英文标题：
《The Circle of Investment: Connecting the Dots of the Portfolio
  Management Cycle...》
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作者：
Ravi Kashyap
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最新提交年份：
2016
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英文摘要：
  We will look at the entire cycle of the investment process relating to all aspects of, formulating an investment hypothesis, constructing a portfolio based on that, executing the trades to implement it, on-going risk management, periodically measuring the performance of the portfolio, and rebalancing the portfolio either due to an increase in the risk parameters or due to a deviation from the intended asset allocation. We provide several illustrative analogies that are meant to intuitively explain the pleasures and the pitfalls that can arise while managing a portfolio. If we consider the entire investment management procedure as being akin to connecting the dots of a circle, then the Circle of Investment can be represented as a dotted circle with many dots falling approximately on the circumference and with no clue about the exact location of the centre or the length of the radius. We represent the investment process as a dotted circle since there is a lot of ambiguity in the various steps involved. The circle also indicates the repetitive nature of many steps that are continuously carried out while investing. This work introduces two new points pertaining to this dotted circle and improves the ability, to understand how far-off this dotted circle is, from a more well-defined circle and, to create a well-formed circle. The two innovations we introduce are:   1. The first, relating to the limitations that apply to any finding in the social sciences, would be the additional point we introduce that lies near the centre of the circle. We title this as, \'The Uncertainty Principle of the Social Sciences\'.   2. The second, relating to establishing confidence levels in a systematic manner for each view we associate with a security or group of securities as required by the Black-Litterman framework, would be the new point we present near the circumference of the circle.
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中文摘要：
我们将研究投资过程的整个周期，涉及以下方面：制定投资假设，在此基础上构建投资组合，执行交易以实施投资组合，持续风险管理，定期衡量投资组合的绩效，以及因风险参数增加或偏离预期资产配置而重新平衡投资组合。我们提供了几个示例性类比，旨在直观地解释管理投资组合时可能出现的乐趣和陷阱。如果我们认为整个投资管理过程类似于连接一个圆的点，那么投资圆可以表示为一个点圆，许多点大致落在圆周上，不知道中心的确切位置或半径的长度。我们将投资过程表示为一个虚线圆圈，因为在涉及的各个步骤中存在很多模糊性。圆圈还表明了投资过程中持续进行的许多步骤的重复性。这项工作引入了两个与点圆相关的新观点，并提高了理解点圆距离定义更明确的圆有多远以及创建形状良好的圆的能力。我们介绍的两项创新是：1。第一个是关于适用于社会科学中任何发现的局限性，这是我们介绍的位于圆圈中心附近的附加点。我们称之为“社会科学的不确定性原理”。2.第二，根据Black Litterman框架的要求，以系统的方式为我们与一种证券或一组证券相关联的每种观点建立信心水平，这将是我们在圆周长附近提出的新点。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Portfolio Management        项目组合管理
分类描述：Security selection and optimization, capital allocation, investment strategies and performance measurement
证券选择与优化、资本配置、投资策略与绩效评价
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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