{"id":3334,"date":"2024-08-11T21:14:55","date_gmt":"2024-08-11T13:14:55","guid":{"rendered":"https:\/\/ufqi.com\/blog\/?p=3334"},"modified":"2025-02-06T18:18:44","modified_gmt":"2025-02-06T10:18:44","slug":"kelly-bet-with-security","status":"publish","type":"post","link":"https:\/\/ufqi.com\/blog\/kelly-bet-with-security\/","title":{"rendered":"\u8bc1\u5238\u5e02\u573a\u6295\u8d44\u6301\u4ed3\u4e0e\u8d4c\u535a\u4e2d\u7684\u51ef\u5229\u516c\u5f0f Kelly Criterion"},"content":{"rendered":"\n

\u8ddd\u79bb\u6b64\u524d\u4e00\u7bc7\u7ecf\u6d4e\u5b66\u8457\u4f5c\u9605\u8bfb\u4e0e\u5199\u4f5c\u5df2\u7ecf\u6709\u51e0\u4e2a\u6708\u65f6\u95f4\u8fc7\u53bb\u4e86\uff0c\u7ee7\u7eed\u5728\u8bc1\u5238\u6295\u8d44\u9886\u57df\u6df1\u8015\uff0c\u9664\u4e86\u8ba4\u8bc6\u5230\u5e02\u573a\u7684\u5927\u8d8b\u52bf\uff0c\u7406\u89e3\u300a\u8bc1\u5238\u80a1\u7968\u5e02\u573a\u718a\u5e02\u4e2d\u8c01\u5728\u4e70\u5165?<\/a>\u300b\uff08 https:\/\/ufqi.com\/blog\/who-buy-in-bearish-stock-market\/ \uff09\uff0c\u8fd8\u8981\u628a\u63a7\u81ea\u5df1\u7684\u6301\u4ed3\u6bd4\u4f8b\uff0c\u4ec0\u4e48\u65f6\u5019\u91cd\u4ed3\uff0c\u4ec0\u4e48\u65f6\u5019\u8f7b\u4ed3\uff0c\u5728\u54ea\u4e9b\u6295\u8d44\u6807\u7684\u4e0a\u91cd\u4ed3\uff0c\u8fd9\u4e9b\u95ee\u9898\u662f\u6295\u8d44\u4eba\u8fdb\u9636\u4fee\u4e60\u7684\u5fc5\u8981\u5185\u5bb9\u3002<\/p>\n\n\n\n

\u5173\u4e8e\u8bc1\u5238\u6295\u8d44\u6301\u4ed3\u6bd4\u4f8b\u7684\u8ba8\u8bba\u7f51\u4e0a\u6709\u5f88\u591a\u8d44\u6599\uff0c\u5176\u4e2d\u4e00\u4e2a\u6280\u672f\u6d41\u6d3e\u5c31\u662f\u51ef\u5229\u516c\u5f0f Kelly Criterion \u6216\u8005 Kelly Bet \uff08 https:\/\/en.wikipedia.org\/wiki\/Kelly_criterion \uff09\u3002\u641c\u7d22\u5f15\u64ce\u53ef\u4ee5\u68c0\u7d22\u5230\u5f88\u591a\u76f8\u5173\u5185\u5bb9\uff0c\u6709\u5174\u8da3\u53ef\u4ee5\u5f84\u81ea\u524d\u5f80\u3002\u8fd9\u7bc7Blog\u6587\u7ae0\u5e0c\u671b\u6df1\u5165\u8ba8\u8bba\u51ef\u5229\u516c\u5f0f\u5728\u8d4c\u9a6c\u6bd4\u8d5b\u4e2d\u9886\u609f\u5230\u7684\u6570\u5b66\u516c\u5f0f\u53ef\u4ee5\u5e94\u7528\u5230\u8bc1\u5238\u6295\u8d44\u9886\u57df\uff0c\u4f5c\u4e3a\u6301\u4ed3\u63a7\u5236\u6bd4\u4f8b\u7684\u4e00\u4e2a\u6570\u5b66\u516c\u5f0f\uff08 https:\/\/ufqi.com\/news\/ulongpage.10403.html?tit=\u51ef\u5229\u516c\u5f0f\u534a\u4ed3\u6301\u80a1\u7406\u8bba\u548c\u8d4c\u5f92\u8f93\u5149\u5b9a\u7406-4[\u6709\u89c6\u9891] \uff09\u3002<\/p>\n\n\n\n

\u8d4c\u9a6c\u6216\u8005\u5176\u4ed6\u7c7b\u4f3c\u7684\u8d4c\u535a\uff0c\u4e00\u822c\u90fd\u4f1a\u6d89\u53ca\u5230\u62bc\u4e0a\u7b79\u7801\uff0c\u7136\u540e\u6216\u8d62\u6216\u8f93\u3002\u8d62\u5f97\u8d4c\u535a\u7684\u8bdd\uff0c\u6216\u80051\u500d\u6216\u80052\u500d\u4ee5\u4e0a\u751a\u81f3\u66f4\u591a\u500d\u7684\u6536\u76ca\uff1b\u5982\u679c\u8f93\u6389\u8d4c\u535a\u7684\u8bdd\uff0c\u5219\u4f1a\u635f\u5931\u6389\u5168\u90e8\u7684\u7b79\u7801\u3002\u6536\u76ca\u662f\u4e0a\u4e0d\u5c01\u9876\u7684\uff0c\u800c\u635f\u5931\u5c31\u662f\u6295\u5165\u7684\u7b79\u7801\u90e8\u5206\u3002
\u4e0e\u4e4b\u4e0d\u540c\u7684\u662f\u8bc1\u5238\u6295\u8d44\uff0c\u9488\u5bf9\u6bcf\u4e00\u7b14\u6295\u8d44\uff0c\u6295\u8d44\u8d62\u5f97\u90e8\u5206\uff0c\u901a\u5e38\u4e0d\u4f1a\u6709\u51e0\u500d\u4e4b\u591a\uff0c\u800c\u53ef\u80fd\u53ea\u6709\u51e0\u4e2a\u6216\u8005\u51e0\u5341\u4e2a\u767e\u5206\u70b9\u3002\u800c\u6295\u8d44\u5931\u8d25\u635f\u5931\u7684\u90e8\u5206\uff0c\u901a\u5e38\u4e5f\u4e0d\u4f1a\u5931\u6389\u5168\u90e8\u7b79\u7801\uff08100%\uff09\uff0c\u800c\u53ef\u80fd\u53ea\u6709\u51e0\u4e2a\u6216\u8005\u51e0\u5341\u4e2a\u767e\u5206\u70b9\u7684\u635f\u5931\u3002<\/p>\n\n\n\n

\u8fd9\u662f\u8fd0\u7528\u6e90\u4e8e\u8d4c\u9a6c\u8d4c\u535a\u7684\u51ef\u5229\u516c\u5f0f Kelly Criterion \u5230\u8bc1\u5238\u6295\u8d44\u6240\u5fc5\u9700\u8981\u641e\u6e05\u5f04\u61c2\u7684\u6838\u5fc3\u90e8\u5206\u3002
\u6839\u636e\u7f51\u4e0a\u7684\u51ef\u5229\u516c\u5f0f Kelly Criterion \u7684\u6570\u5b66\u516c\u5f0f\u63a8\u5bfc\uff0c\u5176\u6700\u7ec8\u6bcf\u4e00\u4e2a\u6295\u8d44\u6bd4\u4f8b\u7684\u8ba1\u7b97\u65b9\u6cd5\uff0c\u5927\u81f4\u6709\u4e09\u79cd\u8868\u8fbe\u5f62\u5f0f\uff1a<\/p>\n\n\n\n

KC-A.
f = ( b*p – a*q ) \/ a*b
KC-B.
f = p \/ a – q \/ b
KC-C.
f = p – q \/ r , r = b \/ a<\/p>\n\n\n\n

\u5176\u4e2d\uff0c f \u662f\u5f85\u8ba1\u7b97\u7684\u6295\u8d44\u6bd4\u4f8b\u7cfb\u6570\uff0c \u591a\u6570\u60c5\u51b5\u4e0b\u9884\u671f 0.0 ~ 1.0 \u4e4b\u95f4\uff0c\u4e5f\u53ef\u80fd\u662f\u8d1f\u6570\u6216\u8005\u5927\u4e8e1.0\u7684\u6b63\u6570\uff0c
p \u4e3a\u672c\u6b21\u6295\u8d44\u8d4c\u9a6c\u8d4c\u535a\u8d62\u7684\u6982\u7387\uff0c 0.0 ~ 1.0 \u4e4b\u95f4\uff0c
q \u4e3a\u672c\u6b21\u8f93\u6389\u6295\u8d44\u8d4c\u9a6c\u8d4c\u535a\u7684\u6982\u7387\uff0c \u53d6\u503c\u4e3a 1 – p , 0.0 ~ 1.0 \u4e4b\u95f4\uff0c
b \u4e3a\u8d62\u5f97\u8d4c\u535a\u65f6\u6536\u76ca\uff0c\u76f8\u5bf9\u5355\u4e2a\u7b79\u7801\u7684\u6bd4\u4f8b\u503c\u6570\uff08\u6536\u76ca\u6570\u503c\/\u7b79\u7801\u6807\u4ef7\uff09\uff0c\u4e00\u500d\u6536\u76ca\uff0c1.0\uff08100%\uff09\uff0c2.5\u500d\u6536\u76ca\uff08250%\uff09\uff0c\u5927\u4e8e\u96f6\uff0c\u4e5f\u5373\u662f\u6b63\u6536\u76ca\u65f6\u624d\u6709\u610f\u4e49\uff0c
a \u4e3a\u8f93\u6389\u8d4c\u535a\u65f6\u7684\u635f\u5931\uff0c\u76f8\u5bf9\u5355\u4e2a\u7b79\u7801\u7684\u6bd4\u4f8b\u6570\u503c\uff08\u635f\u5931\u6570\u503c\/\u7b79\u7801\u6807\u4ef7\uff09\uff0c\u9ed8\u8ba4\u4e3a\u5168\u90e8\u7b79\u7801\uff081.0\uff0c \u6216\u8005 100%\uff09\uff0c0.5\u500d\u635f\u5931\uff0850%\uff09\uff0c\u5b9e\u9645\u8ba1\u7b97\u6570\u503c\u5e94\u4e3a\u8d1f\u6570\uff0c\u8868\u793a\u635f\u5931\uff1b\u53c2\u4e0e\u8ba1\u7b97\u65f6\u53d6\u7edd\u5bf9\u503c\uff0c\u5e94\u8be5\u4e0d\u5c0f\u4e8e\u96f6\uff0c\u6700\u5c0f\u635f\u5931\u4e3a\u96f6\uff0c\u8868\u793a\u65e0\u635f\u5931\u3002<\/p>\n\n\n\n

\u5e38\u89c1\u7684\u4f8b\u5b50\uff0c\u6bd4\u5982\u4e00\u573a\u8d4c\u9a6c\uff0c\u8d62\u7684\u6982\u7387\u662f0.6\uff0c \u8d4c\u9a6c\u7684\u5355\u679a\u7b79\u7801\u662f10\u7f8e\u5143\uff0c\u5982\u679c\u8d62\u5f97\u6bd4\u8d5b\u5c06\u83b7\u5f97 10\u7f8e\u5143\u5956\u52b1\uff0c\u8d5b\u540e\u52a0\u4e0a\u539f\u6765\u768410\u7f8e\u5143\u7b79\u7801\u603b\u8d44\u91d1\u5c06\u53d8\u621020\u7f8e\u5143\uff0810 -> 20)\uff1b\u5982\u679c\u8f93\u6389\u6bd4\u8d5b\u5c06\u635f\u5931\u6389\u7b79\u780110\u7f8e\u5143\uff0c\u8d5b\u540e\u8d44\u91d1\u53d8\u6210\u96f6\u7f8e\u5143\uff0810 -> 0\uff09\u3002
\u5728\u8fd9\u4e2a\u4f8b\u5b50\u4e2d\uff0c
p = 0.6, q = 1-p = 0.4,
b = (20-10)\/10 = 1.0, a = (0-10)\/10 = -1.0\uff08\u8ba1\u7b97\u65f6\u53d6\u7edd\u5bf9\u503c?\uff09,
\u5219\u6bcf\u6b21\u8d4c\u9a6c\u6295\u5165\u8d44\u91d1\u7684\u6bd4\u4f8b f \u8ba1\u7b97\u4e3a\uff1a<\/p>\n\n\n\n

f = ( b*p – a*q ) \/ a*b = ( 1.0*0.6 – 1.0*0.4 ) \/ 1.0*1.0 = 0.2
f = p\/a – q\/b = 0.6\/1.0 – 0.4\/1.0 = 0.2
f = p – q\/r = p – q \/ (b\/a) = 0.6 – 0.4 \/ (1.0\/1.0) = 0.2<\/p>\n\n\n\n

\u5728\u8fd9\u4e2a\u4f8b\u5b50\u4e2d\uff0c\u4e09\u4e2a\u8868\u8fbe\u516c\u5f0f KC-A \/ KC-B \/ KC-C \u5f97\u51fa\u4e86\u76f8\u540c\u7684\u6295\u8d44\u6bd4\u4f8b\u7cfb\u6570 f = 0.2 \uff08\u89c1\u4e0b\u56fe\u8868\u4e2d\u7684 e.g.3\uff09\u3002
\u5728\u6709\u798f\u91d1\u878d UfqiFina \u5e73\u53f0\u4e0a\uff0c\u6211\u4eec\u901a\u8fc7\u8fd9\u4e09\u79cd\u8868\u8fbe\u516c\u5f0f\u5206\u522b\u4ee3\u5165\u4e86\u76f8\u5173\u5b9e\u4f8b\u6570\u636e\uff0c\u5f97\u51fa\u5982\u4e0b\u4e00\u4e2a\u5bf9\u6bd4\u6570\u636e\u8868\u3002<\/p>\n\n\n\n

\"\"<\/a>
\u51ef\u5229\u516c\u5f0f Kelly Criterion \u4e0d\u540c\u8868\u8fbe\u516c\u53f8\u4e0e\u6d4b\u8bd5\u6570\u636e<\/figcaption><\/figure>\n\n\n\n

\u6839\u636e\u6a21\u62df\u5f55\u5165\u7684\u6570\u636e\uff0c\u8ba1\u7b97\u51fa\u7684\u5404\u79cd\u60c5\u51b5\u4e0b\u7684\u6295\u8d44\u6bd4\u4f8b\u7cfb\u6570f\uff0c\u5728\u5404\u79cd\u60c5\u51b5\u4e0b\u51fa\u73b0\u4e86\u8f83\u5927\u7684\u4e0d\u540c\u3002\u5c3d\u7ba1\u4ece\u6570\u5b66\u4e0a\u6765\u8bf4\uff0cKC-A \u7b49\u4ef7\u4e8e KC-B\uff0c \u4e5f\u5373\uff0c<\/p>\n\n\n\n

f = ( b*p – a*q ) \/ a*b
= (b*p)\/a*b – (a*q)\/a*b
= b*p\/a*b – a*q\/a*b
= p \/ a – q \/ b<\/p>\n\n\n\n

\u5c3d\u7ba1\u6570\u5b66\u516c\u5f0f\u63a8\u5bfc\u8fc7\u7a0b\u4e2d\u662f\u7b49\u4ef7\u7684\uff0c\u4f46\u663e\u7136\u5404\u4e2a\u7cfb\u6570\u662f\u6709\u53d6\u503c\u8303\u56f4\u7ea6\u675f\u7684\u3002
\u53e6\u5916\u4e00\u4e2a\u5b9e\u4f8b\uff0c\u4e5f\u662f\u7f51\u4e0a\u6709\u5176\u4ed6\u7f51\u53cb\u5206\u4eab\u7684\u9ebb\u7701\u7406\u5de5MIT\u6559\u6388\u4fe1\u606f\u8bba\u521b\u59cb\u4eba\u79d1\u5b66\u5bb6\u514b\u52b3\u5fb7\u9999\u519c\u7684\u534a\u4ed3\u6301\u80a1\u7684\u4f8b\u5b50\u3002
\u5047\u8bbe\u67d0\u4e00\u65f6\u671f\u67d0\u4e2a\u8bc1\u5238\u80a1\u7968\u5e02\u573a\uff0c\u6839\u636e\u8ba1\u7b97\uff0c\u5f53\u4e0b\u5165\u573a\u4e70\u5165\uff0c\u8d62\u8f93\u7684\u6982\u7387\u5404\u81ea\u4e00\u534a\u4e00\u534a\uff0c\u4e5f\u5373\uff0c
p = q =0.5 \uff0c \u5c31\u662f\u8d62\u7684\u65f6\u5019\u80fd\u591f\u80a1\u4ef7\u7ffb\u500d\uff0c\u539f\u80a1\u4ef7\uff08\u7b79\u7801\uff09\u4e3a1x\uff0c\u4e5f\u5373\uff0c
b = \uff082x – 1x\uff09\/ 1x = 1.0 \uff0c \u8f93\u7684\u65f6\u5019\u80a1\u4ef7\u6253\u4e94\u6298\uff0c\u4e5f\u5373\uff0c
a = \uff080.5x – 1x\uff09\/ 1x = -0.5 \uff0c \uff08\u8ba1\u7b97\u65f6\u53d6\u7edd\u5bf9\u503c?\uff09.<\/p>\n\n\n\n

f = ( b*p – a*q ) \/ a*b = ( 1.0*0.5 – 0.5*0.5 ) \/ 1.0*0.5 = 0.5
f = p\/a – q\/b = 0.5\/0.5 – 0.5\/1.0 = 0.5
f = p – q\/r = p – q \/ (b\/a) = 0.5 – 0.5 \/ (1.0\/0.5) = 0.25 <\/p>\n\n\n\n

\u6b64\u65f6\u8ba1\u7b97\u7684\u6295\u8d44\u6bd4\u4f8b\u7cfb\u6570 f \u51fa\u73b0\u4e86\u5dee\u5f02\uff0c\u4f7f\u7528\u516c\u5f0f KC-C \u7684\u7ed3\u679c\u4e0e KC-A \/ KC-B \u7684\u5e76\u4e0d\u4e00\u81f4\uff08\u89c1\u4e0a\u56fe\u8868\u4e2d e.g.5\uff09\u3002
\u539f\u56e0\u4f55\u5728\uff1f\u5728\u8fd9\u4e2a\u5047\u8bbe\u7684\u60c5\u666f\u4e2d\uff0c\u5230\u5e95\u662f\u6bcf\u6b21\u6295\u5165 0.5\u6bd4\u4f8b50%\u7684\u8d44\u91d1\uff0c\u8fd8\u662f 0.25\u6bd4\u4f8b25%\u7684\u8d44\u91d1\u5462\uff1f\u4e3a\u4f55\u540c\u4e00\u4e2a\u63a8\u5bfc\u516c\u5f0f\u4f1a\u51fa\u73b0\u4e0d\u540c\u7684\u7ed3\u679c\u5462\uff1f<\/p>\n\n\n\n

\u66f4\u8fdb\u4e00\u6b65\u5730\u6d4b\u8bd5\uff0c\u5f53\u6211\u4eec\u5c06\u8fd9\u4e2a\u4f8b\u5b50\u4e2d\u7684 b \u7531 1.0 \u6269\u5927\u4e00\u4e2a\u767e\u5206\u70b9\u5230 1.01\uff0c a \u7531 0.50 \u4e5f\u6269\u5927\u4e00\u4e2a\u767e\u5206\u70b9\u5230 0.51 \u65f6\uff0c\u4e5f\u5373\uff0c
b = 1.01\uff0c a = 0.51<\/p>\n\n\n\n

\u6b64\u65f6\u8ba1\u7b97\u4e09\u4e2a\u516c\u5f0f\u8868\u8fbe\u5f0f\uff0c\u51fa\u73b0\u7684\u5dee\u5f02\u5c31\u66f4\u5927\u66f4\u660e\u663e\u4e86\uff1a<\/p>\n\n\n\n

f = ( b*p – a*q ) \/ a*b = ( 1.01*0.5 – 0.51*0.5 ) \/ 1.01*0.51 = 0.4951
f = p\/a – q\/b = 0.5\/0.51 – 0.5\/1.01 = 0.4853
f = p – q\/r = p – q \/ (b\/a) = 0.5 – 0.5 \/ (1.0\/0.5) = 0.2475 <\/p>\n\n\n\n

\u4e09\u4e2a\u516c\u5f0f\u8868\u8fbe\u5f0f\u51fa\u73b0\u4e86\u4e09\u4e2a\u5b8c\u5168\u4e0d\u540c\u7684\u7ed3\u679c\uff08\u89c1\u4e0a\u56fe\u8868\u4e2d e.g.6\uff09\uff0c\u8fdb\u4e00\u6b65\u5730\u8bf4\u660e\u51ef\u5229\u516c\u5f0f Kelly Criterion \u5728\u5b9e\u9645\u5e94\u7528\u4e2d\u9700\u8981\u9488\u5bf9\u5b9e\u9645\u60c5\u51b5\u505a\u5177\u4f53\u5206\u6790\uff0c\u8bbe\u82e5\u5728\u8fd9\u6837\u7684\u60c5\u666f\u4e2d\uff0c\u6700\u7ec8\u7684\u6295\u8d44\u6bd4\u4f8b\u8be5\u505a\u600e\u6837\u7684\u9009\u62e9\uff1f
f = 0.49\uff0c f = 0.48 \u6291\u6216 f = 0.24 \uff1f<\/p>\n\n\n\n

\u9488\u5bf9\u8fd9\u79cd\u968f\u7740 b\uff0ca \u53d6\u503c\u8303\u56f4\u6539\u53d8\u800c\u4ea7\u751f\u7684\u5dee\u5f02\u60c5\u51b5\uff0c\u6211\u4eec\u5206\u522b\u5217\u4e3e\u4e86\u4e00\u7ec410\u4e2a\u5b9e\u4f8b\u3002\u6839\u636e\u8fd9\u4e9b\u6570\u636e\uff0c\u6211\u4eec\u53d1\u73b0\u5728 KC-A \u516c\u5f0f\u4e2d\uff0c\u51fa\u73b0\u4e86\u4e09\u6b21 f \u7cfb\u6570\u5927\u4e8e1\u7684\u60c5\u51b5\uff0c\u8fd9\u8868\u660e\u5728\u6240\u6807\u6ce8\u7684\u60c5\u5f62\u4e2d\uff0c\u51fa\u73b0\u4e86\u53ef\u4ee5\u52a0\u6760\u6746\u2014\u2014\u5168\u90e8\u6295\u5165\u6240\u6709\u672c\u91d1\u8d44\u91d1\uff0c\u8fd8\u53ef\u4ee5\u518d\u5916\u501f\u8d44\u91d1\u6295\u5165\u2014\u2014\u8fd9\u663e\u7136\u6709\u6096\u7a33\u5065\u6295\u8d44\u7684\u521d\u8877\uff0c\u540c\u65f6\u4e5f\u5f88\u96be\u786e\u4fdd\u7acb\u4e8e\u4e0d\u8d25\u4e4b\u5730\u3002<\/p>\n\n\n\n

\u540c\u6837\u7684\uff0c\u5728\u516c\u5f0f KC-B \u4e2d\uff0c\u4e5f\u51fa\u73b0\u4e86\u4e09\u6b21\u5927\u4e8e 1.0 \u7684 f \u7cfb\u6570\uff0c\u8868\u660e\u4e5f\u53ef\u4ee5\u52a0\u6760\u6746\u3002\u5c24\u5176\u662f\u5728 e.g.9 \u4e2d\uff0c\u8ba1\u7b97\u51fa\u4e86 f = 25.347 \u7684\u8f83\u5927\u6bd4\u4f8b\uff0c\u8fd9\u79cd\u6269\u5927\u5230 25\u500d\u6760\u6746\u7684\u6295\u8d44\uff0c\u663e\u7136\u6709\u4e9b\u75af\u72c2\uff0c\u4e00\u62db\u4e0d\u614e\uff0c\u5c31\u5931\u8d25\u51fa\u5c40\u4e86\u3002<\/p>\n\n\n\n

\u57fa\u4e8e\u8fd9\u4e9b\u5bf9\u6bd4\u6570\u636e\uff0c\u7ed3\u5408\u6211\u4eec\u7684\u5176\u4ed6\u8003\u5bdf\uff0c\u6211\u4eec\u5728\u6709\u798f\u91d1\u878d UfqiFina \u6700\u7ec8\u91c7\u7528\u4e86 KC-C \u516c\u5f0f\u3002
\u901a\u8fc7\u5206\u6790\uff0c\u6211\u4eec\u53d1\u73b0\uff0cKC-C \u5728\u5404\u79cd\u60c5\u51b5\u4e0b\u7684 b , a \u5047\u8bbe\u6570\u636e\u4e2d\uff0c\u90fd\u80fd\u8f83\u7a33\u5b9a\u5730\u8f93\u51fa f \u7cfb\u6570\uff0c\u63a7\u5236\u5728 0.0 ~ 1.0 \u4e4b\u95f4\uff0c\u6bd4\u8f83\u7b26\u5408\u9884\u671f\u3002
\u5373\u4fbf\u662f\u5728\u6781\u7aef\u60c5\u51b5\u4e0b\uff0cf \u7cfb\u6570\u51fa\u73b0\u8d1f\u503c\uff08\u89c1\u4e0a\u56fe\u8868\u4e2d e.g.10\uff09\uff0c\u4e5f\u5373\uff0c\u5efa\u8bae\u5728\u53cd\u9762\u53cd\u65b9\u5411\u4e0b\u6ce8\u65f6\uff0c\u51fa\u73b0\u5c0f\u4e8e -1.0 \u65f6\uff0c\u4e5f\u5728 -1.13 \u9644\u8fd1\uff0c\u53ef\u4ee5\u89c6\u4e3a\u53ef\u63a5\u53d7\u3002<\/p>\n\n\n\n

KC-C.
f = p – q \/ r , r = b \/ a <\/p>\n\n\n\n

\u81f3\u4e8e\u6570\u5b66\u4e0a\u7b49\u4ef7\u7684\u516c\u5f0f\uff0c\u5728\u5b9e\u9645\u5e94\u7528\u4e2d\u5374\u51fa\u73b0\u4e86\u5b8c\u5168\u4e0d\u4e00\u81f4\u3001\u4e0d\u7b49\u4ef7\u7684\u60c5\u51b5\uff0c\u9700\u8981\u6709\u5f85\u505a\u8fdb\u4e00\u6b65\u5730\u5206\u6790\u4e0e\u63a2\u7a76\u3002<\/p>\n\n\n\n

\u8fd9\u662f\u6e29\u4e60\u7ecf\u6d4e\u5b66\u8457\u4f5c\u7684\u7b2c\u4e09\u5341\u4e03\u7bc7\u4e60\u4f5c\uff0c\u4e4b\u524d\u7684\u5404\u7bc7\u9644\u5217\u5982\u4e0b\u3002\u6700\u8fd1\u7684\u9644\u5217\u5728\u524d\u3002<\/p>\n\n\n\n

  1. \u8bc1\u5238\u80a1\u7968\u5e02\u573a\u718a\u5e02\u4e2d\u8c01\u5728\u4e70\u5165?<\/a> https:\/\/ufqi.com\/blog\/who-buy-in-bearish-stock-market\/ <\/li>
  2. \u91d1\u878d\u8bc1\u5238\u4ea4\u6613\u7684\u5e02\u573a\u4e2d\u6027\u98ce\u9669\u5bf9\u51b2\u7684\u6295\u8d44\u7b56\u75654\/4<\/a>\uff0c https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-ai-cycle\/<\/li>
  3. \u91d1\u878d\u8bc1\u5238\u4ea4\u6613\u7684\u5e02\u573a\u4e2d\u6027\u98ce\u9669\u5bf9\u51b2\u7684\u6295\u8d44\u7b56\u75653\/4<\/a>\uff0c https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-edward-throp\/<\/li>
  4. \u91d1\u878d\u8bc1\u5238\u4ea4\u6613\u7684\u5e02\u573a\u4e2d\u6027\u98ce\u9669\u5bf9\u51b2\u7684\u6295\u8d44\u7b56\u75652\/4<\/a>\uff0c https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-with-smth-bbs\/<\/li>
  5. \u91d1\u878d\u8bc1\u5238\u4ea4\u6613\u7684\u5e02\u573a\u4e2d\u6027\u98ce\u9669\u5bf9\u51b2\u7684\u6295\u8d44\u7b56\u75651\/4<\/a>\uff0c https:\/\/ufqi.com\/blog\/risk-hedge-and-market-neutral-in-investing\/<\/li>
  6. \u91d1\u878d\u8b49\u5238\u6295\u8cc7\u4e2d\u7684\u5185\u5e55\u6d88\u606f Inside Information<\/a> \uff0c https:\/\/ufqi.com\/blog\/security-martket-inside-information\/<\/li>
  7. \u98a8\u96aa\u5c0d\u51b2\u57fa\u91d1\u5169\u982d\u4e0b\u6ce8\u5c0d\u8ced\u6295\u8cc7\u7684\u7a69\u8d0f\u7b56\u7565\u2013\u6700\u5927\u5316\u6700\u4f4e\u6536\u76ca <\/a>\uff0c https:\/\/ufqi.com\/blog\/hedge-fund-win-max-minimal-income\/<\/li>
  8. \u5169\u7a2e\u6210\u529f\u5546\u696d\u7b56\u7565\u4e4b\u4e00:\u5f9e\u4f4e\u6210\u672c\u4f4e\u50f9\u683c\u4e2d\u958b\u5275\u54c1\u724c<\/a>\uff0c https:\/\/ufqi.com\/blog\/strategic-routines-to-succ-with-low-cost\/<\/li>
  9. \u653f\u6cbb\u653f\u9ad4\u5c0d\u7d93\u6fdf\u8ca1\u5bcc\u7684\u5f71\u97ff<\/a>\uff0c https:\/\/ufqi.com\/blog\/political-structure-pair-fortunate\/<\/li>
  10. \u7232\u4f55\u88ab\u52d5\u6307\u6578\u57fa\u91d1\u8dd1\u8d0f\u5927\u591a\u6578\u4e3b\u52d5\u7ba1\u7406\u57fa\u91d1<\/a>? https:\/\/ufqi.com\/blog\/index-fund-win-manipulate-fund\/<\/li>
  11. 11~36\u6682\u6536\u8d77\u7565\u8fc7\uff0c\u8bf7\u4ece\u4e0a\u4e00\u8282\u8fdb\u5165\u67e5\u8be2\u67e5\u770b\u3002
    \u2014-<\/li><\/ol>\n\n\n\n
    \"ufqifina\"<\/a>
    \u6709\u798f\u91d1\u878dUfqiFina : https:\/\/ufqi.com\/finance<\/figcaption><\/figure>\n\n\n\n

    \u6709\u798f\u91d1\u878d \u662f\u4e00\u4e2a\u65e8\u5728\u4fc3\u8fdb\u8d22\u5bcc\u7a33\u6b65\u589e\u957f\u7684\u5de5\u5177\u5e73\u53f0\u3002
    UfqiFina is a platform of tools designed to promote wealth growth steadily.<\/p>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    \u8ddd\u79bb\u6b64\u524d\u4e00\u7bc7\u7ecf\u6d4e\u5b66\u8457\u4f5c\u9605\u8bfb\u4e0e\u5199\u4f5c\u5df2\u7ecf\u6709\u51e0\u4e2a\u6708\u65f6\u95f4\u8fc7\u53bb\u4e86\uff0c\u7ee7\u7eed\u5728\u8bc1\u5238\u6295\u8d44\u9886\u57df\u6df1\u8015\uff0c … \u7ee7\u7eed\u9605\u8bfb →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":3338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[752,3],"tags":[718,720,717,719,716,387,715],"_links":{"self":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/3334"}],"collection":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/comments?post=3334"}],"version-history":[{"count":11,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/3334\/revisions"}],"predecessor-version":[{"id":3350,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/3334\/revisions\/3350"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/media\/3338"}],"wp:attachment":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/media?parent=3334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/categories?post=3334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/tags?post=3334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}