大辩论仍在继续:积极vs. 被动
无论是体育运动, 音乐, 或政治, life holds any number of “great debates”– debates that never seem to reach a conclusion. In investments, that great debate asks the question, “Active or 被动 Investing: Which is Better?”
The fascinating aspect of this debate is that equally intelligent people can argue polar opposite positions, leaving the rest of us to wonder what the answer is, 如果存在的话.
被动的指针
The case for passive management is anchored in the evidence that the preponderance of money managers have failed consistently to beat their comparative index. 这主要有两个原因:
- Markets are efficient and all known information is already reflected in the price of the stock, making it difficult for managers to find companies that are expected to outperform.1
- The hurdle of an elevated expense ratio typical of actively managed mutual funds makes it hard to match or exceed a low-expense index fund.
积极的观点
Active managers counter that while the markets may be generally efficient, there are windows of inefficiency created by the time it takes for information to properly reflect in a stock’s price.
Active managers further argue that performance is not just about relative return, 还有风险管理. 例如, if an active manager can deliver a hypothetical 90 percent of the index return at 70 percent of its risk, 那么，这就构成了一种表现优异的衡量标准.2
解锁组合
Ultimately, it’s a decision based on what you want to pursue. Do you prefer the approach taken by index funds or the strategy behind active management? 对于一些, the combination of both funds represents an approach that takes no sides but seeks to tap into the distinctive benefits each offers.
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国际AG捕鱼王新版app下载有额外的风险, which include differences in financial reporting standards, 货币汇率, 特定国家特有的政治风险, 外国税收和法规, 以及潜在的非流动性市场. These factors may result in greater share price volatility.
1. Keep in mind that the return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost.
2. This is a hypothetical example used for illustrative purposes only. It is not representative of any specific investment or combination of investments.
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