{"id":19,"date":"2024-07-31T08:30:49","date_gmt":"2024-07-31T08:30:49","guid":{"rendered":"https:\/\/a.funds.io.vn\/?post_type=docs&p=19"},"modified":"2024-07-31T08:34:23","modified_gmt":"2024-07-31T08:34:23","password":"","slug":"tong-quan-chung","status":"publish","type":"docs","link":"https:\/\/a.funds.io.vn\/?docs=tong-quan-chung","title":{"rendered":"T\u1ed5ng quan chung"},"content":{"rendered":"\n

\u0110\u1ecbnh ngh\u0129a<\/strong><\/p>\n\n\n\n

Thu\u1eadt ng\u1eef “\u0111\u1ea7u t\u01b0” d\u00f9ng \u0111\u1ec3 ch\u1ec9 b\u1ea5t k\u1ef3 s\u1ef1 k\u1ebft h\u1ee3p n\u00e0o c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu v\u00e0 ti\u1ec1n m\u1eb7t. vi\u1ec7c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ho\u1eb7c \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh, qu\u1ef9 \u0111\u1ea7u t\u01b0, ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh kh\u00e1c. M\u1ed9t nguy\u00ean t\u1eafc th\u01b0\u1eddng \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn l\u00e0 vi\u1ec7c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf theo kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn r\u1ee7i ro, khung th\u1eddi gian v\u00e0 m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. Gi\u00e1 tr\u1ecb ti\u1ec1n t\u1ec7 c\u1ee7a m\u1ed7i t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn t\u1ef7 l\u1ec7 r\u1ee7i ro\/l\u1ee3i nhu\u1eadn c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n

Khi x\u00e1c \u0111\u1ecbnh ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n, m\u1ee5c \u0111\u00edch l\u00e0 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro. \u0110\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 v\u1ec1 v\u1ea5n \u0111\u1ec1 t\u1ed1i \u01b0u h\u00f3a \u0111a m\u1ee5c ti\u00eau: nhi\u1ec1u gi\u1ea3i ph\u00e1p hi\u1ec7u qu\u1ea3 c\u00f3 s\u1eb5n v\u00e0 gi\u1ea3i ph\u00e1p \u01b0u ti\u00ean ph\u1ea3i \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn b\u1eb1ng c\u00e1ch xem x\u00e9t s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa r\u1ee7i ro v\u00e0 l\u1ee3i nhu\u1eadn. C\u1ee5 th\u1ec3, vi\u1ec7c \u0111\u1ea7u t\u01b0 A b\u1ecb chi ph\u1ed1i b\u1edfi m\u1ed9t vi\u1ec7c \u0111\u1ea7u t\u01b0 kh\u00e1c A ‘n\u1ebfu A’ c\u00f3 l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng l\u1edbn h\u01a1n v\u00e0 r\u1ee7i ro th\u1ea5p h\u01a1n A. N\u1ebfu kh\u00f4ng c\u00f3 vi\u1ec7c \u0111\u1ea7u t\u01b0 n\u00e0o v\u01b0\u1ee3t tr\u1ed9i h\u01a1n A, A l\u00e0 vi\u1ec7c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u Pareto. T\u1eadp h\u1ee3p l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro t\u1ed1i \u01b0u Pareto \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 bi\u00ean gi\u1edbi hi\u1ec7u qu\u1ea3 Pareto cho v\u1ea5n \u0111\u1ec1 l\u1ef1a ch\u1ecdn vi\u1ec7c \u0111\u1ea7u t\u01b0 Markowitz. G\u1ea7n \u0111\u00e2y, m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn thay th\u1ebf \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a vi\u1ec7c \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t trong c\u00e1c t\u00e0i li\u1ec7u k\u1ebft h\u1ee3p r\u1ee7i ro v\u00e0 l\u1ee3i nhu\u1eadn trong v\u1ea5n \u0111\u1ec1 t\u1ed1i \u01b0u h\u00f3a.<\/p>\n\n\n\n

M\u00f4 t\u1ea3<\/strong><\/p>\n\n\n\n

C\u00f3 nhi\u1ec1u lo\u1ea1i \u0111\u1ea7u t\u01b0 bao g\u1ed3m vi\u1ec7c \u0111\u1ea7u t\u01b0 th\u1ecb tr\u01b0\u1eddng v\u00e0 vi\u1ec7c \u0111\u1ea7u t\u01b0 b\u1eb1ng kh\u00f4ng. Vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng b\u1ea5t k\u1ef3 ph\u01b0\u01a1ng ph\u00e1p v\u00e0 nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 n\u00e0o sau \u0111\u00e2y: tr\u1ecdng s\u1ed1 c\u1ed5 t\u1ee9c, tr\u1ecdng s\u1ed1 b\u1eb1ng nhau, tr\u1ecdng s\u1ed1 v\u1ed1n h\u00f3a, tr\u1ecdng s\u1ed1 gi\u00e1, ngang gi\u00e1 r\u1ee7i ro, m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n, l\u00fd thuy\u1ebft \u0111\u1ecbnh gi\u00e1 ch\u00eanh l\u1ec7ch gi\u00e1, Ch\u1ec9 s\u1ed1 Jensen, t\u1ef7 l\u1ec7 Treynor, m\u00f4 h\u00ecnh \u0111\u01b0\u1eddng ch\u00e9o (ho\u1eb7c ch\u1ec9 s\u1ed1) Sharpe, m\u00f4 h\u00ecnh gi\u00e1 tr\u1ecb r\u1ee7i ro, l\u00fd thuy\u1ebft vi\u1ec7c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c.<\/p>\n\n\n\n

C\u00f3 m\u1ed9t s\u1ed1 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 t\u00ednh to\u00e1n l\u1ee3i nhu\u1eadn v\u00e0 hi\u1ec7u su\u1ea5t vi\u1ec7c \u0111\u1ea7u t\u01b0. M\u1ed9t ph\u01b0\u01a1ng ph\u00e1p truy\u1ec1n th\u1ed1ng l\u00e0 s\u1eed d\u1ee5ng l\u1ee3i nhu\u1eadn gia quy\u1ec1n ti\u1ec1n h\u00e0ng qu\u00fd ho\u1eb7c h\u00e0ng th\u00e1ng; Tuy nhi\u00ean, ph\u01b0\u01a1ng ph\u00e1p tr\u1ecdng s\u1ed1 th\u1eddi gian th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0a th\u00edch tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Ngo\u00e0i ra c\u00f2n c\u00f3 m\u1ed9t s\u1ed1 m\u00f4 h\u00ecnh \u0111\u1ec3 \u0111o l\u01b0\u1eddng hi\u1ec7u su\u1ea5t ph\u00e2n b\u1ed5 l\u1ee3i nhu\u1eadn c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0 khi so s\u00e1nh v\u1edbi ch\u1ec9 s\u1ed1 ho\u1eb7c \u0111i\u1ec3m chu\u1ea9n, m\u1ed9t ph\u1ea7n \u0111\u01b0\u1ee3c xem l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u0110\u1ecbnh ngh\u0129a Thu\u1eadt ng\u1eef “\u0111\u1ea7u t\u01b0” d\u00f9ng \u0111\u1ec3 ch\u1ec9 b\u1ea5t k\u1ef3 s\u1ef1 k\u1ebft h\u1ee3p n\u00e0o c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu v\u00e0 ti\u1ec1n m\u1eb7t. vi\u1ec7c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ho\u1eb7c \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh, qu\u1ef9 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"doc_category":[5],"doc_tag":[],"class_list":["post-19","docs","type-docs","status-publish","hentry","doc_category-dau-tu"],"year_month":"2026-04","word_count":776,"total_views":0,"reactions":{"happy":0,"normal":0,"sad":0},"author_info":{"author_nicename":"admin","author_url":"https:\/\/a.funds.io.vn\/?author=1"},"doc_category_info":[{"term_name":"\u0110\u1ea7u t\u01b0","term_url":"https:\/\/a.funds.io.vn\/?doc_category=dau-tu"}],"doc_tag_info":[],"author_list":[{"ID":"1","user_login":"admin","display_name":"admin","id":"1"}],"_links":{"self":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/19","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs"}],"about":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/types\/docs"}],"author":[{"embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19"}],"version-history":[{"count":2,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/19\/revisions"}],"predecessor-version":[{"id":23,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/19\/revisions\/23"}],"wp:attachment":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19"}],"wp:term":[{"taxonomy":"doc_category","embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fdoc_category&post=19"},{"taxonomy":"doc_tag","embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fdoc_tag&post=19"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}