财富管理

Quants fail to live up to expectations
量化基金风光不再


近来,量化基金一直举步维艰,因为在此次信贷危机期间乃至之后,此类基金的表现大体上未能让投资者感到满意。

At the beginning of the twentieth century, Scott’s Porage Oats were marketed as being produced entirely through an automated process: “untouched by human hand”. Towards the end of the century, a new variety of asset management could lay claim to such a slogan – “quants” or quantitative managers fed mathematical models of financial markets into computers, which were then supposed to select stocks with none of the biases and fallibility of human stock selectors.

20世纪初,斯科特(Scott)的Porage Oats 宣扬自己完全通过自动化程序生成:“未经人手触及”。而20世纪末,一种新型资产管理方式堪称符合上述口号——量化基金(quants),或者说量化基金经理将金融市场的数学模型应用于电脑,当时人们认为,这是在不带有人为选股者的偏见和错误的情况下选股。

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