Expert's View 名家觀點

回到基本 Back to Basics

九月 1 , 2023  

by Charles Cheng, CFA



There are so many important components to investing, such as strategy, research, risk management, macroeconomics, and personal psychology that it’s easy to lose sight of the basic details.  Over time, many routine decisions or actions that you would take in managing your portfolio can have small impacts that can add up to have a significant effect on returns.  Here are some of the basic things that you can pay attention to that will matter over the long term.

投資有很多重要的組成部分,例如策略、研究、風險管理、宏觀經濟學和個人心理學,因此很容易忽視基本細節。 隨著時間的推移,您在管理投資組合時採取的許多日常決策或行動可能會產生微小的影響,但累積起來會對回報產生重大影響。 以下是您可以關注的一些從長遠來看很重要的基本事項。 



Periodic Portfolio Review:


Whether you are a full-time investor or just managing your finances on the side, it can be easy to let your asset allocation drift from your original strategy or objectives. Regular reviews allow you to assess whether your investments are meeting your expectations and whether any adjustments are necessary.

無論您是全職投資者還是只是管理自己的財務,您的資產配置都很容易隨著時間偏離最初的策略或目標。 定期審查可以讓您評估您的投資是否符合您的期望以及是否需要進行任何調整。 



Regular Rebalancing:


Rebalancing involves periodically adjusting your investments to restore the original asset mix, preventing overexposure to certain assets and helping manage risk. This can be tied to the portfolio review above or done on its own schedule for a more passive approach.

再平衡指的是定期調整您的投資以恢復原始資產組合,防止某些資產投資過度並對風險管理起到幫助。 這可以與上述的定期投資組合審查結合起來運用,或者按照自己的時間表進行。 



Transaction Costs:


Transaction costs, including brokerage fees and spreads, can accumulate and erode your investment returns if not managed effectively. For smaller investors, commissions can vary widely between service providers for the same level of service.  For larger investors, how well their broker executes large transactions can have a significant effect on the returns, in terms of market impact, price slippage and opportunity costs.  Being mindful of these costs is crucial, particularly for frequent traders. Minimizing unnecessary trading and considering cost-efficient investment vehicles can contribute to enhanced long-term returns.

如果管理不當,包括經紀費和買賣差價在內的交易成本可能會累積並侵蝕您的投資回報。 對於較小的投資者來說,同一服務水平的服務提供商之間的佣金可能存在很大差異。 對於規模較大的投資者來說,他們的經紀商執行大額交易的情況會對市場影響、價格滑點和機會成本方面的回報產生重大影響。 注意這些成本至關重要,特別是對於頻繁交易者而言。 最大限度地減少不必要的交易並考慮具有成本效益的投資工具有助於提高長期回報。 



Tax Management:


If you are in a jurisdiction with investing taxes, tax implications can significantly impact your overall investment returns. Engaging in tax-efficient investing strategies, such as utilizing tax-advantaged accounts and being strategic about when to realize gains or losses, can help you legally minimize your tax liability. This approach ensures that you retain a larger portion of your earnings and compound your wealth more effectively.

如果您所在的司法管轄區有投資稅,那麼稅收影響可能會嚴重影響您的整體投資回報。 採取節稅的投資策略,例如利用稅收優惠賬戶以及對何時實現收益或損失採取策略,可以幫助您合法地最大限度地減少納稅義務。 這種方法可確保您保留大部分收入並更有效地增加您的財富。 


While the complex facets of investing often capture attention, these basic components can be just as important in forming the foundation of successful wealth accumulation.




This article reflects the personal views of the author and not any firm’s and should not be viewed as an investment recommendation.