<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>圖片來源：Pixabay</em></p>
<p>我們已經有一段時間沒有關注 Cambria Endowment Style ETF (ENDW) 了，我相信這是第二個由 351 轉換創建的 ETF。簡單來説，擁有低成本基礎股票的投資者可以參與 351 轉換，以換取更為多樣化的投資組合。根據我的理解，這並不會消除成本基礎，但確實可以分散單隻股票在投資組合中佔據的巨大比例所帶來的風險。</p>
<p>與此同時，ENDW ETF 到目前為止表現非常出色。</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>(點擊圖片放大)</em></p>
<p>投資組合的形成花了一段時間。這可能與 351 轉換的機制有關，但看起來主要是個別股票被貢獻到基金的種子中——如果你現在查看持倉，可能仍未完全實施。</p>
<p>持倉包括數十隻權重極小的個股和幾隻同樣權重極小的 ETF。例如，我不太明白 Hartford Multifactor Developed Markets ex-US ETF (RODM) 在基金中佔 0.13% 權重的目的是什麼。</p>
<p>如果我沒記錯的話，ENDW 基金在春末或初夏開始成型，目前有大量的外國股票敞口，一些黃金，以及相當多的管理期貨，這可能為迄今為止的良好表現做出了貢獻。</p>
<p>與 Cambria Trinity ETF (TRTY) 不同，後者在趨勢上佔 35%，股票佔 25%，固定收益佔 25%，另類策略佔 15%，ENDW 的描述則更為模糊。它是主動管理的，提到要積極進取，並被描述為在美國、外國發達市場和新興市場中 “接觸多個主要資產類別（例如，股票、固定收益、真實資產和替代投資）”。</p>
<p>上述比較包括 SPDR Bridgewater ALL Weather ETF (ALLW) 和 Permanent Portfolio (PRPFX)，我認為它們也是潛在的單票投資組合解決方案。我使用了 iShares Core 60/40 Balanced Allocation ETF (AOR)，而不是 Vanguard Balanced Index Fund Institutional Shares (VBAIX)，因為該共同基金的圖表似乎因大額資本利得分配而扭曲。</p>
<p>説到 TRTY ETF，我們前幾天提到它在 2025 年表現出色，該基金可能是借用他人投資組合設計並使用自己的輸入構建更好投資組合的最佳例子。</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>(點擊圖片放大)</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>(點擊圖片放大)</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>(點擊圖片放大)</em></p>
<p>TRTY 和我們版本之間的差異可以歸因於 TRTY 基金過去持有更多的久期，並且始終持有相當多的外國股票和價值股。我們的版本沒有久期，沒有股票因子偏見，但在管理期貨方面也過於集中，超出了我的喜好。</p>
<p>《華爾街日報》對 IRMAA 的運作進行了有益的介紹。IRMAA 代表與退休人員支付 Medicare B 和 D 部分相關的收入相關月度調整金額。它本質上是對高收入者在 Medicare 支付中收取的附加費用。這個表格特別有用。</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>(點擊圖片放大)</em></p>
<p>一位評論者觀察到，這是一種社會保障的手段測試。具體機制是，無論你是否受到 IRMAA 的影響，你為 Medicare 支付的費用都會從你的社會保障支票中扣除。如果你的社會保障支票是 3500 美元，你配偶的支票是 2000 美元，而你的收入低於 218,000 美元，那麼你們每個人的支票將減少 202.50 美元。部分 D 可以扣除，但顯然在這方面有一些選擇，如果你有像部分 G 這樣的補充保險，你會直接支付給保險公司。</p>
<p>每個人都有權對這一點的公平性發表看法。但比每人額外支付 200-300 美元的潛在更嚴重情況是，如果一對夫婦在退休期間收入為 150,000 美元，然後一方去世，收入仍然超過 109,000 美元的單一申報者，他們將會受到 IRMAA 的影響，這對我來説似乎更像是一種懲罰。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>週五的抗脆弱性</p>
<p>增長與穩定，而非股票與固定收益</p>
<p>ETF 混亂</p>

ENDW

TRTY

<p>Cambria Endowment Style ETF（ENDW）自成立以來表現出色，使投資者能夠通過 351 轉換來實現投資組合的多樣化。該基金包括個別股票和 ETF 的組合，具有顯著的外國股票敞口和管理期貨。與 Cambria Trinity ETF（TRTY）不同，ENDW 的策略不那麼明確，但旨在對各種資產類別進行積極管理。此外，文章討論了與退休人員相關的收入調整月金額（IRMAA）的影響，強調其對醫療保險費用和社會保障福利的影響</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>圖片來源：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>我們已經有一段時間沒有關注 Cambria Endowment Style ETF (ENDW) 了，我相信這是第二個由 351 轉換創建的 ETF。簡單來説，擁有低成本基礎股票的投資者可以參與 351 轉換，以換取更為多樣化的投資組合。根據我的理解，這並不會消除成本基礎，但確實可以分散單隻股票在投資組合中佔據的巨大比例所帶來的風險。</p>
</div><p>Meanwhile, the ENDW ETF has had fantastic results thus far.</p>
<div class="lb-trans"><p>與此同時，ENDW ETF 到目前為止表現非常出色。</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>(點擊圖片放大)</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>投資組合的形成花了一段時間。這可能與 351 轉換的機制有關，但看起來主要是個別股票被貢獻到基金的種子中——如果你現在查看持倉，可能仍未完全實施。</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>持倉包括數十隻權重極小的個股和幾隻同樣權重極小的 ETF。例如，我不太明白 Hartford Multifactor Developed Markets ex-US ETF (RODM) 在基金中佔 0.13% 權重的目的是什麼。</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>如果我沒記錯的話，ENDW 基金在春末或初夏開始成型，目前有大量的外國股票敞口，一些黃金，以及相當多的管理期貨，這可能為迄今為止的良好表現做出了貢獻。</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>與 Cambria Trinity ETF (TRTY) 不同，後者在趨勢上佔 35%，股票佔 25%，固定收益佔 25%，另類策略佔 15%，ENDW 的描述則更為模糊。它是主動管理的，提到要積極進取，並被描述為在美國、外國發達市場和新興市場中 “接觸多個主要資產類別（例如，股票、固定收益、真實資產和替代投資）”。</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>上述比較包括 SPDR Bridgewater ALL Weather ETF (ALLW) 和 Permanent Portfolio (PRPFX)，我認為它們也是潛在的單票投資組合解決方案。我使用了 iShares Core 60/40 Balanced Allocation ETF (AOR)，而不是 Vanguard Balanced Index Fund Institutional Shares (VBAIX)，因為該共同基金的圖表似乎因大額資本利得分配而扭曲。</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>説到 TRTY ETF，我們前幾天提到它在 2025 年表現出色，該基金可能是借用他人投資組合設計並使用自己的輸入構建更好投資組合的最佳例子。</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>(點擊圖片放大)</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>(點擊圖片放大)</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>(點擊圖片放大)</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 和我們版本之間的差異可以歸因於 TRTY 基金過去持有更多的久期，並且始終持有相當多的外國股票和價值股。我們的版本沒有久期，沒有股票因子偏見，但在管理期貨方面也過於集中，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>《華爾街日報》對 IRMAA 的運作進行了有益的介紹。IRMAA 代表與退休人員支付 Medicare B 和 D 部分相關的收入相關月度調整金額。它本質上是對高收入者在 Medicare 支付中收取的附加費用。這個表格特別有用。</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>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</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>一位評論者觀察到，這是一種社會保障的手段測試。具體機制是，無論你是否受到 IRMAA 的影響，你為 Medicare 支付的費用都會從你的社會保障支票中扣除。如果你的社會保障支票是 3500 美元，你配偶的支票是 2000 美元，而你的收入低於 218,000 美元，那麼你們每個人的支票將減少 202.50 美元。部分 D 可以扣除，但顯然在這方面有一些選擇，如果你有像部分 G 這樣的補充保險，你會直接支付給保險公司。</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>每個人都有權對這一點的公平性發表看法。但比每人額外支付 200-300 美元的潛在更嚴重情況是，如果一對夫婦在退休期間收入為 150,000 美元，然後一方去世，收入仍然超過 109,000 美元的單一申報者，他們將會受到 IRMAA 的影響，這對我來説似乎更像是一種懲罰。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Friday Antifragility</p>
<div class="lb-trans"><p>週五的抗脆弱性</p>
</div><p>Growth &amp; Stability, Not Equities &amp; Fixed Income</p>
<div class="lb-trans"><p>增長與穩定，而非股票與固定收益</p>
</div><p>ETF Slop</p>
<div class="lb-trans"><p>ETF 混亂</p>
</div>

又一個 Cambria ETF 正在崩潰