<p>大部分 ETF 市場的設計目的只有一個：便利性。</p>
<p>你可以獲得廣泛的市場曝光、低費用，以及與自己決定跟蹤的基準非常接近的表現。這是有效的。這是可擴展的。隨着時間的推移，它產生的結果看起來與其他人非常相似。</p>
<p>這就是權衡。</p>
<p>如果你的目標是超越市場，你必須尋找其他地方。</p>
<hr/>
<h2><strong>機會真正存在的地方</strong></h2>
<p>真正的機會存在於 ETF 生態系統的一個非常不同的部分。</p>
<p>由真正相信某種理念的投資者管理的小型主動管理基金。</p>
<p>不是市場營銷主題。</p>
<p>不是委員會構建的投資組合。</p>
<p>不是為了聚集資產而設計的產品。</p>
<p>真正的策略。基於經驗。建立在哲學之上。</p>
<p>像這樣的基金：</p>
<ul>
<li>Tweedy Browne 國際內部人價值 ETF</li>
<li>Alpha Architect 價值動量 ETF</li>
<li>Roundhill 收購者深度價值 ETF</li>
<li>基礎設施資本小型股收益 ETF</li>
<li>Horizon Kinetics 日本業主運營商 ETF</li>
</ul>
<p>這些基金並不是試圖與市場相似。</p>
<p>它們是試圖超越市場。</p>
<p>這需要完全不同的方法。</p>
<hr/>
<h2><strong>真正具有優勢的策略</strong></h2>
<h3><strong>Tweedy Browne 國際內部人價值 ETF – (NYSE: ICPY)</strong></h3>
<p>從紀律開始。</p>
<p>Tweedy Browne 代表着現代市場中幾乎滅絕的東西：真正的格雷厄姆風格價值投資。</p>
<p>這不是品牌，而是傳承。</p>
<p>該公司花了幾十年時間來完善一個簡單的理念：</p>
<p>以安全邊際購買被低估的資產。</p>
<p>這裏的轉折點是內部人活動。</p>
<p>高管購買股票的原因只有一個——他們相信它被低估了。</p>
<p>該基金結合了：</p>
<ul>
<li>全球價值投資</li>
<li>內部人購買信號</li>
</ul>
<p>結果是一個基於信念而非敍事的投資組合。</p>
<p>這並不華麗。</p>
<p>這也是正是那種在其他人追逐故事時複利資本的策略。</p>
<hr/>
<h3><strong>Alpha Architect 價值動量 ETF – (NASDAQ: AAVM)</strong></h3>
<p>現在轉向系統化的紀律。</p>
<p>Alpha Architect 將幾十年的學術研究——主要圍繞價值和動量——正確地實施。</p>
<p>這比聽起來要難。</p>
<p>大多數投資者：</p>
<ul>
<li>在表現不佳時放棄價值</li>
<li>過晚追逐動量</li>
<li>以破壞優勢的方式混合信號</li>
</ul>
<p>該基金消除了人為因素。</p>
<ul>
<li>系統化股票選擇</li>
<li>基於規則的再平衡</li>
<li>無情感決策</li>
</ul>
<p>它購買的公司是：</p>
<ul>
<li>便宜的</li>
<li>趨勢向上的</li>
</ul>
<p>並且它始終如一地做到這一點。</p>
<p>並不刺激。</p>
<p>非常有效。</p>
<hr/>
<h3><strong>Roundhill 收購者深度價值 ETF – (NYSE: DEEP)</strong></h3>
<p>這就是事情變得不舒服的地方。</p>
<p>深度價值，最純粹的形式。</p>
<p>基於 Tobias Carlisle 的研究，這一策略專注於：</p>
<ul>
<li>市場上最便宜的公司</li>
<li>使用企業價值指標進行衡量</li>
<li>經過質量篩選以避免最糟糕的陷阱</li>
</ul>
<p>投資組合通常看起來很糟糕。</p>
<p>這正是重點。</p>
<p>深度價值之所以有效，是因為它讓人感到不舒服：</p>
<ul>
<li>你在購買別人拋棄的東西</li>
<li>你是早期投資者</li>
<li>你在看起來錯誤之前看起來是對的</li>
</ul>
<p>大多數投資者無法堅持下去。</p>
<p>系統化的方法至少給你一個機會。</p>
<hr/>
<h3><strong>基礎設施資本小型股收益 ETF – (NASDAQ: SCAP)</strong></h3>
<p>收益投資存在一個問題。</p>
<p>大多數傳統收益策略一直是：</p>
<ul>
<li>過於擁擠</li>
<li>被壓縮</li>
<li>看起來比實際風險更高</li>
</ul>
<p>基礎設施資本走向不同的地方。</p>
<p>小型股。</p>
<p>他們尋找的公司是：</p>
<ul>
<li>產生真實現金流</li>
<li>返還資本</li>
<li>被傳統收益投資者忽視</li>
</ul>
<p>這是主動管理的——這很重要。</p>
<p>團隊評估：</p>
<ul>
<li>股息可持續性</li>
<li>資本增值潛力</li>
<li>投資組合的風險</li>
</ul>
<p>這不是追逐收益。</p>
<p>這是一個有過程的收益。</p>
<hr/>
<h3><strong>Horizon Kinetics 日本業主運營商 ETF – (NYSE: JAPN)</strong></h3>
<p>這可能是所有機會集中中最有趣的。</p>
<p>日本幾十年來一直被誤解：</p>
<ul>
<li>被視為緩慢增長</li>
<li>被認為效率低下</li>
<li>在全球投資者中被大多數忽視</li>
</ul>
<p>這一切正在改變。</p>
<ul>
<li>企業治理正在改善</li>
<li>股東回報正在增加</li>
<li>資本配置變得更加有紀律</li>
</ul>
<p>Horizon Kinetics 以非常特定的視角看待這一點：</p>
<p><strong>業主 - 運營商。</strong></p>
<p>擁有真正所有權和真實激勵的管理團隊。</p>
<p>這在任何地方都很重要。</p>
<p>在日本尤其重要。</p>
<p>該基金並不是試圖捕捉市場。</p>
<p>它的目標是行為可以解鎖價值的子集。</p>
<p>這就是優勢所在。</p>
<hr/>
<h2><strong>共同的主題</strong></h2>
<p>不同的策略。</p>
<p>不同的市場。</p>
<p>不同的哲學。</p>
<p>相同的核心理念：</p>
<p><strong>真正的優勢。</strong></p>
<ul>
<li>ICPY → 內部信息優勢</li>
<li>AAVM → 因素紀律</li>
<li>DEEP → 行為不適</li>
<li>SCAP → 被忽視的收益</li>
<li>JAPN → 資本配置低效</li>
</ul>
<p>這些並不是為了聚集資產而設計的產品。</p>
<p>它們是為了產生回報而設計的策略。</p>
<hr/>
<h2><strong>低調的啓示</strong></h2>
<p>這一切都不容易。</p>
<p>這些策略將：</p>
<ul>
<li>在某些時候表現不佳</li>
<li>看起來錯誤</li>
<li>考驗耐心和信念</li>
</ul>
<p>這不是缺陷。</p>
<p>這就是入場的代價。</p>
<p>大多數投資者不會支付這個代價。</p>
<p>他們會：</p>
<ul>
<li>追逐有效的策略</li>
<li>放棄無效的策略</li>
<li>最終得到一個看起來與其他人相似的投資組合</li>
</ul>
<p>這是一種可靠的方式來獲得平均結果。</p>
<p>如果你想要更好的東西，你必須採取不同的行動。</p>
<p>由嚴肅投資者管理的未知 ETF 提供了這樣的機會。</p>
<p>不是確定性。</p>
<p>不是平穩的回報。</p>
<p>不是免費的午餐。</p>
<p>只是擁有在一個越來越被沒有優勢的產品主導的市場中，真正持久優勢的機會。</p>
<p>僅此一點就應該足以讓人更仔細地審視。</p>

Alpha Architect價值動量趨勢ETF

ICPY

<p>這篇文章討論了較小的、主動管理的 ETF 的潛力，這些 ETF 專注於獨特的投資策略，而不是傳統的市場跟蹤。文章強調了幾個基金，包括 Tweedy Browne International Insider Value ETF 和 Alpha Architect Value Momentum ETF，它們採用了嚴謹的價值投資方法和系統的股票選擇。文章指出，這些策略在某些時候可能表現不佳，但旨在產生優越的回報，與優先考慮便利性和廣泛曝光的主流 ETF 形成對比</p>

<p>Most of the ETF market is designed for one thing: convenience.</p>
<div class="lb-trans"><p>大部分 ETF 市場的設計目的只有一個：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>你可以獲得廣泛的市場曝光、低費用，以及與自己決定跟蹤的基準非常接近的表現。這是有效的。這是可擴展的。隨着時間的推移，它產生的結果看起來與其他人非常相似。</p>
</div><p>That's the trade-off.</p>
<div class="lb-trans"><p>這就是權衡。</p>
</div><p>If your goal is to outperform, you have to look somewhere else.</p>
<div class="lb-trans"><p>如果你的目標是超越市場，你必須尋找其他地方。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Where the Opportunity Actually Lives</strong></h2>
<div class="lb-trans"><h2><strong>機會真正存在的地方</strong></h2>
</div><p>The real opportunity sits in a very different part of the ETF ecosystem.</p>
<div class="lb-trans"><p>真正的機會存在於 ETF 生態系統的一個非常不同的部分。</p>
</div><p>Smaller, actively managed funds run by investors who actually believe in something.</p>
<div class="lb-trans"><p>由真正相信某種理念的投資者管理的小型主動管理基金。</p>
</div><p>Not marketing themes.</p>
<div class="lb-trans"><p>不是市場營銷主題。</p>
</div><p>Not committee-built portfolios.</p>
<div class="lb-trans"><p>不是委員會構建的投資組合。</p>
</div><p>Not products designed to gather assets.</p>
<div class="lb-trans"><p>不是為了聚集資產而設計的產品。</p>
</div><p>Real strategies. Backed by experience. Built on philosophy.</p>
<div class="lb-trans"><p>真正的策略。基於經驗。建立在哲學之上。</p>
</div><p>Funds like:</p>
<div class="lb-trans"><p>像這樣的基金：</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 國際內部人價值 ETF</li>
<li>Alpha Architect 價值動量 ETF</li>
<li>Roundhill 收購者深度價值 ETF</li>
<li>基礎設施資本小型股收益 ETF</li>
<li>Horizon Kinetics 日本業主運營商 ETF</li>
</ul>
</div><p>These are not trying to look like the market.</p>
<div class="lb-trans"><p>這些基金並不是試圖與市場相似。</p>
</div><p>They are trying to beat it.</p>
<div class="lb-trans"><p>它們是試圖超越市場。</p>
</div><p>That requires a completely different approach.</p>
<div class="lb-trans"><p>這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>真正具有優勢的策略</strong></h2>
</div><h3><strong>Tweedy Browne International Insider Value ETF – (NYSE: ICPY)</strong></h3>
<div class="lb-trans"><h3><strong>Tweedy Browne 國際內部人價值 ETF – (NYSE: ICPY)</strong></h3>
</div><p>Start with discipline.</p>
<div class="lb-trans"><p>從紀律開始。</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 代表着現代市場中幾乎滅絕的東西：真正的格雷厄姆風格價值投資。</p>
</div><p>This is not branding. It is lineage.</p>
<div class="lb-trans"><p>這不是品牌，而是傳承。</p>
</div><p>The firm has spent decades refining a simple idea:</p>
<div class="lb-trans"><p>該公司花了幾十年時間來完善一個簡單的理念：</p>
</div><p>Buy undervalued assets with a margin of safety.</p>
<div class="lb-trans"><p>以安全邊際購買被低估的資產。</p>
</div><p>The twist here is insider activity.</p>
<div class="lb-trans"><p>這裏的轉折點是內部人活動。</p>
</div><p>Executives buy stock for one reason — they believe it is undervalued.</p>
<div class="lb-trans"><p>高管購買股票的原因只有一個——他們相信它被低估了。</p>
</div><p>This fund combines:</p>
<div class="lb-trans"><p>該基金結合了：</p>
</div><ul>
<li>Global value investing</li>
<li>Insider buying signals</li>
</ul>
<div class="lb-trans"><ul>
<li>全球價值投資</li>
<li>內部人購買信號</li>
</ul>
</div><p>The result is a portfolio built on conviction, not narrative.</p>
<div class="lb-trans"><p>結果是一個基於信念而非敍事的投資組合。</p>
</div><p>It is not flashy.</p>
<div class="lb-trans"><p>這並不華麗。</p>
</div><p>It is also exactly the type of strategy that compounds capital while others chase stories.</p>
<div class="lb-trans"><p>這也是正是那種在其他人追逐故事時複利資本的策略。</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 價值動量 ETF – (NASDAQ: AAVM)</strong></h3>
</div><p>Now shift to systematic discipline.</p>
<div class="lb-trans"><p>現在轉向系統化的紀律。</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 將幾十年的學術研究——主要圍繞價值和動量——正確地實施。</p>
</div><p>That is harder than it sounds.</p>
<div class="lb-trans"><p>這比聽起來要難。</p>
</div><p>Most investors:</p>
<div class="lb-trans"><p>大多數投資者：</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>在表現不佳時放棄價值</li>
<li>過晚追逐動量</li>
<li>以破壞優勢的方式混合信號</li>
</ul>
</div><p>This fund removes the human element.</p>
<div class="lb-trans"><p>該基金消除了人為因素。</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>系統化股票選擇</li>
<li>基於規則的再平衡</li>
<li>無情感決策</li>
</ul>
</div><p>It buys companies that are:</p>
<div class="lb-trans"><p>它購買的公司是：</p>
</div><ul>
<li>Cheap</li>
<li>Trending higher</li>
</ul>
<div class="lb-trans"><ul>
<li>便宜的</li>
<li>趨勢向上的</li>
</ul>
</div><p>And it does it consistently.</p>
<div class="lb-trans"><p>並且它始終如一地做到這一點。</p>
</div><p>Not exciting.</p>
<div class="lb-trans"><p>並不刺激。</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 收購者深度價值 ETF – (NYSE: DEEP)</strong></h3>
</div><p>This is where things get uncomfortable.</p>
<div class="lb-trans"><p>這就是事情變得不舒服的地方。</p>
</div><p>Deep value, in its purest form.</p>
<div class="lb-trans"><p>深度價值，最純粹的形式。</p>
</div><p>Based on the work of Tobias Carlisle, this strategy focuses on:</p>
<div class="lb-trans"><p>基於 Tobias Carlisle 的研究，這一策略專注於：</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>市場上最便宜的公司</li>
<li>使用企業價值指標進行衡量</li>
<li>經過質量篩選以避免最糟糕的陷阱</li>
</ul>
</div><p>The portfolio often looks terrible.</p>
<div class="lb-trans"><p>投資組合通常看起來很糟糕。</p>
</div><p>That is the point.</p>
<div class="lb-trans"><p>這正是重點。</p>
</div><p>Deep value works because it is uncomfortable:</p>
<div class="lb-trans"><p>深度價值之所以有效，是因為它讓人感到不舒服：</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>你在購買別人拋棄的東西</li>
<li>你是早期投資者</li>
<li>你在看起來錯誤之前看起來是對的</li>
</ul>
</div><p>Most investors cannot stick with it.</p>
<div class="lb-trans"><p>大多數投資者無法堅持下去。</p>
</div><p>A systematic approach at least gives you a chance.</p>
<div class="lb-trans"><p>系統化的方法至少給你一個機會。</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>基礎設施資本小型股收益 ETF – (NASDAQ: SCAP)</strong></h3>
</div><p>Income investing has a problem.</p>
<div class="lb-trans"><p>收益投資存在一個問題。</p>
</div><p>Most traditional yield strategies have been:</p>
<div class="lb-trans"><p>大多數傳統收益策略一直是：</p>
</div><ul>
<li>Overcrowded</li>
<li>Compressed</li>
<li>Riskier than they appear</li>
</ul>
<div class="lb-trans"><ul>
<li>過於擁擠</li>
<li>被壓縮</li>
<li>看起來比實際風險更高</li>
</ul>
</div><p>Infrastructure Capital goes somewhere different.</p>
<div class="lb-trans"><p>基礎設施資本走向不同的地方。</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>他們尋找的公司是：</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>產生真實現金流</li>
<li>返還資本</li>
<li>被傳統收益投資者忽視</li>
</ul>
</div><p>This is actively managed — and that matters.</p>
<div class="lb-trans"><p>這是主動管理的——這很重要。</p>
</div><p>The team evaluates:</p>
<div class="lb-trans"><p>團隊評估：</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>股息可持續性</li>
<li>資本增值潛力</li>
<li>投資組合的風險</li>
</ul>
</div><p>This is not yield-chasing.</p>
<div class="lb-trans"><p>這不是追逐收益。</p>
</div><p>This is income with a process.</p>
<div class="lb-trans"><p>這是一個有過程的收益。</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 日本業主運營商 ETF – (NYSE: JAPN)</strong></h3>
</div><p>This may be the most interesting opportunity set of all.</p>
<div class="lb-trans"><p>這可能是所有機會集中中最有趣的。</p>
</div><p>Japan has been misunderstood for decades:</p>
<div class="lb-trans"><p>日本幾十年來一直被誤解：</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>被視為緩慢增長</li>
<li>被認為效率低下</li>
<li>在全球投資者中被大多數忽視</li>
</ul>
</div><p>That is changing.</p>
<div class="lb-trans"><p>這一切正在改變。</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>企業治理正在改善</li>
<li>股東回報正在增加</li>
<li>資本配置變得更加有紀律</li>
</ul>
</div><p>Horizon Kinetics approaches this with a very specific lens:</p>
<div class="lb-trans"><p>Horizon Kinetics 以非常特定的視角看待這一點：</p>
</div><p><strong>Owner-operators.</strong></p>
<div class="lb-trans"><p><strong>業主 - 運營商。</strong></p>
</div><p>Management teams with real ownership — and real incentives.</p>
<div class="lb-trans"><p>擁有真正所有權和真實激勵的管理團隊。</p>
</div><p>That matters everywhere.</p>
<div class="lb-trans"><p>這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>該基金並不是試圖捕捉市場。</p>
</div><p>It is targeting the subset where behavior can unlock value.</p>
<div class="lb-trans"><p>它的目標是行為可以解鎖價值的子集。</p>
</div><p>That is where the edge lives.</p>
<div class="lb-trans"><p>這就是優勢所在。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Common Thread</strong></h2>
<div class="lb-trans"><h2><strong>共同的主題</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>不同的市場。</p>
</div><p>Different philosophies.</p>
<div class="lb-trans"><p>不同的哲學。</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>真正的優勢。</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 → 內部信息優勢</li>
<li>AAVM → 因素紀律</li>
<li>DEEP → 行為不適</li>
<li>SCAP → 被忽視的收益</li>
<li>JAPN → 資本配置低效</li>
</ul>
</div><p>These are not products designed to gather assets.</p>
<div class="lb-trans"><p>這些並不是為了聚集資產而設計的產品。</p>
</div><p>They are strategies designed to generate returns.</p>
<div class="lb-trans"><p>它們是為了產生回報而設計的策略。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Under the Radar Takeaway</strong></h2>
<div class="lb-trans"><h2><strong>低調的啓示</strong></h2>
</div><p>None of this is easy.</p>
<div class="lb-trans"><p>這一切都不容易。</p>
</div><p>These strategies will:</p>
<div class="lb-trans"><p>這些策略將：</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>在某些時候表現不佳</li>
<li>看起來錯誤</li>
<li>考驗耐心和信念</li>
</ul>
</div><p>That is not a flaw.</p>
<div class="lb-trans"><p>這不是缺陷。</p>
</div><p>That is the price of admission.</p>
<div class="lb-trans"><p>這就是入場的代價。</p>
</div><p>Most investors will not pay it.</p>
<div class="lb-trans"><p>大多數投資者不會支付這個代價。</p>
</div><p>They will:</p>
<div class="lb-trans"><p>他們會：</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>放棄無效的策略</li>
<li>最終得到一個看起來與其他人相似的投資組合</li>
</ul>
</div><p>That is a reliable way to get average results.</p>
<div class="lb-trans"><p>這是一種可靠的方式來獲得平均結果。</p>
</div><p>If you want something better, you have to do something different.</p>
<div class="lb-trans"><p>如果你想要更好的東西，你必須採取不同的行動。</p>
</div><p>Unknown ETFs run by serious investors offer that opportunity.</p>
<div class="lb-trans"><p>由嚴肅投資者管理的未知 ETF 提供了這樣的機會。</p>
</div><p>Not certainty.</p>
<div class="lb-trans"><p>不是確定性。</p>
</div><p>Not smooth returns.</p>
<div class="lb-trans"><p>不是平穩的回報。</p>
</div><p>Not a free lunch.</p>
<div class="lb-trans"><p>不是免費的午餐。</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>只是擁有在一個越來越被沒有優勢的產品主導的市場中，真正持久優勢的機會。</p>
</div><p>That alone should be enough to take a closer look.</p>
<div class="lb-trans"><p>僅此一點就應該足以讓人更仔細地審視。</p>
</div>

不被關注的領域：ETF 市場中仍然存在真正的優勢