance, was a very respectable 0.69, compared with 0.45 on a balanced portfolio at the time. Aiming for anything higher than that, as some hedge fund managers do, is to chase the impossible dream.