What was the best-performing asset class in 2020? If you think “tech stocks” or “bitcoin”, think again. Instead, as the Bridgewater hedge fund recently wrote to its clients, “among the more interesting and least recognised outcomes” of 2020 was that US inflation-linked bonds beat other assets by delivering a 35 per cent return, on a risk-adjusted basis, as investors hedged against inflation risks.
2020年表现最好的资产类别是什么?如果你想的是“科技股”或“比特币”,请再想想。正如桥水(Bridgewater)对冲基金在最近写给客户的信中所说,2020年“最有趣、却最不起眼的情况之一”其实是,由于投资者对冲通胀风险,美国通胀挂钩债券经风险调整后实现了35%的回报率,超过了其他资产类别。
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