Recently, the voice of ** loss in the market has become higher and higher. For the naïve people, they once believed that "professionals do professional things", but found that in the past two years, they lost nearly 2 trillion, while the company easily earned more than 140 billion in management fees. This caused quite a stir.
What is the reason for the loss of ** for two consecutive years? Is it *** or ** that the manager is not professional enough? This article will deeply analyze the truth of the loss, reveal the interest relationship behind it, and help the people gain insight into the nature of the loss.
The market is like a roller coaster, and in the past two years, more than 10,000 ** products managed by the company have lost nearly 2 trillion yuan. This is a problem for many people, especially those who believe in the investment philosophy of professionals.
About 17 trillion
First, let's look at the specific data. In 2022, the public offering ** lost 146 trillion yuan, with a loss of 200.6 billion yuan in the first three quarters of 2023, which is expected to add up to more than 17 trillionStatistics from CITIC** show that from the high point in the first half of 2021 to the end of 2023, the median cumulative return on active equity** was -289%, of which the larger ** loss is more serious.
Scale not profit
Why are companies willing to issue a large number of products, even in a bad market environment? This involves the earnings mechanism of the company. The company's main income comes from management fees, which are linked to scale. Therefore, in order to increase management fee income, ** companies tend to issue more ** shares. This practice is not good for the people, especially those who buy at the high point, because the management fee is charged regardless of whether the company makes money or not.
Hidden costs that are masked
When buying **, the people often pay too much attention to the benefits and ignore the costs. Fees incurred for purchases** include subscription fees, redemption fees, management fees, etc. Although the management fee is an explicit expense, there are actually many hidden costs. The company will include various expenses in the assets, directly offset the net value, and finally pay for it by the people.
No one is responsible for the profits and losses of the people
In the market, the incentives of companies are not fully linked to the interests of investors. The company is more focused on the expansion of scale than the return of investors. This makes the company less responsible for the profits and losses of the people. The short-term appraisal system for managers is also one of the reasons for this.
* There are complex interests in the market, and the people need to be vigilant. When investing, in addition to the benefits, you should also pay attention to the various expenses, so that the hidden costs do not hurt the return on investment. The people need to know more about the working mechanism of the industry in order to make more informed investment decisions.