For example, several people (such as you and me) want to invest together, but we don't know anything about it, so we found our friend, Lv Jun, who is very good at it. So you went out of 60 yuan and I went out of 40 yuan, and a *** 100 yuan was given to Lv Jun to help him invest. This 100 yuan can be regarded as a fund. Whether we make money or lose money in the future, you and I will bear it in proportion to the investment. Has nothing to do with Jun Lv, who let us believe his investment level to find him? In real life, Lv Jun represents a fund company, and you and I become "citizens". But there are still two problems. Although Lv Jun is a friend, he can't help us do things for free, so we have to charge a certain percentage of management fees, and we have to pay him this percentage first, no matter whether we earn or lose. What if Lv Jun ran away with his betrayal and money? So we found the bank 1 and agreed with them that Lv Jun could only use this 100 yuan for our agreed investment, and could not invest in buying houses and land, let alone use it for its own use. But the bank said, why should I help you for nothing? Too much trouble! So we decided to pay the escrow fee to the bank. So what is the net value and share of the fund? Let's go back to the previous example. You keep 60 yuan, I keep 40 yuan, how to divide the money earned in the future? In order to simplify the calculation, we agreed at the beginning to divide 65,438+000 yuan into 65,438+000 shares, and now each share is worth 65,438+0.00 yuan. You take 60 shares, I take 40 shares, this 1.00 shares. In the future, this 100 yuan will become 120 yuan, and each fund will be worth 1.2 yuan, and my 40 shares will be worth 40 * 1.2 = 48 yuan. But how can there be so much money in reality? What is open and closed? What stock fund, bond fund? Which fund should I choose? Let's talk about open-end and closed-end first: what is an open-end fund? Back to the example just now, after you and I invested 100 yuan in Lv Jun, Lu Jun was really trained, and 1 month became 150 yuan. When Zhang San heard this, he was jealous and said, "I want to join, and I will pay 60 yuan."

Yuan "! However, our 100 fund is now worth 150 yuan, each of which is equivalent to 1.5 yuan, so 60 yuan of Zhang San can only buy 40 funds, of course, the value of each fund is 1.5 yuan. In this way, our fund will become your 60 shares+my 40 shares+Zhang San's 40 shares, a *** 140 shares. Each copy 1.5 yuan, the total value 1.50x 140 copies =2 10 yuan, which is exactly equal to 60 yuan+150 yuan after Zhang San, and no one will suffer. The scale of funds managed by Lu Jun has become 140. Funds whose scale can be changed are the so-called open-end funds. In reality, all the funds that we can buy directly from banks belong to open-end funds. Every time you buy one, the scale of fund company management will increase. So what is a closed-end fund? It's simple,

Let's go back to the example just now. You and I have * * *

Lv Jun asked for help to invest 65,438+000 yuan. Lv Jun said, in order to get a better return, I will use this money for five years of long-term investment, during which you can't get the money back. I was only concerned about high returns, and I agreed when I was excited. 1 month later, I was short of money. There is a contract in Jun Lv, so I definitely don't want to refund my money, so I have to find Zhang San. This boy has always been good at calculating. I told him that his current net worth is 1.5 yuan, a ***40.

I want to sell it to him, 60 yuan, but he won't sell it. He said: Although it is now worth 1.5 yuan, I can't cash it right away. I have to wait for nearly five years, at most 1 yuan 1 copy. No way, I was short of money, so I sold 1 yuan 1 copy to Zhang San. Compared with the net value of 1.5 yuan, I sold my closed-end fund at a discount rate of 33%, which is the fundamental reason for the discount of closed-end funds in reality. Of course, there are still fund companies that can't treat the discount caused by open-end and closed-end funds fairly, but they are all human factors, not the fundamental reason for their discount. Ok, that's all for the first article. I hope those who are interested can stick to it. If you have any questions, I will try my best to answer them. Your support also gave me the motivation to write my second article-how to choose a fund that suits me. Of course, experts and experts are also welcome to criticize and correct us and help us make progress together.