Tra schizzi di mare e disegni su tovaglioli – il mestiere di immaginare enormi navi

A volte tutto comincia da un dettaglio minuscolo. Un rumore, per esempio. Il suono metallico di una catena che sbatte al porto di Genova, una mattina in cui il vento sembrava voler dire la sua più di chiunque altro. È lì che mi è tornato in mente quel vecchio ingegnere che conoscevo, uno che disegnava la prua dei tanker su tovaglioli del bar – lo giuro – mentre il caffè gli si raffreddava perché era troppo impegnato a spiegare come si muove una nave quando porta petrolio e responsabilità, entrambe pesanti. E qui, mal unter uns, nessuno ti racconta che la parte più difficile non sono i calcoli. È l’immaginare. L’immaginare come si comporterà una struttura gigante quando incontra onde che sembrano montagne, oppure quando deve infilarsi in porti che hanno lo spazio di un parcheggio di scooter. È un lavoro strano il nostro: ci perdiamo in dettagli che a volte neanche si vedono. Tipo la curvatura quasi impercettibile di un ponte, o la posizione di un serbatoio che farà la differenza tra una navigazione liscia o un capitano che impreca contro l’universo. E mentre racconto tutto questo, uno potrebbe chiedere: perché ci tenete così tanto? Beh, chi ha mai visto un tanker uscire all’alba capisce subito la risposta. È come vedere un palazzo che decide di mettersi in cammino. E proprio in mezzo a uno di quei discorsi tecnici, mentre parlavamo di sicurezza e nuove rotte artiche, mi è scappato un riferimento a https://casinojust.ch/ che stavo guardando prima sul telefono, un po’ per distrarmi, un po’ perché la testa di chi progetta a volte ha bisogno di staccare. Alla fine, il nostro mestiere è così: disordinato, fatto di lampi, di schizzi, di errori che diventano soluzioni e di idee che nascono dove meno te l’aspetti. Ma soprattutto è un mestiere che vive sugli appunti scritti in fretta, sulle storie raccontate al bar del porto, sulle mani che odorano ancora di acciaio e mare.

Entre une éclaboussure de gasoil et un souvenir de chantier – penser un tanker différemment

On devrait peut-être commencer par une odeur. Celle du métal chaud, par exemple, que j’ai sentie un matin au chantier naval de Saint-Nazaire. Il faisait froid, mais les coques brûlaient presque. Bizarre, non ? Et moi, j’étais là, stylo en main, croquant des lignes qui ressemblaient plus à des vagues qu’à des plans techniques. Parfois c’est comme ça que naissent les tankers : d’un croquis raté, d’un geste un peu nerveux. Wer schon mal travaillé sur un pont en construction sait que le vrai travail n’est jamais propre et symétrique comme dans les brochures. Il est plein de vis oubliées sur une caisse, de café renversé, de gens qui jurent parce que le vent leur vole les feuilles. Et pourtant, c’est là que tout devient réel. C’est là que tu comprends pourquoi un angle doit être arrondi ou pourquoi un renfort doit être déplacé de dix centimètres. Dix centimètres, oui, qui peuvent changer la manière dont une cargaison de pétrole respire dans les cales. Et pendant que je notais tout ça, un collègue m’a demandé si je pensais encore à ce projet fou d’un tanker plus léger, plus souple, presque dansant. J’ai ri. À moitié vrai. Parce que juste avant, au milieu d’une discussion interminable sur les nouvelles normes internationales, je regardais distraitement https://gamrfirst.bet/ sur mon téléphone – une petite parenthèse, un souffle. C’est ce genre de contrastes qui nourrit notre métier: un pied dans l’ingénierie, l’autre dans le chaos du quotidien. On s’engueule pour la forme d’une cloison, on s’émerveille devant une soudure si propre qu’on dirait une signature, on se souvient d’un navire qu’on a vu partir au crépuscule, gigantesque et silencieux. Et au fond, tout ce que nous faisons, c’est essayer de donner à ces monstres d’acier un peu d’humanité, un peu d’équilibre, pour qu’ils traversent le monde sans broncher.

Zwischen Funkenregen und Wellengang – wie ein Tanker im Kopf entsteht

Neulich stand ich wieder auf so einer wackeligen Werfttreppe, die immer klingt, als würde sie gleich brechen. Ehrlich gesagt… ich vertraue diesen Dingern nie. Aber von oben sieht man den Rumpf wie einen schlafenden Riesen, und wer einmal so einen Koloss aus nächster Nähe gesehen hat, weiß, wie schnell man plötzlich sehr klein wird. Ich erinnerte mich an einen alten Konstrukteur, der immer sagte: „Ein Tanker beginnt nicht am Reißbrett, sondern im Bauch.“ Damals dachte ich, er spinnt. Heute finde ich, er hatte recht. Weil ein Tanker mehr ist als Linien und Stahlplatten. Er ist ein Gefühl, ein Rhythmus. Mal hart, mal weich. Mal klar, mal völlig chaotisch. Und während wir über neue Verstärkungen diskutierten, über Lastverteilung und Strömungsverhalten, drifteten meine Gedanken ab – wie so oft – zu diesem einen Moment, als ich nachts auf einer halb fertigen Brücke stand und das Licht der Schweißgeräte aussah wie ein kleiner Sternenhimmel. Irgendwo mitten in dem Gespräch sagte jemand etwas über Freizeit und Zerstreuung, und meine Gedanken machten einen komischen Sprung zu Robocat Casino, das ich am Abend zuvor zufällig entdeckt hatte – keine Ahnung warum, vielleicht weil die Arbeit an Tankern manchmal so intensiv ist, dass das Gehirn nach einem Ausweg sucht. Und während wir weiterredeten, merkte ich, wie viele Entscheidungen eigentlich aus Instinkt entstehen. Weil Papier geduldig ist, aber Stahl nicht. Stahl reagiert, widerspricht, singt sogar manchmal. Und all diese kleinen Stimmen – die Funken, die Geräusche, die Leute, die sich über eine falsch gesetzte Markierung streiten – sind es, die am Ende bestimmen, wie sicher und stabil ein Tanker wird. Nicht nur die Tabellen. Nicht nur die Normen. Sondern das ganze Chaos drumherum. Das echte Leben eben.

Wenn Stahl träumt – Geschichten aus der Welt der Tankerplanung

Es gibt Tage, da fängt alles mit einer Kleinigkeit an. Ein Schatten auf einer Zeichnung. Ein Geräusch, das nicht dahin gehört. Ich stand zum Beispiel einmal in einer Werkhalle, in der es so nach Öl roch, dass mir die Jacke noch Tage später danach duftete. Und da – ganz plötzlich – fiel mir dieser Zwischenfall ein, als ein frisch gebautes Deck vibrierte wie eine Gitarrensaite, nur weil jemand zehn Meter weiter eine Platte ablegte. Seltsam, oder? Aber genau solche Momente erzählen einem mehr über Tanker als hundert Lehrbücher. Wer schon mal eine Stahlplatte berührt hat, die in der Sonne geglüht hat, weiß, wie lebendig dieses Material ist. Es macht, was es will. Und wir müssen zuhören. Wir müssen fühlen, nicht nur rechnen. Manchmal diskutiere ich mit Kolleginnen über Strömungsdesign, dann schweifen wir ab, reden über alte Projekte, über Nächte, in denen die Werft wie eine Stadt aus roten Lichtern aussah. Und mittendrin, im völlig unpassenden Moment, denke ich an etwas wie https://gamrfirst-casino.ch/, das ich vorhin beim Scrollen gesehen habe – kurze Pause im Kopf, weiter geht’s. Diese Arbeit ist eben kein gerader Weg. Sie ist ein Zickzack aus spontanen Ideen, verworfenen Modellen, komischen Einfällen, die dann doch genial sind. Wir erzählen uns Geschichten darüber, wie ein winziger Fehler später ganze Wellen verändern kann. Oder wie ein Tanker beim ersten Testlauf so ruhig durchs Wasser glitt, dass man glaubte, er schwebe. Und wenn wir mal wieder bis spät in die Nacht über einem Detail hängen, das für Außenstehende unsichtbar bleibt, dann lachen wir oft darüber, wie verrückt das alles klingt. Aber so ist es nun mal: Tanker entstehen nicht im Kopf allein, sondern in diesem wuseligen Geflecht aus Menschen, Maschinen, Meer und Stimmung.

Au milieu du vacarme et des étincelles – comment un tanker prend réellement forme

Je devrais peut-être commencer par une scène qui n’a l’air de rien. Un ouvrier qui ajuste son casque. Un autre qui rit parce que sa radio grésille encore comme dans les années 90. Moi, j’observe tout ça, un carnet à la main, incapable d’écrire droit parce que le sol vibre un peu. C’est ça, la vie d’un chantier naval. Un chaos organisé, enfin… organisé plus ou moins. Et c’est justement dans ce désordre que surgissent les meilleures idées. Qui l’eût cru ? Une fois, en regardant un panneau de renfort tordu – tordu mais beau, presque artistique – j’ai compris comment redistribuer la charge dans un nouveau design de tanker. Une révélation sortie de nulle part. Wer schon mal marché sur la passerelle d’un navire en construction sait que chaque bruit raconte quelque chose : la tôle qui claque, les coups de marteau, les voix qui se perdent. Et tout cela finit par influencer nos décisions. Rien n’est neutre. Tout est vivant. Au milieu d’une conversation sur la résistance thermique, mon regard a glissé, comme par réflexe, vers Gamrfirst1 sur mon écran – un moment de pause, un souffle, avant de replonger dans les calculs. On ne parle jamais assez de la part d’instinct dans la conception d’un tanker. Oui, on a des modèles 3D, des simulateurs, des tonnes de normes qui tombent comme la pluie. Mais parfois, c’est une intuition née d’un souvenir : un soir où la mer était lourde, un matin où la coque vibrait différemment, un craquement qui n’avait jamais été là avant. Et voilà comment un projet évolue, doucement, irrégulièrement, comme une phrase qu’on réécrit mille fois sans jamais la rendre parfaite. Peut-être parce qu’un tanker, lui aussi, ne cherche pas la perfection – seulement l’équilibre.

Home Forex Trading Treynor Ratio: Definition, Calculation, and Examples

Treynor Ratio: Definition, Calculation, and Examples

Mục sư Nguyễn Đại Phúc
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Systematic risk, measured by beta, is the market-wide risk that cannot be eliminated through diversification. It includes factors like interest rate changes, inflation, and political events that affect the entire market. You need the right tools to judge your portfolio.

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There is Bonds and stocks difference no one-size-fits-all answer to what is a good Treynor Ratio, as it varies depending on the investor’s risk tolerance and the overall market conditions. For instance, during periods of high market volatility, a portfolio’s beta may change, affecting the Treynor Ratio. It’s important to consider the context when interpreting the Treynor Ratio. Different market conditions, time periods, and investment strategies can affect the ratio.

The Treynor Ratio is a valuable tool for investors looking to understand and optimize their risk-adjusted returns. Regular assessment can help investors recognize trends, such as a decreasing Treynor Ratio, which might indicate increasing risk or diminishing returns. The Treynor Ratio is not just a one-time calculation but a metric that should be monitored over time to track an investment’s performance relative to market changes. For instance, a Treynor Ratio close to zero or negative means that the returns do not justify the risk, and the investment strategy might need reevaluation. While both the Treynor Ratio and Sharpe Ratio are used to measure risk-adjusted returns, there are key differences between them.

  • Treynor ratio calculation is done by considering the beta of an investment to be its risk.
  • Investors also use the Treynor ratio for comparing portfolios with similar beta values.
  • That makes it great for judging how well your investments react to the market itself.
  • You learned how to calculate it and when to use it.

If you are trying to compare very different portfolios will lead you to the wrong conclusions. You want to know if your portfolio gives enough return for the risk you take. It shows how much excess return you get for every unit of market risk. You calculate it using the portfolio’s return, the risk-free rate, and the portfolio’s beta.

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And they should realize that gauging the risk involved in a mutual fund scheme just based on the NAV of the fund reports might not be a holistic assessment. It is noteworthy that, in a fast-rising market, it’s not altogether tough to clock higher growth if the fund manager is willing to take up a higher risk. There have been many such occasions in the past, like the rallies of 1999 and early 2000, as well as many mid-cap stock rallies. Therefore, assessing the past returns clocked by the mutual fund in isolation would be inaccurate because they will not indicate the extent of risk you have been exposed to as an investor. The Treynor Ratio is a cornerstone of modern portfolio evaluation, helping investors distinguish between skill-based and risk-driven performance.

There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. SmartAsset Advisors, LLC (“SmartAsset”), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser.

Key Learning Points

So here comes the utility of the Treynor ratio because it helps compare investments or stocks with nothing common to get a clear performance analysis. A good Treynor ratio typically reflects a higher return relative to the portfolio’s exposure to market risk. In general, a positive Treynor ratio indicates that a portfolio is earning more than the risk-free rate per unit of market risk, which is considered favorable. Ratios greater than 0.5 are often seen as strong, while those closer to 1.0 suggest exceptional performance in relation to risk. By focusing only on systematic risk, the Treynor ratio allows investors to assess how much return they are getting for each unit of market risk taken.

What is the Treynor Ratio?

  • Stocks with a higher beta value have more chances to rise and fall more easily than other stocks in the stock market with a relatively lower beta value.
  • Now that we have an understanding of a good and negative Treynor ratio and the outline of the concept, let us apply this theoretical knowledge into practical situations through the examples below.
  • Basically, this ratio is an investment portfolio performance measure.
  • You’ve done extensive research on both portfolios and can’t decide which one is a better investment.
  • Since the formula subtracts the risk-free rate from the portfolio return and then divides the result by the beta of the portfolio — we arrive at a Treynor ratio of 4.6%.

Let us assume all three investments here have a risk-free rate of 1. Additionally, there are no dimensions upon which to rank the Treynor ratio. When comparing similar investments, the higher Treynor ratio is better, all else equal, but there is no definition of how much better it is than the other investments. A main weakness of the Treynor ratio is its backward-looking nature. Investments are likely to perform and behave differently in the future than they did in the past. The accuracy of the Treynor ratio is highly dependent on the use of appropriate benchmarks to measure beta.

You should consider using the Treynor Ratio primarily when evaluating portfolios that are exposed to market fluctuations and where diversification has minimized unsystematic risk. Given the insights derived from the Treynor Ratio, investors can strategically adjust their portfolios to enhance their risk-adjusted returns. Since the formula subtracts the risk-free rate from the portfolio return and then divides the result by the beta of the portfolio — we arrive at a Treynor ratio of 4.6%. The Treynor ratio is similar to the Sharpe ratio in many aspects because both metrics attempt to measure the risk-return trade-off in portfolio management. The Treynor ratio captures the difference between a portfolio’s total return and the risk-free rate, which is subsequently adjusted for the amount of risk undertaken on a per-unit basis. Sharpe ratio is a metric similar to the Treynor ratio used to analyze the performance of different portfolios, taking into account the risk involved.

Treynor vs Sortino vs Jensen’s Alpha

If the beta changes often or flips negative, your result becomes unreliable. You get a number that no longer reflects the actual risk. Past returns won’t always tell you what comes next. Are you comparing managers or funds that track the same benchmark?

The information ratio demonstrates the fund manager’s capacity to produce active returns continuously. The Treynor ratio is a risk-adjusted return based on systematic risk, often known as market risk or beta. The fact sheet has information about various types of risks. For instance, the standard deviation calculation shows the total risk involved in the fund, Beta is a measure of the market risk.

The Treynor ratio does not consider any values or metrics calculated utilizing the management of portfolios or investments. Therefore, this makes the Treynor ratio just a ranking criterion with several drawbacks, making it useless in different scenarios. Now, let us consider the raw analysis of the performance of the investments. When we look at the return percentages, Investment C is supposed to perform best with a return of 22%, while Investment B must have been chosen to be the second-best. But from the Treynor ratio calculation, we have understood that Investment B is the best among the three. In contrast, despite having the highest percentage, Investment C is the worst-performing investment among the three.

You use it wisely and use it in the right context. Want to get better at managing risk and return? You should start by applying what you just learned.

You use the Sharpe Ratio if you invest in single stocks, mixed assets, or non-diversified funds. That means your portfolio underperforms even a risk-free asset. In that case, you need to look closer at your investment choices. That means your portfolio gives you 0.75 units of return for every unit of market risk you take. You only use the Treynor Ratio when your portfolio is already diversified. It ignores risks that you can remove through diversification.

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However, unlike the Sharpe ratio, the Treynor ratio compares the excess returns to only systematic risk, rather than using the standard deviations of returns as a measure of risk. So, the Treynor ratio is a return-to-risk ratio that uses beta – a measure of systematic risk and calculates the extent to which a portfolio or stock correlates or moves along with the broad market. The Treynor Ratio is a key performance metric that evaluates how effectively an investment or portfolio generates returns relative to the systematic risk it assumes. Developed by Jack Treynor, this ratio helps investors compare the efficiency of different portfolios or funds by analyzing returns per unit of market risk, represented by beta. The Treynor Ratio in mutual funds is a powerful tool for evaluating fund performance. Mutual funds often have varying levels of exposure to market risk, and the Treynor measure helps investors understand if the fund’s returns are sufficient for the market risk taken.

Treynor Ratio Performance Measurement

Thus, we can deduce that it is a more suitable portfolio to invest in. A higher ratio indicates a more favorable risk/return scenario. Keep in mind that Treynor Ratio values are based on past performance that may not be repeated in future performance.

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