大部分投資者覺得投資風險就是價格波動。但是有比價格波動更大更危險的風險，他們卻看不到。我在這裡介紹兩種以供大家參考。
資訊不對稱風險
大學的時候，我買過一輛二手本田車。車主一直跟我強調本田車如何如何可靠。結果我才開了二十天，引擎就壞了。這時原車主已經找不到了。這就是資訊不對稱風險：車主已經知道引擎快壞了，他不告訴我，我就不知道。
這種現象在金融屆比比皆是。比如你投資對沖基金，你知道基金管理人拿你的錢去做什麼嗎？當然，為了拿到你的錢，基金會向你披露資訊。我可以向你保証，向你披露的一定是好資訊，有不好的資訊，能掩蓋的一定不會向你披露。投資人在這種資訊不對稱得情況下投資，只有被宰的份兒！
(欲了解更多資訊，免費索取我寫的The Informed Investors: 5 Concepts for Financial Success。)
代理風險
很多華人喜歡華爾街大公司的理財顧問幫他們理財。他們以為華爾街大公司可靠。他們有很強的市場分析師陣容。大公司的理財顧問一定知道更多市場的秘密，必定能為他們賺錢。
可是他們憑什麼要為你賺錢？高盛老總Blankfein說得好：高盛是Market Maker，不是Fiduciary。這句話什麼意思？很多華人不懂，卻非常關鍵。這句話的意識是，你要買賣金融產品，高盛會做你的交易對手！他們可不為你盈虧負責！
這就是代理分險。你以為你的理財顧問代表你的利益，其實他們代表的是華爾街（你的交易對手）的利益。
這些風險你考慮過嗎？
(欲了解更多資訊，免費索取我寫的The Informed Investors: 5 Concepts for Financial Success。)
Hi Michael,
ReplyDeleteRecently came across your blog and find it quite interesting. Keep up the good work :) I am a newbie in investment with only 2to3 years of experience. Nice to meet you.
Danny,
ReplyDeleteI am happy you are learning something form my blog. For novice investors like you, the most important thing is self-education.
Michael
Hi Michael,
ReplyDeleteMy major is engineering but I am interested in investment for a long time. So I have been reading investment books by myself. Thus far, my average return for these years are about 15%. One important things that I have learn through these years are Tian Shi, Di Li and Ren He from one investor :)
That's a fabulous average return. Congratulation!
ReplyDeleteMichael,
ReplyDeleteWhat is the difference between Market maker and Fiduciary?
Shi
Mr. Shi,
ReplyDeleteMarket maker is someone who creates a market. He will buy from someone who want to sell and sell to someone who want to buy and try to make a profit in between. So certainly he is not loyal to either the buyers or the sellers by himself.
Fiduciary is a English term that has not Chinese counterpart. It means someone who is legally required to act in your best interest. I, as an independent registered investment advisor, is legally bound to act in clients' best interests. Brokers who work for Merrill Lynch and the like are not fiduciaries to their clients. Most investors can't tell the difference.