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本帖最后由 ctcld 于 2014-11-20 05:11 PM 编辑
For long term investors, the index beat is not an easy job.
"Specifically, there were no time periods in which the S&P 500 outperformed 90% of mutual funds. The index was a middle-of-the-road performer in most of the 24 separate time period/peer group combinations we studied. During the two bull periods, the index outperformed 80% and 63% of its peers. However, during the down market cycles (bear), the index beat only 34% and 38% of its active management competitors. This is one of the most consistent conclusions we have seen in this and other studies — that active managers, in the aggregate, are effective in curbing some of the losses in the worst of times."
Since the bull period > the bear period, "跑赢大市"? 谈何容易.
That is why there is a legend of Warren Buffett.
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