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Have a thought, why choose exponentially enhanced products? I think there are no more than two investment purposes: better investment tools. In this case, investors have obvious investment views on the future trend of the broad-based index. For example, they are more optimistic about the future growth style of small and medium-sized indexes. The more suitable broad-based index is the CSI 500. , then choosing the enhanced product of the CSI 500 Index is a tool to better express its investment views. In addition to the beta return of the index, it can also obtain the alpha return. Excess return as a margin of safety; in this case, investors themselves do not have a clear investment view on future market styles, etc., and excess return can be used as a wrong margin of safety. For example, the excess return of CSI 1000 has an annualized 13%. Even if the initial investment view is wrong, there is still a 13% return as a margin of safety. Private placement refers to higher excess returns, and this margin of safety is higher. If the investment point of view has been verified by the market, the superposition of this β+alpha return will have a higher excess return. The purpose of these two kinds of investment is to look for index products with higher excess returns in essence, but the focus will be somewhat different. For the former, the more important thing in determining investment returns is β income, that is, after seeing the trend of the index, excess returns α, is just the icing on the cake. The former examines not only excess returns, but also pays more attention to tracking errors. The latter is more about looking for a relatively high excess return as a margin of safety. Generally speaking, a 20% drop in the index in a year is already a big drop. If there is an excess return of more than 20% as a margin of safety, then In theory, there is basically no loss of money. Therefore, for the latter, more attention will be paid to excess returns, and the tolerance for tracking errors is relatively high, allowing some deviations. Of course, this division of investment purposes is not an absolute distinction of 0-1, and there are many situations in between. $ Shenwan Lingxin CSI 500 Index Enhancement (F002510)$ $Western Profit CSI 500 Index Enhancement A (F502000)$ $ Wanjia CSI 1000 Index Enhancement A (F005313)$ There are 8 discussions on this topic in Snowball, click to view. Snowball is an investor’s social network, and smart investors are here. Click to download Snowball mobile client http://xueqiu.com/xz]]>

Calculus Quantitative Price Investment Have a thought, why choose exponentially enhanced products? I think there are only two investment purposes: better investment tools In this case, investors have obvious investment views on the future trend of the broad-based index. For example, they are more optimistic about the future growth style of small and medium-sized enterprises.

Have a thought, why choose exponentially enhanced products? I think there are no more than two investment purposes: better investment tools. In this case, investors have obvious investment views on the future trend of the broad-based index. For example, they are more optimistic about the future growth style of small and medium-sized indexes. The more suitable broad-based index is the CSI 500. , then choosing the enhanced product of the CSI 500 Index is a tool to better express its investment views. In addition to the beta return of the index, it can also obtain the alpha return. Excess return as a margin of safety; in this case, investors themselves do not have a clear investment view on future market styles, etc., and excess return can be used as a wrong margin of safety. For example, the excess return of CSI 1000 has an annualized 13%. Even if the initial investment view is wrong, there is still a 13% return as a margin of safety. Private placement refers to higher excess returns, and this margin of safety is higher. If the investment point of view has been verified by the market, the superposition of this β+alpha return will have a higher excess return. The purpose of these two kinds of investment is to look for index products with higher excess returns in essence, but the focus will be somewhat different. For the former, the more important thing in determining investment returns is β income, that is, after seeing the trend of the index, excess returns α, is just the icing on the cake. The former examines not only excess returns, but also pays more attention to tracking errors. The latter is more about looking for a relatively high excess return as a margin of safety. Generally speaking, a 20% drop in the index in a year is already a big drop. If there is an excess return of more than 20% as a margin of safety, then In theory, there is basically no loss of money. Therefore, for the latter, more attention will be paid to excess returns, and the tolerance for tracking errors is relatively high, allowing some deviations. Of course, this division of investment purposes is not an absolute distinction of 0-1, and there are many situations in between. $ Shenwan Lingxin CSI 500 Index Enhancement (F002510)$ $Western Profit CSI 500 Index Enhancement A (F502000)$ $ Wanjia CSI 1000 Index Enhancement A (F005313)$ There are 8 discussions on this topic in Snowball, click to view. Snowball is an investor’s social network, and smart investors are here. Click to download Snowball mobile client http://xueqiu.com/xz]]> Read More »

The stock market keeps falling, I choose to continue to increase positions on dips

As of September 30, most A-share broad-based indexes and Hang Seng indexes have fallen for three consecutive weeks, and the monthly line of the partial-share mixed fund index has once again fallen into the long-term moving average group. Historically, it is not uncommon for the stock-biased mixed fund index to fall into the long-term moving

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M&A fog

Today, I read an investment book, and it mentioned the issue of goodwill as an accounting subject, but after a brief taste, the pit of mergers and acquisitions is of course not just goodwill. After removing the goodwill, the remaining pits are considered relatively high-end, and it is inevitable to say a few words: Goodwill

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5 Years of Unemployment

After the National Day in 2017, I stopped working and entered the current state of unemployment through naked resignation. It has been 5 years. At that time, the floating profit exceeded the salary for the rest of his life. As long as he did not lose money for the rest of his life, it would

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Advance and Lag – My Cycle View

Anticipate your expectations in advance, this sentence is familiar! Investors in the big A market are often troubled by “expectations”. Some companies seem to be doing well. It has maintained a growth trend, but the stock price has continued to fall. On the contrary, other companies with poor performance and deep losses. The stock price

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