I just taught myself some investment theories in my senior year to prepare for the (hope) achievement of wealth freedom in the future!
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Five types of assets that ordinary people can access:
①Stocks (the only inflation that can beat the annual growth rate of 10%, with a growth rate of 14.11%): stocks, stock funds, joint-stock companies
② Bonds (with a growth rate of 6.4%): bonds, bond funds, savings, bank wealth management
③Currency (growth rate of 2.56%): currency funds, current savings, reverse repurchase
④Real estate: houses, real estate trust funds
⑤Human assets: our work
There are huge types of funds: public funds , private funds, pension funds, national sovereign funds, social security funds...
Funds can easily diversify risks.
Currency funds: invest in products such as bank deposits and short-term bonds. The risks and benefits are very low. Investment cycle: cash substitutes, you can take them and use them on a daily basis. eg. Yu'ebao docks with Tianhong Fund Company's currency fund
Bond funds: More than 80% of the funds invest in bonds. The risks and benefits are medium. Investment cycle: A substitute for fixed deposits, suitable for holding for more than half a year.
Stock Fund: More than 80% of the fund invests in stocks. The risks and benefits are the highest. Investment cycle: suitable for holding for more than 3-5 years.
The reason why Warren Buffett only recommends " index fund -a special stock fund that replicates and tracks the index and buys a basket of stocks according to established rules":
- Index: A stock selection rule (customized by the stock exchange or financial service institution). eg. Shanghai and Shenzhen 300 Index-select the 300 largest stocks from A shares
| Stock fund | Index fund | |
|---|---|---|
| Stock selection method | Active | Passive |
| Who picks stocks | Fund manager | Tracked index |
| Features | Income depends on the decision-making and personal investment ability of the fund manager | Fully copy the index and buy a basket of stocks |
| For example | Peter Lynch's Magellan Fund | CSI 300 Index Fund |
- The characteristics of index funds: ①Regular stock selection, passive investment ②No-man interference, high transparency ③Clear rules, long-term reliability
- Three advantages of index funds:
①Longevity (the index can achieve immortality by absorbing new companies and replacing old companies, the average lifespan of ordinary stock funds is only 15 years)
②Long-term rise (there is no black swan risk, because index funds include dozens of hundreds of stocks, the impact of a single stock’s problems is not significant, and the replacement with the new generation also further reduces the risk)
③Low fee rate (the fee of index fund is about 50% lower than that of common stock fund every year)
- The risk difference between index funds and other stock funds:
①The index fund has a long life span
② Index funds have no black swan
③ Index funds avoid the risk of permanent loss. A single company may go bankrupt or be privatized and delisted, such as Nokia and LeTV; borrowing money to trade in stocks, resulting in permanent loss of principal, eg. In the stock market crash in 2015, a large number of large companies burst into losses.
④The index fund obtains the average return of individual stocks.
- To buy index funds is to buy the national fortune. As long as the country's economy develops normally, index funds can rise for a long time. ——Warren E. Buffett
- Fund code: [ID number] of the fund
A-share funds (Mainland companies listed in the Mainland): 6-digit eg.510880 (Shanghai Stock Exchange bonus)
Hong Kong stock funds: 5-digit eg.02828 (Hang Seng)
US stock funds: 3-5 English characters eg.SPY (S&P 500)
- Fund Net Value: The market value contained in a fund. eg. A fund has a net value of 1.5 yuan, and each such fund share, including stocks and other financial assets, has a market value of 1.5 yuan.
- Index points: the weighted average of the stock prices behind the index. Simply put, points can be directly regarded as an average stock price of these stocks behind the index.
- The reason for compiling points: to check the price changes of many stocks one by one, which is time-consuming and labor-intensive. Through the index, it is very convenient and quick to understand the overall average price change of a basket of stocks in the index.
| SSE 50 Representatives of large-cap stocks (also known as "blue chips"-blue chips are a large number of chips in casinos, later referred to as large and influential companies) |
Specialize in investing in large enterprises | On-site: China SSE 50ETF (code: 510050); off-site: E Fund SSE 50 (code: 110003) |
| CSI 300 (The most influential and most important index in China) Two stock exchanges: Shanghai and Shenzhen Stock Exchanges Representative of large-cap stocks |
Specialize in investing in large and medium-sized enterprises | On-site: Huatai Bairui CSI 300ETF (code: 510300); off-site: Harvest CSI 300ETF link (code: 160706) |
| China Securities 500 (selected from the Shanghai and Shenzhen stock exchanges in the 301-800th place) Representative of mid-cap stocks |
Specialize in investing in small and medium enterprises | On-site: Southern CSI 500ETF (code: 510500); Off-site: Southern CSI 500ETF connection (code: 160119) |
| SSE Dividends (select the 50 companies with the highest cash dividends from the Shanghai Stock Exchange) Good old-age care products, the longer the time, the higher the dividend |
Specialize in investing in high-dividend companies | Market: Bonus ETF (Code: 510880) |
| CSI Dividends (select the 100 companies with the highest cash dividends from Shanghai and Shenzhen stock exchanges) Good old-age care varieties |
Specialize in investing in high-dividend companies | Off-site: Wells Fargo CSI Dividend (Code: 100032) |
| CSI Dividend Opportunity Index (Similar to the CSI Dividend, it also selects 100 stocks with high dividend yields, but there are requirements for the profitability of the stocks.) Good old-age care varieties |
Specialize in investing in high-dividend companies | On-site/off-site: Fortune S&P China A Share Dividend Opportunity (LOF) (Code: 501029) |
| Hang Seng (selected the 50 largest large companies in the Hong Kong stock market, with stable income and reasonable valuation distribution) | Specialize in investing in large-scale listed companies in Hong Kong | Tracker Fund (Code: 02800) Index funds tracking the Hang Seng Index in the Mainland: On-site: China Heng Seng ETF (code: 159920); off-site: China Heng Seng ETF link (code: 000071) |
| H shares (named from the initials of HongKong) The H-share index, also known as the "Hang Seng State-owned Enterprise Index", was revised from March 2018 to March 2019. The 40 constituent stocks originally scheduled to be registered in the Mainland were changed to 50 constituent stocks with the main business in the Mainland. Mainland companies listed in Hong Kong or abroad, such as Tencent and China Mobile. |
Specialize in investing in Hong Kong listed mainland companies | On-exchange: E Fund H-share ETF (code: 510900); Off-exchange: E Fund H-share ETF connection (code: 110031) |
场内基金：可以在上海和深圳证券交易所进行买卖交易的基金。需要开立证券账户。交易时间：任何时间我们都可以进行场外基金的申购/赎回申请，但在3:00p.m.前按当日3点的基金收盘净值成交，在3:00p.m.后按下一个交易日3点的基金收盘净值成交。【交易日：非节假日的周一至周五；交易时间：交易日的9:30a.m.-11:30a.m.和13:00p.m.-15:00p.m.】
注：尽量选择在交易日的交易时间内进行交易，避免资金闲置。
场外基金：可以直接在基金交易平台进行申赎交易的基金。需要开立基金账户。
联接基金∈指数基金：这是基金公司开发的特殊品种。有的投资者希望通过场外渠道也能投资场内基金，基金公司就开发了联接基金，从场外联接到场内基金上，方便普通投资者申赎。
买卖股票的获利方法：①资本利得：通过价格或净值的波动来获利。②红利：红利指数基金（通过持有几十只现金分红最高的股票来获得更高的收益）每年都会分红，若我们一直持有不卖出，就可每年收获红利。
分红：也称股票的股息。业绩较好的公司，会每年从净利润中拿出一部分，以现金分红的形式回馈股东。eg.北京银行的大股东——北京市国资委
LOF基金（Listed Open-Ended Fund上市型开放式基金）：除了可以场内买卖交易外，还可以在场外通过申购赎回的方式来交易。简单来说，场内外代码一致，且场内外都可以交易的一种基金。
该如何选择追踪同一个指数的指数基金呢？
我们应挑选规模较大、费率较低、追踪误差较小的基金公司的产品。
| 在银行买基金 | 在正规的网络平台买基金 |
| 申购费一般不打折 | 申购费一般打一折左右 |
| eg.买1000元，交10元 | eg.买1000元，交1元 |
国内大型证券公司投行比较？https://www.zhihu.com/question/38008546/answer/798519255
一、形成第一梯队的“三中一华”——中金公司、中信证券、中信建投、华泰联合
二、沪上三屌丝——海通证券、国泰君安、申万宏源。之前有传闻沪上三屌丝变成了：申银、万国和宏源
三、粤系四小龙——广发证券、招商证券、国信证券、平安证券
四、合资券商——摩根华鑫、高盛高华、瑞银证券、一创摩根、中德证券、东方花旗、瑞信方正、华英证券等券商。都是券商的子公司，是独立的承销保荐公司，分别承接原来的中资券商投行业务。
五、其他（地方国资系、上市券商）——光大证券、银河证券、安信证券、中泰证券、国金证券、西南证券、国海证券
