第五章再平衡 与我们通常的认识不同的是，再平衡并不是简单的高抛低吸，尽管它在具体的操作上的确如此。其目的是为了与既定的投资目标保持一致。 Rebalancing involves taking action to ensure that the current portfolio characteristics match as closely as is practicable the target portfolio allocations. 再平衡本质上是逆向操作。其困难之处不仅在于要逆势而动，更难在持之以恒。在牛市中能保持清醒头脑，坚持再平衡操作，是非常难的。如果不能持之以恒，再平衡经常功亏一匮。 Establishing a contrarian position constitutes only half of the battle. Failure awaits the contrarian investor who loses verve. Suppose an investor initially avoids the flavor of the month. Months become quarters and quarters become years. Ultimately, the weak-kneed contrarian capitulates, buying into the new-era reasoning. Of course, the buy-in comes just as the mania peaks, causing the realization of pain with the offset of gain. Taking a contrarian tack in the absence of the ability to persevere leads to poor results. 与高买低卖不同，投资者经常犯的一个错误是持股不动，任由市场波动左右组合的风险-收益特征。Allowing portfolio risk characteristics to drift with the waxing and waning of markets makes no sense.(P196) 再平衡的最重要的目的是获得期望的组合特征。Obtaining the desired portfolio characteristics represents the most important consequence of rebalancing. 尽管再平衡的目的并不是收益最大化（正如莫布森在《实力、运气与成功》中所说的那样，在运气主导的事情中，不要追求最优化，而要留有余地。相反，要更重视流程，或者遵守既定的目标），再平衡经常带来“控风险、增收益”的结果。The risk-control benefits and incremental-return-generating ability of rebalancing activity. （p193） Yet, regardless of the frequency of rebalancing, fidelity to asset-allocation targets proves important as a means of risk control and valuable as a tool for return enhancement. 尽管再平衡有时增加短期成本，但坚守资产组合的目标，投资使自己承担的风险水平保持在合意范围内，也为长期的成功奠定基础。 Even though rebalancing sometimes appears costly in the short run, by maintaining asset-allocation targets, investors expose themselves to the desired risk level and position themselves for long-run success. 至于再平衡的频率，作者并没有建议，而是说要考虑交易成本、税收等因素。他所管理的耶鲁大学捐赠基金由于免税，因此，再平衡的频率貌似较高（real-time rebalancing）。