…your "foolish" (in hindsight) risk aversion. edit: not sure why the downvotes. if you are interested in a treatment of peer-based utility functions that affect risk premia, see https://www.amazon.com/Missing-Risk-Premium-Volatility-Inves... -- in other words, risk may not be best measured as volatility but instead as the expected relative wealth gain/loss to your market peers. for private employee equity, those peers…
《The Missing Risk Premium》这本书涵盖了大量证据。作者在这里写了个概要：https://falkenblog.blogspot.com/2013/07/missing-risk-premium... 低波动投资正是基于低波动……这一观察
The book The Missing Risk Premium covers a lot of the evidence. The author give a synopsis here: https://falkenblog.blogspot.com/2013/07/missing-risk-premium... Low volatility investing is based around the observation that low volatility…
Jackass Investing and Millionaire Fastlane are good layman books. Expected Returns is a more advanced but accessible one. Also the Missing Risk Premium is good food for thought since if its thesis is correct nearly everything you read about risk management in typical indexing investing literature is bogus and the opposite of true. Tl;dr is two much…
……你（事后看来）“愚蠢”的风险规避。edit：不知道为什么被点踩。如果你对影响风险溢价（risk premia）的同侪效用函数研究感兴趣，看看 https://www.amazon.com/Missing-Risk-Premium-Volatility-Inves... ——换句话说，衡量风险的最佳指标也许不是波动率（volatility），而是相对于你市场同侪的预期相对财富得失。对于非上市公司员工的期权股权来说，那些同侪……
…your "foolish" (in hindsight) risk aversion. edit: not sure why the downvotes. if you are interested in a treatment of peer-based utility functions that affect risk premia, see https://www.amazon.com/Missing-Risk-Premium-Volatility-Inves... -- in other words, risk may not be best measured as volatility but instead as the expected relative wealth gain/loss to your market peers. for private employee equity, those peers…
《The Missing Risk Premium》这本书涵盖了大量证据。作者在这里写了个概要：https://falkenblog.blogspot.com/2013/07/missing-risk-premium... 低波动投资正是基于低波动……这一观察
The book The Missing Risk Premium covers a lot of the evidence. The author give a synopsis here: https://falkenblog.blogspot.com/2013/07/missing-risk-premium... Low volatility investing is based around the observation that low volatility…
《Jackass Investing》和《百万富翁快车道》（Millionaire Fastlane）都是很好的外行入门书。《Expected Returns》更进阶一些但通俗好懂。另外《The Missing Risk Premium》也很发人深省，因为如果它的论点成立，那么你在典型的指数投资文献里读到关于风险管理的内容，几乎全都是扯淡，而且与事实恰恰相反。Tl;dr 是太多的……
Jackass Investing and Millionaire Fastlane are good layman books. Expected Returns is a more advanced but accessible one. Also the Missing Risk Premium is good food for thought since if its thesis is correct nearly everything you read about risk management in typical indexing investing literature is bogus and the opposite of true. Tl;dr is two much…