In the past two days, Zhang Kun has become popular again.
He is the one I wrote about, a very powerful fund manager~
Two days ago, all funds were released together for half a year Report, this is a routine process.
What is less conventional is:
In the semi-annual report, Zhang Kun did not say much about "strategy, outlook, How will we invest in the future?”
Instead, I talked with everyone earnestly -
How to choose a fund.
Huh? Is it so down-to-earth?
However, I really like fund managers who speak human words.
For a real expert, as long as he is willing, he can explain his professional skills in a simple and easy-to-understand way.
Instead of dragging out difficult words.
That’s too far gone.
I read it carefully, and what Zhang Kun said is quite right, and I quite agree with it.
The general idea is——
How to choose a fund does not just depend on whether the recent results are outstanding or whether you make a lot of money. More, ranking higher or not.
Rather, it depends on:
Whether the strategies and investment methods adopted by the fund manager are consistent with your own views ,character.
Not to your taste.
When fund performance is temporarily poor, can you hold it with peace of mind?
1
Different fund managers definitely have different investment styles and investment strategies.
Different strategies have their own logic.
It’s hard to say which one is better and which one is worse.
Sometimes, when style A is popular in the market, funds with strategy A will rise quickly;
After a while, Maybe strategy A has temporarily failed, and another style B has come to the fore.
Things are changing.
Zhang Kun’s original words are——
It is difficult to avoid.
For those of us who buy funds, if we only look at stage performance to buy funds, it will be easy——
I am very happy when it goes up and keep buying;
Once it goes down, I will be particularly frustrated and panicked, impatient and unable to hold on, so I sell backhand.
The result is:
Repeatedly buying high and selling low, others eat the cake and you eat the dregs.
Two
Zhang Kun said this:
It really touches the pain points of many people.
A classic question - Why is XX rising so well but crashing as soon as I buy it?
Is the market specifically looking at me for short selling?
In fact, it is not a collapse. Even if you buy the same thing, it may be that the timing of your entry and exit is wrong.
Buy high, sell low, mismatched terms;
It may also be that this thing is not your thing at all. You lack understanding and confidence in it, and get off the train at the slightest turmoil.
Of course, I paid it by mistake sincerely.
Three
So, how to tell whether a fund is suitable for you?
Zhang Kun actually mentioned some methods:
For example, observing the fund’s positions, its position adjustment style and Frequency, and its long-term performance...
Wait.
It is also recommended to take a look directly at the words of the fund manager himself.
Then someone asked, how do I know this information?
There is a most direct way - look at the fund's quarterly report, semi-annual report, and annual report.
Don’t get a headache whenever you hear these words.
Fund financial reports are quite easy to understand.
Let’s talk about it briefly——
First, you can find a fund website, such as Tiantian Fund, and then search for the fund name .
Look for the "Fund Announcement" column.
Open the pdf of the quarterly report/semi-annual report/annual report, it is very long.
But there are only a few places that must be read.
Others can be ignored for now.
One is Part 4 of the announcement - Manager’s Report.
Focus on 4.4 and 4.5
4.4 is a summary of the fund performance in the previous period— —Whether I did well, what was good and what was bad;
Reflection.
4.5 is the outlook for the next market situation - how I will adjust my strategy in the future, which areas I plan to focus on investing in, etc.
In this paragraph, you can quite see the style of the fund manager.
Four
Most people’s reports are very formal and rigid.
You can watch it or not.
But there are also many fund managers who, like Zhang Kun, will talk to you affectionately.
Chat about the pros and cons of his strategy, his outlook for the future, his worries about the bubble, and the current risks and opportunities...
Listening to his words and watching his actions, I probably have an idea in my mind -
Do I like this fund or not? Is it suitable for me?
And most importantly, if we see this concept too much, our own financial management skills will also improve in a straight line
"Stealing" many asset allocation methods.
How much should you buy a certain asset?
When should you buy a certain asset?
What things should be matched together? ;
What proportion...
Wait~
On-site practical teaching, immersed in the experience , including teaching and training.
If you still can’t see this paragraph, you can also look down:
Part 7 - Investment Portfolio Report.
This paragraph will list the fund’s heavy holdings—the stocks it buys the most.
How are the recent operations...
Look at it continuously, your investment style and stock preference. Ah, turnover rate, you will all know something about it.
If you have the energy, you can also read more about Part 8 - Fund Unit Holder Information.
You can see if the fund manager has bought his own fund?
If he dares to buy a lot of money, everyone's butts will sit together.
...
Five
Wait.
In short, I still like reading semi-annual reports.
Some of them are very boring, but there are also often golden sentences.
For example, this paragraph:
Valuation includes both the current economic reality and investors’ expectations for Subjective insights into the future.
The higher the valuation, the fewer facts and more subjective opinions it contains.
In this way, the price will be more unstable and the risk of falling will be greater.
How is it?
Did you explain vividly what a bubble is?
Facts are like mountains, and people’s hearts are fickle.
When there are many facts and few opinions, it is enough to feel at ease;
If there are more and more opinions, but the facts are When it becomes increasingly neglected, it should be sold.
In this way, you will not be injured by the foam.