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澳大利亚留学生论文:Business Investing: HD The sp(2)


It could require investors to consider some exposure to other, slightly more exotic or less traditional asset classes. But Rogers stresses it does not require a radical rethink, and will generally involve moving only a small proportion of your portfolio's total assets into new areas.
"The way we try to think about it is that there are three categories of assets that people can invest in today," Rogers says.
"The first category is those that are widely available in public markets, that if you want to you can index, and which are easy to get. In some senses, a lot of people have built their investment
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portfolios off the back of those.
"Then there's this group of markets that are partially segmented. There, problems come from being completely different to 'normal' markets."
Rogers says the second group of markets includes global property, emerging equity markets and global small-capitalisation equity markets.
A decade ago - or perhaps not even that long ago, in some cases - it was very difficult for the average investor to access these markets.
But today they're moving towards being more like the first category of "normal" markets. Although they're not quite there yet, they're starting to provide investors with good liquidity (which means, among other things, that you can move into and out of a market without having an undue effect on asset prices as you do so), and a growing range of choices as to how to invest in them.
The third category includes markets that are still quite difficult for retail investors to gain effective access to, and include infrastructure, commodities, structured debt, private equity and a range of different hedge fund strategies.
It's possible to invest in these, but they're not as well-developed for retail investors as other markets and asset classes.
Nevertheless, if diversification is becoming more difficult to achieve in traditional markets, investors might have to consider their options.
"The only free lunch in capital markets is diversification," Rogers says. "People have been ableto diversify in the first tier of liquid markets. But we're noticing an uptick in correlation. A reason could be globalisation - linkages between global markets, global interest rates and global capital flows.
"We want to be diversified. But we're noticing we're a little less diversified at the moment."
Ron Bewley, head of quantitative research at CommSec, says detecting and measuring changes in asset class correlations can be difficult.
It's not like measuring volatility of returns, which is relatively straightforward.
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The conclusions you draw about asset class correlations can depend greatly on how often you measure it, and over what period.
Even so, "you need to get your correlations right to do proper diversification", Bewley says, and you need to be careful how you measure them.


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