In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two.
What is an Investment（Investopedia）
An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.
Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.
A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.
An Introduction To Mutual Funds
Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.
Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.
Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1] An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts).
The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets.[6][7] Natural capital includes land, forests, energy resources, and minerals. Human capital is the population's education and skills. Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure.
In general, to invest is to distribute money in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development. However, this article focuses specifically on investment in financial assets.
In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two. The projected economic return is the appropriately discounted value of the future returns.
Investors generally expect higher returns from riskier investments. When we make a low risk investment, the return is also generally low.
Investors, particularly novices, are often advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk.
Contents
1 Terminology
2 History
3 Types of investments
4 Investment strategies
4.1 Value investment
5 Intermediaries and collective investments
6 Famous investors
7 Investment valuation
8 See also
9 References
10 External links
An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.
Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.
REFERENCE
Dictionary
Investing 101
The 4 Best S&P 500 Index Funds
World's Top 20 Economies
Stock Basics Tutorial
Options Basics Tutorial
Economics Basics
TOPICS
Stocks
Mutual Funds
Options
Tech
ETFs
Bonds/Fixed Income
Commodities
Investment Strategy
What is an {term}? Investment Strategy
asset allocation
risk tolerance
BREAKING DOWN Investment Strategy
Some investment strategies seek rapid growth where an investor focuses on capital appreciation, or they can follow a low-risk strategy where the focus is on wealth protection. Many investors buy low-cost, diversified index funds, use dollar-cost averaging and reinvest dividends. Dollar-cost averaging is an investment strategy where a fixed dollar amount of stocks or a particular investment are acquired on a regular schedule regardless of the cost or share price. The investor purchases more shares when prices are low and fewer shares when prices are high. Over time, some investments will do better than others, and the return averages out over time.
Some experience investors select individual stocks and build a portfolio based on individual firm analysis with predictions on share price movements
Graham's Five Strategies
In 1949, Benjamin Graham identified five strategies for common stock investing in "The Intelligent Investor."
General trading. The investor predicts and participates in the moves of the market similar to dollar-cost averaging.
Selective trading. The investor picks stocks that they expect will do well in the market over the short term; a year, for example.
Buying cheap and selling dear. The investor enters the market when prices low and sells stock when the prices are high.
Long-pull selection. The investor selects stocks that they expect with grow quicker than other sticks over a period of years.
Bargain purchases. The investor selects stocks that are priced below their true value as measured by some techniques.
Graham emphasized that every investor must decide how they want to manage their portfolio. Experienced investors may prefer and be comfortable with a buy low and sell high strategy, whereas investors who have less time to research and follow the market might benefit more from investing in funds that track the market and adopt a long-term view.
There is no right way to manage a portfolio, but investors should behave rationally by using facts and data to back up decisions by attempting to reduce risk and maintain sufficient liquidity.
The Role of Risk-taking in Investment Strategy
Risk is a huge component of an investment strategy. Some individuals have a high tolerance for risk while other investors are risk-averse. One overarching rule, however, is that investors should only risk what they can afford to lose. Another rule of thumb is the higher the risk, the higher the potential return, and some investments are riskier than others. There are investments that guarantee an investor will not lose money, but there will also be minimal opportunity to earn a return.
For example, U.S. Treasury bonds, bills, and bank certificates of deposit (CDs) are considered safe because they are backed by the credit of the United States. However, these investments provide a low return on investment. Once the cost of inflation and taxes have been included in the return on income equation, there may be little growth in the investment.
Reviewed by James Chen Updated Aug 3, 2018
What is a Mutual Fund
A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.
An Introduction To Mutual Funds
BREAKING DOWN Mutual Fund
Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.
Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.
More on Mutual Funds
A mutual fund is both an investment and an actual company. This may seem strange, but it is actually no different than how a share of AAPL is a representation of Apple, Inc. When an investor buys Apple stock, he is buying part ownership of the company and its assets. Similarly, a mutual fund investor is buying part ownership of the mutual fund company and its assets. The difference is Apple is in the business of making smartphones and tablets, while a mutual fund company is in the business of making investments.
Mutual funds pool money from the investing public and use that money to buy other securities, usually stocks and bonds. The value of the mutual fund company depends on the performance of the securities it decides to buy. So when you buy a share of a mutual fund, you are actually buying the performance of its portfolio.
The average mutual fund holds hundreds of different securities, which means mutual fund shareholders gain important diversification at a very low price. Consider an investor who just buys Google stock before the company has a bad quarter. They stand to lose a great deal of value because all of their dollars are tied to one company. On the other hand, a different investor may buy shares of a mutual fund that happens to own some Google stock. When Google has a bad quarter, they only lose a fraction as much because Google is just a small part of the fund's portfolio.
Looking for the right mutual fund? Find out which broker offers the best mutual fund screener by reading Investopedia's broker reviews.
How Mutual Fund Companies Work
Mutual funds are virtual companies that buy pools of stocks and/or bonds as recommended by an investment advisor and fund manager. The fund manager is hired by a board of directors and is legally obligated to work in the best interest of mutual fund shareholders. Most fund managers are also owners of the fund, though some are not.
There are very few other employees in a mutual fund company. The investment advisor or fund manager may employ some analysts to help pick investments or perform market research. A fund accountant is kept on staff to calculate the fund's net asset value (NAV), or the daily value of the mutual fund that determines if share prices go up or down. Mutual funds need to have a compliance officer or two, and probably an attorney, to keep up with government regulations.
Most mutual funds are part of a much larger investment company apparatus; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price and Oppenheimer Funds.
Kinds of Mutual Funds
Mutual funds are divided into several kinds of categories, representing the kinds of securities the mutual fund manager invests in.
One of the largest is the fixed income category. A fixed income mutual fund focuses on investments that pay a fixed rate of return, such as government bonds, corporate bonds or other debt instruments. The idea is the fund portfolio generates a lot of interest income, which can then be passed on to shareholders.
Another group falls under the moniker "index funds." The investment strategy is based on the belief that it is very hard, and often expensive, to try to consistently beat the market. So the index fund manager simply buys stocks that correspond with a major market index such as the S&P 500 or the Dow Jones Industrial Average. This strategy requires less research from analysts and advisors, so there are fewer expenses to eat up returns before they are passed on to shareholders. These funds are often designed with cost-sensitive investors in mind.
If an investor seeks to gain diversified exposure to the Canadian equity market, he can invest in the S&P/TSX Composite Index, which is a mutual fund that covers 95% of the Canadian equity market. The index is designed to provide investors with a broad benchmark index that has the liquidity characteristics of a narrower index. The S&P/TSX Composite Index is comprised largely of the financials, energy and materials sectors of the Canadian stock market, with sector allocations of 35.54%, 20.15% and 14.16%, respectively. Performance of the fund is tracked as the percentage change to its overall adjusted market cap.
Balanced funds invest in both stocks and bonds with the aim of reducing risk of exposure to one asset class or another. Another name for this type is "asset allocation fund." An investor may expect to find the allocation of these funds among asset classes relatively unchanging, though it will differ among funds. Though their goal is asset appreciation with lower risk, these funds carry the same risk and are as subject to fluctuation as other classifications of funds.
Other common types of mutual funds are money market funds, sector funds, equity funds, alternative funds, smart-beta funds, target-date funds and even funds-of-funds, or mutual funds that buy shares of other mutual funds.
Mutual Fund Fees
In mutual funds, fees are classified into two categories: annual operating fees and shareholder fees. The annual fund operating fees are charged as an annual percentage of funds under management, usually ranging from 1-3%. The shareholder fees, which come in the form of commissions and redemption fees, are paid directly by shareholders when purchasing or selling the funds.
Annual operating fees are collectively as the expense ratio. A fund's expense ratio is the summation of its advisory fee or management fee and its administrative costs. Additionally, sales charges or commissions can be assessed on the front-end or back-end, known as the load of a mutual fund. When a mutual fund has a front-end load, fees are assessed when shares are purchased. For a back-end load, mutual fund fees are assessed when an investor sells his shares.
Sometimes, however, an investment company offers a no-load mutual fund, which doesn't carry any commission or sales charge. These funds are distributed directly by an investment company rather than through a secondary party.
Some funds also charge fees and penalties for early withdrawals.
Clean Share Mutual Funds
If you want to get the biggest bang for your buck, you might consider mutual funds with 'clean shares,' a relatively new class of mutual fund shares developed in response to the U.S. Department of Labor’s fiduciary rule. According to a recent Morningstar Inc. report, clean shares could save investors at least 0.50% in returns as compared to other mutual fund offerings. Even better, investors could enjoy an extra 0.20% in savings, as their advisors will now be tasked with recommending funds that are in investors' best interests, according to the report.
Clean shares were designed, along with low-load T shares and a handful of other new share classes, to meet fiduciary-rule goals by addressing problems of conflicts of interest and questionable behavior among financial advisors. In the past some financial advisors have been tempted to recommend more expensive fund options to clients to bring in bigger commissions. Currently, most individual investors purchase mutual funds with A shares through a broker. This purchase includes a front-end load of up to 5% or more, plus management fees and ongoing fees for distributions, also known as 12b-1 fees. To top it off, loads on A shares vary quite a bit, which can create a conflict of interest. In other words, advisors selling these products may encourage clients to buy the higher-load offerings.
Clean shares and the other new classes eliminate this problem, by standardizing fees and loads, enhancing transparency for mutual fund investors. “As the Conflict-of-Interest Rule goes into effect, most advisors will likely offer T shares of traditional mutual funds … in place of the A shares they would have offered before,” write report co-authors Aron Szapiro, Morningstar director of policy research, and Paul Ellenbogen, head of global regulatory solutions. “This will likely save some investors money immediately, and it helps align advisors’ interests with those of their clients.”
For example, an investor who rolls $10,000 into an individual retirement account (IRA) using a T share could earn nearly $1,800 more over a 30-year period as compared to an average A-share fund, according to the analysis. The report also states that the T shares and clean shares compare favorably with “level load” C shares, which generally don’t have a front-end load but carry a 1% 12b-1 annual distribution fee.
Good as the T shares are, clean shares are even better: They provide one uniform price across the board and do not charge sales loads or annual 12b-1 fees for fund services. American Funds, Janus and MFS are all fund companies currently offering clean shares.
Advantages of Mutual Funds
Diversification: Diversification, or the mixing of investments and assets within a portfolio to reduce risk, is one of the advantages to investing in mutual funds. Buying individual company stocks in retail and offsetting them with industrial sector stocks, for example, offers some diversification. But a truly diversified portfolio has securities with different capitalizations and industries, and bonds with varying maturities and issuers. Buying a mutual fund can achieve diversification cheaper and faster than through buying individual securities.
Economies of Scale: Mutual funds also provide economies of scale. Buying one spares the investor of the numerous commission charges needed to create a diversified portfolio. Buying only one security at a time leads to large transaction fees, which will eat up a good chunk of the investment. Also, the $100 to $200 an individual investor might be able to afford is usually not enough to buy a round lot of a stock, but it will buy many mutual fund shares. The smaller denominations of mutual funds allow investors to take advantage of dollar cost averaging.
Easy Access: Trading on the major stock exchanges, mutual funds can be bought and sold with relative ease, making them highly liquid investments. And, when it comes to certain types of assets, like foreign equities or exotic commodities, mutual funds are often the most feasible way – in fact, sometimes the only way – for individual investors to participate.
Professional Management: Most private, non-institutional money managers deal only with high net worth individuals – people with six figures (at least) to invest. But mutual funds are run by managers, who spend their days researching securities and devising investment strategies. So these funds provide a low-cost way for individual investors to experience (and hopefully benefit from) professional money management.
Individual-Oriented: All these factors make mutual funds an attractive options for younger, novice and other individual investors who don't want to actively manage their money: They offer high liquidity; they are relatively easy to understand; good diversification even if you do not have a lot of money to spread around; and the potential for good growth. In fact, many Americans already invest in mutual funds through their 401(k) or 403(b) plans. In fact, the overwhelming majority of money in employer-sponsored retirement plans goes into mutual funds.
Style: Investors have the freedom to research and select from managers with a variety of styles and management goals. For instance, a fund manager may focus on value investing, growth investing, developed markets, emerging markets, income or macroeconomic investing, among many other styles. One manager may also oversee funds that employ several different styles.
Disadvantages of Mutual Funds
Fluctuating Returns: Like many other investments without a guaranteed return, there is always the possibility that the value of your mutual fund will depreciate. Equity mutual funds experience price fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of performance with any fund. Of course, almost every investment carries risk. But it's especially important for investors in money market funds to know that, unlike their bank counterparts, these will not be insured by the FDIC.
Cash: As you know already, mutual funds pool money from thousands of investors, so every day people are putting money into the fund as well as withdrawing it. To maintain the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios in cash. Having ample cash is great for liquidity, but money sitting around as cash is not working for you and thus is not very advantageous.
Costs: Mutual funds provide investors with professional management, but it comes at a cost – those expense ratios mentioned earlier. These fees reduce the fund's overall payout, and they're assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn't make money, these fees only magnify losses.
Diworsification: Many mutual fund investors tend to overcomplicate matters – that is, they acquire too many funds that are highly related and, as a result, don't get the risk-reducing benefits of diversification; in fact, they have made their portfolio more exposed, a syndrome called diworsification. At the other extreme, just because you own mutual funds doesn't mean you are automatically diversified. For example, a fund that invests only in a particular industry sector or region is still relatively risky.
Lack of Transparency: One thing that can lead to diworsification is the fact that a fund's purpose or makeup isn't always clear. Fund advertisements can guide investors down the wrong path. The Securities and Exchange Commission (SEC) requires that funds have at least 80% of assets in the particular type of investment implied in their names; how the remaining assets are invested is up to the fund manager. However, the different categories that qualify for the required 80% of the assets may be vague and wide-ranging. A fund can therefore manipulate prospective investors via its title: A fund that focuses narrowly on Congo stocks, for example, could be sold with the grander title "International High-Tech Fund."
Evaluating Funds: Researching and comparing funds can be difficult. Unlike stocks, mutual funds do not offer investors the opportunity to compare the P/E ratio, sales growth, earnings per share, etc. A mutual fund's net asset value gives investors the total value of the fund's portfolio, less liabilities, but how do you know if one fund is better than another?
验证一下这个页面是否靠谱，作者的背景资料:
James Chen
Director of Trading & Investing Content at Investopedia
Former Head of Research at Gain Capital
Two decades of experience in the financial markets as a trader, investor, author, investment adviser and global market strategist
Experience
James Chen, CMT, is Director of Trading & Investing Content at Investopedia and former Head of Research at Gain Capital (NYSE: GCAP). For two decades, he has been heavily involved in the financial markets as a trader, investor, investment adviser and global market strategist.
James is the author of the books, "Essentials of Technical Analysis for Financial Markets" (John Wiley and Sons, 2010) and "Essentials of Foreign Exchange Trading" (John Wiley and Sons, 2009), as well as author/speaker for the instructional video series, "High Probability Trend Following."
He has served as a guest expert for CNBC, Bloomberg TV, Forbes and Reuters, among other key financial news media, and is a featured speaker at major trading/investing seminars and conferences.
A graduate of Tufts University, James is a Chartered Market Technician (CMT), Certified Financial Technician (CFTe) and Registered Investment Adviser (RIA), as well as a former Commodity Trading Advisor (CTA). He has extensive market expertise in stocks, ETFs, options, commodities, fixed income and currencies.
Education
James earned his bachelor's degree at Tufts University.
Quote from James Chen
"Learning to invest and manage one's own finances is so important, and yet, so neglected in most educational curricula. As a result, financial education, especially when it comes to trading and investing in the financial markets, has long been both my passion and my profession."
bchen4
commented
5 years ago
概念的最小全局认识
按照Ch2学习到的技巧，我们先对和投资相关的概念做一个最小全局认识。
方法:
以下是我的发现:
关键词列表
来源: Investopedia, wiki, MBA百科/mbalib, 百度百科
有趣的发现:
通过对比中英文关键词的维基定义，我发现:
理财产品/理财 ≠ 财富管理/财务管理/wealth management
我们常说的“理财”实际上来源于国内银行的“理财产品”、“理财服务”。是从金融机构的产品角度出发的，它实际上应该参考了国外“wealth management”的理念。实际上，中国大多数银行还达不到“wealth management”的服务或水平，他们的理财就是不停推出理财产品，给大家购买。我们经常都在买理财产品，所以就习惯性的把“理财”挂在嘴边，等同于财富管理/财务管理了。
国外和理财接近的概念是“wealth management”，和国内的“理财”不同的是，它是从个人出发，考虑个人/家庭如何管理和配置自己的财富, 它按照个人/家庭的资产净值规模分类，来提供有针对性的财富管理服务和规划
投资＝investment+investing
投资 (wiki)
Investment （Investopedia）
What is an Investment（Investopedia）
https://www.investopedia.com/terms/i/investment.asp
What is Investing（Investopedia）
公募基金 ≈ Mutual Fund
共同基金（Mba-lib）
共同基金是由基金经理的专业金融从业者管理，向社会投资者公开募集资金以投资于证券市场的营利性的公司型证券投资基金。共同基金购买股票、债券、商业票据、商品或衍生性金融商品，以获得利息、股息或资本利得。共同基金通过投资获得的利润由投资者和基金经理分享。
由于共同基金吸纳的是公众的资金且很大程度是建立在对金融机构的信任上运作，导致有一些蓄意诈骗或欺瞒的空间出现（例如：金融海啸时的麦道夫事件），各国政府都对其实施比较严厉的管制，其组建、信息披露、交易、资金结构变化和解散都受到法律法规限制， 美国的管制尤其严格。 公募基金（Mba-lib）
（1）以众多投资者为发行对象；
（2）筹集潜力大；
（3）投资者范围大（不特定对象的投资者）；
（4）可申请在交易所上市（如封闭式）；
（5）信息披露公开透明。
What is mutual fund(Investopedia)
An Introduction To Mutual Funds
Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.
原始数据
以下是采集到的具体释义:
财富
https://zh.wikipedia.org/wiki/%E8%B4%A2%E5%AF%8C
具有价值的东西就称之为财富，包括自然财富、物质财富、精神财富等等。
经济学上，财富是指物品按价值计算的富裕程度，或对这些物品的控制和处理的状况。
财富的概念为所有具有货币价值、交换价值或经济效用的财产或资源，包括货币、不动产、所有权权。在许多国家，财富还包括对基础服务的享受，如医疗卫生，以及对农作物和家畜的拥有权。财富相当于衡量一个人或团体的物质资产。
全体居民财富的总和，称为国家或社会的总财富。依其不同作用，可划分为三个部分：留作目前消费的部分、固定资本部分、流动资本部分。
《史记·太史公自序》：“布衣匹夫之人，不害于政，不妨百姓，取与以时而息财富。”
投资
投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。
投资与储蓄、或递延消费，具有一定的相关性。投资牵涉到许多经济领域的活动，例如企（事）业管理、及财务金融等，无论是为家计、事业、或政府。
投资、投机及赌博的不同：
持有投资标的的期间不同：投资最长，投机次之，赌博几乎不持有。 分析的程度不同：投资所做分析最完整，投机大部分是小道消息，赌博靠运气。 获利的成分不同：投资会有孳息，其他两项则只会出现一次。 结果的出现时间：投资需要一定投资期间，投机期间很短，赌博几乎是立即。
https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B5%84
投资者 (Investor)
投资者（英语：Investor），资金作为闲余社会资源，通过投资者投资，将资金汇聚到社会重要产业环节中，创造财富同时分担风险和收益。在资本市场，从事投资的人们。投资者付出的是资本，承担的是商业风险，收取的是利润，从经济学的角度，投资者关心的是投资回报率，重视的是风险管理。投资者主体包括个人、家庭、企业和政府。
投资方法 股票 共同基金 私募基金 定期存款 公债（国家债券、政府债券） 房地产 创业 投资家列表 巴菲特 索罗斯 罗杰斯 詹姆斯·西蒙斯 本杰明·格雷厄姆 查理·芒格 彼得·林奇 菲利普·费雪 郑铁如 李嘉诚 李忠瀚
https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E8%80%85
投资学
投资学研究如何把个人、机构的有限资源分配到诸如股票、国债、不动产等（金融）资产上，以获得合理的现金流量和风险-收益特征。
其核心内容就是以效用最大化准则为指导，获得个人财富配置的最优均衡解。
https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B5%84%E5%AD%A6
个人理财/理财规划（Financial Planning） 理财规划 用手机看条目 理财规划(Financial Planning)
目录 [隐藏] 1 什么是理财规划[1] 2 理财规划的分类[2] 3 理财规划的步骤 4 理财规划策略[3] 5 参考文献 [编辑] 什么是理财规划[1] 理财规划是指针对个人或家庭发展的不同时期，依据收入、支出状况的变化，制定财务管理的具体方案，实现各个阶段的目标和理想。将本着“帮助客户”的核心理念，以实现您的财务自由为最终目的，根据您的资产现状与风险偏好，为您和您的家庭提供包括生活各方面的财务建议，为您寻找最适合的理财方式，包括房产、保险、储蓄、股票、基金、债券等，以确保您在三年以后可以轻松地送孩子出国读书，同时能够保持目前的生活水准。
理财规划的分类[2] 理财规划又可分为公司理财规划(Enterprise Financial Planning)和个人理财规划(Personal Financial Planning)。
公司理财规划是指企业为了达到既定的战略目标而制定的一系列相互协调的计划和决策方案，包括投资决策、融资决策、成本管理、现金流管理等。
个人理财规划又称私人理财规划，则是指个人或家庭根据家庭客观情况和财务资源(包括存量和增量预期)而制定的旨在实现人生各阶段目标的，一系列互相协调的计划，包括职业规划、房产规划、子女教育规划、退休规划等。从理财规划师的角度来看，本书认为，所谓个人理财，就是通过制定财务计划对个人(或家庭)财务资源的适当管理，而实现生活目标的一个过程。它是一种良好的理财习惯，理性的价值观和科学的理财计划的综合体现，个人理财并不仅仅是意味着买保险，做投资，某一笔钱委托给金融机构后的保值、增值。个人理财是一个一生的财务计划，通过不断调整计划实现人生目标，达到财务自由和财务尊严的最高境界。
目录 1 什么是理财规划[1] 2 理财规划的分类[2] 3 理财规划的步骤 4 理财规划策略[3] 5 参考文献
https://zh.wikipedia.org/wiki/%E4%B8%AA%E4%BA%BA%E7%90%86%E8%B4%A2
财富管理/私人财富管理（Wealth Management） 财富管理（Wealth Management） 是指财富管理机构面向高净值个人所提供的全面、配套的财务规划及金融服务，以满足客户的个人财务需求，帮助客户达到降低风险、实现财富保值、增值和传承的目的。
目录 1 服务范围 2 财富管理机构 3 费用 4 相关条目 服务范围 财富管理在最广泛的意义上主要是资产管理及协调。因此，经理人需要确定客户的全部资产，以便为客户提供有针对性的服务。服务范围包括现金储蓄管理、债务管理、个人风险管理、保险计划、投资组合管理、一般法律咨询、搬迁及房地产服务、税收、退休计划及遗产安排等。
财富管理机构 提供财富管理的金融机构包括商业银行、基金公司、保险公司、证券公司、信托公司等。财富管理机构通常通过内部专家来覆盖各个服务领域。除银行外，非银行资产管理人员也会提供财富管理方面的服务。客户可根据其需求的不同，从银行或独立资产管理人员得到有针对性的服务。
费用 财富管理服务的付费形式透明度高，以免于任何利益冲突。专业咨询报酬通常以专家顾问的最低费用一次付款的形式产生。
https://zh.wikipedia.org/wiki/%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86
财富管理（Wealth Management）
目录
1 什么是财富管理 2 财富管理的主要内容 3 财富管理业务与一般理财业务的区别
什么是财富管理 财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列的金融服务，将客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的。
财富管理的核心是：以客户为中心，合理分配资产和收入，不仅要考虑财富的积累，更要考虑财富的保障。在外延上可以包括对个人的财富管理和对的资产管理。
财富管理业务与一般理财业务的区别 财富管理是近年来在我国金融服务业中出现的一个新名词。“财富管理”，顾名思义，就是管理个人和机构的财富，也可以简单概括为“理财”，但有区别于一般的理财业务。“财富管理”的出现划分了我国金融服务业的两个不同的理财业务时代：一个是早期的理财业务时代；另一个则是经过发展与改进的成熟的理财业务时代——财富管理时代。
一般意义上的理财业务属于早期的理财概念，它的营销模式是以产品为中心，金融机构（主要指商业银行）通过客户分层、差别化服务培养优质客户的忠诚度，从而更好地销售自己的产品；而财富管理业务则是以客户为中心，金融机构（商业银行、基金公司、保险公司、证券公司、信托公司等）根据客户不同人生阶段的财务需求，设计相应的产品与服务，以满足客户财富管理需要，这些金融机构成为客户长期的财富管理顾问。财富管理业务属于成熟的理财业务。
财富管理与一般意义上理财业务的区别主要有三点：
其一，从本质上看，财富管理业务是以客户为中心，目的是为客户设计一套全面的财务规划，以满足客户的财务需求；而一般意义上的理财业务是以产品为中心，目的是更好的销售自己的理财产品。
其二，从提供服务的主体来看，财富管理业务属于成熟意义上的理财业务，它的主体众多，不仅限于银行业，各类非银行金融机构都在推出财富管理业务。一般意义的理财业务多局限于商业银行所提供的传统业务和中间业务。
其三，从服务对象上说，财富管理业务不仅限于对个人的财富管理，还包括对企业、机构的资产管理，服务对象较广；而一般意义的理财业务处于理财业务发展的较早阶段，作为我国商业银行的一类金融产品推出，主要指的是银行个人理财业务产品的打包，服务对象多为私人。财富管理的三个鲜明特征“以客户为中心”、“ 服务主体众多”以及“服务对象较广”，使它区别于一般意义的理财业务，成为理财服务的成熟阶段。
https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86
私人财富管理
目录 [隐藏] 1 什么是私人财富管理 2 私人财富管理相关理论研究[1] 3 参考文献 [编辑] 什么是私人财富管理 私人财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列金融服务，对客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的，主要是针对高净值客户的定制化服务。
私人财富管理不同于资产管理，资产管理侧重于对投资组合中的多类资产进行管理，是私人财富管理中的一个重要方面。然而私人财富管理不仅仅局限于资产管理，它是一种全盘性的理财规划，除了为客户提供高投资收益外，更重要的是为客户提供个性化的定制服务，帮助其实现投资目标和人生梦想。这些目标可以是债务重整，可以是子女教育经费，可以是购买汽车或房屋，还可以是退休以后的生活保障等。
而对于高净值客户的界定，不同国家、不同金融机构有不同的界定。国外主要金融机构对于高净值客户的界定基本是100万美元以上，10万至100万美元被归类为“富足”和“富裕”两类人群，成为相对低端的财富客户。2011年8月，中国银监会在发布的《商业银行理财产品销售管理办法》(下称“管理办法”)第三十一条首次对中国高净值人群进行了法律的定义:“高资产净值客户是满足下列条件之一:
(1)单笔认购理财产品不少于100万元人民币的自然人;
(2)认购理财产品时，个人或家庭金融净资产总计超过100万元人民币，且能提供相关证明的自然人;
(3)个人收入在最近三年每年超过20万元人民币或者家庭合计收入在最近三年内每年超过30万元人民币，且能提供相关证明的自然人。”根据管理办法，拥有100万元的可投资资产是中国商业银行高净值客户的准入门槛。[1]
注册财富管理规划师 CWMP 在1990年创建的一个国际认证证书，其目的是通过专业学习金融行业实用的技术知识和投资知识，提高专业技能，更好地为顾客进行财富管理
财富管理机构: 从事第三方理财服务、理财机构，诺亚财富管理中心为中国高净值客户提供高端理财产品、理财规划师、金融理财，客观中立的理财。诺亚控股已经形成财富管理、资产管理、全球开放产品平台、互联网金融的多业务主线，为超过22万名高净值客户提供财富管理、海外资产配置、高端保险、高端教育等全方位的综合金融服务，帮助客户的资产实现稳健、安全的增长。 https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86
银行理财产品 银行理财产品的定义 银监会出台的《商业银行个人理财业务管理暂行办法》对于“个人理财业务”的界定是：“商业银行为个人客户提供的财务分析、财务规划、投资顾问、资产管理等专业化服务活动”。
商业银行个人理财业务按照管理运作方式的不同，分为理财顾问服务和综合理财服务。一般所说的“银行理财产品”，其实是指其中的综合理财服务。
银行理财产品按照标准的解释，是商业银行在对潜在目标客户群分析研究的基础上，针对特定目标客户群开发设计并销售的资金投资和管理计划。
在理财产品这种投资方式中，银行只是接受客户的授权管理资金，投资收益与风险由客户或客户与银行按照约定方式承担。 目录
1 银行理财产品的定义 2 银行理财产品的构成要素 3 银行理财产品的种类[1] 4 银行理财产品市场的发展 5 参考文献 https://wiki.mbalib.com/wiki/%E9%93%B6%E8%A1%8C%E7%90%86%E8%B4%A2%E4%BA%A7%E5%93%81
Wealth
Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1] An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts).
The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets.[6][7] Natural capital includes land, forests, energy resources, and minerals. Human capital is the population's education and skills. Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure.
https://en.wikipedia.org/wiki/Wealth
Investment （Wiki）
In general, to invest is to distribute money in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development. However, this article focuses specifically on investment in financial assets.
In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two. The projected economic return is the appropriately discounted value of the future returns.
Investors generally expect higher returns from riskier investments. When we make a low risk investment, the return is also generally low.
Investors, particularly novices, are often advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk.
Contents 1 Terminology 2 History 3 Types of investments 4 Investment strategies 4.1 Value investment 5 Intermediaries and collective investments 6 Famous investors 7 Investment valuation 8 See also 9 References 10 External links
https://en.wikipedia.org/wiki/Investment
Investment(investopedia)
What is an Investment
An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.
https://www.investopedia.com/terms/i/investment.asp
What is Investing
Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.
https://www.investopedia.com/terms/i/investing.asp
investopedia：和Inveting 有关的二级关键词页面： https://www.investopedia.com/investing-4427685
investopedia 网站分类
REFERENCE Dictionary Investing 101 The 4 Best S&P 500 Index Funds World's Top 20 Economies Stock Basics Tutorial Options Basics Tutorial Economics Basics TOPICS Stocks Mutual Funds Options Tech ETFs Bonds/Fixed Income Commodities
Investment Strategy
What is an {term}? Investment Strategy asset allocation risk tolerance
Some experience investors select individual stocks and build a portfolio based on individual firm analysis with predictions on share price movements
Graham's Five Strategies In 1949, Benjamin Graham identified five strategies for common stock investing in "The Intelligent Investor."
General trading. The investor predicts and participates in the moves of the market similar to dollar-cost averaging. Selective trading. The investor picks stocks that they expect will do well in the market over the short term; a year, for example. Buying cheap and selling dear. The investor enters the market when prices low and sells stock when the prices are high. Long-pull selection. The investor selects stocks that they expect with grow quicker than other sticks over a period of years. Bargain purchases. The investor selects stocks that are priced below their true value as measured by some techniques. Graham emphasized that every investor must decide how they want to manage their portfolio. Experienced investors may prefer and be comfortable with a buy low and sell high strategy, whereas investors who have less time to research and follow the market might benefit more from investing in funds that track the market and adopt a long-term view.
There is no right way to manage a portfolio, but investors should behave rationally by using facts and data to back up decisions by attempting to reduce risk and maintain sufficient liquidity.
The Role of Risk-taking in Investment Strategy Risk is a huge component of an investment strategy. Some individuals have a high tolerance for risk while other investors are risk-averse. One overarching rule, however, is that investors should only risk what they can afford to lose. Another rule of thumb is the higher the risk, the higher the potential return, and some investments are riskier than others. There are investments that guarantee an investor will not lose money, but there will also be minimal opportunity to earn a return.
For example, U.S. Treasury bonds, bills, and bank certificates of deposit (CDs) are considered safe because they are backed by the credit of the United States. However, these investments provide a low return on investment. Once the cost of inflation and taxes have been included in the return on income equation, there may be little growth in the investment.
https://www.investopedia.com/terms/i/investmentstrategy.asp
Mutual fund Mutual Fund
Reviewed by James Chen Updated Aug 3, 2018 What is a Mutual Fund
A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.
An Introduction To Mutual Funds
BREAKING DOWN Mutual Fund
Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.
Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.
More on Mutual Funds
A mutual fund is both an investment and an actual company. This may seem strange, but it is actually no different than how a share of AAPL is a representation of Apple, Inc. When an investor buys Apple stock, he is buying part ownership of the company and its assets. Similarly, a mutual fund investor is buying part ownership of the mutual fund company and its assets. The difference is Apple is in the business of making smartphones and tablets, while a mutual fund company is in the business of making investments.
Mutual funds pool money from the investing public and use that money to buy other securities, usually stocks and bonds. The value of the mutual fund company depends on the performance of the securities it decides to buy. So when you buy a share of a mutual fund, you are actually buying the performance of its portfolio.
The average mutual fund holds hundreds of different securities, which means mutual fund shareholders gain important diversification at a very low price. Consider an investor who just buys Google stock before the company has a bad quarter. They stand to lose a great deal of value because all of their dollars are tied to one company. On the other hand, a different investor may buy shares of a mutual fund that happens to own some Google stock. When Google has a bad quarter, they only lose a fraction as much because Google is just a small part of the fund's portfolio.
Looking for the right mutual fund? Find out which broker offers the best mutual fund screener by reading Investopedia's broker reviews.
How Mutual Fund Companies Work
Mutual funds are virtual companies that buy pools of stocks and/or bonds as recommended by an investment advisor and fund manager. The fund manager is hired by a board of directors and is legally obligated to work in the best interest of mutual fund shareholders. Most fund managers are also owners of the fund, though some are not.
There are very few other employees in a mutual fund company. The investment advisor or fund manager may employ some analysts to help pick investments or perform market research. A fund accountant is kept on staff to calculate the fund's net asset value (NAV), or the daily value of the mutual fund that determines if share prices go up or down. Mutual funds need to have a compliance officer or two, and probably an attorney, to keep up with government regulations.
Most mutual funds are part of a much larger investment company apparatus; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price and Oppenheimer Funds.
Kinds of Mutual Funds
Mutual funds are divided into several kinds of categories, representing the kinds of securities the mutual fund manager invests in.
One of the largest is the fixed income category. A fixed income mutual fund focuses on investments that pay a fixed rate of return, such as government bonds, corporate bonds or other debt instruments. The idea is the fund portfolio generates a lot of interest income, which can then be passed on to shareholders.
Another group falls under the moniker "index funds." The investment strategy is based on the belief that it is very hard, and often expensive, to try to consistently beat the market. So the index fund manager simply buys stocks that correspond with a major market index such as the S&P 500 or the Dow Jones Industrial Average. This strategy requires less research from analysts and advisors, so there are fewer expenses to eat up returns before they are passed on to shareholders. These funds are often designed with cost-sensitive investors in mind.
If an investor seeks to gain diversified exposure to the Canadian equity market, he can invest in the S&P/TSX Composite Index, which is a mutual fund that covers 95% of the Canadian equity market. The index is designed to provide investors with a broad benchmark index that has the liquidity characteristics of a narrower index. The S&P/TSX Composite Index is comprised largely of the financials, energy and materials sectors of the Canadian stock market, with sector allocations of 35.54%, 20.15% and 14.16%, respectively. Performance of the fund is tracked as the percentage change to its overall adjusted market cap.
Balanced funds invest in both stocks and bonds with the aim of reducing risk of exposure to one asset class or another. Another name for this type is "asset allocation fund." An investor may expect to find the allocation of these funds among asset classes relatively unchanging, though it will differ among funds. Though their goal is asset appreciation with lower risk, these funds carry the same risk and are as subject to fluctuation as other classifications of funds.
Other common types of mutual funds are money market funds, sector funds, equity funds, alternative funds, smart-beta funds, target-date funds and even funds-of-funds, or mutual funds that buy shares of other mutual funds.
Mutual Fund Fees
In mutual funds, fees are classified into two categories: annual operating fees and shareholder fees. The annual fund operating fees are charged as an annual percentage of funds under management, usually ranging from 1-3%. The shareholder fees, which come in the form of commissions and redemption fees, are paid directly by shareholders when purchasing or selling the funds.
Annual operating fees are collectively as the expense ratio. A fund's expense ratio is the summation of its advisory fee or management fee and its administrative costs. Additionally, sales charges or commissions can be assessed on the front-end or back-end, known as the load of a mutual fund. When a mutual fund has a front-end load, fees are assessed when shares are purchased. For a back-end load, mutual fund fees are assessed when an investor sells his shares.
Sometimes, however, an investment company offers a no-load mutual fund, which doesn't carry any commission or sales charge. These funds are distributed directly by an investment company rather than through a secondary party.
Some funds also charge fees and penalties for early withdrawals.
Clean Share Mutual Funds
If you want to get the biggest bang for your buck, you might consider mutual funds with 'clean shares,' a relatively new class of mutual fund shares developed in response to the U.S. Department of Labor’s fiduciary rule. According to a recent Morningstar Inc. report, clean shares could save investors at least 0.50% in returns as compared to other mutual fund offerings. Even better, investors could enjoy an extra 0.20% in savings, as their advisors will now be tasked with recommending funds that are in investors' best interests, according to the report.
Clean shares were designed, along with low-load T shares and a handful of other new share classes, to meet fiduciary-rule goals by addressing problems of conflicts of interest and questionable behavior among financial advisors. In the past some financial advisors have been tempted to recommend more expensive fund options to clients to bring in bigger commissions. Currently, most individual investors purchase mutual funds with A shares through a broker. This purchase includes a front-end load of up to 5% or more, plus management fees and ongoing fees for distributions, also known as 12b-1 fees. To top it off, loads on A shares vary quite a bit, which can create a conflict of interest. In other words, advisors selling these products may encourage clients to buy the higher-load offerings.
Clean shares and the other new classes eliminate this problem, by standardizing fees and loads, enhancing transparency for mutual fund investors. “As the Conflict-of-Interest Rule goes into effect, most advisors will likely offer T shares of traditional mutual funds … in place of the A shares they would have offered before,” write report co-authors Aron Szapiro, Morningstar director of policy research, and Paul Ellenbogen, head of global regulatory solutions. “This will likely save some investors money immediately, and it helps align advisors’ interests with those of their clients.”
For example, an investor who rolls $10,000 into an individual retirement account (IRA) using a T share could earn nearly $1,800 more over a 30-year period as compared to an average A-share fund, according to the analysis. The report also states that the T shares and clean shares compare favorably with “level load” C shares, which generally don’t have a front-end load but carry a 1% 12b-1 annual distribution fee.
Good as the T shares are, clean shares are even better: They provide one uniform price across the board and do not charge sales loads or annual 12b-1 fees for fund services. American Funds, Janus and MFS are all fund companies currently offering clean shares.
Advantages of Mutual Funds
Diversification: Diversification, or the mixing of investments and assets within a portfolio to reduce risk, is one of the advantages to investing in mutual funds. Buying individual company stocks in retail and offsetting them with industrial sector stocks, for example, offers some diversification. But a truly diversified portfolio has securities with different capitalizations and industries, and bonds with varying maturities and issuers. Buying a mutual fund can achieve diversification cheaper and faster than through buying individual securities.
Economies of Scale: Mutual funds also provide economies of scale. Buying one spares the investor of the numerous commission charges needed to create a diversified portfolio. Buying only one security at a time leads to large transaction fees, which will eat up a good chunk of the investment. Also, the $100 to $200 an individual investor might be able to afford is usually not enough to buy a round lot of a stock, but it will buy many mutual fund shares. The smaller denominations of mutual funds allow investors to take advantage of dollar cost averaging.
Easy Access: Trading on the major stock exchanges, mutual funds can be bought and sold with relative ease, making them highly liquid investments. And, when it comes to certain types of assets, like foreign equities or exotic commodities, mutual funds are often the most feasible way – in fact, sometimes the only way – for individual investors to participate.
Professional Management: Most private, non-institutional money managers deal only with high net worth individuals – people with six figures (at least) to invest. But mutual funds are run by managers, who spend their days researching securities and devising investment strategies. So these funds provide a low-cost way for individual investors to experience (and hopefully benefit from) professional money management.
Individual-Oriented: All these factors make mutual funds an attractive options for younger, novice and other individual investors who don't want to actively manage their money: They offer high liquidity; they are relatively easy to understand; good diversification even if you do not have a lot of money to spread around; and the potential for good growth. In fact, many Americans already invest in mutual funds through their 401(k) or 403(b) plans. In fact, the overwhelming majority of money in employer-sponsored retirement plans goes into mutual funds.
Style: Investors have the freedom to research and select from managers with a variety of styles and management goals. For instance, a fund manager may focus on value investing, growth investing, developed markets, emerging markets, income or macroeconomic investing, among many other styles. One manager may also oversee funds that employ several different styles.
Disadvantages of Mutual Funds
Fluctuating Returns: Like many other investments without a guaranteed return, there is always the possibility that the value of your mutual fund will depreciate. Equity mutual funds experience price fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of performance with any fund. Of course, almost every investment carries risk. But it's especially important for investors in money market funds to know that, unlike their bank counterparts, these will not be insured by the FDIC.
Cash: As you know already, mutual funds pool money from thousands of investors, so every day people are putting money into the fund as well as withdrawing it. To maintain the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios in cash. Having ample cash is great for liquidity, but money sitting around as cash is not working for you and thus is not very advantageous.
Costs: Mutual funds provide investors with professional management, but it comes at a cost – those expense ratios mentioned earlier. These fees reduce the fund's overall payout, and they're assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn't make money, these fees only magnify losses.
Diworsification: Many mutual fund investors tend to overcomplicate matters – that is, they acquire too many funds that are highly related and, as a result, don't get the risk-reducing benefits of diversification; in fact, they have made their portfolio more exposed, a syndrome called diworsification. At the other extreme, just because you own mutual funds doesn't mean you are automatically diversified. For example, a fund that invests only in a particular industry sector or region is still relatively risky.
Lack of Transparency: One thing that can lead to diworsification is the fact that a fund's purpose or makeup isn't always clear. Fund advertisements can guide investors down the wrong path. The Securities and Exchange Commission (SEC) requires that funds have at least 80% of assets in the particular type of investment implied in their names; how the remaining assets are invested is up to the fund manager. However, the different categories that qualify for the required 80% of the assets may be vague and wide-ranging. A fund can therefore manipulate prospective investors via its title: A fund that focuses narrowly on Congo stocks, for example, could be sold with the grander title "International High-Tech Fund."
Evaluating Funds: Researching and comparing funds can be difficult. Unlike stocks, mutual funds do not offer investors the opportunity to compare the P/E ratio, sales growth, earnings per share, etc. A mutual fund's net asset value gives investors the total value of the fund's portfolio, less liabilities, but how do you know if one fund is better than another?
验证一下这个页面是否靠谱，作者的背景资料:
James Chen
Director of Trading & Investing Content at Investopedia Former Head of Research at Gain Capital Two decades of experience in the financial markets as a trader, investor, author, investment adviser and global market strategist Experience
James Chen, CMT, is Director of Trading & Investing Content at Investopedia and former Head of Research at Gain Capital (NYSE: GCAP). For two decades, he has been heavily involved in the financial markets as a trader, investor, investment adviser and global market strategist.
James is the author of the books, "Essentials of Technical Analysis for Financial Markets" (John Wiley and Sons, 2010) and "Essentials of Foreign Exchange Trading" (John Wiley and Sons, 2009), as well as author/speaker for the instructional video series, "High Probability Trend Following."
He has served as a guest expert for CNBC, Bloomberg TV, Forbes and Reuters, among other key financial news media, and is a featured speaker at major trading/investing seminars and conferences.
A graduate of Tufts University, James is a Chartered Market Technician (CMT), Certified Financial Technician (CFTe) and Registered Investment Adviser (RIA), as well as a former Commodity Trading Advisor (CTA). He has extensive market expertise in stocks, ETFs, options, commodities, fixed income and currencies.
Education
James earned his bachelor's degree at Tufts University.
Quote from James Chen
"Learning to invest and manage one's own finances is so important, and yet, so neglected in most educational curricula. As a result, financial education, especially when it comes to trading and investing in the financial markets, has long been both my passion and my profession."
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