有效市场假说

具有价值的东西就称之为财富，包括自然财富、物质财富、精神财富等等。

经济学上，财富是指物品按价值计算的富裕程度，或对这些物品的控制和处理的状况。

财富的概念为所有具有货币价值、交换价值或经济效用的财产或资源，包括货币、不动产、所有权权。在许多国家，财富还包括对基础服务的享受，如医疗卫生，以及对农作物和家畜的拥有权。财富相当于衡量一个人或团体的物质资产。

全体居民财富的总和，称为国家或社会的总财富。依其不同作用，可划分为三个部分：留作目前消费的部分、固定资本部分、流动资本部分。

《史记·太史公自序》：“布衣匹夫之人，不害于政，不妨百姓，取与以时而息财富。”

投资

投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。

投资与储蓄、或递延消费，具有一定的相关性。投资牵涉到许多经济领域的活动，例如企（事）业管理、及财务金融等，无论是为家计、事业、或政府。

投资、投机及赌博的不同：

持有投资标的的期间不同：投资最长，投机次之，赌博几乎不持有。
分析的程度不同：投资所做分析最完整，投机大部分是小道消息，赌博靠运气。
获利的成分不同：投资会有孳息，其他两项则只会出现一次。
结果的出现时间：投资需要一定投资期间，投机期间很短，赌博几乎是立即。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E8%80%85

投资者 (Investor)

投资者（英语：Investor），资金作为闲余社会资源，通过投资者投资，将资金汇聚到社会重要产业环节中，创造财富同时分担风险和收益。在资本市场，从事投资的人们。投资者付出的是资本，承担的是商业风险，收取的是利润，从经济学的角度，投资者关心的是投资回报率，重视的是风险管理。投资者主体包括个人、家庭、企业和政府。

投资方法
股票
共同基金
私募基金
定期存款
公债（国家债券、政府债券）
房地产
创业
投资家列表
巴菲特
索罗斯
罗杰斯
詹姆斯·西蒙斯
本杰明·格雷厄姆
查理·芒格
彼得·林奇
菲利普·费雪
郑铁如
李嘉诚
李忠瀚

投资学

投资学研究如何把个人、机构的有限资源分配到诸如股票、国债、不动产等（金融）资产上，以获得合理的现金流量和风险-收益特征。

其核心内容就是以效用最大化准则为指导，获得个人财富配置的最优均衡解。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B5%84%E5%AD%A6

个人理财/理财规划（Financial Planning）
理财规划
用手机看条目
理财规划(Financial Planning)

目录
[隐藏]
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献
[编辑]
什么是理财规划[1]
　　理财规划是指针对个人或家庭发展的不同时期，依据收入、支出状况的变化，制定财务管理的具体方案，实现各个阶段的目标和理想。将本着“帮助客户”的核心理念，以实现您的财务自由为最终目的，根据您的资产现状与风险偏好，为您和您的家庭提供包括生活各方面的财务建议，为您寻找最适合的理财方式，包括房产、保险、储蓄、股票、基金、债券等，以确保您在三年以后可以轻松地送孩子出国读书，同时能够保持目前的生活水准。

理财规划的分类[2]
　　理财规划又可分为公司理财规划(Enterprise Financial Planning)和个人理财规划(Personal Financial Planning)。

　　公司理财规划是指企业为了达到既定的战略目标而制定的一系列相互协调的计划和决策方案，包括投资决策、融资决策、成本管理、现金流管理等。
　

　　个人理财规划又称私人理财规划，则是指个人或家庭根据家庭客观情况和财务资源(包括存量和增量预期)而制定的旨在实现人生各阶段目标的，一系列互相协调的计划，包括职业规划、房产规划、子女教育规划、退休规划等。从理财规划师的角度来看，本书认为，所谓个人理财，就是通过制定财务计划对个人(或家庭)财务资源的适当管理，而实现生活目标的一个过程。它是一种良好的理财习惯，理性的价值观和科学的理财计划的综合体现，个人理财并不仅仅是意味着买保险，做投资，某一笔钱委托给金融机构后的保值、增值。个人理财是一个一生的财务计划，通过不断调整计划实现人生目标，达到财务自由和财务尊严的最高境界。

　　　　目录
　　
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献

https://zh.wikipedia.org/wiki/%E4%B8%AA%E4%BA%BA%E7%90%86%E8%B4%A2

财富管理/私人财富管理（Wealth Management）
财富管理（Wealth Management）是指财富管理机构面向高净值个人所提供的全面、配套的财务规划及金融服务，以满足客户的个人财务需求，帮助客户达到降低风险、实现财富保值、增值和传承的目的。

目录
1 服务范围
2 财富管理机构
3 费用
4 相关条目
服务范围
财富管理在最广泛的意义上主要是资产管理及协调。因此，经理人需要确定客户的全部资产，以便为客户提供有针对性的服务。服务范围包括现金储蓄管理、债务管理、个人风险管理、保险计划、投资组合管理、一般法律咨询、搬迁及房地产服务、税收、退休计划及遗产安排等。

财富管理机构
提供财富管理的金融机构包括商业银行、基金公司、保险公司、证券公司、信托公司等。财富管理机构通常通过内部专家来覆盖各个服务领域。除银行外，非银行资产管理人员也会提供财富管理方面的服务。客户可根据其需求的不同，从银行或独立资产管理人员得到有针对性的服务。

费用
财富管理服务的付费形式透明度高，以免于任何利益冲突。专业咨询报酬通常以专家顾问的最低费用一次付款的形式产生。

https://zh.wikipedia.org/wiki/%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

财富管理（Wealth Management）

1 什么是财富管理
2 财富管理的主要内容
3 财富管理业务与一般理财业务的区别

什么是财富管理
　　财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列的金融服务，将客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的。

　　财富管理的核心是：以客户为中心，合理分配资产和收入，不仅要考虑财富的积累，更要考虑财富的保障。在外延上可以包括对个人的财富管理和对的资产管理。

财富管理业务与一般理财业务的区别
　　财富管理是近年来在我国金融服务业中出现的一个新名词。“财富管理”，顾名思义，就是管理个人和机构的财富，也可以简单概括为“理财”，但有区别于一般的理财业务。“财富管理”的出现划分了我国金融服务业的两个不同的理财业务时代：一个是早期的理财业务时代；另一个则是经过发展与改进的成熟的理财业务时代——财富管理时代。

　　一般意义上的理财业务属于早期的理财概念，它的营销模式是以产品为中心，金融机构（主要指商业银行）通过客户分层、差别化服务培养优质客户的忠诚度，从而更好地销售自己的产品；而财富管理业务则是以客户为中心，金融机构（商业银行、基金公司、保险公司、证券公司、信托公司等）根据客户不同人生阶段的财务需求，设计相应的产品与服务，以满足客户财富管理需要，这些金融机构成为客户长期的财富管理顾问。财富管理业务属于成熟的理财业务。

　　财富管理与一般意义上理财业务的区别主要有三点：

　　其一，从本质上看，财富管理业务是以客户为中心，目的是为客户设计一套全面的财务规划，以满足客户的财务需求；而一般意义上的理财业务是以产品为中心，目的是更好的销售自己的理财产品。

　　其二，从提供服务的主体来看，财富管理业务属于成熟意义上的理财业务，它的主体众多，不仅限于银行业，各类非银行金融机构都在推出财富管理业务。一般意义的理财业务多局限于商业银行所提供的传统业务和中间业务。

　　其三，从服务对象上说，财富管理业务不仅限于对个人的财富管理，还包括对企业、机构的资产管理，服务对象较广；而一般意义的理财业务处于理财业务发展的较早阶段，作为我国商业银行的一类金融产品推出，主要指的是银行个人理财业务产品的打包，服务对象多为私人。财富管理的三个鲜明特征“以客户为中心”、“ 服务主体众多”以及“服务对象较广”，使它区别于一般意义的理财业务，成为理财服务的成熟阶段。

https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

私人财富管理

目录
[隐藏]
1 什么是私人财富管理
2 私人财富管理相关理论研究[1]
3 参考文献
[编辑]
什么是私人财富管理
　　私人财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列金融服务，对客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的，主要是针对高净值客户的定制化服务。

　　私人财富管理不同于资产管理，资产管理侧重于对投资组合中的多类资产进行管理，是私人财富管理中的一个重要方面。然而私人财富管理不仅仅局限于资产管理，它是一种全盘性的理财规划，除了为客户提供高投资收益外，更重要的是为客户提供个性化的定制服务，帮助其实现投资目标和人生梦想。这些目标可以是债务重整，可以是子女教育经费，可以是购买汽车或房屋，还可以是退休以后的生活保障等。

　　而对于高净值客户的界定，不同国家、不同金融机构有不同的界定。国外主要金融机构对于高净值客户的界定基本是100万美元以上，10万至100万美元被归类为“富足”和“富裕”两类人群，成为相对低端的财富客户。2011年8月，**银监会在发布的《商业银行理财产品销售管理办法》(下称“管理办法”)第三十一条首次对**高净值人群进行了法律的定义:“高资产净值客户是满足下列条件之一:

　　(1)单笔认购理财产品不少于100万元人民币的自然人;

　　(2)认购理财产品时，个人或家庭金融净资产总计超过100万元人民币，且能提供相关证明的自然人;

　　(3)个人收入在最近三年每年超过20万元人民币或者家庭合计收入在最近三年内每年超过30万元人民币，且能提供相关证明的自然人。”根据管理办法，拥有100万元的可投资资产是**商业银行高净值客户的准入门槛。[1]

注册财富管理规划师 CWMP 在1990年创建的一个国际认证证书，其目的是通过专业学习金融行业实用的技术知识和投资知识，提高专业技能，更好地为顾客进行财富管理
财富管理机构:
从事第三方理财服务、理财机构，诺亚财富管理中心为**高净值客户提供高端理财产品、理财规划师、金融理财，客观中立的理财。诺亚控股已经形成财富管理、资产管理、全球开放产品平台、互联网金融的多业务主线，为超过22万名高净值客户提供财富管理、海外资产配置、高端保险、高端教育等全方位的综合金融服务，帮助客户的资产实现稳健、安全的增长。
https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

银行理财产品
银行理财产品的定义
　　银监会出台的《商业银行个人理财业务管理暂行办法》对于“个人理财业务”的界定是：“商业银行为个人客户提供的财务分析、财务规划、投资顾问、资产管理等专业化服务活动”。

　　商业银行个人理财业务按照管理运作方式的不同，分为理财顾问服务和综合理财服务。一般所说的“银行理财产品”，其实是指其中的综合理财服务。

　　银行理财产品按照标准的解释，是商业银行在对潜在目标客户群分析研究的基础上，针对特定目标客户群开发设计并销售的资金投资和管理计划。

　　在理财产品这种投资方式中，银行只是接受客户的授权管理资金，投资收益与风险由客户或客户与银行按照约定方式承担。
　　
　　目录

1 银行理财产品的定义
2 银行理财产品的构成要素
3 银行理财产品的种类[1]
4 银行理财产品市场的发展
5 参考文献
https://wiki.mbalib.com/wiki/%E9%93%B6%E8%A1%8C%E7%90%86%E8%B4%A2%E4%BA%A7%E5%93%81

Wealth

Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1] An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts).

The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets.[6][7] Natural capital includes land, forests, energy resources, and minerals. Human capital is the population's education and skills. Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure.

Investment （Wiki）

In general, to invest is to distribute money in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development. However, this article focuses specifically on investment in financial assets.

In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two. The projected economic return is the appropriately discounted value of the future returns.

Investors generally expect higher returns from riskier investments. When we make a low risk investment, the return is also generally low.

Investors, particularly novices, are often advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk.

Contents
1 Terminology
2 History
3 Types of investments
4 Investment strategies
4.1 Value investment
5 Intermediaries and collective investments
6 Famous investors
7 Investment valuation
8 See also
9 References
10 External links

https://www.investopedia.com/terms/i/investment.asp

Investment(investopedia)

What is an Investment

An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.

BREAKING DOWN Investment
Investment and Economic Growth
Investment Banking
Investments and Speculation

What is Investing

Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.

BREAKING DOWN Investing
How to Invest
Types of Investment
History of Investing

https://www.investopedia.com/terms/i/investmentstrategy.asp

investopedia：和Inveting 有关的二级关键词页面：
https://www.investopedia.com/investing-4427685

FINANCIAL ANALYSIS
INVESTING STRATEGY
BONDS / FIXED INCOME
MUTUAL FUNDS
STOCKS
ETFS
REAL ESTATE
INTERNATIONAL / GLOBAL
ALTERNATIVE INVESTMENTS
COMMODITIES
ASSET ALLOCATION
ANNUITIES
BROKERAGES
OPTIONS
FUTURES
SUSTAINABLE INVESTING

investopedia 网站分类

REFERENCE
Dictionary
Investing 101
The 4 Best S&P 500 Index Funds
World's Top 20 Economies
Stock Basics Tutorial
Options Basics Tutorial
Economics Basics
TOPICS
Stocks
Mutual Funds
Options
Tech
ETFs
Bonds/Fixed Income
Commodities

Investment Strategy

What is an {term}? Investment Strategy
asset allocation
risk tolerance

BREAKING DOWN Investment Strategy
Some investment strategies seek rapid growth where an investor focuses on capital appreciation, or they can follow a low-risk strategy where the focus is on wealth protection. Many investors buy low-cost, diversified index funds, use dollar-cost averaging and reinvest dividends. Dollar-cost averaging is an investment strategy where a fixed dollar amount of stocks or a particular investment are acquired on a regular schedule regardless of the cost or share price. The investor purchases more shares when prices are low and fewer shares when prices are high. Over time, some investments will do better than others, and the return averages out over time.

Some experience investors select individual stocks and build a portfolio based on individual firm analysis with predictions on share price movements

Graham's Five Strategies
In 1949, Benjamin Graham identified five strategies for common stock investing in "The Intelligent Investor."

General trading. The investor predicts and participates in the moves of the market similar to dollar-cost averaging.
Selective trading. The investor picks stocks that they expect will do well in the market over the short term; a year, for example.
Buying cheap and selling dear. The investor enters the market when prices low and sells stock when the prices are high.
Long-pull selection. The investor selects stocks that they expect with grow quicker than other sticks over a period of years.
Bargain purchases. The investor selects stocks that are priced below their true value as measured by some techniques.
Graham emphasized that every investor must decide how they want to manage their portfolio. Experienced investors may prefer and be comfortable with a buy low and sell high strategy, whereas investors who have less time to research and follow the market might benefit more from investing in funds that track the market and adopt a long-term view.

There is no right way to manage a portfolio, but investors should behave rationally by using facts and data to back up decisions by attempting to reduce risk and maintain sufficient liquidity.

The Role of Risk-taking in Investment Strategy
Risk is a huge component of an investment strategy. Some individuals have a high tolerance for risk while other investors are risk-averse. One overarching rule, however, is that investors should only risk what they can afford to lose. Another rule of thumb is the higher the risk, the higher the potential return, and some investments are riskier than others. There are investments that guarantee an investor will not lose money, but there will also be minimal opportunity to earn a return.

For example, U.S. Treasury bonds, bills, and bank certificates of deposit (CDs) are considered safe because they are backed by the credit of the United States. However, these investments provide a low return on investment. Once the cost of inflation and taxes have been included in the return on income equation, there may be little growth in the investment.

Mutual fund
Mutual Fund

Reviewed by James Chen Updated Aug 3, 2018
What is a Mutual Fund

A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.

An Introduction To Mutual Funds

BREAKING DOWN Mutual Fund

Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

More on Mutual Funds

A mutual fund is both an investment and an actual company. This may seem strange, but it is actually no different than how a share of AAPL is a representation of Apple, Inc. When an investor buys Apple stock, he is buying part ownership of the company and its assets. Similarly, a mutual fund investor is buying part ownership of the mutual fund company and its assets. The difference is Apple is in the business of making smartphones and tablets, while a mutual fund company is in the business of making investments.

Mutual funds pool money from the investing public and use that money to buy other securities, usually stocks and bonds. The value of the mutual fund company depends on the performance of the securities it decides to buy. So when you buy a share of a mutual fund, you are actually buying the performance of its portfolio.

The average mutual fund holds hundreds of different securities, which means mutual fund shareholders gain important diversification at a very low price. Consider an investor who just buys Google stock before the company has a bad quarter. They stand to lose a great deal of value because all of their dollars are tied to one company. On the other hand, a different investor may buy shares of a mutual fund that happens to own some Google stock. When Google has a bad quarter, they only lose a fraction as much because Google is just a small part of the fund's portfolio.

Looking for the right mutual fund? Find out which broker offers the best mutual fund screener by reading Investopedia's broker reviews.

How Mutual Fund Companies Work

Mutual funds are virtual companies that buy pools of stocks and/or bonds as recommended by an investment advisor and fund manager. The fund manager is hired by a board of directors and is legally obligated to work in the best interest of mutual fund shareholders. Most fund managers are also owners of the fund, though some are not.

There are very few other employees in a mutual fund company. The investment advisor or fund manager may employ some analysts to help pick investments or perform market research. A fund accountant is kept on staff to calculate the fund's net asset value (NAV), or the daily value of the mutual fund that determines if share prices go up or down. Mutual funds need to have a compliance officer or two, and probably an attorney, to keep up with government regulations.

Most mutual funds are part of a much larger investment company apparatus; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price and Oppenheimer Funds.

Kinds of Mutual Funds

Mutual funds are divided into several kinds of categories, representing the kinds of securities the mutual fund manager invests in.

One of the largest is the fixed income category. A fixed income mutual fund focuses on investments that pay a fixed rate of return, such as government bonds, corporate bonds or other debt instruments. The idea is the fund portfolio generates a lot of interest income, which can then be passed on to shareholders.

Another group falls under the moniker "index funds." The investment strategy is based on the belief that it is very hard, and often expensive, to try to consistently beat the market. So the index fund manager simply buys stocks that correspond with a major market index such as the S&P 500 or the Dow Jones Industrial Average. This strategy requires less research from analysts and advisors, so there are fewer expenses to eat up returns before they are passed on to shareholders. These funds are often designed with cost-sensitive investors in mind.

If an investor seeks to gain diversified exposure to the Canadian equity market, he can invest in the S&P/TSX Composite Index, which is a mutual fund that covers 95% of the Canadian equity market. The index is designed to provide investors with a broad benchmark index that has the liquidity characteristics of a narrower index. The S&P/TSX Composite Index is comprised largely of the financials, energy and materials sectors of the Canadian stock market, with sector allocations of 35.54%, 20.15% and 14.16%, respectively. Performance of the fund is tracked as the percentage change to its overall adjusted market cap.

Balanced funds invest in both stocks and bonds with the aim of reducing risk of exposure to one asset class or another. Another name for this type is "asset allocation fund." An investor may expect to find the allocation of these funds among asset classes relatively unchanging, though it will differ among funds. Though their goal is asset appreciation with lower risk, these funds carry the same risk and are as subject to fluctuation as other classifications of funds.

Other common types of mutual funds are money market funds, sector funds, equity funds, alternative funds, smart-beta funds, target-date funds and even funds-of-funds, or mutual funds that buy shares of other mutual funds.

Mutual Fund Fees

In mutual funds, fees are classified into two categories: annual operating fees and shareholder fees. The annual fund operating fees are charged as an annual percentage of funds under management, usually ranging from 1-3%. The shareholder fees, which come in the form of commissions and redemption fees, are paid directly by shareholders when purchasing or selling the funds.

Annual operating fees are collectively as the expense ratio. A fund's expense ratio is the summation of its advisory fee or management fee and its administrative costs. Additionally, sales charges or commissions can be assessed on the front-end or back-end, known as the load of a mutual fund. When a mutual fund has a front-end load, fees are assessed when shares are purchased. For a back-end load, mutual fund fees are assessed when an investor sells his shares.

Sometimes, however, an investment company offers a no-load mutual fund, which doesn't carry any commission or sales charge. These funds are distributed directly by an investment company rather than through a secondary party.

Some funds also charge fees and penalties for early withdrawals.

Clean Share Mutual Funds

If you want to get the biggest bang for your buck, you might consider mutual funds with 'clean shares,' a relatively new class of mutual fund shares developed in response to the U.S. Department of Labor’s fiduciary rule. According to a recent Morningstar Inc. report, clean shares could save investors at least 0.50% in returns as compared to other mutual fund offerings. Even better, investors could enjoy an extra 0.20% in savings, as their advisors will now be tasked with recommending funds that are in investors' best interests, according to the report.

Clean shares were designed, along with low-load T shares and a handful of other new share classes, to meet fiduciary-rule goals by addressing problems of conflicts of interest and questionable behavior among financial advisors. In the past some financial advisors have been tempted to recommend more expensive fund options to clients to bring in bigger commissions. Currently, most individual investors purchase mutual funds with A shares through a broker. This purchase includes a front-end load of up to 5% or more, plus management fees and ongoing fees for distributions, also known as 12b-1 fees. To top it off, loads on A shares vary quite a bit, which can create a conflict of interest. In other words, advisors selling these products may encourage clients to buy the higher-load offerings.

Clean shares and the other new classes eliminate this problem, by standardizing fees and loads, enhancing transparency for mutual fund investors. “As the Conflict-of-Interest Rule goes into effect, most advisors will likely offer T shares of traditional mutual funds … in place of the A shares they would have offered before,” write report co-authors Aron Szapiro, Morningstar director of policy research, and Paul Ellenbogen, head of global regulatory solutions. “This will likely save some investors money immediately, and it helps align advisors’ interests with those of their clients.”

For example, an investor who rolls $10,000 into an individual retirement account (IRA) using a T share could earn nearly $1,800 more over a 30-year period as compared to an average A-share fund, according to the analysis. The report also states that the T shares and clean shares compare favorably with “level load” C shares, which generally don’t have a front-end load but carry a 1% 12b-1 annual distribution fee.

Good as the T shares are, clean shares are even better: They provide one uniform price across the board and do not charge sales loads or annual 12b-1 fees for fund services. American Funds, Janus and MFS are all fund companies currently offering clean shares.

Advantages of Mutual Funds

Diversification: Diversification, or the mixing of investments and assets within a portfolio to reduce risk, is one of the advantages to investing in mutual funds. Buying individual company stocks in retail and offsetting them with industrial sector stocks, for example, offers some diversification. But a truly diversified portfolio has securities with different capitalizations and industries, and bonds with varying maturities and issuers. Buying a mutual fund can achieve diversification cheaper and faster than through buying individual securities.

Economies of Scale: Mutual funds also provide economies of scale. Buying one spares the investor of the numerous commission charges needed to create a diversified portfolio. Buying only one security at a time leads to large transaction fees, which will eat up a good chunk of the investment. Also, the $100 to $200 an individual investor might be able to afford is usually not enough to buy a round lot of a stock, but it will buy many mutual fund shares. The smaller denominations of mutual funds allow investors to take advantage of dollar cost averaging.

Easy Access: Trading on the major stock exchanges, mutual funds can be bought and sold with relative ease, making them highly liquid investments. And, when it comes to certain types of assets, like foreign equities or exotic commodities, mutual funds are often the most feasible way – in fact, sometimes the only way – for individual investors to participate.

Professional Management: Most private, non-institutional money managers deal only with high net worth individuals – people with six figures (at least) to invest. But mutual funds are run by managers, who spend their days researching securities and devising investment strategies. So these funds provide a low-cost way for individual investors to experience (and hopefully benefit from) professional money management.

Individual-Oriented: All these factors make mutual funds an attractive options for younger, novice and other individual investors who don't want to actively manage their money: They offer high liquidity; they are relatively easy to understand; good diversification even if you do not have a lot of money to spread around; and the potential for good growth. In fact, many Americans already invest in mutual funds through their 401(k) or 403(b) plans. In fact, the overwhelming majority of money in employer-sponsored retirement plans goes into mutual funds.

Style: Investors have the freedom to research and select from managers with a variety of styles and management goals. For instance, a fund manager may focus on value investing, growth investing, developed markets, emerging markets, income or macroeconomic investing, among many other styles. One manager may also oversee funds that employ several different styles.

Disadvantages of Mutual Funds

Fluctuating Returns: Like many other investments without a guaranteed return, there is always the possibility that the value of your mutual fund will depreciate. Equity mutual funds experience price fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of performance with any fund. Of course, almost every investment carries risk. But it's especially important for investors in money market funds to know that, unlike their bank counterparts, these will not be insured by the FDIC.

Cash: As you know already, mutual funds pool money from thousands of investors, so every day people are putting money into the fund as well as withdrawing it. To maintain the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios in cash. Having ample cash is great for liquidity, but money sitting around as cash is not working for you and thus is not very advantageous.

Costs: Mutual funds provide investors with professional management, but it comes at a cost – those expense ratios mentioned earlier. These fees reduce the fund's overall payout, and they're assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn't make money, these fees only magnify losses.

Diworsification: Many mutual fund investors tend to overcomplicate matters – that is, they acquire too many funds that are highly related and, as a result, don't get the risk-reducing benefits of diversification; in fact, they have made their portfolio more exposed, a syndrome called diworsification. At the other extreme, just because you own mutual funds doesn't mean you are automatically diversified. For example, a fund that invests only in a particular industry sector or region is still relatively risky.

Lack of Transparency: One thing that can lead to diworsification is the fact that a fund's purpose or makeup isn't always clear. Fund advertisements can guide investors down the wrong path. The Securities and Exchange Commission (SEC) requires that funds have at least 80% of assets in the particular type of investment implied in their names; how the remaining assets are invested is up to the fund manager. However, the different categories that qualify for the required 80% of the assets may be vague and wide-ranging. A fund can therefore manipulate prospective investors via its title: A fund that focuses narrowly on Congo stocks, for example, could be sold with the grander title "International High-Tech Fund."

Evaluating Funds: Researching and comparing funds can be difficult. Unlike stocks, mutual funds do not offer investors the opportunity to compare the P/E ratio, sales growth, earnings per share, etc. A mutual fund's net asset value gives investors the total value of the fund's portfolio, less liabilities, but how do you know if one fund is better than another?

验证一下这个页面是否靠谱，作者的背景资料:

James Chen

Director of Trading & Investing Content at Investopedia
Former Head of Research at Gain Capital
Two decades of experience in the financial markets as a trader, investor, author, investment adviser and global market strategist
Experience

James Chen, CMT, is Director of Trading & Investing Content at Investopedia and former Head of Research at Gain Capital (NYSE: GCAP). For two decades, he has been heavily involved in the financial markets as a trader, investor, investment adviser and global market strategist.

James is the author of the books, "Essentials of Technical Analysis for Financial Markets" (John Wiley and Sons, 2010) and "Essentials of Foreign Exchange Trading" (John Wiley and Sons, 2009), as well as author/speaker for the instructional video series, "High Probability Trend Following."

He has served as a guest expert for CNBC, Bloomberg TV, Forbes and Reuters, among other key financial news media, and is a featured speaker at major trading/investing seminars and conferences.

A graduate of Tufts University, James is a Chartered Market Technician (CMT), Certified Financial Technician (CFTe) and Registered Investment Adviser (RIA), as well as a former Commodity Trading Advisor (CTA). He has extensive market expertise in stocks, ETFs, options, commodities, fixed income and currencies.

Education

James earned his bachelor's degree at Tufts University.

Quote from James Chen

"Learning to invest and manage one's own finances is so important, and yet, so neglected in most educational curricula. As a result, financial education, especially when it comes to trading and investing in the financial markets, has long been both my passion and my profession."

https://www.investopedia.com/terms/i/investment.asp

关于投资的概念（最小全局认识）

概念的最小全局认识

按照Ch2学习到的技巧，我们先对和投资相关的概念做一个最小全局认识。

方法:

谷歌检索一级关键词，检索式：关键词（中文、英文）+wiki
通过一级关键词获得定义页面，抓取中英文页面内的信息结构/目录、二级关键词，并抓取专业网站内的分类结构，wiki, Investopedia, MBA百科MBA lib
交叉验证: 对比中英文定义；查看参考资料、作者/编辑的履历

以下是我的发现:

关键词列表

层级	英文	中文
一级	fortune, wealth, invest/investment，finance	财富、投资、金融
二级	Investing, Investor，Financial Planning, Wealth Management	投资者、财富管理、理财产品、投机、赌博
三级	financial analysis, investment strategy, bond/fixed income,mutual fund,stocks, ETFs, Real Estate, Alternative investment, Commidities, Asset allocation, annuities, brokerages, options, sustainable investing...	投资策略、债券/固定收益，公募基金(共同基金)，股票，ETFs，房地产，大宗商品，资产配置，期权，经纪，替代投资，年金保，可持续投资...

来源: Investopedia, wiki, MBA百科/mbalib, 百度百科

有趣的发现:

通多对比中英文关键词的维基定义，我发现:

理财产品/理财 ≠ 财富管理/财务管理/wealth management

我们常说的“理财”实际上来源于国内银行的“理财产品”、“理财服务”。是从金融机构的产品角度出发的，它实际上应该参考了国外“wealth management”的理念。实际上，**大多数银行还达不到“wealth management”的服务或水平，他们的理财就是不停推出理财产品，给大家购买。我们经常都在买理财产品，所以就习惯性的把“理财”挂在嘴边，等同于财富管理/财务管理了。
国外和理财接近的概念是“wealth management”，和国内的“理财”不同的是，它是从个人出发，考虑个人/家庭如何管理和配置自己的财富, 它按照个人/家庭的资产净值规模分类，来提供有针对性的财富管理服务和规划

投资＝investment+investing

英文的投资有名词（investment）和动词（investing）之分，前者是投资的标的，后者是投资的行为和策略。中文的“投资”，则涵盖了两者。

投资 (wiki)

投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。

Investment

In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two.

What is an Investment

An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.

What is Investing

Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.

公募基金 ≈ Mutual Fund

我们本次项目研究的对象"基金"，应准确的定义为：Mutual Fund, 公募基金/共同基金。它在我们本次研究中，对个人的财富管理需要来说，关键词层级关系是这样的财富管理>投资>金融投资>共同基金；股票、金融市场，则是和共同基金行业相关的其他关键词，金融市场>股票>股票型共同基金。而我们常听到的公募基金，是从发行方式来区分相对于"私募基金"而言的。从实际含义上说，公募基金是指公墓的证券投资基金，类似于“股票型共同基金”，但在我国，大家都更习惯用"公募基金"，而不是"共同基金"。

共同基金:

共同基金是信托基金的一种，在美国又称为投资公司（Investment Company），在香港一般翻译为互惠基金，**也是使用共同基金为翻译。在**大陆，一般的投资者并不使用共同基金这个词汇，而是以投资基金，证券投资基金等词汇取代之，此种金融商品的产生利基点是建立在专业金融从业者的知识和信任之上而得以产生，由于一般大众不懂跨国投资外国金融商品的诸多法律和语言问题；也没有专业操盘的技术分析能力，所以支付一点手续费将钱交由有公信力金融机构的团队操盘，大众只需约略的选择投资标的和风险度即可。

　　共同基金是由基金经理的专业金融从业者管理，向社会投资者公开募集资金以投资于证券市场的营利性的公司型证券投资基金。共同基金购买股票、债券、商业票据、商品或衍生性金融商品，以获得利息、股息或资本利得。共同基金通过投资获得的利润由投资者和基金经理分享。

　　由于共同基金吸纳的是公众的资金且很大程度是建立在对金融机构的信任上运作，导致有一些蓄意诈骗或欺瞒的空间出现（例如：金融海啸时的麦道夫事件），各国政府都对其实施比较严厉的管制，其组建、信息披露、交易、资金结构变化和解散都受到法律法规限制，美国的管制尤其严格。
　　
公募基金

公募基金是受政府主管部门监管的，向非特定投资者公开发行受益凭证的证券投资基金，这些基金在法律的严格监管下，有着信息披露。利润分配，运行限制等行业规范。例如目前国内证券市场上的封闭式基金属于公募基金。公募基金和私募基金各有千秋，它们的健康发展对金融市场的发展都有至关重要的意义。然而目前得到法律认可的只有公募基金，市场的需要远远得不到满足。公募发行的有利之处在于：

　　（1）以众多投资者为发行对象；

　　（2）筹集潜力大；

　　（3）投资者范围大（不特定对象的投资者）；

　　（4）可申请在交易所上市（如封闭式）；

　　（5）信息披露公开透明。

公募基金的特点是享受市场整体的回报，基金的超额收益不可能长期脱离业绩基准，规模越大，基金获取市场平均利润的可能越大；四权分立、信息透明、风险分担。

What is mutual fund

A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.

An Introduction To Mutual Funds

Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

以下是采集到的具体释义:

财富

具有价值的东西就称之为财富，包括自然财富、物质财富、精神财富等等。

经济学上，财富是指物品按价值计算的富裕程度，或对这些物品的控制和处理的状况。

财富的概念为所有具有货币价值、交换价值或经济效用的财产或资源，包括货币、不动产、所有权权。在许多国家，财富还包括对基础服务的享受，如医疗卫生，以及对农作物和家畜的拥有权。财富相当于衡量一个人或团体的物质资产。

全体居民财富的总和，称为国家或社会的总财富。依其不同作用，可划分为三个部分：留作目前消费的部分、固定资本部分、流动资本部分。

《史记·太史公自序》：“布衣匹夫之人，不害于政，不妨百姓，取与以时而息财富。”

投资

投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。

投资与储蓄、或递延消费，具有一定的相关性。投资牵涉到许多经济领域的活动，例如企（事）业管理、及财务金融等，无论是为家计、事业、或政府。

投资、投机及赌博的不同：

持有投资标的的期间不同：投资最长，投机次之，赌博几乎不持有。
分析的程度不同：投资所做分析最完整，投机大部分是小道消息，赌博靠运气。
获利的成分不同：投资会有孳息，其他两项则只会出现一次。
结果的出现时间：投资需要一定投资期间，投机期间很短，赌博几乎是立即。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E8%80%85

投资者 (Investor)

投资者（英语：Investor），资金作为闲余社会资源，通过投资者投资，将资金汇聚到社会重要产业环节中，创造财富同时分担风险和收益。在资本市场，从事投资的人们。投资者付出的是资本，承担的是商业风险，收取的是利润，从经济学的角度，投资者关心的是投资回报率，重视的是风险管理。投资者主体包括个人、家庭、企业和政府。

投资方法
股票
共同基金
私募基金
定期存款
公债（国家债券、政府债券）
房地产
创业
投资家列表
巴菲特
索罗斯
罗杰斯
詹姆斯·西蒙斯
本杰明·格雷厄姆
查理·芒格
彼得·林奇
菲利普·费雪
郑铁如
李嘉诚
李忠瀚

投资学

投资学研究如何把个人、机构的有限资源分配到诸如股票、国债、不动产等（金融）资产上，以获得合理的现金流量和风险-收益特征。

其核心内容就是以效用最大化准则为指导，获得个人财富配置的最优均衡解。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B5%84%E5%AD%A6

个人理财/理财规划（Financial Planning）
理财规划
用手机看条目
理财规划(Financial Planning)

目录
[隐藏]
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献
[编辑]
什么是理财规划[1]
　　理财规划是指针对个人或家庭发展的不同时期，依据收入、支出状况的变化，制定财务管理的具体方案，实现各个阶段的目标和理想。将本着“帮助客户”的核心理念，以实现您的财务自由为最终目的，根据您的资产现状与风险偏好，为您和您的家庭提供包括生活各方面的财务建议，为您寻找最适合的理财方式，包括房产、保险、储蓄、股票、基金、债券等，以确保您在三年以后可以轻松地送孩子出国读书，同时能够保持目前的生活水准。

理财规划的分类[2]
　　理财规划又可分为公司理财规划(Enterprise Financial Planning)和个人理财规划(Personal Financial Planning)。

　　公司理财规划是指企业为了达到既定的战略目标而制定的一系列相互协调的计划和决策方案，包括投资决策、融资决策、成本管理、现金流管理等。
　

　　个人理财规划又称私人理财规划，则是指个人或家庭根据家庭客观情况和财务资源(包括存量和增量预期)而制定的旨在实现人生各阶段目标的，一系列互相协调的计划，包括职业规划、房产规划、子女教育规划、退休规划等。从理财规划师的角度来看，本书认为，所谓个人理财，就是通过制定财务计划对个人(或家庭)财务资源的适当管理，而实现生活目标的一个过程。它是一种良好的理财习惯，理性的价值观和科学的理财计划的综合体现，个人理财并不仅仅是意味着买保险，做投资，某一笔钱委托给金融机构后的保值、增值。个人理财是一个一生的财务计划，通过不断调整计划实现人生目标，达到财务自由和财务尊严的最高境界。

　　　　目录
　　
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献

https://zh.wikipedia.org/wiki/%E4%B8%AA%E4%BA%BA%E7%90%86%E8%B4%A2

财富管理/私人财富管理（Wealth Management）
财富管理（Wealth Management）是指财富管理机构面向高净值个人所提供的全面、配套的财务规划及金融服务，以满足客户的个人财务需求，帮助客户达到降低风险、实现财富保值、增值和传承的目的。

目录
1 服务范围
2 财富管理机构
3 费用
4 相关条目
服务范围
财富管理在最广泛的意义上主要是资产管理及协调。因此，经理人需要确定客户的全部资产，以便为客户提供有针对性的服务。服务范围包括现金储蓄管理、债务管理、个人风险管理、保险计划、投资组合管理、一般法律咨询、搬迁及房地产服务、税收、退休计划及遗产安排等。

财富管理机构
提供财富管理的金融机构包括商业银行、基金公司、保险公司、证券公司、信托公司等。财富管理机构通常通过内部专家来覆盖各个服务领域。除银行外，非银行资产管理人员也会提供财富管理方面的服务。客户可根据其需求的不同，从银行或独立资产管理人员得到有针对性的服务。

费用
财富管理服务的付费形式透明度高，以免于任何利益冲突。专业咨询报酬通常以专家顾问的最低费用一次付款的形式产生。

https://zh.wikipedia.org/wiki/%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

财富管理（Wealth Management）

1 什么是财富管理
2 财富管理的主要内容
3 财富管理业务与一般理财业务的区别

什么是财富管理
　　财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列的金融服务，将客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的。

　　财富管理的核心是：以客户为中心，合理分配资产和收入，不仅要考虑财富的积累，更要考虑财富的保障。在外延上可以包括对个人的财富管理和对的资产管理。

财富管理业务与一般理财业务的区别
　　财富管理是近年来在我国金融服务业中出现的一个新名词。“财富管理”，顾名思义，就是管理个人和机构的财富，也可以简单概括为“理财”，但有区别于一般的理财业务。“财富管理”的出现划分了我国金融服务业的两个不同的理财业务时代：一个是早期的理财业务时代；另一个则是经过发展与改进的成熟的理财业务时代——财富管理时代。

　　一般意义上的理财业务属于早期的理财概念，它的营销模式是以产品为中心，金融机构（主要指商业银行）通过客户分层、差别化服务培养优质客户的忠诚度，从而更好地销售自己的产品；而财富管理业务则是以客户为中心，金融机构（商业银行、基金公司、保险公司、证券公司、信托公司等）根据客户不同人生阶段的财务需求，设计相应的产品与服务，以满足客户财富管理需要，这些金融机构成为客户长期的财富管理顾问。财富管理业务属于成熟的理财业务。

　　财富管理与一般意义上理财业务的区别主要有三点：

　　其一，从本质上看，财富管理业务是以客户为中心，目的是为客户设计一套全面的财务规划，以满足客户的财务需求；而一般意义上的理财业务是以产品为中心，目的是更好的销售自己的理财产品。

　　其二，从提供服务的主体来看，财富管理业务属于成熟意义上的理财业务，它的主体众多，不仅限于银行业，各类非银行金融机构都在推出财富管理业务。一般意义的理财业务多局限于商业银行所提供的传统业务和中间业务。

　　其三，从服务对象上说，财富管理业务不仅限于对个人的财富管理，还包括对企业、机构的资产管理，服务对象较广；而一般意义的理财业务处于理财业务发展的较早阶段，作为我国商业银行的一类金融产品推出，主要指的是银行个人理财业务产品的打包，服务对象多为私人。财富管理的三个鲜明特征“以客户为中心”、“ 服务主体众多”以及“服务对象较广”，使它区别于一般意义的理财业务，成为理财服务的成熟阶段。

https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

私人财富管理

目录
[隐藏]
1 什么是私人财富管理
2 私人财富管理相关理论研究[1]
3 参考文献
[编辑]
什么是私人财富管理
　　私人财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列金融服务，对客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的，主要是针对高净值客户的定制化服务。

　　私人财富管理不同于资产管理，资产管理侧重于对投资组合中的多类资产进行管理，是私人财富管理中的一个重要方面。然而私人财富管理不仅仅局限于资产管理，它是一种全盘性的理财规划，除了为客户提供高投资收益外，更重要的是为客户提供个性化的定制服务，帮助其实现投资目标和人生梦想。这些目标可以是债务重整，可以是子女教育经费，可以是购买汽车或房屋，还可以是退休以后的生活保障等。

　　而对于高净值客户的界定，不同国家、不同金融机构有不同的界定。国外主要金融机构对于高净值客户的界定基本是100万美元以上，10万至100万美元被归类为“富足”和“富裕”两类人群，成为相对低端的财富客户。2011年8月，**银监会在发布的《商业银行理财产品销售管理办法》(下称“管理办法”)第三十一条首次对**高净值人群进行了法律的定义:“高资产净值客户是满足下列条件之一:

　　(1)单笔认购理财产品不少于100万元人民币的自然人;

　　(2)认购理财产品时，个人或家庭金融净资产总计超过100万元人民币，且能提供相关证明的自然人;

　　(3)个人收入在最近三年每年超过20万元人民币或者家庭合计收入在最近三年内每年超过30万元人民币，且能提供相关证明的自然人。”根据管理办法，拥有100万元的可投资资产是**商业银行高净值客户的准入门槛。[1]

注册财富管理规划师 CWMP 在1990年创建的一个国际认证证书，其目的是通过专业学习金融行业实用的技术知识和投资知识，提高专业技能，更好地为顾客进行财富管理
财富管理机构:
从事第三方理财服务、理财机构，诺亚财富管理中心为**高净值客户提供高端理财产品、理财规划师、金融理财，客观中立的理财。诺亚控股已经形成财富管理、资产管理、全球开放产品平台、互联网金融的多业务主线，为超过22万名高净值客户提供财富管理、海外资产配置、高端保险、高端教育等全方位的综合金融服务，帮助客户的资产实现稳健、安全的增长。
https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

银行理财产品
银行理财产品的定义
　　银监会出台的《商业银行个人理财业务管理暂行办法》对于“个人理财业务”的界定是：“商业银行为个人客户提供的财务分析、财务规划、投资顾问、资产管理等专业化服务活动”。

　　商业银行个人理财业务按照管理运作方式的不同，分为理财顾问服务和综合理财服务。一般所说的“银行理财产品”，其实是指其中的综合理财服务。

　　银行理财产品按照标准的解释，是商业银行在对潜在目标客户群分析研究的基础上，针对特定目标客户群开发设计并销售的资金投资和管理计划。

　　在理财产品这种投资方式中，银行只是接受客户的授权管理资金，投资收益与风险由客户或客户与银行按照约定方式承担。
　　
　　目录

1 银行理财产品的定义
2 银行理财产品的构成要素
3 银行理财产品的种类[1]
4 银行理财产品市场的发展
5 参考文献
https://wiki.mbalib.com/wiki/%E9%93%B6%E8%A1%8C%E7%90%86%E8%B4%A2%E4%BA%A7%E5%93%81

Wealth

Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1] An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts).

The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets.[6][7] Natural capital includes land, forests, energy resources, and minerals. Human capital is the population's education and skills. Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure.

Investment （Wiki）

In general, to invest is to distribute money in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development. However, this article focuses specifically on investment in financial assets.

In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two. The projected economic return is the appropriately discounted value of the future returns.

Investors generally expect higher returns from riskier investments. When we make a low risk investment, the return is also generally low.

Investors, particularly novices, are often advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk.

Contents
1 Terminology
2 History
3 Types of investments
4 Investment strategies
4.1 Value investment
5 Intermediaries and collective investments
6 Famous investors
7 Investment valuation
8 See also
9 References
10 External links

https://www.investopedia.com/terms/i/investment.asp

Investment(investopedia)

What is an Investment

An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.

BREAKING DOWN Investment
Investment and Economic Growth
Investment Banking
Investments and Speculation

What is Investing

Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.

BREAKING DOWN Investing
How to Invest
Types of Investment
History of Investing

https://www.investopedia.com/terms/i/investmentstrategy.asp

investopedia：和Inveting 有关的二级关键词页面：
https://www.investopedia.com/investing-4427685

FINANCIAL ANALYSIS
INVESTING STRATEGY
BONDS / FIXED INCOME
MUTUAL FUNDS
STOCKS
ETFS
REAL ESTATE
INTERNATIONAL / GLOBAL
ALTERNATIVE INVESTMENTS
COMMODITIES
ASSET ALLOCATION
ANNUITIES
BROKERAGES
OPTIONS
FUTURES
SUSTAINABLE INVESTING

investopedia 网站分类

REFERENCE
Dictionary
Investing 101
The 4 Best S&P 500 Index Funds
World's Top 20 Economies
Stock Basics Tutorial
Options Basics Tutorial
Economics Basics
TOPICS
Stocks
Mutual Funds
Options
Tech
ETFs
Bonds/Fixed Income
Commodities

Investment Strategy

What is an {term}? Investment Strategy
asset allocation
risk tolerance

BREAKING DOWN Investment Strategy
Some investment strategies seek rapid growth where an investor focuses on capital appreciation, or they can follow a low-risk strategy where the focus is on wealth protection. Many investors buy low-cost, diversified index funds, use dollar-cost averaging and reinvest dividends. Dollar-cost averaging is an investment strategy where a fixed dollar amount of stocks or a particular investment are acquired on a regular schedule regardless of the cost or share price. The investor purchases more shares when prices are low and fewer shares when prices are high. Over time, some investments will do better than others, and the return averages out over time.

Some experience investors select individual stocks and build a portfolio based on individual firm analysis with predictions on share price movements

Graham's Five Strategies
In 1949, Benjamin Graham identified five strategies for common stock investing in "The Intelligent Investor."

General trading. The investor predicts and participates in the moves of the market similar to dollar-cost averaging.
Selective trading. The investor picks stocks that they expect will do well in the market over the short term; a year, for example.
Buying cheap and selling dear. The investor enters the market when prices low and sells stock when the prices are high.
Long-pull selection. The investor selects stocks that they expect with grow quicker than other sticks over a period of years.
Bargain purchases. The investor selects stocks that are priced below their true value as measured by some techniques.
Graham emphasized that every investor must decide how they want to manage their portfolio. Experienced investors may prefer and be comfortable with a buy low and sell high strategy, whereas investors who have less time to research and follow the market might benefit more from investing in funds that track the market and adopt a long-term view.

There is no right way to manage a portfolio, but investors should behave rationally by using facts and data to back up decisions by attempting to reduce risk and maintain sufficient liquidity.

The Role of Risk-taking in Investment Strategy
Risk is a huge component of an investment strategy. Some individuals have a high tolerance for risk while other investors are risk-averse. One overarching rule, however, is that investors should only risk what they can afford to lose. Another rule of thumb is the higher the risk, the higher the potential return, and some investments are riskier than others. There are investments that guarantee an investor will not lose money, but there will also be minimal opportunity to earn a return.

For example, U.S. Treasury bonds, bills, and bank certificates of deposit (CDs) are considered safe because they are backed by the credit of the United States. However, these investments provide a low return on investment. Once the cost of inflation and taxes have been included in the return on income equation, there may be little growth in the investment.

Mutual fund
Mutual Fund

Reviewed by James Chen Updated Aug 3, 2018
What is a Mutual Fund

A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.

An Introduction To Mutual Funds

BREAKING DOWN Mutual Fund

Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

More on Mutual Funds

A mutual fund is both an investment and an actual company. This may seem strange, but it is actually no different than how a share of AAPL is a representation of Apple, Inc. When an investor buys Apple stock, he is buying part ownership of the company and its assets. Similarly, a mutual fund investor is buying part ownership of the mutual fund company and its assets. The difference is Apple is in the business of making smartphones and tablets, while a mutual fund company is in the business of making investments.

Mutual funds pool money from the investing public and use that money to buy other securities, usually stocks and bonds. The value of the mutual fund company depends on the performance of the securities it decides to buy. So when you buy a share of a mutual fund, you are actually buying the performance of its portfolio.

The average mutual fund holds hundreds of different securities, which means mutual fund shareholders gain important diversification at a very low price. Consider an investor who just buys Google stock before the company has a bad quarter. They stand to lose a great deal of value because all of their dollars are tied to one company. On the other hand, a different investor may buy shares of a mutual fund that happens to own some Google stock. When Google has a bad quarter, they only lose a fraction as much because Google is just a small part of the fund's portfolio.

Looking for the right mutual fund? Find out which broker offers the best mutual fund screener by reading Investopedia's broker reviews.

How Mutual Fund Companies Work

Mutual funds are virtual companies that buy pools of stocks and/or bonds as recommended by an investment advisor and fund manager. The fund manager is hired by a board of directors and is legally obligated to work in the best interest of mutual fund shareholders. Most fund managers are also owners of the fund, though some are not.

There are very few other employees in a mutual fund company. The investment advisor or fund manager may employ some analysts to help pick investments or perform market research. A fund accountant is kept on staff to calculate the fund's net asset value (NAV), or the daily value of the mutual fund that determines if share prices go up or down. Mutual funds need to have a compliance officer or two, and probably an attorney, to keep up with government regulations.

Most mutual funds are part of a much larger investment company apparatus; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price and Oppenheimer Funds.

Kinds of Mutual Funds

Mutual funds are divided into several kinds of categories, representing the kinds of securities the mutual fund manager invests in.

One of the largest is the fixed income category. A fixed income mutual fund focuses on investments that pay a fixed rate of return, such as government bonds, corporate bonds or other debt instruments. The idea is the fund portfolio generates a lot of interest income, which can then be passed on to shareholders.

Another group falls under the moniker "index funds." The investment strategy is based on the belief that it is very hard, and often expensive, to try to consistently beat the market. So the index fund manager simply buys stocks that correspond with a major market index such as the S&P 500 or the Dow Jones Industrial Average. This strategy requires less research from analysts and advisors, so there are fewer expenses to eat up returns before they are passed on to shareholders. These funds are often designed with cost-sensitive investors in mind.

If an investor seeks to gain diversified exposure to the Canadian equity market, he can invest in the S&P/TSX Composite Index, which is a mutual fund that covers 95% of the Canadian equity market. The index is designed to provide investors with a broad benchmark index that has the liquidity characteristics of a narrower index. The S&P/TSX Composite Index is comprised largely of the financials, energy and materials sectors of the Canadian stock market, with sector allocations of 35.54%, 20.15% and 14.16%, respectively. Performance of the fund is tracked as the percentage change to its overall adjusted market cap.

Balanced funds invest in both stocks and bonds with the aim of reducing risk of exposure to one asset class or another. Another name for this type is "asset allocation fund." An investor may expect to find the allocation of these funds among asset classes relatively unchanging, though it will differ among funds. Though their goal is asset appreciation with lower risk, these funds carry the same risk and are as subject to fluctuation as other classifications of funds.

Other common types of mutual funds are money market funds, sector funds, equity funds, alternative funds, smart-beta funds, target-date funds and even funds-of-funds, or mutual funds that buy shares of other mutual funds.

Mutual Fund Fees

In mutual funds, fees are classified into two categories: annual operating fees and shareholder fees. The annual fund operating fees are charged as an annual percentage of funds under management, usually ranging from 1-3%. The shareholder fees, which come in the form of commissions and redemption fees, are paid directly by shareholders when purchasing or selling the funds.

Annual operating fees are collectively as the expense ratio. A fund's expense ratio is the summation of its advisory fee or management fee and its administrative costs. Additionally, sales charges or commissions can be assessed on the front-end or back-end, known as the load of a mutual fund. When a mutual fund has a front-end load, fees are assessed when shares are purchased. For a back-end load, mutual fund fees are assessed when an investor sells his shares.

Sometimes, however, an investment company offers a no-load mutual fund, which doesn't carry any commission or sales charge. These funds are distributed directly by an investment company rather than through a secondary party.

Some funds also charge fees and penalties for early withdrawals.

Clean Share Mutual Funds

If you want to get the biggest bang for your buck, you might consider mutual funds with 'clean shares,' a relatively new class of mutual fund shares developed in response to the U.S. Department of Labor’s fiduciary rule. According to a recent Morningstar Inc. report, clean shares could save investors at least 0.50% in returns as compared to other mutual fund offerings. Even better, investors could enjoy an extra 0.20% in savings, as their advisors will now be tasked with recommending funds that are in investors' best interests, according to the report.

Clean shares were designed, along with low-load T shares and a handful of other new share classes, to meet fiduciary-rule goals by addressing problems of conflicts of interest and questionable behavior among financial advisors. In the past some financial advisors have been tempted to recommend more expensive fund options to clients to bring in bigger commissions. Currently, most individual investors purchase mutual funds with A shares through a broker. This purchase includes a front-end load of up to 5% or more, plus management fees and ongoing fees for distributions, also known as 12b-1 fees. To top it off, loads on A shares vary quite a bit, which can create a conflict of interest. In other words, advisors selling these products may encourage clients to buy the higher-load offerings.

Clean shares and the other new classes eliminate this problem, by standardizing fees and loads, enhancing transparency for mutual fund investors. “As the Conflict-of-Interest Rule goes into effect, most advisors will likely offer T shares of traditional mutual funds … in place of the A shares they would have offered before,” write report co-authors Aron Szapiro, Morningstar director of policy research, and Paul Ellenbogen, head of global regulatory solutions. “This will likely save some investors money immediately, and it helps align advisors’ interests with those of their clients.”

For example, an investor who rolls $10,000 into an individual retirement account (IRA) using a T share could earn nearly $1,800 more over a 30-year period as compared to an average A-share fund, according to the analysis. The report also states that the T shares and clean shares compare favorably with “level load” C shares, which generally don’t have a front-end load but carry a 1% 12b-1 annual distribution fee.

Good as the T shares are, clean shares are even better: They provide one uniform price across the board and do not charge sales loads or annual 12b-1 fees for fund services. American Funds, Janus and MFS are all fund companies currently offering clean shares.

Advantages of Mutual Funds

Diversification: Diversification, or the mixing of investments and assets within a portfolio to reduce risk, is one of the advantages to investing in mutual funds. Buying individual company stocks in retail and offsetting them with industrial sector stocks, for example, offers some diversification. But a truly diversified portfolio has securities with different capitalizations and industries, and bonds with varying maturities and issuers. Buying a mutual fund can achieve diversification cheaper and faster than through buying individual securities.

Economies of Scale: Mutual funds also provide economies of scale. Buying one spares the investor of the numerous commission charges needed to create a diversified portfolio. Buying only one security at a time leads to large transaction fees, which will eat up a good chunk of the investment. Also, the $100 to $200 an individual investor might be able to afford is usually not enough to buy a round lot of a stock, but it will buy many mutual fund shares. The smaller denominations of mutual funds allow investors to take advantage of dollar cost averaging.

Easy Access: Trading on the major stock exchanges, mutual funds can be bought and sold with relative ease, making them highly liquid investments. And, when it comes to certain types of assets, like foreign equities or exotic commodities, mutual funds are often the most feasible way – in fact, sometimes the only way – for individual investors to participate.

Professional Management: Most private, non-institutional money managers deal only with high net worth individuals – people with six figures (at least) to invest. But mutual funds are run by managers, who spend their days researching securities and devising investment strategies. So these funds provide a low-cost way for individual investors to experience (and hopefully benefit from) professional money management.

Individual-Oriented: All these factors make mutual funds an attractive options for younger, novice and other individual investors who don't want to actively manage their money: They offer high liquidity; they are relatively easy to understand; good diversification even if you do not have a lot of money to spread around; and the potential for good growth. In fact, many Americans already invest in mutual funds through their 401(k) or 403(b) plans. In fact, the overwhelming majority of money in employer-sponsored retirement plans goes into mutual funds.

Style: Investors have the freedom to research and select from managers with a variety of styles and management goals. For instance, a fund manager may focus on value investing, growth investing, developed markets, emerging markets, income or macroeconomic investing, among many other styles. One manager may also oversee funds that employ several different styles.

Disadvantages of Mutual Funds

Fluctuating Returns: Like many other investments without a guaranteed return, there is always the possibility that the value of your mutual fund will depreciate. Equity mutual funds experience price fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of performance with any fund. Of course, almost every investment carries risk. But it's especially important for investors in money market funds to know that, unlike their bank counterparts, these will not be insured by the FDIC.

Cash: As you know already, mutual funds pool money from thousands of investors, so every day people are putting money into the fund as well as withdrawing it. To maintain the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios in cash. Having ample cash is great for liquidity, but money sitting around as cash is not working for you and thus is not very advantageous.

Costs: Mutual funds provide investors with professional management, but it comes at a cost – those expense ratios mentioned earlier. These fees reduce the fund's overall payout, and they're assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn't make money, these fees only magnify losses.

Diworsification: Many mutual fund investors tend to overcomplicate matters – that is, they acquire too many funds that are highly related and, as a result, don't get the risk-reducing benefits of diversification; in fact, they have made their portfolio more exposed, a syndrome called diworsification. At the other extreme, just because you own mutual funds doesn't mean you are automatically diversified. For example, a fund that invests only in a particular industry sector or region is still relatively risky.

Lack of Transparency: One thing that can lead to diworsification is the fact that a fund's purpose or makeup isn't always clear. Fund advertisements can guide investors down the wrong path. The Securities and Exchange Commission (SEC) requires that funds have at least 80% of assets in the particular type of investment implied in their names; how the remaining assets are invested is up to the fund manager. However, the different categories that qualify for the required 80% of the assets may be vague and wide-ranging. A fund can therefore manipulate prospective investors via its title: A fund that focuses narrowly on Congo stocks, for example, could be sold with the grander title "International High-Tech Fund."

Evaluating Funds: Researching and comparing funds can be difficult. Unlike stocks, mutual funds do not offer investors the opportunity to compare the P/E ratio, sales growth, earnings per share, etc. A mutual fund's net asset value gives investors the total value of the fund's portfolio, less liabilities, but how do you know if one fund is better than another?

验证一下这个页面是否靠谱，作者的背景资料:

James Chen

Director of Trading & Investing Content at Investopedia
Former Head of Research at Gain Capital
Two decades of experience in the financial markets as a trader, investor, author, investment adviser and global market strategist
Experience

James Chen, CMT, is Director of Trading & Investing Content at Investopedia and former Head of Research at Gain Capital (NYSE: GCAP). For two decades, he has been heavily involved in the financial markets as a trader, investor, investment adviser and global market strategist.

James is the author of the books, "Essentials of Technical Analysis for Financial Markets" (John Wiley and Sons, 2010) and "Essentials of Foreign Exchange Trading" (John Wiley and Sons, 2009), as well as author/speaker for the instructional video series, "High Probability Trend Following."

He has served as a guest expert for CNBC, Bloomberg TV, Forbes and Reuters, among other key financial news media, and is a featured speaker at major trading/investing seminars and conferences.

A graduate of Tufts University, James is a Chartered Market Technician (CMT), Certified Financial Technician (CFTe) and Registered Investment Adviser (RIA), as well as a former Commodity Trading Advisor (CTA). He has extensive market expertise in stocks, ETFs, options, commodities, fixed income and currencies.

Education

James earned his bachelor's degree at Tufts University.

Quote from James Chen

"Learning to invest and manage one's own finances is so important, and yet, so neglected in most educational curricula. As a result, financial education, especially when it comes to trading and investing in the financial markets, has long been both my passion and my profession."

从基金公司组织架构聊聊基金经理为何如此重要？
易方达基金：组织架构
 博时基金：组织架构
 华夏基金：投资研究部
 基金业“小主”突围术：事业部改革活力再造
 基金事业部试水三年有些尴尬私募式提成并非灵丹妙药
 金融机构事业部研究报告

**基金公司及基金经理（最小全局）

基金公司赚钱的方式

申购费/认购费：投资者通过销售机构向基金管理公司申请购买基金单位时需要交纳的费用，一般为1.5%左右。
赎回费：投资者将手中持有的基金单位按一定价格卖给基金管理人并收回现金时需要交纳的费用，一般为1%左右。
管理费：基金公司每天按照基金净值的一定比率提取的费用，一般为1.5%/年。是基金管理人的主要收入来源。
托管费：每天按照基金净值提取一定比率交给托管人——银行的费用，一般为0.25%/年。
其他：在股市跌跌不休时，基金公司会减掉大部分仓位，把大部分基金份额放到资金账上“避险”，此时每天股市下跌时，这部分大部分放到资金账上“避险”的基金份额是不会损失的，相反还会有银行利息收入。但对基金客户基金公司则按你账户上有的份额总市值按当天下跌率给你计算“缩水”量，实际上你的份额有大部份已被基金公司减仓置于公司在银行开户的账上“避险”，“避险”的这部分是不会“缩水”的，最终不会“缩水”的这一部分份额的市值就计入基金公司了。

由于股票型基金、混合型基金的管理费率是1.00-1.50%, 基本上是债券基金与货币基金费率的三倍以上，而且股票与混合型基金规模基本与其他类别基金规模差不多，所以股票型基金、混合型基金对于公司非常重要。但凡投资股票的基金，规模主要靠业绩，业绩好规模就是增长比较快。

基于上述基本情况，我们可以得出如下信息：

基金公司主要收入来源：管理费。产品规模越大，管理费绝对值也就越大。
不同类型的基金对应不同的管理费，股票型基金和混合型基金的管理费较高。
投资股票的基金，规模主要靠业绩和宣传（荐基、银行渠道等）

基金公司与基金经理

从传统的基金公司组织上来看，除去传统的职能部门外，承担市场销售、市场研究和交易部门是基金公司的核心。
根据不同的基金公司，基金经理可能在交易部、市场研究部或独立在外配有专属的研究员和交易员。

下图能较好地体现各方关系和诉求。

在业内，公募基金的基金经理流动率很高，2017年174位基金经理离职，2018年209位基金经理离职，2019年1月11日止已有6位基金经理离职。
不仅如此，从2018年排名前20的公募基金公司里也能发现，基金经理的平均任期仅2年。

那么，基金经理都去了哪里？
好的公募基金经理会去往更好福利待遇的公司，比如其他公募基金公司或者私募基金。

为了留住基金经理，自2014年部分基金公司进行了组织结构的调整，不同于传统的股权激励，推行了事业部制或“股权激励＋事业部制”运行机制，逐渐走向了基金经理从“打工”进阶为“半创业"的模式。

作为第一批试水事业部制的公募基金，2014年中欧基金、前海开源基金依靠事业部制的独特魅力吸引了多位业内优秀基金经理的加盟，业绩和管理规模也连着翻番，占得较多先机。
数据显示，中欧基金和前海开源基金管理的规模分别从2013年末的117亿元和1亿元，增长到2016年年末的777亿元和607亿元，两家近三年规模翻倍暴涨，前海开源更是依靠优秀人才迅速壮大，成为新“后起之秀”。

改制为这些基金公司带来了巨大的红利的同时，三年试水，A股从“狂牛骤熊”到“震荡市”，“事业部是万灵药”的定论慢慢在业内人士心中打上问号，事实上“这个钱并不好赚”。

随着事业部弊端的逐步显现，一些公司不再提事业部制，组织结构也回归到了传统的模式。换言之，基金经理的流动率高预计短期内不会改善。

影响基金经理的变量因素

既然基金经理流动率高，那么我们要关注基金经理的什么特征呢？

看品种。从上文的基金公司的主要收入来源可以看出，基金经理的核心价值在于管理好股票型基金和混合型基金（管理费高）。
看基金经理年龄。通过学术论文的研究结果显示，基金经理的年龄和基金业绩呈正相关。
看基金经理的工作经验。这里所谓的经验，是指基金经理曾经管理过的基金数目，因为通过学术论文的研究结果显示，基金经理曾经管理过的基金数目与基金收益有着较为显著的正相关。
看基金经理当下管辖的基金个数及表现。通过学术论文的研究结果显示，基金经理管理的基金个数与基金收益有着负相关关系。这个也好理解，比较精力是有限的嘛~

至于基金经理是男是女，是什么学校毕业的，有没有留学经验等，通过学术论文的研究结果显示：这些只和风险控制具有较大关联，和收益率并无正相关关系。主要研究结果如下：

女性基金经理能有效降低基金风险承担水平。
学历越高的女性基金经理风险承担水平越低,即越倾向于稳健的投资风格;
基金经理任期越短,女性基金经理降低基金风险承担水平越显著。
当基金经理学历更高时,女性基金经理降低基金风险承担水平更为显著。
当市场为熊市时,女性基金经理降低基金风险承担水平更为显著。

参考资料

Changelog

2019年01月13日

关于投资的概念（最小全局认识）

概念的最小全局认识

按照Ch2学习到的技巧，我们先对和投资相关的概念做一个最小全局认识。

方法:

谷歌检索一级关键词，检索式：关键词（中文、英文）+wiki
通过一级关键词获得定义页面，抓取中英文页面内的信息结构/目录、二级关键词，并抓取专业网站内的分类结构，wiki, Investopedia, MBA百科MBA lib
交叉验证: 对比中英文定义；查看参考资料、作者/编辑的履历

以下是我的发现:

关键词列表

层级	英文	中文
一级	fortune, wealth, invest/investment，finance	财富、投资、金融
二级	Investing, Investor，Financial Planning, Wealth Management	投资者、财富管理、理财产品、投机、赌博
三级	financial analysis, investment strategy, bond/fixed income,mutual fund,stocks, ETFs, Real Estate, Alternative investment, Commidities, Asset allocation, annuities, brokerages, options, sustainable investing...	投资策略、债券/固定收益，公募基金(共同基金)，股票，ETFs，房地产，大宗商品，资产配置，期权，经纪，替代投资，年金保，可持续投资...

来源: Investopedia, wiki, MBA百科/mbalib, 百度百科

有趣的发现:

通多对比中英文关键词的维基定义，我发现:

理财产品/理财 ≠ 财富管理/财务管理/wealth management

我们常说的“理财”实际上来源于国内银行的“理财产品”、“理财服务”。是从金融机构的产品角度出发的，它实际上应该参考了国外“wealth management”的理念。实际上，**大多数银行还达不到“wealth management”的服务或水平，他们的理财就是不停推出理财产品，给大家购买。我们经常都在买理财产品，所以就习惯性的把“理财”挂在嘴边，等同于财富管理/财务管理了。
国外和理财接近的概念是“wealth management”，和国内的“理财”不同的是，它是从个人出发，考虑个人/家庭如何管理和配置自己的财富, 它按照个人/家庭的资产净值规模分类，来提供有针对性的财富管理服务和规划

投资＝investment+investing

英文的投资有名词（investment）和动词（investing）之分，前者是投资的标的，后者是投资的行为和策略。中文的“投资”，则涵盖了两者。

投资 (wiki)

投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。

Investment

In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two.

What is an Investment

An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.

https://www.investopedia.com/terms/i/investment.asp

What is Investing

Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.

公募基金 ≈ Mutual Fund

我们本次项目研究的对象"基金"，应准确的定义为：Mutual Fund, 公募基金/共同基金。它在我们本次研究中，对个人的财富管理需要来说，关键词层级关系是这样的财富管理>投资>金融投资>共同基金；股票、金融市场，则是和共同基金行业相关的其他关键词，金融市场>股票>股票型共同基金。而我们常听到的公募基金，是从发行方式来区分相对于"私募基金"而言的。从实际含义上说，公募基金是指公墓的证券投资基金，类似于“股票型共同基金”，但在我国，大家都更习惯用"公募基金"，而不是"共同基金"。

共同基金:

共同基金是信托基金的一种，在美国又称为投资公司（Investment Company），在香港一般翻译为互惠基金，**也是使用共同基金为翻译。在**大陆，一般的投资者并不使用共同基金这个词汇，而是以投资基金，证券投资基金等词汇取代之，此种金融商品的产生利基点是建立在专业金融从业者的知识和信任之上而得以产生，由于一般大众不懂跨国投资外国金融商品的诸多法律和语言问题；也没有专业操盘的技术分析能力，所以支付一点手续费将钱交由有公信力金融机构的团队操盘，大众只需约略的选择投资标的和风险度即可。

　　共同基金是由基金经理的专业金融从业者管理，向社会投资者公开募集资金以投资于证券市场的营利性的公司型证券投资基金。共同基金购买股票、债券、商业票据、商品或衍生性金融商品，以获得利息、股息或资本利得。共同基金通过投资获得的利润由投资者和基金经理分享。

　　由于共同基金吸纳的是公众的资金且很大程度是建立在对金融机构的信任上运作，导致有一些蓄意诈骗或欺瞒的空间出现（例如：金融海啸时的麦道夫事件），各国政府都对其实施比较严厉的管制，其组建、信息披露、交易、资金结构变化和解散都受到法律法规限制，美国的管制尤其严格。
　　
公募基金

公募基金是受政府主管部门监管的，向非特定投资者公开发行受益凭证的证券投资基金，这些基金在法律的严格监管下，有着信息披露。利润分配，运行限制等行业规范。例如目前国内证券市场上的封闭式基金属于公募基金。公募基金和私募基金各有千秋，它们的健康发展对金融市场的发展都有至关重要的意义。然而目前得到法律认可的只有公募基金，市场的需要远远得不到满足。公募发行的有利之处在于：

　　（1）以众多投资者为发行对象；

　　（2）筹集潜力大；

　　（3）投资者范围大（不特定对象的投资者）；

　　（4）可申请在交易所上市（如封闭式）；

　　（5）信息披露公开透明。

公募基金的特点是享受市场整体的回报，基金的超额收益不可能长期脱离业绩基准，规模越大，基金获取市场平均利润的可能越大；四权分立、信息透明、风险分担。

What is mutual fund

A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.

An Introduction To Mutual Funds

Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

以下是采集到的具体释义:

财富

具有价值的东西就称之为财富，包括自然财富、物质财富、精神财富等等。

经济学上，财富是指物品按价值计算的富裕程度，或对这些物品的控制和处理的状况。

财富的概念为所有具有货币价值、交换价值或经济效用的财产或资源，包括货币、不动产、所有权权。在许多国家，财富还包括对基础服务的享受，如医疗卫生，以及对农作物和家畜的拥有权。财富相当于衡量一个人或团体的物质资产。

全体居民财富的总和，称为国家或社会的总财富。依其不同作用，可划分为三个部分：留作目前消费的部分、固定资本部分、流动资本部分。

《史记·太史公自序》：“布衣匹夫之人，不害于政，不妨百姓，取与以时而息财富。”

投资

投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。

投资与储蓄、或递延消费，具有一定的相关性。投资牵涉到许多经济领域的活动，例如企（事）业管理、及财务金融等，无论是为家计、事业、或政府。

投资、投机及赌博的不同：

持有投资标的的期间不同：投资最长，投机次之，赌博几乎不持有。
分析的程度不同：投资所做分析最完整，投机大部分是小道消息，赌博靠运气。
获利的成分不同：投资会有孳息，其他两项则只会出现一次。
结果的出现时间：投资需要一定投资期间，投机期间很短，赌博几乎是立即。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E8%80%85

投资者 (Investor)

投资者（英语：Investor），资金作为闲余社会资源，通过投资者投资，将资金汇聚到社会重要产业环节中，创造财富同时分担风险和收益。在资本市场，从事投资的人们。投资者付出的是资本，承担的是商业风险，收取的是利润，从经济学的角度，投资者关心的是投资回报率，重视的是风险管理。投资者主体包括个人、家庭、企业和政府。

投资方法
股票
共同基金
私募基金
定期存款
公债（国家债券、政府债券）
房地产
创业
投资家列表
巴菲特
索罗斯
罗杰斯
詹姆斯·西蒙斯
本杰明·格雷厄姆
查理·芒格
彼得·林奇
菲利普·费雪
郑铁如
李嘉诚
李忠瀚

投资学

投资学研究如何把个人、机构的有限资源分配到诸如股票、国债、不动产等（金融）资产上，以获得合理的现金流量和风险-收益特征。

其核心内容就是以效用最大化准则为指导，获得个人财富配置的最优均衡解。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B5%84%E5%AD%A6

个人理财/理财规划（Financial Planning）
理财规划
用手机看条目
理财规划(Financial Planning)

目录
[隐藏]
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献
[编辑]
什么是理财规划[1]
　　理财规划是指针对个人或家庭发展的不同时期，依据收入、支出状况的变化，制定财务管理的具体方案，实现各个阶段的目标和理想。将本着“帮助客户”的核心理念，以实现您的财务自由为最终目的，根据您的资产现状与风险偏好，为您和您的家庭提供包括生活各方面的财务建议，为您寻找最适合的理财方式，包括房产、保险、储蓄、股票、基金、债券等，以确保您在三年以后可以轻松地送孩子出国读书，同时能够保持目前的生活水准。

理财规划的分类[2]
　　理财规划又可分为公司理财规划(Enterprise Financial Planning)和个人理财规划(Personal Financial Planning)。

　　公司理财规划是指企业为了达到既定的战略目标而制定的一系列相互协调的计划和决策方案，包括投资决策、融资决策、成本管理、现金流管理等。
　

　　个人理财规划又称私人理财规划，则是指个人或家庭根据家庭客观情况和财务资源(包括存量和增量预期)而制定的旨在实现人生各阶段目标的，一系列互相协调的计划，包括职业规划、房产规划、子女教育规划、退休规划等。从理财规划师的角度来看，本书认为，所谓个人理财，就是通过制定财务计划对个人(或家庭)财务资源的适当管理，而实现生活目标的一个过程。它是一种良好的理财习惯，理性的价值观和科学的理财计划的综合体现，个人理财并不仅仅是意味着买保险，做投资，某一笔钱委托给金融机构后的保值、增值。个人理财是一个一生的财务计划，通过不断调整计划实现人生目标，达到财务自由和财务尊严的最高境界。

　　　　目录
　　
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献

https://zh.wikipedia.org/wiki/%E4%B8%AA%E4%BA%BA%E7%90%86%E8%B4%A2

财富管理/私人财富管理（Wealth Management）
财富管理（Wealth Management）是指财富管理机构面向高净值个人所提供的全面、配套的财务规划及金融服务，以满足客户的个人财务需求，帮助客户达到降低风险、实现财富保值、增值和传承的目的。

目录
1 服务范围
2 财富管理机构
3 费用
4 相关条目
服务范围
财富管理在最广泛的意义上主要是资产管理及协调。因此，经理人需要确定客户的全部资产，以便为客户提供有针对性的服务。服务范围包括现金储蓄管理、债务管理、个人风险管理、保险计划、投资组合管理、一般法律咨询、搬迁及房地产服务、税收、退休计划及遗产安排等。

财富管理机构
提供财富管理的金融机构包括商业银行、基金公司、保险公司、证券公司、信托公司等。财富管理机构通常通过内部专家来覆盖各个服务领域。除银行外，非银行资产管理人员也会提供财富管理方面的服务。客户可根据其需求的不同，从银行或独立资产管理人员得到有针对性的服务。

费用
财富管理服务的付费形式透明度高，以免于任何利益冲突。专业咨询报酬通常以专家顾问的最低费用一次付款的形式产生。

https://zh.wikipedia.org/wiki/%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

财富管理（Wealth Management）

1 什么是财富管理
2 财富管理的主要内容
3 财富管理业务与一般理财业务的区别

什么是财富管理
　　财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列的金融服务，将客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的。

　　财富管理的核心是：以客户为中心，合理分配资产和收入，不仅要考虑财富的积累，更要考虑财富的保障。在外延上可以包括对个人的财富管理和对的资产管理。

财富管理业务与一般理财业务的区别
　　财富管理是近年来在我国金融服务业中出现的一个新名词。“财富管理”，顾名思义，就是管理个人和机构的财富，也可以简单概括为“理财”，但有区别于一般的理财业务。“财富管理”的出现划分了我国金融服务业的两个不同的理财业务时代：一个是早期的理财业务时代；另一个则是经过发展与改进的成熟的理财业务时代——财富管理时代。

　　一般意义上的理财业务属于早期的理财概念，它的营销模式是以产品为中心，金融机构（主要指商业银行）通过客户分层、差别化服务培养优质客户的忠诚度，从而更好地销售自己的产品；而财富管理业务则是以客户为中心，金融机构（商业银行、基金公司、保险公司、证券公司、信托公司等）根据客户不同人生阶段的财务需求，设计相应的产品与服务，以满足客户财富管理需要，这些金融机构成为客户长期的财富管理顾问。财富管理业务属于成熟的理财业务。

　　财富管理与一般意义上理财业务的区别主要有三点：

　　其一，从本质上看，财富管理业务是以客户为中心，目的是为客户设计一套全面的财务规划，以满足客户的财务需求；而一般意义上的理财业务是以产品为中心，目的是更好的销售自己的理财产品。

　　其二，从提供服务的主体来看，财富管理业务属于成熟意义上的理财业务，它的主体众多，不仅限于银行业，各类非银行金融机构都在推出财富管理业务。一般意义的理财业务多局限于商业银行所提供的传统业务和中间业务。

　　其三，从服务对象上说，财富管理业务不仅限于对个人的财富管理，还包括对企业、机构的资产管理，服务对象较广；而一般意义的理财业务处于理财业务发展的较早阶段，作为我国商业银行的一类金融产品推出，主要指的是银行个人理财业务产品的打包，服务对象多为私人。财富管理的三个鲜明特征“以客户为中心”、“ 服务主体众多”以及“服务对象较广”，使它区别于一般意义的理财业务，成为理财服务的成熟阶段。

https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

私人财富管理

目录
[隐藏]
1 什么是私人财富管理
2 私人财富管理相关理论研究[1]
3 参考文献
[编辑]
什么是私人财富管理
　　私人财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列金融服务，对客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的，主要是针对高净值客户的定制化服务。

　　私人财富管理不同于资产管理，资产管理侧重于对投资组合中的多类资产进行管理，是私人财富管理中的一个重要方面。然而私人财富管理不仅仅局限于资产管理，它是一种全盘性的理财规划，除了为客户提供高投资收益外，更重要的是为客户提供个性化的定制服务，帮助其实现投资目标和人生梦想。这些目标可以是债务重整，可以是子女教育经费，可以是购买汽车或房屋，还可以是退休以后的生活保障等。

　　而对于高净值客户的界定，不同国家、不同金融机构有不同的界定。国外主要金融机构对于高净值客户的界定基本是100万美元以上，10万至100万美元被归类为“富足”和“富裕”两类人群，成为相对低端的财富客户。2011年8月，**银监会在发布的《商业银行理财产品销售管理办法》(下称“管理办法”)第三十一条首次对**高净值人群进行了法律的定义:“高资产净值客户是满足下列条件之一:

　　(1)单笔认购理财产品不少于100万元人民币的自然人;

　　(2)认购理财产品时，个人或家庭金融净资产总计超过100万元人民币，且能提供相关证明的自然人;

　　(3)个人收入在最近三年每年超过20万元人民币或者家庭合计收入在最近三年内每年超过30万元人民币，且能提供相关证明的自然人。”根据管理办法，拥有100万元的可投资资产是**商业银行高净值客户的准入门槛。[1]

注册财富管理规划师 CWMP 在1990年创建的一个国际认证证书，其目的是通过专业学习金融行业实用的技术知识和投资知识，提高专业技能，更好地为顾客进行财富管理
财富管理机构:
从事第三方理财服务、理财机构，诺亚财富管理中心为**高净值客户提供高端理财产品、理财规划师、金融理财，客观中立的理财。诺亚控股已经形成财富管理、资产管理、全球开放产品平台、互联网金融的多业务主线，为超过22万名高净值客户提供财富管理、海外资产配置、高端保险、高端教育等全方位的综合金融服务，帮助客户的资产实现稳健、安全的增长。
https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

银行理财产品
银行理财产品的定义
　　银监会出台的《商业银行个人理财业务管理暂行办法》对于“个人理财业务”的界定是：“商业银行为个人客户提供的财务分析、财务规划、投资顾问、资产管理等专业化服务活动”。

　　商业银行个人理财业务按照管理运作方式的不同，分为理财顾问服务和综合理财服务。一般所说的“银行理财产品”，其实是指其中的综合理财服务。

　　银行理财产品按照标准的解释，是商业银行在对潜在目标客户群分析研究的基础上，针对特定目标客户群开发设计并销售的资金投资和管理计划。

　　在理财产品这种投资方式中，银行只是接受客户的授权管理资金，投资收益与风险由客户或客户与银行按照约定方式承担。
　　
　　目录

1 银行理财产品的定义
2 银行理财产品的构成要素
3 银行理财产品的种类[1]
4 银行理财产品市场的发展
5 参考文献
https://wiki.mbalib.com/wiki/%E9%93%B6%E8%A1%8C%E7%90%86%E8%B4%A2%E4%BA%A7%E5%93%81

Wealth

Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1] An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts).

The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets.[6][7] Natural capital includes land, forests, energy resources, and minerals. Human capital is the population's education and skills. Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure.

Investment （Wiki）

In general, to invest is to distribute money in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development. However, this article focuses specifically on investment in financial assets.

In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two. The projected economic return is the appropriately discounted value of the future returns.

Investors generally expect higher returns from riskier investments. When we make a low risk investment, the return is also generally low.

Investors, particularly novices, are often advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk.

Contents
1 Terminology
2 History
3 Types of investments
4 Investment strategies
4.1 Value investment
5 Intermediaries and collective investments
6 Famous investors
7 Investment valuation
8 See also
9 References
10 External links

https://www.investopedia.com/terms/i/investment.asp

Investment(investopedia)

What is an Investment

An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.

BREAKING DOWN Investment
Investment and Economic Growth
Investment Banking
Investments and Speculation

What is Investing

Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.

BREAKING DOWN Investing
How to Invest
Types of Investment
History of Investing

https://www.investopedia.com/terms/i/investmentstrategy.asp

investopedia：和Inveting 有关的二级关键词页面：
https://www.investopedia.com/investing-4427685

FINANCIAL ANALYSIS
INVESTING STRATEGY
BONDS / FIXED INCOME
MUTUAL FUNDS
STOCKS
ETFS
REAL ESTATE
INTERNATIONAL / GLOBAL
ALTERNATIVE INVESTMENTS
COMMODITIES
ASSET ALLOCATION
ANNUITIES
BROKERAGES
OPTIONS
FUTURES
SUSTAINABLE INVESTING

investopedia 网站分类

REFERENCE
Dictionary
Investing 101
The 4 Best S&P 500 Index Funds
World's Top 20 Economies
Stock Basics Tutorial
Options Basics Tutorial
Economics Basics
TOPICS
Stocks
Mutual Funds
Options
Tech
ETFs
Bonds/Fixed Income
Commodities

Investment Strategy

What is an {term}? Investment Strategy
asset allocation
risk tolerance

BREAKING DOWN Investment Strategy
Some investment strategies seek rapid growth where an investor focuses on capital appreciation, or they can follow a low-risk strategy where the focus is on wealth protection. Many investors buy low-cost, diversified index funds, use dollar-cost averaging and reinvest dividends. Dollar-cost averaging is an investment strategy where a fixed dollar amount of stocks or a particular investment are acquired on a regular schedule regardless of the cost or share price. The investor purchases more shares when prices are low and fewer shares when prices are high. Over time, some investments will do better than others, and the return averages out over time.

Some experience investors select individual stocks and build a portfolio based on individual firm analysis with predictions on share price movements

Graham's Five Strategies
In 1949, Benjamin Graham identified five strategies for common stock investing in "The Intelligent Investor."

General trading. The investor predicts and participates in the moves of the market similar to dollar-cost averaging.
Selective trading. The investor picks stocks that they expect will do well in the market over the short term; a year, for example.
Buying cheap and selling dear. The investor enters the market when prices low and sells stock when the prices are high.
Long-pull selection. The investor selects stocks that they expect with grow quicker than other sticks over a period of years.
Bargain purchases. The investor selects stocks that are priced below their true value as measured by some techniques.
Graham emphasized that every investor must decide how they want to manage their portfolio. Experienced investors may prefer and be comfortable with a buy low and sell high strategy, whereas investors who have less time to research and follow the market might benefit more from investing in funds that track the market and adopt a long-term view.

There is no right way to manage a portfolio, but investors should behave rationally by using facts and data to back up decisions by attempting to reduce risk and maintain sufficient liquidity.

The Role of Risk-taking in Investment Strategy
Risk is a huge component of an investment strategy. Some individuals have a high tolerance for risk while other investors are risk-averse. One overarching rule, however, is that investors should only risk what they can afford to lose. Another rule of thumb is the higher the risk, the higher the potential return, and some investments are riskier than others. There are investments that guarantee an investor will not lose money, but there will also be minimal opportunity to earn a return.

For example, U.S. Treasury bonds, bills, and bank certificates of deposit (CDs) are considered safe because they are backed by the credit of the United States. However, these investments provide a low return on investment. Once the cost of inflation and taxes have been included in the return on income equation, there may be little growth in the investment.

Mutual fund
Mutual Fund

Reviewed by James Chen Updated Aug 3, 2018
What is a Mutual Fund

A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.

An Introduction To Mutual Funds

BREAKING DOWN Mutual Fund

Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

More on Mutual Funds

A mutual fund is both an investment and an actual company. This may seem strange, but it is actually no different than how a share of AAPL is a representation of Apple, Inc. When an investor buys Apple stock, he is buying part ownership of the company and its assets. Similarly, a mutual fund investor is buying part ownership of the mutual fund company and its assets. The difference is Apple is in the business of making smartphones and tablets, while a mutual fund company is in the business of making investments.

Mutual funds pool money from the investing public and use that money to buy other securities, usually stocks and bonds. The value of the mutual fund company depends on the performance of the securities it decides to buy. So when you buy a share of a mutual fund, you are actually buying the performance of its portfolio.

The average mutual fund holds hundreds of different securities, which means mutual fund shareholders gain important diversification at a very low price. Consider an investor who just buys Google stock before the company has a bad quarter. They stand to lose a great deal of value because all of their dollars are tied to one company. On the other hand, a different investor may buy shares of a mutual fund that happens to own some Google stock. When Google has a bad quarter, they only lose a fraction as much because Google is just a small part of the fund's portfolio.

Looking for the right mutual fund? Find out which broker offers the best mutual fund screener by reading Investopedia's broker reviews.

How Mutual Fund Companies Work

Mutual funds are virtual companies that buy pools of stocks and/or bonds as recommended by an investment advisor and fund manager. The fund manager is hired by a board of directors and is legally obligated to work in the best interest of mutual fund shareholders. Most fund managers are also owners of the fund, though some are not.

There are very few other employees in a mutual fund company. The investment advisor or fund manager may employ some analysts to help pick investments or perform market research. A fund accountant is kept on staff to calculate the fund's net asset value (NAV), or the daily value of the mutual fund that determines if share prices go up or down. Mutual funds need to have a compliance officer or two, and probably an attorney, to keep up with government regulations.

Most mutual funds are part of a much larger investment company apparatus; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price and Oppenheimer Funds.

Kinds of Mutual Funds

Mutual funds are divided into several kinds of categories, representing the kinds of securities the mutual fund manager invests in.

One of the largest is the fixed income category. A fixed income mutual fund focuses on investments that pay a fixed rate of return, such as government bonds, corporate bonds or other debt instruments. The idea is the fund portfolio generates a lot of interest income, which can then be passed on to shareholders.

Another group falls under the moniker "index funds." The investment strategy is based on the belief that it is very hard, and often expensive, to try to consistently beat the market. So the index fund manager simply buys stocks that correspond with a major market index such as the S&P 500 or the Dow Jones Industrial Average. This strategy requires less research from analysts and advisors, so there are fewer expenses to eat up returns before they are passed on to shareholders. These funds are often designed with cost-sensitive investors in mind.

If an investor seeks to gain diversified exposure to the Canadian equity market, he can invest in the S&P/TSX Composite Index, which is a mutual fund that covers 95% of the Canadian equity market. The index is designed to provide investors with a broad benchmark index that has the liquidity characteristics of a narrower index. The S&P/TSX Composite Index is comprised largely of the financials, energy and materials sectors of the Canadian stock market, with sector allocations of 35.54%, 20.15% and 14.16%, respectively. Performance of the fund is tracked as the percentage change to its overall adjusted market cap.

Balanced funds invest in both stocks and bonds with the aim of reducing risk of exposure to one asset class or another. Another name for this type is "asset allocation fund." An investor may expect to find the allocation of these funds among asset classes relatively unchanging, though it will differ among funds. Though their goal is asset appreciation with lower risk, these funds carry the same risk and are as subject to fluctuation as other classifications of funds.

Other common types of mutual funds are money market funds, sector funds, equity funds, alternative funds, smart-beta funds, target-date funds and even funds-of-funds, or mutual funds that buy shares of other mutual funds.

Mutual Fund Fees

In mutual funds, fees are classified into two categories: annual operating fees and shareholder fees. The annual fund operating fees are charged as an annual percentage of funds under management, usually ranging from 1-3%. The shareholder fees, which come in the form of commissions and redemption fees, are paid directly by shareholders when purchasing or selling the funds.

Annual operating fees are collectively as the expense ratio. A fund's expense ratio is the summation of its advisory fee or management fee and its administrative costs. Additionally, sales charges or commissions can be assessed on the front-end or back-end, known as the load of a mutual fund. When a mutual fund has a front-end load, fees are assessed when shares are purchased. For a back-end load, mutual fund fees are assessed when an investor sells his shares.

Sometimes, however, an investment company offers a no-load mutual fund, which doesn't carry any commission or sales charge. These funds are distributed directly by an investment company rather than through a secondary party.

Some funds also charge fees and penalties for early withdrawals.

Clean Share Mutual Funds

If you want to get the biggest bang for your buck, you might consider mutual funds with 'clean shares,' a relatively new class of mutual fund shares developed in response to the U.S. Department of Labor’s fiduciary rule. According to a recent Morningstar Inc. report, clean shares could save investors at least 0.50% in returns as compared to other mutual fund offerings. Even better, investors could enjoy an extra 0.20% in savings, as their advisors will now be tasked with recommending funds that are in investors' best interests, according to the report.

Clean shares were designed, along with low-load T shares and a handful of other new share classes, to meet fiduciary-rule goals by addressing problems of conflicts of interest and questionable behavior among financial advisors. In the past some financial advisors have been tempted to recommend more expensive fund options to clients to bring in bigger commissions. Currently, most individual investors purchase mutual funds with A shares through a broker. This purchase includes a front-end load of up to 5% or more, plus management fees and ongoing fees for distributions, also known as 12b-1 fees. To top it off, loads on A shares vary quite a bit, which can create a conflict of interest. In other words, advisors selling these products may encourage clients to buy the higher-load offerings.

Clean shares and the other new classes eliminate this problem, by standardizing fees and loads, enhancing transparency for mutual fund investors. “As the Conflict-of-Interest Rule goes into effect, most advisors will likely offer T shares of traditional mutual funds … in place of the A shares they would have offered before,” write report co-authors Aron Szapiro, Morningstar director of policy research, and Paul Ellenbogen, head of global regulatory solutions. “This will likely save some investors money immediately, and it helps align advisors’ interests with those of their clients.”

For example, an investor who rolls $10,000 into an individual retirement account (IRA) using a T share could earn nearly $1,800 more over a 30-year period as compared to an average A-share fund, according to the analysis. The report also states that the T shares and clean shares compare favorably with “level load” C shares, which generally don’t have a front-end load but carry a 1% 12b-1 annual distribution fee.

Good as the T shares are, clean shares are even better: They provide one uniform price across the board and do not charge sales loads or annual 12b-1 fees for fund services. American Funds, Janus and MFS are all fund companies currently offering clean shares.

Advantages of Mutual Funds

Diversification: Diversification, or the mixing of investments and assets within a portfolio to reduce risk, is one of the advantages to investing in mutual funds. Buying individual company stocks in retail and offsetting them with industrial sector stocks, for example, offers some diversification. But a truly diversified portfolio has securities with different capitalizations and industries, and bonds with varying maturities and issuers. Buying a mutual fund can achieve diversification cheaper and faster than through buying individual securities.

Economies of Scale: Mutual funds also provide economies of scale. Buying one spares the investor of the numerous commission charges needed to create a diversified portfolio. Buying only one security at a time leads to large transaction fees, which will eat up a good chunk of the investment. Also, the $100 to $200 an individual investor might be able to afford is usually not enough to buy a round lot of a stock, but it will buy many mutual fund shares. The smaller denominations of mutual funds allow investors to take advantage of dollar cost averaging.

Easy Access: Trading on the major stock exchanges, mutual funds can be bought and sold with relative ease, making them highly liquid investments. And, when it comes to certain types of assets, like foreign equities or exotic commodities, mutual funds are often the most feasible way – in fact, sometimes the only way – for individual investors to participate.

Professional Management: Most private, non-institutional money managers deal only with high net worth individuals – people with six figures (at least) to invest. But mutual funds are run by managers, who spend their days researching securities and devising investment strategies. So these funds provide a low-cost way for individual investors to experience (and hopefully benefit from) professional money management.

Individual-Oriented: All these factors make mutual funds an attractive options for younger, novice and other individual investors who don't want to actively manage their money: They offer high liquidity; they are relatively easy to understand; good diversification even if you do not have a lot of money to spread around; and the potential for good growth. In fact, many Americans already invest in mutual funds through their 401(k) or 403(b) plans. In fact, the overwhelming majority of money in employer-sponsored retirement plans goes into mutual funds.

Style: Investors have the freedom to research and select from managers with a variety of styles and management goals. For instance, a fund manager may focus on value investing, growth investing, developed markets, emerging markets, income or macroeconomic investing, among many other styles. One manager may also oversee funds that employ several different styles.

Disadvantages of Mutual Funds

Fluctuating Returns: Like many other investments without a guaranteed return, there is always the possibility that the value of your mutual fund will depreciate. Equity mutual funds experience price fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of performance with any fund. Of course, almost every investment carries risk. But it's especially important for investors in money market funds to know that, unlike their bank counterparts, these will not be insured by the FDIC.

Cash: As you know already, mutual funds pool money from thousands of investors, so every day people are putting money into the fund as well as withdrawing it. To maintain the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios in cash. Having ample cash is great for liquidity, but money sitting around as cash is not working for you and thus is not very advantageous.

Costs: Mutual funds provide investors with professional management, but it comes at a cost – those expense ratios mentioned earlier. These fees reduce the fund's overall payout, and they're assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn't make money, these fees only magnify losses.

Diworsification: Many mutual fund investors tend to overcomplicate matters – that is, they acquire too many funds that are highly related and, as a result, don't get the risk-reducing benefits of diversification; in fact, they have made their portfolio more exposed, a syndrome called diworsification. At the other extreme, just because you own mutual funds doesn't mean you are automatically diversified. For example, a fund that invests only in a particular industry sector or region is still relatively risky.

Lack of Transparency: One thing that can lead to diworsification is the fact that a fund's purpose or makeup isn't always clear. Fund advertisements can guide investors down the wrong path. The Securities and Exchange Commission (SEC) requires that funds have at least 80% of assets in the particular type of investment implied in their names; how the remaining assets are invested is up to the fund manager. However, the different categories that qualify for the required 80% of the assets may be vague and wide-ranging. A fund can therefore manipulate prospective investors via its title: A fund that focuses narrowly on Congo stocks, for example, could be sold with the grander title "International High-Tech Fund."

Evaluating Funds: Researching and comparing funds can be difficult. Unlike stocks, mutual funds do not offer investors the opportunity to compare the P/E ratio, sales growth, earnings per share, etc. A mutual fund's net asset value gives investors the total value of the fund's portfolio, less liabilities, but how do you know if one fund is better than another?

验证一下这个页面是否靠谱，作者的背景资料:

James Chen

Director of Trading & Investing Content at Investopedia
Former Head of Research at Gain Capital
Two decades of experience in the financial markets as a trader, investor, author, investment adviser and global market strategist
Experience

James Chen, CMT, is Director of Trading & Investing Content at Investopedia and former Head of Research at Gain Capital (NYSE: GCAP). For two decades, he has been heavily involved in the financial markets as a trader, investor, investment adviser and global market strategist.

James is the author of the books, "Essentials of Technical Analysis for Financial Markets" (John Wiley and Sons, 2010) and "Essentials of Foreign Exchange Trading" (John Wiley and Sons, 2009), as well as author/speaker for the instructional video series, "High Probability Trend Following."

He has served as a guest expert for CNBC, Bloomberg TV, Forbes and Reuters, among other key financial news media, and is a featured speaker at major trading/investing seminars and conferences.

A graduate of Tufts University, James is a Chartered Market Technician (CMT), Certified Financial Technician (CFTe) and Registered Investment Adviser (RIA), as well as a former Commodity Trading Advisor (CTA). He has extensive market expertise in stocks, ETFs, options, commodities, fixed income and currencies.

Education

James earned his bachelor's degree at Tufts University.

Quote from James Chen

"Learning to invest and manage one's own finances is so important, and yet, so neglected in most educational curricula. As a result, financial education, especially when it comes to trading and investing in the financial markets, has long been both my passion and my profession."

百度词条：基金监管机构
 **证监会官网
 证券业协会
 **证券投资基金业协会 Asset Management Association of China
中华人民共和国证券投资基金法
 **证券报·**基金业金牛奖
 上海证券报·“金基金”奖
 证券时报“**基金业明星基金奖”评奖方法 - **证券投资基金业协会
 晨星基金奖

**基金行业概况（最小全局认识）

**基金行业概况--组织机构及行业奖项

监管机构

基金监管机构是政府为了保护基金投资者利益、规范基金交易和运作、维护基金市场秩序并促进基金市场健康发展而设立的，它们对基金活动进行严格的监督和管理。
基金监管机构依法拥有审批或核准基金的权利，对成立的基金进行备案，列‘基金管理人、基会托管人以及其他相关的中介机构进行监督和管理，并对违法违规行为进行查处.

我国的基金监管机构主要为**证券监督管理委员会（**证监会）、**人民银行、证券交易所、证券业协会。

**证券监督管理委员会（**证监会）：是我国基金市场的监管主体，依法对基金市场参与者的行为进行监督管理。**证监会内部专门设有基金监管部，具体承担基金监管职责。**证监会还通过授权各地方证监局使其承担一定的一线监管职责。
**人民银行：主要负责监管金融市场的安全运行及银行和信托等金融机构的运作。银行作为基金托管机构，必须经**人民银行批准。
证券交易所：证券交易所的监管职责是对基金的交易行为进行监控。
证券业协会：证券业协会是一个自律组织，负责行业的自律管理职能。
**证券投资基金业协会: 是证券投资基金行业的自律性组织。

**证券投资基金业协会

**证券投资基金业协会成立于2012年6月6日，是依据《中华人民共和国证券投资基金法》和《社会团体登记管理条例》，经国务院批准，在国家民政部登记的社会团体法人，是证券投资基金行业的自律性组织，接受**证监会和国家民政部的业务指导和监督管理。根据《中华人民共和国证券投资基金法》，基金管理人、基金托管人应当加入协会，基金服务机构可以加入协会。会员包括基金管理公司、基金托管银行、基金销售机构、基金评级机构及其他资产管理机构、相关服务机构。

基金的评价机构

主要有晨星、天相、银河证券、上海证券、海通证券、招商证券、济安金信 7家基金评级机构

基金评奖机构

**证券报、上海证券报、证券时报3家基金评奖机构。

《**证券报》主办的"金牛基金奖"

“**基金业金牛奖”评选活动由**证券报主办，银河证券、天相投顾、招商证券、海通证券、上海证券等五家机构协办，该奖项在基金行业和基金监管层中有广泛的认可度，享有**基金业“奥斯卡”奖的美誉，是**资本市场最具公信力的权威奖项之一。
金牛奖共设17类奖项，既有单只基金的，也有针对基金管理公司的。从其奖项设置来看，金牛奖更加看重对基金长期业绩的评价。所以，如果一只基金贴上了“金牛奖”的标签，一定是长期业绩做得好。

《上海证券报》主办的“金基金”

主办机构是《上海证券报》，亦有银河证券、晨星资讯等专业基金评价机构支持，是基金业的专业奖项，至今已走过14年历程。奖项也分公司和单只基金奖，奖项比较繁多。

《证券时报》主办的"明星基金奖"

由《证券时报》主办，晨星资讯、上海证券和济安金信提供评奖支持，也是业内的专业评奖之一，有基金业“格莱美”奖的美誉。其奖项设置分为“公司和团队奖”以及“单只基金奖”。

其他：晨星奖--业内比较权威的基金奖项

晨星年度基金奖：由享誉全球的投资研究机构——晨星公司主办，评选标准完全依托自己的晨星基金评价体系。晨星基金奖项被认为是针对单个产品的含金量最高的奖项。

参考资料

Changelog

2019年01月05日 09:00-10:26

Originally posted by @jiji2cn in #3 (comment)

20190110 会议

20190110 会议纪要:

明确了下一步的具体分工:

littlemyleigh: 继续拆书获得: 基金大牛做投资考虑的变量和要素、投资风格分类、投资建议、投资决策、分析基金的工具箱等，完成PPT的框架初稿，完成PPT的配色、logo、封面设计，获得关于投资决策最小全局认识
贝贝：财富管理报告阅读，和信息分析: 数据、信息结构、要点等，获得关于财富管理的最小全局认识
小喆：影响基金经理表现的因素：论著批量阅读和抓取变量，获得关于基金经理的最小全局认识
soniclr：各大券商、保险公司、互联网金融 APP的比较: 日活量、用户数、费率、覆盖产品、理财功能等（保险公司现在也有银行了，也能开展理财业务哈），获得关于理财产品和基金分销平台的最小全局认识

资料提交截止时间：201901113 ch2d0

**银行理财（最小全局）

银行理财最小全局

0. 什么是银行理财

银行理财产品是商业银行在对潜在目标客户群分析研究的基础上，针对特定目标客户群开发设计并销售的资金投资和管理计划。在理财产品这种投资方式中，银行只是接受客户的授权管理资金，投资收益与风险由客户或客户与银行按照约定方式双方承担。 [1-2]

银监会出台的《商业银行个人理财业务管理暂行办法》对于“个人理财业务”的界定是，“商业银行为个人客户提供的财务分析、财务规划、投资顾问、资产管理等专业化服务活动”。商业银行个人理财业务按照管理运作方式的不同，分为理财顾问服务和综合理财服务。我们一般所说的“银行理财产品”，其实是指其中的综合理财服务。

来自百度百科银行理财产品

1. 基本概念

风险等级

主要分5级，不同的银行用不同的字母表示，例如招商银行用R1-R5, 工商银行是PR1-PR5。数字1表示风险最小，数字5表示风险最高。也有银行直接用汉字分为低，中低，中，中高，高五大类。

等级	风险	保本	投资范围
R1(谨慎型)	很低	是	交易所市场债券，资金拆借、信托计划、银行之间的市场及其他金融资产等。
R2(稳健型)	低	否	同R1
R3(平衡型)	中	否	除了可以投资于债券、同业存放等低波动性金融产品外，还可投资于股票、商品、外汇等高波动性金融产品，后者的投资比例原则上不超过30%。
R4(进取型)	大	否	与股票、黄金、外汇等高波动性金融产品挂钩，且比例可超过30%
R5(激进型)	极大	否	可完全投资于股票、外汇、黄金等各类高波动性的金融产品，本金风险极大

开放式 VS 封闭式

开放式理财产品：在产品到期之前可以赎回。（相当于活期存款）

封闭式理财产品：除了产品规定的赎回日和到期日，该产品不能提前赎回。（相当于定期存款）

净值型理财产品

2018年4月27日央行发布重磅消息，资管新规正式出台，金融机构的资产管理产品一律要打破刚性兑付，金融机构对资管产品应当实行净值化管理。

净值型理财产品：简单说就是赚的都是你的，赔了也只能自己兜着。以前银行有的“保本型固定或者浮动收益”产品将逐步退出市场。其特点是：

没有预期收益率。净值型产品一般有业绩比较基准，但不等于实际收益，往往差别较大。投资者在购买净值型产品时，只能看到过去的收益情况。
净值型理财产品流动性高。净值型理财产品，特别是开放式理财产品流动性高，可以按日或定期赎回。
净值型理财产品净值会有一定的波动。净值取决投资基础资产的价格，基础资产的价格涨跌将反映为净值的上涨或下降。
净值型理财产品的实际收益取决于用户购入和卖出时的净值差值，净值的变化将决定投资者的盈亏。
净值型理财产品是有申购和赎回费的，频繁的申购赎回将降低实际收益。

**净值型理财产品：**与开放式基金类似，为开放式、非保本浮动收益型理财产品，没有预期收益，也没有投资期限。

2. 2018年理财产品综述

2018年，银行业经历了金融监管体系改革“三会合一”和资管新规的正式出台，银行理财打破刚兑和净值化转型正式启动并加快进程。

总体收益率

2018年12月份银行理财产品平均预期年化收益率下降至4.37%；货币市场基金平均7日年化收益率上涨20个基点来到2.94%，连续第三个月不足3%。

不同时长的收益率

总体而言，理财产品的发型数量逐步下降，长期理财产品（24个月以上）总体收益高于其他短期理财产品。

不同类型的收益率

非保本浮动产品收益率最高，但相比于其他也没有特别大的优势。跟金牛网给出的2018市场扫描给出的平均收益率4.67%没有太大的出入。这个数据相比较**理财网2017年的报告所给出的数据，收益率是增加的。

2015 至 2017 年，银行发行的理财产品的客户实际年化收益率基本在 3.5%-5.0%之间。

银行把理财的钱投哪儿了？

数据来自**理财网2017年度报告

3. 有什么值得买

了解自己的风险承受能力

华夏银行投资者风险承受能力测试

哪些靠谱银行

东方财富网榜单：

金牛网榜单：

两个榜单上都上榜的银行有：**银行，**建设银行，交通银行，**农业银行，华夏银行，南京银行，青岛银行，青岛农商，渤海银行。

购买时可以首先考虑比较靠谱的银行。

哪些明星产品

金牛奖2017的榜单给出了不同银行的明星产品（需要查一下评审规则），东方财富网的榜单中也给出了一些基金的名字。但是，明星产品并不代表他们是常胜将军。例如东方财富网中提到的**银行搏弈睿选107期，实际收益率8%，可以第154期的收益率仅为2.44%。

搏弈睿选2017不同期的实际收益率

利用和讯数据

找到某个产品之后，可以在和讯理财频道查找到相应产品，点击之后会给出销售产品的银行近12个月所有产品的平均收益和其他同类产品的平均收益。

在不考虑当前经济大环境的情况下，可以大致知道实际利润率跟产品宣传的预期利润率是否符合。

4. 有哪些要注意的坑

理财产品的四个期

理财产品包括四个期, 包括募集期、投资期、储蓄期和清算期,这4个期限只有储蓄期是计算理财收益的,募集期、投资期和清算期基本上都不获利,是资金站岗时间。

募集期是产品开始销售到终止销售的一段时间,一般是5~7天,此间的投资收益按照银行活期利率计息。

投资期是银行把募集到的钱投资出去的时间,这段时间一般没有利息。时间在1~2天甚至更短。

储蓄期是产品正式成立之日起,到产品结束之日止,这才是通常说的产品投资期限,投资资金在这段时间才真正获得收益。

清算期的时间范围是产品的到期日到资金的实际到账日,有的银行可能会在产品的到期日之后,及时地把钱划转到投资者的账户,但有些银行会有1~2天的清算期,需要注意的是,清算期投资者资金也是不计息的。

飞单

指银行代售其他商家的产品。这个国家已经在严查。个人防范措施是拿到合同上的代码之后，在**理财网进行查询，查不到的不是正规产品。

预期收益率不等于实际收益率

从上面的年报可以看出，一般来说银行理财产品的年化收益率在4%~5%算是很不错的年景和产品。一些短期产品可以达到更高的年化收益率，但是无法持久。

而且从东方财富网的榜单中，达标数量最多的**银行的达标率2887/6471=46%, 厦门银行合格率最高，达到63%。另外从普益标准的统计数据2018年4月到期并公布了实际收益率的产品中，只有49%达标，到了5月，则为33%。

可以说有一半的理财产品是不能达到预期收益率的。

5. 结论

银行理财总体风险较低，如果选择正确，年化率可以在4~5%左右。

参考文献

关于美国债权的最小全局认识

背景：利用下班前的1个小时对近期比较热的美债进行了一次不严谨的全局尝试。

美债

概念

美国国债（U.S. Treasury Securities），是指美国财政部代表联邦政府发行的国家公债。本质上是美国联邦政府欠美国国库券持有者的金额。
根据发行方式不同，美国国债可分为凭证式国债、实物券式国债（又称无记名式国债或国库券）和记账式国债3种。
美国国债根据债券的偿还期限不同，美国国债大致可分为短期国库券（T-Bills）、中期国库票据（T-Notes）和长期国库债券（T-Bonds）3类。
美国国债除了本土投资者外还面向全球各个国家，其往年的国债发行量平均一年是5、6千亿美元。

国债收益率曲线

10年期国债的收益率通常被称为“无风险收益率”，就成为了各类资产收益率的铁底。

有三项指标是观察今年的美元指数和国际金融市场的最重要指标。
第一项指标是美国五年期国债与两年期国债的利差。这项指标现在已经出现了倒挂现象。
第二项指标是美国十年期和两年期国债的利差。现在已经接近零了，还没有倒挂。它一旦达到零或者变负，意味着美联储加息将会减慢。
第三项指标是美国十年期和三个月国债的利差。它如果反转意味着美联储必须立刻停止加息。

国债收益率曲线出现倒挂

国债收益率曲线倒挂的现象是指，短期债券的收益率高于长期债券。这一现象不常发生，现象背后的含义是长线投资的信心减弱，投资者对未来收益的期望下降。
举例来说，5年国债-2年国债<0，即5年国债<2年国债，投资者更愿意持有2年国债。

收益率曲线倒挂被视为经济衰退的标志之一。在2018年以来，短中长期间的利差呈现缩小趋势，并在12月4日首次出现了倒挂的情况。在12月19日，美联储加息前后，共出现了不完全连续的8个工作日的倒挂。

市场对于国债收益率倒挂的解读

美国国债出现倒挂，是由于美联储加息所指。(待完善，可解读为什么特朗普及美国诸多机构不希望美联储12月加息)
12月的美国股市大跌，是否是美联储12月加息的直接反馈。(待验证)
结合之前的几次经济衰退经验，美国国债出现倒挂，是经济衰退的前兆。但是经济衰退真正的出现会出现时滞。(<美国经济衰退概率和美债利率下行极限探讨>)
历史上导致经济衰退的重灾区，目前状况良好，风险可控。如出现经济衰退，引爆点不在传统的银行部门、居民部门和地产行业。(待验证，<美国经济衰退概率和美债利率下行极限探讨>)

国债收益率倒挂的影响

2019年美联储加息节奏会放缓，甚至不加息。
随着美联储将在2019年更为鸽派，包括鹰派投票人的离开和鸽派投票人的进入(不排除特朗普进行一些人事上的安插)

参考资料

wiki:美国国债
 知乎:美国国债
 美国财政部 : 国债收益率曲线利率
 宋鸿兵：联储加息招致金融风暴，三项指标为你赢得24小时逃命时间
 美债收益率曲线倒挂，衰退还有多远？
美债收益率曲线11年来首现倒挂意味着什么？
美国经济衰退概率和美债利率下行极限探讨

Changelog

2019年1月11日 16:00-17:30

20190114会议记录

大家总体的完成度还是很高哒。今天开会效率也超级高30分钟搞定！！
这周三1月16号碰一下头，周六组长在组内预演。

这周的重要行动点：
组长：做ppt
小哲：基金部分的一些细化
哲嘉：平台方面的细化
贝贝：查一下美国银行理财的基本情况

美国人的理财方式和银行干什么

简单查了一下资料，没有完全做最小全局。（不过还是有看报告和财报。银行的财报好难懂。。。）

American bank

treasury bond

T-bond，也就是国债，利率可以在美国财政部网站上查到，可以看到1年的年化率是2.6%左右。

Certificates of deposit

银行发行的高息定期储蓄账户，政府和FIDC会保证收益，一般年利率在3.5%左右。需要定期存款5年以上。

银行收入构成

从wells fargo 2017年的财报, 理财收入是整个银行收入的19%。占了重要的一部分。但是跟**的理财产品不同，美国的银行的理财业务主要分为不同的等级。从美国银行官网可以看到他们的咨询业务分为几档：

最低的是“咨询师”。有一些免费服务，包括理财的基本知识（宏观经济变化曲线），如何管理个人财富（多少放股票，多少放基金，多少应急现金），不同账户的教育（IRA， RothIRA，税前税后投资），偶然也会告诉你某些基金可以用来入门试水。
再上一级就是“理财师”，会针对你的目标，风险承担能力“定制”投资方案，这些形式上更像国内出售的理财产品，区别是有风险级别的选择，也有个性调整。一般理财师收取1% 投入资产作为费用。不同银行会设有不同的入门金额。
第三级是私人银行，投资方案更加个性化。入门金额更高
第四级是信托。有一个团队帮你理财。

PPT 框架和概要

组员缩写

LL littlemyleigh
BB 贝贝
XZ 小喆
LZJ 梁哲嘉

大家可以通过检索自己的组员缩写查找到自己的任务！

0

风险提示

“懒人”定义：

我们所说的“懒人”是普通人：

有全职工作的业余投资者
投入理财的时间精力有限

如果你符合以下特征，求放过，本报告内没有你要的“答案”。

啥事不做天天躺家里的“懒骨头”
不学习不思考等靠要的“伸手党”
总在寻找暴富机会的“投机者”
自以为能战胜市场的“聪明人”

懒人投资的目标：

构建投资组合

适合自己和家庭
能够抵抗市场波动

实现投资收益

长期的
符合市场规律的
约等于7%的平均年收益

1

宏观：理财为什么越来越火了？

富了

（BB 财富报告，**财富增长的数据，**的高净值和超高净值家庭，快速增加）

老了

左栏：人老，人少

2013年，北京户籍人口期望寿命为81.35岁，男性79.35岁，女性83.42岁，过去10年间，北京人的人口平均期望寿命由2003年的79.62岁，增长至2012年的81.35岁，目前已同世界高收入国家水平相当。
2017年，上海户籍人口平均期望寿命达83.37岁，男性80.98岁，女性85.85岁
2017年我国居民人均预期寿命达76.7岁

人老、人少

插入两张图表

**和全球生育率趋势
**和全球人口老龄化趋势

右栏：四座大山

住房：2004-2017年房贷收入比从17%增至44%
医疗：1995-2017年居民医疗保健支出上涨22.4倍，远超可支配收入9.2倍的涨幅。
教育：1997-2017年**公立幼儿园在读人数比例从95%降至44%
养老：**独生子女约1.8亿，“四二一”家庭结构养老负担重挤压生育意愿

来源：

《北京市卫生与人群健康白皮书》2013 http://www.nsfc.gov.cn/publish/portal0/tab446/info65814.htm
新华社：上海市民平均期望寿命升至83.37岁 http://www.gov.cn/xinwen/2018-01/24/content_5260141.htm
新华社：2017年我国居民人均预期寿命达76.7岁 http://www.gov.cn/shuju/2018-06/13/content_5298550.htm
拯救**人口危机刻不容缓——**生育报告2019，泽平宏观（zepinghongguan），作者：恒大研究院任泽平熊柴周哲
https://mp.weixin.qq.com/s?src=11&timestamp=1547379145&ver=1317&signature=Cqk5XumvQDKgYhhAe1IXAiAxbjywZKEYaPMOw2ZattSUAI*swa-MVAjH9r*IfCadlZwyqVRs4z-MNl9IO8nu5d3*Gfe3DE-hLMUjDlm97vsfc0Rs6USUlPauOVUh2gnQ&new=1

“不安→理财→掉坑”

“土豪死于信托，中产死于非标理财，草根死于P2P”

草根、中产、和土豪，都没有接受过理财教育。

各路身价不等的小白，拿着血汗钱，道听途说，蒙眼乱投，掉到坑里难翻身。

基于此，懒人投资项目组，通过广泛而深入的调研，希望能为大家提供

理财和投资的基本知识框架
理财和投资的工具箱
分析一种适合普通人的投资选项：基金

2

基本定义&宇宙最强法则

左：基本定义

懒人投资，主要讲投资，即在“未来可预见的时期内获得收益或是资金增值”。因为“投资”是更广义的概念，可以说是包含“理财”。我们梳理了维基百科、智库百科、百度百科、互动百科，中文和英文，关于一堆复杂概念的定义，可得出以下结论：

“投资”:

投什么？＝Investment（储蓄、银行理财产品、债券、基金、股票、期货、外汇、房地产、保险、黄金、收藏品...）
怎么投？＝Investing → 理财规划、投资决策、投资风格、投资理论...
普通人怎么投? 理财＝Financial Planning，个人如何规划你的财富用于生活保障和投资？
有钱人怎么投? 财富管理＝wealth management，有钱人让别人帮自己管理财富的服务
在哪里投? 货币投资→银行理财服务，证券公司，基金公司...
谁帮你投？理财顾问，投资顾问

宇宙最强法则——雪球和原子弹

左：坊间广为流传，爱因斯坦曾说

“复利是世界第八大奇迹，其威力比原子弹更大。”

巴菲特认可的自传，也是以复利开始的：“滚雪球”

关于复利的三个要素：时间、本金、利率

尽管已经不可考证爱因斯坦到底是何时何地说过这话，但复利已经成为全球投资界广为传播，已经成为了一种强大的模因。

右：复利的力量有多大？

举例
速算法（72）

3

让复利告诉你，富人为什么越来越富了？

左：炫富

以王思聪为代表的富二代在微信和微博上晒富，曾经带起一段非常火的信息传播，“贫穷限制了我的想象力”系列。

图片：此处插入炫富

右：逆向思考

众人都在八卦富人怎么花钱的时候，让我们逆向思考，

1）想想富人为什能每天这么闲得蛋疼，不用做事还有花不完的钱？
2）是谁在帮富人赚钱？

让我们用刚学到的复利，来回答第一个问题

本金：超高净值人群：是指净资产超过一亿美元（约7亿人民币）的个人（BB: 拆解财富报告里的数据，帮我核实哈）
利率：超高净值的富人的资产年收益率＞13%（瑞士信贷财富报告）
时间：72/13＝5.5年

也就说，超高净值人群，每隔5.5年，财富就会翻一倍！7亿人民币变14亿！

对，说的就是你们天天喊的老公“王思聪”，人家这么有钱，当然有闲天天八卦，肆意挥霍了。人家真的是花不完的钱，好吗！你快别刷他的微博了，快点滚回去工作赚钱！

4

欢迎来到全球富豪俱乐部- 是谁在帮富人赚钱？

富人的财富来源：

继承财富
白手起家，创业创造财富

（来源BB, 你看看你拆解的财富管理报告里，有没有关于财富来源的比例和数据，可以放在这里哈）

无论他们的财富是怎么获得的？他们的财富自由，最终是由神秘的机构“财富管理”来继续保障，钱生钱的。

最富有的人，会扎堆的把钱放在几个全球最顶尖的财富管理机构，绝对不是我等草根购买理财产品的各种商业银行。

Euromoney 2018 全球私人银行和财富管理机构排名

此处插入图表（LL）

我们通过拆解Euromoney全球综合排名前三的财富管理机构的年度财富报告，向大家揭秘

富人的特征 (年龄、资产规模、资产来源、地理分布....)
富人的资产配置（哪些投资产品、配置的思路？需要考虑的风险？新的资产配置趋势....）
（来源BB: 财富管理机构报告）

5

向顶尖的财富管理机构、投资人、学者学习

投资什么？Investment

多元化资产配置模型（回答投资什么的问题？）

怎么投资？Investing

资产配置的核心指标：风险、收益、成本、时间、流动性（）
投资风格和投资决策
金融行为学（卡曼尼）
（来源BB: 财富管理机构报告；LL：拆书，美林周期轮、标准普尔四象限、流动性金字塔等）

6

把钱全部买银行理财产品，你只会越理越穷？

BB：银行理财产品最小全局认识

7

成为自己的投资理财顾问

你说的好像很厉害的样纸，然而并没有什么卵用啊！

1）中产：私人理财有最低门槛，招商银行理财经理最低五十万，信托最低一百万。理财经理我接触过，水平也不怎么样啊？全部把钱给他们理，还不如我自己。
2）小白：我没钱，没时间，还月光，肿么破？

有解！

我们用财富管理机构、顶级理财顾问的思考框架，为自己设定目标和计划、配置自己的资产（哪怕只有100块，因为100块就可以买基金啦）
我们请历史上最伟大的投资人，为你筛选和评估投资选项，制定风险和收益平衡的投资组合

首先理一理财：

目标

博多费舍尔的三层财务目标
个人财务状分析

懒人的资产配置

风险控制：关于风险的两个维度, 投资本身的风险；家庭和个人的风险；投资组合标准普尔家庭资产象限图/ 你认为的风险, 实际的风险 Perceived Risk & ：https://www.stonehagefleming.com/insights/detail/holistic-risk-management-for-families
马斯洛需求理论和资产配置 https://missionassetfund.org/hierarchy-financial-needs-introduction/
生命周期组合：Portfolio Theory, Life-Cycle Investing, and Retirement Income (https://www.ssa.gov/policy/docs/policybriefs/pb2007-02.html)

再来看钱生钱的投资选项：

懒人钱生钱的最佳选项

最伟大的投资人都推荐什么投资目标

巴菲特曾建议普通投资者应该购买指数基金。

“如果你投资了一支成本很低的指数基金——你不用把所有的钱一次性投进去，而是平均到10年的时间里，那么你的投资收益就会比90%的与你同时进行投资的人都高。”（2004年伯克夏尔哈撒韦公司的年会） “把10%的现金用来购买短期政府债券，90%用来购买成本很低的标普500指数基金。”（2013年写给股东的一封信）

约翰博格：指数基金

彼得林奇：指数基金和股票基金

懒人为什么投基金而不是股票？

左：风险、门槛

股票：每只股票100手，10支股票一个组合。以及你需要花更多的时间和精力去研究个股。巴菲特的伯克希尔哈撒韦，一股1.6万美元起跳，100手就是160万美元，爱我，你怕了嚒？
基金：100元起买，每支基金本身就是一个投资组合，帮你分摊了风险，还有专业的基金经理帮你管理

右：经济学家 Kama（XZ，插入kama的市场有效论，即无人能战胜市场）

7

游泳之前，你必须需要看的安全指南-中美基金最小全局认识

XZ: 此处插入小喆研究的中/美基金最小全局认识

可是这些大牛都是美国的啊，在**的股市有自己的特点，能这么搞不？

对比中美股市的最小全局数据（资产规模、上市公司数量、投资人数量、机构投资人和散户的数量）
CR4: 对比中美4只最大基金近五年的表现

（BB: 采集美国基金CR4; XZ：采集**基金CR4）

这里呈现一下验证的结论

你看到的收益不等于你的收益——为啥我买基金没赚钱？

这不是你再哪里买基金的问题，而是投资策的问题。

麦哲伦基金的案例

(LL: 插入案例分析)

好的，那我买基金时需要注意什么？

8

评估别人

好基金的关键＝好经理+好机构

验证基金公司的实力（XZ，之前采集过**基金行业概况--组织机构及行业奖项，可以直接采用哈，再结合一点**基金公司的数据即可）
基金经理的变量（XZ抽样阅读论文，采集变量）

9

控制自己

强制储蓄-每月定投

延迟消费，制定每月的基本开支计划。按照固定比例每月定投到你的投资组合中。

动态平衡—价值投资≠一直不卖

长期持有，是各个投资大牛的极力推荐的。但是，现实中，你会遇到一些问题：

你需要在某个特定的时间点，支付大笔开销，比如房子、车子、医疗费
你也是人，作为价值投资者，也需要一点小小的鼓励，提前享受一点投资红利
你配置的某些基金/资产，一段时间内增长良好，在你的投资组合中变得占比很大，破坏了组合的平衡，平衡的破坏会使得你的投资波动风险增高

因此，你需要做动态平衡。做动态平衡，实际上就是基金经理们，也常做的一个技术操作。

动态平衡的难点

每一次动态平衡，不仅仅是市场博弈，更重要的是和自己博弈。因为市场的波动是永恒的，它不以你个人的意志为转移。

和市场博弈，你需要检视你的投资组合，考虑宏观经济和行业变量，考虑你自己的家庭和个人的开支规划；

和自己博弈，你需要坚守你的记录，并想机器人一样，毫无情绪的执行。控制自己，是最难的。最伟大的投资人，无一不是高度自律的铁人。

不管你是业余投资者，还是职业投资者，控制自己，是最难的，也是最有决定性的。

动态平衡的反常识——价格≠价值（钟摆理论）

在股票市场里，价格总是围绕着价值，呈钟摆式波动，永恒不停。这就是伟大的投资人的套利空间。

逢低买进，逢高售出，是有前提的：

价格相对于价值低的时候买入
价格相对于价值高的时候卖出

但是现实中，普通投资人往往更容易被价格主导，结果不断追涨杀跌，赚不到钱。

动态平衡的反常识——金融行为学

诺贝尔奖得主，卡曼尼关于风险、决策和情绪的理论简介

一个彩蛋

不要低估在投资这件事上，控制自己的难度

连你们崇拜的牛顿爵士也在股市里掉过大坑。他说：
XXXXX

10

基金平台评估

好啦，现在你已经掌握了关于财富管理的最小全局认识。如果你马上就想小试牛刀，我们帮你评估了几个可以买到基金产品的互联网平台。

11

财富的可供性是什么？＝支撑

你可能注意到了懒人理财的logo是一张长椅。它和littlemyleigh之前写过的关于“可供性”的文章有关。我们认为，财富和一张长椅一样，具有相同的可供性。那就是支撑。

我们希望每个努力工作的人，勤勤恳恳的普通人，都能通过理财获得更多的财富。支撑你的生存、生活、家庭、责任、梦想、自由！

微笑曲线初探

根据分配的任务，首先查了一下微笑曲线，下面是收集到的一些资料和我对这个概念的具体看法。希望大家讨论。

微笑曲线

宏碁集团创办人施振荣先生，在1992年为“再造宏碁”提出了有名的“微笑曲线”（Smiling Curve）理论，以作为宏碁的策略方向。

一些说明和解释：

https://baike.baidu.com/item/%E5%BE%AE%E7%AC%91%E6%9B%B2%E7%BA%BF%E7%90%86%E8%AE%BA

https://en.wikipedia.org/wiki/Smiling_curve

什么时候用在基金投资策略上的没有找到，查了一下百度指数，从2012年至今，搜索的热度相对平稳。

当用关键字“微笑曲线基金”一起搜索时，找到了一些很简答的网页介绍，核心**是：在谷底的时候不要因为绝望就停止了定投，而是要一直坚持下去。

比如东方财富网的这篇文章： http://fund.eastmoney.com/news/1594,20130521292905197.html （2013年的已经很老了）

还有这篇**的文章，讲得也是很清楚了: http://www.businesstoday.com.tw/article/category/80401/post/201303190008/%E5%B9%AB%E4%BD%A0%E6%89%BE%E5%88%B0%20%E6%8A%95%E8%B3%87%E5%BE%AE%E7%AC%91%E6%9B%B2%E7%B7%9A

稍微新一点的博客文章 https://post.smzdm.com/p/592072/ 使用了一个模拟器做了一点的数据分析，直接引用他的结论就是定投基金要长期持有（两年以上）。然后指出了定投的神奇之处

定投最神奇的地方——下跌时赚份额，上涨时赚收益。

之后还指出了一些误区：不是说越长期持有就赚得越多，还是要根据宏观经济来进行估值。

估值法，这其实是巴菲特的老师格雷厄姆提出的盈利市盈率法。

盈利收益率是市盈率的倒数，也就是公司的盈利除以公司市值。

格雷厄姆认为，当盈利收益率高的时候开始投资、盈利收益率低的时候结束投资能获得更高收益。

那何为高何为低呢？

盈利收益率＞10%且大于十年期国债利率两倍以上的时候，盈利收益率为高。

盈利收益率＜债券平均年化收益率6.4%时，为低。

转化为基金定投策略：

盈利收益率＞10%，指数低估，开始定投，盈利收益率＜6.4%，分批赎回，而盈利收益率介于两者之间时，持有等待。

不同的指数在同一时期的盈利收益率是不一样的，可以分配自己的资金根据具体的估值状态进行投资。

然后用数据做了一些实证。

虽然这篇博文没有交叉验证，也有选择数据之嫌，但是态度是端正的。

Volatility smile

这个是在调研的时候在英文很著名的投资网站看到的

https://www.investopedia.com/terms/v/volatilitysmile.asp

wiki的介绍相似

阅读了一下感觉是跟股票期权（stock option）有关的，于是暂时没有深查。

结论

个人理解（请同侪纠正）微笑曲线是从制造业拿来的一个概念，大致是说在整个经济环境，市场走势不差的情况下，不要在价格下跌的时候就心情沮丧而放弃继续定投（或者抛出股票），而是要坚持到价格回升。

完整报告（未完成）

地址： https://github.com/bchen4/bench_investment/blob/master/full_report.md

我整理了大部分issue里面有的。
需要继续增补的有

第二章的基本概念，包括复利的算法之类（Beibei）
第五章 “成为自己的理财顾问” 感觉不是所有的内容都在issue里面，@littlemyleigh 等路演完了你整理一下或者把你有的丢上来我尽量按照ppt去整理？
第七章 “基金平台初探” @soniclr 我有点不知道该怎么下手，然后你贴的链接有几个我没有办法点开，可以截图吗？或者你有时间也稍微整理成一个报告的形式？

@jiji2cn 小喆的都很清楚，你可以看看你的部分

大家如果要修改，请新建一个你们自己名字的branch，然后提交pull request哈。最好只改自己负责的部分避免冲突哟~~~

资源清单

各位队员，请把你们在网上抓取到的文章、资源、数据、关键词、各种连接和清单补充到这里：

检索关键词清单

中文：

一类关键词：投资理财财富理财顾问基金指数基金
二类关键词：见书摘，蓝筹孩子，彼得·林奇教你理财

英文:

investment, personal finance, investment risk, investment decision, mutual fund,
二类关键词：见书摘，蓝筹孩子，彼得·林奇教你理财

《彼得·林奇教你理财》

作者：彼得·林奇（Peter Lynch）

写给年轻一代的投资宝典，巴菲特：如果我要送孙子礼物，我一定要买这本书送给他们

彼得·林奇是美国，乃至全球首屈一指的投资专家。他对共同基金的贡献，就像乔丹对篮球的贡献，其共同之处在于把投资变成了一种艺术，提升到一个新的境界。彼得·林奇出生于1944年，15岁开始小试投资，赚取学费，1968年毕业于宾州大学沃顿商学院，取得MBA学位。1969年，林奇进入富达公司。1977～1990年间，他一直担任富达公司旗下麦哲伦基金的经理人。在这13年间，他使麦哲伦基金的管理资产从2000万美元增至140亿美元，年平均复利报酬率高达29％，几乎无人能出其右。麦哲伦基金也由此成为世界上最成功的基金，投资绩效名列第一。1990年，彼得·林奇光荣退休，开始总结自己的投资经验，陆续写出《彼得·林奇的成功投资》、《战胜华尔街》、《彼得·林奇教你理财》，轰动华尔街。

书摘笔记 by littlemyleigh

彼得·林奇谈

道琼斯指数及其对投资者的意义
投资类别和股票的优异之处
投资基金的九条建议
推荐的选股工具——基金类

彼得·林奇谈道琼斯工业平均指数的由来，道琼斯指数的变化对投资者来说有什么意义？

1884年，一位叫查尔斯·道的记者发明了一种方法，能让股票爱好者大体了解股票市场的情况。他列出了11只重要股票，在每个交易时段，将每只股票的收盘价格记录下来，计算出总和然后除以11。他把用这种方法得出的平均数发表在一份名为《客户午讯》（The customer's afternoon letter）的新闻公报上。

最初，道计算的平均指数知识一种满足好奇心的消遣，但是最终这个指数让他名垂青史，成为著名的道琼斯指数（琼斯是道在这个领域的合作伙伴），它是一个多世纪以来股票领域的金融准绳。

原始的道琼斯平均指数包括9条铁路线，因为铁路在华尔街占据着主要地位，人们坚信铁路永远是美国商业的重心。12年后道又加入另一个平均数，即工业平均数，因为冶炼行业（如石油、煤气、冶炼、采煤、熔炉之类）将原材料加工成燃料、钢铁和橡胶，这些行业是国民经济的基石。所以，最早列入道琼斯工业指数计算的都是大型的、有影响力的冶炼行业龙头企业，类似后来的微软和沃尔玛，但其中大多数企业现在已经不复存在。

这对于投资者来说是重要的一课：商业活动如同运动项目，胜利的队伍或成功的组织不一定能一直保持领先地位。在商业或运动中谁都难能登峰造极，达到最高点后要保持则更难。....

通过比较最初的道琼斯工业指数的公司和现在列入指数的30家公司,我们就能透视出美国经济所发生的巨大变化。....

现代的道琼斯指数证明，美国不再严重依赖煤矿和钢铁工业行业的工业大亨，取而代之的是华尔街、饭店、银行、商人和娱乐公司，包括最近的一些计算机和软件公司，都在龙头企业中占据了一席之地。

彼得·林奇认为在投资类别中，股票投资更胜一筹

可供选择的投资有五种基本的类别：

类别	细分	优缺点
储蓄	把钱存在银行储蓄账务和类似的账户：储蓄账户、货币市场基金、国库券、定期存单	短期投资。优点：可以支付利息，可以再相对较短的时间内收回本金。缺点：利息率低。跑不过通货膨胀率。从这个意义上来说，银行储蓄可以说是一种失败的投资。长期来看，储蓄的意义不大
收藏	购买收藏品：私人收藏品投资，古董车、邮票、钱币	优点：物品越老越有价值，人们愿意花更高的价钱来购买；通货膨胀会侵蚀现金的购买力，从而抬高物品的价格。缺点：物品可能被遗失、盗窃、污损、受火、风、水等的破坏。虽然可以投保，但保险金额会非常高。挑战：收藏是非常特别的事业，成功的收藏家不仅对收藏品研究很精通，对于收藏品的市场价值也非常在行。这里面有很多东西要学，有一些你可以从书中学到，另外一些你必须从实践中学习。
房产	房产投资	优点：你可以一边住，一边等待其升值，你还可以借钱来买房。一个不会省钱买房子的人，通常也不太可能存钱投资股市。通过拥有自己的房子，养成积蓄和投资的好习惯。
债券	债券投资：债券和存款证和国库券非常相似，区别在于存款证和国库券的持有时间较短（几个月到几年），而债券的持有时间较长（一般为5年、10年甚至30年。	优点：债券比股票风险低，因为它具有担保性。你的投资是相对安全的，至少比股票安全。缺点：持有时间越长，通胀的风险就越大。债券一样会有风险。第一，若你在到期日之前卖出债券，未必能够全额收回本金，因为像股市一样，债市每天也会涨跌无序。第二，当债券发行人倒闭，不能偿还本金。以及持有债券最大的风险还是通货膨胀。
股票	股票投资	优点：股票是你除了房子以外最好的投资。如果买债券，只是借出一笔款。当你投资股票的时候，你是在购买一部分公司股。如果贵司繁荣昌盛，你可以分到一杯羹。如果它分红，你可以得到回报，如果提高红利金额，你就赚得更多。持有股票的好处——保值增值。或许在市场调整的年份或单纯的一年里难分伯仲，但长期来看，股票投资更胜一筹是不争的事实。挑战：当人们在股市中持续亏钱时，这并不是股票的错。股票的价值总体来说是随时间上升的。99%亏钱的个案是由于投资者不会制定投资计划，他们在高价时买入，在股票调整的时候他们往往耐心不够或是太过惶恐而匆匆地在低价卖出。

彼得·林奇谈长期投资股票

对于投资股票来说，可能需要坚持20年或30年以上。因为股票的调整需要足够长的时间来恢复，投资的盈利需要日积月累。每年11%的汇报是股市过去以来的记录。尽管没有人能够准确地预知未来，但以过去的经验来看，如果持有股票20年可以获得投资回报率11%的话，投资者10000美元的初始投资将变成80 623美元。

要向得到每年11%的投资回报，你必须忠诚的对待你购买的股票，就像忠实于婚姻一样....只有耐心持有，才能成就你的股票天分。有时候，决定投资者好坏高低的并不是投资智慧，而是投资的纪律性。... 不要轻信哪些让你卖出股票的“建设性的建议”，做一个坚定的投资人们终于你的股票。

自诩是一个长期投资者很容易，其实现在已经很难找到一个人不说自己是长期投资者了，但当股市调整之日，真正的考验才刚开始。

选时者试图预测短期市场波动和股价变动，并据此获得盈利而退场。但是，没有多少人可以用这种傻瓜都懂的方法真正赚到钱。如果真是这样那这个人早成百万富翁，而不是比尔盖茨和沃伦巴菲页了。

关键的几天往往可以陈旧或是摧毁你整个投资计划。这里有一个很典型的实例：在20世纪80年代股市上涨的5年中，股价每年的涨幅大约为26.3%，坚持长期持有的投资者资产会翻番，但其实这5年的大部分利润是在1276个交易日中的40个交易日赚取的，如果在那40个交易日中你选择空仓的话，你的年平均收益可能就会从26.3%降到4.3%（其实定期存款也可以获得4.3%的收益率，等风险更小）

彼得·林奇总结共同基金的特点：一个好的基金经理

我们可以得出两个结论：第一，你应该选择投资股票；第二，一但买了，就要尽可能长期的持有。接下来的问题就是，是由你自己来挑选个股，还是委托别人来帮助你投资股票。

你可以在报纸上查到所购买基金的业绩表现情况，就像你要找迪士尼的股票表现那样。基金净值每天都像投资组合中的个股变化而变化，那就是你要选一个好的基金经理的原因，他们选的股票表现越好，你的基金就会赚得越多。

彼得·林奇给出投资基金的九条建议

有关基金选择的方法，我在此提出了九条建议。

第一，你可以直接在基金公司处购买基金，也可以通过股票经纪商购买，不过，有时候股票经纪商未必代理你想要的基金产品

第二，股票经纪商也要盈利，所以，有时候他们会重点向你推荐他们自己的产品。.......你要仔细思量，你可以要求他们提供全部产品的清单，你有可能找到与他们推荐的性质相仿但业绩却好很多的基金产品。

第三，如果你是长期投资者，就不需要考虑是选择债券型基金还是混合型基金了，你的终极目标就是股票型基金。

第四，选择合适的基金难于选购好车，但基金有历史业绩可以做参考。你可以透过基金评级来判断基金的好坏。不过，当你根据历史业绩表现来选择一只基金的时候，请首先确认该基金经理是否仍然在任。

第五，长期来看，小盘股往往比大盘股表现出色。今天成功的小公司就很有可能编程明天的沃尔玛和微软。既然小盘股的波动性更大，那么，小盘股基金的涨跌幅度就要比其他类型的基金大。但只要承受能力足够强大，就能收获颇丰。

第六，为什么要冒风险去投资新基金，而不去选择那些历史业绩优秀的老基金呢？你完全可以在《巴伦》（Barron‘s）周刊或《福布斯》（Fobes）等金融杂志上找到这些多年来表现突出的基金。《巴伦》每半年会刊登一次所有基金的表现及专业评级机构——理柏（Lipper）公司所做的基金评级，《华尔街日报》（Wall Street Journal）则每季度就会刊登一次。如果你想更详细地了解一只基金的情况，你可以从晨星公司（Morningstar）那里获得，晨星公司追踪几千只基金，并且每个月发布报告，并对这些基金进行收益及风险方面的评级，告诉你谁是基金家里人，投资组合中有哪些股票等。它可以提供期仅为止最详尽、最便捷、一站式的基金信息服务。

第七，有些投资者习惯经常转换于不同的基金，希望可以调到表现最好的那只基金。其实，这么做往往事倍功半，徒劳无益。很多研究表明，一年表现好的基金在下一年未必一样出色，所以，尝试寻找表现最好的基金是得不偿失的事情，你最好还是挑选一只历史业绩优异的基金，买入并长期持有。

第八，基金的费用中除了基金资产中列支的年度管理费之外，还有购入费用，叫申购费。你持有基金的时间越长，这些申购费就越显得无足轻重，如果一只基金表现优秀，10或15年后，3%-4%的申购费用也就微不足道。其实，每年的年费更值得注意，因为它每年都要从基金资产中扣除。费率低的基金（少于1%）比费率高的基金（超过2%）自然更有优势。

第九，其实，基金经理常常无法战胜市场，其中一个原因便是费率的扣除。一些投资者已经放弃了寻找可以战胜市场的基金，相反，他们选择无论如何可以跟上市场平均水平的基金，这种基金就是指数基金，它并需要基金经理来主动管理，完全可以由计算机程序自动完成投资。它的实质就是按照比例购买标的的指数的成分股毛病一直持有。这其中没有特殊的管理费、频繁买卖不同股票的佣金，也无需投资决策。你可以通过购买追踪标准普尔500指数基金来获得市场平均的收益水平，而这可能比你投资主动管理的基金效果更好。又比如，如果你希望通过投资小盘基金来分享小市值公司的高速成长，你就可以购买罗素20000指数基金。另一种方法就是做资产配置，一部分钱投资标准普尔500指数基金，另一部分用来投资小盘股指数。

彼得·林奇推荐的常用选股工具——基金相关

《共同基金公司目录》（Investment Company Institute's Directory of Mutual Funds）
这份目录是一本投资共同基金的入门参考书，它列示4500家共同基金名录，按照不停目标进行分类。对每家基金公司都列明其名称、地址、电话、创立日期、投资顾问、管理资产、费率以及销售地点，同时提供需要多基金词汇的解释

《共同基金总汇》（Investment Company Institute's Mutual Fact Book）
一份全面总结共同基金发展动态、汇总基金统计数字的年度专刊

《晨星共同基金》（Morningstar Mutual Funds）
一份专业期刊，全面追踪报道并评比363只封闭共同基金和1500只开放式基金，每只基金有专页介绍，晨星基金分析师还会提供基金国王的历史技术图分析，撰文点评

《华尔街日报季度最优基金纵览》The Wall Street Journal Quarterly Mutual Funds Review
专题文章总结过往一个季度共同基金领域的发展动态，同时提供服务电话、最低投资金额，以及手续费、投资绩效之类的实用信息

《蓝筹孩子》

作者：戴维•W. 比安奇（David W. Bianchi）律师、投资者。美国新一代测序技术公司GnuBio的原始投资者、董事会成员（该公司以1.1亿美元被伯乐公司收购）；美国佛罗里达州储蓄银行的创始人、副董事长（该银行高价卖给了商业银行）。

一本孩子和父母一起学习、认知的金融通识读本。作者给自己13岁的孩子，讲解金钱和投资的基础金融知识，涉及：金钱、储蓄与消费、信用卡、股票市场、股票买卖、期权、基金、债券、公司分析、借贷、税务、经济、私募与风投等热门的基础金融知识。

目的：让孩子从小就养成良好的储蓄和消费习惯，树立正确的金钱观和理财观。父母也能在理财教育的过程中重新审视自己的各种理财行为，及时做出调整和修正。

抽样阅读

第一章钱，钱，钱/1
赚钱的方法/19

第六章基金（巨大的资金池）/123
什么是基金/125
指数基金/126
共同基金/128
对冲基金/132

抽样阅读笔记 by littlemyleigh

赚钱的方法

服务费，按次收费，完成做获得报酬，固定收费
时薪，受雇于公司按每周小时支付计时工资
年薪：受雇于公司拿年薪，和工作小时数无关。
佣金：按照你给公司创造销售收入来提成
成功酬金：律师收费方式，按胜诉赔偿百分比获得酬金
创办公司：培育公司，卖掉公司
综合：对冲基金经理，既有固定费率2%，也拿投资收益20%
咨询费：成为某个领域的专家，向客户提供商业建议。顾问收费包括，一部分固定收费，再加上代垫费用报销
小费：餐厅服务员，在时薪基础上，餐费的百分比
交易：通过交易获得商品或服务，古老的以物易物

股票指数

纽交所每天2308只股票挂牌交易，纳斯达克 2700只。选取一小部分在纽交所上市的股票，组成指数，来看股票表现如何。
道指30：道琼斯工业平均指数（Dow Jones Industrial Average），从纽交所挂牌2308只股票选出30只股票组成指数。
纳斯达克100：NASDAQ100 指数，从纳斯达克挂牌2700只股票挑选100只股票组成指数。
罗素2000：Russell 2000，主要有小公司组成，指数成分股是2000支
标准普尔500：Standard & Poor‘s 500, 包含500支股票

基金

基金是很多人把资金汇集到一起，用于投资股票或其他证券。市场上的基金各种各样，投资你能想出的任何市场板块：高收益债券、价值型、小型股、中型股、大型股、能源、房地产、技术产业、生物科技....

你不需要自己去买这些基金包含的所有股票，你只需要购买挑选好的基金，基金经理会用基金资产去购买股票。

指数基金

有投资者认为：想挑出好的个股很难，买入指数基金是更好选择。

指数基金投资某个市场指数的成分股。（参见“股票指数”）
指数基金追踪指数，精确反映它所追踪的指数的变化

共同基金

共同基金是股市的常见投资工具，美国有超过1.5万只共同基金。共同基金和指数基金的区别是，基金经理对购买的股票有很大选择权，不一定是指数成分股。

共同基金的好处

专业公司管理
很强的多样性，购入的股票比你自己买的多很多，能分散风险

知名基金公司清单：

富达 Fidelity
杰纳斯 Janus
先锋 Vanguard
安本 Aberdeen
普信 T.Rowe Price
美洲基金 American Funds
富国 Wells Fargo

每家公司旗下都有多只不同基金，每只有基金代码。不同的共同基金会关注某个特别的领域，比如医疗、能源...

购买共同基金需要注意其收费：

共同基金靠服务费赚钱，要认真研究基金费率结构，确保没有超出你认为的合理范围。

共同基金收费项目包括

账户维护费
前端收费，或销售费
赎回费，把基金卖回给基金公司收取
交易费，基金转换时收取

共同基金有很多收费，他们会竭力向你证明它们的费率比其他人要低。对这种论调要保持怀疑态度，在投资前多做些功课。

在基金公司的网站上，可以查到与基金费率相关的所有信息，也有互联网公司会对费率进行比较，以供你对收费、支出、历史表现进行对比。比如www.morningstar.com

你如何衡量自己的财富？

资产 assets 你长期拥有的东西，房产、珠宝、艺术品、汽车、游艇、家具、现金、股票、债券
负债 liabilities 你欠别人东西，银行贷款、欠别人钱、诉讼赔偿、要付的款项、待付的税金
净值 net worth 一个人拥有的全部资产减掉负债

计算个人净值的参考模板？

个人财务报表 Personal Financial Statement

一份来自美国银行的个人财务报表模板，下载链接：https://www.usbank.com/small_business/sub_global/pdf/Personal_Financial_Statement.pdf

已购书单 20181231

共同基金常识（未读）
钱：7步创造终身收入（未读）
好好赚钱（未读）
《穷爸爸富爸爸》（****已读，财商普及）
《蓝筹孩子》（***已读，投资理财知识科普）
《穷查理宝典》（*****在读）
《彼得林奇教你理财》（*****已读，抽样阅读>序言补上投资这一课、第1章美国股市的前世今生、第2章股市投资的基本原理、附录A常用的选股工具）
财富自由之路（****已读，财商普及，投资规划）
《小狗钱钱》（***已读，财富自由之路儿童版）
《有钱人和你想的不一样》（**已读，财商普及，没啥实质内容）
《邻家的百万富翁》（未读）

新购书单 20190106

聪明的投资者
重新定义理财顾问
7分钟理财
**式财富管理
富人的逻辑

参考资料

github awsome 清单https://github.com/mr-karan/awesome-investing
简七年度投资总结 https://mp.weixin.qq.com/s/qEynPdNmypT44Bq3jjCU_g
FT**通胀文章 http://www.ftchinese.com/story/001080931?full=y&from=groupmessage&isappinstalled=0#ccode=2G188002

国内理财平台

支付宝
陆金所
蛋卷基金
麻袋
涨乐财富通

互联网基金平台【**】（最小全局认识）

[TOC]

概念

什么是互联网基金？¹

【概念】：

互联网基金是指在借助互联网媒介的基础上实现投资客户与第三方理财机构的直接交流，从而绕开银行介入，是对传统金融理财服务的延伸和补充。在这种“金融脱媒”的理财模式下，银行在客户和第三方理财机构之间不再起着有偿连接作用，弱化了银行的金融中介地位，大大提高了理财效率并降低了理财成本。
【特点】

基金与网络的结合涉及到的仅是其销售平台或模式的变化。即便是这样一个小小的创新，也使得互联网基金理财除了具备传统基金理财高流动性、高安全性和较高收益性的特征外，又具有区别于传统基金理财模式的特点。
首先，互联网基金依靠大数据、社交网络、移动支付等现代信息技术，实现了交易场所的虚拟化。相比于传统基金理财模式，不但便捷了基金的业务操作，降低了运营成本，而且大大提高了业务效率。
其次，可以实现基金产品和客户投资需求的高效匹配。在互联网基金理财模式下，投资者可以通过网络平台掌握更多有利于自身投资的信息并能轻松完成对各种基金产品的比对，从而筛选出适合自己的优质投资标的。更为重要的是，互联网基金理财作为互联网金融模式的重要内容，使绝大多数人（尤其是低收入阶层）都能够参与到这种金融创新活动中来，有效地缓解了金融排斥，很好地诠释了普惠金融的内涵。

什么是货币基金²

货币基金，又称为货币市场基金（Money funds, Money market funds，or Money market mutual funds）是共同基金的一种，指投入现金定存以及高信用评等的短期票券（一般在1年以下）的基金。

一般而言这类基金所投入资产风险较小，极少出现本金亏损的情形，而被认为是资金的短期避风港。但在2007年－2009年环球金融危机中，因为一些公司的倒闭（例如雷曼兄弟）使得一些货币基金因购买了这些公司的短期票券而遭受损失。

货币基金的投入理由与定存类似，一般有几项，一是作为投资其他货币的管道。（有些币种本身的兑换自由度不够高）；二是在类似的风险波动下，获得比定存稍高的收益。（但如果基金的收费过高这项功能就无法彰显）；三、利用基金转换的功能，将其他放在股票、债券基金的资金，暂时转入货币基金，待机会再转换至想要投入的基金中。

什么是第三方独立基金销售机构

独立基金销售机构是指独立于基金公司、银行、证券公司等之外的取得合法的开放式基金销售资格的机构，投资者可以通过独立基金销售机构搭建的平台申购、赎回基金。相对基金公司、银行、券商等来说，独立基金销售机构对各种基金产品的销售态度更加中立，通常有费率优惠。这些机构致力于为投资者提供更有价值的投资咨询和丰富的产品选择，在一定程度上类似于国外的“基金超市”

互联网基金发展史

发展历史

2013年被称为互联网金融的元年，在这一年，互联网企业与基金公司跨界合作，抓住人们不同用途的闲置资金，进行细分市场的短期理财。
主要是由于余额宝等的崛起。
因此，通过2013年可以将互联网基金发展历史区分为“公元前”和“公元后”两个大阶段。

2013年互联网金融元年前
1. 20世纪90年代 - 互联网基金萌芽期：嘉信理财时代
  1. 以嘉信理财为代表，在美国崛起的网络基金销售超市，至1999年，美国货币基金出现顶峰时刻，PayPal 推出第一只互联网货币基金
2. 2003年~2013年 - 互联网基金的“**道路”
  1. 2003年华安基金首次在**推出在线基金交易系统；此后，“银联通”、“银基通”等交易平台不断推出
  2. 2013年，**证监会推出管理暂行规定，互联网基金在**逐步开启监管
2013年互联网金融元年后至今
1. 支付宝与天弘基金合作，推出余额宝（货币基金），引发**全民理财热潮
2. 2014 年下半年开始，互联网货币基金的收益率持续下滑，市场开始由疯狂逐渐回归至理性发展阶段。
3. 2015年推出《关于促进互联网金融健康发展的指导意见》（简称《指导意见》），互联网基金销售业务正式告别无监管时代

差异化发展

像天天基金等第三方基金销售机构平台上还是稍微积累了更多一些专业的投资者
蚂蚁金服、腾讯基金销售的特点还是更多的面向海量的普通“小白”客户，所以差异化是未来的出路之一
好买基金平台上的产品偏专业化，面向高净值客户。以私募产品为例，都是100万资金起投，在此背景下投资者不可能简单看一下收益率就投，他们对投资的理解相对会深一点，对于投顾的专业性要求比较高，需要更专业得性服务

互联网基金销售模式说明（公募类）

互联网基金主要有3种销售模式来源：

直销模式：由基金公司或者有基金销售资格的银行直接售卖，此类模式，由传统的基金公司提供互联网销售渠道
代销模式：代销模式指，由独立于基金公司、证券公司之外的独立销售机构进行代理销售。代销模式由可按照销售方来源区分为以下三种
- 银行类：由银行和基金公司合作，提供第三方基金销售渠道
- 证券类：由证券公司和基金公司合作，提供基金销售渠道
- 第三方机构类：有独立销售机构进行售卖，譬如天天基金网、好买基金等（第三方机构类，2012年起，证监会才开始发放相关销售拍照）
新兴互联网销售渠道：指由不具备基金销售资格的互联网公司借由互联网，与基金公司合作，开发公募基金的销售模式
- 流量导入模式：指互联网公司和基金公司或者具备要基金销售资格的银行等进行合作，进行流量导入，但不直接售卖基金
- 基金超市模式：指有互联网公司为基金公司提供销售平台，由基金公司入驻，并进行基金的直接销售，譬如原先的基金淘宝店（现转为蚂蚁基金承接），此类模式的公司需要到证监会进行相关备案
- 直销嵌入模式：此类主要是货币基金，类似余额宝、理财通等

第三方基金销售平台

概况说明

和证券公司和基金公司购买基金相比，第三方平台是名副其实的后起之秀。这种渠道操作便捷，特别适合年轻人使用。第三方平台的基金产品丰富度更好，基金的各种品种都会参与，除柜台有交易时间的限制外，其网上交易都是采用7x24小时的交易模式，非常便捷。但非开盘时间仍需第二天确认份额。类似于天天基金网、好买基金网这些第三方平台，不仅基金产品众多，而且各类型风险的产品配置齐全，好买基金还包含了私募基金和信托产品，不仅在线上可以交易，而且还有手机客户端，操作非常便捷。
在互联网金融大潮的席卷之下，各家公司无论是在产品创新、产品包装、销售上都有独到之处，很多基金公司也都纷纷和第三方合作，占据这一战略高地。目前，基金销售市场占有率较高的有天天基金网、数米基金网、基金买卖网、好买基金等。由于积累了较多年轻客户，第三方理财平台也被基金公司视为渐渐崛起的销售渠道，目前，第三方理财平台上线的基金产品种类全面，数量众多，产品线也比较齐全。
由于基金公司支持第三方平台的销售，在折扣优惠上也会给予配合，第三方平台给予的折扣度一般都在四折。因此，投资人购买基金可以对比直销平台和第三方平台的优惠方案，降低购买成本，但相比而言，由于大多数基金公司直销的力度与第三方平台持平，而在产品丰富度上却相差甚远，第三方平台在整体体验上还是更胜一筹。
由于第三方平台大部分基金交易都是在网上完成操作的，且第三方平台注重创新，比较适合喜欢新兴事物的年轻人。对于投资者来说，资金安全是必须注意的问题，因此最好慎选较大的平台，另外买股票基金可搭配平台的现金工具，股市行情好时可申购股票基金，行情不好时则退回到货币基金。
证监会下发牌照：商业银行141家，证券公司99家，期货公司18家，保险公司4家，保险代理公司和保险经纪公司5家，证券投资咨询公司6家，独立第三方机构107家

三大基金公司分析

天天基金

天天基金是**证监会批准的独立基金销售机构。隶属于上海天天基金销售有限公司。上海天天基金销售有限公司有东方财富信息股份有限公司 100% 持股。

上海天天基金销售有限公司注册资本：33800万元人民币；实缴资本：10000万元人民币。2008-12-03成立。经营范围：为基金销售,第二类增值电信业务中的信息服务业务(以经营许可证为准)。

覆盖公募基金5800多只(基金品种全覆盖)。基金交易费率平均万2.8，支持一折认购。支持定投。

优势：基金覆盖范围广，申购费率低，基金推荐引擎比较专业，有独立的基金资讯调研机构（CHOICE）。最全信息平台，LOF 套利模式，支持场外场内转托管
劣势：天天基金APP 和网站的使用相对需要专业一些，便宜性不如蚂蚁基金等

蚂蚁财富

蚂蚁财富，全称蚂蚁财富(北京)投资基金管理有限公司，背靠蚂蚁金服。蚂蚁金服起步于 2004 年成立的支付宝。2014 年 10 月，蚂蚁金服正式成立。

通过天眼查和企查查获取资料为，蚂蚁财富的注册资本20000万元人民币，2014-12-26在工商注册成立。主页业务为：非证券业务的投资管理、咨询;投资管理;资产管理。股东为向中帅认股70%，北京蚂蚁共创科技管理中心(有限合伙)认购30%，其他北京蚂蚁共创科技管理中心(有限合伙)股东也是向中帅。

通过蚂蚁财富官网获取到的信息，则为蚂蚁(杭州)基金销售有限公司对外提供销售服务。而蚂蚁(杭州)基金销售有限公司转向的 APP 同为蚂蚁财富。因此认为蚂蚁财富对应的两家公司为不同注册公司，但同属一家。

Sonic注: 此处存疑，通过天眼查和企查查没有获取到两家公司之间的关联关系，是否信息存在错漏导致？通过其他几家公司的关系分析，一般为投资公司为控股公司，基金销售公司为分公司。但蚂蚁的两家公司之间没有任何联系，除了名字和官网的 APP 一模一样外……

蚂蚁财富提供超过3500只基金在售，基金交易费率平均在万3.2，支持一折认购。支持定投。

优势：蚂蚁财富，存在独立 APP，同时也嵌套在支付宝内部。便利性高。支持自动均线回归定投策略。手续费低。
劣势：暂无专业的分析信息。

好买基金

好买基金，上海好买基金销售有限公司，母公司为：好买财富管理股份有限公司。联想控股旗下的君联资本和腾讯集团是好买财富的战略股东。好买财富旗下全资子公司上海好买基金销售有限公司（简称"好买基金"）拥有**证监会颁发的首批第三方基金销售牌照，年均销售额超过30亿人民币。

Sonic注: 腾讯理财通有进行投资。

好买基金。注册资本：20000万元人民币，实缴资本：2000万元人民币。2011-08-29成立。经营范围：基金销售。

好买基金销售3000多只基金，基金交易费率平均在万三，支持一折认购，通过储蓄罐产品，可以进行储蓄，支持0费率认购。支持定投。

优势：基金分析专业
劣势：覆盖范围不够全面

其他平台

且慢 APP（盈米基金）

且慢APP，归属盈米基金。

珠海盈米基金销售有限公司，是一家深度运用互联网技术、深度耕耘泛资产管理行业的全新的互联网金融公司。公司执着于运用互联网技术和金融专业能力为广大投资者提供资产保值增值的一站式解决方案。

法人为肖雯，注册资本：2873.3981万元，人民币实缴资本：2000.8096万元人民币。经营范围为基金销售。

在且慢平台上购买的基金全部为公募基金且为场外基金。

且慢主要支持基金投资组合。支持定投。

优势：策略跟投，全方位跟踪分析，一键跟投

蛋卷 APP（雪球）

蛋卷基金是投资社区雪球的旗下产品。由于雪球的影响，蛋卷基金更多代表一类有经验投资者的思维方式，提供了很多进阶轮动和配置类策略。

北京雪球信息科技有限公司，雪球财经是一家互联网金融信息服务公司，旗下拥有投资类社交产品「雪球」、服务**美股投资者的资讯门户「i美股」。雪球财经还发布反映**概念股整体市场状况的**概念股指数。

法人代表：方三文。注册资本：1163.8328万元人民币，实缴资本：188.7万元人民币。成立于2010年。

优势：提供智能定投，提供指数增强策略组合跟投计划等功能。

货币基金概况

货币基金平台

货币基金选取大厂，由于收益率已经趋近于银行理财类，无需特殊推荐。

若考虑到便利性，推荐：余额宝、腾讯理财通等；
若考虑到安全性及银行使用性，推荐工行快钱、招行朝朝盈、及其他各大银行的“宝宝类”基金

收益已经趋近于银行理财，余额宝跌到接近2.8%（实时数据，参考新浪基金宝）
到账信息比对

基金平台综述

几大基金平台的功能基本上没有任何差异，且认购费率均趋同。

提供几大平台的特色功能建议，作为基金平台入手建议：

天天基金：背靠东方财富，信息丰富，基金操作界面信息类似股票信息，且行情走势信息等相对完善。
- 适合作为信息平台使用，建议所有基金买家不论交不交易，均安装。
- 基金覆盖范围全面
蚂蚁财富：嵌套在支付宝内，操作简单，跟支付宝资金完全打通。手续费低。
且慢：傻瓜式操作，适合小白长期跟投。
蛋卷基金：治疗选择困难症患者，有大V 投资可以跟投。
好买基金：专业的行业分析。适合专业基金投资者使用。

其他建议：不建议基金购买过于分散，选择2~3个平台结合使用，适合自己的选“鸡”风格，适用就好。

其他说明

监管问题

《指导意见》提出，基金销售机构与其他机构通过互联网合作销售基金等理财产品的，需切实履行风险披露义务，不得通过违规承诺收益方式吸引客户。《指导意见》进一步指出，基金管理人应当采取有效措施防范资产配置中的期限错配和流动性风险；基金销售机构及其合作机构通过其他活动为投资人提供收益的，应当对收益构成、先决条件、适用情形等进行全面、真实、准确表述和列示，不得与基金产品收益混同。第三方支付机构在开展基金互联网销售支付服务过程中，应当遵守人民银行、证监会关于客户备付金及基金销售结算资金的相关监管要求。第三方支付机构的客户备付金只能用于办理客户委托的支付业务，不得用于垫付基金和其他理财产品的资金赎回。互联网基金销售业务由证监会负责监管。³

参考资料

协会数据

基金公司

参考书籍

网络资料

附录

东方财富的一些材料，对基金平台选择没有有效建议，因此作为附录提供。

基金投资平台初探

国内投资平台初探*

2018年佣金排比

由于佣金涉及到不同营业厅，不同经纪人的佣金执行标准不相同，以基础佣金进行比对有如下资料：

2018证券公司排名及佣金一览
- 1、五矿证券：万分之1.952
- 2、华信证券：万分之2.082
- 3、华宝证券：万分之2.155
- 4、华泰证券：万分之2.276
- 5、东方财富证券：万分之2.849

平台选择基础比较原则

熟悉度（通过朋友圈获取信息）
证券业绩（经营程度）
平台使用
- 通过下载各个不同的券商提供的 APP 进行使用
- APP 平台选择：除了大部分券商直接外，还有提供股票投资的第三方交易平台，譬如天天基金网、众禄基金、蚂蚁基金、腾讯财付通、陆金所、微众银行等
基于以上选择的部分券商进行经营业绩、行业口碑、客户评价、经纪人情况等实际了解

参考资料

20190106 会议

时间：北京时间20190106 10：00 美国中部时间 20190105 20：00
Zoom: https://zoom.us/j/4802737790

主持人： @bchen4
会议记录行动点整理： @soniclr @jiji2cn @ppho99 @dannuan 你们自荐一个吧

会议时长：一个zoom时间40分钟。会议结束前五分钟决定需不需要延长

主要议程：

讨论plan 2.0 和下面的报告框架
决定需要增加或者删除的二级标题（可以看做是）
决定每一个二级标题的覆盖度，从简单描述到重点描述
决定合作方式：每一个人覆盖一个或者几个二级标题还是每个人负责一个组块（比如找大牛，找靠谱的投资平台）
拟出一份行动清单

关于投资的概念（最小全局认识）

概念的最小全局认识

按照Ch2学习到的技巧，我们先对和投资相关的概念做一个最小全局认识。

方法:

谷歌检索一级关键词，检索式：关键词（中文、英文）+wiki
通过一级关键词获得定义页面，抓取中英文页面内的信息结构/目录、二级关键词，并抓取专业网站内的分类结构，wiki, Investopedia, MBA百科MBA lib
交叉验证: 对比中英文定义；查看参考资料、作者/编辑的履历

以下是我的发现:

关键词列表

层级	英文	中文
一级	fortune, wealth, invest/investment，finance	财富、投资、金融
二级	Investing, Investor，Financial Planning, Wealth Management	投资者、财富管理、理财产品、投机、赌博
三级	financial analysis, investment strategy, bond/fixed income,mutual fund,stocks, ETFs, Real Estate, Alternative investment, Commidities, Asset allocation, annuities, brokerages, options, sustainable investing...	投资策略、债券/固定收益，公募基金(共同基金)，股票，ETFs，房地产，大宗商品，资产配置，期权，经纪，替代投资，年金/社保，可持续投资...

来源: Investopedia, wiki, MBA百科/mbalib, 百度百科

有趣的发现:

通过对比中英文关键词的维基定义，我发现:

理财产品/理财 ≠ 财富管理/财务管理/wealth management

我们常说的“理财”实际上来源于国内银行的“理财产品”、“理财服务”。是从金融机构的产品角度出发的，它实际上应该参考了国外“wealth management”的理念。实际上，**大多数银行还达不到“wealth management”的服务或水平，他们的理财就是不停推出理财产品，给大家购买。我们经常都在买理财产品，所以就习惯性的把“理财”挂在嘴边，等同于财富管理/财务管理了。
国外和理财接近的概念是“wealth management”，和国内的“理财”不同的是，它是从个人出发，考虑个人/家庭如何管理和配置自己的财富, 它按照个人/家庭的资产净值规模分类，来提供有针对性的财富管理服务和规划

投资＝investment+investing

英文的投资有名词（investment）和动词（investing）之分，前者是投资的标的，后者是投资的行为和策略。中文的“投资”，则涵盖了两者。

投资 (wiki)

投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。

Investment （Investopedia）

In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two.

What is an Investment（Investopedia）

An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.

https://www.investopedia.com/terms/i/investment.asp

What is Investing（Investopedia）

Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.

公募基金 ≈ Mutual Fund

我们本次项目研究的对象"基金"，应准确的定义为：Mutual Fund, 公募基金/共同基金。它在我们本次研究中，对个人的财富管理需要来说，关键词层级关系是这样的财富管理>投资>金融投资>共同基金；股票、金融市场，则是和共同基金行业相关的其他关键词，金融市场>股票>股票型共同基金。而我们常听到的公募基金，是从发行方式来区分相对于"私募基金"而言的。从实际含义上说，公募基金是指公墓的证券投资基金，类似于“股票型共同基金”，但在我国，大家都更习惯用"公募基金"，而不是"共同基金"。

共同基金（Mba-lib）

共同基金是信托基金的一种，在美国又称为投资公司（Investment Company），在香港一般翻译为互惠基金，**也是使用共同基金为翻译。在**大陆，一般的投资者并不使用共同基金这个词汇，而是以投资基金，证券投资基金等词汇取代之，此种金融商品的产生利基点是建立在专业金融从业者的知识和信任之上而得以产生，由于一般大众不懂跨国投资外国金融商品的诸多法律和语言问题；也没有专业操盘的技术分析能力，所以支付一点手续费将钱交由有公信力金融机构的团队操盘，大众只需约略的选择投资标的和风险度即可。

　　共同基金是由基金经理的专业金融从业者管理，向社会投资者公开募集资金以投资于证券市场的营利性的公司型证券投资基金。共同基金购买股票、债券、商业票据、商品或衍生性金融商品，以获得利息、股息或资本利得。共同基金通过投资获得的利润由投资者和基金经理分享。

　　由于共同基金吸纳的是公众的资金且很大程度是建立在对金融机构的信任上运作，导致有一些蓄意诈骗或欺瞒的空间出现（例如：金融海啸时的麦道夫事件），各国政府都对其实施比较严厉的管制，其组建、信息披露、交易、资金结构变化和解散都受到法律法规限制，美国的管制尤其严格。
　　
公募基金（Mba-lib）

公募基金是受政府主管部门监管的，向非特定投资者公开发行受益凭证的证券投资基金，这些基金在法律的严格监管下，有着信息披露。利润分配，运行限制等行业规范。例如目前国内证券市场上的封闭式基金属于公募基金。公募基金和私募基金各有千秋，它们的健康发展对金融市场的发展都有至关重要的意义。然而目前得到法律认可的只有公募基金，市场的需要远远得不到满足。公募发行的有利之处在于：

　　（1）以众多投资者为发行对象；

　　（2）筹集潜力大；

　　（3）投资者范围大（不特定对象的投资者）；

　　（4）可申请在交易所上市（如封闭式）；

　　（5）信息披露公开透明。

公募基金的特点是享受市场整体的回报，基金的超额收益不可能长期脱离业绩基准，规模越大，基金获取市场平均利润的可能越大；四权分立、信息透明、风险分担。

What is mutual fund(Investopedia)

A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.

An Introduction To Mutual Funds

Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

原始数据

以下是采集到的具体释义:

财富

具有价值的东西就称之为财富，包括自然财富、物质财富、精神财富等等。

经济学上，财富是指物品按价值计算的富裕程度，或对这些物品的控制和处理的状况。

财富的概念为所有具有货币价值、交换价值或经济效用的财产或资源，包括货币、不动产、所有权权。在许多国家，财富还包括对基础服务的享受，如医疗卫生，以及对农作物和家畜的拥有权。财富相当于衡量一个人或团体的物质资产。

全体居民财富的总和，称为国家或社会的总财富。依其不同作用，可划分为三个部分：留作目前消费的部分、固定资本部分、流动资本部分。

《史记·太史公自序》：“布衣匹夫之人，不害于政，不妨百姓，取与以时而息财富。”

投资

投资在财务（金融）及经济方面，各有不同的意义。财务投资是透过完善的分析，对于本金、收益可达一定程度的预估，将资金投入那些预期有所增长的标的上[1]。而完全对立的作法，像未经分析、且在本金及回报上也没有把握，亦不考虑风险就投入资金者，就是投机、或赌博。因此，有些并未经过完善分析，即买进股权持有者，例如买进共同基金的人，也可以称为投机者。事实上，根据效率市场假说，即使针对股市资料来完整分析者，也不算是理性。依此定义延伸下去，所有自以为理性的股权持有者，也不能视为投资者，而是投机者。

投资与储蓄、或递延消费，具有一定的相关性。投资牵涉到许多经济领域的活动，例如企（事）业管理、及财务金融等，无论是为家计、事业、或政府。

投资、投机及赌博的不同：

持有投资标的的期间不同：投资最长，投机次之，赌博几乎不持有。
分析的程度不同：投资所做分析最完整，投机大部分是小道消息，赌博靠运气。
获利的成分不同：投资会有孳息，其他两项则只会出现一次。
结果的出现时间：投资需要一定投资期间，投机期间很短，赌博几乎是立即。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E8%80%85

投资者 (Investor)

投资者（英语：Investor），资金作为闲余社会资源，通过投资者投资，将资金汇聚到社会重要产业环节中，创造财富同时分担风险和收益。在资本市场，从事投资的人们。投资者付出的是资本，承担的是商业风险，收取的是利润，从经济学的角度，投资者关心的是投资回报率，重视的是风险管理。投资者主体包括个人、家庭、企业和政府。

投资方法
股票
共同基金
私募基金
定期存款
公债（国家债券、政府债券）
房地产
创业
投资家列表
巴菲特
索罗斯
罗杰斯
詹姆斯·西蒙斯
本杰明·格雷厄姆
查理·芒格
彼得·林奇
菲利普·费雪
郑铁如
李嘉诚
李忠瀚

投资学

投资学研究如何把个人、机构的有限资源分配到诸如股票、国债、不动产等（金融）资产上，以获得合理的现金流量和风险-收益特征。

其核心内容就是以效用最大化准则为指导，获得个人财富配置的最优均衡解。

https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B5%84%E5%AD%A6

个人理财/理财规划（Financial Planning）
理财规划
用手机看条目
理财规划(Financial Planning)

目录
[隐藏]
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献
[编辑]
什么是理财规划[1]
　　理财规划是指针对个人或家庭发展的不同时期，依据收入、支出状况的变化，制定财务管理的具体方案，实现各个阶段的目标和理想。将本着“帮助客户”的核心理念，以实现您的财务自由为最终目的，根据您的资产现状与风险偏好，为您和您的家庭提供包括生活各方面的财务建议，为您寻找最适合的理财方式，包括房产、保险、储蓄、股票、基金、债券等，以确保您在三年以后可以轻松地送孩子出国读书，同时能够保持目前的生活水准。

理财规划的分类[2]
　　理财规划又可分为公司理财规划(Enterprise Financial Planning)和个人理财规划(Personal Financial Planning)。

　　公司理财规划是指企业为了达到既定的战略目标而制定的一系列相互协调的计划和决策方案，包括投资决策、融资决策、成本管理、现金流管理等。
　

　　个人理财规划又称私人理财规划，则是指个人或家庭根据家庭客观情况和财务资源(包括存量和增量预期)而制定的旨在实现人生各阶段目标的，一系列互相协调的计划，包括职业规划、房产规划、子女教育规划、退休规划等。从理财规划师的角度来看，本书认为，所谓个人理财，就是通过制定财务计划对个人(或家庭)财务资源的适当管理，而实现生活目标的一个过程。它是一种良好的理财习惯，理性的价值观和科学的理财计划的综合体现，个人理财并不仅仅是意味着买保险，做投资，某一笔钱委托给金融机构后的保值、增值。个人理财是一个一生的财务计划，通过不断调整计划实现人生目标，达到财务自由和财务尊严的最高境界。

　　　　目录
　　
1 什么是理财规划[1]
2 理财规划的分类[2]
3 理财规划的步骤
4 理财规划策略[3]
5 参考文献

https://zh.wikipedia.org/wiki/%E4%B8%AA%E4%BA%BA%E7%90%86%E8%B4%A2

财富管理/私人财富管理（Wealth Management）
财富管理（Wealth Management）是指财富管理机构面向高净值个人所提供的全面、配套的财务规划及金融服务，以满足客户的个人财务需求，帮助客户达到降低风险、实现财富保值、增值和传承的目的。

目录
1 服务范围
2 财富管理机构
3 费用
4 相关条目
服务范围
财富管理在最广泛的意义上主要是资产管理及协调。因此，经理人需要确定客户的全部资产，以便为客户提供有针对性的服务。服务范围包括现金储蓄管理、债务管理、个人风险管理、保险计划、投资组合管理、一般法律咨询、搬迁及房地产服务、税收、退休计划及遗产安排等。

财富管理机构
提供财富管理的金融机构包括商业银行、基金公司、保险公司、证券公司、信托公司等。财富管理机构通常通过内部专家来覆盖各个服务领域。除银行外，非银行资产管理人员也会提供财富管理方面的服务。客户可根据其需求的不同，从银行或独立资产管理人员得到有针对性的服务。

费用
财富管理服务的付费形式透明度高，以免于任何利益冲突。专业咨询报酬通常以专家顾问的最低费用一次付款的形式产生。

https://zh.wikipedia.org/wiki/%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

财富管理（Wealth Management）

1 什么是财富管理
2 财富管理的主要内容
3 财富管理业务与一般理财业务的区别

什么是财富管理
　　财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列的金融服务，将客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的。

　　财富管理的核心是：以客户为中心，合理分配资产和收入，不仅要考虑财富的积累，更要考虑财富的保障。在外延上可以包括对个人的财富管理和对的资产管理。

财富管理业务与一般理财业务的区别
　　财富管理是近年来在我国金融服务业中出现的一个新名词。“财富管理”，顾名思义，就是管理个人和机构的财富，也可以简单概括为“理财”，但有区别于一般的理财业务。“财富管理”的出现划分了我国金融服务业的两个不同的理财业务时代：一个是早期的理财业务时代；另一个则是经过发展与改进的成熟的理财业务时代——财富管理时代。

　　一般意义上的理财业务属于早期的理财概念，它的营销模式是以产品为中心，金融机构（主要指商业银行）通过客户分层、差别化服务培养优质客户的忠诚度，从而更好地销售自己的产品；而财富管理业务则是以客户为中心，金融机构（商业银行、基金公司、保险公司、证券公司、信托公司等）根据客户不同人生阶段的财务需求，设计相应的产品与服务，以满足客户财富管理需要，这些金融机构成为客户长期的财富管理顾问。财富管理业务属于成熟的理财业务。

　　财富管理与一般意义上理财业务的区别主要有三点：

　　其一，从本质上看，财富管理业务是以客户为中心，目的是为客户设计一套全面的财务规划，以满足客户的财务需求；而一般意义上的理财业务是以产品为中心，目的是更好的销售自己的理财产品。

　　其二，从提供服务的主体来看，财富管理业务属于成熟意义上的理财业务，它的主体众多，不仅限于银行业，各类非银行金融机构都在推出财富管理业务。一般意义的理财业务多局限于商业银行所提供的传统业务和中间业务。

　　其三，从服务对象上说，财富管理业务不仅限于对个人的财富管理，还包括对企业、机构的资产管理，服务对象较广；而一般意义的理财业务处于理财业务发展的较早阶段，作为我国商业银行的一类金融产品推出，主要指的是银行个人理财业务产品的打包，服务对象多为私人。财富管理的三个鲜明特征“以客户为中心”、“ 服务主体众多”以及“服务对象较广”，使它区别于一般意义的理财业务，成为理财服务的成熟阶段。

https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

私人财富管理

目录
[隐藏]
1 什么是私人财富管理
2 私人财富管理相关理论研究[1]
3 参考文献
[编辑]
什么是私人财富管理
　　私人财富管理是指以客户为中心，设计出一套全面的财务规划，通过向客户提供现金、信用、保险、投资组合等一系列金融服务，对客户的资产、负债、流动性进行管理，以满足客户不同阶段的财务需求，帮助客户达到降低风险、实现财富增值的目的，主要是针对高净值客户的定制化服务。

　　私人财富管理不同于资产管理，资产管理侧重于对投资组合中的多类资产进行管理，是私人财富管理中的一个重要方面。然而私人财富管理不仅仅局限于资产管理，它是一种全盘性的理财规划，除了为客户提供高投资收益外，更重要的是为客户提供个性化的定制服务，帮助其实现投资目标和人生梦想。这些目标可以是债务重整，可以是子女教育经费，可以是购买汽车或房屋，还可以是退休以后的生活保障等。

　　而对于高净值客户的界定，不同国家、不同金融机构有不同的界定。国外主要金融机构对于高净值客户的界定基本是100万美元以上，10万至100万美元被归类为“富足”和“富裕”两类人群，成为相对低端的财富客户。2011年8月，**银监会在发布的《商业银行理财产品销售管理办法》(下称“管理办法”)第三十一条首次对**高净值人群进行了法律的定义:“高资产净值客户是满足下列条件之一:

　　(1)单笔认购理财产品不少于100万元人民币的自然人;

　　(2)认购理财产品时，个人或家庭金融净资产总计超过100万元人民币，且能提供相关证明的自然人;

　　(3)个人收入在最近三年每年超过20万元人民币或者家庭合计收入在最近三年内每年超过30万元人民币，且能提供相关证明的自然人。”根据管理办法，拥有100万元的可投资资产是**商业银行高净值客户的准入门槛。[1]

注册财富管理规划师 CWMP 在1990年创建的一个国际认证证书，其目的是通过专业学习金融行业实用的技术知识和投资知识，提高专业技能，更好地为顾客进行财富管理
财富管理机构:
从事第三方理财服务、理财机构，诺亚财富管理中心为**高净值客户提供高端理财产品、理财规划师、金融理财，客观中立的理财。诺亚控股已经形成财富管理、资产管理、全球开放产品平台、互联网金融的多业务主线，为超过22万名高净值客户提供财富管理、海外资产配置、高端保险、高端教育等全方位的综合金融服务，帮助客户的资产实现稳健、安全的增长。
https://wiki.mbalib.com/wiki/%E7%A7%81%E4%BA%BA%E8%B4%A2%E5%AF%8C%E7%AE%A1%E7%90%86

银行理财产品
银行理财产品的定义
　　银监会出台的《商业银行个人理财业务管理暂行办法》对于“个人理财业务”的界定是：“商业银行为个人客户提供的财务分析、财务规划、投资顾问、资产管理等专业化服务活动”。

　　商业银行个人理财业务按照管理运作方式的不同，分为理财顾问服务和综合理财服务。一般所说的“银行理财产品”，其实是指其中的综合理财服务。

　　银行理财产品按照标准的解释，是商业银行在对潜在目标客户群分析研究的基础上，针对特定目标客户群开发设计并销售的资金投资和管理计划。

　　在理财产品这种投资方式中，银行只是接受客户的授权管理资金，投资收益与风险由客户或客户与银行按照约定方式承担。
　　
　　目录

1 银行理财产品的定义
2 银行理财产品的构成要素
3 银行理财产品的种类[1]
4 银行理财产品市场的发展
5 参考文献
https://wiki.mbalib.com/wiki/%E9%93%B6%E8%A1%8C%E7%90%86%E8%B4%A2%E4%BA%A7%E5%93%81

Wealth

Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1] An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts).

The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets.[6][7] Natural capital includes land, forests, energy resources, and minerals. Human capital is the population's education and skills. Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure.

Investment （Wiki）

In general, to invest is to distribute money in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development. However, this article focuses specifically on investment in financial assets.

In finance, the benefit from investment is called a return. The return may consist of a profit from the sale of property or an investment, or investment income including dividends, interests, rental income etc., or a combination of the two. The projected economic return is the appropriately discounted value of the future returns.

Investors generally expect higher returns from riskier investments. When we make a low risk investment, the return is also generally low.

Investors, particularly novices, are often advised to adopt a particular investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk.

Contents
1 Terminology
2 History
3 Types of investments
4 Investment strategies
4.1 Value investment
5 Intermediaries and collective investments
6 Famous investors
7 Investment valuation
8 See also
9 References
10 External links

https://www.investopedia.com/terms/i/investment.asp

Investment(investopedia)

What is an Investment

An investment is an asset or item acquired with the goal of generating income or appreciation. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.

BREAKING DOWN Investment
Investment and Economic Growth
Investment Banking
Investments and Speculation

What is Investing

Investing is the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company.

BREAKING DOWN Investing
How to Invest
Types of Investment
History of Investing

https://www.investopedia.com/terms/i/investmentstrategy.asp

investopedia：和Inveting 有关的二级关键词页面：
https://www.investopedia.com/investing-4427685

FINANCIAL ANALYSIS
INVESTING STRATEGY
BONDS / FIXED INCOME
MUTUAL FUNDS
STOCKS
ETFS
REAL ESTATE
INTERNATIONAL / GLOBAL
ALTERNATIVE INVESTMENTS
COMMODITIES
ASSET ALLOCATION
ANNUITIES
BROKERAGES
OPTIONS
FUTURES
SUSTAINABLE INVESTING

investopedia 网站分类

REFERENCE
Dictionary
Investing 101
The 4 Best S&P 500 Index Funds
World's Top 20 Economies
Stock Basics Tutorial
Options Basics Tutorial
Economics Basics
TOPICS
Stocks
Mutual Funds
Options
Tech
ETFs
Bonds/Fixed Income
Commodities

Investment Strategy

What is an {term}? Investment Strategy
asset allocation
risk tolerance

BREAKING DOWN Investment Strategy
Some investment strategies seek rapid growth where an investor focuses on capital appreciation, or they can follow a low-risk strategy where the focus is on wealth protection. Many investors buy low-cost, diversified index funds, use dollar-cost averaging and reinvest dividends. Dollar-cost averaging is an investment strategy where a fixed dollar amount of stocks or a particular investment are acquired on a regular schedule regardless of the cost or share price. The investor purchases more shares when prices are low and fewer shares when prices are high. Over time, some investments will do better than others, and the return averages out over time.

Some experience investors select individual stocks and build a portfolio based on individual firm analysis with predictions on share price movements

Graham's Five Strategies
In 1949, Benjamin Graham identified five strategies for common stock investing in "The Intelligent Investor."

General trading. The investor predicts and participates in the moves of the market similar to dollar-cost averaging.
Selective trading. The investor picks stocks that they expect will do well in the market over the short term; a year, for example.
Buying cheap and selling dear. The investor enters the market when prices low and sells stock when the prices are high.
Long-pull selection. The investor selects stocks that they expect with grow quicker than other sticks over a period of years.
Bargain purchases. The investor selects stocks that are priced below their true value as measured by some techniques.
Graham emphasized that every investor must decide how they want to manage their portfolio. Experienced investors may prefer and be comfortable with a buy low and sell high strategy, whereas investors who have less time to research and follow the market might benefit more from investing in funds that track the market and adopt a long-term view.

There is no right way to manage a portfolio, but investors should behave rationally by using facts and data to back up decisions by attempting to reduce risk and maintain sufficient liquidity.

The Role of Risk-taking in Investment Strategy
Risk is a huge component of an investment strategy. Some individuals have a high tolerance for risk while other investors are risk-averse. One overarching rule, however, is that investors should only risk what they can afford to lose. Another rule of thumb is the higher the risk, the higher the potential return, and some investments are riskier than others. There are investments that guarantee an investor will not lose money, but there will also be minimal opportunity to earn a return.

For example, U.S. Treasury bonds, bills, and bank certificates of deposit (CDs) are considered safe because they are backed by the credit of the United States. However, these investments provide a low return on investment. Once the cost of inflation and taxes have been included in the return on income equation, there may be little growth in the investment.

Mutual fund
Mutual Fund

Reviewed by James Chen Updated Aug 3, 2018
What is a Mutual Fund

A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.

An Introduction To Mutual Funds

BREAKING DOWN Mutual Fund

Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a wide amount of securities, and performance is usually tracked as the change in the total market cap of the fund, derived by aggregating performance of the underlying investments.

Mutual fund units, or shares, can typically be purchased or redeemed as needed at the fund's current net asset value (NAV) per share, which is sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value of the securities in the portfolio by the total amount of shares outstanding.

More on Mutual Funds

A mutual fund is both an investment and an actual company. This may seem strange, but it is actually no different than how a share of AAPL is a representation of Apple, Inc. When an investor buys Apple stock, he is buying part ownership of the company and its assets. Similarly, a mutual fund investor is buying part ownership of the mutual fund company and its assets. The difference is Apple is in the business of making smartphones and tablets, while a mutual fund company is in the business of making investments.

Mutual funds pool money from the investing public and use that money to buy other securities, usually stocks and bonds. The value of the mutual fund company depends on the performance of the securities it decides to buy. So when you buy a share of a mutual fund, you are actually buying the performance of its portfolio.

The average mutual fund holds hundreds of different securities, which means mutual fund shareholders gain important diversification at a very low price. Consider an investor who just buys Google stock before the company has a bad quarter. They stand to lose a great deal of value because all of their dollars are tied to one company. On the other hand, a different investor may buy shares of a mutual fund that happens to own some Google stock. When Google has a bad quarter, they only lose a fraction as much because Google is just a small part of the fund's portfolio.

Looking for the right mutual fund? Find out which broker offers the best mutual fund screener by reading Investopedia's broker reviews.

How Mutual Fund Companies Work

Mutual funds are virtual companies that buy pools of stocks and/or bonds as recommended by an investment advisor and fund manager. The fund manager is hired by a board of directors and is legally obligated to work in the best interest of mutual fund shareholders. Most fund managers are also owners of the fund, though some are not.

There are very few other employees in a mutual fund company. The investment advisor or fund manager may employ some analysts to help pick investments or perform market research. A fund accountant is kept on staff to calculate the fund's net asset value (NAV), or the daily value of the mutual fund that determines if share prices go up or down. Mutual funds need to have a compliance officer or two, and probably an attorney, to keep up with government regulations.

Most mutual funds are part of a much larger investment company apparatus; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price and Oppenheimer Funds.

Kinds of Mutual Funds

Mutual funds are divided into several kinds of categories, representing the kinds of securities the mutual fund manager invests in.

One of the largest is the fixed income category. A fixed income mutual fund focuses on investments that pay a fixed rate of return, such as government bonds, corporate bonds or other debt instruments. The idea is the fund portfolio generates a lot of interest income, which can then be passed on to shareholders.

Another group falls under the moniker "index funds." The investment strategy is based on the belief that it is very hard, and often expensive, to try to consistently beat the market. So the index fund manager simply buys stocks that correspond with a major market index such as the S&P 500 or the Dow Jones Industrial Average. This strategy requires less research from analysts and advisors, so there are fewer expenses to eat up returns before they are passed on to shareholders. These funds are often designed with cost-sensitive investors in mind.

If an investor seeks to gain diversified exposure to the Canadian equity market, he can invest in the S&P/TSX Composite Index, which is a mutual fund that covers 95% of the Canadian equity market. The index is designed to provide investors with a broad benchmark index that has the liquidity characteristics of a narrower index. The S&P/TSX Composite Index is comprised largely of the financials, energy and materials sectors of the Canadian stock market, with sector allocations of 35.54%, 20.15% and 14.16%, respectively. Performance of the fund is tracked as the percentage change to its overall adjusted market cap.

Balanced funds invest in both stocks and bonds with the aim of reducing risk of exposure to one asset class or another. Another name for this type is "asset allocation fund." An investor may expect to find the allocation of these funds among asset classes relatively unchanging, though it will differ among funds. Though their goal is asset appreciation with lower risk, these funds carry the same risk and are as subject to fluctuation as other classifications of funds.

Other common types of mutual funds are money market funds, sector funds, equity funds, alternative funds, smart-beta funds, target-date funds and even funds-of-funds, or mutual funds that buy shares of other mutual funds.

Mutual Fund Fees

In mutual funds, fees are classified into two categories: annual operating fees and shareholder fees. The annual fund operating fees are charged as an annual percentage of funds under management, usually ranging from 1-3%. The shareholder fees, which come in the form of commissions and redemption fees, are paid directly by shareholders when purchasing or selling the funds.

Annual operating fees are collectively as the expense ratio. A fund's expense ratio is the summation of its advisory fee or management fee and its administrative costs. Additionally, sales charges or commissions can be assessed on the front-end or back-end, known as the load of a mutual fund. When a mutual fund has a front-end load, fees are assessed when shares are purchased. For a back-end load, mutual fund fees are assessed when an investor sells his shares.

Sometimes, however, an investment company offers a no-load mutual fund, which doesn't carry any commission or sales charge. These funds are distributed directly by an investment company rather than through a secondary party.

Some funds also charge fees and penalties for early withdrawals.

Clean Share Mutual Funds

If you want to get the biggest bang for your buck, you might consider mutual funds with 'clean shares,' a relatively new class of mutual fund shares developed in response to the U.S. Department of Labor’s fiduciary rule. According to a recent Morningstar Inc. report, clean shares could save investors at least 0.50% in returns as compared to other mutual fund offerings. Even better, investors could enjoy an extra 0.20% in savings, as their advisors will now be tasked with recommending funds that are in investors' best interests, according to the report.

Clean shares were designed, along with low-load T shares and a handful of other new share classes, to meet fiduciary-rule goals by addressing problems of conflicts of interest and questionable behavior among financial advisors. In the past some financial advisors have been tempted to recommend more expensive fund options to clients to bring in bigger commissions. Currently, most individual investors purchase mutual funds with A shares through a broker. This purchase includes a front-end load of up to 5% or more, plus management fees and ongoing fees for distributions, also known as 12b-1 fees. To top it off, loads on A shares vary quite a bit, which can create a conflict of interest. In other words, advisors selling these products may encourage clients to buy the higher-load offerings.

Clean shares and the other new classes eliminate this problem, by standardizing fees and loads, enhancing transparency for mutual fund investors. “As the Conflict-of-Interest Rule goes into effect, most advisors will likely offer T shares of traditional mutual funds … in place of the A shares they would have offered before,” write report co-authors Aron Szapiro, Morningstar director of policy research, and Paul Ellenbogen, head of global regulatory solutions. “This will likely save some investors money immediately, and it helps align advisors’ interests with those of their clients.”

For example, an investor who rolls $10,000 into an individual retirement account (IRA) using a T share could earn nearly $1,800 more over a 30-year period as compared to an average A-share fund, according to the analysis. The report also states that the T shares and clean shares compare favorably with “level load” C shares, which generally don’t have a front-end load but carry a 1% 12b-1 annual distribution fee.

Good as the T shares are, clean shares are even better: They provide one uniform price across the board and do not charge sales loads or annual 12b-1 fees for fund services. American Funds, Janus and MFS are all fund companies currently offering clean shares.

Advantages of Mutual Funds

Diversification: Diversification, or the mixing of investments and assets within a portfolio to reduce risk, is one of the advantages to investing in mutual funds. Buying individual company stocks in retail and offsetting them with industrial sector stocks, for example, offers some diversification. But a truly diversified portfolio has securities with different capitalizations and industries, and bonds with varying maturities and issuers. Buying a mutual fund can achieve diversification cheaper and faster than through buying individual securities.

Economies of Scale: Mutual funds also provide economies of scale. Buying one spares the investor of the numerous commission charges needed to create a diversified portfolio. Buying only one security at a time leads to large transaction fees, which will eat up a good chunk of the investment. Also, the $100 to $200 an individual investor might be able to afford is usually not enough to buy a round lot of a stock, but it will buy many mutual fund shares. The smaller denominations of mutual funds allow investors to take advantage of dollar cost averaging.

Easy Access: Trading on the major stock exchanges, mutual funds can be bought and sold with relative ease, making them highly liquid investments. And, when it comes to certain types of assets, like foreign equities or exotic commodities, mutual funds are often the most feasible way – in fact, sometimes the only way – for individual investors to participate.

Professional Management: Most private, non-institutional money managers deal only with high net worth individuals – people with six figures (at least) to invest. But mutual funds are run by managers, who spend their days researching securities and devising investment strategies. So these funds provide a low-cost way for individual investors to experience (and hopefully benefit from) professional money management.

Individual-Oriented: All these factors make mutual funds an attractive options for younger, novice and other individual investors who don't want to actively manage their money: They offer high liquidity; they are relatively easy to understand; good diversification even if you do not have a lot of money to spread around; and the potential for good growth. In fact, many Americans already invest in mutual funds through their 401(k) or 403(b) plans. In fact, the overwhelming majority of money in employer-sponsored retirement plans goes into mutual funds.

Style: Investors have the freedom to research and select from managers with a variety of styles and management goals. For instance, a fund manager may focus on value investing, growth investing, developed markets, emerging markets, income or macroeconomic investing, among many other styles. One manager may also oversee funds that employ several different styles.

Disadvantages of Mutual Funds

Fluctuating Returns: Like many other investments without a guaranteed return, there is always the possibility that the value of your mutual fund will depreciate. Equity mutual funds experience price fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of performance with any fund. Of course, almost every investment carries risk. But it's especially important for investors in money market funds to know that, unlike their bank counterparts, these will not be insured by the FDIC.

Cash: As you know already, mutual funds pool money from thousands of investors, so every day people are putting money into the fund as well as withdrawing it. To maintain the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios in cash. Having ample cash is great for liquidity, but money sitting around as cash is not working for you and thus is not very advantageous.

Costs: Mutual funds provide investors with professional management, but it comes at a cost – those expense ratios mentioned earlier. These fees reduce the fund's overall payout, and they're assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn't make money, these fees only magnify losses.

Diworsification: Many mutual fund investors tend to overcomplicate matters – that is, they acquire too many funds that are highly related and, as a result, don't get the risk-reducing benefits of diversification; in fact, they have made their portfolio more exposed, a syndrome called diworsification. At the other extreme, just because you own mutual funds doesn't mean you are automatically diversified. For example, a fund that invests only in a particular industry sector or region is still relatively risky.

Lack of Transparency: One thing that can lead to diworsification is the fact that a fund's purpose or makeup isn't always clear. Fund advertisements can guide investors down the wrong path. The Securities and Exchange Commission (SEC) requires that funds have at least 80% of assets in the particular type of investment implied in their names; how the remaining assets are invested is up to the fund manager. However, the different categories that qualify for the required 80% of the assets may be vague and wide-ranging. A fund can therefore manipulate prospective investors via its title: A fund that focuses narrowly on Congo stocks, for example, could be sold with the grander title "International High-Tech Fund."

Evaluating Funds: Researching and comparing funds can be difficult. Unlike stocks, mutual funds do not offer investors the opportunity to compare the P/E ratio, sales growth, earnings per share, etc. A mutual fund's net asset value gives investors the total value of the fund's portfolio, less liabilities, but how do you know if one fund is better than another?

验证一下这个页面是否靠谱，作者的背景资料:

James Chen

Director of Trading & Investing Content at Investopedia
Former Head of Research at Gain Capital
Two decades of experience in the financial markets as a trader, investor, author, investment adviser and global market strategist
Experience

James Chen, CMT, is Director of Trading & Investing Content at Investopedia and former Head of Research at Gain Capital (NYSE: GCAP). For two decades, he has been heavily involved in the financial markets as a trader, investor, investment adviser and global market strategist.

James is the author of the books, "Essentials of Technical Analysis for Financial Markets" (John Wiley and Sons, 2010) and "Essentials of Foreign Exchange Trading" (John Wiley and Sons, 2009), as well as author/speaker for the instructional video series, "High Probability Trend Following."

He has served as a guest expert for CNBC, Bloomberg TV, Forbes and Reuters, among other key financial news media, and is a featured speaker at major trading/investing seminars and conferences.

A graduate of Tufts University, James is a Chartered Market Technician (CMT), Certified Financial Technician (CFTe) and Registered Investment Adviser (RIA), as well as a former Commodity Trading Advisor (CTA). He has extensive market expertise in stocks, ETFs, options, commodities, fixed income and currencies.

Education

James earned his bachelor's degree at Tufts University.

Quote from James Chen

"Learning to invest and manage one's own finances is so important, and yet, so neglected in most educational curricula. As a result, financial education, especially when it comes to trading and investing in the financial markets, has long been both my passion and my profession."