Implementation Hurdle

嗨，爱思考的PZer你好：

这个是教材的原文

Establishing a strategic target to different risk factors is a very important high-level decision, but converting these risk factor targets to actual investment mandates requires additional considerations, including liquidity planning, time and effort for manager selection, and rebalancing policy.

解释一下就是构建risk-based，是根据某个风险因子来做分类实施，但是其它的risk-factor还在，如何把例如liquidity planning这些因素考虑进来尽量的缩小其影响。另外还有其他的因素基金经理的时间精力，做risk based非常累，非常难。这些都是Implementation Hurdle

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！