For any investor, making money is of course a very important goal, but you know that you can't make all the money. People's wealth is limited, the market is changeable, and it is a great thing to earn what you can. So how do you know what kind of money is suitable for you to earn?

On this issue, there is a professional saying called user portrait. However, the current portrait method is biased, and the general practice of institutions is to understand the customer's situation in a targeted manner and divide it into different dimensions to score, thus anchoring the relative position of customers.

However, after in-depth analysis and practice, I personally think that the patterned user portrait is not suitable for guiding investment positioning, including the so-called user demand diagnosis, and can not accurately understand the real needs of customers.

Because a set of questions can't be suitable for all investors, if investors don't know what it is, why should institutions diagnose investors?

In order not to appear too bad deviation, the general user portrait method will pay attention to the risk tolerance and investable period of funds, and take the test results as the constraint conditions of investment plans, and then provide customers with suitable investment plans in combination with the income requirements. Therefore, most customer portraits are analyzed based on risk preference and liquidity.

This process is actually flawed, because the market may not be able to provide investment solutions for the risk-return requirements of some customers. But no product on the market can give the answer of "no solution". The final result is naturally "come with hope and go with resentment".

Our next questions are all introspective and need to be answered with conscience. You don't have to tell me the answer, but you must remember the result, because this is your confidence in betting.

one

Am I suitable for fund investment?

What kind of person is suitable for fund investment? Answer from two levels.

First, do you think it's better to diversify your portfolio than to concentrate on it? Portfolio investment is what we often hear, "Don't put eggs in one basket", "eggs" is money, and "baskets" are the assets we want to invest in. If you think separation is appropriate, choose "combination". If you have more money, you can build your own portfolio. If you have less money, you can buy a portfolio directly. A fund is a portfolio.

Second, do you think fund managers are better at building portfolios than you? When the funds reach a certain amount, investors can make their own portfolio investment. At this time, the question you need to consider is whether your ability to build a portfolio is excellent. If you are good at it, of course, you can choose to do it yourself, but I'm afraid you don't have enough energy, so you need to choose to buy a fund, and the requirements for fund optimization are stricter.

For ordinary investors, naturally, they have neither enough spare money for diversified investment nor energy for professional analysis, so they naturally choose to let the fund manager take care of it.

Generally speaking, "rich and expensive" and "small wealth is safe" are the most suitable for fund investment.

two

Do I know the basic fund evaluation indicators?

Evaluating the quality of investment strategy requires at least two dimensions: the rate of return and the risk dimension.

(1) yield size

Look at the cumulative rate of return for those who have been running for less than one year, and look at the annualized rate of return for those who have been running for more than one year. Cumulative rate of return is how much money the product has earned since the beginning of investment; The annualized rate of return is to convert the income of the product into the income when the investment period is one year. For example, from 20 1 865438+1October1to 2065438+July 26th, 2009, the cumulative yield of CSI 100 index was 1.43%, while the annualized yield was 0.93%.

It should be reminded that the annualized rate of return of funds that have been running for less than one year has no reference significance.

For example, if the daily yield of a product is 0.2%, then the direct annualized rate is 0.2%×243 (trading day) =48.6%. There is a very confusing assumption that you can earn 0.2% every day. As the saying goes, it is not difficult to do the right thing, but it is difficult to keep doing it. The "annualized" here means doing it right all the time, but it is actually very difficult to do it.

(2) Risk dimension

Volatility is a commonly used risk measurement index, which can anchor the approximate range of final income according to the average income. However, we are actually worried about the worst possible situation after purchase. This indicator is called "Maximum Retreat". That is, in the past period of time, what is the biggest loss between the high point and the low point?

Especially for open-end funds, if you don't want to be a receiver on guard, you must pay attention to the maximum withdrawal. Note that the maximum retracement is a concept of cumulative net value, which needs attention, because this value is the loss you may face.

(3) Risk adjustment indicators

Sharp rate, the formula is more complicated, but it will provide a general combination. What it means is that for every 1% risk in history, how much income will the portfolio get on average. Usually this index can be used as an index to examine the ability of portfolio management.

Information ratio, this indicator is more complicated. Every fund we buy has a performance benchmark, and simple understanding is the benchmark. Especially the index fund, its target is the index. The return of index funds is mainly compared with the performance benchmark, not with the market.

The information ratio reflects the ability to exceed the benchmark. First, it must be greater than zero. In fact, the bigger the better. But unfortunately, this indicator is not easy to find and needs to be calculated. A simple understanding is the ability of the investment manager's product performance to stably exceed the benchmark portfolio.

three

What kind of fund should I choose?

On the premise of deciding to buy a fund, you need to judge yourself from two dimensions: timing and target selection.

One is whether you have the professional knowledge of industry judgment. If you are an employee in the physical industry, you naturally have a thorough understanding of your industry. If you think you are good at choosing an industry, you should consider choosing an industry index fund at this time. General industry funds are passive index funds. At this time, it mainly depends on the information ratio.

Second, I don't know any industry and have no confidence in the operation of "high throwing and low sucking". I choose stock funds and hybrid funds. At this time, the indicator that should be looked at is the Sharp ratio. However, it should be reminded that the Sharp ratio of stock funds and bond funds cannot be compared, and only the internal comparison of the same type of funds is meaningful.

Third, if you think that the market is the most powerful in your investment period, then you should choose to invest in "broad-based funds", such as the Shanghai and Shenzhen 300 Index Fund and the CSI 500 Index Fund. The indicators you need to look at are Sharp ratio (relative to risk-free return) and information ratio (relative to benchmark portfolio).

four

My investment period and risk tolerance?

The longer the investment period, the more opportunities you have to make money in the market, so even if there is a certain loss in the initial investment, there is a chance to turn over. Therefore, if your funds can be invested for a long time, then the proportion of your investment in equity funds can be higher.

There is another important reason. In the long run, the overall income of equity funds is higher than that of bond funds, because the overall economic and social development is growing. Although the stock market speculation is expected, it is still the profit of the enterprise that determines the valuation center.

The greater the risk tolerance, the greater the proportion of stock investment funds. Because the income of bond funds is relatively stable, it is not enough to obtain upward elasticity, while equity funds can obtain better upward elasticity.

five

Look at the quality of a strategy, mainly look at what?

The first is effectiveness. Simply put, whether a strategy can make money depends mainly on the income index.

The second is reliability. Generally speaking, the less luck the better. For example, the investment period of three years is the same as earning 50%. The three-year income distribution of one portfolio is [14.47%, 14.47%, 14.47%], and that of another portfolio is [0,0,50%]. Which do you think is better?

Obviously, it is the first one, because this combination makes money year after year, and it is right year after year, while the second combination is right only in the third year.

In a word: correct, and correct with a high probability.