<p>大部分 ETF 市场的设计目的只有一个：便利性。</p>
<p>你可以获得广泛的市场曝光、低费用，以及与自己决定跟踪的基准非常接近的表现。这是有效的。这是可扩展的。随着时间的推移，它产生的结果看起来与其他人非常相似。</p>
<p>这就是权衡。</p>
<p>如果你的目标是超越市场，你必须寻找其他地方。</p>
<hr/>
<h2><strong>机会真正存在的地方</strong></h2>
<p>真正的机会存在于 ETF 生态系统的一个非常不同的部分。</p>
<p>由真正相信某种理念的投资者管理的小型主动管理基金。</p>
<p>不是市场营销主题。</p>
<p>不是委员会构建的投资组合。</p>
<p>不是为了聚集资产而设计的产品。</p>
<p>真正的策略。基于经验。建立在哲学之上。</p>
<p>像这样的基金：</p>
<ul>
<li>Tweedy Browne 国际内部人价值 ETF</li>
<li>Alpha Architect 价值动量 ETF</li>
<li>Roundhill 收购者深度价值 ETF</li>
<li>基础设施资本小型股收益 ETF</li>
<li>Horizon Kinetics 日本业主运营商 ETF</li>
</ul>
<p>这些基金并不是试图与市场相似。</p>
<p>它们是试图超越市场。</p>
<p>这需要完全不同的方法。</p>
<hr/>
<h2><strong>真正具有优势的策略</strong></h2>
<h3><strong>Tweedy Browne 国际内部人价值 ETF – (NYSE: ICPY)</strong></h3>
<p>从纪律开始。</p>
<p>Tweedy Browne 代表着现代市场中几乎灭绝的东西：真正的格雷厄姆风格价值投资。</p>
<p>这不是品牌，而是传承。</p>
<p>该公司花了几十年时间来完善一个简单的理念：</p>
<p>以安全边际购买被低估的资产。</p>
<p>这里的转折点是内部人活动。</p>
<p>高管购买股票的原因只有一个——他们相信它被低估了。</p>
<p>该基金结合了：</p>
<ul>
<li>全球价值投资</li>
<li>内部人购买信号</li>
</ul>
<p>结果是一个基于信念而非叙事的投资组合。</p>
<p>这并不华丽。</p>
<p>这也是正是那种在其他人追逐故事时复利资本的策略。</p>
<hr/>
<h3><strong>Alpha Architect 价值动量 ETF – (NASDAQ: AAVM)</strong></h3>
<p>现在转向系统化的纪律。</p>
<p>Alpha Architect 将几十年的学术研究——主要围绕价值和动量——正确地实施。</p>
<p>这比听起来要难。</p>
<p>大多数投资者：</p>
<ul>
<li>在表现不佳时放弃价值</li>
<li>过晚追逐动量</li>
<li>以破坏优势的方式混合信号</li>
</ul>
<p>该基金消除了人为因素。</p>
<ul>
<li>系统化股票选择</li>
<li>基于规则的再平衡</li>
<li>无情感决策</li>
</ul>
<p>它购买的公司是：</p>
<ul>
<li>便宜的</li>
<li>趋势向上的</li>
</ul>
<p>并且它始终如一地做到这一点。</p>
<p>并不刺激。</p>
<p>非常有效。</p>
<hr/>
<h3><strong>Roundhill 收购者深度价值 ETF – (NYSE: DEEP)</strong></h3>
<p>这就是事情变得不舒服的地方。</p>
<p>深度价值，最纯粹的形式。</p>
<p>基于 Tobias Carlisle 的研究，这一策略专注于：</p>
<ul>
<li>市场上最便宜的公司</li>
<li>使用企业价值指标进行衡量</li>
<li>经过质量筛选以避免最糟糕的陷阱</li>
</ul>
<p>投资组合通常看起来很糟糕。</p>
<p>这正是重点。</p>
<p>深度价值之所以有效，是因为它让人感到不舒服：</p>
<ul>
<li>你在购买别人抛弃的东西</li>
<li>你是早期投资者</li>
<li>你在看起来错误之前看起来是对的</li>
</ul>
<p>大多数投资者无法坚持下去。</p>
<p>系统化的方法至少给你一个机会。</p>
<hr/>
<h3><strong>基础设施资本小型股收益 ETF – (NASDAQ: SCAP)</strong></h3>
<p>收益投资存在一个问题。</p>
<p>大多数传统收益策略一直是：</p>
<ul>
<li>过于拥挤</li>
<li>被压缩</li>
<li>看起来比实际风险更高</li>
</ul>
<p>基础设施资本走向不同的地方。</p>
<p>小型股。</p>
<p>他们寻找的公司是：</p>
<ul>
<li>产生真实现金流</li>
<li>返还资本</li>
<li>被传统收益投资者忽视</li>
</ul>
<p>这是主动管理的——这很重要。</p>
<p>团队评估：</p>
<ul>
<li>股息可持续性</li>
<li>资本增值潜力</li>
<li>投资组合的风险</li>
</ul>
<p>这不是追逐收益。</p>
<p>这是一个有过程的收益。</p>
<hr/>
<h3><strong>Horizon Kinetics 日本业主运营商 ETF – (NYSE: JAPN)</strong></h3>
<p>这可能是所有机会集中中最有趣的。</p>
<p>日本几十年来一直被误解：</p>
<ul>
<li>被视为缓慢增长</li>
<li>被认为效率低下</li>
<li>在全球投资者中被大多数忽视</li>
</ul>
<p>这一切正在改变。</p>
<ul>
<li>企业治理正在改善</li>
<li>股东回报正在增加</li>
<li>资本配置变得更加有纪律</li>
</ul>
<p>Horizon Kinetics 以非常特定的视角看待这一点：</p>
<p><strong>业主 - 运营商。</strong></p>
<p>拥有真正所有权和真实激励的管理团队。</p>
<p>这在任何地方都很重要。</p>
<p>在日本尤其重要。</p>
<p>该基金并不是试图捕捉市场。</p>
<p>它的目标是行为可以解锁价值的子集。</p>
<p>这就是优势所在。</p>
<hr/>
<h2><strong>共同的主题</strong></h2>
<p>不同的策略。</p>
<p>不同的市场。</p>
<p>不同的哲学。</p>
<p>相同的核心理念：</p>
<p><strong>真正的优势。</strong></p>
<ul>
<li>ICPY → 内部信息优势</li>
<li>AAVM → 因素纪律</li>
<li>DEEP → 行为不适</li>
<li>SCAP → 被忽视的收益</li>
<li>JAPN → 资本配置低效</li>
</ul>
<p>这些并不是为了聚集资产而设计的产品。</p>
<p>它们是为了产生回报而设计的策略。</p>
<hr/>
<h2><strong>低调的启示</strong></h2>
<p>这一切都不容易。</p>
<p>这些策略将：</p>
<ul>
<li>在某些时候表现不佳</li>
<li>看起来错误</li>
<li>考验耐心和信念</li>
</ul>
<p>这不是缺陷。</p>
<p>这就是入场的代价。</p>
<p>大多数投资者不会支付这个代价。</p>
<p>他们会：</p>
<ul>
<li>追逐有效的策略</li>
<li>放弃无效的策略</li>
<li>最终得到一个看起来与其他人相似的投资组合</li>
</ul>
<p>这是一种可靠的方式来获得平均结果。</p>
<p>如果你想要更好的东西，你必须采取不同的行动。</p>
<p>由严肃投资者管理的未知 ETF 提供了这样的机会。</p>
<p>不是确定性。</p>
<p>不是平稳的回报。</p>
<p>不是免费的午餐。</p>
<p>只是拥有在一个越来越被没有优势的产品主导的市场中，真正持久优势的机会。</p>
<p>仅此一点就应该足以让人更仔细地审视。</p>

Alpha Architect价值动量趋势ETF

ICPY

<p>这篇文章讨论了较小的、主动管理的 ETF 的潜力，这些 ETF 专注于独特的投资策略，而不是传统的市场跟踪。文章强调了几个基金，包括 Tweedy Browne International Insider Value ETF 和 Alpha Architect Value Momentum ETF，它们采用了严谨的价值投资方法和系统的股票选择。文章指出，这些策略在某些时候可能表现不佳，但旨在产生优越的回报，与优先考虑便利性和广泛曝光的主流 ETF 形成对比</p>

<p>Most of the ETF market is designed for one thing: convenience.</p>
<div class="lb-trans"><p>大部分 ETF 市场的设计目的只有一个：便利性。</p>
</div><p>You get broad exposure, low fees, and something that closely tracks whatever benchmark you've decided to follow. It works. It scales. And over time, it produces results that look very similar to everyone else's.</p>
<div class="lb-trans"><p>你可以获得广泛的市场曝光、低费用，以及与自己决定跟踪的基准非常接近的表现。这是有效的。这是可扩展的。随着时间的推移，它产生的结果看起来与其他人非常相似。</p>
</div><p>That's the trade-off.</p>
<div class="lb-trans"><p>这就是权衡。</p>
</div><p>If your goal is to outperform, you have to look somewhere else.</p>
<div class="lb-trans"><p>如果你的目标是超越市场，你必须寻找其他地方。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Where the Opportunity Actually Lives</strong></h2>
<div class="lb-trans"><h2><strong>机会真正存在的地方</strong></h2>
</div><p>The real opportunity sits in a very different part of the ETF ecosystem.</p>
<div class="lb-trans"><p>真正的机会存在于 ETF 生态系统的一个非常不同的部分。</p>
</div><p>Smaller, actively managed funds run by investors who actually believe in something.</p>
<div class="lb-trans"><p>由真正相信某种理念的投资者管理的小型主动管理基金。</p>
</div><p>Not marketing themes.</p>
<div class="lb-trans"><p>不是市场营销主题。</p>
</div><p>Not committee-built portfolios.</p>
<div class="lb-trans"><p>不是委员会构建的投资组合。</p>
</div><p>Not products designed to gather assets.</p>
<div class="lb-trans"><p>不是为了聚集资产而设计的产品。</p>
</div><p>Real strategies. Backed by experience. Built on philosophy.</p>
<div class="lb-trans"><p>真正的策略。基于经验。建立在哲学之上。</p>
</div><p>Funds like:</p>
<div class="lb-trans"><p>像这样的基金：</p>
</div><ul>
<li>Tweedy Browne International Insider Value ETF</li>
<li>Alpha Architect Value Momentum ETF</li>
<li>Roundhill Acquirers Deep Value ETF</li>
<li>Infrastructure Capital Small Cap Income ETF</li>
<li>Horizon Kinetics Japan Owner Operator ETF</li>
</ul>
<div class="lb-trans"><ul>
<li>Tweedy Browne 国际内部人价值 ETF</li>
<li>Alpha Architect 价值动量 ETF</li>
<li>Roundhill 收购者深度价值 ETF</li>
<li>基础设施资本小型股收益 ETF</li>
<li>Horizon Kinetics 日本业主运营商 ETF</li>
</ul>
</div><p>These are not trying to look like the market.</p>
<div class="lb-trans"><p>这些基金并不是试图与市场相似。</p>
</div><p>They are trying to beat it.</p>
<div class="lb-trans"><p>它们是试图超越市场。</p>
</div><p>That requires a completely different approach.</p>
<div class="lb-trans"><p>这需要完全不同的方法。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Strategies That Actually Have an Edge</strong></h2>
<div class="lb-trans"><h2><strong>真正具有优势的策略</strong></h2>
</div><h3><strong>Tweedy Browne International Insider Value ETF – (NYSE: ICPY)</strong></h3>
<div class="lb-trans"><h3><strong>Tweedy Browne 国际内部人价值 ETF – (NYSE: ICPY)</strong></h3>
</div><p>Start with discipline.</p>
<div class="lb-trans"><p>从纪律开始。</p>
</div><p>Tweedy Browne represents something that is almost extinct in modern markets: true Graham-style value investing.</p>
<div class="lb-trans"><p>Tweedy Browne 代表着现代市场中几乎灭绝的东西：真正的格雷厄姆风格价值投资。</p>
</div><p>This is not branding. It is lineage.</p>
<div class="lb-trans"><p>这不是品牌，而是传承。</p>
</div><p>The firm has spent decades refining a simple idea:</p>
<div class="lb-trans"><p>该公司花了几十年时间来完善一个简单的理念：</p>
</div><p>Buy undervalued assets with a margin of safety.</p>
<div class="lb-trans"><p>以安全边际购买被低估的资产。</p>
</div><p>The twist here is insider activity.</p>
<div class="lb-trans"><p>这里的转折点是内部人活动。</p>
</div><p>Executives buy stock for one reason — they believe it is undervalued.</p>
<div class="lb-trans"><p>高管购买股票的原因只有一个——他们相信它被低估了。</p>
</div><p>This fund combines:</p>
<div class="lb-trans"><p>该基金结合了：</p>
</div><ul>
<li>Global value investing</li>
<li>Insider buying signals</li>
</ul>
<div class="lb-trans"><ul>
<li>全球价值投资</li>
<li>内部人购买信号</li>
</ul>
</div><p>The result is a portfolio built on conviction, not narrative.</p>
<div class="lb-trans"><p>结果是一个基于信念而非叙事的投资组合。</p>
</div><p>It is not flashy.</p>
<div class="lb-trans"><p>这并不华丽。</p>
</div><p>It is also exactly the type of strategy that compounds capital while others chase stories.</p>
<div class="lb-trans"><p>这也是正是那种在其他人追逐故事时复利资本的策略。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Alpha Architect Value Momentum ETF – (NASDAQ: AAVM)</strong></h3>
<div class="lb-trans"><h3><strong>Alpha Architect 价值动量 ETF – (NASDAQ: AAVM)</strong></h3>
</div><p>Now shift to systematic discipline.</p>
<div class="lb-trans"><p>现在转向系统化的纪律。</p>
</div><p>Alpha Architect takes decades of academic research — primarily around value and momentum — and actually implements it correctly.</p>
<div class="lb-trans"><p>Alpha Architect 将几十年的学术研究——主要围绕价值和动量——正确地实施。</p>
</div><p>That is harder than it sounds.</p>
<div class="lb-trans"><p>这比听起来要难。</p>
</div><p>Most investors:</p>
<div class="lb-trans"><p>大多数投资者：</p>
</div><ul>
<li>Abandon value when it underperforms</li>
<li>Chase momentum too late</li>
<li>Blend signals in ways that destroy the edge</li>
</ul>
<div class="lb-trans"><ul>
<li>在表现不佳时放弃价值</li>
<li>过晚追逐动量</li>
<li>以破坏优势的方式混合信号</li>
</ul>
</div><p>This fund removes the human element.</p>
<div class="lb-trans"><p>该基金消除了人为因素。</p>
</div><ul>
<li>Systematic stock selection</li>
<li>Rules-based rebalancing</li>
<li>No emotional decision making</li>
</ul>
<div class="lb-trans"><ul>
<li>系统化股票选择</li>
<li>基于规则的再平衡</li>
<li>无情感决策</li>
</ul>
</div><p>It buys companies that are:</p>
<div class="lb-trans"><p>它购买的公司是：</p>
</div><ul>
<li>Cheap</li>
<li>Trending higher</li>
</ul>
<div class="lb-trans"><ul>
<li>便宜的</li>
<li>趋势向上的</li>
</ul>
</div><p>And it does it consistently.</p>
<div class="lb-trans"><p>并且它始终如一地做到这一点。</p>
</div><p>Not exciting.</p>
<div class="lb-trans"><p>并不刺激。</p>
</div><p>Very effective.</p>
<div class="lb-trans"><p>非常有效。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Roundhill Acquirers Deep Value ETF – (NYSE: DEEP)</strong></h3>
<div class="lb-trans"><h3><strong>Roundhill 收购者深度价值 ETF – (NYSE: DEEP)</strong></h3>
</div><p>This is where things get uncomfortable.</p>
<div class="lb-trans"><p>这就是事情变得不舒服的地方。</p>
</div><p>Deep value, in its purest form.</p>
<div class="lb-trans"><p>深度价值，最纯粹的形式。</p>
</div><p>Based on the work of Tobias Carlisle, this strategy focuses on:</p>
<div class="lb-trans"><p>基于 Tobias Carlisle 的研究，这一策略专注于：</p>
</div><ul>
<li>The cheapest companies in the market</li>
<li>Measured using enterprise value metrics</li>
<li>Filtered for quality to avoid the worst traps</li>
</ul>
<div class="lb-trans"><ul>
<li>市场上最便宜的公司</li>
<li>使用企业价值指标进行衡量</li>
<li>经过质量筛选以避免最糟糕的陷阱</li>
</ul>
</div><p>The portfolio often looks terrible.</p>
<div class="lb-trans"><p>投资组合通常看起来很糟糕。</p>
</div><p>That is the point.</p>
<div class="lb-trans"><p>这正是重点。</p>
</div><p>Deep value works because it is uncomfortable:</p>
<div class="lb-trans"><p>深度价值之所以有效，是因为它让人感到不舒服：</p>
</div><ul>
<li>You are buying what others have abandoned</li>
<li>You are early</li>
<li>You look wrong before you look right</li>
</ul>
<div class="lb-trans"><ul>
<li>你在购买别人抛弃的东西</li>
<li>你是早期投资者</li>
<li>你在看起来错误之前看起来是对的</li>
</ul>
</div><p>Most investors cannot stick with it.</p>
<div class="lb-trans"><p>大多数投资者无法坚持下去。</p>
</div><p>A systematic approach at least gives you a chance.</p>
<div class="lb-trans"><p>系统化的方法至少给你一个机会。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Infrastructure Capital Small Cap Income ETF – (NASDAQ: SCAP)</strong></h3>
<div class="lb-trans"><h3><strong>基础设施资本小型股收益 ETF – (NASDAQ: SCAP)</strong></h3>
</div><p>Income investing has a problem.</p>
<div class="lb-trans"><p>收益投资存在一个问题。</p>
</div><p>Most traditional yield strategies have been:</p>
<div class="lb-trans"><p>大多数传统收益策略一直是：</p>
</div><ul>
<li>Overcrowded</li>
<li>Compressed</li>
<li>Riskier than they appear</li>
</ul>
<div class="lb-trans"><ul>
<li>过于拥挤</li>
<li>被压缩</li>
<li>看起来比实际风险更高</li>
</ul>
</div><p>Infrastructure Capital goes somewhere different.</p>
<div class="lb-trans"><p>基础设施资本走向不同的地方。</p>
</div><p>Small caps.</p>
<div class="lb-trans"><p>小型股。</p>
</div><p>They look for companies that:</p>
<div class="lb-trans"><p>他们寻找的公司是：</p>
</div><ul>
<li>Generate real cash flow</li>
<li>Return capital</li>
<li>Are ignored by traditional income investors</li>
</ul>
<div class="lb-trans"><ul>
<li>产生真实现金流</li>
<li>返还资本</li>
<li>被传统收益投资者忽视</li>
</ul>
</div><p>This is actively managed — and that matters.</p>
<div class="lb-trans"><p>这是主动管理的——这很重要。</p>
</div><p>The team evaluates:</p>
<div class="lb-trans"><p>团队评估：</p>
</div><ul>
<li>Dividend sustainability</li>
<li>Capital appreciation potential</li>
<li>Risk across the portfolio</li>
</ul>
<div class="lb-trans"><ul>
<li>股息可持续性</li>
<li>资本增值潜力</li>
<li>投资组合的风险</li>
</ul>
</div><p>This is not yield-chasing.</p>
<div class="lb-trans"><p>这不是追逐收益。</p>
</div><p>This is income with a process.</p>
<div class="lb-trans"><p>这是一个有过程的收益。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Horizon Kinetics Japan Owner Operator ETF – (NYSE: JAPN)</strong></h3>
<div class="lb-trans"><h3><strong>Horizon Kinetics 日本业主运营商 ETF – (NYSE: JAPN)</strong></h3>
</div><p>This may be the most interesting opportunity set of all.</p>
<div class="lb-trans"><p>这可能是所有机会集中中最有趣的。</p>
</div><p>Japan has been misunderstood for decades:</p>
<div class="lb-trans"><p>日本几十年来一直被误解：</p>
</div><ul>
<li>Viewed as slow growth</li>
<li>Seen as inefficient</li>
<li>Largely ignored by global investors</li>
</ul>
<div class="lb-trans"><ul>
<li>被视为缓慢增长</li>
<li>被认为效率低下</li>
<li>在全球投资者中被大多数忽视</li>
</ul>
</div><p>That is changing.</p>
<div class="lb-trans"><p>这一切正在改变。</p>
</div><ul>
<li>Corporate governance is improving</li>
<li>Shareholder returns are increasing</li>
<li>Capital allocation is becoming more disciplined</li>
</ul>
<div class="lb-trans"><ul>
<li>企业治理正在改善</li>
<li>股东回报正在增加</li>
<li>资本配置变得更加有纪律</li>
</ul>
</div><p>Horizon Kinetics approaches this with a very specific lens:</p>
<div class="lb-trans"><p>Horizon Kinetics 以非常特定的视角看待这一点：</p>
</div><p><strong>Owner-operators.</strong></p>
<div class="lb-trans"><p><strong>业主 - 运营商。</strong></p>
</div><p>Management teams with real ownership — and real incentives.</p>
<div class="lb-trans"><p>拥有真正所有权和真实激励的管理团队。</p>
</div><p>That matters everywhere.</p>
<div class="lb-trans"><p>这在任何地方都很重要。</p>
</div><p>It matters even more in Japan.</p>
<div class="lb-trans"><p>在日本尤其重要。</p>
</div><p>This fund is not trying to capture the market.</p>
<div class="lb-trans"><p>该基金并不是试图捕捉市场。</p>
</div><p>It is targeting the subset where behavior can unlock value.</p>
<div class="lb-trans"><p>它的目标是行为可以解锁价值的子集。</p>
</div><p>That is where the edge lives.</p>
<div class="lb-trans"><p>这就是优势所在。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Common Thread</strong></h2>
<div class="lb-trans"><h2><strong>共同的主题</strong></h2>
</div><p>Different strategies.</p>
<div class="lb-trans"><p>不同的策略。</p>
</div><p>Different markets.</p>
<div class="lb-trans"><p>不同的市场。</p>
</div><p>Different philosophies.</p>
<div class="lb-trans"><p>不同的哲学。</p>
</div><p>Same core idea:</p>
<div class="lb-trans"><p>相同的核心理念：</p>
</div><p><strong>A real edge.</strong></p>
<div class="lb-trans"><p><strong>真正的优势。</strong></p>
</div><ul>
<li>ICPY → Insider information advantage</li>
<li>AAVM → Factor discipline</li>
<li>DEEP → Behavioral discomfort</li>
<li>SCAP → Overlooked income</li>
<li>JAPN → Capital allocation inefficiency</li>
</ul>
<div class="lb-trans"><ul>
<li>ICPY → 内部信息优势</li>
<li>AAVM → 因素纪律</li>
<li>DEEP → 行为不适</li>
<li>SCAP → 被忽视的收益</li>
<li>JAPN → 资本配置低效</li>
</ul>
</div><p>These are not products designed to gather assets.</p>
<div class="lb-trans"><p>这些并不是为了聚集资产而设计的产品。</p>
</div><p>They are strategies designed to generate returns.</p>
<div class="lb-trans"><p>它们是为了产生回报而设计的策略。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Under the Radar Takeaway</strong></h2>
<div class="lb-trans"><h2><strong>低调的启示</strong></h2>
</div><p>None of this is easy.</p>
<div class="lb-trans"><p>这一切都不容易。</p>
</div><p>These strategies will:</p>
<div class="lb-trans"><p>这些策略将：</p>
</div><ul>
<li>Underperform at times</li>
<li>Look wrong</li>
<li>Test patience and conviction</li>
</ul>
<div class="lb-trans"><ul>
<li>在某些时候表现不佳</li>
<li>看起来错误</li>
<li>考验耐心和信念</li>
</ul>
</div><p>That is not a flaw.</p>
<div class="lb-trans"><p>这不是缺陷。</p>
</div><p>That is the price of admission.</p>
<div class="lb-trans"><p>这就是入场的代价。</p>
</div><p>Most investors will not pay it.</p>
<div class="lb-trans"><p>大多数投资者不会支付这个代价。</p>
</div><p>They will:</p>
<div class="lb-trans"><p>他们会：</p>
</div><ul>
<li>Chase what is working</li>
<li>Abandon what is not</li>
<li>End up with a portfolio that looks like everyone else's</li>
</ul>
<div class="lb-trans"><ul>
<li>追逐有效的策略</li>
<li>放弃无效的策略</li>
<li>最终得到一个看起来与其他人相似的投资组合</li>
</ul>
</div><p>That is a reliable way to get average results.</p>
<div class="lb-trans"><p>这是一种可靠的方式来获得平均结果。</p>
</div><p>If you want something better, you have to do something different.</p>
<div class="lb-trans"><p>如果你想要更好的东西，你必须采取不同的行动。</p>
</div><p>Unknown ETFs run by serious investors offer that opportunity.</p>
<div class="lb-trans"><p>由严肃投资者管理的未知 ETF 提供了这样的机会。</p>
</div><p>Not certainty.</p>
<div class="lb-trans"><p>不是确定性。</p>
</div><p>Not smooth returns.</p>
<div class="lb-trans"><p>不是平稳的回报。</p>
</div><p>Not a free lunch.</p>
<div class="lb-trans"><p>不是免费的午餐。</p>
</div><p>Just the chance to own something with a real, durable edge in a market that is increasingly dominated by products that have none.</p>
<div class="lb-trans"><p>只是拥有在一个越来越被没有优势的产品主导的市场中，真正持久优势的机会。</p>
</div><p>That alone should be enough to take a closer look.</p>
<div class="lb-trans"><p>仅此一点就应该足以让人更仔细地审视。</p>
</div>

不被关注的领域：ETF 市场中仍然存在真正的优势