20161103【充实计划】第269期

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充实每一天 发表于 2016-11-3 06:52
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充实每一天 发表于 2016-11-3 06:52
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Radom walk down on the Wall Street- By Burton Marlkiel: (Brief conclusion about the fundamental analysis)

After the CAMP theory was proved not consistent with the real market and the fact that active funds were difficult to beat the market, the managers have fund "smart beta" to combine with the passive funds: It includes "growth" fund which focuses on the smaller and fast growing or outperformed average; "value" fund which focuses on the bigger companies (many blue chips companies); "high quality" fund which focuses on the stable and forecasted future growth etc.

The reason Beta is not consistent with the market performance：1. the beta may not fully capture the unsystematic risk; 2. the historical beta can't indicate the future stock performance; 3. in the CAMP calculation, we use specific of index to represent the market, however, the market will include human source market, commodity market and etc,.

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充实每一天 发表于 2016-11-3 06:52
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