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Surviving in capitalism

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- VitaliumVitalium
  ·2021-09-28
  No to crypto
  Why Bitcoin Isn’t a Good Market Hedge<blockquote>为什么比特币不是一个好的市场对冲工具</blockquote>
  The cryptocurrency is more volatile than equities — but investors shouldn’t write it off completely,
  Why Bitcoin Isn’t a Good Market Hedge<blockquote>为什么比特币不是一个好的市场对冲工具</blockquote>
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- VitaliumVitalium
  ·2021-09-28
  $Vanguard Total World Stock Index Fund ETF Shares(VT)$Buy
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- VitaliumVitalium
  ·2021-09-17
  I want to access WeChat from other country
  非常抱歉，此主贴已删除
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- VitaliumVitalium
  ·2021-08-29
  Passive investing
  1,110 评论
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- VitaliumVitalium
  ·2021-08-29
  Waiting for oil to crush
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The latest piece, entitled<i>Is Bitcoin A Hedge?</i>waspublished on September 18by a trio from the University of Western Australia: Dirk Baur, Lai Hoang, and Md Zakir Hossain.</p><p><blockquote>从那时起，越来越多的工作——包括至少19篇学术文章——探索了比特币是否是一种对冲或可以降低投资组合风险。最新的作品，名为<i>比特币是对冲吗？</i>由西澳大利亚大学的三人组于9月18日出版：Dirk Baur、Lai Hoang和Md Zakir Hossain。</blockquote></p><p> “The question [of] how excess volatility of Bitcoin affects its hedge and diversifier properties is generally not analyzed,” they wrote in the paper’s introduction.</p><p><blockquote>他们在论文的介绍中写道：“比特币的过度波动如何影响其对冲和多元化属性的问题通常没有得到分析。”</blockquote></p><p> So they attempted to analyze which weight of Bitcoin in a portfolio alongside the S&amp;P 500 index could reduce portfolio risk — in other words, act as a hedge. Their work suggests that Bitcoin is a “rather poor risk diversifier and hedge for the S&amp;P 500,” the paper said.</p><p><blockquote>因此，他们试图分析投资组合中比特币与标普500指数的哪个权重可以降低投资组合风险——换句话说，起到对冲作用。该报称，他们的工作表明，比特币“对于标普500来说是一个相当糟糕的风险分散和对冲工具”。</blockquote></p><p> The authors created model portfolios using monthly and daily return data from 2011 through 2021 for both the S&amp;P 500 and Bitcoin. The model portfolios included zero, low, and high Bitcoin weights, then analyzed whether the inclusion of Bitcoin reduced the risk relative to a standalone S&amp;P 500 portfolio.</p><p><blockquote>作者使用标普500和比特币2011年至2021年的月度和每日回报数据创建了模型投资组合。模型投资组合包括零、低和高比特币权重，然后分析了相对于独立的标普500投资组合，纳入比特币是否降低了风险。</blockquote></p><p> They found that the inclusion of Bitcoin increased portfolio risk, even for allocations as low as 1 percent, the paper said. According to the research, Bitcoin’s risk-diversifying or risk-hedging capabilities are undermined by its extreme volatility.</p><p><blockquote>该报称，他们发现，即使配置比例低至1%，纳入比特币也会增加投资组合风险。研究表明，比特币的风险分散或风险对冲能力因其极端波动性而受到削弱。</blockquote></p><p> “Since Bitcoin is very volatile, it hardly reduces any risk,” Baur said via email. “However, this does not imply that it cannot improve the risk-return relationship or Sharpe ratio of a portfolio; Bitcoin often improves the Sharpe ratio of a portfolio because the (historical) returns are much higher than the risk relative to other assets such as the S&amp;P 500.”</p><p><blockquote>“由于比特币非常不稳定，它很难降低任何风险，”鲍尔通过电子邮件表示。“不过，这并不意味着它不能改善投资组合的风险收益关系或夏普比率；比特币往往会改善投资组合的夏普比率，因为相对于标普500等其他资产而言，（历史）收益远高于风险。”</blockquote></p><p> According to Baur, the findings also apply to other asset classes.</p><p><blockquote>鲍尔表示，这些发现也适用于其他资产类别。</blockquote></p><p> “The higher the volatility of an asset relative to Bitcoin, the better the risk hedging potential of Bitcoin,” he said via email. He added that because the volatility of the S&amp;P 500 is much lower than that of Bitcoin, adding the cryptocurrency to a simple public equities portfolio is less effective at reducing risk than it may be for other, riskier assets.</p><p><blockquote>他通过电子邮件表示：“资产相对于比特币的波动性越高，比特币的风险对冲潜力就越好。”他补充说，由于标普500的波动性远低于比特币，因此将加密货币添加到简单的公共股票投资组合中在降低风险方面不如其他风险较高的资产有效。</blockquote></p><p> And that’s not the only benefit of including Bitcoin in a portfolio. According toresearch publishedin August, including certain cryptocurrencies in a portfolio can offer diversification benefits to investors,<i>Institutional Investor</i>previously reported.</p><p><blockquote>这并不是将比特币纳入投资组合的唯一好处。根据八月份发布的研究，将某些加密货币纳入投资组合可以为投资者带来多元化的好处，<i>机构投资者</i>此前报道。</blockquote></p><p> In other words, while Bitcoin isn’t a hedge, it still can be a tool for investors — as long as they know how to use it.</p><p><blockquote>换句话说，虽然比特币不是对冲工具，但它仍然可以成为投资者的工具——只要他们知道如何使用它。</blockquote></p><p></p>","source":"lsy1632806693597","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Bitcoin Isn’t a Good Market Hedge<blockquote>为什么比特币不是一个好的市场对冲工具</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Bitcoin Isn’t a Good Market Hedge<blockquote>为什么比特币不是一个好的市场对冲工具</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Institutional Investor</strong><span class=\"h-time small\">2021-09-28 13:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>The cryptocurrency is more volatile than equities — but investors shouldn’t write it off completely, researchers say.</b>  Bitcoin is not the equities hedge that some investors want it to be, but that doesn’t mean it’s not worth including in a portfolio, new research shows.</p><p><blockquote><b>研究人员表示，加密货币比股票更不稳定，但投资者不应该完全注销它。</b>新的研究显示，比特币并不是一些投资者希望的股票对冲工具，但这并不意味着它不值得纳入投资组合。</blockquote></p><p> A paper published in mid-September reveals that while Bitcoin doesn’t hedge against equity portfolio risk, it can act as a hedge against assets with a similar or higher risk profile than its own.</p><p><blockquote>9月中旬发表的一篇论文显示，虽然比特币不对冲股票投资组合风险，但它可以对冲与自身风险状况相似或更高的资产。</blockquote></p><p> The cryptocurrency’s introduction into the market in the early 2010s was marked by the promise of its low correlation to other assets — and thus, high potential to act as a hedge against asset classes like equities.</p><p><blockquote>加密货币在2010年代初进入市场的特点是其与其他资产的相关性较低，因此作为股票等资产类别对冲的潜力很大。</blockquote></p><p> Since then, a growing body of work — including at least 19 scholarly articles — has explored whether Bitcoin is a hedge or can reduce portfolio risk. The latest piece, entitled<i>Is Bitcoin A Hedge?</i>waspublished on September 18by a trio from the University of Western Australia: Dirk Baur, Lai Hoang, and Md Zakir Hossain.</p><p><blockquote>从那时起，越来越多的工作——包括至少19篇学术文章——探索了比特币是否是一种对冲或可以降低投资组合风险。最新的作品，名为<i>比特币是对冲吗？</i>由西澳大利亚大学的三人组于9月18日出版：Dirk Baur、Lai Hoang和Md Zakir Hossain。</blockquote></p><p> “The question [of] how excess volatility of Bitcoin affects its hedge and diversifier properties is generally not analyzed,” they wrote in the paper’s introduction.</p><p><blockquote>他们在论文的介绍中写道：“比特币的过度波动如何影响其对冲和多元化属性的问题通常没有得到分析。”</blockquote></p><p> So they attempted to analyze which weight of Bitcoin in a portfolio alongside the S&amp;P 500 index could reduce portfolio risk — in other words, act as a hedge. Their work suggests that Bitcoin is a “rather poor risk diversifier and hedge for the S&amp;P 500,” the paper said.</p><p><blockquote>因此，他们试图分析投资组合中比特币与标普500指数的哪个权重可以降低投资组合风险——换句话说，起到对冲作用。该报称，他们的工作表明，比特币“对于标普500来说是一个相当糟糕的风险分散和对冲工具”。</blockquote></p><p> The authors created model portfolios using monthly and daily return data from 2011 through 2021 for both the S&amp;P 500 and Bitcoin. The model portfolios included zero, low, and high Bitcoin weights, then analyzed whether the inclusion of Bitcoin reduced the risk relative to a standalone S&amp;P 500 portfolio.</p><p><blockquote>作者使用标普500和比特币2011年至2021年的月度和每日回报数据创建了模型投资组合。模型投资组合包括零、低和高比特币权重，然后分析了相对于独立的标普500投资组合，纳入比特币是否降低了风险。</blockquote></p><p> They found that the inclusion of Bitcoin increased portfolio risk, even for allocations as low as 1 percent, the paper said. According to the research, Bitcoin’s risk-diversifying or risk-hedging capabilities are undermined by its extreme volatility.</p><p><blockquote>该报称，他们发现，即使配置比例低至1%，纳入比特币也会增加投资组合风险。研究表明，比特币的风险分散或风险对冲能力因其极端波动性而受到削弱。</blockquote></p><p> “Since Bitcoin is very volatile, it hardly reduces any risk,” Baur said via email. “However, this does not imply that it cannot improve the risk-return relationship or Sharpe ratio of a portfolio; Bitcoin often improves the Sharpe ratio of a portfolio because the (historical) returns are much higher than the risk relative to other assets such as the S&amp;P 500.”</p><p><blockquote>“由于比特币非常不稳定，它很难降低任何风险，”鲍尔通过电子邮件表示。“不过，这并不意味着它不能改善投资组合的风险收益关系或夏普比率；比特币往往会改善投资组合的夏普比率，因为相对于标普500等其他资产而言，（历史）收益远高于风险。”</blockquote></p><p> According to Baur, the findings also apply to other asset classes.</p><p><blockquote>鲍尔表示，这些发现也适用于其他资产类别。</blockquote></p><p> “The higher the volatility of an asset relative to Bitcoin, the better the risk hedging potential of Bitcoin,” he said via email. He added that because the volatility of the S&amp;P 500 is much lower than that of Bitcoin, adding the cryptocurrency to a simple public equities portfolio is less effective at reducing risk than it may be for other, riskier assets.</p><p><blockquote>他通过电子邮件表示：“资产相对于比特币的波动性越高，比特币的风险对冲潜力就越好。”他补充说，由于标普500的波动性远低于比特币，因此将加密货币添加到简单的公共股票投资组合中在降低风险方面不如其他风险较高的资产有效。</blockquote></p><p> And that’s not the only benefit of including Bitcoin in a portfolio. According toresearch publishedin August, including certain cryptocurrencies in a portfolio can offer diversification benefits to investors,<i>Institutional Investor</i>previously reported.</p><p><blockquote>这并不是将比特币纳入投资组合的唯一好处。根据八月份发布的研究，将某些加密货币纳入投资组合可以为投资者带来多元化的好处，<i>机构投资者</i>此前报道。</blockquote></p><p> In other words, while Bitcoin isn’t a hedge, it still can be a tool for investors — as long as they know how to use it.</p><p><blockquote>换句话说，虽然比特币不是对冲工具，但它仍然可以成为投资者的工具——只要他们知道如何使用它。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.institutionalinvestor.com/article/b1ts0s52n8wztf/Why-Bitcoin-Isn-t-a-Good-Market-Hedge\">Institutional Investor</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.institutionalinvestor.com/article/b1ts0s52n8wztf/Why-Bitcoin-Isn-t-a-Good-Market-Hedge","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141752032","content_text":"The cryptocurrency is more volatile than equities — but investors shouldn’t write it off completely, researchers say.\n\nBitcoin is not the equities hedge that some investors want it to be, but that doesn’t mean it’s not worth including in a portfolio, new research shows.\nA paper published in mid-September reveals that while Bitcoin doesn’t hedge against equity portfolio risk, it can act as a hedge against assets with a similar or higher risk profile than its own.\nThe cryptocurrency’s introduction into the market in the early 2010s was marked by the promise of its low correlation to other assets — and thus, high potential to act as a hedge against asset classes like equities.\nSince then, a growing body of work — including at least 19 scholarly articles — has explored whether Bitcoin is a hedge or can reduce portfolio risk. The latest piece, entitledIs Bitcoin A Hedge?waspublished on September 18by a trio from the University of Western Australia: Dirk Baur, Lai Hoang, and Md Zakir Hossain.\n“The question [of] how excess volatility of Bitcoin affects its hedge and diversifier properties is generally not analyzed,” they wrote in the paper’s introduction.\nSo they attempted to analyze which weight of Bitcoin in a portfolio alongside the S&P 500 index could reduce portfolio risk — in other words, act as a hedge. Their work suggests that Bitcoin is a “rather poor risk diversifier and hedge for the S&P 500,” the paper said.\nThe authors created model portfolios using monthly and daily return data from 2011 through 2021 for both the S&P 500 and Bitcoin. The model portfolios included zero, low, and high Bitcoin weights, then analyzed whether the inclusion of Bitcoin reduced the risk relative to a standalone S&P 500 portfolio.\nThey found that the inclusion of Bitcoin increased portfolio risk, even for allocations as low as 1 percent, the paper said. According to the research, Bitcoin’s risk-diversifying or risk-hedging capabilities are undermined by its extreme volatility.\n“Since Bitcoin is very volatile, it hardly reduces any risk,” Baur said via email. “However, this does not imply that it cannot improve the risk-return relationship or Sharpe ratio of a portfolio; Bitcoin often improves the Sharpe ratio of a portfolio because the (historical) returns are much higher than the risk relative to other assets such as the S&P 500.”\nAccording to Baur, the findings also apply to other asset classes.\n“The higher the volatility of an asset relative to Bitcoin, the better the risk hedging potential of Bitcoin,” he said via email. He added that because the volatility of the S&P 500 is much lower than that of Bitcoin, adding the cryptocurrency to a simple public equities portfolio is less effective at reducing risk than it may be for other, riskier assets.\nAnd that’s not the only benefit of including Bitcoin in a portfolio. According toresearch publishedin August, including certain cryptocurrencies in a portfolio can offer diversification benefits to investors,Institutional Investorpreviously reported.\nIn other words, while Bitcoin isn’t a hedge, it still can be a tool for investors — as long as they know how to use it.","news_type":1,"symbols_score_info":{"COIN":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866727499,"gmtCreate":1632809109211,"gmtModify":1632809109211,"author":{"id":"4087878554739440","authorId":"4087878554739440","name":"Vitalium","avatar":"https://static.tigerbbs.com/fe2b8117b10c17c5aa2f198c26ef0f74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087878554739440","idStr":"4087878554739440"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Buy","listText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Buy","text":"$Vanguard Total World Stock Index Fund ETF Shares(VT)$Buy","images":[{"img":"https://static.tigerbbs.com/e03ce8ad1cd1654acede1d5a59bd8d65","width":"750","height":"2480"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866727499","isVote":1,"tweetType":1,"viewCount":2240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":884803394,"gmtCreate":1631873815118,"gmtModify":1632805667218,"author":{"id":"4087878554739440","authorId":"4087878554739440","name":"Vitalium","avatar":"https://static.tigerbbs.com/fe2b8117b10c17c5aa2f198c26ef0f74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087878554739440","idStr":"4087878554739440"},"themes":[],"htmlText":"I want to access WeChat from other country","listText":"I want to access WeChat from other country","text":"I want to access WeChat from other country","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/884803394","repostId":"2168210795","repostType":4,"isVote":1,"tweetType":1,"viewCount":931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813585764,"gmtCreate":1630215229358,"gmtModify":1704957146955,"author":{"id":"4087878554739440","authorId":"4087878554739440","name":"Vitalium","avatar":"https://static.tigerbbs.com/fe2b8117b10c17c5aa2f198c26ef0f74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087878554739440","idStr":"4087878554739440"},"themes":[],"htmlText":"Passive investing","listText":"Passive investing","text":"Passive investing","images":[{"img":"https://static.tigerbbs.com/872d398eb25b01c604b3b4e9d2613082","width":"1080","height":"2345"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813585764","isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813884107,"gmtCreate":1630178059709,"gmtModify":1704956718772,"author":{"id":"4087878554739440","authorId":"4087878554739440","name":"Vitalium","avatar":"https://static.tigerbbs.com/fe2b8117b10c17c5aa2f198c26ef0f74","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087878554739440","idStr":"4087878554739440"},"themes":[],"htmlText":"Waiting for oil to crush","listText":"Waiting for oil to crush","text":"Waiting for oil to crush","images":[{"img":"https://static.tigerbbs.com/bedc74d9e91e1be9a3ad910f3ad6ba0a","width":"1080","height":"2573"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813884107","isVote":1,"tweetType":1,"viewCount":2544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}