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cover of episode Which is Best - Active or Passive, ETFs or Funds?

Which is Best - Active or Passive, ETFs or Funds?

2023/3/27
logo of podcast Money For the Rest of Us

Money For the Rest of Us
AI Deep Dive AI Chapters Transcript
People
D
David Stein
K
Kristof Gleich
Topics
David Stein: 个人投资者在选择投资工具时，面临着主动型基金与被动型基金（如指数基金和ETF）的选择难题。考虑到主动型基金长期表现不佳的普遍现象，个人投资者是否应该尝试主动型基金，还是应该坚持选择被动型投资工具？ Kristof Gleich: 投资的关键在于平衡。过度依赖主动型或被动型投资策略都会损害投资者的利益。在当前市场环境下，收益率可能更难获得，因此，主动型基金经理在投资组合中仍发挥着作用，但需要与指数基金进行巧妙的结合。投资者在选择主动型基金时，应进行充分的尽职调查，关注基金经理的长期投资理念和业绩表现，并设定合理的预期。即使是那些在过去表现优异的基金经理，也可能经历长期的业绩低迷期。因此，投资者需要有足够的耐心和风险承受能力。 主动型投资与被动型投资的比例应根据投资者的风险承受能力和投资目标进行调整。 David Stein: 近年来，指数基金和ETF获得了巨额资金流入，而主动型共同基金则出现了资金外流的现象。这种趋势背后的原因是什么？这种趋势是否会导致指数泡沫的出现？ Kristof Gleich: 指数基金和ETF的流行趋势可能持续下去。这与主动型基金经理普遍表现不佳以及指数基金的结构性优势有关。在二级市场上，投资活动在很大程度上是零和博弈，因此，大多数主动型基金经理在扣除费用后，其表现将低于低成本指数基金。指数基金的存在，得益于主动型基金经理对基础证券的估值过程。 2019年12月，美国证券交易委员会（SEC）实施的ETF规则变化，为主动型ETF的增长创造了条件，并导致透明型ETF的市场份额增加。然而，指数并不等于被动。一些复杂的规则型指数策略实际上试图遵循一种基本面方法，这与像标准普尔500指数这样的简单指数有所不同。因此，在指数投资领域，存在着不同程度的复杂性。 关于指数泡沫的担忧，我认为是被夸大了的。资金从主动型基金转向被动型基金，主要改变的是投资工具，而非市场本身。指数基金的流行不会导致指数泡沫。虽然市场泡沫确实存在，但其成因并非指数基金本身。

Deep Dive

Chapters
This chapter explores the challenges of active vs. passive investing and whether individual investors should even attempt to select active mutual funds. It emphasizes the importance of long-term perspective, reasonable expectations, and understanding a manager's investment style.
  • Picking active managers is hard; most underperform.
  • Balance is key: a portfolio shouldn't be all active or all passive.
  • Do your homework: understand a manager's investment style and long-term performance.
  • Even with perfect foresight, active portfolios underperform some years.

Shownotes Transcript

David has a fascinating discussion with Kristof Gleich about active management, indexing, and how ETFs and mutual funds really work.

Topics covered include:

  • Should individual investors even try to select active mutual funds
  • Is there an indexing bubble
  • Why are there so many new ETFs
  • Should we be worried about an ETF flash crash
  • What do ETF market makers and authorized participants do
  • Do SEC yields for international equity mutual funds and ETFs reflect the impact of dividend withholding taxes

As the president and CIO of Harbor Capital Advisors, Inc. Kristof Gleich oversees all Investment, Distribution & Marketing and Executive Office functions at Harbor. He provides insight while helping lead Harbor’s strategic growth plan.

Previously, Kristof was a managing director and global head of manager selection at JP Morgan Chase & Co. He has a degree in Physics from University of Bristol. 

Thanks to NAPA and Sunday Lawn Care for sponsoring the episode.

Use code MONEY10 to get 10% off on your NAPA Autoparts online order.)

Go here to GetSunday.com/David) to get a customized lawn plan and 20% off your Sunday Lawn Care order

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321: How to Analyze Complex Investments)

311: Did ETFs Pass the 2020 Market Collapse Stress Test?)

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