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本文在系统梳理逆周期投资与顺周期投资的利弊比较的文献基础上,对金融危机时期的机构投资者投资行为进行了简要描述,进而通过研究美国2008年金融危机期间巴菲特管理的保险资金所采取的“逆周期”投资策略的独特案例,分析了金融危机期间伯克希尔公司对现金、股票、固定收益证券的投资组合选择行为变化,以及对债券保险、信用违约互换、期权等金融衍生品的运用。在此基础上,本文对保险资金如何在金融危机时期开展“逆周期”投资进行了经验总结并提出相应建议。
Based on the literature of combing the advantages and disadvantages of countercyclical investment and pro-cyclical investment, this paper briefly describes the investment behavior of institutional investors during the financial crisis. By studying the insurance funds managed by Buffett during the financial crisis of 2008 in the United States, In a unique case of “countercyclical” investment strategy, Berkshire’s portfolio selection behavior for cash, equities and fixed income securities was analyzed during the financial crisis as well as changes in bond insurance, credit default swaps, options, etc. The use of financial derivatives. On this basis, this paper summarizes the experience of how insurance funds carry out “countercyclical” investment during the financial crisis and puts forward corresponding suggestions.