投资有趣的时代

IF 1.1 4区经济学 Q3 BUSINESS, FINANCE

Journal of Portfolio Management Pub Date : 2023-01-20 DOI:10.3905/jpm.2023.1.461

A. Ilmanen

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引用次数: 0

摘要

2022年之前主要资产价格发生了什么变化，2022年又发生了什么？本文涵盖六个关键主题。1） 2022年前资产估值高、预期回报低的背景。2）投资者对低预期回报的反应，特别是流向私人资产的热潮。3） 2022年后的修订情况：在经历了一代人以来最大的通货膨胀恐慌和央行行长试图遏制通货膨胀之后，至少债券的预期回报要高得多（迄今为止私人资产的预期回报更少）。4）只做多资产和多空策略的命运和前景对比。5）了解价值与成长型股票选择策略的过山车之旅。6）在长期熊市和宏观波动加剧的情况下，风险缓解策略，特别是趋势跟踪的重要作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Investing in Interesting Times

What happened to major asset prices before 2022 and what changed in 2022? This article covers six key themes. 1) The backdrop of high asset valuations and low expected returns before 2022. 2) Investor responses to low expected returns, notably the boom in flows to private assets. 3) A revised picture after 2022: much higher expected returns at least for bonds (less for private assets so far) after the biggest inflation scare in a generation and central bankers’ attempt to contain it. 4) Contrasting fortunes and prospects for long-only assets and long–short strategies. 5) Understanding the rollercoaster ride of value-versus-growth stock selection strategies. 6) The important role of risk-mitigating strategies, especially trend following, amid protracted bear markets and elevated macro volatility.

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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.