NYSE Wang Lei/ZumaPress

Альфа, бета и далее

НЬЮ-ЙОРК – Даже в нормальные времена как индивидуальные, так и институциональные инвесторы с большим трудом принимают решения, куда инвестировать и в какие инструменты. Надо ли инвестировать больше в развитые или в развивающиеся страны? И в какие именно? Когда и каким образом надо сбалансировать свой инвестиционный портфель?

Очевидно, что эти вопросы становятся еще более трудными в ненормальные времена, когда происходят крупные глобальные изменения, а центральные банки проводят необычную политику. Впрочем, новый, малозатратный подход поможет ослабить напряжение, с которым сталкиваются инвесторы и в нормальное время, и в ненормальное.

В индустрии управления активами традиционно было два типа инвестиционных стратегий: пассивная и активная. Пассивный подход предполагает инвестиции в индексы, в определенные рыночные индикаторы, например, индекс S&P 500 в США или индексы фондовых рынков развитых или развивающихся стран. Иными словами, вы покупаете индекс рынка.

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