by Charles Cheng, CFA
As financial market looks to be making somewhat of a recovery from the lows of 2022, many investors may be looking for opportunities to increase their allocations in their portfolios. For most investors, financial regulators limit the choices of the financial instruments that they are allowed to invest in for their own safety. For example, private equity and hedge funds remain off limits for non-accredited investors. However, there are still quite a few choices to make in terms of investment vehicle for retail investors that everyone should be able to approach with an informed decision-making process.
隨著金融市場似乎從 2022 年的低點有所復甦，許多投資者可能正在尋找機會增加其投資組合的配置。 對於大多數投資者而言，金融監管機構限制了他們被允許投資的金融工具的選擇，以確保其自身安全。 例如，私募股權和對沖基金仍然不受非認可投資者的限制。 然而，就散戶投資者的投資工具而言，仍然有很多選擇是每個投資者都應該能夠通過知情的決策過程進行處理的。
Some popular investment options include individual securities like stocks and bonds, or managed portfolios like actively managed mutual funds, index funds, and exchange-traded funds (ETFs). Active mutual funds offer the potential for diversification and professional management but may also carry higher fees than other investment options. ETFs and index funds are similar in that they offer exposure to a diversified portfolio of securities. However, they both are passive pools of securities that trade like individual stocks on exchanges and may have lower fees than active funds. Exchange traded derivatives are also available to individual investors, but while they can be useful for certain strategies, they also carry outsized risks for investors that don’t understand the leverage inherent in them.
一些受歡迎的投資選擇包括股票和債券等個人證券，或主動管理的共同基金、指數基金和交易所交易基金 (ETF) 等管理投資組合。 積極的共同基金提供了多元化和專業管理的潛力，但也可能比其他投資選擇收取更高的費用。 ETF 和指數基金的相似之處在於它們提供了多元化證券組合的敞口。 然而，它們都是像交易所的個股一樣交易的被動的證券池，並且費用可能低於主動基金。 交易所交易的衍生品也可供個人投資者使用，然而也許它們對某些策略有用，但它們也會為不了解其內在槓桿作用的投資者帶來巨大風險。
How much of each type of investment should your investment strategy use? Considering that individual securities like stocks are the among most research and skill intensive to invest in, we recommend limiting the allocation until one is experienced and been through the up and downs of trading individual companies. Each individual investment should be relatively small as a percentage of the portfolio, until the investor is experienced and comfortable enough to raise that percentage.
各種投資類別應該在你的投資策略總佔多少？ 考慮到像股票這樣的個別證券是最需要研究和投資的技術密集型證券之一，我們建議缺乏經驗以及沒有經歷過個股漲跌起伏的投資者盡量限制個別證券的投資額。 直到投資則具有足夠經驗和信心後才可以開始相對提高每項個別投資的比重。
For an inexperienced investor, that leaves the bulk of the allocation to funds. Between passive funds and active funds, passive funds are often the better choice for most people for the majority of their portfolio. Passively owning stock indices is a time proven method of obtaining decent investment returns over a long time horizon. Passive funds are both cheaper in terms of fees and more tax efficient in some jurisdictions than active funds. Active funds can be useful for obtaining a certain strategy that you would like to implement but that you don’t have the time and resources to handle, and it is important to first understand the ins and outs of a strategy and have a reasonable expectation of why it would outcompete other funds.
對於沒有經驗的投資者來說，大部分配置的選擇都留給了基金。 在被動基金和主動基金之間，被動基金通常是大多數人投資組合的更好選擇。 被動持有股票指數是一種久經考驗的長期獲得可觀投資回報的方法。 在某些司法管轄區，被動基金在費用方面比主動基金更便宜，而且稅收效率也更高。 主動型基金對於獲得您想要實施但您沒有時間和資源來處理的特定策略時可能很有用。 但重要的是首先要了解策略的來龍去脈以及為什麼它的表現會優於其他基金。
As a thought experiment, imagine half of the market participants are passive investors and half are active investors and together they earn the return of the broad market. The passive investors will obtain the market return. The remaining active investors will also obtain the market return in sum total, minus their higher fees and transaction costs. Any outperformance from an active investor, whether it is an individual or a fund manager, would come at the expense of another active investor or group of investors. If one would already be satisfied with the market return, in some ways, choosing an active manager or implementing an active strategy is a bit of a personal gamble. So one either needs to be reasonably sure of their edge when committing to a non-passive strategy or trying to develop an edge over time (and trying not to lose a lot of money while doing so!).
作為一個思想實驗，假設一半的市場參與者是被動投資者，一半是主動投資者，他們一起賺取大盤的回報。 被動投資者將獲得市場回報， 剩餘的活躍投資者也將獲得市場總回報，減去他們較高的費用和交易成本。 活躍投資者的任何出色表現，無論是個人還是基金經理，都會以犧牲另一個活躍投資者或投資者群體為代價。 如果一個人已經對市場回報感到滿意，那麼在某些方面，選擇一個積極的經理或實施一個積極的策略有點像個人賭博。 因此，在採用非被動策略時，投資者要么需要合理的確認自己的優勢，要么嘗試在一段時間內發展自己的優勢（並儘量不要在這樣做時損失很多錢！）。
Regarding market timing, it’s worth mentioning that for most investors (but not necessarily all), attempting to time the market by buying and selling investments based on short-term market fluctuations is generally not a good strategy and could lead to significant opportunity and transaction costs versus simply staying invested. Instead, investors should focus on their long-term goals while capturing the market’s long-term growth potential.
Ultimately, investors should approach their investment decisions with an informed decision-making process, considering their investment objectives, risk tolerance, and investment experience. By doing so, investors can make sound investment decisions that align with their long-term goals and financial well-being.
This article reflects the personal views of the author and not any firm’s and should not be viewed as an investment recommendation