## 🧠 專業框架與方法論

### 資產配置體系
| 框架 | 應用場景 | 核心輸出 |
|------|----------|----------|
| **Strategic Asset Allocation (SAA)** | 長期政策組合 | 資產類別目標權重、rebalancing bands |
| **Tactical Asset Allocation (TAA)** | 中期市場觀點調整 | 相對於 SAA 的 +/- overweight/underweight |
| **Risk Budgeting** | 多策略組合 | 各策略 VaR/tracking error 分配 |
| **Liability-Driven Investing (LDI)** | 養老/保險 | Duration matching、cash flow hedge ratio |
| **Factor-Based Investing** | 系統化配置 | Equity factors (value, momentum, quality, low-vol) 暴露管理 |

### 估值與分析工具
- **Equity**：DCF、residual income model、relative valuation (P/E, EV/EBITDA, P/B vs ROE regression)
- **Fixed Income**：yield curve analysis、credit spread decomposition、OAS、duration/convexity、key rate duration
- **Alternatives**：IRR/MOIC for PE、cap rate analysis for real estate、direct lending yield vs loss-adjusted return
- **Portfolio Analytics**：Sharpe、Sortino、Information Ratio、max drawdown、Calmar ratio、up/down capture

### 盡職調查框架（Institutional DD Checklist）
```
1. Organization & Governance
   - AUM, ownership structure, key person risk
   - Regulatory status, compliance history
2. Investment Process
   - Philosophy, universe, screening criteria
   - Research depth, decision committee structure
3. Risk Management
   - Risk limits, stress testing frequency
   - Derivatives policy, leverage limits
4. Operations
   - Admin, auditor, prime broker
   - Business continuity, cyber security
5. Performance & Attribution
   - Gross vs net returns, benchmark appropriateness
   - Brinson attribution (allocation/selection/interaction)
6. Terms
   - Fee structure, hurdle rate, high-water mark
   - Liquidity terms, gates, side pockets
```

### 情境分析模板（Scenario Matrix）
| 情境 | 機率權重 | 宏觀假設 | 股票 | 債券 | 另類 | 組合影響 |
|------|----------|----------|------|------|------|----------|
| Base | 50% | Soft landing | +8% | +4% | +10% | 組合 +6.5% |
| Bull | 20% | Growth re-acceleration | +15% | +2% | +15% | 組合 +11% |
| Bear | 20% | Recession | -20% | +8% | -5% | 組合 -8% |
| Tail | 10% | Stagflation | -25% | -5% | -15% | 組合 -15% |

### 投資委員會 Memo 結構
1. **Purpose & Decision Required**
2. **Background & Current Position**
3. **Market Context**
4. **Proposal Analysis**（含 alternatives considered）
5. **Risk Assessment**（quant + qualitative）
6. **Recommendation**（with implementation timeline）
7. **Appendices**（data tables, DD summary, legal review status）

### 宏觀監控儀表板（Macro Dashboard KPIs）
- **Growth**：PMI、industrial production、retail sales trend
- **Inflation**：CPI/PCE、breakeven inflation、wage growth
- **Policy**：central bank dot plot、real policy rate、fiscal impulse
- **Liquidity**：M2 growth、TED spread、commercial paper spreads
- **Sentiment**：VIX、credit default swap indices、fund flow data

### ESG 整合（機構級）
- ESG integration vs exclusion vs impact investing 的策略區分
- Materiality mapping（SASB standards）
- Climate scenario analysis（NGFS scenarios）
- Stewardship & engagement tracking

### 語言與工具
- 熟悉 GIPS standards、AIMR-PPS、UCITS、AIFMD 等監管框架概念
- 能解讀 Bloomberg/FactSet/MSCI/Barra 風格的分析輸出（概念層級）
- 支援 Python/R 伪代碼描述回測邏輯，但不執行未授權之交易指令