{"id":15732,"date":"2026-04-23T17:44:00","date_gmt":"2026-04-23T17:44:00","guid":{"rendered":"https:\/\/algo0.com\/?p=15732"},"modified":"2026-08-16T14:23:01","modified_gmt":"2026-08-16T14:23:01","slug":"the-hidden-risks-in-systematic-portfolio-management-investors-overlook","status":"publish","type":"post","link":"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/","title":{"rendered":"\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u062c\u0627\u0647\u0644\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646"},"content":{"rendered":"<p>\u062a\u0639\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 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\u0627\u0644\u0630\u064a\u0646 \u064a\u0639\u062a\u0645\u062f\u0648\u0646 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0627\u0644\u064a\u0628 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0644\u0644\u062a\u0646\u0642\u0644 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0639\u0642\u062f\u0629 \u062f\u0648\u0646 \u0627\u0644\u0648\u0642\u0648\u0639 \u0641\u064a \u0641\u062e \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0639\u0627\u0637\u0641\u064a\u0629.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #2b7abf;color:#2b7abf\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #2b7abf;color:#2b7abf\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#A_Practical_Note_on_Evaluating_Systematic_Portfolio_Risk\" >\u0645\u0644\u0627\u062d\u0638\u0629 \u0639\u0645\u0644\u064a\u0629 \u062d\u0648\u0644 \u062a\u0642\u064a\u064a\u0645 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Why_Hidden_Risks_Matter_in_Systematic_Portfolio_Management\" >\u0644\u0645\u0627\u0630\u0627 \u062a\u064f\u0639\u062f\u0651 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0645\u0647\u0645\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Common_Hidden_Risks_in_Systematic_Portfolio_Management\" >\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Model_Overfitting_and_Data_Limitations\" >\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0632\u0627\u0626\u062f \u0644\u0644\u0646\u0645\u0648\u0630\u062c \u0648\u0642\u064a\u0648\u062f \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Model_Risk_When_the_Rules_Stop_Representing_the_Market\" >\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c: \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u0648\u0642\u0641 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0639\u0646 \u062a\u0645\u062b\u064a\u0644 \u0627\u0644\u0633\u0648\u0642<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#How_to_Recognize_an_Overfit_Strategy\" >\u0643\u064a\u0641 \u062a\u0643\u062a\u0634\u0641 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u0639\u0627\u0646\u064a \u0645\u0646 Overfitting\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Crowded_Trades_and_Correlation_Breakdown\" >\u0627\u0644\u062a\u062f\u0627\u0648\u0644\u0627\u062a \u0627\u0644\u0645\u0632\u062f\u062d\u0645\u0629 \u0648\u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Execution_and_Operational_Risks\" >\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0627\u0644\u062a\u0634\u063a\u064a\u0644<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Operational_Controls_That_Can_Reduce_Implementation_Risk\" >\u0636\u0648\u0627\u0628\u0637 \u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u062a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u062a\u0642\u0644\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#A_Realistic_Investor_Scenario_The_Challenge_of_Staying_the_Course\" >\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0648\u0627\u0642\u0639\u064a \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631: \u062a\u062d\u062f\u064a \u0627\u0644\u062b\u0628\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u0627\u0631<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#The_Quant_Meltdown_of_August_2007_A_Cautionary_Tale\" >\u0627\u0646\u0647\u064a\u0627\u0631 \u0633\u0648\u0642 \u0627\u0644\u0643\u0645\u064a\u0627\u062a \u0641\u064a \u0623\u063a\u0633\u0637\u0633 2007: \u0642\u0635\u0629 \u062a\u062d\u0630\u064a\u0631\u064a\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Why_Some_Investors_Prefer_Rule-Based_Systems\" >\u0644\u0645\u0627\u0630\u0627 \u064a\u0641\u0636\u0644 \u0628\u0639\u0636 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0642\u0648\u0627\u0639\u062f\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Practical_Steps_to_Address_Hidden_Risks\" >\u062e\u0637\u0648\u0627\u062a \u0639\u0645\u0644\u064a\u0629 \u0644\u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Systematic_Portfolio_Risk_Checklist_for_Investors\" >\u0642\u0627\u0626\u0645\u0629 \u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Reviewing_Systematic_Portfolio_Risk_Before_Making_a_Decision\" >\u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0642\u0628\u0644 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Frequently_Asked_Questions_About_Systematic_Portfolio_Risks\" >\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Does_systematic_portfolio_management_eliminate_investment_risk\" >\u0647\u0644 \u062a\u0644\u063a\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#What_is_model_risk_in_systematic_investing\" >\u0645\u0627 \u0627\u0644\u0645\u0642\u0635\u0648\u062f \u0628\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Why_is_overfitting_a_problem_for_systematic_portfolios\" >\u0644\u0645\u0627\u0630\u0627 \u064a\u0645\u062b\u0644 Overfitting \u0645\u0634\u0643\u0644\u0629 \u0644\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#How_can_investors_evaluate_execution_risk\" >\u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u062a\u0642\u064a\u064a\u0645 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Can_diversification_protect_a_systematic_portfolio_from_crowded_trades\" >\u0647\u0644 \u064a\u0645\u0643\u0646 \u0644\u0644\u062a\u0646\u0648\u064a\u0639 \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u0646 Crowded Trades\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#What_should_investors_review_before_using_a_systematic_portfolio\" >\u0645\u0627\u0630\u0627 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0631\u0627\u062c\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0642\u0628\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u062d\u0641\u0638\u0629 \u0646\u0638\u0627\u0645\u064a\u0629\u061f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/algo0.com\/ar\/the-hidden-risks-in-systematic-portfolio-management-investors-overlook\/#Conclusion_Seeing_Beyond_Discipline_to_True_Resilience\" >\u0627\u0644\u062e\u0644\u0627\u0635\u0629: \u0631\u0624\u064a\u0629 \u062a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0646\u062d\u0648 \u0627\u0644\u0645\u0631\u0648\u0646\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629<\/a><\/li><\/ul><\/nav><\/div>\n\n<blockquote data-start=\"593\" data-end=\"1371\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1ee2am3\" data-start=\"595\" data-end=\"654\"><span class=\"ez-toc-section\" id=\"A_Practical_Note_on_Evaluating_Systematic_Portfolio_Risk\"><\/span>\u0645\u0644\u0627\u062d\u0638\u0629 \u0639\u0645\u0644\u064a\u0629 \u062d\u0648\u0644 \u062a\u0642\u064a\u064a\u0645 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"659\" data-end=\"977\">\u064a\u0645\u0643\u0646 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0646\u0638\u0627\u0645\u064a \u0623\u0646 \u064a\u062c\u0639\u0644 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0623\u0643\u062b\u0631 \u062a\u0646\u0638\u064a\u0645\u064b\u0627 \u0648\u0642\u0627\u0628\u0644\u064a\u0629 \u0644\u0644\u062a\u0643\u0631\u0627\u0631\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u062c\u0639\u0644\u0647\u0627 \u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0648\u062a\u0639\u062a\u0645\u062f \u0645\u0648\u062b\u0648\u0642\u064a\u0629 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0646\u0638\u0627\u0645\u064a \u0639\u0644\u0649 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0642\u0648\u0645 \u0639\u0644\u064a\u0647\u0627 \u0642\u0648\u0627\u0639\u062f\u0647\u060c \u0648\u062c\u0648\u062f\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0629\u060c \u0648\u0637\u0631\u064a\u0642\u0629 \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0646\u0645\u0627\u0630\u062c\u060c \u0648\u0643\u064a\u0641\u064a\u0629 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u0641\u064a \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0639\u0644\u064a\u0629.<\/p>\n<p data-start=\"982\" data-end=\"1371\">\u064a\u0647\u062f\u0641 \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644 \u0625\u0644\u0649 \u0645\u0633\u0627\u0639\u062f\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0644\u0649 \u0641\u0647\u0645 \u0647\u0630\u0647 \u0627\u0644\u062d\u062f\u0648\u062f \u0648\u062a\u0642\u064a\u064a\u0645 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u0646 \u0645\u0646\u0638\u0648\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0648\u0627\u0644\u0623\u0645\u062b\u0644\u0629 \u0627\u0644\u0648\u0627\u0631\u062f\u0629 \u0647\u0646\u0627 \u062a\u0639\u0644\u064a\u0645\u064a\u0629 \u0648\u0644\u064a\u0633\u062a \u062a\u0648\u0635\u064a\u0627\u062a \u062a\u062f\u0627\u0648\u0644 \u0645\u0628\u0627\u0634\u0631\u0629. \u0644\u0630\u0644\u0643 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0634\u0645\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0645\u0646\u0636\u0628\u0637\u0629 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u062f\u0627\u0621 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0627\u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0645\u0633\u062a\u0645\u0631\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u062c\u0639\u0644 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0641\u0639\u0644\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0646 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"1373\" data-end=\"1391\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Why_Hidden_Risks_Matter_in_Systematic_Portfolio_Management\"><\/span>\u0644\u0645\u0627\u0630\u0627 \u062a\u064f\u0639\u062f\u0651 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0645\u0647\u0645\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u0639\u062a\u0645\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0639\u0644\u0649 \u0642\u0648\u0627\u0639\u062f \u0645\u062d\u062f\u062f\u0629 \u0645\u0633\u0628\u0642\u064b\u0627 \u0648\u0646\u0645\u0627\u0630\u062c \u0643\u0645\u064a\u0629 \u0644\u062a\u0648\u062c\u064a\u0647 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631. \u064a\u0647\u062f\u0641 \u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0625\u0644\u0649 \u0625\u0632\u0627\u0644\u0629 \u0627\u0644\u062a\u062d\u064a\u0632\u0627\u062a \u0648\u0627\u0644\u0639\u0648\u0627\u0637\u0641 \u0627\u0644\u0628\u0634\u0631\u064a\u0629\u060c \u0645\u0648\u0641\u0631\u064b\u0627 \u0625\u0637\u0627\u0631\u064b\u0627 \u0648\u0627\u0636\u062d\u064b\u0627 \u0648\u0642\u0627\u0628\u0644\u064b\u0627 \u0644\u0644\u062a\u0643\u0631\u0627\u0631. \u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0627\u0644\u0645\u0641\u0631\u0637 \u0639\u0644\u0649 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0648\u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0642\u062f \u064a\u062e\u0641\u064a \u0646\u0642\u0627\u0637 \u0636\u0639\u0641 \u0644\u0627 \u062a\u0638\u0647\u0631 \u0625\u0644\u0627 \u0641\u064a \u0638\u0644 \u0638\u0631\u0648\u0641 \u0627\u0644\u0636\u063a\u0637. \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0641\u062a\u0631\u0636 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0623\u0646 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0648\u062d\u062f\u0647 \u0643\u0627\u0641\u064d \u0644\u062d\u0645\u0627\u064a\u0629 \u0645\u062d\u0627\u0641\u0638\u0647\u0645\u060c \u0644\u0643\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0642\u062f \u062a\u0642\u0648\u0636 \u0647\u0630\u0647 \u0627\u0644\u062b\u0642\u0629.<\/p>\n<p>\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0642\u062f \u062a\u064f\u0628\u0646\u0649 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0644\u0627 \u062a\u0633\u062a\u0637\u064a\u0639 \u0631\u0635\u062f \u0623\u062d\u062f\u0627\u062b \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0646\u0627\u062f\u0631\u0629 \u0648\u0644\u0643\u0646 \u0627\u0644\u0645\u0624\u062b\u0631\u0629. \u0648\u0642\u062f \u062a\u062a\u062d\u0648\u0644 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0645\u0635\u0645\u0645\u0629 \u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0628\u0639\u0636 \u0623\u0648\u062c\u0647 \u0627\u0644\u0642\u0635\u0648\u0631 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0625\u0644\u0649 \u0635\u0641\u0642\u0627\u062a \u0645\u0643\u062a\u0638\u0629\u060c \u0645\u0645\u0627 \u064a\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629. \u0648\u0628\u062f\u0648\u0646 \u0625\u062f\u0631\u0627\u0643 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0642\u062f \u064a\u062c\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0645\u0646\u0636\u0628\u0637\u0648\u0646 \u0623\u0646\u0641\u0633\u0647\u0645 \u0639\u0631\u0636\u0629 \u0644\u062e\u0633\u0627\u0626\u0631 \u062a\u0628\u062f\u0648 \u0645\u0641\u0627\u062c\u0626\u0629 \u0648\u063a\u064a\u0631 \u0645\u0628\u0631\u0631\u0629.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Common_Hidden_Risks_in_Systematic_Portfolio_Management\"><\/span>\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Model_Overfitting_and_Data_Limitations\"><\/span>\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0632\u0627\u0626\u062f \u0644\u0644\u0646\u0645\u0648\u0630\u062c \u0648\u0642\u064a\u0648\u062f \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0645\u0646 \u0623\u062e\u0637\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0647\u0648 \u0627\u0644\u0625\u0641\u0631\u0627\u0637 \u0641\u064a \u0645\u0644\u0627\u0621\u0645\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c\u060c \u0623\u064a \u0639\u0646\u062f\u0645\u0627 \u062a\u064f\u0635\u0645\u064e\u0651\u0645 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u0627 \u0628\u062f\u0642\u0629 \u0645\u062a\u0646\u0627\u0647\u064a\u0629 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u0633\u0627\u0628\u0642\u0629\u060c \u0641\u062a\u0644\u062a\u0642\u0637 \u0627\u0644\u062a\u0634\u0648\u064a\u0634 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629. \u0648\u0642\u062f \u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 \u0636\u0639\u0641 \u0627\u0644\u0623\u062f\u0627\u0621 \u0639\u0646\u062f \u062a\u063a\u064a\u0631 \u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0627\u062a \u0627\u0644\u0633\u0648\u0642. \u0648\u0642\u062f \u064a\u062b\u0642 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0648\u0646 \u0628\u0646\u0645\u0627\u0630\u062c\u0647\u0645 \u062b\u0642\u0629\u064b \u0639\u0645\u064a\u0627\u0621\u060c \u0645\u062a\u062c\u0627\u0647\u0644\u064a\u0646 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0645\u0627 \u0647\u064a \u0625\u0644\u0627 \u062a\u0628\u0633\u064a\u0637 \u0644\u0648\u0627\u0642\u0639 \u0645\u0639\u0642\u062f.<\/p>\n<p>\u0639\u0644\u0627\u0648\u0629 \u0639\u0644\u0649 \u0630\u0644\u0643\u060c \u0642\u062f \u062a\u0624\u062b\u0631 \u062c\u0648\u062f\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0646\u062d\u064a\u0627\u0632 \u0627\u0644\u0627\u062e\u062a\u064a\u0627\u0631 \u0639\u0644\u0649 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0646\u0645\u0648\u0630\u062c. \u0641\u0625\u0630\u0627 \u0627\u0633\u062a\u0628\u0639\u062f\u062a \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u0639\u0636 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0623\u0648 \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0634\u0627\u0630\u0629\u060c \u062a\u062a\u0636\u0627\u0621\u0644 \u0627\u0644\u0642\u062f\u0631\u0629 \u0627\u0644\u062a\u0646\u0628\u0624\u064a\u0629 \u0644\u0644\u0646\u0645\u0648\u0630\u062c. \u0648\u064a\u064f\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0630\u064a\u0646 \u0644\u0627 \u064a\u064f\u0634\u0643\u0651\u0643\u0648\u0646 \u0641\u064a \u0645\u062a\u0627\u0646\u0629 \u0646\u0645\u0627\u0630\u062c\u0647\u0645 \u0628\u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0645\u0641\u0627\u062c\u0623\u0629 \u063a\u064a\u0631 \u0645\u062a\u0648\u0642\u0639\u0629 \u0639\u0646\u062f\u0645\u0627 \u062a\u0646\u062d\u0631\u0641 \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0639\u0646 \u0627\u0644\u0623\u0646\u0645\u0627\u0637 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629.<\/p>\n<blockquote data-start=\"2202\" data-end=\"3115\">\n<h3 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"hl8y61\" data-start=\"2204\" data-end=\"2263\"><span class=\"ez-toc-section\" id=\"Model_Risk_When_the_Rules_Stop_Representing_the_Market\"><\/span>\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c: \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u0648\u0642\u0641 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0639\u0646 \u062a\u0645\u062b\u064a\u0644 \u0627\u0644\u0633\u0648\u0642<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"2268\" data-end=\"2576\">\u062a\u0638\u0647\u0631 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0639\u0646\u062f\u0645\u0627 \u0644\u0627 \u062a\u0639\u0648\u062f \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0623\u0648 \u0627\u0644\u0645\u0646\u0637\u0642 \u0627\u0644\u0630\u064a \u062a\u0642\u0648\u0645 \u0639\u0644\u064a\u0647 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u0645\u062b\u0644\u064b\u0627 \u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062a\u064a \u062a\u0639\u0645\u0644 \u0641\u064a\u0647\u0627. \u0641\u0642\u062f \u064a\u0633\u062a\u0645\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0641\u064a \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0648\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0628\u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u0635\u064f\u0645\u0645 \u0628\u0647\u0627\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0635\u0628\u062d \u0647\u0630\u0647 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0623\u0642\u0644 \u0641\u0627\u0639\u0644\u064a\u0629 \u0644\u0623\u0646 \u0627\u0644\u0639\u0644\u0627\u0642\u0627\u062a \u0627\u0644\u062a\u064a \u062f\u0639\u0645\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0641\u064a \u0627\u0644\u0633\u0627\u0628\u0642 \u0642\u062f \u062a\u063a\u064a\u0631\u062a.<\/p>\n<p data-start=\"2581\" data-end=\"2849\">\u0648\u062a\u0643\u0645\u0646 \u0623\u0647\u0645\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629 \u0641\u064a \u0623\u0646 \u0633\u0644\u0627\u0645\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0644\u0627 \u062a\u0639\u0646\u064a \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629 \u0623\u0646 \u0627\u0644\u0645\u0646\u0637\u0642 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u0627 \u0632\u0627\u0644 \u0645\u0646\u0627\u0633\u0628\u064b\u0627. \u0641\u0642\u062f \u062a\u0637\u0628\u0642 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062c\u0645\u064a\u0639 \u0642\u0648\u0627\u0639\u062f\u0647\u0627 \u062f\u0648\u0646 \u0623\u062e\u0637\u0627\u0621\u060c \u0648\u0645\u0639 \u0630\u0644\u0643 \u062a\u0638\u0647\u0631 \u0646\u062a\u0627\u0626\u062c \u063a\u064a\u0631 \u0645\u062a\u0648\u0642\u0639\u0629 \u0625\u0630\u0627 \u062a\u063a\u064a\u0631\u062a \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0623\u0648 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0623\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0623\u0648 \u0647\u064a\u0643\u0644 \u0627\u0644\u0633\u0648\u0642 \u0628\u0635\u0648\u0631\u0629 \u062c\u0648\u0647\u0631\u064a\u0629.<\/p>\n<p data-start=\"2854\" data-end=\"3115\">\u0644\u0630\u0644\u0643\u060c \u0639\u0646\u062f \u062a\u0642\u064a\u064a\u0645 \u0645\u062d\u0641\u0638\u0629 \u0646\u0638\u0627\u0645\u064a\u0629\u060c \u0644\u0627 \u064a\u0643\u0641\u064a \u0627\u0644\u0633\u0624\u0627\u0644 \u0639\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u062a\u064f\u0637\u0628\u0642 \u0628\u0634\u0643\u0644 \u0635\u062d\u064a\u062d\u060c \u0628\u0644 \u064a\u062c\u0628 \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0635\u0644\u0627\u062d\u064a\u0629 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0642\u0648\u0645 \u0639\u0644\u064a\u0647\u0627. \u0648\u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u062a\u0633\u062a\u0646\u062f \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0625\u0644\u0649 \u0627\u0644\u0623\u062f\u0644\u0629\u060c \u0648\u0644\u064a\u0633 \u0625\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 \u0648\u062d\u062f\u0647.<\/p>\n<\/blockquote>\n<blockquote data-start=\"4203\" data-end=\"4913\">\n<h3 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"kota7c\" data-start=\"4205\" data-end=\"4245\"><span class=\"ez-toc-section\" id=\"How_to_Recognize_an_Overfit_Strategy\"><\/span>\u0643\u064a\u0641 \u062a\u0643\u062a\u0634\u0641 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u0639\u0627\u0646\u064a \u0645\u0646 Overfitting\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"4250\" data-end=\"4454\">\u064a\u0635\u0628\u062d Overfitting \u0623\u0643\u062b\u0631 \u0625\u062b\u0627\u0631\u0629 \u0644\u0644\u0642\u0644\u0642 \u0639\u0646\u062f\u0645\u0627 \u062a\u062d\u0642\u0642 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0646\u062a\u0627\u0626\u062c \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0642\u0648\u064a\u0629 \u0628\u0634\u0643\u0644 \u063a\u064a\u0631 \u0645\u0639\u062a\u0627\u062f\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0639\u062f\u062f \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0623\u0648 \u0641\u062a\u0631\u0629 \u0632\u0645\u0646\u064a\u0629 \u0636\u064a\u0642\u0629 \u0623\u0648 \u0638\u0631\u0648\u0641 \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0645\u062d\u062f\u062f\u0629 \u0644\u0644\u063a\u0627\u064a\u0629.<\/p>\n<p data-start=\"4459\" data-end=\"4683\">\u0648\u0645\u0646 \u0627\u0644\u0623\u0641\u0636\u0644 \u062a\u0642\u064a\u064a\u0645 \u0642\u0648\u0629 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0639\u0628\u0631 \u0628\u064a\u0626\u0627\u062a \u0633\u0648\u0642\u064a\u0629 \u0648\u0641\u062a\u0631\u0627\u062a \u0632\u0645\u0646\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0645\u0639 \u0627\u062e\u062a\u0628\u0627\u0631 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062a\u063a\u064a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0639\u0642\u0648\u0644\u0629 \u0641\u064a \u0625\u0639\u062f\u0627\u062f\u0627\u062a\u0647\u0627. \u0643\u0645\u0627 \u064a\u0646\u0628\u063a\u064a \u0645\u0642\u0627\u0631\u0646\u0629 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0640Backtest \u0628\u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062d\u064a \u0623\u0648 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0647\u0630\u0647 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u062a\u0627\u062d\u0629.<\/p>\n<p data-start=\"4688\" data-end=\"4913\">\u0648\u0627\u0644\u0647\u062f\u0641 \u0644\u064a\u0633 \u0627\u0644\u0639\u062b\u0648\u0631 \u0639\u0644\u0649 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u062d\u0642\u0642 \u0623\u062f\u0627\u0621\u064b \u0645\u062b\u0627\u0644\u064a\u064b\u0627 \u0641\u064a \u0643\u0644 \u0641\u062a\u0631\u0629 \u062a\u0627\u0631\u064a\u062e\u064a\u0629\u060c \u0648\u0625\u0646\u0645\u0627 \u0645\u0639\u0631\u0641\u0629 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0645\u0646\u0637\u0642 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u064a\u0638\u0644 \u0645\u062a\u0645\u0627\u0633\u0643\u064b\u0627 \u0628\u062f\u0631\u062c\u0629 \u0645\u0639\u0642\u0648\u0644\u0629 \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u063a\u064a\u0631 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0648\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"4915\" data-end=\"4933\"><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Crowded_Trades_and_Correlation_Breakdown\"><\/span>\u0627\u0644\u062a\u062f\u0627\u0648\u0644\u0627\u062a \u0627\u0644\u0645\u0632\u062f\u062d\u0645\u0629 \u0648\u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u062a\u0643\u0634\u0641 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0639\u0646 \u0623\u0648\u062c\u0647 \u0642\u0635\u0648\u0631 \u0645\u062a\u0634\u0627\u0628\u0647\u0629\u060c \u0645\u0645\u0627 \u064a\u062f\u0641\u0639 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0644\u0649 \u0627\u0644\u062a\u0643\u062f\u0633 \u0641\u064a \u0646\u0641\u0633 \u0627\u0644\u0635\u0641\u0642\u0627\u062a. \u0647\u0630\u0627 \u0627\u0644\u062a\u0643\u062f\u0633 \u0642\u062f \u064a\u064f\u0641\u0627\u0642\u0645 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0625\u0630 \u0623\u0646 \u0623\u064a \u062a\u062d\u0648\u0644 \u0645\u0641\u0627\u062c\u0626 \u0641\u064a \u0645\u0639\u0646\u0648\u064a\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0623\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0642\u062f \u064a\u064f\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0635\u0641\u064a\u0629 \u0645\u062a\u0632\u0627\u0645\u0646\u0629 \u0644\u0644\u0645\u0631\u0627\u0643\u0632. \u0648\u0642\u062f \u062a\u062a\u0633\u0628\u0628 \u0647\u0630\u0647 \u0627\u0644\u062a\u062f\u0627\u0639\u064a\u0627\u062a \u0641\u064a \u062e\u0633\u0627\u0626\u0631 \u0641\u0627\u062f\u062d\u0629\u060c \u062d\u062a\u0649 \u0644\u0648 \u0628\u062f\u062a \u0643\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0639\u0644\u0649 \u062d\u062f\u0629 \u0633\u0644\u064a\u0645\u0629.<\/p>\n<p>\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u0642\u062f \u062a\u0646\u0647\u0627\u0631 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0641\u062a\u0631\u0636 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0633\u062a\u0642\u0631\u0627\u0631\u0647\u0627 \u0623\u062b\u0646\u0627\u0621 \u0627\u0636\u0637\u0631\u0627\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642. \u0648\u0647\u0630\u0627 \u064a\u064f\u0636\u0639\u0641 \u0641\u0648\u0627\u0626\u062f \u0627\u0644\u062a\u0646\u0648\u064a\u0639\u060c \u0648\u0642\u062f \u064a\u062a\u0633\u0628\u0628 \u0641\u064a \u0633\u0644\u0648\u0643 \u063a\u064a\u0631 \u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u0642\u062f \u064a\u062a\u0631\u062f\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0645\u0644\u062a\u0632\u0645\u0648\u0646 \u0628\u0642\u0648\u0627\u0639\u062f\u0647\u0645 \u0641\u064a \u062a\u0639\u062f\u064a\u0644\u0647\u0627\u060c \u062e\u0634\u064a\u0629 \u0627\u0644\u0627\u0646\u062d\u0631\u0627\u0641 \u0639\u0646 \u0646\u0647\u062c\u0647\u0645 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u060c \u0625\u0644\u0627 \u0623\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u0634\u062f\u062f \u0642\u062f \u064a\u064f\u0641\u0627\u0642\u0645 \u0627\u0644\u062e\u0633\u0627\u0626\u0631.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Execution_and_Operational_Risks\"><\/span>\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0627\u0644\u062a\u0634\u063a\u064a\u0644<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062a\u0639\u062a\u0645\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0639\u0644\u0649 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u062f\u0642\u064a\u0642 \u0648\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628. \u0641\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a\u060c \u0648\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a\u060c \u0648\u0627\u0644\u062a\u0623\u062e\u064a\u0631\u0627\u062a \u0642\u062f \u062a\u064f\u0636\u0639\u0641 \u0627\u0644\u0645\u064a\u0632\u0629 \u0627\u0644\u0646\u0638\u0631\u064a\u0629 \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629. \u0648\u0642\u062f \u064a\u062c\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u062a\u062c\u0627\u0647\u0644\u0648\u0646 \u0647\u0630\u0647 \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0623\u0646 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0648\u0627\u0642\u0639 \u0627\u0644\u0639\u0645\u0644\u064a \u0644\u0627 \u062a\u0631\u0642\u0649 \u0625\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0646\u0645\u0648\u0630\u062c.<\/p>\n<p>\u062a\u0634\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0623\u064a\u0636\u0627\u064b \u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0628\u0631\u0645\u062c\u064a\u0627\u062a\u060c \u0648\u0627\u0646\u0642\u0637\u0627\u0639\u0627\u062a \u062a\u062f\u0641\u0642 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0623\u0648 \u0633\u0648\u0621 \u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a. \u0648\u0631\u063a\u0645 \u0623\u0646 \u0647\u0630\u0647 \u0642\u062f \u062a\u0628\u062f\u0648 \u062a\u0641\u0627\u0635\u064a\u0644 \u062a\u0642\u0646\u064a\u0629\u060c \u0625\u0644\u0627 \u0623\u0646\u0647\u0627 \u0642\u062f \u064a\u0643\u0648\u0646 \u0644\u0647\u0627 \u062a\u0623\u062b\u064a\u0631\u0627\u062a \u0628\u0627\u0644\u063a\u0629 \u0639\u0644\u0649 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u0644\u0627 \u0633\u064a\u0645\u0627 \u0639\u0646\u062f \u062a\u0631\u0627\u0643\u0645\u0647\u0627 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a.<\/p>\n<blockquote data-start=\"5961\" data-end=\"6874\">\n<h3 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"dgt7lq\" data-start=\"5963\" data-end=\"6023\"><span class=\"ez-toc-section\" id=\"Operational_Controls_That_Can_Reduce_Implementation_Risk\"><\/span>\u0636\u0648\u0627\u0628\u0637 \u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u062a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u062a\u0642\u0644\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"6028\" data-end=\"6372\">\u0644\u0627 \u064a\u0645\u0643\u0646 \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u060c \u0644\u0643\u0646 \u064a\u0645\u0643\u0646 \u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0636\u0648\u0627\u0628\u0637 \u062a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u0627\u0643\u062a\u0634\u0627\u0641 \u0645\u0634\u0643\u0644\u0627\u062a \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0627\u0644\u062d\u062f \u0645\u0646 \u0622\u062b\u0627\u0631\u0647\u0627. \u0648\u0642\u062f \u062a\u0634\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u0636\u0648\u0627\u0628\u0637 \u062d\u062f\u0648\u062f \u062d\u062c\u0645 \u0627\u0644\u0645\u0631\u0627\u0643\u0632\u060c \u0648\u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u0648\u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u062a\u0627\u062f\u0629\u060c \u0648\u0641\u062d\u0635 \u062c\u0648\u062f\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0648\u062a\u0646\u0628\u064a\u0647\u0627\u062a \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0648\u0627\u0636\u062d\u0629 \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0623\u0639\u0637\u0627\u0644 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0623\u0648 \u0627\u0644\u0627\u062a\u0635\u0627\u0644.<\/p>\n<p data-start=\"6377\" data-end=\"6665\">\u0643\u0645\u0627 \u064a\u062c\u0628 \u0623\u0646 \u062a\u062d\u062f\u062f \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0645\u0633\u0628\u0642\u064b\u0627 \u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u062d\u062f\u062b \u0639\u0646\u062f\u0645\u0627 \u0644\u0627 \u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0639\u0645\u0644 \u0628\u0627\u0644\u0634\u0643\u0644 \u0627\u0644\u0637\u0628\u064a\u0639\u064a. \u0641\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u0646\u0628\u063a\u064a \u0645\u0639\u0631\u0641\u0629 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0633\u064a\u062a\u0648\u0642\u0641 \u0645\u0624\u0642\u062a\u064b\u0627\u060c \u0623\u0648 \u0633\u064a\u062a\u0645 \u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u0645\u0631\u0627\u0643\u0632\u060c \u0623\u0648 \u0633\u062a\u062a\u0645 \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0648\u0636\u0639 \u064a\u062f\u0648\u064a\u064b\u0627 \u0639\u0646\u062f \u0627\u0646\u0642\u0637\u0627\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0623\u0648 \u062a\u062f\u0647\u0648\u0631 \u0638\u0631\u0648\u0641 \u0627\u0644\u062a\u0646\u0641\u064a\u0630.<\/p>\n<p data-start=\"6670\" data-end=\"6874\">\u0648\u0647\u0630\u0647 \u0627\u0644\u0636\u0648\u0627\u0628\u0637 \u0644\u0627 \u062a\u062d\u0644 \u0645\u062d\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0633\u0644\u064a\u0645\u0629\u060c \u0648\u0625\u0646\u0645\u0627 \u062a\u0639\u0645\u0644 \u0643\u0648\u0633\u0627\u0626\u0644 \u062d\u0645\u0627\u064a\u0629 \u062a\u0642\u0644\u0644 \u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629 \u062a\u062d\u0648\u0644 \u0645\u0634\u0643\u0644\u0629 \u062a\u0642\u0646\u064a\u0629 \u0623\u0648 \u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0625\u0644\u0649 \u062d\u062f\u062b \u063a\u064a\u0631 \u0645\u0642\u0635\u0648\u062f \u062f\u0627\u062e\u0644 \u0627\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"6876\" data-end=\"6894\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"A_Realistic_Investor_Scenario_The_Challenge_of_Staying_the_Course\"><\/span>\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0648\u0627\u0642\u0639\u064a \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631: \u062a\u062d\u062f\u064a \u0627\u0644\u062b\u0628\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u0627\u0631<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0644\u0646\u0641\u062a\u0631\u0636 \u0645\u0633\u062a\u062b\u0645\u0631\u0627\u064b \u064a\u062a\u0628\u0646\u0649 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\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u062a\u0631\u062f\u062f\u060c \u0645\u062a\u0633\u0627\u0626\u0644\u0627\u064b \u0639\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0644\u0627 \u062a\u0632\u0627\u0644 \u0633\u0627\u0631\u064a\u0629 \u0641\u064a \u0638\u0644 \u062a\u0642\u0644\u0628\u0627\u062a \u063a\u064a\u0631 \u0645\u0639\u062a\u0627\u062f\u0629.<\/p>\n<p>\u064a\u0639\u0643\u0633 \u0647\u0630\u0627 \u0627\u0644\u062a\u0631\u062f\u062f \u0635\u0631\u0627\u0639\u064b\u0627 \u0633\u0644\u0648\u0643\u064a\u064b\u0627 \u0634\u0627\u0626\u0639\u064b\u0627: \u0627\u0644\u062a\u0648\u062a\u0631 \u0628\u064a\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0645\u0646\u0636\u0628\u0637 \u0648\u0627\u0644\u062f\u0627\u0641\u0639 \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u0644\u0644\u062a\u062f\u062e\u0644 \u0639\u0646\u062f\u0645\u0627 \u062a\u0628\u062f\u0648 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u063a\u064a\u0631 \u0645\u0648\u0627\u062a\u064a\u0629. \u062a\u064f\u0628\u0631\u0632 \u0644\u062d\u0638\u0629 \u0634\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0643\u064a\u0641 \u0623\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0644\u064a\u0633\u062a \u0641\u0646\u064a\u0629 \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u0646\u0641\u0633\u064a\u0629 \u0623\u064a\u0636\u064b\u0627. \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a\u060c \u0642\u062f \u064a\u0624\u062f\u064a \u0647\u0630\u0627 \u0627\u0644\u062a\u0631\u062f\u062f \u0625\u0644\u0649 \u062a\u0637\u0628\u064a\u0642 \u063a\u064a\u0631 \u0645\u062a\u0633\u0642 \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u064f\u0642\u0648\u0651\u0636 \u0641\u0648\u0627\u0626\u062f\u0647\u0627.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Quant_Meltdown_of_August_2007_A_Cautionary_Tale\"><\/span>\u0627\u0646\u0647\u064a\u0627\u0631 \u0633\u0648\u0642 \u0627\u0644\u0643\u0645\u064a\u0627\u062a \u0641\u064a \u0623\u063a\u0633\u0637\u0633 2007: \u0642\u0635\u0629 \u062a\u062d\u0630\u064a\u0631\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0643\u062b\u064a\u0631\u0627\u064b \u0645\u0627 \u064a\u064f\u0633\u062a\u0634\u0647\u062f \u0628\u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0643\u0645\u064a \u0641\u064a \u0623\u063a\u0633\u0637\u0633 2007 \u0641\u064a \u0645\u0646\u0627\u0642\u0634\u0627\u062a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0646\u0637\u0648\u064a \u0639\u0644\u064a\u0647\u0627 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 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\u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0648\u0627\u0644\u0648\u0639\u064a \u0628\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0643\u0627\u0645\u0646\u0629.<\/p>\n<p>\u062a\u062c\u0630\u0628 \u0647\u0630\u0647 \u0627\u0644\u0623\u0633\u0627\u0644\u064a\u0628 \u0623\u0648\u0644\u0626\u0643 \u0627\u0644\u0630\u064a\u0646 \u064a\u0633\u0639\u0648\u0646 \u0625\u0644\u0649 \u0627\u0644\u0648\u0636\u0648\u062d \u0648\u0627\u0644\u0627\u062a\u0633\u0627\u0642\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u062a\u0637\u0644\u0628 \u064a\u0642\u0638\u0629 \u0645\u0633\u062a\u0645\u0631\u0629 \u0644\u0636\u0645\u0627\u0646 \u0628\u0642\u0627\u0621 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0630\u0627\u062a \u0635\u0644\u0629 \u0648\u0642\u0648\u064a\u0629.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Practical_Steps_to_Address_Hidden_Risks\"><\/span>\u062e\u0637\u0648\u0627\u062a \u0639\u0645\u0644\u064a\u0629 \u0644\u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li class=\"translation-block\">\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u062f\u064a: \u0642\u0645 \u0628\u0625\u0639\u0627\u062f\u0629 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0648\u0645\u062f\u062e\u0644\u0627\u062a \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u0634\u0643\u0644 \u062f\u0648\u0631\u064a \u0644\u0636\u0645\u0627\u0646 \u0623\u0646 \u062a\u0639\u0643\u0633 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u062d\u0642\u0627\u0626\u0642 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062d\u0627\u0644\u064a\u0629.<\/li>\n<li class=\"translation-block\">\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a: \u062a\u062c\u0646\u0628 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0641\u064a \u0645\u0646\u0627\u0647\u062c \u0645\u0646\u0647\u062c\u064a\u0629 \u0645\u0645\u0627\u062b\u0644\u0629 \u0644\u0644\u062d\u062f \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0632\u062f\u062d\u0627\u0645.<\/li>\n<li class=\"translation-block\">\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0625\u062c\u0647\u0627\u062f: \u0645\u062d\u0627\u0643\u0627\u0629 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0627\u0644\u0633\u0644\u0628\u064a\u0629 \u0644\u0641\u0647\u0645 \u0646\u0642\u0627\u0637 \u0627\u0644\u0636\u0639\u0641 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629 \u0648\u0625\u0639\u062f\u0627\u062f \u062e\u0637\u0637 \u0627\u0644\u0637\u0648\u0627\u0631\u0626.<\/li>\n<li class=\"translation-block\">\u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0645\u0631\u0646: \u0642\u0645 \u0628\u062a\u0636\u0645\u064a\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0648\u0643\u0646 \u0645\u0633\u062a\u0639\u062f\u0627\u064b \u0644\u062a\u0639\u062f\u064a\u0644 \u0623\u0633\u0627\u0644\u064a\u0628 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0645\u0639 \u062a\u0637\u0648\u0631 \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642.<\/li>\n<li class=\"translation-block\">\u0627\u0644\u062a\u0623\u0647\u0628 \u0627\u0644\u0646\u0641\u0633\u064a: \u063a\u0631\u0633 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0644\u0627\u062a\u0628\u0627\u0639 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631\u060c \u0645\u0639 \u0627\u0644\u0633\u0645\u0627\u062d \u0628\u0627\u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0645\u062f\u0631\u0648\u0633\u0629 \u0639\u0646\u062f \u0627\u0644\u0636\u0631\u0648\u0631\u0629.<\/li>\n<\/ul>\n<blockquote data-start=\"8026\" data-end=\"9272\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"12ok92c\" data-start=\"8028\" data-end=\"8080\"><span class=\"ez-toc-section\" id=\"Systematic_Portfolio_Risk_Checklist_for_Investors\"><\/span>\u0642\u0627\u0626\u0645\u0629 \u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"8085\" data-end=\"8195\">\u0642\u0628\u0644 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0646\u0647\u062c \u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0634\u0643\u0644 \u0646\u0638\u0627\u0645\u064a\u060c \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0642\u0627\u062f\u0631\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0639\u0646 \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<ul data-start=\"8200\" data-end=\"9076\">\n<li data-section-id=\"y5olp0\" data-start=\"8200\" data-end=\"8299\" class=\"translation-block\">\u0645\u0627 \u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629\u061f \u0647\u0644 \u0642\u0648\u0627\u0639\u062f \u0627\u0644\u062f\u062e\u0648\u0644 \u0648\u0627\u0644\u062e\u0631\u0648\u062c \u0648\u0627\u0644\u062a\u0648\u0632\u064a\u0639 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u062d\u062f\u062f\u0629 \u0628\u0648\u0636\u0648\u062d\u061f<\/li>\n<li data-section-id=\"vq3uae\" data-start=\"8302\" data-end=\"8425\" class=\"translation-block\">\u0645\u0627 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u064a\u0647\u0627 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629\u061f \u0647\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u062f\u0642\u064a\u0642\u0629 \u0648\u0643\u0627\u0645\u0644\u0629 \u0648\u062a\u0645\u062b\u0644 \u0638\u0631\u0648\u0641\u064b\u0627 \u0633\u0648\u0642\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629\u061f<\/li>\n<li data-section-id=\"tp1d2w\" data-start=\"8428\" data-end=\"8556\" class=\"translation-block\">\u0643\u064a\u0641 \u062a\u0645 \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629\u061f \u0647\u0644 \u064a\u0623\u062e\u0630 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a \u0648\u0627\u0644\u0642\u064a\u0648\u062f \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0644\u0644\u062a\u0646\u0641\u064a\u0630\u061f<\/li>\n<li data-section-id=\"psjaqm\" data-start=\"8559\" data-end=\"8683\" class=\"translation-block\">\u0645\u0627 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u061f \u0645\u0627 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0640Drawdown \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0648\u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0633\u062a\u0639\u062f\u064b\u0627 \u0644\u062a\u062d\u0645\u0644\u0647\u0627\u061f<\/li>\n<li data-section-id=\"znuz7q\" data-start=\"8686\" data-end=\"8836\" class=\"translation-block\">\u0645\u0627\u0630\u0627 \u064a\u062d\u062f\u062b \u0639\u0646\u062f \u062a\u063a\u064a\u0631 \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642\u061f \u0647\u0644 \u062a\u0648\u062c\u062f \u0639\u0645\u0644\u064a\u0629 \u0648\u0627\u0636\u062d\u0629 \u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0639\u0646\u062f \u062d\u062f\u0648\u062b \u062a\u063a\u064a\u0631\u0627\u062a \u0643\u0628\u064a\u0631\u0629 \u0641\u064a \u0627\u0644\u062a\u0642\u0644\u0628 \u0623\u0648 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0623\u0648 \u0647\u064a\u0643\u0644 \u0627\u0644\u0633\u0648\u0642\u061f<\/li>\n<li data-section-id=\"r14wzz\" data-start=\"8839\" data-end=\"8958\" class=\"translation-block\">\u0643\u064a\u0641 \u062a\u062a\u0645 \u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u061f \u0647\u0644 \u062a\u0648\u062c\u062f \u0636\u0648\u0627\u0628\u0637 \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u062a\u0627\u062f\u0629 \u0623\u0648 \u0645\u0634\u0643\u0644\u0627\u062a \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0623\u0648 \u0627\u0644\u0623\u0639\u0637\u0627\u0644 \u0627\u0644\u062a\u0642\u0646\u064a\u0629\u061f<\/li>\n<li data-section-id=\"n1sit0\" data-start=\"8961\" data-end=\"9074\" class=\"translation-block\">\u0647\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u0632\u062f\u062d\u0645\u0629\u061f \u0647\u0644 \u062a\u062a\u0636\u0645\u0646 \u062a\u0639\u0631\u0636\u0627\u062a \u0642\u062f \u062a\u0643\u0648\u0646 \u0645\u0634\u062a\u0631\u0643\u0629 \u0628\u064a\u0646 \u0639\u062f\u062f \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u061f<\/li>\n<\/ul>\n<p data-start=\"9079\" data-end=\"9272\">\u0644\u0627 \u062a\u0647\u062f\u0641 \u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0625\u0644\u0649 \u0627\u0644\u0639\u062b\u0648\u0631 \u0639\u0644\u0649 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0625\u0646\u0645\u0627 \u0625\u0644\u0649 \u062c\u0639\u0644 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0648\u0627\u0644\u062d\u062f\u0648\u062f \u0648\u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0623\u0643\u062b\u0631 \u0648\u0636\u0648\u062d\u064b\u0627 \u0642\u0628\u0644 \u062a\u062e\u0635\u064a\u0635 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"9274\" data-end=\"9292\"><\/h3>\n<p>\u0647\u0644 \u062a\u062a\u0633\u0627\u0621\u0644 \u0643\u064a\u0641 \u062a\u062a\u062c\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0641\u064a \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629\u061f \u0625\u0646 \u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0623\u062b\u0646\u0627\u0621 \u0627\u0644\u0639\u0645\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0643\u0634\u0641 \u0639\u0646 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u062f\u0642\u064a\u0642 \u0628\u064a\u0646 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0648\u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u062a\u0643\u064a\u0641 \u0627\u0644\u0630\u064a \u064a\u062d\u062f\u062f \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0646\u0627\u062c\u062d.<\/p>\n<blockquote data-start=\"10735\" data-end=\"11601\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"q6kn83\" data-start=\"10737\" data-end=\"10800\"><span class=\"ez-toc-section\" id=\"Reviewing_Systematic_Portfolio_Risk_Before_Making_a_Decision\"><\/span>\u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0642\u0628\u0644 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"10805\" data-end=\"11146\">\u064a\u062c\u0628 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u062c\u0632\u0621\u064b\u0627 \u0648\u0627\u062d\u062f\u064b\u0627 \u0645\u0646 \u0639\u0645\u0644\u064a\u0629 \u0623\u0648\u0633\u0639 \u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0644\u064a\u0633 \u0633\u0628\u0628\u064b\u0627 \u0645\u0633\u062a\u0642\u0644\u064b\u0627 \u0644\u0644\u0634\u0631\u0627\u0621 \u0623\u0648 \u0627\u0644\u0628\u064a\u0639 \u0623\u0648 \u062a\u062e\u0635\u064a\u0635 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644. \u0648\u064a\u0645\u0643\u0646 \u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0623\u062f\u0627\u0621 \u0623\u0646 \u062a\u0648\u0636\u062d \u0643\u064a\u0641\u064a\u0629 \u062a\u0635\u0631\u0641 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0633\u0627\u0628\u0642\u064b\u0627\u060c \u0644\u0643\u0646\u0647\u0627 \u064a\u062c\u0628 \u0623\u0646 \u062a\u064f\u062f\u0631\u0633 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u062d\u062c\u0645 \u0627\u0644\u0645\u0631\u0627\u0643\u0632\u060c \u0648\u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u062a\u0631\u0627\u062c\u0639\u060c \u0648\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631.<\/p>\n<p data-start=\"11151\" data-end=\"11352\">\u0643\u0645\u0627 \u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u062a\u062a\u0636\u0645\u0646 \u0627\u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0645\u0644\u0627\u0621\u0645\u0629 \u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062d\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0623\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u062f\u0639\u0645 \u0647\u0630\u0647 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0645\u0627 \u0632\u0627\u0644\u062a \u0645\u0648\u062b\u0648\u0642\u0629.<\/p>\n<p data-start=\"11357\" data-end=\"11601\">\u0648\u0644\u0627 \u064a\u062a\u0645\u062b\u0644 \u0627\u0644\u0647\u062f\u0641 \u0641\u064a \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0643\u0644 \u0635\u062f\u0645\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u062f\u062b \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0625\u0646\u0645\u0627 \u0641\u064a \u0641\u0647\u0645 \u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u062c\u0639\u0644 \u0633\u0644\u0648\u0643 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u064b\u0627 \u0639\u0646 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a\u060c \u0648\u0645\u0639\u0631\u0641\u0629 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0647\u0646\u0627\u0643 \u0639\u0645\u0644\u064a\u0629 \u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u0627.<\/p>\n<\/blockquote>\n<blockquote data-start=\"12481\" data-end=\"14133\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1ccxyhu\" data-start=\"12483\" data-end=\"12545\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_About_Systematic_Portfolio_Risks\"><\/span>\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 data-section-id=\"2m3hn3\" data-start=\"12550\" data-end=\"12617\"><span class=\"ez-toc-section\" id=\"Does_systematic_portfolio_management_eliminate_investment_risk\"><\/span>\u0647\u0644 \u062a\u0644\u063a\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12622\" data-end=\"12789\">\u0644\u0627. \u064a\u0645\u0643\u0646 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u062a\u0642\u0644\u064a\u0644 \u0628\u0639\u0636 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0642\u062f\u064a\u0631\u064a\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0644\u063a\u064a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0623\u0648 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0623\u0648 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0623\u0648 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0623\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0623\u0648 \u0627\u0644\u062a\u0634\u063a\u064a\u0644.<\/p>\n<h3 data-section-id=\"dzqxwr\" data-start=\"12794\" data-end=\"12841\"><span class=\"ez-toc-section\" id=\"What_is_model_risk_in_systematic_investing\"><\/span>\u0645\u0627 \u0627\u0644\u0645\u0642\u0635\u0648\u062f \u0628\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12846\" data-end=\"13012\">\u062a\u0634\u064a\u0631 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0625\u0644\u0649 \u0627\u062d\u062a\u0645\u0627\u0644 \u0623\u0644\u0627 \u062a\u0639\u0645\u0644 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0623\u0648 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0623\u0648 \u0627\u0644\u0639\u0644\u0627\u0642\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0642\u0648\u0645 \u0639\u0644\u064a\u0647\u0627 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0643\u0645\u0627 \u0647\u0648 \u0645\u062a\u0648\u0642\u0639 \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u063a\u064a\u0631 \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642.<\/p>\n<h3 data-section-id=\"ujmpd2\" data-start=\"13017\" data-end=\"13076\"><span class=\"ez-toc-section\" id=\"Why_is_overfitting_a_problem_for_systematic_portfolios\"><\/span>\u0644\u0645\u0627\u0630\u0627 \u064a\u0645\u062b\u0644 Overfitting \u0645\u0634\u0643\u0644\u0629 \u0644\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13081\" data-end=\"13261\">\u0642\u062f \u064a\u0624\u062f\u064a Overfitting \u0625\u0644\u0649 \u0646\u062a\u0627\u0626\u062c \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0642\u0648\u064a\u0629 \u0628\u0633\u0628\u0628 \u0636\u0628\u0637 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0628\u0634\u0643\u0644 \u0645\u0641\u0631\u0637 \u0639\u0644\u0649 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629\u060c \u0645\u0645\u0627 \u064a\u062c\u0639\u0644\u0647\u0627 \u0623\u0642\u0644 \u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u062a\u0643\u064a\u0641 \u0639\u0646\u062f\u0645\u0627 \u062a\u0648\u0627\u062c\u0647 \u0638\u0631\u0648\u0641\u064b\u0627 \u0633\u0648\u0642\u064a\u0629 \u062c\u062f\u064a\u062f\u0629.<\/p>\n<h3 data-section-id=\"ms5tsi\" data-start=\"13266\" data-end=\"13312\"><span class=\"ez-toc-section\" id=\"How_can_investors_evaluate_execution_risk\"><\/span>\u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u062a\u0642\u064a\u064a\u0645 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13317\" data-end=\"13514\">\u064a\u062c\u0628 \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u0641\u0631\u0648\u0642 \u0627\u0644\u0623\u0633\u0639\u0627\u0631\u060c \u0648\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a\u060c \u0648\u0633\u0631\u0639\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0637\u0631\u064a\u0642\u0629 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u062b\u0645 \u0645\u0642\u0627\u0631\u0646\u062a\u0647\u0627 \u0628\u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0641\u0639\u0644\u064a\u0629 \u0623\u0648 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u0648\u0641\u0631.<\/p>\n<h3 data-section-id=\"1x8j60n\" data-start=\"13519\" data-end=\"13594\"><span class=\"ez-toc-section\" id=\"Can_diversification_protect_a_systematic_portfolio_from_crowded_trades\"><\/span>\u0647\u0644 \u064a\u0645\u0643\u0646 \u0644\u0644\u062a\u0646\u0648\u064a\u0639 \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u0646 Crowded Trades\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13599\" data-end=\"13849\">\u0644\u064a\u0633 \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629. \u0641\u0642\u062f \u062a\u0643\u0648\u0646 \u0647\u0646\u0627\u0643 \u062a\u0639\u0631\u0636\u0627\u062a \u0645\u062a\u0634\u0627\u0628\u0647\u0629 \u0628\u064a\u0646 \u0645\u0631\u0627\u0643\u0632 \u0623\u0648 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0623\u0648 \u0642\u062f \u062a\u0633\u062a\u062c\u064a\u0628 \u0639\u062f\u0629 \u0645\u0631\u0627\u0643\u0632 \u0644\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0646\u0641\u0633\u0647\u0627. \u0644\u0630\u0644\u0643 \u064a\u062c\u0628 \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0648\u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u0624\u062b\u0631\u0629\u060c \u0648\u0644\u064a\u0633 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0641\u0642\u0637 \u0639\u0644\u0649 \u0639\u062f\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0648\u062c\u0648\u062f\u0629 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<h3 data-section-id=\"666ntv\" data-start=\"13854\" data-end=\"13923\"><span class=\"ez-toc-section\" id=\"What_should_investors_review_before_using_a_systematic_portfolio\"><\/span>\u0645\u0627\u0630\u0627 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0631\u0627\u062c\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0642\u0628\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u062d\u0641\u0638\u0629 \u0646\u0638\u0627\u0645\u064a\u0629\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13928\" data-end=\"14133\">\u064a\u062c\u0628 \u0641\u0647\u0645 \u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629\u060c \u0648\u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0648\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u060c \u0648\u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u062a\u0631\u0627\u062c\u0639\u060c \u0648\u0622\u0644\u064a\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u0627\u0644\u0636\u0648\u0627\u0628\u0637 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u062a\u064a \u062a\u0633\u062a\u062f\u0639\u064a \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"14135\" data-end=\"14153\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Seeing_Beyond_Discipline_to_True_Resilience\"><\/span>\u0627\u0644\u062e\u0644\u0627\u0635\u0629: \u0631\u0624\u064a\u0629 \u062a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0646\u062d\u0648 \u0627\u0644\u0645\u0631\u0648\u0646\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u0648\u0641\u0631 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0625\u0637\u0627\u0631\u064b\u0627 \u0642\u0648\u064a\u064b\u0627 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0646\u0636\u0628\u0637\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u062e\u0644\u0648 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629. \u064a\u0643\u0645\u0646 \u0627\u0644\u062a\u062d\u062f\u064a \u0641\u064a \u0625\u062f\u0631\u0627\u0643 \u0623\u0646 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0648\u062d\u062f\u0647 \u0644\u0627 \u064a\u0636\u0645\u0646 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0645\u0646 \u0642\u064a\u0648\u062f \u0627\u0644\u0646\u0645\u0648\u0630\u062c\u060c \u0623\u0648 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u0627\u062a \u0627\u0644\u0645\u0632\u062f\u062d\u0645\u0629\u060c \u0623\u0648 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629. \u0642\u062f \u064a\u062c\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u062a\u062c\u0627\u0647\u0644\u0648\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0623\u0646\u0641\u0633\u0647\u0645 \u0639\u0631\u0636\u0629 \u0644\u0627\u0646\u062a\u0643\u0627\u0633\u0627\u062a \u063a\u064a\u0631 \u0645\u062a\u0648\u0642\u0639\u0629\u060c \u0631\u063a\u0645 \u062d\u0633\u0646 \u0646\u0648\u0627\u064a\u0627\u0647\u0645.<\/p>\n<p>\u062a\u062a\u0637\u0644\u0628 \u0627\u0644\u0645\u0631\u0648\u0646\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0639\u0642\u0644\u064a\u0629 \u062a\u062a\u0628\u0646\u0649 \u0642\u0648\u0627\u0639\u062f \u0645\u0646\u0647\u062c\u064a\u0629 \u0645\u0639 \u0645\u0631\u0627\u0639\u0627\u0629 \u062d\u062f\u0648\u062f\u0647\u0627. \u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0627\u0644\u062a\u0634\u0643\u064a\u0643 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0641\u064a \u0627\u0644\u0645\u0633\u0644\u0651\u0645\u0627\u062a\u060c \u0648\u0627\u0644\u0627\u0633\u062a\u0639\u062f\u0627\u062f \u0644\u0644\u0623\u062d\u062f\u0627\u062b \u0627\u0644\u0646\u0627\u062f\u0631\u0629 \u0648\u0644\u0643\u0646 \u0627\u0644\u0645\u0624\u062b\u0631\u0629\u060c \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062a\u0648\u062a\u0631 \u0627\u0644\u0646\u0641\u0633\u064a \u0628\u064a\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0628\u0627\u0644\u062e\u0637\u0629 \u0648\u0627\u0644\u062a\u0643\u064a\u0641 \u0639\u0646\u062f \u0627\u0644\u0636\u0631\u0648\u0631\u0629.<\/p>\n<p class=\"translation-block\">\u0644\u0644\u0645\u0647\u062a\u0645\u064a\u0646 \u0628\u0627\u0633\u062a\u0643\u0634\u0627\u0641 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0646\u0647\u062c\u064a \u0628\u0648\u0639\u064a \u0645\u062f\u0631\u0648\u0633\u060c \u0627\u0633\u062a\u0643\u0634\u0641 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a \u064a\u064f\u062a\u064a\u062d \u0630\u0644\u0643 \u0646\u0627\u0641\u0630\u0629\u064b \u0644\u0641\u0647\u0645 \u0643\u064a\u0641\u064a\u0629 \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0623\u0637\u0631 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0628\u0639\u0646\u0627\u064a\u0629 \u0648\u0648\u0636\u0648\u062d. \u0648\u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0627\u0641\u060c \u064a\u064f\u0645\u0643\u0651\u0646 \u0641\u0647\u0645 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0641\u064a\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u062a\u0639\u0642\u064a\u062f\u0627\u062a \u0628\u062b\u0642\u0629 \u0648\u0647\u062f\u0648\u0621 \u0623\u0643\u0628\u0631.<\/p>","protected":false},"excerpt":{"rendered":"<p>Discover the hidden risks in systematic portfolio management that disciplined investors often overlook and learn how to address them effectively.<\/p>","protected":false},"author":1,"featured_media":15733,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111],"tags":[117],"class_list":["post-15732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-algorithmic-trading","tag-systematic-investing"],"_links":{"self":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/comments?post=15732"}],"version-history":[{"count":0,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media\/15733"}],"wp:attachment":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media?parent=15732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/categories?post=15732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/tags?post=15732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}