Recently, Shan Bin, a well-known domestic fund manager, reduced his position. He himself said that he still kept the position of 10%, which caused many netizens to abuse him. Said he was a false value investor, said he cheated the people and so on. . . He was praised as the most authentic value investor because he wrote A Rose of Time. Later, he became famous because he was optimistic about Maotai, and he was also a fund manager with a net worth of 10 billion plates.
Actually, I don't think it's necessary to be so abusive. Fund management has its own limitations. If it is below the liquidation line, you need to close the position. Therefore, we can see that when the market is good, the funds are leaping forward, and when the market is not good, the positions are reduced and hedged. Therefore, it is difficult for fund managers to truly invest in value. Because value investment is anti-human, often the best time in the market is when value investment exits, and when the market is not good, it is when value investors enter.
In addition, there are really few domestic fund management experts, and most of them can't beat the earnings of the index, but they still have to charge you management fees, commissions and so on. In short, if they make money, they will divide it, and others will make money if they lose money. So what is the highest realm of stock trading? Is to use your money to invest in stocks.
Old Buffett gets up early to be a fund, also called financial management on behalf of customers. Others' standard is 6% annual income free of charge, and more than 6% is divided. You see the difference. If there is no real investment ability, who dares to accept so much?
This may also be the difference between stock gods and fund managers. Of course, there are great fund managers in China, and they also give investors very high returns, so if you buy active funds, you must keep your eyes open and look for them. Nevertheless, that stupid investment index fund will definitely bring you huge benefits in a few years or longer. And reliable.