Why do I like older fund managers 瀬名アスカ

Why do I like the old fund manager Sina fund exposure platform: letter Phi lag behind false propaganda, the performance of long-term lower than similar products, how to buy funds pit? Click [I want to complain], Sina help you expose them! The source | Lu Hongfeng investment analysis   the author | Lu Hongfeng from 2013 to 2015, there were a lot of star fund managers, many of which are 80. Finance and economics articles often see interviews with these 80 managers. "Big data", "artificial intelligence", "3D" Internet plus "print", "fourth industrial revolution", "VR AR", "noun always block chain" and other fashion from the young fund manager heard. It is a kind of illusion, it seems that asset management is a fashion industry, the value of assets and the value of the fund manager is positively related to fashion. Conservative and fundamental research seems to be out of date, there is a saying that the fundamentals of the study lost in the starting line". In May last year, one time, I tried to adjust a fund manager, the manager was born 83 years. "What style do you think you are, and what kind of environment is better?" I asked. "I tell you, we don’t have a fixed style." He answered with a smile, "what kind of market environment, we use what kind of strategy, which is our product performance has been very good reason." Indeed, at that time, the manager’s product performance is very good, the net value in the past year rose by more than 100%, as if rising every week, can not stop. Although I was somewhat surprised at his answer, I did not persuade him. A few months later, accompanied by several rounds of stock market crash, the net product managers fell significantly, volatility is also large, up and down, to February this year, an average of more than 45% retracement. Several new products stop, some of the old product sat a few net roller coaster, and return to the origin. There is an old saying, old Wall Street traders, traders are bold, but not that old and bold traders. I looked at the data of the fund managers in our database over the past two years. Found in this round of cattle bear, steady performance, this year is only a small loss, and even get a positive return, the basic are those older managers. Most young people are still "too young simple", standing on the current perspective, even "too naive"". In addition, the experience of the capital market and the gap between the paper, older fund managers compared with young people, there are these differences: the difference between the magnitude of 1 personal wealth. A person’s assets, if the amount of wealth with their own level, it will be much easier. For example, a manager’s own wealth of 10 million, the management of assets of 1 hundred million, or $1 billion of assets, seems to be able to grasp. On the contrary, if the difference between the two is very far, for example, so that their own wealth of less than 1 million of young people to manage the assets of the company, or even 5 billion, the probability of the results will not be ideal theory相关的主题文章:

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