r/valueinvesting
我写了5种可实现投资组合多元化的另类投资策略
探讨了5种另类策略（趋势跟踪、套息、并购套利、巨灾债券、宏观相对价值），通过独特风险实现投资组合多元化。
我写了一篇延续上周分享的分散投资文章的内容，因为很多人似乎很喜欢那篇。
之前的观点核心是：分散投资并不意味着持有更多股票。而是要持有不同的风险。
这篇内容则更实用一些。
我研究了五种与传统选股表现不同的替代策略：
- 趋势跟踪
- 利差套利（Carry）
- 兼并套利
- 灾害债券（Cat bonds）
- 宏观相对价值
重点不是说这些策略天生就是好投资。有些难以获取、成本高、杠杆大，或者有其他问题。
但我认为它们值得研究，因为每一种都为不同的东西付费，并且在很多方面“本质上不同”。
- 趋势跟踪是在趋势持续时获得回报。
- 利差套利是为承担别人不愿持有的风险而获得回报。
- 兼并套利是为并购完成的风险获得回报。
- 灾害债券是为保险灾难风险获得回报。
- 宏观相对价值是在资产间关系回归正常时获得回报。
我觉得观察一下与常见的“买入并持有”策略或典型的股债组合截然不同的新思路，非常有趣。
有兴趣的朋友可以在这里查看我的文章：
https://www.jeravalue.com/en/blog/return-engines
我也很好奇大家对这些策略的看法，以及有没有我遗漏的好策略。
This is a thoughtful way to look at diversification. Looking at diversification through the lens of return drivers rather than asset counts is a useful way to think about portfolio construction. The common thread across the strategies listed is that each is compensated for bearing a different type of risk, whether that is trend persistence, deal risk, catastrophe risk, or market dislocations. A few other areas that may fit this framework are volatility risk premia, liquidity provision, and alternative risk premia such as value, momentum, or quality. What makes these strategies interesting is not necessarily their standalone return potential, but the fact that their performance can be driven by factors that differ from traditional equity and bond exposures.
Ultimately, the key question is not how many assets are owned, but whether the underlying sources of return are truly distinct. Two portfolios can look diversified on the surface while still being exposed to many of the same economic risks. Focusing on the risks being assumed and the sources of expected return can often provide a more meaningful perspective on diversification.