Singurul mare avantaj al analizei tehnice este acela ca ii da incredere investitorului sa stea in piatasi toata lumea stienu poti castiga decat daca intri si stai in piata. Este o munca ingrata dar atat de placuta pentru ca stirile se acctualizeaza si tot timpul avem noi si noi suprize de analizat.
Origins[ edit ] The first theoretical model for an index fund was suggested in by Edward Renshaw and Paul Feldsteinboth students at the University of Chicago.
While their idea for an "Unmanaged Investment Company" garnered little support, it did start off a sequence of events in the s that led to the creation of the first index fund in the next decade. Dutcher Jr. It was becoming well known in the popular financial press that most mutual funds were not beating the market indices.
Aflați Ghidul 2 Trade privind tranzacționarea pe indici! Tranzacționarea pe indici vă permite să investiți pe piețele de valori mai largi printr-o singură tranzacție. Conceptul general este că indicele va urmări un grup de companii care tranzacționează pe anumite piețe bursiere. De exemplu, FTSE cuprinde cele mai mari de companii care tranzacționează la bursa din Londra. În mod obișnuit, ar trebui să plasați de comenzi individuale, care nu numai că ar fi extrem de consumatoare de timp, dar costisitoare.
Malkiel wrote: What we need is a no-load, minimum management-fee mutual fund that simply buys the hundreds of stocks making up the broad stock-market averages and does no trading from security to security in an attempt to catch the winners.
Whenever below-average performance on the part of any mutual fund is noticed, fund spokesmen are conceptul de fund în tranzacționare to point out "You can't buy the averages. Such a fund is much needed, and if the New York Stock Exchange which, incidentally has considered such a fund is unwilling to do it, I hope some other institution will.
Bogle founded The Vanguard Group in ; as of it was the largest mutual fund company in the United States. At the time, it was heavily derided by competitors as being "un-American" and the fund itself was seen as "Bogle's folly".
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Bogle predicted in January that it would very likely surpass the Magellan Fund beforewhich it did in Both of these funds were established for institutional clients; individual investors were excluded. Two years later, in Decemberthe firm finally attracted its first index client.
DFA further developed indexed-based investment strategies. Vanguard started its first bond index fund in Frederick L. Blackrock, Inc. Economic theory[ edit ] Economist Eugene Fama said, "I take the market efficiency hypothesis to be the simple statement that security prices fully reflect all available information.
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The hypothesis implies that fund managers and stock analysts are constantly looking for securities that may out-perform the market; and that this competition is so effective that any new information about the fortune of a company will rapidly be incorporated into stock prices. It is postulated therefore that it is very difficult to tell ahead of time which stocks will out-perform the market.
In particular, the EMH says that economic profits cannot be wrung from stock picking. This is not to say that a stock picker cannot achieve a superior return, just that the excess return will on average not exceed the costs of winning it including salaries, information costs, and trading costs.
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The conclusion is that most investors would be better off buying a cheap index fund. Note that return refers to the ex-ante expectation; ex-post realisation of payoffs may make some stock-pickers appear successful.
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In addition, there have been many criticisms of the EMH. Tracking[ edit ] Tracking can be achieved by trying to hold all of the securities in the index, in the same proportions as the index.
Other methods include statistically conceptul de fund în tranzacționare the market and holding "representative" securities. Many index funds rely on a computer model with little or no human input in the decision as to which securities are purchased or sold and are thus subject to a form of passive management.
Fees[ edit ] The lack of active management generally gives the advantage of lower fees and, in taxable accounts, lower taxes. The difference between the index performance and the fund conceptul de fund în tranzacționare is called the " tracking error ", or, colloquially, "jitter.
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Less common indexes come from academics like Eugene Fama and Kenneth Frenchwho created "research indexes" in order to develop asset pricing models, such as their Three Factor Model. Robert Arnott and Professor Jeremy Siegel have also created new competing fundamentally based indexes based on such criteria as dividends conceptul de fund în tranzacționare, earningsbook valueand sales.
Traditional indexing[ edit ] Indexing is traditionally known as the practice of owning a representative collection of securitiesin the same ratios as the target index. Modification of security holdings happens only periodically, when companies enter or leave the target index.
Synthetic indexing[ edit ] Synthetic indexing is a modern technique of using a combination of equity index futures contracts and investments in low-risk bonds to replicate the performance of a similar overall investment in the equities making up the index. Although maintaining the future position has a slightly higher cost structure than traditional passive sampling, synthetic indexing can result in more favourable tax treatment, particularly for international investors who are subject to U.
The bond portion can hold higher yielding instruments, with a trade-off of corresponding higher risk, a technique referred to as enhanced indexing.
Enhanced indexing[ edit ] Enhanced indexing is a catch-all term referring to improvements to index fund management that emphasize performance, possibly using active management. Enhanced index funds employ a variety of enhancement techniques, including customized indexes instead of relying on commercial indexestrading strategies, exclusion rules, and timing strategies. The cost advantage of indexing could be reduced or eliminated by employing active management.
Enhanced indexing strategies help in offsetting the proportion of tracking error that would come from expenses and transaction costs. These enhancement strategies can be: lower cost, issue selection, yield curve positioning, sector and quality positioning and call exposure positioning.