<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>我们已经有一段时间没有关注 Cambria Endowment Style ETF (ENDW) 了，我相信这是第二个由 351 转换创建的 ETF。简单来说，拥有低成本基础股票的投资者可以参与 351 转换，以换取更为多样化的投资组合。根据我的理解，这并不会消除成本基础，但确实可以分散单只股票在投资组合中占据的巨大比例所带来的风险。</p>
<p>与此同时，ENDW ETF 到目前为止表现非常出色。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEj97Zkajk6AHwjwvpsvvNIamEbAL-nU_HXNXXj1DZbKk-ZaWvOE2iNr7wyn_hBw0DanIodPBiEWM8KLfSCUtM6sSdbGI0foZ-T6bGbzuzXEb4j1Hbhr5RahzcqeQ7PhqgSLnZ-76FBtQtSvZUj0SCSeo_mfpOfCfAO9xVPLAgagGgFfSnebjSkTWg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEj97Zkajk6AHwjwvpsvvNIamEbAL-nU_HXNXXj1DZbKk-ZaWvOE2iNr7wyn_hBw0DanIodPBiEWM8KLfSCUtM6sSdbGI0foZ-T6bGbzuzXEb4j1Hbhr5RahzcqeQ7PhqgSLnZ-76FBtQtSvZUj0SCSeo_mfpOfCfAO9xVPLAgagGgFfSnebjSkTWg"/></p>
<p><em>(点击图片放大)</em></p>
<p>投资组合的形成花了一段时间。这可能与 351 转换的机制有关，但看起来主要是个别股票被贡献到基金的种子中——如果你现在查看持仓，可能仍未完全实施。</p>
<p>持仓包括数十只权重极小的个股和几只同样权重极小的 ETF。例如，我不太明白 Hartford Multifactor Developed Markets ex-US ETF (RODM) 在基金中占 0.13% 权重的目的是什么。</p>
<p>如果我没记错的话，ENDW 基金在春末或初夏开始成型，目前有大量的外国股票敞口，一些黄金，以及相当多的管理期货，这可能为迄今为止的良好表现做出了贡献。</p>
<p>与 Cambria Trinity ETF (TRTY) 不同，后者在趋势上占 35%，股票占 25%，固定收益占 25%，另类策略占 15%，ENDW 的描述则更为模糊。它是主动管理的，提到要积极进取，并被描述为在美国、外国发达市场和新兴市场中 “接触多个主要资产类别（例如，股票、固定收益、真实资产和替代投资）”。</p>
<p>上述比较包括 SPDR Bridgewater ALL Weather ETF (ALLW) 和 Permanent Portfolio (PRPFX)，我认为它们也是潜在的单票投资组合解决方案。我使用了 iShares Core 60/40 Balanced Allocation ETF (AOR)，而不是 Vanguard Balanced Index Fund Institutional Shares (VBAIX)，因为该共同基金的图表似乎因大额资本利得分配而扭曲。</p>
<p>说到 TRTY ETF，我们前几天提到它在 2025 年表现出色，该基金可能是借用他人投资组合设计并使用自己的输入构建更好投资组合的最佳例子。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEhtNt1mw-yRwCx4X5CUeF9C58PrOb1YoM3jT0wJF6SNAJcWsJ6X8Unx2DXSCK_C8QDj02BO4be3D9OSg65HGgjcr6SRCGGE61Y2u5qK3c_E6kw4_W-rnBx_nRngvHKKj64jM8lq9Cwb2SkV4yIn4q7roOREMzW4UhW8DijWkBKhqQdvWKCOFjagZg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEhtNt1mw-yRwCx4X5CUeF9C58PrOb1YoM3jT0wJF6SNAJcWsJ6X8Unx2DXSCK_C8QDj02BO4be3D9OSg65HGgjcr6SRCGGE61Y2u5qK3c_E6kw4_W-rnBx_nRngvHKKj64jM8lq9Cwb2SkV4yIn4q7roOREMzW4UhW8DijWkBKhqQdvWKCOFjagZg"/></p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEhLK7ddqyOdxK-qD2Ll3q6aXGa-mZ2ehDv4ECDWmkdpLh2__A1ViIZ5j75nTXTqLkCha3mxKOwhhi4kH8Cs2WN1bJlHijY0L9EW5IJZ0srKZRXAf78s5gerBUHrSL7zjciV38zOhDKARw8vu3-Ps1XHczcwNKL9MNumYbmxFEHjUPvqyn4dJ6Xaog?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEhLK7ddqyOdxK-qD2Ll3q6aXGa-mZ2ehDv4ECDWmkdpLh2__A1ViIZ5j75nTXTqLkCha3mxKOwhhi4kH8Cs2WN1bJlHijY0L9EW5IJZ0srKZRXAf78s5gerBUHrSL7zjciV38zOhDKARw8vu3-Ps1XHczcwNKL9MNumYbmxFEHjUPvqyn4dJ6Xaog"/></p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEjMtNAgdTO3m4c0ykuHauk6FTSqr-AXvVUVRGm1_R6vIPB-DR9ReP_gabzJJ_HyBUd3uwIF7cHYJiHTUmGiJJ9qjeLbEa6P2g66tAUGEkmoXkVRq19CwUGci3Rmu50hb778md4HGWnfWZp_Eyu1w1OSBwZq8DviqEBxOr-0lzafSjw6QDNEcNPLBg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEjMtNAgdTO3m4c0ykuHauk6FTSqr-AXvVUVRGm1_R6vIPB-DR9ReP_gabzJJ_HyBUd3uwIF7cHYJiHTUmGiJJ9qjeLbEa6P2g66tAUGEkmoXkVRq19CwUGci3Rmu50hb778md4HGWnfWZp_Eyu1w1OSBwZq8DviqEBxOr-0lzafSjw6QDNEcNPLBg"/></p>
<p><em>(点击图片放大)</em></p>
<p>TRTY 和我们版本之间的差异可以归因于 TRTY 基金过去持有更多的久期，并且始终持有相当多的外国股票和价值股。我们的版本没有久期，没有股票因子偏见，但在管理期货方面也过于集中，超出了我的喜好。</p>
<p>《华尔街日报》对 IRMAA 的运作进行了有益的介绍。IRMAA 代表与退休人员支付 Medicare B 和 D 部分相关的收入相关月度调整金额。它本质上是对高收入者在 Medicare 支付中收取的附加费用。这个表格特别有用。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEie33RBi2c-zV91h0RXJqC5dOhkXJzDZlRehwJmvwDxP_M3SNqgdNn9I16R3y8pYxe_bjwN04i5MgqQCfz3xV6tvuGgawnj4iktCa_yB5wUDRfs3GOhuwyhJd6eLq2evGkKAbaL907thF1NLUCs4lgX2nNSPjWGIWdKN88gpE15wJMXmXdRnyZZYQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEie33RBi2c-zV91h0RXJqC5dOhkXJzDZlRehwJmvwDxP_M3SNqgdNn9I16R3y8pYxe_bjwN04i5MgqQCfz3xV6tvuGgawnj4iktCa_yB5wUDRfs3GOhuwyhJd6eLq2evGkKAbaL907thF1NLUCs4lgX2nNSPjWGIWdKN88gpE15wJMXmXdRnyZZYQ"/></p>
<p><em>(点击图片放大)</em></p>
<p>一位评论者观察到，这是一种社会保障的手段测试。具体机制是，无论你是否受到 IRMAA 的影响，你为 Medicare 支付的费用都会从你的社会保障支票中扣除。如果你的社会保障支票是 3500 美元，你配偶的支票是 2000 美元，而你的收入低于 218,000 美元，那么你们每个人的支票将减少 202.50 美元。部分 D 可以扣除，但显然在这方面有一些选择，如果你有像部分 G 这样的补充保险，你会直接支付给保险公司。</p>
<p>每个人都有权对这一点的公平性发表看法。但比每人额外支付 200-300 美元的潜在更严重情况是，如果一对夫妇在退休期间收入为 150,000 美元，然后一方去世，收入仍然超过 109,000 美元的单一申报者，他们将会受到 IRMAA 的影响，这对我来说似乎更像是一种惩罚。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>周五的抗脆弱性</p>
<p>增长与稳定，而非股票与固定收益</p>
<p>ETF 混乱</p>

ENDW

TRTY

<p>Cambria Endowment Style ETF（ENDW）自成立以来表现出色，使投资者能够通过 351 转换来实现投资组合的多样化。该基金包括个别股票和 ETF 的组合，具有显著的外国股票敞口和管理期货。与 Cambria Trinity ETF（TRTY）不同，ENDW 的策略不那么明确，但旨在对各种资产类别进行积极管理。此外，文章讨论了与退休人员相关的收入调整月金额（IRMAA）的影响，强调其对医疗保险费用和社会保障福利的影响</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>It's been a while since we checked in on the Cambria Endowment Style ETF (ENDW), which I believe was the second ETF created out of a 351 conversion. To briefly explain, investors with low cost basis stock in their portfolio can participate in a 351 to swap into a more diversified portfolio. It doesn't eliminate the cost basis as I understand it, but it does diversify the risk of one stock having grown to be an enormous piece of the portfolio.</p>
<div class="lb-trans"><p>我们已经有一段时间没有关注 Cambria Endowment Style ETF (ENDW) 了，我相信这是第二个由 351 转换创建的 ETF。简单来说，拥有低成本基础股票的投资者可以参与 351 转换，以换取更为多样化的投资组合。根据我的理解，这并不会消除成本基础，但确实可以分散单只股票在投资组合中占据的巨大比例所带来的风险。</p>
</div><p>Meanwhile, the ENDW ETF has had fantastic results thus far.</p>
<div class="lb-trans"><p>与此同时，ENDW ETF 到目前为止表现非常出色。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEj97Zkajk6AHwjwvpsvvNIamEbAL-nU_HXNXXj1DZbKk-ZaWvOE2iNr7wyn_hBw0DanIodPBiEWM8KLfSCUtM6sSdbGI0foZ-T6bGbzuzXEb4j1Hbhr5RahzcqeQ7PhqgSLnZ-76FBtQtSvZUj0SCSeo_mfpOfCfAO9xVPLAgagGgFfSnebjSkTWg" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEj97Zkajk6AHwjwvpsvvNIamEbAL-nU_HXNXXj1DZbKk-ZaWvOE2iNr7wyn_hBw0DanIodPBiEWM8KLfSCUtM6sSdbGI0foZ-T6bGbzuzXEb4j1Hbhr5RahzcqeQ7PhqgSLnZ-76FBtQtSvZUj0SCSeo_mfpOfCfAO9xVPLAgagGgFfSnebjSkTWg"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p>It took a while for the portfolio to start taking shape. It might have something to do with the mechanics of the 351 conversion, but it looked like it was mostly the individual stocks that had been contributed to the seeding of the fund -- if you look at the holdings now, it still may not be fully implemented.</p>
<div class="lb-trans"><p>投资组合的形成花了一段时间。这可能与 351 转换的机制有关，但看起来主要是个别股票被贡献到基金的种子中——如果你现在查看持仓，可能仍未完全实施。</p>
</div><p>The holdings include dozens of individual stocks with tiny weightings and a few ETFs with similarly tiny weightings. I'm not sure what the purpose is of having a 0.13% weighting of the Hartford Multifactor Developed Markets ex-US ETF (RODM) in the fund, for example.</p>
<div class="lb-trans"><p>持仓包括数十只权重极小的个股和几只同样权重极小的 ETF。例如，我不太明白 Hartford Multifactor Developed Markets ex-US ETF (RODM) 在基金中占 0.13% 权重的目的是什么。</p>
</div><p>The ENDW fund started to take shape late spring or early summer if I'm remembering correctly, and it currently has a lot of foreign equity exposure, some gold, and a good bit of managed futures, which might have contributed to the great result thus far.</p>
<div class="lb-trans"><p>如果我没记错的话，ENDW 基金在春末或初夏开始成型，目前有大量的外国股票敞口，一些黄金，以及相当多的管理期货，这可能为迄今为止的良好表现做出了贡献。</p>
</div><p>Unlike the Cambria Trinity ETF (TRTY), which is weighted with 35% in trends, 25% in equities, 25% in fixed income, and 15% in alternative strategies, ENDW's description is more vague. It is actively managed, talks about being aggressive, and is described as having &#34;exposure to multiple major asset classes (e.g., equities, fixed income, and real assets and alternatives) in U.S., foreign developed, and emerging markets.&#34;</p>
<div class="lb-trans"><p>与 Cambria Trinity ETF (TRTY) 不同，后者在趋势上占 35%，股票占 25%，固定收益占 25%，另类策略占 15%，ENDW 的描述则更为模糊。它是主动管理的，提到要积极进取，并被描述为在美国、外国发达市场和新兴市场中 “接触多个主要资产类别（例如，股票、固定收益、真实资产和替代投资）”。</p>
</div><p>The comparison above includes SPDR Bridgewater ALL Weather ETF (ALLW) and Permanent Portfolio (PRPFX), which I'd say are also potential single ticket portfolio solutions. I used iShares Core 60/40 Balanced Allocation ETF (AOR) instead of Vanguard Balanced Index Fund Institutional Shares (VBAIX) because the mutual fund's chart appears to be distorted for a large capital gain distribution.</p>
<div class="lb-trans"><p>上述比较包括 SPDR Bridgewater ALL Weather ETF (ALLW) 和 Permanent Portfolio (PRPFX)，我认为它们也是潜在的单票投资组合解决方案。我使用了 iShares Core 60/40 Balanced Allocation ETF (AOR)，而不是 Vanguard Balanced Index Fund Institutional Shares (VBAIX)，因为该共同基金的图表似乎因大额资本利得分配而扭曲。</p>
</div><p>Speaking of the TRTY ETF, which we mentioned the other day as having had a great 2025, the fund might be the best example of taking someone else's portfolio design and using your own inputs to build a better portfolio.</p>
<div class="lb-trans"><p>说到 TRTY ETF，我们前几天提到它在 2025 年表现出色，该基金可能是借用他人投资组合设计并使用自己的输入构建更好投资组合的最佳例子。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEhtNt1mw-yRwCx4X5CUeF9C58PrOb1YoM3jT0wJF6SNAJcWsJ6X8Unx2DXSCK_C8QDj02BO4be3D9OSg65HGgjcr6SRCGGE61Y2u5qK3c_E6kw4_W-rnBx_nRngvHKKj64jM8lq9Cwb2SkV4yIn4q7roOREMzW4UhW8DijWkBKhqQdvWKCOFjagZg" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEhtNt1mw-yRwCx4X5CUeF9C58PrOb1YoM3jT0wJF6SNAJcWsJ6X8Unx2DXSCK_C8QDj02BO4be3D9OSg65HGgjcr6SRCGGE61Y2u5qK3c_E6kw4_W-rnBx_nRngvHKKj64jM8lq9Cwb2SkV4yIn4q7roOREMzW4UhW8DijWkBKhqQdvWKCOFjagZg"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEhLK7ddqyOdxK-qD2Ll3q6aXGa-mZ2ehDv4ECDWmkdpLh2__A1ViIZ5j75nTXTqLkCha3mxKOwhhi4kH8Cs2WN1bJlHijY0L9EW5IJZ0srKZRXAf78s5gerBUHrSL7zjciV38zOhDKARw8vu3-Ps1XHczcwNKL9MNumYbmxFEHjUPvqyn4dJ6Xaog" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEhLK7ddqyOdxK-qD2Ll3q6aXGa-mZ2ehDv4ECDWmkdpLh2__A1ViIZ5j75nTXTqLkCha3mxKOwhhi4kH8Cs2WN1bJlHijY0L9EW5IJZ0srKZRXAf78s5gerBUHrSL7zjciV38zOhDKARw8vu3-Ps1XHczcwNKL9MNumYbmxFEHjUPvqyn4dJ6Xaog"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEjMtNAgdTO3m4c0ykuHauk6FTSqr-AXvVUVRGm1_R6vIPB-DR9ReP_gabzJJ_HyBUd3uwIF7cHYJiHTUmGiJJ9qjeLbEa6P2g66tAUGEkmoXkVRq19CwUGci3Rmu50hb778md4HGWnfWZp_Eyu1w1OSBwZq8DviqEBxOr-0lzafSjw6QDNEcNPLBg" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEjMtNAgdTO3m4c0ykuHauk6FTSqr-AXvVUVRGm1_R6vIPB-DR9ReP_gabzJJ_HyBUd3uwIF7cHYJiHTUmGiJJ9qjeLbEa6P2g66tAUGEkmoXkVRq19CwUGci3Rmu50hb778md4HGWnfWZp_Eyu1w1OSBwZq8DviqEBxOr-0lzafSjw6QDNEcNPLBg"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p>The difference between TRTY and our version of it can be attributed to the TRTY fund having held more duration in the past, as well as always having had quite a bit of foreign equity and value stocks. Our version has no duration, no equity factor bias, but also way too much in managed futures for my liking.</p>
<div class="lb-trans"><p>TRTY 和我们版本之间的差异可以归因于 TRTY 基金过去持有更多的久期，并且始终持有相当多的外国股票和价值股。我们的版本没有久期，没有股票因子偏见，但在管理期货方面也过于集中，超出了我的喜好。</p>
</div><p>The Wall Street Journal had a helpful writeup about how IRMAA works. IRMAA stands for Income Related Monthly Adjustment Amount as related to what retirees will pay for Medicare parts B and D. It's essentially a surcharge for higher income earners for what they have to pay for Medicare. This table was particularly useful.</p>
<div class="lb-trans"><p>《华尔街日报》对 IRMAA 的运作进行了有益的介绍。IRMAA 代表与退休人员支付 Medicare B 和 D 部分相关的收入相关月度调整金额。它本质上是对高收入者在 Medicare 支付中收取的附加费用。这个表格特别有用。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blogger.googleusercontent.com/img/a/AVvXsEie33RBi2c-zV91h0RXJqC5dOhkXJzDZlRehwJmvwDxP_M3SNqgdNn9I16R3y8pYxe_bjwN04i5MgqQCfz3xV6tvuGgawnj4iktCa_yB5wUDRfs3GOhuwyhJd6eLq2evGkKAbaL907thF1NLUCs4lgX2nNSPjWGIWdKN88gpE15wJMXmXdRnyZZYQ" alt="" original-src="https://blogger.googleusercontent.com/img/a/AVvXsEie33RBi2c-zV91h0RXJqC5dOhkXJzDZlRehwJmvwDxP_M3SNqgdNn9I16R3y8pYxe_bjwN04i5MgqQCfz3xV6tvuGgawnj4iktCa_yB5wUDRfs3GOhuwyhJd6eLq2evGkKAbaL907thF1NLUCs4lgX2nNSPjWGIWdKN88gpE15wJMXmXdRnyZZYQ"/></p>
<p><em>(Click on image to enlarge)</em></p>
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</div><p>One commenter made the observation that it is a form of means testing for Social Security. The specific mechanics are that whatever you pay for Medicare, subject to IRMAA or not, is deducted from your Social Security check. If your Social Security check is $3500, your spouse's check is $2000, and you make less than $218,000, each of your checks is reduced by $202.50. Part D can be deducted, but there is some choice there apparently, and if you have supplemental like Part G, you pay the insurance company directly.</p>
<div class="lb-trans"><p>一位评论者观察到，这是一种社会保障的手段测试。具体机制是，无论你是否受到 IRMAA 的影响，你为 Medicare 支付的费用都会从你的社会保障支票中扣除。如果你的社会保障支票是 3500 美元，你配偶的支票是 2000 美元，而你的收入低于 218,000 美元，那么你们每个人的支票将减少 202.50 美元。部分 D 可以扣除，但显然在这方面有一些选择，如果你有像部分 G 这样的补充保险，你会直接支付给保险公司。</p>
</div><p>Everyone is entitled to their thoughts about the fairness of this. But a potentially more serious scenario than an extra $200-$300/month per person if you make that much, is if a couple makes $150,000 during retirement and then one spouse dies and the income stays above $109,000 for the now single filer, they will get hit with IRMAA, which seems like even more of a penalty to me.</p>
<div class="lb-trans"><p>每个人都有权对这一点的公平性发表看法。但比每人额外支付 200-300 美元的潜在更严重情况是，如果一对夫妇在退休期间收入为 150,000 美元，然后一方去世，收入仍然超过 109,000 美元的单一申报者，他们将会受到 IRMAA 的影响，这对我来说似乎更像是一种惩罚。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Friday Antifragility</p>
<div class="lb-trans"><p>周五的抗脆弱性</p>
</div><p>Growth &amp; Stability, Not Equities &amp; Fixed Income</p>
<div class="lb-trans"><p>增长与稳定，而非股票与固定收益</p>
</div><p>ETF Slop</p>
<div class="lb-trans"><p>ETF 混乱</p>
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又一个 Cambria ETF 正在崩溃