核心观点 广义的避险资产种类较为广泛，普遍性较强的是黄金、货币、债券、红利和大宗。其中黄金、货币、债券和大宗又最为经典。 不同避险情景下，避险资产表现顺位不同，正如我们强调的，“没有绝对的避险资产，只有资产相对的避险属性”。 常见避险情景有三类——通缩、滞胀、金融秩序重构。我们找到历史上六次经典避险场景，得到如下结论： 通缩情境，债最优，货币和黄金居中，大宗最弱。 滞胀情境，大宗和黄金最优，具有...
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