Dual-Horizon Strategic Asset Allocation
提出一个双期限资产配置框架，平衡长期组合最优与短期风险控制，利用价格模式分解为长期持久和短期周期成分，协调公私资产类别的风险调整收益。
In this article, the authors propose a new dual-horizon asset allocation framework that balances desire for long-term portfolio optimality with the requirement for short-term risk control. The framework leverages evidence that for many core asset classes, price patterns can be effectively decomposed into a long-term, persistent component and a transient, cyclical one. This decomposition is particularly helpful when applied to private and public sister-asset classes (e.g., private and public equity or debt) because it allows harmonization of private and public risk-adjusted returns without resorting to artificial adjustments.