Securities speculation itself is a zero-sum game, and all the money earned by one investor is paid by another investor. A better way to make money is to operate a fund to charge a service fee. The market is volatile and the rate is fixed. In order to win the service fee, the fund manager will pay more attention to the sales section than the risk control section. What's more, many fund managers have impure motives, have no other ideas except circling money, and have no ability to manage funds well. There is a joke that star fund managers all bet at both ends, then hide the losses and fool investors into paying the bill.

Furthermore, even assuming that the fund manager can be equal to the index, how much can investors get after deducting the service fee? The management fees of most index funds are extremely low, which can't be compared with the premiums of private tombs and cemeteries (graves in various senses).

suppose my annual investment yield is 7%, with a 1-year period and a rate of .75%. In fact, the final cost you pay is only 133,6 yuan. Assuming that my annual investment return rate is 9.25% and the rate is 3% and I invest 1 million yuan, the actual final cost you pay will reach an astonishing 587, yuan. Moreover, like a fool, you take more risks for the fund manager's year-end bonus. The annualized rate of return of 9.25% can only be achieved by high-risk investment, and the risk of 7% is moderate and the probability of loss is smaller. Then why do you have to take extra risks? For the same income, your "free" risk is higher. This is why most people who buy funds have been fooled and are complete idiots. That's why most funds can't beat the index. There are many people with ulterior motives who want to make money from fools. People keep coming into this industry to make a big profit, and all the funds that lose money die in the end, but new ones will always fill their place. After all, people in China have more money than fools, and reapers come first come first served.