反向投资与买入持有策略投资收益与风险对比分析

Returns and Risks Comparison between Contrarian Investing and Buy-and-Hold Strategy

采用笔者所提出的TSWC模型,验证其在以价值投资为基础上的反向投资收益,以此证实该方法是否能够获得比市场平均收益更高的超额收益。笔者以实际操作发现,在国内A股市场,采用以TSWC模型进行价值投资,会比通常理解的买入持有策略(buy&hold)具有更大的投资收益与风险控制优势。

This article used the TSWC model proposed by the author to verify the retums of contrarian investing which is based on value investment, in order to confirm whether this method can gain higher abnormal returns than the market average. Based on actual operation, the author found that value investing which adopts TSWC model can get more advantages on investment returns and risks controlling in China＇s A-share market, compared with buy-and-hold strategy.