Portfolio Risk Mitigation without Bonds
研究了在全球政府债券收益率接近零甚至负值的情况下，传统股债组合不再有效，作者评估了替代风险管理方案的机会成本和风险降低潜力。
When it comes to financial market crises, times are always different. To make things worse, global government bonds worth trillions of dollars have yields close to zero, and in many cases below zero. What is left is maximum price downside and rather little upside. The traditional way of managing portfolio risks, by using government bonds as a crisis risk offset, seems–for the time being–no longer to be the straightforward option, rendering traditional stock/bond portfolios less appealing. So, the author asks the question of which risk management alternatives are left and tries to make a critical assessment of their opportunity cost and risk-reduction potential.