2016第7讲 投资银行的自营业务.pptVIP

第七讲 投资银行的自营业务;☆Proprietary Trading;2.主动管理策略（active bond management strategy） 1) bond portfolio rebalancing activities (by Homer and Liebowitz) ?the substitution swap ? the intermarket spread swap ? the rate anticipation swap ? the pure yield pickup swap (净收益改善调换) ;2）Horizon Analysis 骑乘收益率曲线策略（riding the yield curve）;;;指数型股票基金的构建;;Mutual Fund Performance Evaluation; 隐含波动率与期权头寸选取 ;附1：巴菲特的投资哲学 ——The philosophy of value-based investing;5.On diversification. Buffett disagreed with conventional wisdom that investors should hold a broad p