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琴兽
2021-08-16
$老虎证券(TIGR)$
加油,看好
琴兽
2021-07-10
做任务,帮点赞,谢谢
市场监管总局依法禁止虎牙与斗鱼合并
琴兽
2021-07-30
$蔚来(NIO)$
加油蔚来,蔚小理就唯你涨幅最少了,上面大有空间啊[666]
琴兽
2021-07-22
马斯克:嘿木头姐,手里还有比特币么?木头姐:还有呢,放不出去,要不咋们再吹一下风,等韭菜们来接盘吧马斯克:好嘞,我先来
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琴兽
2021-05-22
国士无双,缅怀袁老,好好吃饭!🙏🙏
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琴兽
2021-04-17
我就是持有顺景,收益97.62%的那些基民,与其说持有时间长,还不如说持有时机好吧,年前顺景收益一度达到130%,很牛轰轰的,年后开始就大幅下跌,截止解封收益接近翻倍收益,如果年后才参与的基民,亏惨了,但如果年前跑掉的,赚翻了,其实没有如果,也不绝对是时间长就好,时机很重要!
基金公司自曝基民不赚钱的秘密
琴兽
2021-07-20
我离股神又近了,再努力亿下
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琴兽
2021-05-11
就问你们慌不慌🤪
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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ee8356647b06585ac937a0f45e6aeb17","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.aicaijing.com.cn/overview?article_id=7686","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189470084","content_text":"作者:夏天\n7月20日消息,有着“股神”之称的巴菲特目前身家已经降至千亿美元之下,现为990亿美元,在福布斯富豪榜排名第九位。","news_type":1},"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":141703112,"gmtCreate":1625889411636,"gmtModify":1625890401323,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"做任务,帮点赞,谢谢","listText":"做任务,帮点赞,谢谢","text":"做任务,帮点赞,谢谢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/141703112","repostId":"1110702719","repostType":4,"isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":133961706,"gmtCreate":1621685374405,"gmtModify":1621685559289,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"国士无双,缅怀袁老,好好吃饭!🙏🙏","listText":"国士无双,缅怀袁老,好好吃饭!🙏🙏","text":"国士无双,缅怀袁老,好好吃饭!🙏🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133961706","repostId":"2137857011","repostType":4,"isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":199966560,"gmtCreate":1620664038050,"gmtModify":1620695472421,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"就问你们慌不慌🤪","listText":"就问你们慌不慌🤪","text":"就问你们慌不慌🤪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199966560","repostId":"1195822666","repostType":4,"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":379065828,"gmtCreate":1618639803764,"gmtModify":1618639831276,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"我就是持有顺景,收益97.62%的那些基民,与其说持有时间长,还不如说持有时机好吧,年前顺景收益一度达到130%,很牛轰轰的,年后开始就大幅下跌,截止解封收益接近翻倍收益,如果年后才参与的基民,亏惨了,但如果年前跑掉的,赚翻了,其实没有如果,也不绝对是时间长就好,时机很重要!","listText":"我就是持有顺景,收益97.62%的那些基民,与其说持有时间长,还不如说持有时机好吧,年前顺景收益一度达到130%,很牛轰轰的,年后开始就大幅下跌,截止解封收益接近翻倍收益,如果年后才参与的基民,亏惨了,但如果年前跑掉的,赚翻了,其实没有如果,也不绝对是时间长就好,时机很重要!","text":"我就是持有顺景,收益97.62%的那些基民,与其说持有时间长,还不如说持有时机好吧,年前顺景收益一度达到130%,很牛轰轰的,年后开始就大幅下跌,截止解封收益接近翻倍收益,如果年后才参与的基民,亏惨了,但如果年前跑掉的,赚翻了,其实没有如果,也不绝对是时间长就好,时机很重要!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379065828","repostId":"2127047680","repostType":4,"isVote":1,"tweetType":1,"viewCount":681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":839141145,"gmtCreate":1629129316887,"gmtModify":1629129316887,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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10:14","market":"us","language":"zh","title":"市场监管总局依法禁止虎牙与斗鱼合并","url":"https://stock-news.laohu8.com/highlight/detail?id=1110702719","media":"市场监管总局","summary":"腾讯提出的附加限制性条件承诺方案不能有效解决竞争关注。","content":"<p>2021年1月4日,市场监管总局对<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>有限公司(以下简称腾讯)申报的<a href=\"https://laohu8.com/S/HUYA\">虎牙</a>公司(以下简称虎牙)与<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>国际控股有限公司(以下简称斗鱼)合并案,依法进行经营者集中反垄断审查。</p>\n<p>市场监管总局依据《反垄断法》,全面分析评估参与集中的经营者在相关市场的市场份额及其对市场的控制力、市场集中度、集中对市场进入和技术进步的影响、集中对消费者和其他有关经营者的影响等因素,以及腾讯提出的附加限制性承诺方案的有效性。审查过程中,市场监管总局广泛征求有关政府部门、行业协会、专家学者、同业竞争者及下游客户意见,并多次听取腾讯陈述意见。</p>\n<p>审查表明,本案相关市场为中国境内网络游戏运营服务市场和游戏直播市场。腾讯在上游网络游戏运营服务市场份额超过40%,排名第一;虎牙和斗鱼在下游游戏直播市场份额分别超过40%和30%,排名第一、第二,合计超过70%。目前,腾讯已具有对虎牙的单独控制权和对斗鱼的共同控制权。如虎牙与斗鱼合并,将使腾讯单独控制合并后实体,进一步强化腾讯在游戏直播市场的支配地位,同时使腾讯有能力和动机在上下游市场实施闭环管理和双向纵向封锁,具有或者可能具有排除、限制竞争效果,不利于市场公平竞争、可能减损消费者利益,也不利于网络游戏和游戏直播市场规范健康持续发展。经评估,腾讯提出的附加限制性条件承诺方案不能有效解决前述竞争关注。</p>\n<p>根据《反垄断法》第二十八条和《经营者集中审查暂行规定》第三十五条规定,市场监管总局决定依法禁止此项经营者集中。</p>","source":"lsy1600741531114","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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href=\"http://www.samr.gov.cn/xw/zj/202107/t20210710_332525.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6af724efafb5788a889a167ca9c1dc5c","relate_stocks":{"DOYU":"斗鱼","00700":"腾讯控股","HUYA":"虎牙"},"source_url":"http://www.samr.gov.cn/xw/zj/202107/t20210710_332525.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110702719","content_text":"2021年1月4日,市场监管总局对腾讯控股有限公司(以下简称腾讯)申报的虎牙公司(以下简称虎牙)与斗鱼国际控股有限公司(以下简称斗鱼)合并案,依法进行经营者集中反垄断审查。\n市场监管总局依据《反垄断法》,全面分析评估参与集中的经营者在相关市场的市场份额及其对市场的控制力、市场集中度、集中对市场进入和技术进步的影响、集中对消费者和其他有关经营者的影响等因素,以及腾讯提出的附加限制性承诺方案的有效性。审查过程中,市场监管总局广泛征求有关政府部门、行业协会、专家学者、同业竞争者及下游客户意见,并多次听取腾讯陈述意见。\n审查表明,本案相关市场为中国境内网络游戏运营服务市场和游戏直播市场。腾讯在上游网络游戏运营服务市场份额超过40%,排名第一;虎牙和斗鱼在下游游戏直播市场份额分别超过40%和30%,排名第一、第二,合计超过70%。目前,腾讯已具有对虎牙的单独控制权和对斗鱼的共同控制权。如虎牙与斗鱼合并,将使腾讯单独控制合并后实体,进一步强化腾讯在游戏直播市场的支配地位,同时使腾讯有能力和动机在上下游市场实施闭环管理和双向纵向封锁,具有或者可能具有排除、限制竞争效果,不利于市场公平竞争、可能减损消费者利益,也不利于网络游戏和游戏直播市场规范健康持续发展。经评估,腾讯提出的附加限制性条件承诺方案不能有效解决前述竞争关注。\n根据《反垄断法》第二十八条和《经营者集中审查暂行规定》第三十五条规定,市场监管总局决定依法禁止此项经营者集中。","news_type":1},"isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":806658015,"gmtCreate":1627654665237,"gmtModify":1627655484793,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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11:52","market":"us","language":"zh","title":"基金公司自曝基民不赚钱的秘密","url":"https://stock-news.laohu8.com/highlight/detail?id=2127047680","media":"景顺长城基金","summary":"同样是由刘彦春管理的基金,成立时间相近,基金收益率相差无几,认购持有人盈亏情况却千差万别。自2019年4月成立至2019年底,该基金净值增长率12.14%。截至今年3月31日,约24个月,该基金净值增长率97.62%。持有时间少于3个月的受访者,有超过21%近一年亏损幅度高于30%。今年一季度末,景顺长城基金及多家基金公司联合支付宝发布的《一季度基民报告》,显示出的数据更为触目惊心。在持有基金时长短于3个月的基民中,有超过7成是亏损的。","content":"<p><img src=\"http://k.sinaimg.cn/n/sinakd2021415s/317/w746h371/20210415/4bcd-knvsnuf3719657.png/w720fin.jpg\" tg-width=\"720\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p>同样是由刘彦春管理的基金,成立时间相近,基金收益率相差无几,认购持有人盈亏情况却千差万别。在景顺长城绩优成长收益率近100%的情况下,有67.83%的认购持有人收益率小于25%。而景顺长城集英成长的认购持有人全部获得97.62%的收益。(数据来源:景顺长城基金,截至2021.03.31,业绩已经托管行复核,同期业绩比较基准收益率分别为13.47%、35.35%)</p><p>这两只基金的认购持有人,仿佛用两年时间做了一次对照实验,为我们解答了一个难题,“为什么基金赚钱,基民不赚钱”。排除了其他的变量之后,剩下的那个关键变量就是——基金持有时间。</p><p>01</p><p>持基时间</p><p>是影响收益的关键变量</p><p>我们提倡长期持有基金的一个原因是,基金通常不是匀速上涨的,所谓“二八效应”在基金的表现上也能够体现,即可能80%的涨幅只在约20%的时间内完成了。反过来说,错过了这20%的时间,可能你的收益就并不如意。</p><p><img src=\"http://k.sinaimg.cn/n/sinakd2021415s/453/w751h502/20210415/e073-knvsnuf3719654.png/w720fin.jpg\" tg-width=\"720\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>数据来源:基金年报,截至2020.12.31</p><p>集英成长的累计净值增长率走势图,可以印证上述观点。自2019年4月成立至2019年底,该基金净值增长率12.14%。(数据来源:基金四季报,同期业绩基准涨幅1.54%)不过,2020年春节后疫情发酵,3月份美股遭遇历史罕见的多次熔断,两只基金净值增长率也一度回落到0%左右。也就是说,该基金的认购者,如果没能扛过这两次大的波折,那么他们在这近一年的持有期里很可能颗粒无收。</p><p>截至今年3月31日,约24个月,该基金净值增长率97.62%。而该基金最大幅度净值增长的期间,便是在2020年一季度的两次波折考验后,3月底至9月初的5个多月,净值增长率从0左右上涨至80%附近。总体来看,便是20%的时间完成了80%左右的涨幅。(数据来源:景顺长城基金,基金年报,截至2021.03.31,业绩已经托管行复核,同期业绩比较基准收益率为13.47%)</p><p>该基金的持有人回顾2020年一季度的这一段波折,不知是否会庆幸,产品设定了两年的封闭期呢。</p><p>当然,两年时间的数据可能具有一定偶然性。不过近年来, 有多项调查也显示出基金的持有时间与基民实际收益紧密相关。</p><p>据景顺长城联合<a href=\"https://laohu8.com/S/CHN\">中国基金</a>报、蚂蚁财富发布的《权益基金个人投资者调研白皮书》显示:</p><p>单只基金持有少于3个月、少于半年时亏损比率超过50%,持有时间半年至一年的亏损比例约为40%。</p><p>当持有时间上升到1-3年时,亏损比例大幅下降至20%出头。</p><p>持有时间3-5年时,亏损比例降至20%以内,而盈利比例已经超过了80%。</p><p><img src=\"http://k.sinaimg.cn/n/sinakd2021415s/98/w654h244/20210415/f635-knvsnuf3719692.png/w720fin.jpg\" tg-width=\"654\" tg-height=\"244\" referrerpolicy=\"no-referrer\"></p><p>调查数据来源:《权益类基金个人投资者调研白皮书》,景顺长城、中国基金报、蚂蚁财富,数据仅供参考。</p><p>从亏损幅度来看,持有时间越短,亏损的幅度也可能越大。持有时间少于3个月的受访者,有超过21%近一年亏损幅度高于30%。</p><p><img src=\"http://k.sinaimg.cn/n/sinakd2021415s/124/w663h261/20210415/5699-knvsnuf3719693.png/w720fin.jpg\" tg-width=\"663\" tg-height=\"261\" referrerpolicy=\"no-referrer\"></p><p>调查数据来源:《权益类基金个人投资者调研白皮书》,景顺长城、中国基金报、蚂蚁财富,数据仅供参考。</p><p>今年一季度末,景顺长城基金及多家基金公司联合支付宝发布的《一季度基民报告》,显示出的数据更为触目惊心。在持有基金时长短于3个月的基民中,有超过7成是亏损的。但如果把周期拉长到一年以上,则有近9成基民是赚钱的。此外, 报告分析显示频繁买卖的基民较拿着不动的基民收益率平均少28%,追涨杀跌的基民较基金净值涨幅少赚40%。</p><p>02</p><p>宁要“模糊的正确”</p><p>把握长期持基的逻辑起点</p><p>所谓大智若愚,大巧若拙。根据上述调查,我们能看出,在投资中“持有不动”这个看似最笨的办法却常能获得好的收益。频繁操作者,反而可能弄巧成拙。</p><p>有人将长期持有基金挣钱归结为“钝感力”,直译为迟钝的力量,大致可理解为不为波折所动,对“杂音”不要太过敏感,坚定地朝着既定方向前进。</p><p>钝感和长持,看似玄学,实则暗含清晰的逻辑。最重要的是,基金的长期投资者把握住了一个核心逻辑,那便是中国权益投资的长期前景是光明的,坚定地走在这条路上,我们或许终将见到光。</p><p>如著名经济学家凯恩斯的那句名言所说,“宁要模糊的正确,不要精确的错误”。投资中国的权益资产,在长期来看是正确的方向。但是,市场的短期波动充满了随机性,没有人能够精准预测短期走势,我们也难以精确判断什么股票是能够涨得最多的。所以我们说这可能是模糊的正确。</p><p>把握大方向的前提下,选定优秀基金经理的基金产品,帮我们选取股市中优秀的标的,便有长期获得好收益的可能性,是一个“讨巧”的途径。</p><p>不过,投资毕竟逆人性,很多投资者表示,道理大家都懂,但是做到的却不多。尤其在大幅波动的市场环境中,不少投资者常常抵御不了诱惑,总是频繁交易“拿不住”。于是,带有封闭期的产品应运而生,希望通过产品设计帮助投资者“管住手”。</p><p>03</p><p>牺牲一定流动性</p><p>换取规避人性弱点的强制力</p><p>刘彦春表示,设立封闭期的初衷是希望帮助投资者达成更好的投资效果,“过去我们管理的产品其实业绩还不错,但基民不一定赚钱,原因在于总有部分投资者在市场比较高的地方冲进来,又在市场比较低的地方恐慌离场,导致基金赚钱但基民不赚钱。我们设立集英成长基金,封闭期两年,就是希望能帮投资者把频繁交易的冲动过滤掉。”</p><p>诚然,从一个投资者的角度来说,当我们看到两年封闭期的设定时,或多或少是会有些犹豫的。毕竟,我们都喜欢把“选择权”牢牢握在手上的感觉。当我们选择定开型基金,实际上是在封闭期内舍弃了公募权益基金流动性较好的优势,放弃了一部分的“选择权”。</p><p>那么,我们牺牲一定短期流动性,所换来的东西是什么?所做的取舍,又是否值得或者说必要呢?</p><p>从产品层面,我们所放弃的这部分流动性,换来的是所购买基金的自由度。简单来说,不开放申赎可保持基金规模稳定,让基金经理免受短期规模变动所造成的影响,有助于基金经理执行中长期策略,更好地捕捉企业成长、价值发现所贡献的投资收益。</p><p>从自身角度,我们放弃部分“选择权”,换来了遏制自己频繁交易冲动的强制力。贪婪和恐惧都是人性,而资本市场则是人性弱点的放大器,近期市场的急跌更让我们认识到了长期投资的不易。</p><p>芒格说,承认自己的无知是智慧的开端。我们选择定开基金,其实是大方承认了自己在克制频繁交易冲动方面的不足,选择通过产品合约的强制力,来帮助我们克服人性的弱点。诉诸外力看似无奈,实则是善于发现自身的不足,并通过工具来解决问题的聪明之举。</p><p>04</p><p>封闭期的设置</p><p>暗含了“闲钱投资”理念</p><p>霍华德·马克斯在《投资最重要的事》中说,在崩盘期间不顾价格地卖出,是世界上最悲惨的事情。投资需要长期的资金以及强大的心理素质,来保证自己能够在最艰难的时期坚持住不卖出。</p><p>两年定开型基金从产品的设计上,便暗含了对于“闲钱投资”这一原则的引导。我们说了很多长期投资的逻辑、目的和意义,但是如果你用来长期投资的钱短期有急用,那一切都是枉然了。</p><p>小景在此也提醒大家,如果想要投资于带有一定封闭期的基金产品,需要事先对自己的资金做出明确的规划,避免用短期可能要使用的资金,甚至是杠杆来资金进行投资。</p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n基金公司自曝基民不赚钱的秘密\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-17 11:52 北京时间 <a href=https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/money/fund/jjzl/2021-04-15/doc-ikmyaawa9865594.shtml><strong>景顺长城基金</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>同样是由刘彦春管理的基金,成立时间相近,基金收益率相差无几,认购持有人盈亏情况却千差万别。在景顺长城绩优成长收益率近100%的情况下,有67.83%的认购持有人收益率小于25%。而景顺长城集英成长的认购持有人全部获得97.62%的收益。(数据来源:景顺长城基金,截至2021.03.31,业绩已经托管行复核,同期业绩比较基准收益率分别为13.47%、35.35%)这两只基金的认购持有人,仿佛用两年...</p>\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/money/fund/jjzl/2021-04-15/doc-ikmyaawa9865594.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5d015cecb7c07cac91ad41d21b12463","relate_stocks":{},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/money/fund/jjzl/2021-04-15/doc-ikmyaawa9865594.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127047680","content_text":"同样是由刘彦春管理的基金,成立时间相近,基金收益率相差无几,认购持有人盈亏情况却千差万别。在景顺长城绩优成长收益率近100%的情况下,有67.83%的认购持有人收益率小于25%。而景顺长城集英成长的认购持有人全部获得97.62%的收益。(数据来源:景顺长城基金,截至2021.03.31,业绩已经托管行复核,同期业绩比较基准收益率分别为13.47%、35.35%)这两只基金的认购持有人,仿佛用两年时间做了一次对照实验,为我们解答了一个难题,“为什么基金赚钱,基民不赚钱”。排除了其他的变量之后,剩下的那个关键变量就是——基金持有时间。01持基时间是影响收益的关键变量我们提倡长期持有基金的一个原因是,基金通常不是匀速上涨的,所谓“二八效应”在基金的表现上也能够体现,即可能80%的涨幅只在约20%的时间内完成了。反过来说,错过了这20%的时间,可能你的收益就并不如意。数据来源:基金年报,截至2020.12.31集英成长的累计净值增长率走势图,可以印证上述观点。自2019年4月成立至2019年底,该基金净值增长率12.14%。(数据来源:基金四季报,同期业绩基准涨幅1.54%)不过,2020年春节后疫情发酵,3月份美股遭遇历史罕见的多次熔断,两只基金净值增长率也一度回落到0%左右。也就是说,该基金的认购者,如果没能扛过这两次大的波折,那么他们在这近一年的持有期里很可能颗粒无收。截至今年3月31日,约24个月,该基金净值增长率97.62%。而该基金最大幅度净值增长的期间,便是在2020年一季度的两次波折考验后,3月底至9月初的5个多月,净值增长率从0左右上涨至80%附近。总体来看,便是20%的时间完成了80%左右的涨幅。(数据来源:景顺长城基金,基金年报,截至2021.03.31,业绩已经托管行复核,同期业绩比较基准收益率为13.47%)该基金的持有人回顾2020年一季度的这一段波折,不知是否会庆幸,产品设定了两年的封闭期呢。当然,两年时间的数据可能具有一定偶然性。不过近年来, 有多项调查也显示出基金的持有时间与基民实际收益紧密相关。据景顺长城联合中国基金报、蚂蚁财富发布的《权益基金个人投资者调研白皮书》显示:单只基金持有少于3个月、少于半年时亏损比率超过50%,持有时间半年至一年的亏损比例约为40%。当持有时间上升到1-3年时,亏损比例大幅下降至20%出头。持有时间3-5年时,亏损比例降至20%以内,而盈利比例已经超过了80%。调查数据来源:《权益类基金个人投资者调研白皮书》,景顺长城、中国基金报、蚂蚁财富,数据仅供参考。从亏损幅度来看,持有时间越短,亏损的幅度也可能越大。持有时间少于3个月的受访者,有超过21%近一年亏损幅度高于30%。调查数据来源:《权益类基金个人投资者调研白皮书》,景顺长城、中国基金报、蚂蚁财富,数据仅供参考。今年一季度末,景顺长城基金及多家基金公司联合支付宝发布的《一季度基民报告》,显示出的数据更为触目惊心。在持有基金时长短于3个月的基民中,有超过7成是亏损的。但如果把周期拉长到一年以上,则有近9成基民是赚钱的。此外, 报告分析显示频繁买卖的基民较拿着不动的基民收益率平均少28%,追涨杀跌的基民较基金净值涨幅少赚40%。02宁要“模糊的正确”把握长期持基的逻辑起点所谓大智若愚,大巧若拙。根据上述调查,我们能看出,在投资中“持有不动”这个看似最笨的办法却常能获得好的收益。频繁操作者,反而可能弄巧成拙。有人将长期持有基金挣钱归结为“钝感力”,直译为迟钝的力量,大致可理解为不为波折所动,对“杂音”不要太过敏感,坚定地朝着既定方向前进。钝感和长持,看似玄学,实则暗含清晰的逻辑。最重要的是,基金的长期投资者把握住了一个核心逻辑,那便是中国权益投资的长期前景是光明的,坚定地走在这条路上,我们或许终将见到光。如著名经济学家凯恩斯的那句名言所说,“宁要模糊的正确,不要精确的错误”。投资中国的权益资产,在长期来看是正确的方向。但是,市场的短期波动充满了随机性,没有人能够精准预测短期走势,我们也难以精确判断什么股票是能够涨得最多的。所以我们说这可能是模糊的正确。把握大方向的前提下,选定优秀基金经理的基金产品,帮我们选取股市中优秀的标的,便有长期获得好收益的可能性,是一个“讨巧”的途径。不过,投资毕竟逆人性,很多投资者表示,道理大家都懂,但是做到的却不多。尤其在大幅波动的市场环境中,不少投资者常常抵御不了诱惑,总是频繁交易“拿不住”。于是,带有封闭期的产品应运而生,希望通过产品设计帮助投资者“管住手”。03牺牲一定流动性换取规避人性弱点的强制力刘彦春表示,设立封闭期的初衷是希望帮助投资者达成更好的投资效果,“过去我们管理的产品其实业绩还不错,但基民不一定赚钱,原因在于总有部分投资者在市场比较高的地方冲进来,又在市场比较低的地方恐慌离场,导致基金赚钱但基民不赚钱。我们设立集英成长基金,封闭期两年,就是希望能帮投资者把频繁交易的冲动过滤掉。”诚然,从一个投资者的角度来说,当我们看到两年封闭期的设定时,或多或少是会有些犹豫的。毕竟,我们都喜欢把“选择权”牢牢握在手上的感觉。当我们选择定开型基金,实际上是在封闭期内舍弃了公募权益基金流动性较好的优势,放弃了一部分的“选择权”。那么,我们牺牲一定短期流动性,所换来的东西是什么?所做的取舍,又是否值得或者说必要呢?从产品层面,我们所放弃的这部分流动性,换来的是所购买基金的自由度。简单来说,不开放申赎可保持基金规模稳定,让基金经理免受短期规模变动所造成的影响,有助于基金经理执行中长期策略,更好地捕捉企业成长、价值发现所贡献的投资收益。从自身角度,我们放弃部分“选择权”,换来了遏制自己频繁交易冲动的强制力。贪婪和恐惧都是人性,而资本市场则是人性弱点的放大器,近期市场的急跌更让我们认识到了长期投资的不易。芒格说,承认自己的无知是智慧的开端。我们选择定开基金,其实是大方承认了自己在克制频繁交易冲动方面的不足,选择通过产品合约的强制力,来帮助我们克服人性的弱点。诉诸外力看似无奈,实则是善于发现自身的不足,并通过工具来解决问题的聪明之举。04封闭期的设置暗含了“闲钱投资”理念霍华德·马克斯在《投资最重要的事》中说,在崩盘期间不顾价格地卖出,是世界上最悲惨的事情。投资需要长期的资金以及强大的心理素质,来保证自己能够在最艰难的时期坚持住不卖出。两年定开型基金从产品的设计上,便暗含了对于“闲钱投资”这一原则的引导。我们说了很多长期投资的逻辑、目的和意义,但是如果你用来长期投资的钱短期有急用,那一切都是枉然了。小景在此也提醒大家,如果想要投资于带有一定封闭期的基金产品,需要事先对自己的资金做出明确的规划,避免用短期可能要使用的资金,甚至是杠杆来资金进行投资。","news_type":1},"isVote":1,"tweetType":1,"viewCount":681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171734089,"gmtCreate":1626763320341,"gmtModify":1626763736068,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"我离股神又近了,再努力亿下","listText":"我离股神又近了,再努力亿下","text":"我离股神又近了,再努力亿下","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171734089","repostId":"1189470084","repostType":4,"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":199966560,"gmtCreate":1620664038050,"gmtModify":1620695472421,"author":{"id":"3581163983373979","authorId":"3581163983373979","name":"琴兽","avatar":"https://static.tigerbbs.com/eb8766a809ca9e9bdbed402d6fbc933d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"就问你们慌不慌🤪","listText":"就问你们慌不慌🤪","text":"就问你们慌不慌🤪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199966560","repostId":"1195822666","repostType":4,"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}