投资者常常认为赚钱的基金就是好基金,其实不然。评价一只基金是否好的投资品种,不是看短期持有它是否获利,因为短期可能是基金经理的运气使然;而是看它长期保持相对领先地位的核心竞争力是什么,这会涉及产品设计、基金经理选股或是选券能力、基金公司投研力量、管理层、公司制度文化等内部和外部的因素。关注后者,常常可以获得长期稳健的回报,而注重前者可能会导致投资者在它最热的时候介入,在它最萧条的时候卖出。 Investors often think that money-making fund is a good fund, it is not. It is not about whether a fund is a good investment, but whether it is profitable to take a short-term hold because the short-term may be the manager’s luck; it depends on what the core competencies of the long-term relative leadership will be over the product Design, fund manager stock selection or ability to vote, the fund company investment research strength, management, the company’s institutional culture, internal and external factors. Focusing on the latter often leads to long-term, steady returns, while focusing on the former may lead investors to intervene at their hottest times and sell at their worst.