The New Diversification: Open YourEyes to Alternatives
指出2008年金融危机中传统多元化投资组合未能有效防范大幅回撤，建议关注组合内的风险暴露并纳入另类资产作为风险分散工具，以增强对波动和冲击的抵御能力。
During the 2008 financial crisis, many portfolios considered widely diversified failed to fulfill their expected function of protecting against large drawdowns. Historically, correlations among various types of stocks and bonds have usually increased during financial shocks, but the diversification shortcomings of standard portfolio allocations still surprised investors. Six years later, managers have a more sophisticated understanding of portfolio drawdown risk and how to mitigate it through diversification. In this article, the author advocates a focus on the risk exposures within a portfolio and inclusion of risk diversifiers—often sourced through so-called “alternatives”—to design portfolios more resistant to volatility spikes and major shocks. <bold>TOPICS:</bold> <ext-link>Financial crises and financial market history</ext-link>, <ext-link>portfolio construction</ext-link>, <ext-link>in portfolio management</ext-link>