1.原文連結:
http://www.sohu.com/a/161674239_649112
2.原文內容:
(文長,請點連結閱讀。)
3.心得/評論:
霍華.馬克斯指出被動型投資的缺陷,和版上大大的看法不謀而合。
這幾年來,散戶、法人轉向指數型基金,因為指數型基金大多只買權值股,買了權值股會
讓權值股的權重更大,然後又要再買進權值股。所以造成權值股大漲,中小股死一片的現
象。因此,主力利用此特性操縱被動型投資的資金。
文中提到,「整體指數投資是一項巨大的、擁擠的動量交易」。馬克斯認為這個上漲的循
環一定有終結的時刻。當權值股下跌,被動型投資撤出資金,而市場上沒有買盤,指數就
會加速下跌。
台灣這幾年也風行海外指數型投資,我的臉書常看到X角的文章自動浮出來。感覺這個非
財經專業的財經講師蠻受歡迎的,吸引很多散戶去上課。會不會跟「名律師教你法律知
識,安心當包租公」呢? 金融的騙術真是微妙。好像喜歡請醫師、律師出來吸引散戶信
眾。
不過,最近很多大師喊空,加上美國經濟基本面超強,馬克斯應該跟索羅斯或羅傑斯一樣
都是反指標吧。台指期跌停只是誘空。哈哈哈。
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