So, what is the best quality in the investment industry? If you must choose one, Jin Xiaoque thinks it is rational.

Because investment is the realization of cognition, investment is decision-making, and the fundamental difference of decision-making is the difference of cognitive level. Successful investment needs complete system support, and multi-dimensional cognition can optimize a person's investment system and judgment index from different levels.

For example, the cognition of industry and enterprise management: industry space, competition pattern, value chain distribution, core competitiveness, growth drivers and so on. Cognition of trading system: position management, risk management, etc. Cognition of investment thinking: margin of safety, compound interest, etc.

People who like to do their own stock trading are used to chasing up and down and trading in the day. That's because they think they can judge the trend and choose the right time and band. However, at this moment, arrogance, stubbornness and narrowness have covered up their rational cognition.

And those retail investors who buy funds think that "investment is professional and professionals should be allowed to do professional things", so they will believe that fund managers are much better at stock trading than themselves. So they bought funds, and of course many people made money.

165438+1October 17 the first white paper report on the investment industry of China-Europe Wealth Publishing Fund-"The First Anniversary of the Pilot Project: White Paper on Investment in Public Offering of Fund", in which the data shows that among the customers of the investment fund for 3-6 months, the profit accounts for 93.23%; If it is held for more than 6 months, the profit accounts for 98.62%; Even if it is held for less than 3 months, 70.79% of customers are profitable.

It's not just a question of choosing stocks or buying funds. Even the holding time mentioned above is one of the cognitive dimensions. Of course, the final income is also very different.

It is better to buy a fund and let professional people do professional things.

Nowadays, after the bad farce of "buying stocks is better than buying funds", more and more retail investors begin to invest in "funds".

According to the data of Internet data mining platform MobTech, in the first half of 2020, the number of bases exceeded 80 million, and the number of new bases exceeded 20 million. The number of mobile Internet users is growing steadily.

According to the statistics of fund industry associations, by the end of September 2020, there were 7,644 Public Offering of Fund in China, with a total management scale of 17.8 trillion yuan, an increase of 2 1% compared with the end of 20 19.

In addition, according to the Monthly Report on the Registration of Private Equity Fund Managers and Product Filing issued by the China Foundation, by the end of 10, the total scale of private equity funds had reached 15.84 trillion yuan, soaring to more than 720 billion yuan in a single month, the highest growth month since this year.

There are various indications that the number and scale of asset management in Public Offering of Fund and private equity funds have reached a big step this year, which shows that the cognition of retail investors in China is improving, and the rational cognition is improving, and "professionals do professional things" can be realized in practice.

Then, for the vast number of retail investors, from investors to citizens, how to do a good job in fund screening and investment? Mainly from the following two aspects.

I. Historical performance

Before investing in funds, the first thing to do is to compare the historical performance of funds and focus on five details:

1. Pay attention to the short-term, medium-term and long-term performance of funds, 3 months, 6 months, 1 year, 3 years and 5 years, and try to pick out the funds in the top market 1/4;

2. See if the fund has changed fund managers in the short term. If yes, check with the fund manager who took over the offer to see whether the products with the longest Ta management time meet the requirements in the first point above;

3. Look at the historical performance, whether the fund performance under extreme market conditions, especially the fund's exit control ability, is better than the average level of the same kind. For example, we can focus on the performance in 2008, 20 15 and 20 18;

4. Choosing a fund manager must depend on whether the performance of similar funds managed under his name is generally consistent, such as whether the stocks with heavy positions are consistent and whether the net value fluctuations are consistent. If the two are consistent, it can better reflect the strategic stability of the fund manager and better explain that Ta is not making a bet investment. If a fund manager bets different products on different sectors, perhaps some funds will perform well, but this does not reflect his strong ability, but his good luck, which is more chaotic;

5. Pay attention to the changes in the management scale of fund managers. If the management scale is greatly increased, it is necessary to consider whether the fund manager has the ability to trade more funds; If the scale of its management declines particularly fast, we should also be careful, because the negative impact of the fund manager himself or the market is relatively large.

Two. location

After reviewing and comparing the historical performance of funds, we should also review positions, focusing on five aspects:

1. Pay attention to the sectors and stocks of the fund's heavy positions to see if they meet your investment preferences.

2. Pay attention to the turnover rate, because the turnover rate can reflect the investment style of the fund manager. Managers who invest in stocks choose stocks from top to bottom and prefer long-term value investment style. Generally speaking, the turnover rate is relatively low. Managers who are good at timing and trend tracking will have higher turnover rate.

At present, 80% of the (partial-stock) funds in the market invest more in stocks, so if the turnover rate is too high, for example, higher than 300%, it may indicate that the investment style drift of fund managers is not stable enough, but some fund managers follow suit very well, but relatively few, depending on your investment preferences.

3. Look at the concentration of positions, because fund managers with high concentration of positions must have obvious preferences for a certain industry, sector or company; However, the concentration of positions is low, the fund managers are relatively scattered, and the allocation is balanced. Different styles, depending on your preference.

4. See if there are any overseas positions, because many excellent domestic enterprises are listed overseas, and the overall overseas valuation is lower than that in China. If there is a demand for overseas layout, you can hold funds with certain overseas positions, such as Hong Kong stocks. Since the end of last year, many institutions have gradually increased their positions in Hong Kong stocks.

5. Look at the structure of the bracket. As a retail investor, on the premise of choosing a good fund manager, try to choose a fund with relatively few institutional funds. If we buy products with relatively high institutional funds, once a large number of institutions redeem them, it will greatly affect the operation of the fund.

In short, investment is a professional and serious matter, and successful investment is the realization of one's own cognition. If the cognitive level can't keep up, then the money earned by luck will often be lost by strength in the end, because your cognitive defects are doomed to lose money.