基金投資

投資共同基金

如果你沒有時間或專業知識管理自己的資金，那麼你就可以選擇共同基金，首先你需要了解它的成本：
1、 前期收費（預付費），資金的2%~8%（平均為4%~4.5%）。
2、 管理年費為資金的1%~2%。
3、 隐性收費高達2%每年。
4、 有些共同基金會有後期收費（取出資金的費用）。

股息收益

我們投資基金有以下兩方面原因：獲得股息收益和從價格增長中獲利。價格增長可以帶來股息的增加（詳見巴菲特關於股息的論述）。所以我們可以說購買基金的唯一原因是股息收益和股息收益的增漲。
現在標普爾500股票的平均股息收益是2.0%（除去沒有股息的基金，所有基金的平均股息收益是1.5%）。我們預期股息收益會隨著通貨膨脹以每年5.0%的速度增長（這與GDP的增幅一致）。那麼未來十年内的收益率將是7.0%。我們將很難再次達到20世紀90年代互聯網泡沫期18%的股息收益。
如果基金管理費每年高達2.0%，那麼意味著基金管理公司拿走了你的全部投資收入。而1.0%的年費則表明他們很慷慨的只拿走您投資收益的一半。下面對比了20年後在是否有各種收費情況下您的總收入。
 

高收費意味著20年後的$100,000！在決定購買基金之前，要反複對比基金管理公司的收費水平，並記住：經紀人推薦的往往是那些收取佣金最高的基金---而不是給你帶來高收益的。

無佣金基金（低收費）沒有前期收費可以顯著的降低你的支付費率。你或許會認為高佣金（高收費）的基金會帶來更高的投資回報，但是結果恰恰相反。相對於高佣金的基金來說，無佣金的基金往往會表現得更好。

但是，為什麼無佣金的基金數量在減少？因為大多數的投資者是通過經紀人或投資顧問購買共同基金。無佣金基金使得投資機構無法獲得足夠的資金來源，並且，只有很少一部分精明的投資者自己購買基金。

隐性收費

基金管理人或其關聯公司的隐性收入包括承銷費，安置費和佣金。

承辦上市或配股的公司面臨一個選擇：它們可以發行遠低於市場價格的基金，以確認該基金會被充分認購；或以接近於市場價發行基金（這不會危及現有股東利益），並支付銀行或其他大型機構承銷費。承銷商會認購所有未被投資者認購的股票，承銷費通常是2%（如果基金發行總金額為一億，那麼承銷費用將是200萬）。聘請承銷商對股東有利，因為該費用低於發行低價股票的折扣價。

和很多圖書出版商一樣，承銷商自己不承擔任何風險。通過次級分銷協議，承銷商把風險下放給各種次級分銷機構。而次級分銷機構將會很容易的吸收該風險，因為它們控制著投資者的大量資金。如果這些次級分銷機構把所占有的該股票賣出，那麼很有可能該股票將會出現在你的投資組合中，由你承擔風險。

如果投資銀行或經紀人不承銷該基金，那麼安置費大體相似。安置費只充當股票發行者和機構投資者之間的中介作用。

基金經理通常所屬於投資銀行或機構的經紀業務部門，佣金並沒有作為操作費用的一部分被披露。有一點你可以確認的是，這種情況下共同基金的佣金會更高：更多的隐性收費。

基金經理通常是由投資銀行或機構也有經紀部門所擁有。經紀費用沒有披露為共同基金的運營費用的一部分，他們是隐藏在公衆視線。可以肯定，在這種情況下，該基金支付券商佣金的最高稅率：更多隐藏費用。

表現最佳的基金

基金經理經常宣傳他們最新的，表現最好的基金，不論是俄羅斯或阿富汗的石油或技術。並且有相當高的短期收益。這時請你問自己以下兩個問題：
1、 他們3年或5年前就推出該基金了嗎？
2、 如果不是，那麼他們3或5年前推出的是什麼？又有什麼樣的表現？

許多基金都有收益週期，現在看起來營利性非常高的或許在5年後將會帶來非常低的收益。不要只買一時興起的基金。

那些5年前推出的基金現在怎麼樣呢？他們或許在某人的櫃子裡積累灰塵或者被塵封在小冊子裡面——等待下一個週期。

誠信

與具有誠信的基金經理合作非常有必要:
•尋找利益沖突 – 遠離那些有自己經紀部門、投資銀行或管理對沖基金的基金經理;
•遠離宣傳短期收益的基金經理
•避免那些見好就收的基金經理。因為他們不追求長久盈利。
•遠離那些收取過高前期費用和年費的基金經理。

Fund Managers
Investing in Mutual Funds
If you do not have the time or expertise to manage your own investments then mutual funds may be your only option, but just understand how much it is costing you:
• up-front (front-end) fees vary between 2% and 8% of your capital (averaging 4% to 4.5%);
• annual management fees (operating expenses) vary between 1% and 2% of capital;
• other hidden fees may amount to as much as another 2% per year;
• some funds may even have exit  (back-end) fees as well.
Dividend Income
The reason that we invest in equities is two-fold: to receive dividend income and to benefit from price gains. Price gains are a result of expected increases in future dividends (see Warren Buffett v. Dividends); so we could say that the sole reason that we buy stocks is for dividends and future dividend growth.
Now the average dividend yield paid by a stock in the S&P 500 is 2.0% (excluding the +/- 120 stocks that did not pay a dividend -- the average over all stocks is 1.5%). And we can expect dividends to grow at roughly 5.0% per annum above the rate of inflation (in line with GDP growth). So our total return is likely to average around 7.0% over the next decade. We are unlikely to see a repeat of the heady 18% p.a. returns from the dot-com boom of the 1990's.
If a fund has a heavy 2.0% annual management fee, they are taking the entire income during the life of your investment! A 1% annual fee would mean that they are generous enough to leave half of the income from your investment. Compare what your investment capital will be after 20 years with and without fees:
 No Fees Low Fees Full Fees
Front-end fees  0.0% 5.0%/2.5%*
Annual fees  1.0% 1.5%
Real annual return (net of fees) 7.0% 6.0% 5.5%
Future Value of $1000 per month invested for 20 years $520,000 $462,000 $413,000
Future Value of a $100,000 lump sum* invested for 20 years $387,000 $320,000 $284,000
Full fees amount to more than $100,000 over a 20 year period! Shop around carefully for the best deal and remember that brokers are going to recommend funds that pay the most commission -- not necessarily the ones that give you the best deal.
No-load funds (low fees) have no up-front fees and significantly lower expense ratios. You would think that high-load funds (full fees) would offer better investment returns but the opposite is often true. No-load funds frequently out-perform their high-load counterparts.
Why is the number of no-load funds shrinking?
Because most investors buy mutual funds through a broker/investment advisor. No-load funds do not pay commissions so they find it difficult to source sufficient funds. There aren't enough astute investors who buy their funds direct.
 
Hidden Fees
Fund managers or their associate companies also benefit from other hidden income such as underwriting fees, placement fees and commissions.
Underwriting Fees
Companies undertaking large listings or rights issues face a choice, they either:
• Issue new stock at a substantial discount to existing market price, to ensure that the issue is fully subscribed; or
• Issue new stock at close to the full market price (thereby not diluting existing shareholders interests) and pay a bank or other large financial institution to act as underwriter.
The underwriter undertakes to subscribe for any shares in the issue that are not taken up by investors. Underwriting fees are normally around 2% of the total share issue (e.g. for every $100 million raised the fees will be $2 million). It is often beneficial to existing stockholders to employ an underwriter: their fees are less than the discount that would otherwise have to be offered on the new stock.

The underwriter doesn't carry the entire risk him/herself, like any good bookmaker they lay it off, entering into sub-underwriting agreements with various institutions in return for a share of the fees. All of these institutions control large blocks of investors funds, so it is easy for them to absorb the risk. If they have to take up stock you can be sure that some will end up in your portfolio/managed fund. You carry the risk and they take the fees.
Placement fees are similar except that the investment bank or broker does not underwrite the issue. They merely act as an intermediary between the issuer and the institutional investors; in return for a fee.
Fund managers are often owned by investment banks or institutions that also have a brokerage arm. Brokerage costs are not disclosed as part of the operating expenses of mutual funds, they are hidden from public view. You can be sure, in that case, that the mutual fund pays brokerage commissions at the top rate: more hidden fees.
Top-performing Funds
Fund managers often promote their latest, best-performing fund; whether this be Russia, Afghanistan, Oil or Technology. And the returns look pretty impressive in the short term. Ask yourself two questions:
1. Were they promoting this fund 3 or 5 years ago?
2. If not, what funds were they promoting 3 or 5 years ago and how well have they performed since then?
A lot of funds perform in cycles and the ones that show the most attractive returns now may deliver the worst returns over the next 5 years. Don't always buy the flavor of the month.
And the funds that were being promoted 5 years ago? They are probably collecting dust at the back of someone's cupboard -- or on the back page of the brochure -- waiting for the next cycle.
Integrity
It makes sense to only deal with fund managers with integrity:
• look for conflicts of interest - avoid managers who have their own brokerage arm, investment bank or manage hedge funds;
• avoid fund managers who advertise short-term performance; and
• avoid fund managers who do not close off funds when they reach a reasonable size - those who don't are chasing fees, not performance; and
• avoid fund managers who charge excessive front-end or annual fees.

本文翻譯由兄弟財經提供。

文章來源：http://www.incrediblecharts.com/economy/fund_managers.php