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约翰·博格五大投资秘诀

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发表于 2020-9-23 17:53:11 | 显示全部楼层 |阅读模式

1.选择低成本基金

被动型基金优于主动型基金。指数基金采用的是跟踪某个标的指数的被动投资方式,研发费用低,交易费用少。

2.认真考虑附加成本

美国市场目前约有3000只没有销售佣金、无发行费用的基金,对于那些具备一定分析能力的投资者,选择这种基金是个可行的方案。在基金品种选择正确的前提下,购买无发行费用的基金,就等于把成本占未来收益的比例下降到了最小。

3.不要过高评价明星基金

明星基金是基金公司力捧的招牌,也是最被投资者看中的因素之一,不过约翰博格对此并不十分在意。因为即使有人能够预见市场未来的绝对收益,也不可能预测出个别基金相对于市场的收益,至多是预测出指数型基金的收益。

约翰·博格认为,很有可能预测准确的只有两种情况:

一是高成本基金的业绩,通常劣于相应的市场指数;二是历史业绩显著优于市场指数收益的明星基金,会向市场平均值回归,甚至低于后者。

4.大的未必是好的

原因一是规模提高了交易成本,而且规模越大,对所持有股票的价格影响也越大,这会在时间紧迫的交易中进一步加剧股票价格波动;

二是为了保持基金的流动性和分散投资原则,大市值基金不得不以更小的集中度,持有更多数量的股票,而每一只持仓品种所能提供的收益也更小;

三是相对于小市值的基金,大市值基金对于流动性要求更高,因此可以选择的股票品种更加有限。

5.不要持有太多基金

没有必要持有超4-5只的股票基金,因为过度分散投资的效果类似一只指数型基金,但由于股票基金的高成本,最终的收益很可能低于指数。分散持有不同风格的股票基金,也未必是个明智选择。

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