{"id":45156,"date":"2025-04-10T11:04:00","date_gmt":"2025-04-10T09:04:00","guid":{"rendered":"https:\/\/www.investglass.com\/?p=45156"},"modified":"2025-03-31T10:45:19","modified_gmt":"2025-03-31T08:45:19","slug":"%d8%a5%d8%aa%d9%82%d8%a7%d9%86-%d8%aa%d8%ad%d8%b3%d9%8a%d9%86-%d8%a7%d9%84%d9%85%d8%ad%d9%81%d8%b8%d8%a9-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d9%8a%d8%a9-%d8%a8%d8%a7%d8%b3%d8%aa","status":"publish","type":"post","link":"https:\/\/www.investglass.com\/ar\/mastering-portfolio-optimization-with-the-black-litterman-model\/","title":{"rendered":"\u0625\u062a\u0642\u0627\u0646 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c Black Litterman"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u064a\u064f\u0639\u062f \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0637\u0631\u064a\u0642\u0629 \u0631\u0627\u0626\u062f\u0629 \u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u0641\u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062c\u0645\u0639 \u0628\u064a\u0646 \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642 \u0648\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u064a\u0633\u0627\u0639\u062f \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0639\u0644\u0649 \u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0627\u0641\u0638 \u0645\u062a\u0648\u0627\u0632\u0646\u0629 \u0648\u0645\u0633\u062a\u0646\u064a\u0631\u0629. \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u0641\u064a\u062f \u0628\u0634\u0643\u0644 \u062e\u0627\u0635 \u0644\u0623\u0646\u0647 \u064a\u0633\u0645\u062d \u0628\u062f\u0645\u062c \u0648\u062c\u0647\u0627\u062a \u0627\u0644\u0646\u0638\u0631 \u0627\u0644\u0634\u062e\u0635\u064a\u0629 \u0641\u064a \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631. \u0633\u0646\u0633\u062a\u0643\u0634\u0641 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u0644\u0629 \u0643\u064a\u0641\u064a\u0629 \u0639\u0645\u0644 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0648\u0645\u0643\u0648\u0646\u0627\u062a\u0647 \u0648\u0645\u0632\u0627\u064a\u0627\u0647 \u0648\u062a\u0637\u0628\u064a\u0642\u0647 \u0627\u0644\u0639\u0645\u0644\u064a.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">\u0627\u0644\u0648\u062c\u0628\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><p>\u064a\u062c\u0645\u0639 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0628\u064a\u0646 \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642 \u0648\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0644\u062a\u062d\u0633\u064a\u0646 \u062a\u062d\u0633\u064a\u0646 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u0633\u0645\u062d \u0628\u0625\u062c\u0631\u0627\u0621 \u062a\u0639\u062f\u064a\u0644\u0627\u062a \u0634\u062e\u0635\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629.<\/p><\/li>\n\n\n\n<li><p>\u062a\u0634\u0645\u0644 \u0627\u0644\u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0644\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0627\u0628\u0642\u0629 \u0648\u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0648\u0645\u0635\u0641\u0648\u0641\u0629 \u0627\u0644\u062b\u0642\u0629 \u0648\u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0639\u0643\u0633\u064a\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0639\u0632\u0632 \u0645\u062c\u062a\u0645\u0639\u0629\u064b \u0645\u0631\u0648\u0646\u0629 \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0633\u062a\u0642\u0631\u0627\u0631\u0647\u0627. \u064a\u0633\u062a\u062e\u062f\u0645 \u0645\u062f\u064a\u0631\u0648 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u0645\u0643\u0648\u0646\u0627\u062a \u0643\u0637\u0631\u064a\u0642\u0629 \u0645\u0646\u0636\u0628\u0637\u0629 \u0644\u0647\u064a\u0643\u0644\u0629 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u062a\u062d\u0633\u064a\u0646\u0647\u0627 \u0644\u062a\u0639\u0643\u0633 \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631\u0647\u0645 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0648\u0645\u062f\u0649 \u062a\u062d\u0645\u0644\u0647\u0645 \u0644\u0644\u0645\u062e\u0627\u0637\u0631.<\/p><\/li>\n\n\n\n<li><p>\u0641\u064a \u062d\u064a\u0646 \u0623\u0646 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u064a\u0642\u062f\u0645 \u0645\u0632\u0627\u064a\u0627 \u0643\u0628\u064a\u0631\u0629 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0627\u0644\u0637\u0631\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u0625\u0644\u0627 \u0623\u0646 \u0641\u0639\u0627\u0644\u064a\u062a\u0647 \u062a\u062a\u0648\u0642\u0641 \u0639\u0644\u0649 \u062f\u0642\u0629 \u0627\u0644\u0645\u062f\u062e\u0644\u0627\u062a \u0648\u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0633\u062a\u0644\u0632\u0645 \u062a\u0637\u0628\u064a\u0642\u0647 \u0628\u0639\u0646\u0627\u064a\u0629.<\/p><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-the-black-litterman-model-for-asset-allocation\">\u0641\u0647\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0644\u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/getty-images-iR4_rTG7KOk-unsplash-1024x683.jpg\" alt=\"\u0641\u0647\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0627\u0644\u0623\u0633\u0648\u062f\" class=\"wp-image-45221\" srcset=\"https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/getty-images-iR4_rTG7KOk-unsplash-1024x683.jpg 1024w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/getty-images-iR4_rTG7KOk-unsplash-300x200.jpg 300w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/getty-images-iR4_rTG7KOk-unsplash-768x512.jpg 768w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/getty-images-iR4_rTG7KOk-unsplash-1536x1024.jpg 1536w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/getty-images-iR4_rTG7KOk-unsplash-scaled.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u0641\u0647\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0627\u0644\u0623\u0633\u0648\u062f<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u0644\u0642\u062f \u063a\u064a\u0651\u0631 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0645\u0634\u0647\u062f \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062f\u0645\u062c \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0639 \u0645\u0641\u0627\u0647\u064a\u0645 \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642. \u0648\u064a\u062a\u062c\u0630\u0631 \u0623\u0633\u0627\u0633\u0647 \u0641\u064a \u0627\u0644\u0645\u0646\u0638\u0648\u0631 \u0627\u0644\u0645\u062d\u0627\u064a\u062f \u0644\u0646\u0638\u0631\u064a\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u062d\u062f\u064a\u062b\u0629\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u062a\u0645 \u062a\u0635\u0645\u064a\u0645\u0647 \u0628\u0639\u062f \u0630\u0644\u0643 \u0648\u0641\u0642\u064b\u0627 \u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u062d\u062f\u062f\u0629. \u062a\u0632\u0648\u062f \u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u0647\u062c\u064a\u0646\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0642\u062f\u0631\u0629 \u0641\u0627\u0626\u0642\u0629 \u0639\u0644\u0649 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062f\u0645\u062c \u0628\u064a\u0646 \u0627\u0644\u0628\u0635\u064a\u0631\u0629 \u0627\u0644\u0641\u0631\u062f\u064a\u0629 \u0648\u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0644\u0644\u0633\u0648\u0642.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By facilitating an avenue for investors to integrate their own forecasts regarding future returns into the equation, this model recalibrates traditional techniques, culminating in an updated vector of expected returns. These forecasts are based on their views about future performance. The confluence facilitated by Black-Litterman between prevailing market beliefs and distinct investor perspectives fosters a more harmonious portfolio weight distribution a vital aspect that curtails extreme shifts in investment strategies while promoting steadier results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fundamentally, the Black-Litterman framework empowers subjective judgments to be smoothly integrated within one\u2019s investment approach making it an invaluable tool for both professional fund managers and private investors alike. The model incorporates the investor&#8217;s views to tailor the portfolio. It distinguishes itself from conventional models through its flexibility, allowing iterative refinement of portfolio weights based on blending objective data with personal insight.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-components-of-the-black-litterman-model\">\u0627\u0644\u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0627\u0644\u0623\u0633\u0648\u062f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0644\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629 \u0645\u0646 \u0625\u0645\u0643\u0627\u0646\u064a\u0627\u062a \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0641\u0647\u0645 \u0639\u0646\u0627\u0635\u0631\u0647 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629. \u064a\u0643\u0645\u0646 \u062c\u0648\u0647\u0631 \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0641\u064a \u0627\u0641\u062a\u0631\u0627\u0636 \u0623\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0645\u062a\u0648\u0627\u0632\u0646\u0629 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631. \u0648\u064a\u0639\u0645\u0644 \u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0643\u0646\u0642\u0637\u0629 \u0645\u0631\u062c\u0639\u064a\u0629 \u0644\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629. \u0647\u0630\u0647 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0627\u0644\u0645\u062a\u0648\u0627\u0632\u0646\u0629 \u0647\u064a \u0644\u0628\u0646\u0629 \u0627\u0646\u0637\u0644\u0627\u0642 \u0645\u062a\u0643\u0627\u0645\u0644\u0629\u060c \u062d\u064a\u062b \u062a\u0636\u0639 \u0645\u0639\u064a\u0627\u0631\u064b\u0627 \u064a\u0645\u0643\u0646 \u0645\u0646 \u062e\u0644\u0627\u0644\u0647 \u0625\u062c\u0631\u0627\u0621 \u062a\u0639\u062f\u064a\u0644\u0627\u062a \u0644\u0627\u062d\u0642\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u062a\u0645\u062b\u0644 \u0627\u0644\u0647\u062f\u0641 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0645\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0641\u064a \u062a\u0639\u0632\u064a\u0632 \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0630\u064a \u0623\u0646\u0634\u0623\u062a\u0647 \u0646\u0638\u0631\u064a\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u062d\u062f\u064a\u062b\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 (MPT)\u060c \u0648\u0630\u0644\u0643 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0623\u062e\u0630 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 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\u0648\u0647\u064a \u062a\u062a\u064a\u062d \u0645\u062c\u062a\u0645\u0639\u0629\u064b \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 \u0648\u0641\u0642\u064b\u0627 \u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u062a\u0646\u0648\u0639\u0629 \u0648\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0648\u064a\u0642\u0639 \u0636\u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631 \u062a\u062d\u062f\u064a\u062f\u064b\u0627 \u2018P\u2019\u060c \u0648\u0647\u0648 \u0639\u0628\u0627\u0631\u0629 \u0639\u0646 \u0645\u0635\u0641\u0648\u0641\u0629 \u062a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0645\u062d\u062f\u062f\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 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\u0648\u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u062a\u064a \u064a\u0633\u0627\u0647\u0645 \u0628\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 - \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0631\u0641\u0639 \u062d\u0627\u0635\u0644 \u0627\u0644\u062a\u0643\u064a\u0641 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0639\u0646\u062f \u062f\u0645\u062c \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u062b\u0642\u0629 \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0643\u0644 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0639\u0628\u0631 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0628\u0627\u0633\u0645 \u0645\u0635\u0641\u0648\u0641\u0629 \u0627\u0644\u062a\u0628\u0627\u064a\u0646 \u0627\u0644\u0642\u0637\u0631\u064a \u0623\u0648 \u0645\u0635\u0641\u0648\u0641\u0629 \u0627\u0644\u062b\u0642\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A vital function performed through reverse optimization marks another aspect intrinsic to how effective risk aversion measures blend into correlation analysis resulting in appropriately calibrated asset weights within portfolios  thus providing an estimation return across various classes leading toward more thoughtful approaches towards assembling investment portfolios using existing parameters provided by modern portfolio theory principles fused alongside personalized speculation metrics encapsulated within what has come commonly known as black litteran methodology in financial circles today.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-the-black-litterman-model-works-in-market-equilibrium\">\u0643\u064a\u0641\u064a\u0629 \u0639\u0645\u0644 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0641\u064a \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0628\u062f\u0623 \u0646\u0645\u0648\u0630\u062c 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\u0627\u0644\u0623\u0643\u062b\u0631 \u062a\u0639\u0642\u064a\u062f\u064b\u0627\u060c \u064a\u0636\u0645\u0646 \u0628\u0646\u0627\u0621 \u0645\u0635\u0641\u0648\u0641\u0629 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u0621 \u064a\u062f\u0648\u064a\u064b\u0627 \u0627\u0644\u062a\u0645\u062b\u064a\u0644 \u0627\u0644\u062f\u0642\u064a\u0642 \u0644\u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646. \u064a\u062f\u0645\u062c \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0639 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0644\u0644\u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0645\u062b\u0644 \u0644\u0644\u0623\u0635\u0648\u0644.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u062a\u0645 \u062d\u0633\u0627\u0628 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0639\u0644\u0649 \u0623\u0646\u0647\u0627 \u0639\u0648\u0627\u0626\u062f \u0645\u062a\u0648\u0642\u0639\u0629 \u0636\u0645\u0646\u064a\u0629 \u0644\u0644\u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0651\u0639\u060c \u0645\u0639\u062f\u0651\u0644\u0629 \u062d\u0633\u0628 \u0622\u0631\u0627\u0621 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646. \u0648\u064a\u0646\u062a\u062c \u0639\u0646 \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0644\u0627\u062d\u0642\u0629 \u0644\u0644\u0639\u0648\u0627\u0626\u062f \u0648\u0645\u0635\u0641\u0648\u0641\u0629 \u0627\u0644\u062a\u0628\u0627\u064a\u0646\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u064f\u0633\u062a\u062e\u062f\u0645 \u0628\u0639\u062f \u0630\u0644\u0643 \u0641\u064a \u062a\u062d\u0633\u064a\u0646 \u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u062a\u0628\u0627\u064a\u0646 (MVO) \u0644\u062a\u0639\u0638\u064a\u0645 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629. \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0646\u0647\u0627\u0626\u064a \u0647\u0648 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0623\u0648\u0632\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u064f\u062d\u0633\u0651\u0646\u0629 \u0627\u0644\u062a\u064a \u062a\u0639\u0643\u0633 \u0643\u0644\u0627\u064b \u0645\u0646 \u0625\u062c\u0645\u0627\u0639 \u0627\u0644\u0633\u0648\u0642 \u0648\u0622\u0631\u0627\u0621 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0623\u0641\u0631\u0627\u062f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0648\u062a\u062a\u0645\u062b\u0644 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0644\u0645\u0642\u062a\u0631\u062d\u0629 \u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0631\u062c\u0627\u062a \u0641\u064a \u0625\u062f\u062e\u0627\u0644\u0647\u0627 \u0641\u064a \u0623\u062f\u0627\u0629 \u062a\u062d\u0633\u064a\u0646 \u062a\u0633\u0645\u062d \u0628\u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0623\u0643\u0628\u0631 \u0642\u062f\u0631 \u0645\u0646 \u0627\u0644\u0643\u0641\u0627\u0621\u0629. \u0648\u064a\u0636\u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0634\u0627\u0645\u0644 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0641\u064a \u0648\u0636\u0639 \u062c\u064a\u062f \u0644\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0623\u0645\u062b\u0644 \u0627\u0633\u062a\u0646\u0627\u062f\u064b\u0627 \u0625\u0644\u0649 \u062d\u0643\u0645\u0629 \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0639\u064b\u0627.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-advantages-of-using-the-black-litterman-model\">\u0645\u0632\u0627\u064a\u0627 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c \"\u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/thisisengineering-hOCYuLmTTnY-unsplash-1024x683.jpg\" alt=\"\u0645\u0632\u0627\u064a\u0627 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c &quot;\u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646\" class=\"wp-image-45223\" srcset=\"https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/thisisengineering-hOCYuLmTTnY-unsplash-1024x683.jpg 1024w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/thisisengineering-hOCYuLmTTnY-unsplash-300x200.jpg 300w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/thisisengineering-hOCYuLmTTnY-unsplash-768x512.jpg 768w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/thisisengineering-hOCYuLmTTnY-unsplash-1536x1025.jpg 1536w, https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/thisisengineering-hOCYuLmTTnY-unsplash-scaled.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u0645\u0632\u0627\u064a\u0627 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c \"\u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0642\u062f\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0645\u064a\u0632\u0629 \u0645\u062a\u0645\u064a\u0632\u0629 \u062a\u062a\u0645\u062b\u0644 \u0641\u064a \u062a\u0639\u0632\u064a\u0632 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062e\u0641\u064a\u0641 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062e\u0635\u064a\u0635\u0627\u062a \u0627\u0644\u0642\u0635\u0648\u0649 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0646\u062a\u062c \u0639\u0646 \u0623\u062e\u0637\u0627\u0621 \u0641\u064a \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062f\u062e\u0644\u0627\u062a. \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0641\u0625\u0646 \u0647\u0630\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0646\u0647\u062c \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a \u0623\u0643\u062b\u0631 \u0645\u0648\u062b\u0648\u0642\u064a\u0629 \u0648\u062f\u064a\u0645\u0648\u0645\u0629 \u0644\u0623\u0646\u0647 \u064a\u0648\u0644\u062f \u0646\u062a\u0627\u0626\u062c \u0623\u0642\u0644 \u0639\u0631\u0636\u0629 \u0644\u0639\u062f\u0645 \u0627\u0644\u062f\u0642\u0629 \u0639\u0646\u062f \u0645\u0642\u0627\u0631\u0646\u062a\u0647\u0627 \u0628\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0645\u062b\u0644 \u062a\u0644\u0643 \u0627\u0644\u062a\u064a \u0627\u0628\u062a\u0643\u0631\u0647\u0627 \u0645\u0627\u0631\u0643\u0648\u064a\u062a\u0632.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This model also affords investors considerable flexibility in reflecting their personal market expectations, either through explicit or relative terms, facilitating tailored investment strategies. Diversifying investments across various asset classes such as stocks, bonds, and mutual funds maximizes returns while managing risk. This attribute grants greater autonomy over asset allocation decisions and is particularly advantageous for individuals who possess solid insights into market trends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0636\u0645\u0646 \u062f\u0645\u062c \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0641\u0631\u062f\u064a\u0629 \u0645\u0648\u0627\u0621\u0645\u0629 \u0623\u0643\u062b\u0631 \u062f\u0642\u0629 \u0645\u0639 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0641\u0631\u064a\u062f\u0629 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642. \u0648\u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062c\u0645\u064a\u0639 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0648\u0627\u0633\u0639\u0629 \u0645\u0639 \u0642\u0646\u0627\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u062d\u062f\u062f\u0629\u060c \u064a\u0642\u0648\u0645 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0628\u0636\u0628\u0637 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0628\u062d\u064a\u062b \u062a\u0639\u0643\u0633 \u0627\u0644\u0631\u0624\u064a\u0629 \u0648\u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0645\u064a\u0632\u0629 \u0644\u0643\u0644 \u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0641\u064a \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-drawbacks-of-the-black-litterman-model\">\u0639\u064a\u0648\u0628 \u0646\u0645\u0648\u0630\u062c \u0631\u062c\u0644 \u0627\u0644\u0642\u0645\u0627\u0645\u0629 \u0627\u0644\u0623\u0633\u0648\u062f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0645\u0641\u064a\u062f \u0645\u0646 \u0646\u0648\u0627\u062d\u064d \u0639\u062f\u064a\u062f\u0629\u060c \u0625\u0644\u0627 \u0623\u0646\u0647 \u0644\u0627 \u064a\u062e\u0644\u0648 \u0645\u0646 \u0623\u0648\u062c\u0647 \u0627\u0644\u0642\u0635\u0648\u0631. \u064a\u0643\u0645\u0646 \u0623\u062d\u062f \u0627\u0644\u0642\u064a\u0648\u062f \u0627\u0644\u0647\u0627\u0645\u0629 \u0641\u064a \u0627\u0639\u062a\u0645\u0627\u062f\u0647 \u0639\u0644\u0649 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0643\u0648\u0646 \u063a\u064a\u0631 \u062f\u0642\u064a\u0642\u0629 \u0648\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0636\u062e\u0645 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0625\u0630\u0627 \u062b\u0628\u062a \u0623\u0646 \u0627\u0644\u062a\u0646\u0628\u0624\u0627\u062a \u062e\u0627\u0637\u0626\u0629. \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0624\u062f\u064a \u062a\u0623\u062b\u064a\u0631 \u0647\u0630\u0647 \u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0639\u0644\u0649 \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0642\u062a\u0631\u062d \u062f\u0627\u062e\u0644 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0646\u062d\u0648 \u0646\u062a\u0627\u0626\u062c \u0623\u0642\u0644 \u0645\u0646 \u0627\u0644\u0645\u062b\u0627\u0644\u064a\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0647\u0646\u0627\u0643 \u0639\u0642\u0628\u0629 \u0641\u064a \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0635\u062d\u064a\u062d\u0629 \u0644\u0644\u0645\u0639\u0627\u0645\u0644 \u0627\u0644\u0630\u064a \u064a\u0645\u062b\u0644 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0641\u064a \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629. \u0641\u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u064a\u0643\u0648\u0646 \u062a\u062d\u062f\u064a\u062f \u0631\u0642\u0645 \u062f\u0642\u064a\u0642 \u0623\u0645\u0631\u0627\u064b \u0635\u0639\u0628\u0627\u064b \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0648\u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0639\u0642\u064a\u062f \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0641\u0639\u0627\u0644\u064a\u0629. \u0648\u064a\u0633\u0627\u0647\u0645 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0627\u0644\u0645\u062d\u064a\u0637 \u0628\u0647\u0630\u0627 \u0627\u0644\u0628\u0627\u0631\u0627\u0645\u062a\u0631 \u0641\u064a \u0625\u062b\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0648\u0641 \u0628\u0634\u0623\u0646 \u0645\u062f\u0649 \u0645\u0648\u062b\u0648\u0642\u064a\u0629 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0645\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u0645\u0645\u0627 \u064a\u0624\u0643\u062f \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u062f\u0631\u0627\u0633\u0629 \u062f\u0642\u064a\u0642\u0629 \u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0645\u062f\u062e\u0644\u0627\u062a.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In essence, although the Litterman Model provides a sophisticated approach for optimizing portfolios through strategic asset allocation decisions, it does not inherently assure optimal performance. Success hinges on how precise our initial input data and underlying assumptions are a reminder of why users must proceed judiciously when leveraging this tool for their investment strategies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-practical-example-of-the-black-litterman-model\">\u0645\u062b\u0627\u0644 \u0639\u0645\u0644\u064a \u0644\u0646\u0645\u0648\u0630\u062c \u0631\u062c\u0644 \u0627\u0644\u0642\u0645\u0627\u0645\u0629 \u0627\u0644\u0633\u0648\u062f\u0627\u0621<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u062a\u062e\u064a\u0644 \u0645\u062f\u064a\u0631 \u0645\u062d\u0641\u0638\u0629 \u0645\u062a\u062e\u0635\u0635 \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u064a\u0633\u062a\u062e\u062f\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0644\u0644\u0645\u0632\u062c \u0627\u0644\u0641\u0639\u0627\u0644 \u0628\u064a\u0646 \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0641\u0631\u062f\u064a\u0629 \u0648\u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0633\u0627\u0626\u062f. \u0641\u064a \u0627\u0644\u0628\u062f\u0627\u064a\u0629\u060c \u064a\u062a\u0645 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0639\u0627\u0626\u062f \u0645\u062a\u0648\u0642\u0639 \u0642\u062f\u0631\u0647 10% \u062d\u0633\u0628 \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642 \u0642\u0628\u0644 \u0623\u0646 \u064a\u062a\u0645 \u0623\u062e\u0630 \u0623\u064a \u062a\u0639\u062f\u064a\u0644\u0627\u062a \u0634\u062e\u0635\u064a\u0629 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0628\u0639\u062f \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0647\u0645\u060c \u064a\u062a\u0648\u0642\u0639 \u0627\u0644\u0645\u062f\u064a\u0631 \u0623\u0646 \u062a\u0634\u0647\u062f \u0623\u0633\u0647\u0645 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0632\u064a\u0627\u062f\u0629 \u0645\u0639\u062f\u0644\u0629 \u0641\u064a \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0644\u062a\u0635\u0644 \u0625\u0644\u0649 13%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u062a\u0642\u062f\u064a\u0631\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u064a\u0646\u060c \u064a\u062a\u0648\u0642\u0639 \u0647\u0630\u0627 \u0627\u0644\u0645\u062f\u064a\u0631 \u062d\u062f\u0648\u062b \u0627\u0646\u0643\u0645\u0627\u0634 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0641\u064a \u0627\u0644\u0623\u062f\u0627\u0621 \u0628\u062d\u0648\u0627\u0644\u064a 21 \u062a\u064a\u0631\u0627\u0628\u0627\u064a\u062a 3 \u062a\u064a\u0631\u0627\u0628\u0627\u064a\u062a. \u0645\u0646 \u062e\u0644\u0627\u0644 \u062f\u0645\u062c \u0647\u0630\u0647 \u0627\u0644\u0631\u0624\u0649 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0648\u0641\u062d\u0635 \u0643\u064a\u0641\u064a\u0629 \u062a\u0641\u0627\u0639\u0644\u0647\u0627 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u062a\u0628\u0627\u064a\u0646\u060c \u064a\u0645\u0643\u0646 \u0644\u0647\u0630\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0645\u062d\u062a\u0631\u0641 \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0635\u064a\u0627\u063a\u0629 \u0645\u062d\u0641\u0638\u0629 \u0645\u062b\u0627\u0644\u064a\u0629 \u062a\u0639\u0643\u0633 \u0628\u062f\u0642\u0629 \u0623\u0643\u0628\u0631 \u0646\u0638\u0631\u062a\u0647 \u0627\u0644\u0641\u0631\u064a\u062f\u0629 \u0644\u0644\u0623\u0633\u0648\u0627\u0642.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0648\u0636\u062d \u0647\u0630\u0627 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0643\u064a\u0641 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u064a\u064f\u0645\u0643\u0651\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0648\u0636\u0639 \u0645\u0646\u0627\u0647\u062c \u0634\u062e\u0635\u064a\u0629 \u0648\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631. \u0625\u0646 \u062a\u0639\u062f\u064a\u0644 \u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0627\u0644\u0628\u062f\u0627\u064a\u0629 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0648\u062c\u0647\u0627\u062a \u0627\u0644\u0646\u0638\u0631 \u0627\u0644\u0641\u0631\u062f\u064a\u0629 \u0644\u0627 \u064a\u0633\u0645\u062d \u0644\u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0628\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0645\u0648\u0627\u0621\u0645\u0629 \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u0623\u064a\u0636\u064b\u0627 \u062a\u062d\u0633\u064a\u0646 \u0642\u0631\u0627\u0631\u0627\u062a \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u0623\u062c\u0644 \u062a\u0639\u0632\u064a\u0632 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u062f\u0627\u062e\u0644 \u0645\u062d\u0627\u0641\u0638\u0647\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-comparison-with-the-markowitz-model\">\u0645\u0642\u0627\u0631\u0646\u0629 \u0645\u0639 \u0646\u0645\u0648\u0630\u062c \u0645\u0627\u0631\u0643\u0648\u064a\u062a\u0632<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0639\u0645\u0644 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0639\u0644\u0649 \u062a\u0639\u0632\u064a\u0632 \u0646\u0647\u062c \u0645\u0627\u0631\u0643\u0648\u064a\u062a\u0632 \u0644\u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062f\u0645\u062c \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u062d\u062f\u062f\u0629\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062a\u0642\u062f\u064a\u0645 \u0646\u0645\u0648\u0630\u062c \u0623\u0643\u062b\u0631 \u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0629 \u0648\u0642\u0627\u0628\u0644\u064a\u0629 \u0644\u0644\u062a\u0643\u064a\u0641 <a href=\"https:\/\/www.investglass.com\/ar\/%d8%a5%d8%aa%d9%82%d8%a7%d9%86-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d8%a8%d8%a7%d8%b3%d8%aa%d8%ae%d8%af%d8%a7%d9%85-%d8%a7%d9%84%d8%b0%d9%83%d8%a7%d8%a1-%d8%a7%d9%84%d8%a7%d8%b5\/\" target=\"_self\" rel=\"noopener noreferrer\">\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0632\u062c \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0641\u0631\u062f\u064a \u0645\u0639 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629\u060c \u064a\u0633\u062a\u0637\u064a\u0639 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u062a\u0642\u062f\u064a\u0645 \u062a\u0646\u0628\u0624\u0627\u062a \u0623\u0643\u062b\u0631 \u0648\u0627\u0642\u0639\u064a\u0629 \u0644\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629. \u0648\u064a\u0624\u062f\u064a \u0647\u0630\u0627 \u0627\u0644\u062f\u0645\u062c \u0625\u0644\u0649 \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0630\u064a \u064a\u062d\u062a\u0631\u0645 \u0643\u0644\u0627\u064b \u0645\u0646 \u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0627\u062a \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u0631\u0624\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0634\u062e\u0635\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0645\u0646\u0647\u062c\u064a\u0629 \u0628\u0646\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u064a\u0639\u0637\u064a \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0627\u0644\u0623\u0648\u0644\u0648\u064a\u0629 \u0644\u0644\u062d\u062f\u0633 \u0645\u0646 \u062e\u0644\u0627\u0644 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\u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u0634\u0627\u0645\u0644\u0629 \u0641\u064a \u0645\u0648\u0627\u0621\u0645\u0629 \u0645\u0645\u0627\u0631\u0633\u0627\u062a \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u062a\u062c\u0639\u0644 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u062c\u0630\u0627\u0628\u064b\u0627 \u0628\u0634\u0643\u0644 \u062e\u0627\u0635 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u064a\u0646 \u0648\u0623\u0648\u0644\u0626\u0643 \u0627\u0644\u0630\u064a\u0646 \u064a\u062f\u064a\u0631\u0648\u0646 \u0645\u062d\u0627\u0641\u0638 \u0645\u062a\u0639\u062f\u062f\u0629. \u0648\u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062c\u0645\u0639 \u0628\u064a\u0646 \u0645\u0628\u0627\u062f\u0626 \u0645\u0627\u0631\u0643\u0648\u064a\u062a\u0632 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0648\u0645\u0628\u0627\u062f\u0626 \u0645\u0627\u0631\u0643\u0648\u064a\u062a\u0632 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0645\u0639 \u0631\u0624\u0649 \u0645\u0635\u0645\u0645\u0629 \u062e\u0635\u064a\u0635\u064b\u0627 \u0628\u0634\u0623\u0646 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u060c \u0641\u0625\u0646 \u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631 \u064a\u0633\u0647\u0644 \u0627\u0644\u062a\u0646\u0648\u064a\u0639 \u0648\u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0634\u0627\u0645\u0644 \u0641\u064a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-implementing-the-black-litterman-model-in-excel\">\u062a\u0646\u0641\u064a\u0630 \u0646\u0645\u0648\u0630\u062c Black Litterman \u0641\u064a Excel<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0648\u064a\u064f\u0639\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u062f\u0627\u062e\u0644 \u0628\u0631\u0646\u0627\u0645\u062c Excel \u0628\u0645\u062b\u0627\u0628\u0629 \u0637\u0631\u064a\u0642\u0629 \u0641\u0639\u0627\u0644\u0629 \u0644\u062a\u0633\u062e\u064a\u0631 \u0647\u0630\u0647 \u0627\u0644\u0623\u062f\u0627\u0629 \u0627\u0644\u0645\u062a\u0637\u0648\u0631\u0629. \u064a\u062a\u0645 \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0627\u0644\u0645\u062b\u0644\u0649 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u0648\u0632\u0627\u0646 \u0627\u0644\u0633\u0648\u0642 \u0648\u0645\u0635\u0641\u0648\u0641\u0629 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\u0641\u064a \u0645\u0635\u0641\u0648\u0641\u0629 \u0645\u062d\u062f\u062f\u0629 \u064a\u0639\u0632\u0632 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u062a\u0643\u064a\u0641 \u0648\u0627\u0644\u062f\u0642\u0629 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631. \u0643\u0645\u0627 \u0623\u0646 \u0627\u0644\u0625\u0645\u0643\u0627\u0646\u064a\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u0648\u0641\u0631\u0647\u0627 \u0628\u0631\u0646\u0627\u0645\u062c Excel\u060c \u0645\u062b\u0644 \u062d\u0632\u0645\u0629 \u0623\u062f\u0648\u0627\u062a \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u062a\u0633\u0647\u0644 \u0625\u0644\u0649 \u062d\u062f \u0643\u0628\u064a\u0631 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0642\u062f\u064a\u0631 \u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0648\u0623\u0648\u0632\u0627\u0646 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 Black-Litterman \u0641\u064a \u0628\u0631\u0646\u0627\u0645\u062c Excel\u060c \u064a\u0635\u0628\u062d \u0625\u0646\u0634\u0627\u0621 \u062d\u062f\u0648\u062f \u0641\u0639\u0627\u0644\u0629 \u0645\u0643\u0648\u0646\u064b\u0627 \u0623\u0633\u0627\u0633\u064a\u064b\u0627. \u0648\u064a\u0648\u0641\u0631 \u0630\u0644\u0643 \u0631\u0633\u0645\u064b\u0627 \u062a\u0648\u0636\u064a\u062d\u064a\u064b\u0627 \u0628\u064a\u0627\u0646\u064a\u064b\u0627 \u064a\u0648\u0636\u062d \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0646\u0642\u062d\u0629 \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0639 \u062a\u0635\u0648\u064a\u0631 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0645\u0643\u0627\u0633\u0628 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629. \u0645\u0639 \u062a\u0636\u0645\u064a\u0646 \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0627\u0644 \u0641\u064a \u0628\u0631\u0646\u0627\u0645\u062c Excel\u060c \u064a\u0645\u0643\u0646 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u062f\u0627\u0631\u0629 \u062a\u062e\u0635\u064a\u0635 \u0623\u0635\u0648\u0644\u0647\u0645 \u0628\u0643\u0641\u0627\u0621\u0629 \u0645\u0639 \u062a\u0639\u0632\u064a\u0632 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u062a\u062d\u0633\u064a\u0646 \u0645\u062d\u0627\u0641\u0638\u0647\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-real-world-applications-and-case-studies\">\u0627\u0644\u062a\u0637\u0628\u064a\u0642\u0627\u062a \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0648\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u0629<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u062c\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0648\u0646\u060c \u0645\u062b\u0644 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f\u064a\u0629\u060c \u0623\u0646 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0645\u0641\u064a\u062f \u0628\u0634\u0643\u0644 \u062e\u0627\u0635 \u0644\u0645\u0648\u0627\u0621\u0645\u0629 \u062a\u062e\u0635\u064a\u0635\u0627\u062a \u0623\u0635\u0648\u0644\u0647\u0645 \u0645\u0639 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0623\u0648\u0633\u0639 \u0646\u0637\u0627\u0642\u064b\u0627 \u0648\u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644. \u064a\u0636\u0645\u0646 \u062f\u0645\u062c \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0622\u0631\u0627\u0621 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0641\u064a \u0648\u0636\u0639 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a \u064a\u0633\u0645\u062d \u0644\u0647\u0627 \u0628\u062a\u062d\u0642\u064a\u0642 \u0623\u062f\u0627\u0621 \u062c\u064a\u062f \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0648\u0628\u0627\u0644\u0645\u062b\u0644\u060c \u062a\u0633\u062a\u062e\u062f\u0645 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0623\u0645\u064a\u0646 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0644\u062a\u062d\u0633\u064a\u0646 \u0645\u062d\u0627\u0641\u0638\u0647\u0627 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0644\u0644\u0648\u0627\u0626\u062d \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644. \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 <a href=\"https:\/\/www.investglass.com\/ar\/%d8%aa%d8%a8%d8%b3%d9%8a%d8%b7-%d8%a5%d8%af%d8%a7%d8%b1%d8%a9-%d8%a7%d9%84%d9%85%d8%ae%d8%a7%d8%b7%d8%b1-%d8%af%d9%84%d9%8a%d9%84-%d9%84%d8%a3%d8%af%d9%88%d8%a7%d8%aa-%d9%85%d8%b1%d8%a7%d9%82%d8%a8\/\">\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 <\/a>\u0648\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0639\u0627\u0626\u062f\u060c \u0641\u0625\u0646\u0647\u0627 \u062a\u0636\u0645\u0646 \u0623\u0646 \u062a\u0638\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0647\u0627 \u0645\u0631\u0628\u062d\u0629 \u0648\u0636\u0645\u0646 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u062a\u0642\u0648\u0645 \u0645\u0624\u0633\u0633\u0627\u062a \u0628\u0627\u0631\u0632\u0629 \u0645\u062b\u0644 \u062c\u0648\u0644\u062f\u0645\u0627\u0646 \u0633\u0627\u0643\u0633 \u0648\u0628\u0644\u0627\u0643 \u0631\u0648\u0643 \u0628\u062f\u0645\u062c \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0628\u0646\u0634\u0627\u0637 \u0641\u064a \u062a\u0643\u062a\u064a\u0643\u0627\u062a \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0647\u0645. \u0641\u0647\u064a \u062a\u0639\u0632\u0632 \u0628\u0646\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062f\u0645\u062c \u062a\u0646\u0628\u0624\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0645\u0639 \u0627\u0644\u0645\u0646\u0638\u0648\u0631\u0627\u062a \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629 \u0627\u0644\u0641\u0631\u064a\u062f\u0629\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062a\u062d\u0642\u064a\u0642 \u0627\u0631\u062a\u0628\u0627\u0637 \u0623\u0643\u062b\u0631 \u0641\u0639\u0627\u0644\u064a\u0629 \u0645\u0639 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0631\u062c\u0648\u0629.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary\">\u0627\u0644\u0645\u0644\u062e\u0635<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0642\u062f\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0623\u062f\u0627\u0629 \u0645\u0624\u062b\u0631\u0629 \u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u062d\u064a\u062b \u064a\u062f\u0645\u062c \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642 \u0645\u0639 \u0648\u062c\u0647\u0627\u062a \u0627\u0644\u0646\u0638\u0631 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631. \u0648\u0647\u0648 \u064a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u062a\u062c\u0646\u0628 \u0627\u0644\u062a\u062e\u0635\u064a\u0635\u0627\u062a \u0627\u0644\u0645\u0641\u0631\u0637\u0629 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0648\u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0639\u062f\u0645 \u0627\u0644\u062f\u0642\u0629 \u0641\u064a \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062f\u062e\u0644\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0637\u0631\u064a\u0642\u0629 \u0642\u0648\u064a\u0629 \u064a\u0645\u0643\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u064a\u0647\u0627 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0639\u062a\u0645\u0627\u062f \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0641\u064a \u0646\u0647\u062c \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0628\u0643\u060c \u064a\u0645\u0643\u0646\u0643 \u0636\u0645\u0627\u0646 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u062a\u0643 \u0645\u0635\u0645\u0645\u0629 \u0628\u0634\u0643\u0644 \u0623\u0648\u062b\u0642 \u0644\u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631\u0643 \u0627\u0644\u0641\u0631\u064a\u062f\u0629 \u0645\u0639 \u062a\u0639\u0632\u064a\u0632 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0634\u0643\u0644 \u0639\u0627\u0645 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647. \u0627\u0633\u062a\u0641\u062f \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u062a\u0637\u0648\u0631\u0629 \u0644\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0645\u062d\u0641\u0638\u0629 \u0645\u0636\u0628\u0648\u0637\u0629 \u0648\u0645\u0636\u0628\u0648\u0637\u0629 \u0628\u0634\u0643\u0644 \u062c\u064a\u062f \u062a\u0639\u0643\u0633 \u0643\u0644\u0627\u064b \u0645\u0646 \u0630\u0643\u0627\u0621 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0648\u0627\u0644\u0631\u0624\u064a\u0629 \u0627\u0644\u0641\u0631\u062f\u064a\u0629.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-the-primary-advantage-of-the-black-litterman-model\">\u0645\u0627 \u0647\u064a \u0627\u0644\u0645\u064a\u0632\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646\u061f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u062a\u0643\u0645\u0646 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0644\u0646\u0645\u0648\u0630\u062c Black-Litterman \u0641\u064a \u0642\u062f\u0631\u062a\u0647 \u0639\u0644\u0649 \u062f\u0645\u062c \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0633\u0648\u0642 \u0648\u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0645\u0645\u0627 \u064a\u062a\u064a\u062d \u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 \u0623\u0643\u062b\u0631 \u0634\u0645\u0648\u0644\u0627\u064b \u0648\u0636\u0628\u0637\u064b\u0627.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-does-the-black-litterman-model-differ-from-the-markowitz-model\">\u0643\u064a\u0641 \u064a\u062e\u062a\u0644\u0641 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646 \u0639\u0646 \u0646\u0645\u0648\u0630\u062c \u0645\u0627\u0631\u0643\u0648\u064a\u062a\u0632\u061f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0639\u0632\u0632 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0646\u0645\u0648\u0630\u062c \u0645\u0627\u0631\u0643\u0648\u064a\u062a\u0632 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062f\u0645\u062c \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0623\u0643\u062b\u0631 \u0648\u0627\u0642\u0639\u064a\u0629 \u0644\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0648\u0639\u0645\u0644\u064a\u0629 \u0628\u0646\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 \u0623\u0643\u062b\u0631 \u0633\u0647\u0648\u0644\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0648\u064a\u0646\u062a\u062c \u0639\u0646 \u0630\u0644\u0643 \u062a\u0648\u0627\u0641\u0642 \u0623\u0641\u0636\u0644 \u0645\u0639 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-the-key-components-of-the-black-litterman-model\">\u0645\u0627 \u0647\u064a \u0627\u0644\u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 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class=\"wp-block-paragraph\">\u062a\u0633\u0645\u062d \u0647\u0630\u0647 \u0627\u0644\u0639\u0646\u0627\u0635\u0631 \u0645\u062c\u062a\u0645\u0639\u0629\u064b \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u062f\u0645\u062c \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631\u0647\u0645 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u0642\u0631\u0627\u0631\u0627\u062a \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0641\u0639\u0627\u0644\u064a\u0629.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-can-the-black-litterman-model-be-implemented-in-excel\">\u0647\u0644 \u064a\u0645\u0643\u0646 \u062a\u0646\u0641\u064a\u0630 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0641\u064a Excel\u061f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0645\u0643\u0646 \u0628\u0627\u0644\u0641\u0639\u0644 \u062a\u0646\u0641\u064a\u0630 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0641\u064a \u0628\u0631\u0646\u0627\u0645\u062c Excel\u060c \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062d\u0632\u0645\u0629 \u0623\u062f\u0648\u0627\u062a \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0644\u062d\u0633\u0627\u0628 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0648\u0623\u0648\u0632\u0627\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0623\u062b\u0646\u0627\u0621 \u0625\u0646\u0634\u0627\u0621 \u062d\u062f\u0648\u062f \u0641\u0639\u0627\u0644\u0629.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-some-real-world-applications-of-the-black-litterman-model\">\u0645\u0627 \u0647\u064a \u0628\u0639\u0636 \u0627\u0644\u062a\u0637\u0628\u064a\u0642\u0627\u062a \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643-\u0644\u064a\u062a\u0631\u0645\u0627\u0646\u061f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0648\u0646 \u0645\u062b\u0644 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0648\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0623\u0645\u064a\u0646 \u0646\u0645\u0648\u0630\u062c Black-Litterman \u0644\u062a\u0639\u0632\u064a\u0632 \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u062a\u062d\u0633\u064a\u0646 \u0628\u0646\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0648\u062a\u0633\u062a\u062e\u062f\u0645 \u0634\u0631\u0643\u0627\u062a \u0645\u0646 \u0628\u064a\u0646\u0647\u0627 \u063a\u0648\u0644\u062f\u0645\u0627\u0646 \u0633\u0627\u0643\u0633 \u0648\u0628\u0644\u0627\u0643 \u0631\u0648\u0643 \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0641\u064a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a\u0647\u0627 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629.<\/p>","protected":false},"excerpt":{"rendered":"<p>The Black-Litterman model is a groundbreaking method for optimizing investment portfolios. By combining market equilibrium with investor forecasts, it helps create balanced and informed portfolios. This model is particularly beneficial because it allows incorporating personal views into the investment process. In this article, we\u2019ll explore how the Black-Litterman model works, its components, its advantages, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":45219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[1071,1069,1068],"class_list":["post-45156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","tag-investment-forecasting","tag-portfolio-theory","tag-quantitative-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6.1 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mastering the Black Litterman Model for Improved Portfolio Management<\/title>\n<meta name=\"description\" content=\"Enhance your portfolio management with the Black Litterman Model. Discover practical insights and strategies to refine your investment approach. Read more!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investglass.com\/ar\/\u0625\u062a\u0642\u0627\u0646-\u062a\u062d\u0633\u064a\u0646-\u0627\u0644\u0645\u062d\u0641\u0638\u0629-\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629-\u0628\u0627\u0633\u062a\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mastering Portfolio Optimization with the Black Litterman Model\" \/>\n<meta property=\"og:description\" content=\"The Black-Litterman model is a groundbreaking method for optimizing investment portfolios. By combining market equilibrium with investor forecasts, it\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.investglass.com\/ar\/\u0625\u062a\u0642\u0627\u0646-\u062a\u062d\u0633\u064a\u0646-\u0627\u0644\u0645\u062d\u0641\u0638\u0629-\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629-\u0628\u0627\u0633\u062a\/\" \/>\n<meta property=\"og:site_name\" content=\"InvestGlass\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-10T09:04:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.investglass.com\/wp-content\/uploads\/2025\/03\/getty-images-Vxve0Z_LH0c-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1365\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"InvestGlass\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@investglass\" \/>\n<meta name=\"twitter:site\" content=\"@investglass\" \/>\n<meta name=\"twitter:label1\" content=\"\u0643\u064f\u062a\u0628 \u0628\u0648\u0627\u0633\u0637\u0629\" \/>\n\t<meta name=\"twitter:data1\" content=\"InvestGlass\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u0648\u0642\u062a \u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0645\u064f\u0642\u062f\u0651\u0631\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 \u062f\u0642\u064a\u0642\u0629\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"\u0625\u062a\u0642\u0627\u0646 \u0646\u0645\u0648\u0630\u062c \"\u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646\" \u0644\u062a\u062d\u0633\u064a\u0646 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629","description":"\u0639\u0632\u0632 \u0625\u062f\u0627\u0631\u0629 \u0645\u062d\u0641\u0638\u062a\u0643 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0645\u0648\u0630\u062c \u0628\u0644\u0627\u0643 \u0644\u064a\u062a\u0631\u0645\u0627\u0646. \u0627\u0643\u062a\u0634\u0641 \u0631\u0624\u0649 \u0648\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0639\u0645\u0644\u064a\u0629 \u0644\u062a\u062d\u0633\u064a\u0646 \u0646\u0647\u062c\u0643 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a. \u0627\u0642\u0631\u0623 \u0627\u0644\u0645\u0632\u064a\u062f!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investglass.com\/ar\/\u0625\u062a\u0642\u0627\u0646-\u062a\u062d\u0633\u064a\u0646-\u0627\u0644\u0645\u062d\u0641\u0638\u0629-\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629-\u0628\u0627\u0633\u062a\/","og_locale":"ar_AR","og_type":"article","og_title":"Mastering Portfolio Optimization with the Black Litterman Model","og_description":"The Black-Litterman model is a groundbreaking method for optimizing investment portfolios. 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