永久投资组合
The permanent portfolio
Craig Rowland、J. M. Lawson · 初版 2012 年
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为什么值得读
- 补全了哈里·布朗原方案的实操细节
- 配置四种低相关资产并通过再平衡运作
- 长期能获得匹敌大盘的收益且波动更小
“深入解析能够应对当今充满不确定性的金融环境的投资策略市场的不确定性无法消除。因此，与其试图消灭它，何不坦然接纳？这正是本书的宗旨所在。The Permanent Portfolio 带你领略 Harry Browne 的 Permanent Portfolio 投资法——该方法能够抵御从通胀、通缩到衰退的广泛经济周期——并揭示它如何帮助投资者保护和增加财富。这本由 Craig Rowland 和 Mike Lawson 撰写的可靠读物，全面展示了从直接的
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…批判性地审视了现代教会进行慈善捐赠和服务的方式，并根据在亚特兰大特困街区数十年的帮扶经验提炼出了一个更可行的方案。Rowland 和 Lawson 所著的《永久组合》（The Permanent Portfolio）推崇 Harry Browne 的“永久组合”理念，但补齐了 Harry 那本篇幅较薄的原作中遗留的所有落地执行空白。C. S. 刘易斯的《纯粹的基督教》（Mere Christianity）。这部关于什么是…
…takes a critical look at how charitable giving and service are done by the modern church and provides a better plan distilled from decades of experience helping troubled neighborhoods in Atlanta. The Permanent Portfolio by Rowland and Lawson preaches Harry Browne's Permanent Portfolio but fills in all the implementation gaps left in Harry's rather thin original. Mere Christianity by C.S. Lewis. This classic on what…
永久组合（The Permanent Portfolio）[1]。这个策略建立在非常简单的经济学理论之上，从历史数据来看，它在长期内产生了具有市场竞争力的回报，而且波动性远低于股票指数或 60/40 组合。正如在…
The Permanent Portfolio [1]. The plan is based on very simple economic theory, and historically it generates market-competitive returns in the long run with much lower volatility than stock indexes or 60/40 portfolios. As in…
我自己没有采纳 Harry Browne 的投资组合建议，但我读过 Craig Rowland 写的关于这个主题的一本好书 [0]，我并不认同这种说法。永久组合（Permanent Portfolio）尽管股票配置比例很低（25%），但其整体回报表现极其稳定且相当可观，这是因为它持有四种低相关性的资产并在它们之间进行再平衡（rebalance），而且其中有一种…
I don’t follow the Harry Browne portfolio advice, but I have read Craig Rowland’s very good book about it [0], and I disagree. The Permanent Portfolio has had pretty good overall returns extremely consistently despite its low (25%) stock allocation because it holds four assets with poor correlation and rebalances between them, and because one of them…
我会采用 Harry Browne 的“永久组合”（Permanent Portfolio）配置方案——它的表现与其他被动投资组合相当甚至更好，同时波动率要小得多。这里有一份关于历史回报的详细分析：http://crawlingroad.com/blog/2008/12/22/permanent-portfolio-...…
I'd use Harry Browne's "Permanent Portfolio" allocation - it performs as well or better than other passive portfolios while experiencing far less volatility. Here's a detailed analysis of historical returns: http://crawlingroad.com/blog/2008/12/22/permanent-portfolio-...…
投资是非常因人而异的事。财务顾问是讨论这类问题的最佳人选。如果是我自己来操作，我会搭建一个永久组合（Permanent Portfolio）[1]。如果我要找财务顾问，我会找 Andrew Horowitz 聊聊 [2]。我还建议你考虑小比例配置一些像 Bitcoin、Zcash 或 Ethereum 这样的标的，因为它们潜力…
Investing is a very personal matter. A financial advisor is the best person to discuss this with. If I were pursuing this for myself I would build a Permanent Portfolio [1]. If I was looking for a financial advisor I would talk to Andrew Horowitz [2]. I would also recommend you look a small allocation in something such as Bitcoin, Zcash or Ethereum as they have a lot…
虽然我还没走到那一步，但永久组合（Permanent Portfolio）[1] 在我看来很有道理。其核心见解在于：对于亏损掉的钱，你赚它时所花费的精力、时间和生命是永远无法挽回的。因此，保本（对抗通胀）要更加重要…
Though I am not there yet, the Permanent Portfolio [1] makes sense to me. The key insight is that for the money you have lost, you can never recover the energy/time/life you have spent in earning it. So, capital preservation (wrt inflation) is more important…