{"id":1662,"date":"2021-07-03T15:26:00","date_gmt":"2021-07-03T07:26:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=1662"},"modified":"2021-07-03T15:26:00","modified_gmt":"2021-07-03T07:26:00","slug":"%e9%98%bf%e7%88%be%e7%99%bc%e6%a0%b8%e5%bf%83%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e5%bb%ba%e6%a7%8b%e7%ad%96%e7%95%a5-alpha-core-portfolio-strategy","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=1662","title":{"rendered":"\u963f\u723e\u767c\u6838\u5fc3\u6295\u8cc7\u7d44\u5408\u5efa\u69cb\u7b56\u7565-Alpha Core Portfolio Strategy"},"content":{"rendered":"\n<div class=\"wp-block-aioseo-table-of-contents\"><ul><li><a href=\"#aioseo-\">\u7279\u8272\u8207\u7b56\u7565<\/a><\/li><li><a href=\"#aioseo-\">\u963f\u723e\u767c\u966a\u60a8\u4e00\u8d77\u5b89\u5fc3\u9054\u6210\u8ca1\u52d9\u76ee\u6a19<\/a><ul><li><a href=\"#aioseo-\">\u963f\u723e\u767c\u7684\u6295\u8cc7\u7406\u5ff5<\/a><\/li><li><a href=\"#aioseo-a\">A. \u591a\u5143\u5316\u7684\u8cc7\u7522\u914d\u7f6e<\/a><ul><li><a href=\"#aioseo-a\">a.\u80a1\u7968<\/a><\/li><li><a href=\"#aioseo-b\">b.\u50b5\u5238<\/a><\/li><li><a href=\"#aioseo-c\">c.\u623f\u5730\u7522<\/a><\/li><\/ul><\/li><li><a href=\"#aioseo-b\">B.\u6295\u8cc7\u7d44\u5408\u7684\u512a\u5316<\/a><\/li><li><a href=\"#aioseo-c\">C. \u6bcf\u4eba\u90fd\u6709\u5c08\u5c6c\u7684\u6295\u8cc7\u7d44\u5408\u914d\u7f6e<\/a><\/li><li><a href=\"#aioseo-d\">D.\u4f4e\u6210\u672c\u7684\u6295\u8cc7\u7b56\u7565<\/a><\/li><li><a href=\"#aioseo-\">\u7d50\u8ad6<\/a><\/li><li><a href=\"#aioseo-\">\u6587\u737b\u53c3\u8003\u4f86\u6e90<\/a><\/li><\/ul><\/li><\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-\">\u7279\u8272\u8207\u7b56\u7565<\/h3>\n\n\n\n<p>\u2605 \u963f\u723e\u767c\u7684\u5efa\u69cb\u7b56\u7565\u4f7f\u7528\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u4f5c\u70ba\u8cc7\u7522\u914d\u7f6e\u7684\u57fa\u790e<\/p>\n\n\n\n<p>\u2605 \u4f7f\u7528B-L\u6a21\u578b\uff0c\u8b93\u6295\u8cc7\u7d44\u5408\u7684\u5efa\u69cb\u8207\u914d\u7f6e\u66f4\u52a0\u512a\u5316\u3002<\/p>\n\n\n\n<p>\u2605 \u900f\u904e\u5168\u7403\u591a\u5143\u5316\u8cc7\u7522\u914d\u7f6e\uff0c\u8b93\u8cc7\u7522\u5f7c\u6b64\u9593\u7684\u76f8\u95dc\u6027\u964d\u4f4e\uff0c\u4f7f\u6574\u9ad4\u7684\u6295\u8cc7\u8868\u73fe\u66f4\u5347\u7d1a\u3002<\/p>\n\n\n\n<p>\u2605 \u4f7f\u7528Vanguard ETF\uff0c\u8b93\u6295\u8cc7\u4eba\u7684\u6295\u8cc7\u6210\u672c\u6709\u6548\u964d\u4f4e\uff0c\u63d0\u5347\u6295\u8cc7\u5831\u916c\u7387\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-\">\u963f\u723e\u767c\u7684\u6295\u8cc7\u7406\u5ff5<\/h3>\n\n\n\n<p>\u963f\u723e\u767c Alpha \u6709\u4e00\u500b\u6700\u539f\u59cb\u7684\u521d\u8877 : \u4f7f\u7528\u5c0d\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u5e6b\u52a9\u60a8\u9054\u6210\u7406\u60f3\u7684\u8ca1\u52d9\u76ee\u6a19\uff0c\u8b93\u60a8\u904e\u4e0a\u66f4\u5e78\u798f\u7684\u751f\u6d3b\u3002<\/p>\n\n\n\n<p>\u3008\u88ab\u52d5\u6295\u8cc7\uff0c\u4e3b\u52d5\u4eba\u751f\u3009\uff0c\u300c\u4e0d\u770b\u76e4\u3001\u4e0d\u9078\u9032\u5834\u9ede\u3001\u8cb7\u9032\u9577\u671f\u6301\u6709\u300d\u662f\u6211\u5011\u4e00\u81f4\u7684\u76ee\u6a19\uff0c\u900f\u904e\u9019\u6a23\u7684\u539f\u5247\uff0c\u6211\u5011\u76f8\u4fe1\u6295\u8cc7\u4eba\u80fd\u5920\u5b89\u5fc3\u5730\u88ab\u52d5\u5f0f\u8cfa\u53d6\u6eff\u610f\u7684\u6295\u8cc7\u5831\u916c\uff0c\u4e5f\u80fd\u5920\u4e3b\u52d5\u5f0f\u7684\u53c3\u8207\u81ea\u5df1\u7684\u7f8e\u597d\u4eba\u751f\u3002<\/p>\n\n\n\n<p>\u91d1\u878d\u5e02\u5834\u8fd1400\u5e74\u7684\u6b77\u53f2\uff0c\u6709\u8a31\u591a\u6b77\u53f2\u6578\u64da\u8b93\u6211\u5011\u9a57\u8b49\u8a31\u591a\u6295\u8cc7\u65b9\u5f0f\uff0c\u9577\u671f\u88ab\u9a57\u8b49\u6709\u6548\u7684\u7b56\u7565\u5be5\u5be5\u7121\u5e7e\uff0c\u56e0\u6b64\uff0c\u6211\u5011\u63a1\u7528\u7d93\u904e\u6b77\u53f2\u9577\u6642\u9593\u9a57\u8b49\u53ef\u884c\u7684\u65b9\u5f0f : \u88ab\u52d5\u5f0f\u6295\u8cc7\uff0c\u76f8\u4fe1\u6574\u9ad4\u5e02\u5834\u7684\u672a\u4f86\u767c\u5c55\uff0c\u4e26\u4f7f\u7528\u8afe\u8c9d\u723e\u734e\u7684\u91d1\u878d\u7406\u8ad6\u8207\u7b56\u7565\u6a21\u578b\uff0c\u5e6b\u52a9\u6211\u5011\u7684\u5ba2\u6236\u505a\u597d\u5b8c\u6574\u4e14\u5b89\u5fc3\u7684\u6295\u8cc7\u3002<\/p>\n\n\n\n<p>\u5728\u9019\u7bc7\u963f\u723e\u767c\u7684\u6295\u8cc7\u7d44\u5408\u7b56\u7565\u6307\u5357\u4e2d\uff0c\u6211\u5011\u7684\u76ee\u6a19\u662f\u5c55\u793a\u963f\u723e\u767c\u6295\u8cc7\u7d44\u5408\u7b56\u7565\u5728\u5176\u61c9\u7528\u548c\u958b\u767c\u4e2d\uff0c\u5982\u4f55\u6709\u52a9\u65bc\u6211\u5011\u57f7\u884c\u8207\u5805\u6301\u6295\u8cc7\u539f\u5247\u3002<\/p>\n\n\n\n<p><strong>\u4e09\u500b\u95dc\u9375\u7684\u6295\u8cc7\u539f\u5247:<\/strong><\/p>\n\n\n\n<p><strong>1. \u5168\u7403\u591a\u5143\u5316\u8cc7\u7522\u914d\u7f6e<\/strong><\/p>\n\n\n\n<p><strong>2. \u6709\u6548\u7387\u8207\u4f4e\u6210\u672c\u7684\u6295\u8cc7\u7d44\u5408<\/strong><\/p>\n\n\n\n<p><strong>3. \u7d00\u5f8b\u5f0f\u7684\u6295\u8cc7\u7ba1\u7406<\/strong><\/p>\n\n\n\n<p>\u5728\u672c\u6587\u4e2d\uff0c\u60a8\u6703\u767c\u73fe\u6211\u5011\u7684\u6295\u8cc7\u7d44\u5408\u69cb\u5efa\u904e\u7a0b\u81f4\u529b\u65bc\u5b9a\u7fa9\u591a\u5143\u5316\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u901a\u904e\u4f4e\u6210\u672c\u589e\u52a0\u6295\u8cc7\u50f9\u503c\uff0c\u4e26\u5be6\u73fe\u826f\u597d\u7684\u7d00\u5f8b\u5f0f\u7ba1\u7406\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-a\">A. \u591a\u5143\u5316\u7684\u8cc7\u7522\u914d\u7f6e<\/h3>\n\n\n\n<p>\u5728\u8a2d\u8a08\u6295\u8cc7\u7d44\u5408\u4e4b\u524d\uff0c\u90fd\u9762\u81e8\u5169\u500b\u4e3b\u8981\u4efb\u52d9\uff1a\u8cc7\u7522\u985e\u5225\u9078\u64c7 \u8207 \u6295\u8cc7\u7d44\u5408\u512a\u5316\u3002\u6211\u5011\u5148\u4ecb\u7d39\u963f\u723e\u767c\u6295\u8cc7\u7684\u8cc7\u7522\u985e\u5225\u3002\u5168\u7403\u591a\u5143\u5316\u7684\u8cc7\u7522\u914d\u7f6e\u662f\u6211\u5011\u5efa\u69cb\u7684\u7b56\u7565\uff0c\u7136\u800c\u5168\u7403\u80fd\u5920\u6295\u8cc7\u7684\u8cc7\u7522\u985e\u578b\u975e\u5e38\u591a\u7a2e\uff0c\u4f8b\u5982:\u80a1\u5e02\u3001\u50b5\u5e02\u3001\u623f\u5730\u7522\u3001\u9ec3\u91d1\u3001\u539f\u6cb9\u3001\u6bd4\u7279\u5e63\u751a\u81f3\u662f\u6578\u4f4d\u8cc7\u7522NFT\uff0c\u963f\u723e\u767c\u63a1\u7528\u5927\u5bb6\u8f03\u70ba\u719f\u6089\u7684\u80a1\u5e02\u3001\u50b5\u5e02\u8207\u623f\u5730\u7522\u8cc7\u7522\uff0c\u4f5c\u70ba\u5efa\u69cb\u7684\u6838\u5fc3\u7b56\u7565\u3002<\/p>\n\n\n\n<p>\u70ba\u4e86\u6355\u6349\u5404\u985e\u578b\u8cc7\u7522\u7684\u5831\u916c\u8207\u98a8\u96aa\uff0c\u4ee5\u4e0b\u4ecb\u7d39\u963f\u723e\u767c\u5404\u985e\u578b\u8cc7\u7522\u7684\u7279\u8272\u8207\u4f5c\u7528\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-a\">a.\u80a1\u7968<\/h4>\n\n\n\n<p><strong>a-1 \u7f8e\u570b\u6574\u9ad4\u80a1\u5e02 :<\/strong>&nbsp;\u7f8e\u570b\u80a1\u5e02\u662f\u975e\u5e38\u6838\u5fc3\u7684\u8cc7\u7522\uff0c\u56e0\u70ba\u7f8e\u570b\u70ba\u5168\u7403\u7d93\u6fdf\u9738\u6b0a\uff0c\u4f54\u5168\u7403\u5e02\u503c\u8d85\u904e\u4e00\u534a\uff0c\u5f9e\u904e\u53bb\u4f86\u770b\uff0c\u7f8e\u570b\u80a1\u5e02\u59cb\u7d42\u5448\u73fe\u5f37\u52c1\u7684\u8d70\u52e2\uff0c\u56e0\u6b64\u662f\u6295\u8cc7\u7d44\u5408\u4e2d\u6700\u70ba\u6838\u5fc3\u7684\u914d\u7f6e\u3002<\/p>\n\n\n\n<p><strong>a-2 \u570b\u969b\u80a1\u5e02 :<\/strong>&nbsp;\u4e3b\u8981\u6295\u8cc7\u65bc\u5168\u7403\u7684\u9ad8\u5ea6\u767c\u5c55\u570b\u5bb6\uff0c\u4f8b\u5982 : \u6b50\u6d32\u3001\u6fb3\u6d32\u8207\u65e5\u672c\u3002\u570b\u969b\u80a1\u5e02\u8207\u7f8e\u570b\u80a1\u5e02\u7684\u642d\u914d\u53ef\u4ee5\u964d\u4f4e\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\uff0c\u4e14\u570b\u969b\u80a1\u5e02\u7684\u914d\u606f\u76f8\u5c0d\u8c50\u5bcc\uff0c\u964d\u4f4e\u98a8\u96aa\uff0c\u63d0\u5347\u5831\u916c\u3002<\/p>\n\n\n\n<p><strong>a-3 \u65b0\u8208\u5e02\u5834\u80a1\u5e02 :<\/strong>&nbsp;\u4e3b\u8981\u6295\u8cc7\u914d\u7f6e\u5728\u65b0\u8208\u5e02\u5834\u570b\u5bb6\uff0c\u4f8b\u5982: \u53f0\u7063\u3001\u4e2d\u570b\u3001\u5357\u97d3\u3001\u5370\u5ea6\u3001\u5df4\u897f\u2026\u7b49\uff0c\u6211\u5011\u7684\u5206\u6790\u8868\u660e\uff0c\u65b0\u8208\u5e02\u5834\u80a1\u7968\u5f80\u5f80\u6bd4\u7f8e\u570b\u548c\u570b\u969b\u80a1\u5e02\u66f4\u5177\u6ce2\u52d5\u6027\uff0c\u4e5f\u5b58\u5728\u9ad8\u5ea6\u76f8\u95dc\u6027\uff0c\u4f46\u5728\u98a8\u96aa\u8abf\u6574\u57fa\u790e\u4e0a\u5c07\u5176\u7d0d\u5165\u5c0d\u5168\u7403\u591a\u5143\u5316\u975e\u5e38\u91cd\u8981\uff0c\u900f\u904e\u591a\u5143\u5316\u914d\u7f6e\uff0c\u53ef\u4ee5\u8b93\u6295\u8cc7\u7d44\u5408\u8868\u73fe\u66f4\u5168\u9762\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-b\">b.\u50b5\u5238<\/h4>\n\n\n\n<p><strong>b-1 \u5168\u7403\u7e3d\u9ad4\u50b5\u5238 :<\/strong>&nbsp;\u4e3b\u8981\u6295\u8cc7\u5168\u7403\u7684\u6295\u8cc7\u7b49\u7d1a\u50b5\u5238\u8207\u653f\u5e9c\u516c\u50b5\uff0c\u90fd\u662f\u6301\u6709\u9ad8\u4fe1\u7528\u8a55\u7b49\u7684\u50b5\u5238\uff0c\u9055\u7d04\u98a8\u96aa\u6975\u4f4e\uff0c\u900f\u904e\u5168\u7403\u50b5\u5238\u7684\u914d\u7f6e\uff0c\u8b93\u6295\u8cc7\u7d44\u5408\u5229\u606f\u591a\u5143\u5316\uff0c\u4e5f\u4f7f\u5f97\u98a8\u96aa\u6975\u5ea6\u5206\u6563\u5b89\u5168\u3002\u5f9e\u6b77\u53f2\u4e0a\u770b\uff0c\u50b5\u5238\u8207\u80a1\u7968\u7684\u76f8\u95dc\u6027\u8f03\u4f4e\u3002\u56e0\u6b64\uff0c\u5b83\u5011\u4ecd\u7136\u662f\u964d\u4f4e\u6295\u8cc7\u7d44\u5408\u6574\u9ad4\u98a8\u96aa\u7684\u91cd\u8981\u65b9\u5f0f\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-c\">c.\u623f\u5730\u7522<\/h4>\n\n\n\n<p><strong>c-1 \u5168\u7403\u623f\u5730\u7522REITs :<\/strong>&nbsp;\u4e3b\u8981\u6295\u8cc7\u5728\u7f8e\u570b\u8207\u5176\u4ed6\u5df2\u958b\u767c\u570b\u5bb6\u7684\u5546\u696d\u5730\u7522\u8207\u5ee0\u8fa6\u5927\u6a13\uff0c\u63d0\u4f9b\u6295\u8cc7\u4eba\u7d93\u5e38\u6027\u79df\u91d1\u6536\u76ca\uff0c\u4e14\u623f\u5730\u7522\u7684\u50f9\u503c\u9577\u671f\u5347\u503c\u3002\u56e0\u70ba\u8207\u80a1\u7968\u548c\u50b5\u5238\u7684\u76f8\u95dc\u6027\u4f4e\uff0c\u662f\u4e00\u500b\u591a\u5143\u5316\u6295\u8cc7\u7684\u5f37\u5927\u5de5\u5177\u3002<\/p>\n\n\n\n<p>\u6211\u5011\u6392\u9664\u6389\u539f\u7269\u6599\u3001\u55ae\u4e00\u7522\u696d\u3001\u908a\u5883\u5e02\u5834\u6216\u662f\u55ae\u4e00\u570b\u5bb6\u7684\u914d\u7f6e\uff0c\u6c92\u6709\u91cd\u58d3\u6216\u662f\u504f\u597d\u67d0\u4e00\u8cc7\u7522\u985e\u5225\uff0c\u5b8c\u5168\u6309\u7167\u5168\u7403\u5404\u985e\u8cc7\u7522\u5e02\u503c\u505a\u914d\u7f6e\uff0c\u70ba\u4e86\u5805\u6301\u6211\u5011\u7684\u6295\u8cc7\u539f\u5247\uff0c\u6211\u5011\u76f8\u4fe1\u5168\u7403\u5404\u5927\u578b\u8cc7\u7522\u9577\u671f\u8da8\u52e2\u5411\u4e0a\u7684\u8d70\u52e2\uff0c\u56e0\u6b64\u63a1\u7528\u5168\u7403\u591a\u5143\u5316\u7684\u8cc7\u7522\u914d\u7f6e\uff0c\u5206\u6563\u98a8\u96aa\uff0c\u63d0\u5347\u5831\u916c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1603\" height=\"1071\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-2.jpg\" alt=\"\" class=\"wp-image-1663\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-2.jpg 1603w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-2-300x200.jpg 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-2-1024x684.jpg 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-2-768x513.jpg 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-2-1536x1026.jpg 1536w\" sizes=\"auto, (max-width: 1603px) 100vw, 1603px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-b\">B.\u6295\u8cc7\u7d44\u5408\u7684\u512a\u5316<\/h3>\n\n\n\n<p>\u627e\u51fa\u8cc7\u7522\u914d\u7f6e\u7684\u5404\u985e\u578b\u8cc7\u7522\u5f8c\uff0c\u963f\u723e\u767c\u900f\u904e\u5169\u5927\u7d93\u5178\u91d1\u878d\u5efa\u6a21\u6a21\u578b\u2013 \u2013\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6(Modern Portfolio Theory , \u7c21\u7a31 MPT Model)\u8207Black-Litterman Model (\u7c21\u7a31 B-L Model)\uff0c\u5efa\u69cb\u963f\u723e\u767c\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n\n\n\n<p>\u9996\u5148\u4f7f\u7528\u5404\u985e\u5225\u8cc7\u7522\u7684\u5831\u916c\u7387\u3001\u6ce2\u52d5\u5ea6\u8207\u76f8\u95dc\u6027\uff0c\u6211\u5011\u53ef\u4ee5\u627e\u5230\u6295\u8cc7\u7d44\u5408\u6700\u6709\u6548\u7387\u7684\u4f4d\u7f6e\u6240\u5728\uff0c\u5728\u5404\u7a2e\u98a8\u96aa\u8207\u5831\u916c\u7684\u96c6\u5408\u72c0\u614b\u4e0b\uff0c\u5efa\u7acb\u5c6c\u65bc\u963f\u723e\u767c\u6295\u8cc7\u7d44\u5408\u7684\u6548\u7387\u524d\u7de3(Efficient Frontier)\uff0c\u900f\u904e\u6548\u7387\u524d\u7de3\u7684\u5efa\u69cb\u65b9\u5f0f\uff0c\u963f\u723e\u767c\u5354\u52a9\u6295\u8cc7\u4eba\u5efa\u7acb\u66f4\u5177\u6709\u6548\u7387(\u5831\u916c\u66f4\u597d\uff0c\u98a8\u96aa\u66f4\u4f4e)\u7684\u6295\u8cc7\u7d44\u5408\u6bd4\u4f8b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1472\" height=\"1121\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-3.jpg\" alt=\"\" class=\"wp-image-1664\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-3.jpg 1472w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-3-300x228.jpg 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-3-1024x780.jpg 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-3-768x585.jpg 768w\" sizes=\"auto, (max-width: 1472px) 100vw, 1472px\" \/><\/figure>\n\n\n\n<p>\u900f\u904e\u4e0a\u8ff07\u5927\u985e\u578b\u8cc7\u7522\u7684\u7d44\u5408\u914d\u7f6e\uff0c\u6211\u5011\u7684\u7814\u7a76\u6578\u64da\u8868\u660e\uff0c\u76f8\u8f03\u65bc\u55ae\u7d14\u7684\u5168\u7403\u80a1\u5e02+\u50b5\u5e02\u7684\u6548\u7387\u524d\u7de3\u7d44\u5408\uff0c\u963f\u723e\u767c\u7684\u5168\u7403\u591a\u5143\u5316\u8cc7\u7522\u7d44\u5408\u5177\u6709\u66f4\u826f\u597d\u7684\u6548\u7387\uff0c\u4e5f\u8b49\u660e\u591a\u5143\u8cc7\u7522\u9593\u914d\u7f6e\u7684\u91cd\u8981\u6027\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1473\" height=\"1131\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-4.jpg\" alt=\"\" class=\"wp-image-1665\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-4.jpg 1473w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-4-300x230.jpg 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-4-1024x786.jpg 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-4-768x590.jpg 768w\" sizes=\"auto, (max-width: 1473px) 100vw, 1473px\" \/><\/figure>\n\n\n\n<p>\u9664\u4e86\u4f7f\u7528\u6b77\u53f2\u8cc7\u6599\u5efa\u69cb\u6a21\u578b\u7684\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u5916\uff0c\u6211\u5011\u4e5f\u52a0\u5165\u5404\u5927\u6cd5\u4eba\u6a5f\u69cb\u4f7f\u7528\u7684\u5efa\u6a21\u6a21\u578bB-L Model\uff0c\u70ba\u4e86\u4fdd\u6301\u4e00\u8cab\u6027\u7684\u6295\u8cc7\u539f\u5247 : \u88ab\u52d5\u5f0f\u6295\u8cc7\u3001\u4e0d\u9810\u6e2c\u5e02\u5834\u3001\u5c0a\u91cd\u5e02\u5834\uff0c\u56e0\u6b64\u4f7f\u7528\u5404\u8cc7\u7522\u985e\u578b\u7684\u5e02\u503c\u505a\u70ba\u8abf\u6574\u8b8a\u6578\uff0c\u8abf\u6574\u5c0d\u672a\u4f86\u5404\u8cc7\u7522\u7684\u9810\u671f\u8868\u73fe\uff0c\u85c9\u7531B-L Model\u7684\u4f7f\u7528\uff0c\u4f7f\u5f97\u6295\u8cc7\u7d44\u5408\u7684\u5efa\u69cb\u7b56\u7565\u66f4\u52a0\u5168\u9762\u5316\u8207\u591a\u6a23\u5316\uff0c\u4e5f\u8b93\u963f\u723e\u767c\u6295\u8cc7\u7d44\u5408\u5728\u6295\u8cc7\u7684\u653b\u64ca(\u5831\u916c\u7387)\u8207\u9632\u5b88(\u6ce2\u52d5\u5ea6)\u4e0a\u9762\u518d\u512a\u5316\u5347\u7d1a\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-c\">C. \u6bcf\u4eba\u90fd\u6709\u5c08\u5c6c\u7684\u6295\u8cc7\u7d44\u5408\u914d\u7f6e<\/h3>\n\n\n\n<p>\u6bcf\u4e00\u4f4d\u6295\u8cc7\u4eba\u5728\u8ca1\u52d9\u76ee\u6a19\u8207\u98a8\u96aa\u5c6c\u6027\u4e0a\u4e0d\u76e1\u76f8\u540c\uff0c\u540c\u6a23\u8eab\u70ba\u5e74\u8f15\u4eba\uff0c\u53ef\u80fd\u6295\u8cc7\u7684\u98a8\u683c\u5c6c\u6027\u5929\u5dee\u5730\u9060\uff0c\u963f\u723e\u767c\u5805\u6301\u6bcf\u4e00\u7a2e\u985e\u578b\u7684\u6295\u8cc7\u4eba\u90fd\u6709\u9069\u5408\u81ea\u5df1\u7684\u6295\u8cc7\u7d44\u5408\u914d\u7f6e\uff0c\u56e0\u6b64\u5728\u6295\u8cc7\u7b56\u7565\u7684\u8a2d\u8a08\u4e0a\uff0c\u6211\u5011\u6709\u8cac\u4efb\u5fc5\u9808\u70ba\u6bcf\u4f4d\u6295\u8cc7\u8005\u63d0\u4f9b\u500b\u6027\u5316\u7684\u914d\u7f6e\uff0c\u8b93\u6bcf\u4f4d\u6295\u8cc7\u4eba\u4eab\u6709\u76f8\u5c0d\u61c9\u5408\u9069\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u6295\u8cc7\u4eba\u5728\u6295\u8cc7\u7684\u65c5\u9014\u4e2d\u6703\u6709\u7d00\u5f8b\u5730\u671d\u8ca1\u52d9\u76ee\u6a19\u9081\u9032\uff0c\u4e26\u611f\u5230\u4fe1\u5fc3\u8207\u653e\u5fc3\u3002<\/p>\n\n\n\n<p>\u6211\u5011\u7684\u6295\u8cc7\u7d44\u5408\u4e0d\u662f\u63d0\u4f9b\u4e00\u7d44\u50b3\u7d71\u7684\u56db\u7a2e\u6295\u8cc7\u7d44\u5408\u9078\u64c7\u2013 \u2013\u7a4d\u6975\u3001\u6210\u9577\u3001\u7a69\u5065\u3001\u4fdd\u5b88\u2013 \u2013\u800c\u662f\u5efa\u69cb13\u7a2e\u4e0d\u540c\u8cc7\u7522\u914d\u7f6e\u7684\u6295\u8cc7\u7d44\u5408\u6eff\u8db3\u5404\u985e\u578b\u7684\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1636\" height=\"1454\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-5.jpg\" alt=\"\" class=\"wp-image-1666\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-5.jpg 1636w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-5-300x267.jpg 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-5-1024x910.jpg 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-5-768x683.jpg 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-5-1536x1365.jpg 1536w\" sizes=\"auto, (max-width: 1636px) 100vw, 1636px\" \/><\/figure>\n\n\n\n<p>\u963f\u723e\u767c\u5efa\u7acb13\u7a2e\u6295\u8cc7\u7d44\u5408\u914d\u7f6e\uff0c\u8b93\u8655\u65bc\u4e0d\u540c\u4f4d\u7f6e\u4e0a\u7684\u6295\u8cc7\u4eba\u90fd\u6709\u9069\u5408\u81ea\u5df1\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u4e14\u6240\u6709\u7d44\u5408\u90fd\u662f\u7d93\u904e\u7cbe\u5fc3\u8abf\u914d\u8207\u5efa\u69cb\uff0c\u4f4d\u65bc\u6548\u7387\u524d\u7de3\u4e0a\uff0c\u9054\u5230\u512a\u826f\u653b\u5b88\u5169\u7aef\u7684\u6548\u7387\u914d\u7f6e\uff0c\u9019\u4e5f\u662f\u4e00\u822c\u6295\u8cc7\u4eba\u7121\u6cd5\u81ea\u884c\u9054\u5230\u7684\uff0c\u900f\u904e\u6578\u64da\u8207\u96fb\u8166\u79d1\u5b78\u7684\u6f14\u7b97\uff0c\u8b93\u963f\u723e\u767c\u7684\u6295\u8cc7\u4eba\u5b89\u5fc3\u7684\u9577\u671f\u6295\u8cc7\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-d\">D.\u4f4e\u6210\u672c\u7684\u6295\u8cc7\u7b56\u7565<\/h3>\n\n\n\n<p>\u6211\u5011\u5805\u5b88\u4f4e\u6210\u672c\u7684\u627f\u8afe\uff0c\u6295\u8cc7\u6210\u672c\u662f\u6295\u8cc7\u4eba\u53ef\u4ee5\u638c\u63e1\u7684\u56e0\u7d20\u3002\u6839\u64da\u5168\u7403\u57fa\u91d1\u7814\u7a76\u6a5f\u69cbMorningstar\u6668\u661f\u7684\u7814\u7a76\u986f\u793a\uff0c\u552f\u6709\u6295\u8cc7\u6210\u672c\u9019\u500b\u56e0\u7d20\u53ef\u4ee5\u975e\u5e38\u78ba\u5b9a\u6295\u8cc7\u5831\u916c\u7684\u597d\u58de\uff0c\u8868\u793a\u7576\u6295\u8cc7\u7522\u54c1\u7684\u5167\u542b\u6210\u672c\u8d8a\u9ad8\uff0c\u5be6\u969b\u4e0a\u8d8a\u96e3\u7372\u5f97\u826f\u597d\u7684\u6295\u8cc7\u5831\u916c\u7387\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\u963f\u723e\u767c\u4f7f\u7528\u5168\u7403\u7b2c\u4e8c\u5927\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u5148\u92d2\u9818\u822a Vanguard \u7684 ETF\uff0cVanguard\u4e5f\u662f\u5168\u7403\u6307\u6578\u578b\u57fa\u91d1\u7684\u9996\u5bb6\u767c\u884c\u5546\uff0c\u6b77\u53f2\u975e\u5e38\u60a0\u4e45\uff0cVanguard&nbsp; ETF \u7684\u5167\u542b\u6210\u672c\u70ba\u5168\u7403\u4f4e\u5ec9\u8457\u7a31\uff0c\u6df1\u53d7\u8a31\u591a\u6295\u8cc7\u4eba\u559c\u611b\uff0c\u52a0\u4e0aETF\u7684\u6d41\u52d5\u6027\u3001\u898f\u6a21\u8207\u8ffd\u8e64\u6307\u6578\u80fd\u529b\u4e0a\u975e\u5e38\u5353\u8d8a\uff0c\u56e0\u6b64\u963f\u723e\u767c\u7684\u6838\u5fc3\u6295\u8cc7\u7d44\u5408\u4e4b\u6295\u8cc7\u6a19\u7684\uff0c\u90fd\u662f\u63a1\u7528Vanguard&nbsp; ETF \u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1585\" height=\"1090\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-6.jpg\" alt=\"\" class=\"wp-image-1667\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-6.jpg 1585w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-6-300x206.jpg 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-6-1024x704.jpg 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-6-768x528.jpg 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/90-6-1536x1056.jpg 1536w\" sizes=\"auto, (max-width: 1585px) 100vw, 1585px\" \/><\/figure>\n\n\n\n<p>\u963f\u723e\u767c\u4f7f\u7528\u7684ETF\u6210\u672c\u6bcf\u5e74\u50c5\u67090.1%\uff0c\u76f8\u8f03\u65bc\u5728\u53f0\u7063\u5e02\u9762\u4e0a\u80fd\u6295\u8cc7\u7684\u4e00\u822c\u5171\u540c\u57fa\u91d1\uff0c\u5dee\u8ddd\u90541.75%\uff0c\u7701\u4e0b\u7684\u6295\u8cc7\u6210\u672c\u5c31\u662f\u5354\u52a9\u6295\u8cc7\u4eba\u591a\u5275\u9020\u7684\u6295\u8cc7\u5831\u916c\u7387\uff0c\u63a1\u7528\u4f4e\u6210\u672c\u7684\u6295\u8cc7\u5de5\u5177\u505a\u9577\u671f\u6295\u8cc7\uff0c\u624d\u662f\u771f\u6b63\u5c0d\u6295\u8cc7\u4eba\u6700\u597d\u7684\u9078\u64c7\uff0c\u9019\u662f\u6211\u5011\u7684\u539f\u5247\u3002<\/p>\n\n\n\n<p>\uff08\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=8449\" target=\"_blank\" rel=\"noopener\" title=\"\">\u70ba\u4ec0\u9ebc\u963f\u723e\u767c\u6a5f\u5668\u4eba\u7406\u8ca1\u8981\u4f7f\u7528ETF\uff1f<\/a>\uff09<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-\">\u7d50\u8ad6<\/h3>\n\n\n\n<p>\u963f\u723e\u767c\u6295\u8cc7\u7b56\u7565\u7684\u6bcf\u4e00\u500b\u8981\u7d20\uff0c\u6211\u5011\u90fd\u5805\u6301\u4e00\u8cab\u7684\u6295\u8cc7\u7406\u5ff5\u548c\u6211\u5011\u8a8d\u70ba\u6295\u8cc7\u6210\u529f\u7684\u57fa\u672c\u539f\u5247\u3002<\/p>\n\n\n\n<p>\u6211\u5011\u7684\u7406\u5ff5\u5f88\u7c21\u55ae\uff1a\u4f7f\u7528\u5c0d\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u5e6b\u52a9\u60a8\u9054\u6210\u7406\u60f3\u7684\u8ca1\u52d9\u76ee\u6a19\uff0c\u8b93\u60a8\u904e\u4e0a\u66f4\u5e78\u798f\u7684\u751f\u6d3b\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\u5728\u5efa\u69cb\u6295\u8cc7\u7d44\u5408\u7684\u6bcf\u4e00\u500b\u74b0\u7bc0\u4e0a\uff0c\u6211\u5011\u56b4\u8b39\u7684\u9075\u5faa\u8a31\u591a\u53ef\u88ab\u9577\u671f\u9a57\u8b49\u7684\u91d1\u878d\u7406\u8ad6\u8207\u8ca1\u52d9\u6a21\u578b\uff0c\u63d0\u4f9b\u6295\u8cc7\u4eba\u6700\u597d\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n\n\n\n<p>\u6211\u5011\u59cb\u7d42\u76f8\u4fe1\u505a\u597d\u6295\u8cc7\u5f88\u7c21\u55ae\uff0c\u300c\u4e0d\u770b\u76e4\u3001\u4e0d\u9078\u9032\u5834\u9ede\u3001\u8cb7\u9032\u9577\u671f\u6301\u6709\u300d\u662f\u6211\u5011\u4e00\u81f4\u7684\u76ee\u6a19\uff0c\u4f7f\u7528\u4e09\u500b\u95dc\u9375\u7684\u6295\u8cc7\u539f\u5247 : <\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5168\u7403\u591a\u5143\u5316\u8cc7\u7522\u914d\u7f6e<\/li>\n\n\n\n<li>\u6709\u6548\u7387\u8207\u4f4e\u6210\u672c\u7684\u6295\u8cc7\u7d44\u5408<\/li>\n\n\n\n<li>\u7d00\u5f8b\u5f0f\u7684\u6295\u8cc7\u7ba1\u7406\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u6211\u5011\u76f8\u4fe1\u6295\u8cc7\u4eba\u80fd\u5920\u5b89\u5fc3\u5730\u88ab\u52d5\u5f0f\u8cfa\u53d6\u6eff\u610f\u7684\u6295\u8cc7\u5831\u916c\uff0c\u4e5f\u80fd\u5920\u4e3b\u52d5\u5f0f\u7684\u53c3\u8207\u81ea\u5df1\u7684\u7f8e\u597d\u4eba\u751f\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-\">\u6587\u737b\u53c3\u8003\u4f86\u6e90<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Markowitz, H., \u201cPortfolio Selection\u201d.The Journal of Finance, Vol. 7, No. 1. (Mar., 1952), pp. 77-91.<\/li>\n\n\n\n<li>Black F. and Litterman R., Asset Allocation Combining Investor Views with Market Equilibrium, Journal of Fixed Income, Vol. 1, No. 2. (Sep., 1991), pp. 7-18.<\/li>\n\n\n\n<li>Black F. and Litterman R., Global Portfolio Optimization, Financial Analysts Journal, Vol. 48, No. 5 (Sep. \u2013 Oct., 1992), pp. 28-43.<\/li>\n\n\n\n<li>Idzorek, T., A step-by-step guide to the Black-Litterman Model.<\/li>\n\n\n\n<li>He, G., and R. Litterman (2002): \\The intuition behind Black-Litterman model portfolios,\u201d<\/li>\n\n\n\n<li>Siegel J., Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies.<\/li>\n\n\n\n<li>Sharpe, W. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk, Journal of Finance, 19 (3), 425\u2013442<\/li>\n\n\n\n<li>Fund Fees Predict Future Success or Failure, Morningstar 2016<\/li>\n<\/ol>\n\n\n","protected":false},"excerpt":{"rendered":"<p>\u7279\u8272\u8207\u7b56\u7565 \u2605 \u963f\u723e\u767c\u7684\u5efa\u69cb\u7b56\u7565\u4f7f\u7528\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u4f5c\u70ba\u8cc7\u7522\u914d\u7f6e\u7684\u57fa\u790e \u2605 \u4f7f\u7528B-L\u6a21\u578b\uff0c\u8b93\u6295\u8cc7\u7d44\u5408\u7684\u5efa\u69cb\u8207 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[44,236,249,275,313,451],"class_list":["post-1662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-29","tag-b-l-model","tag-236","tag-249","tag-275","tag-313","tag-451"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/1662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1662"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/1662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/1668"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}