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bkloh1981

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- bkloh1981bkloh1981
  ·2021-08-01
  ok//@bkloh1981: o
  What are we buying when we buy funds?
  有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲
  What are we buying when we buy funds?
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- bkloh1981bkloh1981
  ·2021-07-25
  o
  What are we buying when we buy funds?
  有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲
  What are we buying when we buy funds?
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- bkloh1981bkloh1981
  ·2021-07-19
  ok
  Sorry, this post has been deleted
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- bkloh1981bkloh1981
  ·2021-07-12
  ok
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- bkloh1981bkloh1981
  ·2021-07-12
  ok
  Sorry, this post has been deleted
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- bkloh1981bkloh1981
  ·2021-07-09
  ok
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- bkloh1981bkloh1981
  ·2021-07-08
  ok
  Beyond imagination! Over 3.7 trillion funds rushed into the stock market in half a year. What signal?
  美股牛市正酣，资金正疯狂涌入。全球股市正疯狂吸纳市场资金，据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），刷新历史纪录，直接令从业1
  Beyond imagination! Over 3.7 trillion funds rushed into the stock market in half a year. What signal?
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- bkloh1981bkloh1981
  ·2021-07-06
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- bkloh1981bkloh1981
  ·2021-07-06
  oo
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- bkloh1981bkloh1981
  ·2021-07-06
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Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","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\" />\n<title>What are we buying when we buy funds?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWhat are we buying when we buy funds?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177379914,"gmtCreate":1627183226538,"gmtModify":1703485225901,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"o","listText":"o","text":"o","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":8,"repostSize":0,"link":"https://ttm.financial/post/177379914","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"sh","language":"zh","title":"What are we buying when we buy funds?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","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\" />\n<title>What are we buying when we buy funds?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWhat are we buying when we buy funds?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173588113,"gmtCreate":1626670109632,"gmtModify":1703763065145,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/173588113","repostId":"1162382593","repostType":4,"isVote":1,"tweetType":1,"viewCount":2989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148721072,"gmtCreate":1626019639096,"gmtModify":1703752010796,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/148721072","repostId":"1114379787","repostType":4,"isVote":1,"tweetType":1,"viewCount":2732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148723694,"gmtCreate":1626019575918,"gmtModify":1703752009988,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/148723694","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":2747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143792598,"gmtCreate":1625815880114,"gmtModify":1703749116710,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/143792598","repostId":"1193107255","repostType":4,"isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149169575,"gmtCreate":1625709624697,"gmtModify":1703746842774,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149169575","repostId":"1124799487","repostType":4,"repost":{"id":"1124799487","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1625704041,"share":"https://ttm.financial/m/news/1124799487?lang=en_US&edition=fundamental","pubTime":"2021-07-08 08:27","market":"us","language":"zh","title":"Beyond imagination! Over 3.7 trillion funds rushed into the stock market in half a year. What signal?","url":"https://stock-news.laohu8.com/highlight/detail?id=1124799487","media":"券商中国","summary":"美股牛市正酣，资金正疯狂涌入。\n\n全球股市正疯狂吸纳市场资金，据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），刷新历史纪录，直接令从业1","content":"<p>The bull market in U.S. stocks is in full swing, and funds are pouring in frantically. Global stock markets are frantically sucking up market funds, according to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>According to the latest data, in the first half of 2021, the amount of funds flowing into global equity funds reached 580 billion US dollars (about 3,747 billion yuan), setting a new record, which directly shocked Goldman Sachs traders who have been in the business for 18 years: such a huge number could never be imagined.</p><p>In the face of this epic bull market in U.S. stocks, American retail investors are also crazy. According to data from Wall Street institutions, from January to June this year, more than 10 million new securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole year of 2020. The net purchase of stocks and funds by U.S. retail investors reached $28 billion (about RMB 180.8 billion) in June, a single-month high since 2014.</p><p><b>The surge of funds is closely related to the Fed's wild water release, which has added another $3.75 trillion in assets to its existing assets in the past 15 months. At the same time, the U.S. government has also launched six rounds of fiscal plans of about $3.4 trillion on a large scale, making the American people very rich in funds.</b></p><p><b>RECORD! Over 3.7 trillion funds poured into the stock market crazily</b></p><p>Money is pouring into global stock markets at an unprecedented rate.</p><p>According to the latest data from Goldman Sachs, the amount of funds flowing into global equity funds reached US$580 billion (about RMB 3,747 billion) in the first half of 2021, the highest in history and 2.6 times that of the same period in 2017.</p><p><img src=\"https://static.tigerbbs.com/aaff21b95273cd661d08c30397203583\" tg-width=\"641\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p>Of this, the size of inflows into global equity funds was $348 billion in the first quarter of 2021, and the size remained as high as $169 billion in the second quarter.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>If the pace of inflows remains the same for the rest of the year, global equity fund inflows in 2021 will exceed $1,035 billion, which will exceed the sum of the past 20 years, according to the analysis.</p><p><img src=\"https://static.tigerbbs.com/fb7f9a5dbbe27fce90700025ca864b9f\" tg-width=\"661\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p>Faced with such a huge inflow, Scott Rubner, a trader at Goldman Sachs who has been in Wall Street for 18 years, was very shocked. He said that in the 18 years of tracking the flow of money in the market, it was never possible to imagine such a huge number. The past weekend was the busiest ever and the weekend with the most customer questions.</p><p>The continuous inflow of money is driving the global stock index to continue to rise. The world's major stock indexes have climbed one after another in the past week, and some stock indexes have set new record highs. On July 7th, local time, the S&P 500 index set a new record high again, setting a new record for nine consecutive trading days. This situation has only happened four times since 1928, and the cumulative increase this year has exceeded 16%.</p><p><img src=\"https://static.tigerbbs.com/1c6a3309b81629f15c10f492f8ac6472\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In addition, the Nasdaq index is constantly setting new record highs. On July 7th, it hit a record high of 14,755.33 points again. Since the beginning of this year, the cumulative increase has reached 13.79%, and compared with the low in March 2020, the increase is as high as 121%.</p><p>In fact, this wave of funds entering the market crazily is closely related to the epic water release of global central banks. Among them, the \"tap\" of the Federal Reserve is particularly fierce. Since the outbreak of the epidemic, the Federal Reserve has acted quickly. Besides reactivating the zero interest rate and asset purchase program during the financial crisis, it has also created new policy instruments, such as primary dealer credit facility (PDCF) and commercial paper financing facility (CPFF), which have injected a lot of liquidity into the market.</p><p>In the past 15 months, the Fed has added another $3.75 trillion in assets to its existing assets, and its asset growth has more than doubled since the repo market erupted in September 2019 and triggered a massive bailout, according to data.</p><p>In addition, in response to the COVID-19 pandemic and economic recession, the U.S. government launched six rounds of fiscal plans of approximately US$3.4 trillion on a large scale. In fiscal year 2020, the U.S. federal deficit expanded by US$3.1 trillion, with a deficit rate of 15.2%. At the end of 2020, the balance of U.S. Treasury Bond reached a record high of US$26.9 trillion.</p><p>At present, the ongoing quantitative easing of the Federal Reserve is still injecting liquidity into the market. Some Wall Street institutions predict that in the next two months, 250 billion dollars of funds will pour into the market through QE.</p><p>Some Wall Street analysts believe that as long as US stocks continue to rise, it will still be a high probability event that a large amount of funds will continue to pour into index stock funds. The reason is that some large asset management institutions are recently withdrawing funds from the commodity market and switching to index stock funds.</p><p><b>Net purchase of 180 billion in a single month! US retail investors are also crazy</b></p><p><b>The money-making effect of the epic bull market in U.S. stocks is stimulating American individual investors to enter the market crazily, and American retail investors have also contributed some to the global capital inflow into the stock market.</b></p><p>According to data from Wall Street financial services firm JPM Securities, between January and June this year, more than 10 million new Securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole year of 2020.</p><p>In addition, according to the data of Vanda Research, an independent Research institution, in June this year, American retail investors bought about 28 billion dollars (about 180.8 billion yuan) of stocks and equity funds, setting a new monthly inflow high since 2014, even surpassing the epic short-squeezing war of \"retail investors VS Wall Street institutions\" in January this year.</p><p>U.S. retail investors have poured nearly $140 billion net into the stock market this year, more than six times more than during the same period in 2019, according to data from VandaTrack through mid-June.</p><p>At the same time, most American retail investors are very optimistic about every market correction, and are keen to \"buy the dip\" and \"bargain-hunting\". According to the data of Vanda Research, when the U.S. stock market plummeted collectively on June 18th, retail investors in the United States bought more than $2 billion in stocks on that day. Then, the three major U.S. stock indexes collectively counterattacked and continued to set a new record high, further increasing the confidence of retail investors.</p><p>Jason Goepfert, president of Sundial Capital Research, which studies public psychology in financial markets, said that the current sentiment in the US stock market is still very optimistic. More than 70% of retail investors expect US stocks to continue to rise in the next three months, but only about 44% of professional traders have the same view.</p><p>Because of the ubiquity of social media, retail investors tend to gather to trade, whether it is individual stocks or the broader market, and buy quickly after agreement, pushing up the stock price in hours or days. The previous market has shown that American retail investors have pulled out of buying and selling almost as quickly and then moved to the next trading target,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>GME, Dogecoin and AMC are all the targets of retail investors in different periods.</p><p>Another characteristic of American retail investors is that they prefer to chase high-volatility stocks, even small-cap stocks with little reputation. In the past two weeks, small-cap stocks such as Alfi, Marin Software and IKONICS in U.S. stocks have all rapidly soared by more than 100%.</p><p>Professional fund managers are more skeptical of the prospects of the U.S. stock market than the fanaticism of retail investors. Both the Dow and Nasdaq have gained more than 13% so far this year. Concerns about inflation and high valuations have led a significant number of fund managers to believe that future stock market returns are uncertain and market heat is approaching its peak. Reflected in the market, the total leverage level of the US stock market is continuously declining at present, and it is already at the lowest level since October last year.</p><p><b>Earned a lot! \"American Retail Base Camp\" officially impacts IPO</b></p><p>American retail investors have entered the market crazily, and Internet brokers have made a lot of money. Among them, Robinhood, an Internet brokerage firm known as the \"base camp of retail investors\" in the United States, has submitted a prospectus to the Securities and Exchange Commission and plans to be listed on Nasdaq.</p><p>In the prospectus, Robinhood discloses operating results and user data for two calendar years (2019-2020). Its revenue increased from US$278 million in 2019 to US$959 million (approximately RMB 6.19 billion) in 2020, a year-on-year increase of over 245%. It recorded a net profit of US$7 million in 2020, while it was still in a loss in 2019, with a loss of over US$100 million.</p><p>With the trend of American retail investors entering the market crazily, the number of active users of Robin Hood is also growing at a high speed. According to the prospectus, the number of monthly active users on the platform increased from 4.3 million at the end of 2019 to 12.5 million at the end of 2020, an increase of nearly 200%.</p><p>In addition, according to Robin Hood, from January 1, 2015 to March 31, 2021, more than half of the customer fund accounts on Robin Hood's platform said that they had opened their first trading account on the platform. Just looking at the newly opened individual investor accounts in the United States in the past five years, nearly half of them came from Robin Hood platform.</p><p>As the \"home base\" of American retail investors, Robin Hood is not only involved in stocks, but also cryptocurrency is the focus. According to the prospectus, as of the end of the first quarter of 2021, Robinhood supported the trading of 7 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin, and more than 9.5 million customers traded about $88 billion in cryptocurrencies on Robinhood. As of March 31, 2021, Robinhood held about $12 billion in custodial cryptocurrency assets, an increase of 23 times over the same period in 2020.</p><p>It is obvious from the prospectus that Robin Hood is mainly engaged in retail business, and most of its income comes from the trading income of individual investors, accounting for more than 75%.</p><p>In fact, Robin Hood's money-making model has been questioned, because under the banner of \"zero commission\", Robin Hood can't earn handling fees, so its main revenue comes from users' transactions. Robin Hood described in the prospectus that most of the revenue is generated based on transactions, because the platform sends users' stock, option and cryptocurrency trading orders to market makers for execution, thus obtaining consideration, and the platform will receive a fixed percentage difference between the bid price and the ask price publicly quoted when the transaction is executed.</p><p>For this profit model, \"stock god\" Buffett and Charlie Munger have always called it \"dirty way to make money\". Munger once bluntly said that \"zero commission\" is a \"big lie\", which makes customers mistakenly think that they are trading for free, but in fact they charge more fees. This is a very shameful and low-level way.</p>","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\" />\n<title>Beyond imagination! Over 3.7 trillion funds rushed into the stock market in half a year. What signal?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nBeyond imagination! Over 3.7 trillion funds rushed into the stock market in half a year. What signal?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-07-08 08:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The bull market in U.S. stocks is in full swing, and funds are pouring in frantically. Global stock markets are frantically sucking up market funds, according to<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>According to the latest data, in the first half of 2021, the amount of funds flowing into global equity funds reached 580 billion US dollars (about 3,747 billion yuan), setting a new record, which directly shocked Goldman Sachs traders who have been in the business for 18 years: such a huge number could never be imagined.</p><p>In the face of this epic bull market in U.S. stocks, American retail investors are also crazy. According to data from Wall Street institutions, from January to June this year, more than 10 million new securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole year of 2020. The net purchase of stocks and funds by U.S. retail investors reached $28 billion (about RMB 180.8 billion) in June, a single-month high since 2014.</p><p><b>The surge of funds is closely related to the Fed's wild water release, which has added another $3.75 trillion in assets to its existing assets in the past 15 months. At the same time, the U.S. government has also launched six rounds of fiscal plans of about $3.4 trillion on a large scale, making the American people very rich in funds.</b></p><p><b>RECORD! Over 3.7 trillion funds poured into the stock market crazily</b></p><p>Money is pouring into global stock markets at an unprecedented rate.</p><p>According to the latest data from Goldman Sachs, the amount of funds flowing into global equity funds reached US$580 billion (about RMB 3,747 billion) in the first half of 2021, the highest in history and 2.6 times that of the same period in 2017.</p><p><img src=\"https://static.tigerbbs.com/aaff21b95273cd661d08c30397203583\" tg-width=\"641\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p>Of this, the size of inflows into global equity funds was $348 billion in the first quarter of 2021, and the size remained as high as $169 billion in the second quarter.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>If the pace of inflows remains the same for the rest of the year, global equity fund inflows in 2021 will exceed $1,035 billion, which will exceed the sum of the past 20 years, according to the analysis.</p><p><img src=\"https://static.tigerbbs.com/fb7f9a5dbbe27fce90700025ca864b9f\" tg-width=\"661\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p>Faced with such a huge inflow, Scott Rubner, a trader at Goldman Sachs who has been in Wall Street for 18 years, was very shocked. He said that in the 18 years of tracking the flow of money in the market, it was never possible to imagine such a huge number. The past weekend was the busiest ever and the weekend with the most customer questions.</p><p>The continuous inflow of money is driving the global stock index to continue to rise. The world's major stock indexes have climbed one after another in the past week, and some stock indexes have set new record highs. On July 7th, local time, the S&P 500 index set a new record high again, setting a new record for nine consecutive trading days. This situation has only happened four times since 1928, and the cumulative increase this year has exceeded 16%.</p><p><img src=\"https://static.tigerbbs.com/1c6a3309b81629f15c10f492f8ac6472\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In addition, the Nasdaq index is constantly setting new record highs. On July 7th, it hit a record high of 14,755.33 points again. Since the beginning of this year, the cumulative increase has reached 13.79%, and compared with the low in March 2020, the increase is as high as 121%.</p><p>In fact, this wave of funds entering the market crazily is closely related to the epic water release of global central banks. Among them, the \"tap\" of the Federal Reserve is particularly fierce. Since the outbreak of the epidemic, the Federal Reserve has acted quickly. Besides reactivating the zero interest rate and asset purchase program during the financial crisis, it has also created new policy instruments, such as primary dealer credit facility (PDCF) and commercial paper financing facility (CPFF), which have injected a lot of liquidity into the market.</p><p>In the past 15 months, the Fed has added another $3.75 trillion in assets to its existing assets, and its asset growth has more than doubled since the repo market erupted in September 2019 and triggered a massive bailout, according to data.</p><p>In addition, in response to the COVID-19 pandemic and economic recession, the U.S. government launched six rounds of fiscal plans of approximately US$3.4 trillion on a large scale. In fiscal year 2020, the U.S. federal deficit expanded by US$3.1 trillion, with a deficit rate of 15.2%. At the end of 2020, the balance of U.S. Treasury Bond reached a record high of US$26.9 trillion.</p><p>At present, the ongoing quantitative easing of the Federal Reserve is still injecting liquidity into the market. Some Wall Street institutions predict that in the next two months, 250 billion dollars of funds will pour into the market through QE.</p><p>Some Wall Street analysts believe that as long as US stocks continue to rise, it will still be a high probability event that a large amount of funds will continue to pour into index stock funds. The reason is that some large asset management institutions are recently withdrawing funds from the commodity market and switching to index stock funds.</p><p><b>Net purchase of 180 billion in a single month! US retail investors are also crazy</b></p><p><b>The money-making effect of the epic bull market in U.S. stocks is stimulating American individual investors to enter the market crazily, and American retail investors have also contributed some to the global capital inflow into the stock market.</b></p><p>According to data from Wall Street financial services firm JPM Securities, between January and June this year, more than 10 million new Securities accounts have been opened in the U.S. stock market, which has exceeded the level of the whole year of 2020.</p><p>In addition, according to the data of Vanda Research, an independent Research institution, in June this year, American retail investors bought about 28 billion dollars (about 180.8 billion yuan) of stocks and equity funds, setting a new monthly inflow high since 2014, even surpassing the epic short-squeezing war of \"retail investors VS Wall Street institutions\" in January this year.</p><p>U.S. retail investors have poured nearly $140 billion net into the stock market this year, more than six times more than during the same period in 2019, according to data from VandaTrack through mid-June.</p><p>At the same time, most American retail investors are very optimistic about every market correction, and are keen to \"buy the dip\" and \"bargain-hunting\". According to the data of Vanda Research, when the U.S. stock market plummeted collectively on June 18th, retail investors in the United States bought more than $2 billion in stocks on that day. Then, the three major U.S. stock indexes collectively counterattacked and continued to set a new record high, further increasing the confidence of retail investors.</p><p>Jason Goepfert, president of Sundial Capital Research, which studies public psychology in financial markets, said that the current sentiment in the US stock market is still very optimistic. More than 70% of retail investors expect US stocks to continue to rise in the next three months, but only about 44% of professional traders have the same view.</p><p>Because of the ubiquity of social media, retail investors tend to gather to trade, whether it is individual stocks or the broader market, and buy quickly after agreement, pushing up the stock price in hours or days. The previous market has shown that American retail investors have pulled out of buying and selling almost as quickly and then moved to the next trading target,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>GME, Dogecoin and AMC are all the targets of retail investors in different periods.</p><p>Another characteristic of American retail investors is that they prefer to chase high-volatility stocks, even small-cap stocks with little reputation. In the past two weeks, small-cap stocks such as Alfi, Marin Software and IKONICS in U.S. stocks have all rapidly soared by more than 100%.</p><p>Professional fund managers are more skeptical of the prospects of the U.S. stock market than the fanaticism of retail investors. Both the Dow and Nasdaq have gained more than 13% so far this year. Concerns about inflation and high valuations have led a significant number of fund managers to believe that future stock market returns are uncertain and market heat is approaching its peak. Reflected in the market, the total leverage level of the US stock market is continuously declining at present, and it is already at the lowest level since October last year.</p><p><b>Earned a lot! \"American Retail Base Camp\" officially impacts IPO</b></p><p>American retail investors have entered the market crazily, and Internet brokers have made a lot of money. Among them, Robinhood, an Internet brokerage firm known as the \"base camp of retail investors\" in the United States, has submitted a prospectus to the Securities and Exchange Commission and plans to be listed on Nasdaq.</p><p>In the prospectus, Robinhood discloses operating results and user data for two calendar years (2019-2020). Its revenue increased from US$278 million in 2019 to US$959 million (approximately RMB 6.19 billion) in 2020, a year-on-year increase of over 245%. It recorded a net profit of US$7 million in 2020, while it was still in a loss in 2019, with a loss of over US$100 million.</p><p>With the trend of American retail investors entering the market crazily, the number of active users of Robin Hood is also growing at a high speed. According to the prospectus, the number of monthly active users on the platform increased from 4.3 million at the end of 2019 to 12.5 million at the end of 2020, an increase of nearly 200%.</p><p>In addition, according to Robin Hood, from January 1, 2015 to March 31, 2021, more than half of the customer fund accounts on Robin Hood's platform said that they had opened their first trading account on the platform. Just looking at the newly opened individual investor accounts in the United States in the past five years, nearly half of them came from Robin Hood platform.</p><p>As the \"home base\" of American retail investors, Robin Hood is not only involved in stocks, but also cryptocurrency is the focus. According to the prospectus, as of the end of the first quarter of 2021, Robinhood supported the trading of 7 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin, and more than 9.5 million customers traded about $88 billion in cryptocurrencies on Robinhood. As of March 31, 2021, Robinhood held about $12 billion in custodial cryptocurrency assets, an increase of 23 times over the same period in 2020.</p><p>It is obvious from the prospectus that Robin Hood is mainly engaged in retail business, and most of its income comes from the trading income of individual investors, accounting for more than 75%.</p><p>In fact, Robin Hood's money-making model has been questioned, because under the banner of \"zero commission\", Robin Hood can't earn handling fees, so its main revenue comes from users' transactions. Robin Hood described in the prospectus that most of the revenue is generated based on transactions, because the platform sends users' stock, option and cryptocurrency trading orders to market makers for execution, thus obtaining consideration, and the platform will receive a fixed percentage difference between the bid price and the ask price publicly quoted when the transaction is executed.</p><p>For this profit model, \"stock god\" Buffett and Charlie Munger have always called it \"dirty way to make money\". Munger once bluntly said that \"zero commission\" is a \"big lie\", which makes customers mistakenly think that they are trading for free, but in fact they charge more fees. This is a very shameful and low-level way.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9397c1d762c75a661436dbf516b20b24","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124799487","content_text":"美股牛市正酣，资金正疯狂涌入。\n\n全球股市正疯狂吸纳市场资金，据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），刷新历史纪录，直接令从业18年的高盛交易员感到震惊：从来都无法想象如此庞大的数字。\n面对这轮史诗级的美股大牛市，美国散户也疯狂。据华尔街机构的数据显示，今年1-6月，美股市场已经新开设了超过1000万的证券账户，已经超过2020年全年的水平。美国散户6月的净买入股票和基金的规模达到280亿美元（约合人民币1808亿元），创下自2014以来的单月新高。\n资金狂涌，与美联储的疯狂放水密切相关，在过去的15个月内，美联储在现有资产基础上又增加了3.75万亿美元的资产。与此同时，美国政府也大规模推出了六轮约3.4万亿美元的财政计划，使得美国民众手中的资金非常充裕。\n创纪录！超37000亿资金疯狂涌入股市\n资金正在以前所未有的速度涌入全球股票市场。\n据高盛的最新数据显示，2021年上半年流入全球股票基金的资金规模达到5800亿美元（约合人民币37470亿元），为历史最高，是2017年同期的2.6倍。\n\n其中，2021年第一季度流入全球股票基金的资金规模为3480亿美元，第二季度的规模仍高达1690亿美元。\n美国银行分析表示，如果今年剩余时间里资金流入速度保持不变，2021年全年全球股票基金流入规模将超过10350亿美元，将超过过去20年的总和。\n\n面对如此庞大的流入规模，在华尔街从业18年之久的高盛交易员Scott Rubner都感到非常震惊，他表示，在跟踪市场资金流动的18年里，从来都无法想象如此庞大的数字，刚刚过去的周末是有史以来最忙碌的，也是收到客户问题最多的一个周末。\n持续流入的资金正在推动着全球股指持续上涨，全球主要股指在过去一周内接连攀升，部分股指都刷新了历史纪录高位。当地时间7月7日，标普500指数盘中再次刷新了历史新高，连续9个交易日刷新历史纪录，这种情况自1928年以来仅发生过4次，今年以来的累计涨幅超过16%。\n\n另外，纳斯达克指数也正在不断刷新历史新高，7月7日盘中，再度创出历史新高14755.33点，今年以来累计涨幅已达到13.79%，相比2020年3月的低点，涨幅更是高达121%。\n其实，这一波资金疯狂入市，与全球央行的史诗级放水密切相关。其中，美联储的“水龙头”开得尤为凶猛。自疫情爆发以来，美联储便迅速行动，除了重新启用金融危机时期的零利率和资产购买计划外，还创设了新的政策工具，如一级交易商信贷工具（PDCF）、商业票据融资工具（CPFF）等，向市场注入了大量的流动性。\n据数据显示，在过去的15个月内，美联储在现有资产基础上又增加了3.75万亿美元的资产，自2019年9月回购市场爆发并引发大规模纾困以来，其资产增长幅度已经超过一倍。\n另外，为应对新冠疫情和经济衰退，美国政府大规模推出了六轮约3.4万亿美元的财政计划，2020财年美国联邦赤字扩张了3.1万亿美元，赤字率15.2%，2020年末美国国债余额创下26.9万亿美元的历史新高。\n当前，美联储持续的量化宽松仍在向市场注入流动性。有华尔街机构预计，未来2个月内，将有2500亿美元资金通过QE涌入市场。\n有华尔街分析机构认为，只要美股持续保持上涨轨迹，大量资金继续涌入指数型股票基金仍将是大概率事件，原因是近期一些大型资管机构正将资金从大宗商品市场撤出，转投指数型股票基金。\n单月净买入1800亿！美国散户也疯狂\n美股史诗级大牛市的赚钱效应正在刺激着美国个人投资者疯狂入市，美国散户们也为全球资金流入股市贡献了一部分力量。\n据华尔街金融服务公司JPM Securities的数据显示，今年1-6月期间，美股市场已经新开设了超过1000万的证券账户，已经超过2020年全年的水平。\n另外，据独立研究机构Vanda Research数据，今年6月，美国散户净买入约280亿美元（约合人民币1808亿元）的股票和股票类基金，创下自2014以来的月度流入新高，甚至超过了今年1月的“散户VS华尔街机构”的史诗级逼空大战。\n万达研究公司(VandaTrack)截至6月中旬的数据显示，美国散户投资者今年向股市净投入资金接近1400亿美元，是2019年同期的六倍多。\n与此同时，大部分美国散户对每一次的市场回调都感到非常乐观，并且热衷于“逢低买入”、“满仓抄底”。Vanda Research的数据显示，6月18日美股集体大跌之时，美国的散户投资者当日净买入超过20亿美元的股票，随后美股三大指数集体反扑，继续刷新历史新高，进一步增添了散户们的信心。\n研究金融市场大众心理的Sundial Capital Research总裁Jason Goepfert表示，当前美股市场的情绪依然十分乐观，超过70%的散户投资者预期美股将在未来3月内继续上涨，但同样观点的专业交易员则只有约44%。\n由于社交媒体的无所不在，散户投资者往往会聚集在一起进行交易，无论是个股还是大盘，达成一致后便迅速买进，在数小时或数天内推高股价。此前的行情显示，美国散户投资者几乎同样迅速地撤出买入、卖出，再转向下一个交易目标，特斯拉、GME、狗狗币、AMC都是不同时期散户爆炒的目标。\n美国散户的另一个特点是，更爱追逐高波动性股票，即使是一些名不经传的小盘股。近两周以来，美股的Alfi 、Marin Software、IKONICS等小市值个股都迅速飙升超过100%。\n相比于散户投资者们的狂热，专业基金经理们对美股市场前景则抱有更多怀疑。今年迄今，道指和纳指涨幅均超过13%，出于对通胀和高估值的担忧，相当多的基金经理认为，未来的股市的回报不明朗，市场热度正在逼近峰值。反应到市场上，目前美股市场的总杠杆水平正在持续下降，已经处于去年10月以来的最低水平。\n赚翻了！“美国散户大本营”正式冲击IPO\n美国散户疯狂入市，互联网券商赚得盆满钵满。其中，号称为美国“散户大本营”的互联网券商Robinhood（罗宾汉）靠着这波风口，已经向美国证监会提交了招股书，计划在纳斯达克挂牌上市。\n在招股书中，罗宾汉披露了两个自然年（2019-2020年）的经营业绩和用户数据。其营收从2019年的2.78亿美元，增长至2020年的9.59亿美元（约合人民币达61.9亿元），同比增幅超245%，2020年录得700万美元净利润，而2019年还处于亏损状态，亏损金额超1亿美元。\n借着美国散户疯狂入市的潮流，罗宾汉的活跃用户数也在高速增长。据招股书显示，平台上的月活跃用户数从2019年末的430万户，增至2020年末的1250万户，增幅接近200%。\n另外，据罗宾汉透露，从2015年1月1日到2021年3月31日，罗宾汉平台上超过一半的客户资金账户称其在该平台上开设了第一个交易账户，仅看过去五年间全美国新开立的个人投资者账户，其中近半数账户来自罗宾汉平台。\n罗宾汉作为美国散户“大本营”，并非仅涉及股票，加密货币也是重点。据招股书显示，截至2021年一季度末，罗宾汉支持7种不同加密货币的交易，包括比特币、比特币现金、比特币SV、狗狗币、以太坊、以太坊经典和莱特币，超过950万客户在罗宾汉交易了约880亿美元的加密货币，截至2021年3月31日，罗宾汉持有约120亿美元规模的托管加密货币资产，比2020年同期增加23倍。\n从招股书很明显可以看出，罗宾汉主要是做散户的生意，其收入的绝大部分来自于个人投资者的交易性收入，占比超过75%。\n其实，罗宾汉的赚钱模式一直饱受质疑，因为打着“0佣金”的旗号，罗宾汉便不能赚取手续费，使得其主要的营收来自于用户的交易。罗宾汉在招股书描述，大部分收入都是基于交易产生，因为平台将用户的股票、期权、加密货币交易订单发送给做市商执行，从而获得对价，平台会收到交易执行时公开报价的买入价和卖出价之间的固定百分比差额。\n对于这种盈利模式，“股神”巴菲特和查理·芒格一直称之为“肮脏的赚钱方式”。芒格曾直言，“零佣金”就是一个“天大的谎言”，让客户误以为是在免费交易，实则却收取了更多费用，这是一种非常可耻的、低级的方式。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154450720,"gmtCreate":1625540589060,"gmtModify":1703743337391,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154450720","repostId":"1187560969","repostType":4,"isVote":1,"tweetType":1,"viewCount":2778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154845828,"gmtCreate":1625503383164,"gmtModify":1703742790966,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"oo","listText":"oo","text":"oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154845828","repostId":"1158392841","repostType":4,"isVote":1,"tweetType":1,"viewCount":1689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154845095,"gmtCreate":1625503337417,"gmtModify":1703742789803,"author":{"id":"4087300083147710","authorId":"4087300083147710","name":"bkloh1981","avatar":"https://static.tigerbbs.com/cb66730db127d226356e0dcabc7aa977","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087300083147710","authorIdStr":"4087300083147710"},"themes":[],"htmlText":"oo","listText":"oo","text":"oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154845095","repostId":"2149080331","repostType":4,"isVote":1,"tweetType":1,"viewCount":2555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}