ѺӺѭ Ǩͺѭ ҧкѭ ¹ѷ: 2 طҤ


28 Ҥ 2563  06:09
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Asset Allocation (1)
Asset Allocation (1)
Ѵ͹Ź 14 չҤ 2551 10:27 .
        . Թ Ũ. ó ӡѴ
       
       õѴԹŧعͧ鹵͹
       

       кǹõѴԹŧعӤѭͧ鹵͹¡ѹ á ѴԹҨԹŧعѡѾҧ ҧô жѡ繵 ;ѹѵáૹ 繾ǡԹҡԺͧ 繵 ¡õѴԹ㨹 Asset Allocation (ҡҡẺЪѺش ͡ “ǴѾ”) Ǣ鹷ͧ仵ѴԹ㨵 ǹŧع鹨Ы鹵˹ ¡ Stock Selection ( Security Selection Ѿ͡ǡѹѵ鹡)
       
       ÷դö㹡õѴԹշͧ ͻ˹鹢鹡ѴԹ ( Asset Allocation ) еǷ͡Ҿ쵡ǹ ( Stock Selection ) ŵͺ᷹ʹ ҧá ͧ·Ҥö㹷ͧõѴԹ㨹㹤 ҧҨ Asset Allocation Stock Selection Ѻѹ ͧҡõѴԹ㨷ͧѹ˹ӤѭҨ֧繤ӶѡԪҡʹҧҡ
       
       ҹԨѰԡҺ觪 Asset Allocation ͡õѴԹ㨷ռŵͼŵͺ᷹ҡŧعҡ Stock Selection ¤ . ŧ㹻շҴ鹴 Ҩ͡鹷ⴴҾ ѧա . ͡ ѺԹŧع鹹㹻շҴ鹴 ҡ㹻շҴ
       
       ͧҷӤ㨡ѹ֧ Asset Allocation ѹµҧԧͧҴعһշҹѹѺ ҧҧҧʴ֧ŵͺ᷹ͧҴ ѹѵ Թҡ ѾԹ (Asset Class) ѡ͡ѴԹŧع
       
       ҨҶŧعẺش;ѹѵ Թҡ ҡŵͺ᷹ᵡҧѹҧѴਹ Թҡ¢Ҵع Ժҧҡ ǹѹѵẺҧҧյԴźҧعçѡ ǹ鹼ѹǹҡ ŵͺ᷹·ҡ Թ 100 ҷ 繡 300 ҷһբͧŧع ҹ׹ѹӡǷ high risk, high return ѹ繸ҵԢͧѡѾҧ ͧ§ͧѺŵͺ᷹ ҡŵͺ᷹٧ ͧѺ§٧Ҵ
       
       Perfect Asset Allocation (Timing)
       
       ҾѴਹͧŢͧõѴԹͧ Asset Allocation ҧ¡繡èѺѧТͧҴ Market Timing صʹ¹㹡èѺѧеҴ ǷѴҧó ͻ˹ôշشŧع㹻ԹѾ繵 觡¤ѺǧһբͧŹ շŧع㹾ѹѵ 2000 2004 2006 ͡ŧعǹ ʹ¹շѾԹ鹨ҡ 100 ҷ 745 ҷһҹ... ˹ѧͪ Asset Allocation ͧ Ժѹ ͧӵŢҵ֧ҹ ҷӡ֡ҢŢͧѰ͹ѧ 100 ǤӹdzҶ Perfect timer ѡѺѧмʹء鹻͡¡Թŧع㹻ѾԹзշش㹻չ Թŧع 1 ­ ŧ´Ť 85,000,000 ­ 100 ѧ 繵Ţҧ ҹҹͨ繴¡Ѻ ͧ Asset Allocation зӤѭԧ͡ŧعͧ
       
       ͹ͧѺԧ ͡ШѺѧТͧҴóҧص 㹤繨ԧѺҡռ餹ҡ·Ѻѧ͡ѧ ǼšѺ繵çѹ ŧعѧҡ鹢ҡ ͡ѺŴŧع鹵ҡ ͧ
       

       ѧ йӻԨ֧¡Թҧش 繡йŧعѹѺͧͧöѺ§ҡ§ ǨѴ Asset Allocation ʹͧѺؤԡѡɳТͧѡ ǹ˹ѡ (Overweight) Ŵ˹ѡ (Underweight) ҧǴѡѾ 㹺ҧʶҹСóйҧش 餧дѺ§Ѻʹ
       
       㹵͹ ҨФ¡ѹͧ Asset Allocation ʹͧѺؤԡФö㹡Ѻ§ҧ ҧٻ ԴФѺ

ѺӺѭ ѺӺѭ ¹ѷ: 2  2 2 2 2  2 2 طҤطҤ ѺӺѭ ѺӺѭ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ ¹ѷ Ǩͺѭ ¹ѷ Ǩͺѭ ¹ѷ Ǩͺѭ ¹ѷ Ǩͺѭ ¹ѷ Ǩͺѭ Ǥйͧ ҧ͹ ҧ ا෾ 觤 Ѵѹ¹ԧ Ǥйͧ ҧ͹ ҧ ا෾ 觤 Ѵѹ¹ԧ Ǥйͧ ҧ͹ ҧ ا෾ 觤 Ѵѹ¹ԧ Ǥйͧ ҧ͹ ҧ ا෾ 觤 Ѵѹ¹ԧ
 ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ  Ǩͺѭ  ҧкѭ  ѺӺѭ ѺӺѭ ¹ѷ: 2  2 2 2 2  2 2 طҤطҤ
ѺӺѭ ѺӺѭ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ طҤ ¹ѷ Ǩͺѭ ¹ѷ Ǩͺѭ ¹ѷ Ǩͺѭ ¹ѷ Ǩͺѭ ¹ѷ  Ǥйͧ ҧ ҧ ا෾ 觤 ѹѹ¹ԧ Ǥйͧ ҧ ҧ ا෾ 觤 ѹѹ¹ԧ Ǥйͧ ҧ ҧ ا෾ 觤 ѹѹ¹ԧ Ǥйͧ ҧ ҧ ا෾ 觤 ѹѹ¹ԧ
 ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ ѺӺѭ  Ǩͺѭ  ҧкѭ 





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