L3， reading 27 full replication到底成本是高还是低？ 题, 的, investment, reading, highest

wanghaha

book 4, page260, 第17题和20题的答案是不是相反的啊，我越看越模糊17题答案说: Full replication is likely to have the highest investment cost
19题答案说: Full replication has self-rebalancing properties when used for float-weight index, which would translate into lower transaction fees.
这两个怎么理解？求教各位大牛

cloudfengchao

这两种cost不是一个概念：
full replication has highest construction cost (b/c each piece of the index has to be purchased when the replication strategy is initially setup) but lowest rebalance cost (b/c full replication only needs to rebalance when a component get deleted or added to the index)

riki930

当时看书时就经常有坑爹的感觉，只有L3有这种感觉

必胜2012

一个是前期投入资本成本；一个是后期交易成本吧。

ivygmat

组建成本最高，但是因为自身self rebalance的优势，交易成本会低，我这么理解地~

ivygmat

组建成本最高，但是因为自身self rebalance的优势，交易成本会低，我这么理解地~