[size=14.000000pt]author：Mark Carhart, CFA, Ui-Wing Cheah, CFA, Giorgio De Santis,Harry Farrell, and Robert Litterman
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[size=10.000000pt]The authors propose portfolios comprising simple and intuitive risk premiums (exotic betas) that are trans-parent and cost effective, perform well in different market environments, and are uncorrelated with equities.They are an alternative to traditional portfolios that are defined by their asset class allocations. The authorsshow that exotic beta investing offers a better risk–return profile than risk parity and hedge fund replicationand that adjusting exposures to capture variation in risk premiums further improves performance.