Bian Que is good at diagnosing diseases through pulse diagnosis and observation diagnosis, and its diagnosis and treatment steps of "looking, listening, asking, and excision" are widely praised. But, you know? The Bian Que family has three brothers, and Bian Que's medical skills are not the best one.
One day, King Wen of Wei asked Bian Que: "Which of your three brothers is the best in medical skills?" Bian Que replied: "Big brother is the best, second brother is second, I am the worst." King Wen asked: "Then, why are you the most famous?" Bian Que replied: "Big brother treats diseases before the onset of the disease, so his reputation cannot be spread; the second brother treats diseases when the disease just broke out, and ordinary people think that he can only cure minor diseases; when I treat diseases when the disease is serious, most people see me bleeding through syringes on the meridians, applying medicine on the skin and other major surgeries, and think that I have excellent medical skills." King Wen nodded and praised: "You said it very well."
In fact, in the investment market, according to their own styles, there are similar phenomena in the fund world.
Big brother, who is good at asset allocation,
The "big brother" type fund manager in the fund industry can control risks before they occur, which is a typical pre-risk control. They have strong asset allocation capabilities. In investment, they pay more attention to the long-term stability of returns and the absolute return of , do not speculate on hot spots, do not pursue the trend, and will not "swim naked". Through reasonable allocation, they can deal with possible market "black swan" events.
Investment performance, the funds led by this type of fund manager are often not impressive in the short-term returns, but if you extend the inspection cycle, you will find that fund managers who really travel through bull and bear are often this type. Funds like
are suitable for investors who have long-term financial management needs and are not particularly concerned about short-term market changes.
The second brother who is good at reverse investment in
The second brother is good at taking action in advance when small problems do not evolve into big problems, which is a risk control in the process. In the fund industry, fund managers of this style are good at finding good opportunities in the market decline. When the market continues to fall and the valuation advantage is more obvious, this type of fund manager begins to increase the holdings of in high-quality companies, and in the initial stage of the market beginning to show bubbles, they will promptly reduce the position of in .
From the perspective of investment performance, the short-term performance of this type of fund may not be the best. For example, if the market really bottoms up and short-term floating losses occur, it may also reduce its positions after the market bubbles, and miss the upward stage of a bigger bubble. This type of fund manager does not guess the bottom and top of the market, but makes decisions based on the value judgment of fundamentals . Funds like
are also suitable for patient investors. Investors need to recognize the investment philosophy of fund managers and believe in the strength of experts in financial management.
"Bian Que" who is good at capturing hot spots
The reason why Bian Que is most famous is mainly because he can see the problem from the nail on the head. It’s like a fund manager can quickly identify market trends and capture high-prosperity industries. This type of fund has the characteristics of high performance flexibility. When the wind comes, performance will rise rapidly and will often lead the market in the short term, but when the industry encounters a period of adjustment, the fluctuations will also be relatively large. Funds like
have major fluctuations and are more suitable for active investors who can withstand higher volatility.
Each type of investment has its own characteristics. As ordinary investors, we must find a fund that suits us based on our investment purpose and risk-return characteristics. (CIS)
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