The Factors that Drive Expected Returns and Risks学习研究.pptVIP

The Factors that Drive Expected Returns and Risks;1. Objectives;2. Modes/Inputs of Asset Allocation;Strategic;3. Performance Depends on Business Cycle;3. Performance Depends on Business Cycle;4. Business Cycle is Persistent;U.S. Yield Curve Inverts Before Last Five Recessions(5-year Treasury bond - 3-month Treasury bill);U.S. Annual Real Economic Growth After Yield Curve Inversions;5. Conditioning Information and Portfolio Analysis;5. Conditioning Information and Portfolio Analysis;5. Conditioning Information and Portfolio Analysis;6. What is Risk?;6. What is Risk?;3.病毒性肺炎 如冠状病毒、腺病毒、流感病毒、巨细胞