The "popular spicy chicken" in the current market is active quantification**.
The active quantitative strategy integrates the characteristics of fundamental investment and quantitative investment, and uses quantitative models to explore the relationship between fundamental data, volume and price indicators and stock price trends, and makes investment decisions based on this. It can be said that active quantification** combines the advantages of two types of investment methods, which is worthy of market attention.
First of all, quantitative strategies are good at finding statistical patterns.
Quantification is essentially statistical arbitrage and the law of statistical past. Quantification is up to the model. When the quantitative results come out, I will believe you, in fact, there is no investment manager, and I will directly implement it.
There are many classes of quantification factors. For example: valuation factors: price-earnings ratio, price-to-book ratio, dividend yield, etc.; Stock price factors: volatility, momentum, reversal factors, etc.; Others, emotional factors, big data factors, and so on.
However, the disadvantage of the quantitative strategy is also that the market is changing, and the model is the understanding of the past market, if the next year is completely different from the past, it must be confused for a while, and what it does is wrong. When there is a relatively large change in the market, it is often also a time when there is a quantitative drawdown, and there is no investment in the world that is sure to make a profit or lose money.
Second, the advantage of a proactive strategy is information.
As I just mentioned, there are a lot of data that affect stock prices, such as micro [the company's own finance], meso-[its own industry, related industries], macro [domestic, international], *news, and policy]. In the face of complex information sources, the active strategy relies on the manager to judge which model to believe or which part of the conclusion of which model to believe, and to make another judgment. Through the subjective judgment of the manager, the quantitative strategy is fine-tuned to obtain a more reasonable and reliable investment strategy. To put it simply, an active quantitative strategy is a "re-upgrade" of a pure quantitative strategy.
We need to analyze what style this ** is when we buy it. You can't buy blindly, and you can't just look at the past data to buy. You need to have a general understanding of ** so that you don't keep paying tuition. To buy, you need to know why you are buying, and you also need to know why he rose before and what the logic of the future is, so that you can be sure, dare to make up for the position, dare to take profit, and do not chase high halfway.
In my mind, the "perfect" active quantification** should have the following characteristics:
1. Intelligent stock selection system. The investment philosophy of the first manager is systematically processed and automatically tracked to form a mature investment strategy;List of high-quality authors2. Quantitative index stock selection. Adhere to the combination of fundamental analysis and quantitative analysis, take into account the dimensions of stock selection such as quality, growth and valuation, and pursue the diversification and diversification of investment strategies;
3. Be good at excavating the boom industry. Construct complete cyclical industry data and intelligently grasp the investment opportunities in strong cyclical industries.
4. Financial data tracking. According to the financial data of the listed company at any time, once there is an abnormality, it will be "alarmed" in time.