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2008年初,美国次贷危机爆发不久,DavidF.Swensen在耶鲁大学作了一次公开报告,其真知灼见令人过耳难忘,这位与巴菲特并称为世上仅有的两位真正投资者的基金经理,不仅投资业绩优秀,而且以敢于大力抨击美国共同基金的种种弊病而为人津津乐道,在他的《不落俗套的成功》一书中对共同基金持有人的择时交易进行了翔实分析,通过对投资者在1987年10月股市大崩盘前后和2000年3月互联网泡沫破裂前后对基金配置情况的研究表明,基金投资者在牛市买进并在熊市卖出,事实证明了基金投资者的择时交易反倒演变为追涨杀跌,使投资者的荷包大为缩水。
Shortly after the subprime mortgage crisis in the United States started in early 2008, David F. Ssensen made a public report at Yale University. His insight was unforgettable. The fund manager, whom Buffett described as the only two real investors in the world, Not only did he have outstanding investment performance, but also relished his talk with courage in attacking the shortcomings of the U.S. mutual funds. In his book “The Success of Unconventional Trades,” a detailed analysis of the timing of the timing of the mutual fund holders’ The research on the fund allocation before and after the crash of the stock market in October 1987 and before the Internet bubble burst in March 2000 shows that fund investors bought in the bull market and sold in the bear market have proved that the investors in the fund On the other hand, the timing trading has evolved into a chase to sell and the investors’ pockets have shrunk dramatically.