看板Foreign_Inv
John H. Cochrane有一篇論文
<<Portfolios for Long-Term Investors>>
(
https://www.johnhcochrane.com/research-all/long-term-portfolios )
我覺得很值得一讀
裡面提供了許多觀點
不管你最後同不同意
都很值得至少思索一番
===
容我引用其中的一段話:
"
The average investor must hold the market portfolio."
"The average-investor theorem is powerful, because portfolio theory is hard.
You have to estimate or otherwise understand time-varying means and
covariances of asset returns and state variables, alphas, and betas. Then you
have to make a difficult computation, and do a lot of massaging to keep it
from blowing up."
"But
if you know that you are no different than the average—
or if you do not really know you are different and how—you are done, you
know the answer. Off to the total market portfolio with you."
--
So stand by your glasses steady,
Here’s good luck to the man in the sky,
Here’s a toast to the dead already,
Three cheers for the next man to die.
--
※ 批踢踢實業坊(ptt.cc), 來自: 114.27.165.117 (臺灣)※ 文章網址: https://www.ptt.cc/bbs/Foreign_Inv/M.1643981337.A.AD4.html
推 eesc: 推d大，黃色部分作者寫得太好了 02/04 21:51
推 mackdaddy: 推 02/04 22:00
推 t781226: 推 02/05 00:34
推 raiburatang: 原推文出於好心，才會給入門買 ETF 的財經震撼教育 02/05 08:54
推 popolili: 謝謝分享 02/05 09:54
推 SweetLee: h叔好心我是相信 可是他有些想法太武斷了 對新手不一定 02/05 14:06
→ SweetLee: 是好事 02/05 14:06
推 eesc: 跟sweet大想法差不多，之前股息税也是，哈。但他感覺得出來 02/05 14:26
→ eesc: 是善意 02/05 14:26
推 Anesa: 推~ 02/06 00:13
推 ya17991220: 借板問 前陣子all in VTI 現在想改做VT VWRA 02/07 17:29
→ ya17991220: 直接賣掉VTI轉VT或VWRA 有甚麼需要注意的點嗎? 02/07 17:30
推 ErnestKou: 樓上你可以補VXUS，免得下次又跳回去 02/07 19:15
推 Mahakala: VTI怎麼了嗎 @@ 02/07 19:15
推 ya17991220: 單純覺得不應該只買美股 要做全球的 02/07 21:20
推 ErnestKou: 那加買VXUS就好，還可以自己調整比例 02/07 22:14
推 ya17991220: 收到 謝謝 02/08 06:50
推 Kimberleyz: 推 02/08 13:31
推 Abbee: ya大 要注意的點就是轉了就別再看盤 02/08 16:02
推 ya17991220: 謝謝 這個我可以的 02/08 16:55