Yuan Yijun (bbbush) wrote,
Yuan Yijun

Achieving Better Returns In Your Portfolio

Since all equity portfolios assume a market risk (beta), no additional axis is needed. Market risk is represented just below the intersection of the axes, and anything above the line is excess return above the market.
这是这几天看书感到最奇妙的事情,市场有效性应该这样理解,一个 portfolio.. 然而自己还是说不出来这种感觉。

For example, high book/market values could mean a stock is distressed, temporarily selling low because future earnings look doubtful, which implies that value stocks are more risky than average
但是一个投资者并不会因为无效投资得到更多回报。于是,作者只是想说,也许 Sm&Val 更加有效一些,也许 market 并不是整体,虽然 Lrg&core 代表了整体,仅仅是也许而已。

继续阅读 Introduction to Small Caps
Tags: 转载, 金融

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