王同學(xué)
2018-10-22 15:02老師好，百題投資第7題，看了解析，還是似懂非懂。 Value and momentum are opposite each other in that value investing is inherently stabilizing. It is a negative feedback strategy where stocks that have fallen in value eventually are priced low enough to become value investments, pushing prices back up. Momentum is inherently destabilizing. It is a positive feedback strategy where stocks that have been increasing in value are attractive to investors, so investors buy them, and prices increase even more. Momentum can be riskier than value or size investing in that it is more prone to crashes. 價(jià)值策略是負(fù)反饋，追漲殺跌是正反饋是什么意思呢？?jī)r(jià)值策略不是HML嗎？不是買(mǎi)入價(jià)值高的賣(mài)出價(jià)值低的么？怎么說(shuō)是股票價(jià)格足夠低成為價(jià)值投資呢？請(qǐng)老師幫助理解一下這部分內(nèi)容，謝謝
所屬：FRM Part II 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Crystal助教
2018-10-22 19:36
該回答已被題主采納
同學(xué)你好，正反饋的意思是價(jià)格越長(zhǎng)越買(mǎi)，說(shuō)白了就是追漲殺跌。負(fù)反饋的意思是價(jià)格下降的時(shí)候買(mǎi)入。所以說(shuō)正反饋會(huì)造成市場(chǎng)上的動(dòng)蕩，負(fù)反饋會(huì)減弱市場(chǎng)的動(dòng)蕩。
HML首先它是一個(gè)策略，買(mǎi)入價(jià)值股，其實(shí)就是看中了一家公司的潛力和價(jià)值。所以我們說(shuō)這個(gè)是一個(gè)價(jià)值投資。
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