A. In portfolio theory, effective portfolio refers to excluding those portfolios that all investors think are bad, and the rest is that * * * can't distinguish good from bad by preference.

Portfolio theory holds that choosing securities with small or even negative correlation for portfolio investment will reduce the risk (volatility) of the whole portfolio. It is to realize the overall financial planning by investing in different fund varieties. For example, money market funds/bond funds, with high liquidity, low returns but relatively stable, can be managed as cash substitutes; Equity funds have a high degree of risk/return, so they can make selective investment according to the cycle of asset management and risk tolerance to ensure a higher return of the portfolio; Allocated funds have the characteristics of flexible allocation, both stocks and bonds, slightly lower risk and relatively stable returns. Different types of funds can be used to combine, on the one hand, to spread risks, on the other hand, to manage funds reasonably and improve returns.

Fund portfolio suggestion

Investor Type Stock Fund Index Fund Bond Fund Monetary Fund

Extremely conservative 040%40%20%

Moderately conservative 0552520%

Moderate 30%30%20%20%

Moderate and enterprising 40%45% 10%5%

Aggressive 65%30%05%

B Under the background of low market risk appetite, can I invest in a portfolio with high dividends?

The high dividend portfolio is a portfolio of Golden Beta. Judging from the current market situation, in terms of decline, the market risk appetite is low, the high-risk shell resources stocks are greatly adjusted downwards, and the listed shell resources portfolio has fallen sharply, with the worst performance; The price increase combination of resource products continues to decline; In addition, core payment and Beidou navigation performed generally. In terms of quantitative combination, not bad money and high dividends performed well, with the increase exceeding 1%. Under the background of low market risk appetite, the high dividend portfolio of Jinbeita is worthy of attention.

C. How do people with a monthly salary of around 4,000 manage their finances?

The salary of 4000 yuan a month should be managed in the following ways. At present, prices and rents are very high, and many people have little left except fixed expenses. However, you still need to plan your remaining funds according to the financial quadrant mentioned below, and divide the remaining money into four parts and distribute them according to a certain proportion. In addition, it's best to set aside a part to invest in yourself for study and increase your extra income, so that you can learn from practice!

1. Understanding personal risk preferences

Only by knowing your risk preference can you say what kind of investment products to choose.

Before investing, if you want others to give advice or make your own decisions, you should know your own risk preferences and match your investment behavior with your own risk tolerance.

There are many detailed personal financial risk assessments on the Internet. Let me give you the simplest one first:

A: I can't allow the loss of principal 1 minute (suitable for banks, low-risk money funds such as Yu 'ebao, and the income is around 2%-3%).

B: I'm willing to bear the risk of 20% loss of principal and pursue a return of more than 10% (P2P can be considered, and the return of the fund's fixed investment is about 5%- 10%).

C: I am willing to bear the risk of 50% loss of principal and pursue a yield of more than 25% (I can consider risky investments such as stocks, and have a yield of 20% in a good market environment).

2. Secondly, we should consider the demand for liquidity.

Many investments can get high returns, but they need to be held for a long time. You have short-term liquidity needs, and short-term market fluctuations are unpredictable. If the price is just at the low point, you are sure to lose money.

The principal of 1.5 million financial investment needs to be withdrawn within 1 year, and can be withdrawn after 3 years. It doesn't matter even if it takes longer. According to the proportion of liquidity requirements, invest in products with different liquidity and risk levels.

3. Capital preservation and currency appreciation

This principal of 20,000 yuan belongs to the money for planning for the future, which can mainly protect the capital and have continuous income. You can consider the baby wealth management products of large companies, such as Yu 'ebao, Licaitong, online finance and Jingdong Finance.

Generally, the rate of return is higher than that of banks on a regular basis, and the rate of return is generally around 3%-4%, mainly because the access is flexible, because there are large companies as the background, and the principal is relatively safe. If you don't want to be a little risky, then deposit it in the bank for a fixed period, and the 3-year fixed deposit rate is also 2%-3%.

The best investment target: your intelligence, knowledge, ability and health.

D. what is the basic operating principle of the fund?

From the perspective of capital relationship, capital refers to funds specially used for a specific purpose and independently accounted for. Among them, including endowment insurance fund, retirement fund, relief fund, education reward fund, etc. In various countries, there are also special financial funds, collective welfare funds for employees, key construction funds for energy and transportation, and budget adjustment funds unique to China. In terms of organizational nature, a fund refers to an institution or organization that manages and operates funds dedicated to specific purposes and conducts independent accounting. Such fund organizations can be non-legal institutions (such as financial special funds, college education incentive funds, insurance funds, etc.). ), public institutions (such as Soong Ching Ling Children's Foundation in China, Sun Economics Prize Foundation, Mao Dun Literature Prize Foundation, Ford Foundation and Huo Burridge Foundation in the United States, etc. ) or corporate institutions.

Investment fund Investment fund refers to the investment organization system that uses the modern trust relationship mechanism to pool the scattered funds of various investors to achieve the expected investment purpose in accordance with the basic principles of * * * joint investment, * * * enjoying the benefits and * * * taking risks and some principles of joint stock companies.

Securities investment fund Securities investment fund is a * * * profit * * risk securities investment model, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks, bonds, foreign exchange and currencies to obtain investment income and capital appreciation. The names of investment funds are different in different countries or regions. In the United States, they are called "mutual funds", in Britain and Hongkong, they are called "unit trust funds", and in Japan and Taiwan Province Province, they are called "securities investment trust funds".

Index fund index fund is a kind of fund with the principle of fitting the target index and tracking the change of the target index to realize the synchronous growth with the market. The investment of index funds adopts the investment strategy of fitting the target index return rate, and invests in the constituent stocks of the target index in a diversified way, so that the stock portfolio return rate fits the average return rate of the capital market represented by the target index.

Umbrella fund Umbrella fund is actually an organizational structure of open-end fund. Under this organizational structure, the fund sponsors initiated the establishment of a number of funds that can only be converted according to the prescribed procedures according to a general fund prospectus. These funds are called sub-funds or constituent funds. The fund system composed of these sub-funds is called umbrella fund. Moreover, umbrella fund is not a specific fund, but a management method of many funds initiated and managed by the same fund sponsor, so it is generally considered that the term "umbrella structure" may be more appropriate.

LOF fund LOF fund is called "listened open-ended fund" in English and "listened open-ended fund" in Chinese. In other words, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets, they must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares you bought online on the exchange and redeem them at designated outlets, you must also go through certain transfer custody procedures.

The sources of fund income mainly include the following aspects:

Dividend income stock dividends or cash dividends distributed when investing in stocks of listed companies.

Interest income Interest income generated from investment in government bonds, corporate bonds, financial bonds, bank deposits and other instruments.

Capital gains The income generated by the bid-ask difference when investing in stocks or bonds of listed companies.

Other income refers to the cost or expense saved by using the fund assets.

Investors' risk portfolios should be the same, regardless of their risk preferences. Why?

According to the separation theorem, investors' preference for risk and return has nothing to do with the optimal composition of investors' risk portfolio.

Separation theorem means that investors will choose the optimal combination point of risk-free assets and risk-free portfolio when choosing portfolio, because it has advantages in risk or reward compared with other portfolios. So whoever invests will choose this point. Investors' attitude towards risk will only affect the amount of funds invested, but will not affect the optimal combination point.

F. what does portfolio mean?

The basic model of portfolio theory was put forward by Markowitz. Under a series of reasonable assumptions, the efficient set and the optimal portfolio are discussed.

Several Assumptions on Investor's Behavior

1. Investors believe that each investment choice represents a probability distribution of expected returns in a certain holding period.

2. Investors pursue the maximization of expected utility in a period, and its utility curve shows that the marginal utility of wealth is decreasing.

3. Investors estimate the risk of portfolio according to the variability of expected returns.

4. Investors make decisions completely according to expected returns and risks, so their utility curve is only a function of expected returns and variance (or standard deviation) of expected returns.

5. Under a certain risk level, investors prefer higher returns. Similarly, under a certain expected rate of return, investors prefer smaller risks.

Risk preference and indifference curve

Different investors have different preferences for returns and aversion to risks, and the existence of such differences will undoubtedly affect their choice of investment objects. Therefore, when looking for the best investment strategy, we must consider investment risk, income and investor preference at the same time.

risk appetite

As far as relative risk is concerned, there are three types of investors' preference for income: risk preference, in order to obtain higher investment income, investors are willing to bear relatively high investment risks; Risk aversion, investors are willing to take relatively low investment risks only when they get a certain return on investment; Risk neutral.

indifference curve

Investor indifference curve refers to different combinations of returns and risks that can bring investors the same degree of satisfaction. The slope of the indifference curve indicates the substitution rate between risk and return. The higher the slope, the higher the income compensation that must be provided to investors in order for them to bear the same risks, which shows that investors are more risk-averse. Similarly, the lower the slope, the less risk-averse investors are.

G. What kind of investment portfolio do investors with high risk aversion prefer?

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H. How do novices get started with the fund