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发表日期:2011-06-14 摄影器材: 点击数: 投票数:

Finally, there is risk. Investment income should be the same with the index on the basis of risk beyond the index. If investors rely on to take greater risks to obtain additional revenue, then bound to the surface of the high-yield and its attendant for the high-risk offset, making the risk-adjusted investment performance is still below the market index

investment in the proactive mode, on the one hand the fund manager's investment choice depends on the investment fund manager's own analysis, once the investor will suffer misjudgment, resulting in business risk; the other hand, , due to fund managers to pursue their own interests to maximize its goal, when the fund manager's interests and conflict of interest of investors (especially when the fund manager's investment behavior is subject to certain very difficult for fund managers to make objective and fair choice, which will lead to The Index Investing just for index replication, but many issues related to stock options, thereby reducing the risk manager.

8 Index of investment in the meaning of

1 active investors and passive investors

The first is comprehensive. Investment performance must be able to bull and bear markets than in the index. If the bull market catch on, to bear the desolately Cancan, it only shows a bias in investment strategies.

The first is the higher administrative costs eating into their investment income. In terms of average annual management fee for the S & P 500 Index Fund 0.31%, exchange-traded funds (ETFs) is 0.16%, while managed funds is as high as 1.42%. This is because the managed funds must employ a special high-priced securities analyst for analysis and screening.

followed by the fund managers tend to trade securities frequently to show that its decision-making, management and professionalism, which leads to increased transaction costs.

modern capital markets after decades of development, the emergence of a large number of sophisticated equity method investments, but the angle sum investment strategy is divided into two categories: the active investment management strategy (Activemanagement) and passive investment management strategy (Passivemanagement). In theory the two investment strategies, investment objectives and investment methods are different. Active portfolio investment is often constructed using relatively subjective, complex and difficult to quantify the principles of stock selection, is generally concentrated in a small amount of investment securities, with a similar or a simple quantitative method to determine the ratio of investment between the various securities. Passive investment strategy in constructing the portfolio, often using an objective and relatively simple stock-picking strategy, the investment area is relatively fragmented, more than an investment in stocks, have a more complete method for the precise definition of the number of securities investment in the weight and by way of program trading.

indexing investment of course there are also their own shortcomings, such as tracking error may occur, so that deviate from the index portfolio is too large. When stocks portfolio adjustment adjustment will also have a certain loss. When the defective design of the index itself, the index is often not well represented on the market as a whole.

followed by the long-term. Investment performance must be sustained and stable long-term beat the market, this period is usually not less than ten years. Only time can prove whether the investment performance of the market turbulence experienced or across several different market cycles, with the winners to be lucky enough to distinguish those who.

[1] ? David. Bright. Beat the experts - the index beat Wall Street's top investment experts [M]. Beijing: Huaxia Publishing House, 2001. < / P>

1988-1998 in mutual funds compared with the market index returns

how to measure the relative performance of investment in order to determine whether or not it beat the market? First clear definition and measure of the market. Contains a large number of stock shares, but sometimes people do not care about the special attributes of a particular stock (or market price as its profit growth), but the number of indicators and the overall market changes. Also, when the number of stocks in the stock market is too large, people usually drawn from a sample of some of the stock in order to reduce the size of the object to facilitate the overall market research. Therefore, investment in shares, the stock market index stock market has become the spokesman and benchmarks, the subtext is to beat the market over the stock market investment performance,Beats By Dre Headphones, the performance of the corresponding index.

The table shows the 1988 and 1998 10 years of S & P500 index average rate of return than the stock investment funds, the average annual rate of return but also higher than 3 percentage points, in addition to a survey from 1972 to 1998, more than 50% of all U.S. stock funds can exceed the performance of S & P500 index for the year only 9 years and 17 years lower than the index. In addition, the active performance of the fund invested mostly do not have continuity in a period of good performance in another phase of the fund may be not good, like the United States in 1970 - 1980 among the top twenty Fund in 1980 - 1990 almost all fell between the top twenty out of this twenty Fund in 1970 and 1980 the average annual return rate of all the Fund's average annual yield of 8.6 percentage points, while the 1980 and 1990 years, their average annual rate of return than the average annual return of all funds rate even lower by 0.3 percentage points. Therefore, people naturally think of a direct replication index, this investment method is simple and can also get the average market rate of return.

other managed funds are typically about 5% to maintain cash reserves to repurchase for the Fund to use,vibram five fingers outlet, and basic non-index funds in cash. As the U.S. stock market is mainly dominated by the bull market, so the larger cash reserve fund to become a burden and cumbersome. This makes the Fund's long-term performance reduced.

Foundation finally managed to make a heavier tax burden on investors. Frequent trading of securities may increase the Fund's current income, forcing investors to pay taxes for this purpose, to lower the final actual investment income. Lower conversion rate of the index fund's frequent trading will be suppressed, so that a big difference.

Keywords: Index Investing; beat the market; investment trends

financial portfolio theory tells us that if a portfolio is usually contained in the greater the number of securities, securities more widely distributed surface, can effectively reduce the investment portfolio of non-systemic risk. Does not try to beat the market index investing, but want to get the average market level of income, which is made with the simulated index was close to the rate of return. Index investment portfolio constructed by index composition can effectively reduce the non-systematic risk.

3 beat the market to measure

6 the theoretical basis is difficult to beat the market

References

talking about the absolute performance of investment performance, marketability and no way to distinguish between non-market benefits. Only when the relative performance compared to distinguish between the two, in order to determine whether investors use their talents and wisdom to create additional revenue. Therefore, the ability to beat the market in the final analysis is the ability to create non-market gains.

investors are active investors should be exposure to the camp, or should join the ranks of passive investment? A common measurement criteria, is to see whether the beat the market.

(1) Index Investing can be fully diversified portfolio, reducing non-systematic risk.

5, the concrete evidence is difficult to beat the market

under 迪恩利巴朗 and 罗迈什瓦迪 Lunge Mu (2000) definition: index of investment is to obtain a market-specific benchmark return for the purpose of investment behavior. In the stock market, the index of investment been defined as Level of income is the basis of its target range of index changes. Index Investing is the average income level for market financial products, for those who want to share the stock market steadily growing investor demand, the average degree of risk and return preferences of investors.

passive investment strategy is usually divided into three specific ways: buy and hold strategy, local risk immunization strategies and indexing investment. The index of the passive investment approach is an important area of ??investment approach to investing, asset management is currently the fund can choose one of the main investment.

4 to beat the market to achieve the conditions

Despite such shortcomings, but introduce the idea of ??indexation of investment still has a positive meaning.

2 beat the market implications

and people on the It is because of the unpredictability of the stock market, people will give up the guys run investment funds, choose a passive approach to follow the market.

10 Thought of the introduction of indexation of the need for investment

Although beating the market means going beyond the stock market index, but really beat the market must meet three criteria, namely, to achieve three different levels of transcendence.

efficient market theory suggests that a fully efficient market, stock prices reflect the known, all the information about the stock, any data source and processing methods can not be a steady increase in income, any professional market value of the marginal investor is zero, so in an efficient market, the portfolio return is higher than the efforts of market index returns are unlikely to be successful, unless it is luck .

biggest advantage of index investing is that the lower rates, including the management of lower operating costs, transaction costs and market impact costs. Index Investing is a representative index to track the passive investment strategy, do not spend a lot of time and money to find, analyze information, do not need to employ highly paid analysts, and the holding period is longer, and out of the market rate and low turnover , thus saving a lot of transaction costs (including commissions, spreads and market impact costs) and the management and operation costs.

7 Reasons hard to beat the market

(3) index investment fund managers reduce the risk.

rational investors are risk averse, while the pursuit of income maximization. To individual assets, risk and return are directly proportional to the high yield is always accompanied by high risk. Markowitz (Markowitz) portfolio theory, through a combination of different proportions of various assets can make the gain of the overall portfolio risk characteristics to achieve the same level of risk in the highest revenue and earnings at the same level of risk the smallest ideal . This theory fully reflect the benefits of diversification, and to achieve investment diversification is the most simple and effective means of indexation of investment.

50 years of New China, especially the reform and opening up over the years, China's economic construction has made great achievements attracting worldwide attention, with the deepening of economic restructuring, the enterprise management system continues to rationalize the large number of including many private enterprises, including enterprises will radiate more vitality, to grow up quickly, as management practices, flexible, internationally competitive and outstanding enterprises. Especially after joining WTO, the Chinese have gained more equality of opportunity to participate in the international economic stage of the competition, full of vigor and vitality of the greater expected over the next decade, China's rapid world economic growth will remain one of the countries . Therefore, we have reason to believe that the long term, the development trend of China's securities market will also be driven by rising prices, to track the index for the target stock market index fund can be fully shared growth, good benefits.

(2) index of cost-effective investment and tax efficiency.

fund managers beat the market is not only a sacred mission, but also many private investors are becoming the pursuit of goals. The significance of this concept is that investors measure the performance of absolute return rather than its relative income, that is,Beats By Dre Studio, it is relative to the performance of market benchmarks. As investment risk can be divided into two types of systematic and non-systemic, as a source of financial investment return of income can be divided into market and non-market income categories. The former is caused by the market movement, while the latter is the influence of outside investors in the market to add revenue, it is perhaps the wisdom and ability of investors to a symbol, it may just be lucky.

the continued development of the entire stock market index of the basis for the existence and development investment, the index of investment income mainly depends on the stock index long-term upward trend. The composite stock price index as an indicator of the overall stock market trend and is closely related to the development of the national economy. In the long run, stock index as a reflection of the overall stock market index, changes in trends and economic development of their basic coordination.

 The discussion of investment to investment in index 
 

active management of investment funds over the stock market index is difficult to reason, the factors can be broadly attributed to the four points: higher management fees, high transaction costs, larger cash reserves, the heavier tax burden.

Abstract: Both theoretically and practically beat the market or are difficult to achieve, and should look to try to get the market average return of Index Investing,tods shoes outlet, Index Investing with a diversified portfolio,MBTシュ?ズ ??店, reducing systemic risk, low cost, low-tax advantages, but also can reduce the risk of fund managers is the main direction of future investment trends.

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