hedge funds ～
请教楼主和各位大虾tail－risk funds 是什么意思？小生没有查到～3Q～

顶顶，好帖子

不错的帖子！对冲基金难以对冲所有风险啊！

读起来有些难度，但还是坚持下来

其实任何金融工具都是有风险的，而羊群效应会加剧这种风险，尤其是在市场波动比较剧烈的时候！
做最好的准备、做最坏的打算，适用于金融投资！
逆境中机遇与挑战并存，也同样适用于金融投资！

“If you are getting esoteric with your hedges, those may not be very good hedges at all.”
太复杂的对冲基金不是适合的基金

新的一期不错啊
年末可以出一个集子啊~~

Not bad,Keep learning

好久没看了，以后要尽量有空就多上来吧

功能貌似有两个：避险、投机，主要功能在前者，可是现在很多人都关注的是后者吧。


2010年JAE文献综述（会计经典文献）
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=1193887&from^^uid=1288066

我很想看，但无币。等有了再看吧。

好文章，感谢分享

对冲基金~~·不是很懂这些金融工具操作啊
国庆期间，每天的朋友也不少啊。时间很快啊，假期过了一大半了

I like it very much！

虽然英文不行，要好好看看啦！谢谢楼主！

这个不错哦

报到报到~~

有些看不明白

嘿嘿，刚学完，增长不少见识。正好碰见一篇译文，大家分享：
             投资者将更多的钱投向“黑天鹅”对冲基金
当前欧洲债务危机仍未完全解决，全球经济面临着衰退的风险，投资者将更多资产汇入对冲基金，以此来保护他们免受重大事件给他们带来资产损失。
尾部风险基金(tail risk fund)意在遇到概率低及重大影响的稀有事件时获得盈利。特别是对价格大幅波动下赌注，以及在价格上扬和价格稳定时令他们的损失最小化。通俗地讲，就是针对低概率事件进行对冲的一种操作，这一概念最早在上世纪80年代由塔利布（Nassim Taleb）等交易员提出。
塔利布在2007年出版的畅销书《黑天鹅》中警告说，过分依赖概率模型的银行家已经对潜在的灾难视而不见。《黑天鹅》一书指出，西方人此前普遍相信所有的天鹅都是白色的，直到探险者于1697年在澳大利亚发现黑色变种天鹅。
最具吸引力是由Bennelong Asset Management运营的尾部风险基金，由前德意志银行交易员Boaz Weinstein建立。
行业标准分别为6600万美元、8000万美元以及5.5亿美元的不同规模，该基金旗下资产比起行业标准虽然不算大，但基金表现及8月9月两个月投资者资产的注入，使该基金价值涨幅超过10%。
分别由曼氏集团（MAN Group）、Capula和Universa运营的基金同样出现增长。《黑天鹅》一书作者塔利布现在是Universa投资公司的顾问，反对金融界传统的风险管理模式。
与此同时，其他基金规模也出现增长，如其他追踪芝加哥期权交易所波动率指数(CBOE volatility index)的金融产品，诸如交易所交易基金价格也出现大幅增长。
分析师表示，在传统基金中，投资者通常做的是股市下跌时赚钱，而在当前这种做法成本增加、过为昂贵。
iPath S&P 500 VIX Short-Term Futures ETN（代码VXX）是由VIX衍生出来的ETF中交易最活跃的一只，该ETF三个月平均成交量高达4448万。在过去3个月，近期伴随欧债危机的升级，投资者悲观情绪蔓延，恐慌指数再度高企，VIX飙升，而跟踪恐慌指数的ETF自8月初开始也狂涨138%。
尽管波动性大幅上升，据跟踪基金流出的IndexUniverse，ETN流出大约11亿美元，很多交易员转向对冲基金。
分析师表示，当前对冲基金的一大挑战就是找到价格低廉的尾部基金，如结构性产品、条件性对冲基金，以及使用更长期的衍生品，但在对冲风险时，也应避免承受过大的风险。

Follow Me:144, 107
对冲基金交易风险，但是这部分风险会被转移给谁呢？谁会是这个风险的最终承担者？考虑到高杠杆的利用，最后那个承接者说不定会瞬间毁于一旦。其实就像一个生物链一样，一个环节的崩溃其实会影响整个链条。就像当年索罗斯进攻亚洲一样，最后造成了整个亚洲来买单。这次又会是谁来买单呢？

神马都是浮云

英语有待提高

funnel  [ˈfʌnəl]
n.漏斗，烟囱  v.汇集
daisy chain      
n. 雏菊花环, 一系列, 一连串
esoteric  [ˌesəˈterik]
a.秘传的，神秘的

Tail Risk

By the SurvivalCache.com Team

Tail Risk – Definition: A form of portfolio risk that arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution.

Tail Risk is a term, that until a few years ago, very few outside of the investing elite on Wall Street had any knowledge of its meaning.  According to experts, this Wall Street term which has become popular as of late has less than .5% chance of happening but the possibility is still out there.  Tail Risk investing is now something that many high net worth investors are looking at as a way to hedge their wealth against a possible destructive economic tsunami like the collapse of the Euro or the US Dollar or even the enviable collapse of the Chinese housing market which has been in fire for years.  The theory goes, by investing a small amount of your overall portfolio in these “Tail Risk” funds, if the economy collapses and your investments take a big hit at least one investment (a Tail Risk Fund) will make money and you will still be wealthy.

How does this work?An investor would buy shares in a Tail Risk Fund.  As the stock markets around the world began to fall, a Tail Risk or Black Swan fund would profit because it owned the options to sell shares in the stock index at far higher levels.  The more the world indexes decline, the more valuable those options would be for the Tail Risk Fund.  I think of it as buying insurance at the black jack table.  The dealer has an ace showing, you think he might have black jack.  You buy the insurance and the dealer flips up a King.  You lose your bet but you get a little bit back on the side.  You live to gamble another day.

What does this mean?It means that people who are a lot smarter than you and I know that there are substantial “black swan” risks out there to our way of life.  These are events or actions that cannot be anticipated but could have long reaching adverse effects on our daily lives.  These investment advisers are advising their high net worth clients to put a portion of their wealth into these investment vehicles to insure their standard of living during a crisis stays the same.

How can you invest for Tail Risk?Tail Risk or Black Swan investments do not make a lot of sense for us regular investors, they tend to lose money every year and the upside might not justify the constant portfolio losses.  One way you can plan for a potential “Tail Risk” or a “Black Swan” event is by getting involved in the modern preparedness movement and becoming more self-sufficient.

Here are some ideas for investing for Tail Risk (for everyone else):
1. Buy a small amount of Silver & Gold with each paycheck.  (Gold has always had value since recorded time)
2. Keep some cash at your home or apartment (invest in a good safe and keep it hidden).
3. Begin to invest in a long term food plan.
4. Store water and have at least two ways to purify water.
5. Have a back up family shelter and quality sleep systems for everyone in your family.
6. Organize with your neighbors
7. Invest in alternative power & heating sources (wood burning stoves, solar panels, generator)
8. Invest in tools to help you protect your property and possessions.
9. Invest in good outdoor clothing.
10. Invest in everyday use items (toilet paper, paper towels, soap, shaving items, etc).
11. Keep extra fuel on hand (use fuel stabilizers like Sta-Bil).
12. Invest in survival tools (fire starters, cutting tools, knives, fishing gear).
13. Plant a garden or live on or near a farm.
14. Invest in everyday home repair items (hammers, nails, screw drivers, saw, etc).

In reality, many of these ideas are things that preppers & survivalist have been planning for and preaching about for years.  The fact that Wall Street is now offering investment vehicles for SHTF events is further proof that all of us need to be prepared for unforeseen events.  If you have more ideas for Tail Risk investing please share them below.

I don't know much about finance, for example, the fund. The tail-risk funds here sound like insurances, you buy with a small amount of money, and gain when the "World Doom Day" comes. But it still depends on the insurance company's credit and it should be ensured that the insurance company has the ability to pay for the insurance indemnity even on the "World Doom Day".
Who knows? Risk exists everywhere, and chances of gain also scatter everywhere.

好文章 顶顶

Tail-risk funds aim to profit at times of rare events of low probability and extreme impact. They typically bet on dramatic moves in prices and seek to minimize their losses during times of rising or stable prices.

文章短，可以看下来了哈

呃，看不太懂……

wouldn't such move push volatility to an even higher level? but the merits from such funds are that they can correct the wrong pricing of assets using normal distribution assumptions.