2008年以来的国际金融危机带给世界诸多的机构投资者惨重损失和深刻教训。尤其是主权财富基金、大学捐赠基金和养老基金等长期机构投资者,在危机后都对原有的资产配置理念、投资策略进行了反思,特别是对传统资产配置模型、“黑天鹅事件”的风险管理以及流动性管理等问题展开了较为深入的探讨。主权财富基金、大学捐赠基金和养老基金等三类 The international financial crisis since 2008 has brought heavy losses and profound lessons to many institutional investors in the world. In particular, long-term institutional investors such as sovereign wealth funds, university endowment funds and pension funds all reflect on the original asset allocation concept and investment strategy after the crisis, especially on the traditional asset allocation model, the “Black Swan Incident” "Risk management and liquidity management issues such as a more in-depth discussion. Sovereign wealth funds, university endowment funds and pension funds and other three categories