Risk Budgets
探讨了风险预算在投资管理中的含义及其与资产配置的关系，指出风险预算的概念虽流行但定义模糊，且风险分解在许多情况下不可行，旨在澄清风险预算在投资过程中的作用。
While risk budgets are the new fashion among investment managers, the investment community has yet to agree on the precise meaning of the term, or, more important, on how risk budgeting relates to asset allocation. Intuitively, a risk budget conveys the notion that a portfolio9s risk is somehow apportioned to various categories, but such disaggregation is impossible for many descriptions of risk. The authors explore the issues associated with risk budgets with a view to arriving at a clear and uniform understanding of risk budgets and their role in the investment process.