高盛关于 Brexit的研究报告（全英文）

Table of Contents
Elevated valuations and lack of growth drive drawdown concerns 3
Diversifying equity risk in drawdowns – easier said than done 8
The search for yield and diversification desperation 12
Strategies for managing equity risk in drawdowns 17
(1) Broader diversification and the value of cash in asset allocation 17
(2) Defense makes sense in drawdowns, but low vol is not low risk 18
(3) Systematic call overwriting helps reduce losses in drawdowns 19
(4) Long-dated options allow effective equity risk management 20
Appendix: Drawdown history for other equity markets 23
DAX 23
FTSE All-Share 24
TOPIX 25
MSCI EM 26
Disclosure Appendix 28