Rethinking Beta
نویسنده
چکیده
Professional investors today speak incessantly about beta, still treating beta as the cornerstone of investment portfolios that it should be, yet using the term in most instances in a manner that is devoid of the meaning and the insight that justifies that foundational treatment. The term beta is routinely treated as synonymous with the term “asset class,” and by treating it this way, the term is divorced from the concept of systematic risk, or non-diversifiable risk that made it important in the first place. By reuniting the term with its original meaning, we will come to see that there is much more to asset allocation, and much more to the principle of diversification, than simply “spreading” risk across different asset classes. Asset allocation should be approached more actively with intentions to shape and mold combinations of assets and asset classes into the beta we need.
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تاریخ انتشار 2009