华尔街称当前是另类资产的黄金时代,但曾花数十年帮助养老金和捐赠基金设计现代投资组合的理查德・恩尼斯却认为,这是一种正从投资组合中吸走数十亿美元的 “代价高昂的错觉”,且这种错觉将在未来几十年内破灭。多年来,机构投资者听到的宣传始终如一:股票和债券的被动回报尚可,但资金管理者要想实现增长,就需要对冲基金、私人资产和其他另类投资工具。然而,在剖析数据后,曾助力开创投资咨询行业的恩尼斯发现,几乎没有证据...
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