Meta\u5426\u51b3\u4e86\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165720\u4ebf\u7f8e\u5143\u73b0\u91d1\u50a8\u5907\u7684\u63d0\u6848\u3002\u7ed3\u679c\u662f1221\u6bd41\u3002\u60e8\u8d25 \ud83d\ude2c<\/p>\n
\u5fae\u8f6f\u53bb\u5e74\u4e5f\u62d2\u7edd\u4e86\u7c7b\u4f3c\u63d0\u6848\u3002\u5927\u578b\u79d1\u6280\u516c\u53f8\u4ecd\u89c9\u5f97\u6bd4\u7279\u5e01\u592a\u4e0d\u7a33\u5b9a\u3002<\/p>\n
\u516c\u53f8\u50a8\u5907\u91d1\u662f\u5e94\u6025\u4f7f\u7528\u7684\uff0c\u4e0d\u662f\u62ff\u6765\u8d4c\u535a\u7684\u3002\u4ed6\u4eec\u9700\u8981\u4f4e\u98ce\u9669\u3001\u6d41\u52a8\u6027\u9ad8\u7684\u8d44\u4ea7\u3002<\/p>\n
NYU\u6559\u6388\u8fbe\u6469\u8fbe\u5170\u79f0\u8fd9\u4e2a\u63d0\u8bae\u662f\u201c\u75af\u72c2\u201d\u3002\u4ed6\u5b8c\u5168\u4e0d\u8ba4\u540c\u8fd9\u79cd\u505a\u6cd5\u3002<\/p>\n
\u5c31\u8fde\u4eb2\u533a\u5757\u94fe\u7684\u675c\u514b\u5927\u5b66\u6559\u6388Harvey\u4e5f\u8bf4\uff1a\u60f3\u4e70\u6bd4\u7279\u5e01\uff1f\u6295\u8d44\u4eba\u53ef\u4ee5\u81ea\u5df1\u4e70\u3002<\/p>\n
\u7a33\u5b9a\u5e01\u66f4\u9002\u5408\u505a\u50a8\u5907\u3002\u6302\u94a9\u7f8e\u5143\uff0c\u4ef7\u683c\u7a33\u5b9a\u3002\u6bd4\u7279\u5e01\uff1f\u8fc7\u5c71\u8f66 \ud83c\udfa2<\/p>\n
Strategy\u516c\u53f8\u662f\u4e2a\u4f8b\u5916\u3002\u4ed6\u4eec2020\u5e74\u91cd\u4ed3\u6bd4\u7279\u5e01\uff0c\u80a1\u4ef7\u4e0a\u6da82466%\u3002\u4f46\u8fd9\u5c5e\u4e8e\u98ce\u9669\u6295\u8d44\uff0c\u4e0d\u662f\u8d22\u52a1\u7ba1\u7406\u3002<\/p>\n
Meta\u624b\u63e1\u73b0\u91d1\uff0c\u4f46\u6536\u76ca\u6781\u4f4e\u3002\u6709\u4eba\u5efa\u8bae\u7528\u6bd4\u7279\u5e01\u6765\u5206\u6563\u98ce\u9669\uff0c\u5bf9\u6297\u901a\u80c0\u3002<\/p>\n
CoinShares\u7814\u7a76\u4e3b\u7ba1Butterfill\u8bf4\uff0c3%\u6bd4\u7279\u5e01\u53ef\u4f7fSharpe Ratio\u7ffb\u500d\u3002*
\n(*Sharpe Ratio\uff1a\u8861\u91cf\u6295\u8d44\u56de\u62a5\u4e0e\u98ce\u9669\u7684\u6bd4\u503c\u3002)<\/p>\n
CoinShares\u6570\u636e\u663e\u793a\uff0c\u52a0\u5bc6\u8d44\u4ea7\u914d\u7f6e\u4ece1%\u5347\u81f31.8%\u3002\u8d8b\u52bf\u660e\u663e\u52a0\u5feb\u3002<\/p>\n
Meta\u7684\u80a1\u4e1c\u6295\u7968\u663e\u793a\u51fa\u4fdd\u5b88\u6001\u5ea6\u3002\u800c\u624e\u514b\u4f2f\u683c\u4e00\u4e2a\u4eba\u5c31\u670961%\u7684\u6295\u7968\u6743\u3002<\/p>\n
\u4e0d\u540c\u516c\u53f8\uff0c\u4e0d\u540c\u7b56\u7565\u3002\u6709\u7684\u5168\u529b\u8fdb\u519b\uff0c\u6709\u7684\u575a\u51b3\u56de\u907f\u3002BlackRock\u73b0\u5728\u5efa\u8bae\u914d\u7f6e2%\u7684\u6bd4\u7279\u5e01\u3002<\/p>\n
\u97e9\u56fd\u3001\u5df4\u9ece\u7684\u4f01\u4e1a\u90fd\u5df2\u51fa\u624b\u6295\u5165\u6570\u767e\u4e07\u7f8e\u5143\uff0c\u6f6e\u6d41\u6b63\u5728\u8513\u5ef6\u3002<\/p>\n
Butterfill\u79f0\uff0c\u4eca\u5e74\u5df2\u670972\u5bb6\u516c\u53f8\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002\u6709\u4e9b\u53ea\u662f\u60f3\u63d0\u5347\u80a1\u4ef7\u7f62\u4e86\u3002<\/p>\n
\u4e0b\u4e00\u5bb6\u4f1a\u662f\u8c01\uff1f\u7279\u65af\u62c9\u5df2\u7ecf\u5148\u884c\u4e00\u6b65\u3002<\/p>\n
\u8fd8\u6709\u554a\uff0c\u6700\u8fd1\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6bd4Meta\u80a1\u7968\u8fd8\u4f4e\u3002\u60f3\u4e0d\u5230\u5427\uff1f<\/p>\n","protected":false},"excerpt":{"rendered":"
Meta\u5426\u51b3\u4e86\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165720\u4ebf\u7f8e\u5143\u73b0\u91d1\u50a8\u5907\u7684\u63d0\u6848\u3002\u7ed3\u679c\u662f1221\u6bd41\u3002\u60e8\u8d25 \ud83d\ude2c \u5fae\u8f6f\u53bb\u5e74\u4e5f\u62d2\u7edd\u4e86\u7c7b\u4f3c\u63d0\u6848\u3002\u5927\u578b\u79d1\u6280\u516c\u53f8\u4ecd\u89c9\u5f97\u6bd4\u7279\u5e01\u592a\u4e0d\u7a33\u5b9a\u3002 \u516c\u53f8\u50a8\u5907\u91d1\u662f\u5e94\u6025\u4f7f\u7528\u7684\uff0c\u4e0d\u662f\u62ff\u6765\u8d4c\u535a\u7684\u3002\u4ed6\u4eec\u9700\u8981\u4f4e\u98ce\u9669\u3001\u6d41\u52a8\u6027\u9ad8\u7684\u8d44\u4ea7\u3002 NYU\u6559\u6388\u8fbe\u6469\u8fbe\u5170\u79f0\u8fd9\u4e2a\u63d0\u8bae\u662f\u201c\u75af\u72c2\u201d\u3002\u4ed6\u5b8c\u5168\u4e0d\u8ba4\u540c\u8fd9\u79cd\u505a\u6cd5\u3002 \u5c31\u8fde\u4eb2\u533a\u5757\u94fe\u7684\u675c\u514b\u5927\u5b66\u6559\u6388Harvey\u4e5f\u8bf4\uff1a\u60f3\u4e70\u6bd4\u7279\u5e01\uff1f\u6295\u8d44\u4eba\u53ef\u4ee5\u81ea\u5df1\u4e70\u3002 \u7a33\u5b9a\u5e01\u66f4\u9002\u5408\u505a\u50a8\u5907\u3002\u6302\u94a9\u7f8e\u5143\uff0c\u4ef7\u683c\u7a33\u5b9a\u3002\u6bd4\u7279\u5e01\uff1f\u8fc7\u5c71\u8f66 \ud83c\udfa2 Strategy\u516c\u53f8\u662f\u4e2a\u4f8b\u5916\u3002\u4ed6\u4eec2020\u5e74\u91cd\u4ed3\u6bd4\u7279\u5e01\uff0c\u80a1\u4ef7\u4e0a\u6da82466%\u3002\u4f46\u8fd9\u5c5e\u4e8e\u98ce\u9669\u6295\u8d44\uff0c\u4e0d\u662f\u8d22\u52a1\u7ba1\u7406\u3002 Meta\u624b\u63e1\u73b0\u91d1\uff0c\u4f46\u6536\u76ca\u6781\u4f4e\u3002\u6709\u4eba\u5efa\u8bae\u7528\u6bd4\u7279\u5e01\u6765\u5206\u6563\u98ce\u9669\uff0c\u5bf9\u6297\u901a\u80c0\u3002 CoinShares\u7814\u7a76\u4e3b\u7ba1Butterfill\u8bf4\uff0c3%\u6bd4\u7279\u5e01\u53ef\u4f7fSharpe Ratio\u7ffb\u500d\u3002* (*Sharpe Ratio\uff1a\u8861\u91cf\u6295\u8d44\u56de\u62a5\u4e0e\u98ce\u9669\u7684\u6bd4\u503c\u3002) CoinShares\u6570\u636e\u663e\u793a\uff0c\u52a0\u5bc6\u8d44\u4ea7\u914d\u7f6e\u4ece1%\u5347\u81f31.8%\u3002\u8d8b\u52bf\u660e\u663e\u52a0\u5feb\u3002 Meta\u7684\u80a1\u4e1c\u6295\u7968\u663e\u793a\u51fa\u4fdd\u5b88\u6001\u5ea6\u3002\u800c\u624e\u514b\u4f2f\u683c\u4e00\u4e2a\u4eba\u5c31\u670961%\u7684\u6295\u7968\u6743\u3002 \u4e0d\u540c\u516c\u53f8\uff0c\u4e0d\u540c\u7b56\u7565\u3002\u6709\u7684\u5168\u529b\u8fdb\u519b\uff0c\u6709\u7684\u575a\u51b3\u56de\u907f\u3002BlackRock\u73b0\u5728\u5efa\u8bae\u914d\u7f6e2%\u7684\u6bd4\u7279\u5e01\u3002 \u97e9\u56fd\u3001\u5df4\u9ece\u7684\u4f01\u4e1a\u90fd\u5df2\u51fa\u624b\u6295\u5165\u6570\u767e\u4e07\u7f8e\u5143\uff0c\u6f6e\u6d41\u6b63\u5728\u8513\u5ef6\u3002 Butterfill\u79f0\uff0c\u4eca\u5e74\u5df2\u670972\u5bb6\u516c\u53f8\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002\u6709\u4e9b\u53ea\u662f\u60f3\u63d0\u5347\u80a1\u4ef7\u7f62\u4e86\u3002 \u4e0b\u4e00\u5bb6\u4f1a\u662f\u8c01\uff1f\u7279\u65af\u62c9\u5df2\u7ecf\u5148\u884c\u4e00\u6b65\u3002……<\/p>\n","protected":false},"author":33,"featured_media":785,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[933,962,25,4,164,912,925],"class_list":["post-786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-meta","tag-962","tag-25","tag-4","tag-164","tag-912","tag-925"],"jetpack_featured_media_url":"https:\/\/365crypto.org\/cn\/wp-content\/uploads\/sites\/14\/2025\/06\/2-4.webp","_links":{"self":[{"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/posts\/786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/comments?post=786"}],"version-history":[{"count":0,"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/posts\/786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/media\/785"}],"wp:attachment":[{"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/media?parent=786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/categories?post=786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/365crypto.org\/cn\/wp-json\/wp\/v2\/tags?post=786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}