To tell the truth, I knew nothing about funds a long time ago. When my friend asked me what the fund was for the first time in 2007, I told him that it was the seasoning for cooking.
Later, I learned that the full name of the fund is securities investment fund, which is a financial management tool. We generally divide them into money funds, bond funds, mixed funds and equity funds according to the different investment targets, precisely because of their different investment risks.
Then, if you want to understand the fund, you have to go through systematic study and continuous analysis and understanding. I have also changed from a little white who knows nothing to an avid fund investment enthusiast.
In February 2009, as a freshman, I opened an account in a securities company under the guidance of my cousin and became a shareholder. After several years, investing in stocks failed to give me the ideal income, so I began to look for better investment channels in the market.
The first thing I rule out is P2P Internet finance. Although I can bear the risk of investment loss, I can never bear the loss of principal. Although not all P2P are Ponzi schemes, I don't have enough ability to identify them.
The second one I ruled out is trust, because it is an investment tool with high threshold. Although investment projects are generally stable in building bridges and roads, tens of millions of investment funds are unbearable for me after graduation for several years.
The third thing I ruled out was insurance financing. Insurance is the most basic guarantee, and every family must be equipped. But the essence of insurance is protection, and financial insurance is mixed with various rules and regulations. From the perspective of investment, financial insurance is not cost-effective. Later, I began to devote myself to research and configure insurance for myself and my family, which verified that this view is correct.
The fourth thing I ruled out is real estate investment (not just needed). The investment in buying a house is good, and the house price has been rising for 20 years. In the past, houses did have good returns, but if house prices are stable in the future, then the rental income alone may not outperform inflation, and the property mobility of any land attribute is very poor. If you need money urgently, it is difficult to realize it in a few days.
The fifth one I ruled out was futures, because it was too risky. Everyone knows that buying stocks will lose all the principal and go home at most, but futures are terrible. The crude oil futures in 2020 have opened the eyes of people all over the world, and 65438+ 10,000 yuan can lose-50,000 yuan.
The sixth thing I ruled out was bank financing. After all, the annualized rate of return of around 4% is really too low, which is only a little higher than Yu 'ebao. Wait, Yu 'ebao?
Isn't Yu 'ebao a money fund? Since the yield of money funds is relatively low, there must be funds with better yield in the market. Finally, I found the best financial management tool: stock/hybrid open-end securities investment fund.
With the end of the 20 15 bull market, the following year, when I started to buy my second apartment, I chose a loan, but the commercial loan interest rate in the market has risen. In order to enjoy a lower loan interest rate, I bought a fund sold by a bank agent, so that the bank can give me a lower loan interest rate. What I didn't expect was that in just one month, the fund I held actually rose by more than 10%. So I strengthened my belief in fund investment and began to pay attention to the funds in the market.
Up to now, before writing, I have obtained the qualification of fund practice, and achieved an annualized income of more than 12% in the process of investing in funds (this income is almost equal to the Shanghai and Shenzhen 300 Index, but now it looks unsatisfactory, but I bought it with a fixed investment, and my retreat is very low, which is very suitable for beginners). Now, I want to share my learning results with my friends, so that more people can understand the fund, invest in the fund in the right way, and finally get benefits.
Why is the fund the first choice for ordinary families? My reason is simple, convenient, safe and profitable.
Simple, reflected in the fact that ordinary investors don't need research funds at all, just "copy homework". Copying homework means choosing someone who knows the fund and buying whatever he buys (there are too many online expert research funds, and I keep learning every day). Because the fund is the net settlement share of the day, that is to say, as long as it is purchased at any time before the stock market closes at 3 pm that day, everyone's buying cost is the same. Not if you invest in stocks. The stock price has been fluctuating. Even if you buy it on the same day, you can't copy your homework accurately.
Convenient, reflected in the direct purchase of mobile app, even the App does not need to be downloaded, and you can directly purchase it by entering the fund code in a treasure or a letter.
Security refers to the security of funds. Every fund company has a fund custodian (usually a commercial bank). The duty of the custodian is to help us manage the money. Even if the fund company goes bankrupt, our money can be safely taken back to the designated account of the custodian.
Next, let's look at the profitability of the fund. As for the fund's income, I classify it as follows: money fund, pure debt fund, secondary debt base (fixed income+), stock-debt balance fund, index fund and partial mixed/pure active fund.
Let me give them a noun explanation first. Money funds mainly invest in bills and short-term bonds in the market. Yu 'ebao is the representative work of Tian Hong Fund. The annualized rate of return of the money fund is 2-3%. If there is no systemic risk, there will be almost no loss.
Pure debt fund is a fund that invests most of its funds in bonds. The risk of default is smaller than that of investing in a single bond, and the annualized rate of return is around 5%.
The secondary debt base is a fund that invests about 80% of its funds in bonds and the remaining 20% in stocks, which is the legendary fixed-income wealth management product. Because the secondary debt base can invest in stocks, its volatility is greater than that of pure debt funds, and the annualized rate of return can reach about 8%.
Stock-bond balance fund is a hybrid fund, that is to say, the investment ratio of stocks and bonds is about 50% respectively, so buying a stock-bond balance fund is equivalent to holding half of stocks and half of bonds, which means that its risk is medium and high, and its exit risk is greater.
Of course, fund managers can constantly adjust the stock-debt ratio according to the market environment to resist risks or create higher returns, so the annualized rate of return of stock-debt balanced funds can reach more than 10%, and even some fund managers can keep the stock-debt balance above 15% for a long time, such as the steady growth of rich Guangfa.
Next, the index fund. I have praised index funds to my friends many times. Index fund is a kind of stock fund, which invests most of its assets in stocks. Holding an index fund is equivalent to buying a basket of stocks.
Index funds, also known as passive funds, are not purchased subjectively by fund managers, but are market indexes. For example, the constituent stocks corresponding to the Shanghai and Shenzhen 300 Index are the 300 stocks with the largest market value and the best liquidity in the Shanghai and Shenzhen stock markets, so the Shanghai and Shenzhen 300 Index Fund will use the fund assets to purchase these 300 stocks in proportion to the constituent stocks.
Therefore, the risk of index funds is closely related to the index, which rises for a long time and lives for a long time, so the investment difficulty of index funds is less than that of active funds. In the long run, excellent index funds are not particularly risky, but there is still a big exit risk in the bear market. According to the investment cycle of more than ten years, the annualized rate of return of index funds can reach more than 12%, and some excellent industry index funds can even double within one year when they encounter procyclicality, such as the liquor index under high consumption.
Finally, I want to talk about partial stock hybrid funds and pure stock active funds. Both of them use most of the fund assets to invest in stocks, and both of them are subjectively selected from the market. Therefore, the investment ability of fund managers is particularly important. There are not many fund managers who can outperform index funds in China market, and even fewer can outperform index funds significantly and for a long time.
So buying an active fund is buying a fund manager, and how to choose a fund manager can be said to be a very difficult thing. However, it can be seen from the previous data that the top domestic fund managers can achieve an annualized rate of return of more than 15% for a long time, but the corresponding exit risk is very large.
For example, the Tianhui Fund managed by Mr. Zhu Shaoxing, a rich country, has achieved a return of more than 20 times in the past 15 years, with an annualized rate of return of more than 22%. This kind of return looks mouth-watering, but the fund's rate of return is not equal to the actual rate of return of fund share holders. The general public likes short-term investment as well as investors, and it is difficult to insist on investment. Fuguo Tianhui shrank by 42% a year during the bear market. Imagine that Yuan You invested 654.38 million yuan+less than 42,000 yuan a year. Can you hold it back?
Because the risks of different types of funds are different, when building a portfolio, we should choose the corresponding funds according to our own risk preferences and the above logic.
Our original intention of investing in the fund by building a portfolio is not only to diversify investment and control risks, but also to obtain more income from the market through the portfolio.
If you are a risk-averse person and can't afford to suffer big losses, the investment money will be used up in a year or two. Then you are suitable for buying the secondary debt base of pure debt fund. The advantage of this combination is that the retracement is very small, and even if there is a loss, it is short-lived. Generally, it can achieve positive returns after holding it for about one year.
If you are not satisfied, you can only outperform inflation and take certain risks. Then you can consider the combination of stock-debt balance fund and index fund. As I said before, the index must have gone up for a long time. For example, what investors call the Shanghai Composite Index has risen from 199 10 to 3600 now. So if you have an investment plan for three to five years, such a portfolio is very suitable.
If you can withstand great fluctuations and have a long-term investment goal, such as establishing a pension plan for yourself, children's education plan, marriage plan, etc. Then you can consider the combination of partial stock index funds and mixed/pure stock active funds. In a word, it is money that has not been used for a long time. Even if it is greatly withdrawn, it can resist redemption. Has a firm belief in investment, and has long believed that China stock market has good investment value. If it is limited to ten years, there is a high probability that satisfactory returns can be obtained.
Having said that, which funds should I buy? In fact, even the best funds are cost-effective. If you enter the market in the bull market of 20 15, you may just return to your capital today or even lose money. If you enter the market in March and April of 2020, you may earn more than 50% in less than one year. Recently, more and more friends began to look for my consulting fund, but the Shanghai and Shenzhen 300 Index has reached 75%, a record high. I don't recommend buying in large quantities in this market. I'm more worried about the risk. Although I know that for ordinary investors, the degree of discomfort is far greater than that of quilt cover, but don't worry too much. The A-share market has never lacked investment opportunities. Generally there will be a good investment opportunity in 2-3 years.
Of course, I don't have the ability to predict the short-term market trend, but I am optimistic about China's economy and A-share market in the next 20 years. I wouldn't recommend any funds. I only tell you my investment philosophy, what kind of investment portfolio I have established, which funds I have heavily invested, and why. These will be shared in future articles.
Financial freedom is a long and complicated road. Twenty or thirty years later, when we retire, we can live a comfortable and decent life without working, facing the sea and blooming in spring. Investment can't make you rich overnight, but investment can make your wealth grow slowly. Please believe me, we will be rich in the end.