国际多元化——这么多年过去了仍然不疯狂

IF 1.1 4区经济学 Q3 BUSINESS, FINANCE

Journal of Portfolio Management Pub Date : 2023-04-27 DOI:10.3905/jpm.2023.1.489

Clifford S. Asness, A. Ilmanen, Daniel Villalon

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引用次数: 1

摘要

30多年来，国际多元化一直在伤害美国投资者，但长期来看，这一点仍然重要。金融理论和常识都支持国际多元化，这一点得到了经验证据的支持，这些证据在长期来看非常支持积极的战略。最后，推断1990年后美国股市的跑赢表现是危险的，因为这主要反映了相对估值的上升。如果说有什么不同的话，那么目前美国股市的丰富性可能预示着未来的表现不佳。

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International Diversification—Still Not Crazy after All These Years

International diversification has hurt US-based investors for over 30 years, but the long-run case for it remains relevant. Both financial theory and common sense favor international diversification, which is buttressed by empirical evidence that is very supportive at longer horizons and for active strategies. Finally, it would be dangerous to extrapolate the post-1990 outperformance of US equities, as it mainly reflects rising relative valuations. If anything, the current richness of US equities may point to prospective underperformance.

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来源期刊

Journal of Portfolio Management Economics, Econometrics and Finance-Finance

CiteScore

2.20

自引率

28.60%

发文量

113

期刊介绍： Founded by Peter Bernstein in 1974, The Journal of Portfolio Management (JPM) is the definitive source of thought-provoking analysis and practical techniques in institutional investing. It offers cutting-edge research on asset allocation, performance measurement, market trends, risk management, portfolio optimization, and more. Each quarterly issue of JPM features articles by the most renowned researchers and practitioners—including Nobel laureates—whose works define modern portfolio theory.