什么是smart beta?


Smart beta,或smart-beta,是近年来美国金融投资领域的一个较为热门的概念,常见于描述投资组合或基金的构建策略。Research Affiliates是应用Smart beta方法的先行者,其对smart beta的定义如下:

Smart beta strategies are designed to add value by systematically selecting, weighting, and rebalancing portfolio holdings on the basis of factors or characteristics other than market capitalization.

Smart beta is a rules-based portfolio construction process. Traditional index-linked strategies rely on price to decide which stocks to invest in and how much of each to hold… Smart beta strategies seek to exploit these market inefficiencies by anchoring on factors other than price. (Its) strategies break the link between price and portfolio weight in an effort to deliver better-than-market returns.

(来源:见参考链接(1)

以上内容的意思大体是说,常规的指数跟踪型投资组合或基金往往根据股票的价格(或市值,market capitalization)高低来确定其在投资组合中的权重,而smart beta则刻意避开这种做法,试图通过一些其他指标来确定组合中的股票所占权重,以求获取超越市场平均水平的收益。

Smart beta,中文里可以翻译为:聪明贝塔。其常采用的指标包括:book value(账面价值), dividends(分红), sales(营收), cash flow(现金流),momentum(动能/趋势),volatility(流动性)等。目前美国投资市场上被冠以smart beta名号的基金多达数百只,一些有代表性的知名smart beta基金包括:Vanguard Growth ETF,iShares Russell 1000 Growth ETF,JPMorgan Diversified Return Global Equity等。

参考链接:

(1) https://www.researchaffiliates.com/en_us/insights/smart-beta.html

(2) http://lexicon.ft.com/Term?term=smart-beta

(3) http://money.cnn.com/2014/06/19/investing/smart-beta-explained/index.html

“Ended, ending”表示”截至…时间点”的用法


End,作为动词表示“结束”。如果在单词末加上”ed”,或”ing”,并和一个时间点连用,都可以用来表示“截至….日期”。这种用法在正式的书面文件、财务报告中较为常见。参考例句:Lending Club (NYSE:LC), America’s largest online marketplace connecting borrowers and investors, today announced financial results for the quarter ended March 31, 2017 and provided guidance for the second quarter and full year 2017。注意这段中的“today announced financial results for the quarter ended March 31”,意思为:今日公布了截至3月31日当季的财务结果。再如:Below is the Quarterly Financial Report for period ending June 30, 2012.(以下为截至2012年6月30日的季度财务报告。)值得一提的是,对于ended, ending,有观点认为二者存在细微的用法差别,具体可见参考链接(1), (2),这里不再详述。

参考链接:

(1) https://www.grammarly.com/answers/questions/6079-fiscal-year-ended-vs-fiscal-year-ending/

(2) http://www.topix.com/forum/business/accounting/TQK669CD89PRPHRIA/fiscal-year-ended-vs-fiscal-year-ending

金融、小贷行业里的origination(s)是什么意思,如何理解?

Origination(复数originations),具有“起始、起源”的意思。但origination在金融、银行、小贷等行业中还是一个专用术语。Investopedia对其的英文解释为:(Origination) is the multi-step process every individual must go through when obtaining a mortgage or home loan, as well as other types of personal loans.(Origination指的是借款人在获得按揭或房贷(或其他个人贷款)时需经历的多个流程。)Origination在中文里可以翻译为:贷款发放、放贷额、新增贷款。Origination是考察贷款/小贷公司业务健康状况的一个重要财务指标。参考例句:Loan originations in the first quarter of 2017 were $1.96 billion, down 1% from the fourth quarter of 2016.(2017年一季度的新增贷款额为19.6亿美元,比2016年四季度降低1%。)

参考链接:

http://www.investopedia.com/terms/o/origination.asp

https://en.wikipedia.org/wiki/Loan_origination

http://dictionary.cambridge.org/dictionary/english/origination

美国高中有几年?各年级学生的称谓是什么?

一般情况下,美国高中(high school,有时也称为senior high,与junior high区别)有4年,这与我们国内常见的3年制高中不太一样。高中的4个年级,相当于9th grade-12th grade(9年级-12年级,按照K12的标准)。在4年制的高中里,各个年级学生都有不同的称呼(叫法),与大学四个年级学生的称谓完全一致,分别是:freshman(高一生)、sophomore(高二生)、junior(高三生)、senior(高四生)。但并非所有的美国高中都有相同的学年设置,尽管4年高中最为常见,但也会存在3年初中(junior high, 7th-9th grade),3年高中(10th-12th grade)的情况,具体取决于学生所在的学区(school district)。

参考链接:

https://answers.yahoo.com/question/index?qid=20090102174539AAdLXEw

http://www.answers.com/Q/How_many_years_is_high_school

https://answers.yahoo.com/question/index?qid=20101020114528AAeNG6D