※ 引述《djo (cder)》之銘言：
: 一般債券，有平衡波動率功用是沒錯，
: 但是長期投資的波動率是不重要的，又不是明天就要領錢，
: 目前又是0利率，我不懂配一個很容易賠錢的標的來增加安心感是怎麼回事。
: 要降低波動率，長期的定期定額就是來抹平波動率用的。
假設以$990買進一張一年期零息債券，到期日領到$1000
YTM大約是1%
隔天升息1%，市價剩$980
但如果hold to mature，一年後還是會領到$1000
只要一年內不賣掉這張債券，升息並不會造成這張債券賠錢
ETF呢？
假設用1張一年期零息債券
1張二年期零息債券
包成一隻ETF
升息雖然造成ETF市價往下掉，但如果繼續持有這隻ETF兩年
也等於把這兩張債券hold to mature輪換過了
除非期間為了rebalance需要賣掉一部分的bond ETF
不然並不會實現市價往下掉的虧損
不過這種狀況，正是股票比債券跌的多得多才會發生吧
--
You got to know when to hold 'em, know when to fold 'em, Know when to walk away and know when to run.
You never count your money when you're sittin' at the table. There'll be time enough for countin' when the dealin's done.
'Cause ev'ry hand's a winner and ev'ry hand's a loser, And the best that you can hope for is to die in your sleep."
now Ev'ry gambler knows that the secret to survivin' Is knowin' what to throw away and knowing what to keep.
--
: 一般債券，有平衡波動率功用是沒錯，
: 但是長期投資的波動率是不重要的，又不是明天就要領錢，
: 目前又是0利率，我不懂配一個很容易賠錢的標的來增加安心感是怎麼回事。
: 要降低波動率，長期的定期定額就是來抹平波動率用的。
假設以$990買進一張一年期零息債券，到期日領到$1000
YTM大約是1%
隔天升息1%，市價剩$980
但如果hold to mature，一年後還是會領到$1000
只要一年內不賣掉這張債券，升息並不會造成這張債券賠錢
ETF呢？
假設用1張一年期零息債券
1張二年期零息債券
包成一隻ETF
升息雖然造成ETF市價往下掉，但如果繼續持有這隻ETF兩年
也等於把這兩張債券hold to mature輪換過了
除非期間為了rebalance需要賣掉一部分的bond ETF
不然並不會實現市價往下掉的虧損
不過這種狀況，正是股票比債券跌的多得多才會發生吧
--
You got to know when to hold 'em, know when to fold 'em, Know when to walk away and know when to run.
You never count your money when you're sittin' at the table. There'll be time enough for countin' when the dealin's done.
'Cause ev'ry hand's a winner and ev'ry hand's a loser, And the best that you can hope for is to die in your sleep."
now Ev'ry gambler knows that the secret to survivin' Is knowin' what to throw away and knowing what to keep.
--
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