不過，筆者認為基金可分散風險、分享海外市場回報，應是整個投資組合的重要一環。
回想十年，亞洲金融風暴期間，香港以至整個亞太區股市皆受震燙，同期歐美市場却不受影響，可見全球市場並非完全關聯 "perfectly correlated"。
雖然近一、兩年中國市場己成全球焦點，中國相關股份被普遍認定為是最有前景的投資對像。但環觀其他新興市場如東歐、亞太區、印度以至拉丁美洲，過往數年指數升幅並不遜色。
另外由於直接買賣外地股票成本不輕，基金是低成本分散風險及分享回報的好工具。
Saturday, June 2, 2007
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1. I have reservation over equity funds for two reasons: their fee eat your return significantly in the long run, and the fund manager's stock pick skills do not necessarily be better than a monkey's dart throwing skills.
2. I agreed that funds can help to gain overseas exposures and diversification. You can achieve the same by using index funds, which in fact may be better than equity funds.
3. There are far too many constraints on fund managers - they need to compete themselves against their peers - as long as they are above average (be it down 30%) they are still OK. They may therefore not act in the best interest of the funds / unit holders.
4. To pick a good fund manager is like to pick a good stock somehow.
5. Having said that, I do admit there are a few fund managers who appear to consistently beat the market (warren buffett is a classic). To me, market is not efficient, and opportunities are everywhere. If fund managers can pick good stocks, so can you (with more financial training which you can have by reading books and practising).
7. I almost finish reading the book called "Rule #1" - it gives clear and precise idea on how a normal investor like me, who can only spend very little time a week on investing, can follow straight and simple rules to pick potential good stocks. Will try to summarize it later here when I have time.
3.
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