{"id":800036,"date":"2026-06-16T11:38:46","date_gmt":"2026-06-16T03:38:46","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=800036"},"modified":"2026-06-16T11:38:46","modified_gmt":"2026-06-16T03:38:46","slug":"%e6%a1%a5%e6%b0%b4%e7%b2%be%e7%ae%80%e6%97%97%e8%88%b0%e5%9f%ba%e9%87%91%e6%89%ad%e8%bd%ac%e4%b8%9a%e7%bb%a9%e9%a2%93%e5%8a%bf-%e4%bd%86%e7%ae%a1%e7%90%86%e8%b4%b9%e4%b8%8b%e9%99%8d%e5%89%8d%e6%99%af","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=800036","title":{"rendered":"\u6865\u6c34\u7cbe\u7b80\u65d7\u8230\u57fa\u91d1\u626d\u8f6c\u4e1a\u7ee9\u9893\u52bf \u4f46\u7ba1\u7406\u8d39\u4e0b\u964d\u524d\u666f\u4ee4\u90e8\u5206\u80a1\u4e1c\u840c\u751f\u9000\u610f"},"content":{"rendered":"<p>\u5728\u9996\u5e2d\u6267\u884c\u5b98Nir Bar Dea\u81f4\u529b\u4e8e\u91cd\u632f<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%a1%a5%e6%b0%b4\" title=\"View all posts in \u6865\u6c34\" target=\"_blank\" class=\"tag_link\">\u6865\u6c34<\/a>\u7684\u4e09\u5e74\u4e2d\uff0c\u8fd9\u5bb6<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91\" title=\"View all posts in \u5bf9\u51b2\u57fa\u91d1\" target=\"_blank\" class=\"tag_link\">\u5bf9\u51b2\u57fa\u91d1<\/a>\u53d8\u5f97\u66f4\u52a0\u7cbe\u7b80\uff0c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%9a%e7%bb%a9\" title=\"View all posts in \u4e1a\u7ee9\" target=\"_blank\" class=\"tag_link\">\u4e1a\u7ee9<\/a>\u4e5f\u8f83\u524d\u51e0\u5e74\u6709\u6240\u6539\u5584\u3002\u4e0d\u8fc7\uff0c\u4e00\u4e9b\u80a1\u4e1c\u524a\u51cf\u5bf9\u8be5\u516c\u53f8\u7684\u4f30\u503c\uff0c\u4e5f\u6709\u4e00\u4e9b\u9009\u62e9\u64a4\u8d44\u3002<\/p>\n<p>\u636e\u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u5c3d\u7ba1\u6865\u6c34\u7684\u65d7\u8230\u5b8f\u89c2\u57fa\u91d1\u57282025\u5e74\u6536\u83b7\u4e86\u521b\u7eaa\u5f55\u7684\u8868\u73b0\uff0c\u4f46\u8be5\u516c\u53f8\u4e03\u5bb6\u673a\u6784\u80a1\u4e1c\u4e2d\u7684\u4e24\u5bb6\u51b3\u5b9a\u4ee5\u4f4e\u4e8e\u4e70\u5165\u4ef7\u7684\u4ef7\u683c\u5c06\u80a1\u4efd\u5356\u56de\u7ed9\u6865\u6c34\u3002Teacher Retirement System of Texas\u4f5c\u4e3a\u7b2c\u4e09\u5bb6\u673a\u6784\u80a1\u4e1c\u4e5f\u5728\u5bfb\u6c42\u51fa\u552e\u6240\u6301\u80a1\u4efd\uff0c\u5176\u53bb\u5e74\u5df2\u5c06\u6301\u80a1\u4ef7\u503c\u524a\u51cf\u4e869%\u3002<\/p>\n<p>Bar Dea\u7684\u62bc\u6ce8\u662f\uff0c\u65d7\u8230\u57fa\u91d1Pure Alpha\u4ee5\u66f4\u5c0f\u3001\u66f4\u4e13\u6ce8\u7684\u6a21\u5f0f\u5c06\u4f1a\u626d\u8f6c\u8fc7\u53bb\u5341\u5e74\u4e1a\u7ee9\u843d\u540e\u4e8e\u7ade\u4e89\u5bf9\u624b\u7684\u5c40\u9762\u3002\u8be5\u57fa\u91d1\u957f\u671f\u4ee5\u6765\u662f\u5168\u7403\u6700\u5927\u7684\u5bf9\u51b2\u57fa\u91d1\u3002\u867d\u7136\u8fd9\u79cd\u505a\u6cd5\u884c\u4e4b\u6709\u6548\uff0c\u4f46\u51cf\u5c11\u7ba1\u7406\u7684\u8d44\u91d1\u89c4\u6a21\u4e5f\u53ef\u80fd\u964d\u4f4e\u53ef\u9884\u6d4b\u7684\u7ba1\u7406\u8d39\uff0c\u800c\u8fd9\u4e9b\u7ba1\u7406\u8d39\u6b63\u662f\u80a1\u6743\u4ef7\u503c\u7684\u4e3b\u8981\u9a71\u52a8\u56e0\u7d20\u3002<\/p>\n<p>\u6865\u6c34\u7684\u4e00\u4f4d\u4ee3\u8868\u62d2\u7edd\u7f6e\u8bc4\u3002<\/p>\n<p>\u636e\u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u53bb\u5e74\u5e74\u5e95\uff0c\u4ebf\u4e07<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%af%8c%e8%b1%aa\" title=\"View all posts in \u5bcc\u8c6a\" target=\"_blank\" class=\"tag_link\">\u5bcc\u8c6a<\/a>Koch\u5bb6\u65cf\u4ee5\u53ca\u52a0\u62ff\u5927\u6700\u5927\u517b\u8001\u91d1\u8ba1\u5212\u4e4b\u4e00\u7684\u5b89\u5927\u7565\u7701\u5e02\u653f\u96c7\u5458\u9000\u4f11\u7cfb\u7edf\u51fa\u552e\u4e86\u6240\u6301\u5269\u4f59\u80a1\u4efd\u3002\u8fd9\u4e9b\u51fa\u552e\u4ea4\u6613\u6b64\u524d\u672a\u66fe\u88ab\u62a5\u9053\uff0c\u800c\u4e14\u4e5f\u51f8\u663e\u4e86\u8fd1\u51e0\u4e2a\u6708\u6765\u6865\u6c34\u7684\u6240\u6709\u6743\u7ed3\u6784\u51fa\u73b0\u5267\u70c8<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%87%8d%e7%bb%84\" title=\"View all posts in \u91cd\u7ec4\" target=\"_blank\" class=\"tag_link\">\u91cd\u7ec4<\/a>\u3002<\/p>\n<p>1975\u5e74\u521b\u7acb\u4e86\u6865\u6c34\u7684\u745e\u00b7\u8fbe\u5229\u6b27\u4e5f\u5728\u53bb\u5e74\u4ee5\u6298\u4ef7\u6c34\u5e73\u5c06\u6240\u6301\u5269\u4f59\u80a1\u4efd\u51fa\u552e\u7ed9\u4e86\u8be5\u516c\u53f8\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u6587\u83b1\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u4ece\u6865\u6c34\u7684\u4e00\u4e2a<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%ad%96%e7%95%a5\" title=\"View all posts in \u7b56\u7565\" target=\"_blank\" class=\"tag_link\">\u7b56\u7565<\/a>\u57fa\u91d1\u4e2d\u63d0\u53d6\u8d44\u91d1\uff0c\u53bb\u4e70\u4e86\u6865\u6c34\u516c\u53f8\u672c\u8eab\u8fd120%\u7684\u80a1\u4efd\u3002\u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u6b64\u540e\u4e0d\u4e45\uff0c\u51e0\u4e4e\u6240\u6709\u5408\u4f19\u4eba\u90fd\u8bd5\u56fe\u589e\u6301\u66f4\u591a\u80a1\u4efd\u3002\u7531\u4e8e\u4ea4\u6613\u5c1a\u672a\u516c\u5f00\uff0c\u8fd9\u4e9b\u77e5\u60c5\u4eba\u58eb\u8981\u6c42\u533f\u540d\u3002<\/p>\n<p>\u5bf9\u4e8e\u4e00\u5bb6\u770b\u4f3c\u6839\u57fa\u7a33\u56fa\u4f46\u5728\u8fc7\u53bb\u4e09\u5e74\u4e2d\u8d44\u4ea7\u7f29\u51cf\u7ea6\u4e09\u6210\u7684\u516c\u53f8\u6765\u8bf4\uff0c\u8fd9\u4e00\u7cfb\u5217\u53d8\u5316\u53ef\u80fd\u63d0\u4f9b\u4e86\u65b0\u7684\u4f30\u503c\u6d4b\u8bd5\u3002<\/p>\n<p>\u201cPure Alpha\u4e1a\u7ee9\u867d\u4e00\u5ea6\u4e0d\u4f73\uff0c\u4f46\u51ed\u501f\u5176\u89c4\u6a21\u4f18\u52bf\u4ecd\u80fd\u4ea7\u751f\u53ef\u89c2\u7684\u8d39\u7528\u6536\u5165\uff0c\u56e0\u6b64\u4e00\u4e9b<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%82%a1%e6%9d%83%e6%8a%95%e8%b5%84\" title=\"View all posts in \u80a1\u6743\u6295\u8d44\" target=\"_blank\" class=\"tag_link\">\u80a1\u6743\u6295\u8d44<\/a>\u8005\u53ef\u80fd\u5bf9\u73b0\u72b6\u611f\u5230\u76f8\u5bf9\u6ee1\u610f\uff0c\u201d\u5bb6\u65cf\u529e\u516c\u5ba4Erlen Capital Management\u7684\u7ba1\u7406\u5408\u4f19\u4ebaBruno Schneller\u8868\u793a\u3002\u201cNir Bar Dea\u7684\u505a\u6cd5\u5b9e\u9645\u4e0a\u662f\u5728\u8feb\u4f7f\u516c\u53f8\u8fdb\u884c\u6218\u7565\u8c03\u6574\u3002\u201d<\/p>\n<p>2022\u5e74\uff0cBar Dea\u63a5\u4efb\u8054\u5e2d\u9996\u5e2d\u6267\u884c\u5b98\u65f6\uff0c\u6865\u6c34\u7ba1\u7406\u7684\u8d44\u4ea7\u89c4\u6a21\u7ea6\u4e3a1500\u4ebf\u7f8e\u5143\u3002\u4f46\u5176\u65d7\u8230\u57fa\u91d1\u591a\u5e74\u6765\u4e1a\u7ee9\u627f\u538b\uff0c\u5728\u4ed6\u62c5\u4efb\u8054\u5e2d\u9996\u5e2d\u6267\u884c\u5b98\u4e4b\u524d\u7684\u5341\u5e74\u91cc\uff0c\u8be5\u57fa\u91d1\u4ec5\u52c9\u5f3a\u5b9e\u73b0\u4e86\u540d\u4e49\u4e0a\u7684\u5e74\u5316\u6536\u76ca\u3002<\/p>\n<p>\u5728\u5bf9\u51b2\u57fa\u91d1\u4e1a\u5185\u6765\u770b\uff0cPure Alpha\u5df2\u7ecf\u53d8\u5f97\u5bb9\u91cf\u53d7\u9650\uff0c\u8fd9\u610f\u5473\u7740\u9ad8\u7ba1\u4eec\u62c5\u5fc3\u7531\u4e8e\u8d44\u4ea7\u589e\u957f\u8fc7\u5feb\uff0c\u4e1a\u7ee9\u6b63\u5728\u53d7\u5230\u5f71\u54cd\u3002\u8fd9\u662f\u56e0\u4e3a\u5bf9\u51b2\u57fa\u91d1\u901a\u5e38\u5bfb\u6c42\u5229\u7528\u5e02\u573a\u77ed\u6682\u7684\u4f4e\u6548\u673a\u4f1a\uff0c\u56e0\u6b64\u6301\u6709\u8fc7\u591a\u73b0\u91d1\u4f1a\u963b\u788d\u57fa\u91d1\u7684\u56de\u62a5\u3002<\/p>\n<p>\u5728\u81ea\u8fbe\u5229\u6b27\u9000\u51fa\u7ba1\u7406\u4ee5\u6765\u7684\u8fd9\u4e9b\u5e74\uff0cBar Dea\u5df2\u6210\u4e3a\u552f\u4e00\u7684\u9996\u5e2d\u6267\u884c\u5b98\uff0c\u5e76\u5bf9\u516c\u53f8\u53d1\u8d77\u6539\u9769\u3002\u4e0e\u8054\u5e2d\u9996\u5e2d<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%8a%95%e8%b5%84\" title=\"View all posts in \u6295\u8d44\" target=\"_blank\" class=\"tag_link\">\u6295\u8d44<\/a>\u5b98Greg Jensen\u4e00\u8d77\uff0c\u4ed6\u91cd\u7ec4\u4e86\u56e2\u961f\u3001\u524a\u51cf\u4e86\u6210\u672c\uff0c\u52a0\u5927\u4e86\u5bf9<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%ba%ba%e5%b7%a5%e6%99%ba%e8%83%bd\" title=\"View all posts in \u4eba\u5de5\u667a\u80fd\" target=\"_blank\" class=\"tag_link\">\u4eba\u5de5\u667a\u80fd<\/a>\u7684\u6295\u8d44\uff0c\u5e76\u7f29\u51cf\u4e86Pure Alpha\u7684\u8d44\u91d1\u6c60\uff0c\u8fd9\u4f7f\u5f97\u516c\u53f8\u6574\u4f53\u8d44\u4ea7\u7f29\u6c34\u81f31020\u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u5230\u76ee\u524d\u4e3a\u6b62\uff0c\u4ed6\u7684\u8fd9\u4e9b\u884c\u52a8\u5df2\u7ecf\u8f6c\u5316\u4e3a\u66f4\u9ad8\u7684\u56de\u62a5\uff0cPure Alpha\u57282025\u5e74\u4f30\u8ba1\u589e\u957f\u4e8634%\u3002\u5176\u4e2d\u4e00\u4f4d\u77e5\u60c5\u4eba\u58eb\u79f0\uff0c\u8fd9\u5c06\u63a8\u9ad8\u4e1a\u7ee9\u8d39\uff0c\u5e2e\u52a9\u6865\u6c342025\u5e74\u7684\u6536\u76ca\u8fbe\u5230\u9ad8\u4e8e\u8fc7\u53bb\u4e94\u5e74\u5747\u503c\u7684\u6c34\u5e73\u3002<\/p>\n<p>\u4f46\u5bf9\u4e8e\u80a1\u6743\u6301\u6709\u8005\u6765\u8bf4\uff0c\u95ee\u9898\u5c31\u53d8\u6210\u4e86\u4ed6\u4eec\u662f\u5426\u4ecd\u7136\u5bf9\u8fd9\u4e2a\u8f83\u5c0f\u8d44\u91d1\u6c60\u4ea7\u751f\u7684\u6f5c\u5728\u8d39\u7528\u611f\u5230\u6ee1\u610f\uff0c\u5c24\u5176\u662f\u5728\u8fd9\u4e2a\u65d7\u8230\u57fa\u91d1\u96be\u4ee5\u590d\u5236\u53bb\u5e74\u5f3a\u52b2\u56de\u62a5\u7684\u60c5\u51b5\u4e0b\u3002<\/p>\n<p>\u5c31\u6865\u6c34\u6765\u8bf4\uff0c\u5176\u76ee\u524d\u9884\u8ba1Pure Alpha\u57fa\u91d1\u81f3\u5c11\u670965%\u7684\u65f6\u95f4\u80fd\u591f\u8d85\u8d8a\u5176\u76ee\u6807\u56de\u62a5\uff0c\u9ad8\u4e8eBar 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