衡量跟管理投资风险资料.docVIP

Measuring And Managing Investment Risk 衡量和管理投资风险 by Katrina Lamb,CFA Filed Under: Financial Theory 提起下：金融理论 We tend to think of risk in predominantly negative terms, as something to be avoided or a threat that we hope wont materialize. In the investment world, however, risk is inseparable from performance and, rather than being desirable or undesirable, is simply necessary. Understanding risk is one of the most important parts of a financial education.?This article will examine ways that we measure and manage risk in making investment decisions. 我们倾向于对“风险主要是负面的”，想的东西要避免或威胁，我们希望将无法实现。在投资世界，然而，风险是不可分割，从性能，而不是理想或不理想，只是必要的。理解风险是一个金融教育最重要的组成部分之一。本文将探讨如何衡量和管理，我们在作出投资决定的风险。 Risk?- Good, Bad and Necessary 风险 - 好的，坏的和必要的A common definition for investment risk is deviation from an expected outcome. We can express this in absolute terms or relative to something else like a market benchmark.?That deviation can be positive or negative, and relates to the idea of??no pain, no gain -?to achieve higher returns in the long run you have to accept more short-term volatility.?How much volatility depends on your risk tolerance - an expression of the capacity to assume volatility based on specific financial circumstances and the propensity to do so, taking into account your psychological comfort with uncertainty and the possibility of incurring large short-term losses. (To learn more, read Determining Risk And The Risk Pyramid and Personalizing Risk Tolerance.) 投资风险的一个共同的定义是偏离了预期的结果。我们可以表达绝对或相对的东西像其他这个市场基准。这种偏差可正可负，涉及到“无痛苦的想法，一分收获” - 以实现更高的回报，长远来说你必须接受更多的短期波动。波动多少取决于你的风险承受能力 - 1表达的能力，以承担具体的财务情况和倾向，这样做的波动，同时考虑到不确定性和承受大的短期损失的可能性你的心理安慰(要了解更多信息，请参阅确定风险和风险金字塔和个性化的风险性)Absolute Measures of Risk 绝对风险的措施One of the most commonly used absolute risk metrics is standard deviation, a statistical measure of dispersion around a central tendency. For example, during a 15-year period from August 1, 1992, to July 31, 2007, the average annualized total return of the SP 500 Stock Index was 10.7%.