All Weather Strategy

출처 : Bridgewater

 

The table below illustrates our view of how different macro environment (i.e. rising growth, falling growth, rising inflation, and falling infaltion) benefit asset classes. By balancing risk equally across the four environments, we can consistently earn asset class risk premiums while minimizing the portolio's susceptibility to any one environment.

 

 

While, the portfolios experience similar degrees of fluctuation over time, the All Weather portfolio is able to achieve a significantly higher level of return. Additionally, because of All weather's greater diversification (across environments, asset classes and countries), the strategy will have less vulnerability to a large move in any one market/region (i.e. lower fat tail risk)