Smart Beta is the Gateway Drug to Risk Factor Investing
指出最常见的风险因子策略处于复杂度两极：简单的纯多头权益因子策略（智能贝塔）和多资产类别的多空风险溢价方法。两者之间的空间正被探索，简单因子组合可扩展至多资产类别并加入做空，以接近稀释的风险溢价方法。
The most common strategies using risk factor approaches are found on the opposite ends of the complexity spectrum: simple, long-only equity factor strategies (i.e., smart beta) and multiasset class long/short risk premia approaches that often employ leverage and derivatives. The space between these two poles is just starting to be explored, as risk factors become a more common feature of both portfolio attribution and portfolio construction. Today’s simple factor smart beta portfolios can be extended across multiple asset classes, coupled with shorting, in order to approach a diluted risk premia approach. <b>TOPICS:</b>Analysis of individual factors/risk premia, style investing, risk management