AO ALM

嗨，从没放弃的小努力你好：

老师Trainor的either or为什么错了？机构投资者有的要么关注资产即AO，有的关注负债ALM，有什么不对吗？

Trainor: A goals-based approach to asset allocation is appropriate for individual investors, but institutions need to focus either on the asset or liability side of the balance sheet, depending on the nature of their business.

机构投资者资产配置有AO和ALM两种方法，AO方法只看资产端，ALM要专注于资产和负债两端，两端要匹配，所以T同学说机构投资者focus on the asset side of the balance sheet倒是没问题的，错在 either on the asset or liability side of the balance sheet，正确的表述应该是focus on the relation of asset and liability。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！