Why Is The Fund Always Catching Up And Killing: The Pressure To Pursue Short-Term Rankings

Host: we are carrying out the 315 special program, asking the fund to protect the rights of the people.

Let's take a look at the focus of the audience on the SMS platform. One of the audience said that the people of the yuan family used their own sweat and sweat to feed the big guys. They could not understand where their money went. They might as well buy lottery tickets.

Some spectators believe that fund managers must buy 30% of the capital stock before they can be appointed as fund managers so that they can be responsible.

There is also a need for genuine reform, so that shareholders and the people of the foundation have a sense of trust.

Zhang Xiaofeng: I also have a few speakers here, one of the audience said to control their money, do not fudge the fund's propaganda offensive.

In addition, some people say that fund managers are mostly top graduates of prestigious schools. They are full of value investment, and their operation skills are far less than those of the folk.

It can not be generalized. Some are still making money.

Of course, the fund did not earn more by this way. Ultimately, it was damaged by the khmin. Later, we asked the three question about the fund's rise and fall.

Commentary: statistics show that most of them are over 200% and some over 500%. This is the stock market quotation of US funds, which is the fund's full warehouse operation, and the final result is that most of the funds are buried at the top.

The 08 year slump is another extreme.

Moderator: as for

Wang Rui: why is the fund pursuing this chase up and down? The pressure of fund managers pursuing this short-term ranking is due to the short-term pressure of ranking and short-term performance appraisal. In this way, fund managers will pursue this way, which is not conducive to the stability of fund managers, but also exacerbates the herding effect.

Many people have the mentality of frying funds. In the short term, they will assess the performance of the fund and the performance of the investment fund, which will lead to the rise of the fund managers.

Moderator: we see that the real push out so many institutions, fund investors after the market has not played such a role, instead of helping to rise and fall, what is the reason? Let's ask the guests in the field.

Lin Shu: in the academic research field, the fund institution has a strong influence on the market.

Host: does Mr. Lu disagree with Professor Lin's statement just now?

Lu Zhen: this short term effect, quick success and instant benefit, night retaliation has become the mainstream state of our society. I haven't been doing the fund for a long time. Like the Tokyo stock market, I feel that if you go to the two step in short term, you are all like a gambler. The securities step by step, the two step is two steps, one step is investment, basically not to the stock exchange, after I sell it, it will take ten years and twenty years.

Zhang Xiaofeng: what do you mean by Japanese experience?

Lu Zhen: Tokyo securities, I was very excited when I was in 1991. I want to have a good enterprise. Everyone is calm. After investing, don't go to the exchange every day to sit here. It's too tired. Everyone is going to go to the two step. If you are willing to invest and speculate, you will be willing to go.

Zhang Xiaofeng: twenty years have passed. You are in 1991. Twenty years have passed. Is Japan's so-called one-step and two step able to stand the test of time?

Lu Zhen: it's like this. It's relatively small. There are more than 5000 enterprises in the whole world in two hundred years, and Japan accounts for more than 3500 at once.

Now, if this is the case, it will be difficult for the management to adjust and control. For example, those who invest for a long time and invest rationally, together with the overnight rich people, our fund managers are going to catch up and fall. If we look for the short term, the fund manager will follow us.

Zhang Xiaofeng: business success requires a unique way of thinking and models. If we are all in the same way of operation, why do we need to fund managers? I am also chasing up and down. He is also chasing and killing. What is he going to do?

Lu Zhen: if he doesn't work, we vote with our feet. He will not go up and down, and we will go to him.

Zhang Xiaofeng: our fund managers can catch up and fall in particular, so you should come to buy our fund, not so.

Lu Zhen: not for the people, but many people came to give him the money later.

Zhou Zengjun: I don't quite agree with the two point of view. When the fund manager's marketing mode is in bear market, your fund decides to vote. When the concussion is going on, the quantified products appear. He is the product selling the market.

For example, an article written in August 27, 2007, I remember very clearly, A shares returned to the market, Vanke's P / E ratio is 93 times, the Chinese ship [36.19 0.44% shares, research report] the P / E ratio is 126 times, one hundred times the blue chip, is this blue chip? This is the bubble, the fund company also wants us to buy, is the herd effect, after the fund company receives the capital's money, OK, immediately establishes the warehouse, what to buy? Knows that it is overestimated, must also pursue, the fund manager is two years.

Zhang Xiaofeng: is it the fund's fault or the mechanism?

Zhou Zengjun: one is to sell this risk product to the base people.

Zhang Xiaofeng: we have a position in the fund just now. He should advocate or guide value investment, guide, guide value investment as a leader or helmsman, and stabilize our market and play a stabilizing role in the market. Is this the demand for the establishment of the fund? It seems that its position should be to make money for everyone, and this guiding value investment is not it.

Zhou Zengjun: I add that I think that the product of the public offering fund will not be the so-called market fluctuation, because it is known that you have twenty billion of your cards, and you must add bank shares at the moment.