Real world index fund

最新推荐文章于 2025-04-19 08:52:37 发布

最新推荐文章于 2025-04-19 08:52:37 发布 · 114 阅读

文章标签：

#C #C++ #C#

Finance 专栏收录该内容

20 篇文章

订阅专栏

文章提及彭博社一篇文章，揭露了近年来被动管理基金的假象。以资产达1045亿美元的先锋500指数基金为例，牛市泡沫破裂时遭受损失。指出市值加权指数存在系统性定价错误，指数策略既非基于价值也非基于技术，部分行业特定指数还存在半主动操纵情况。

(I'm too lazy to comment on this article this week.><)

There was an insightful article on bloomberg last week, Index Mutual Funds Get an A in School, C- in Life by Chet Currier, which disclosed the myth of passively managed fund these years. Vanguard 500, the biggest index fund with 104.5 billion asset, was taken as the example that suffered since "the big stocks that had contributed heavily to the 500 index's runaway rise suffered some outsized losses when the bullish bubble burst", "even with their natural advantage of lower costs (less trading, no company research to do)."

One of the fundamental issue is that "market capitalization weighted indexes contain systematic pricing error": "an index overweights every `overvalued' stock and underweights every `undervalued' stock.'' To me, index is another brainless strategy: neither is it value-based nor technique-based. Not to mention some industry specific indices are actually semi-actively manipulated, which may have chance to beat S&P500.