{"title":"价值随时间的积累","authors":"Dennis Sentilles","doi":"10.2139/ssrn.3347937","DOIUrl":null,"url":null,"abstract":"We introduce a purely mathematical measure, Γ, of the accumulation of asset value over time that robustly measures cumulative return against market movement under whatever investment strategy is employed in buying into any given market over any period of time. Requiring no underlying assumptions about price behavior, the purely mathematical factor Γ captures the qualitative and quantitative structural elements of wealth accumulation. In direct application Γ accurately reveals the computational role and influence of volatility and mean price movement in the popular strategy of Dollar Cost Averaging. At the last Γ suggests a proportional Buy&Hold strategy that is generally more successful.","PeriodicalId":299310,"journal":{"name":"Econometrics: Mathematical Methods & Programming eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2019-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Accumulation of Value Over Time\",\"authors\":\"Dennis Sentilles\",\"doi\":\"10.2139/ssrn.3347937\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We introduce a purely mathematical measure, Γ, of the accumulation of asset value over time that robustly measures cumulative return against market movement under whatever investment strategy is employed in buying into any given market over any period of time. Requiring no underlying assumptions about price behavior, the purely mathematical factor Γ captures the qualitative and quantitative structural elements of wealth accumulation. In direct application Γ accurately reveals the computational role and influence of volatility and mean price movement in the popular strategy of Dollar Cost Averaging. At the last Γ suggests a proportional Buy&Hold strategy that is generally more successful.\",\"PeriodicalId\":299310,\"journal\":{\"name\":\"Econometrics: Mathematical Methods & Programming eJournal\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-02-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Econometrics: Mathematical Methods & Programming eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3347937\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Econometrics: Mathematical Methods & Programming eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3347937","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We introduce a purely mathematical measure, Γ, of the accumulation of asset value over time that robustly measures cumulative return against market movement under whatever investment strategy is employed in buying into any given market over any period of time. Requiring no underlying assumptions about price behavior, the purely mathematical factor Γ captures the qualitative and quantitative structural elements of wealth accumulation. In direct application Γ accurately reveals the computational role and influence of volatility and mean price movement in the popular strategy of Dollar Cost Averaging. At the last Γ suggests a proportional Buy&Hold strategy that is generally more successful.
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