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Many people enjoy investing, citing it as a rewarding hobby, but others find it a chore and a bore. And even if you’ve been a hobbyist investor for many years, life can throw curveballs in your way.
许多人喜欢投资,将其视为一种有回报的爱好,但也有人觉得这是一项繁琐乏味的任务。即使你多年来一直是一位业余投资者,生活也会给你带来一些意外。
Investment is a long game during which our level of enthusiasm for money management can wax and wane. My attention to pensions and Isa investments slipped when I had small kids and we moved house five times in three years. I’m sure it won’t be the last time my focus shifts.
投资是一场漫长的游戏,在这个过程中,我们对金钱管理的热情可能会起伏不定。当我有小孩并且在三年内搬了五次家时,我对养老金和个人储蓄账户的关注减少了。我相信这不会是我最后一次转移注意力。
Over the festive period, I became part of the “sandwich generation”, supporting parents and children at the same time. In my case it was made more challenging because I live 200 miles away from mum and dad. I’m finding little time for financial admin, aside from pressing issues such as paying the tax bill by January 31.
节日期间,我成了“三明治一代”中的一员,同时支持父母和孩子。就我而言,这更具挑战性,因为我住在离父母200英里的地方。除了一些紧迫的问题,比如在1月31日前支付税款,我几乎没有时间处理财务事务。
Other later life transitions, such as a career change or poor health, could also mean there’s no time to monitor performance spreadsheets, keeping up with company results or following financial markets.
其他晚年的转变,比如职业转变或健康状况不佳,也可能意味着没有时间来监控盈利报表、跟进公司业绩或关注金融市场。
But if you don’t spend time on something to do it well, will it all fall apart? Not necessarily, with regards to investing. A series of academic studies have shown that asset allocation accounts for the lion’s share of investment performance, with stock selection and market timing only adding a little extra on top.
但如果你在一件事上面花时间,它会不会分崩离析?就投资而言,未必如此。一系列学术研究表明,资产配置在投资业绩中占据了最大的份额,而选股和市场时机只是在此基础上额外增加了一点。
Yes, there are rival papers such as “The Equal Importance of Asset Allocation and Active Management” from 2010. Even there, though, James Xiong, Roger Ibbotson and colleagues found about three-quarters of a typical fund’s variation in returns over time comes from general market movement, with the remaining portion split roughly evenly between the specific asset allocation and active management.
是的,还有一些持不同观点的论文,比如2010年的《资产配置与主动管理同等重要》。即使在那篇论文中,熊笑忠(James Xiong)、罗杰•伊博森(Roger Ibbotson)及其同事也发现,一只典型基金在一段时间内的收益变化中,约有四分之三来自总体市场走势,其余部分大致平均分配在特定资产配置和主动管理之间。
But academic papers shouldn’t account for how we live or manage our lives. Nor should we try to be investment portfolio managers in our spare time, when we don’t have any time to spare.
但是,学术论文不应该解释我们如何生活或管理我们的生活。我们也不应该在业余时间试图成为投资组合经理,因为我们根本没有时间。
I’m a firm believer that keeping investments simple can bring better overall results with less effort, not least because it can bring non-financial benefits to your life that are impossible to value. This means more time with family or simply less to cross off on the “to-do” list.
我坚信,保持投资的简单性可以带来事半功倍的整体效果,尤其是因为它可以为你的生活带来无法估量的非财务收益。这意味着更多的时间与家人在一起,或者只是减少待办清单上的事项。
So resolve to streamline your investment portfolio. There are plenty of ways to do this.
所以要下决心精简你的投资组合。有很多方法可以做到这一点。
One is to stop being an “investment clutterbug”. Like the clothes hanging in your wardrobe that don’t fit, there may be some obvious investment things to ditch. Perhaps you have a small share portfolio that runs alongside your larger main pension. If you’ve been lovingly tending a portfolio of small company investments that’s only broken even over 10 years, it’s time to take them to the charity shop.
一是不要再做一个“投资狂”。就像挂在衣橱里不合身的衣服一样,可能有一些明显的投资需要放弃。也许你有一个小的股票投资组合,与你的主要养老金一起运行。如果你一直在精心管理一个小公司的投资组合,而这个投资组合在10年内才实现收支平衡,那么是时候把它们送到慈善商店了。
You could also weed out the poor performers. Two years of a fund underperforming its peers or benchmark index rings alarm bells. Ditch any that have underperformed by 5 per cent or more over a three-year period.
您还可以剔除表现不佳的投资。如果一个基金在两年内表现不如同类基金或基准指数,那就是个警示信号。在三年期内,如果一个基金的表现低于同类基金或基准指数5%或更多,就应该淘汰掉。
That will leave fewer investments to monitor. But if you want a more radical overhaul, sell everything (watching out for trading costs as you do), and replace with a few low-effort “buy and hold” investments.
这将减少需要监控的投资。但是,如果您想进行更彻底的改革,可以将所有投资出售(在此过程中要注意交易成本),并用一些低投入的“买入并持有”投资替代。
When I was a young journalist starting out in 1997 there was a brilliant book called the Armchair Investor by Bernice Cohen and an accompanying Channel 4 show called Mrs Cohen’s Money. Britain’s best-known private investor was female and a former dentist; fancy that! Hers was a cautious, lower-risk, attitude to investing.
1997 年,当我还是一名初出茅庐的年轻记者时,伯尼斯•科恩(Bernice Cohen)写了一本名为《扶手椅上的投资者》(The Armchair Investor)的精彩书籍,与之配套的第4频道节目名为《科恩夫人的钱》(Mrs Cohen's Money)。这位英国最著名的私人投资者是一位女性,而且曾是一名牙医!想不到吧!她对投资持谨慎、低风险的态度。
She advised her audience to buy shares in top FTSE companies, reinvest the dividends, then watch them appreciate over decades. As a keen believer in reinvesting dividends to increase the number of shares held in a good, solid company, I’m still a fan today.
她建议观众购买顶级富时指数公司的股票,将股息再投资,然后看着它们在数十年中不断升值。我一直热衷于将股息再投资,以增加在优秀、稳健公司的持股数量,时至今日,我仍然是她的粉丝。
However, solid companies can wax and wane — the FTSE 100 turned 40 this month with only 29 of its original members still present. So there’s no harm in letting a few professional fund managers do this for you.
然而,稳健的公司也有衰落的时候--富时 100 指数本月已满 40 周岁,但其原有成员中只有 29 家仍在。因此,让一些专业的基金经理来为您做这件事也无妨。
To improve your streamlined portfolio even more, make sure the professionally managed funds you choose are low cost. Even small differences in fees can consume big chunks of your returns over time.
为了进一步完善您的精简投资组合,请确保您选择的专业管理基金成本较低。随着时间的推移,即使是微小的费用差异也会消耗你一大笔回报。
You could pick up a passive fund that accumulates dividends for you such as Vanguard FTSE UK Equity Income Index, with a low charge of 0.14 per cent. However, new research from Morningstar found passive index-tracking equity income funds have “consistently” underperformed their actively managed rivals over the past decade. An issue is that many passives look at historic dividends and do not try to anticipate whether a dividend is sustainable.
你可以选择一只积累股息的被动基金,比如先锋富时英国股息收益指数(Vanguard FTSE UK Equity Income Index),费用低至0.14%。然而,晨星(Morningstar)最新研究发现,在过去十年中,被动指数跟踪的股息收益基金“一直”表现不如主动管理的竞争对手。一个问题是许多被动基金只关注历史股息,而不试图预测股息是否可持续。
You can still make your active UK equity income selections relatively low cost by buying an investment trust such as City of London, with an ongoing charge of 0.37 per cent — and which I own — or Law Debenture at 0.49 per cent.
通过购买伦敦金融城(City of London)等投资信托基金(持续费用为 0.37%,我持有该基金)或 Law Debenture(费用为 0.49%),您仍然可以以相对较低的成本选择主动型英国股票收益基金。
Having sorted your “home” fund, you’ll also need one that focuses on the global (ex-UK) markets. Vanguard’s FTSE Developed World ex-UK Equity Index Fund would plug the gap neatly, while JPMorgan Global Growth and Income Trust is a decent option that is rivalling passives with its charge of 0.22 per cent.
选好“母基金”后,您还需要一个专注于全球(英国除外)市场的基金。先锋(Vanguard)的富时发达世界(英国除外)股票指数基金(FTSE Developed World ex-UK Equity Index Fund)可以很好地填补这一空白,而摩根大通全球增长与收益信托基金(JPMorgan Global Growth and Income Trust)也是一个不错的选择,它的收费为 0.22%,可以与被动型基金相媲美。
You can reduce your risk by adding in a fixed income or “bonds” element. Vanguard’s Investor Questionnaire tool will suggest how much to hold in stocks vs bonds. It has a catch-all Vanguard Global Bond Index GBP Hedged fund or there’s the more expensive actively managed M&G Global Macro Bond Fund instead.
通过增加固定收益或“债券”元素,您可以降低风险。先锋的投资者问卷工具将建议您在股票和债券中持有多少比例。它有一个全能的先锋全球债券指数英镑对冲基金,或者可以选择更昂贵的主动管理的M&G全球宏观债券基金。
The upshot is your entire investment job can be done with up to five funds.
总之,你的整个投资工作可以通过最多五个基金完成。
The other big task left to do is to consolidate your pensions and Isas, cutting out the stress of admin. You can do this by transferring to a single investment platform, choosing one wisely using a comparison website such as Compareandinvest.co.uk.
剩下的另一项重大任务是整合你的养老金和个人退休金,减少管理压力。你可以通过转移到一个单一的投资平台来做到这一点,明智地选择一个比较网站,如Compareandinvest.co.uk。
You might be able to take advantage of transfer-in deals. Some of the biggest platforms are offering bonuses to new customers bringing in funds and existing customers who add to their investments. These include up to £5,000 for a pension transfer to Interactive Investor, up to £3,500 to Hargreaves Lansdown, plus £500 for transfers to AJ Bell.
您可能能够利用转入交易。一些最大的平台为将资金转入的新客户和增加投资的现有客户提供奖金。其中包括将养老金转入互动投资者(Interactive Investor)可获得高达5000英镑的奖金,将资金转入Hargreaves Lansdown可获得高达3500英镑的奖金,以及转入AJ Bell可获得500英镑的奖金。
Stop checking your investments so often. That will free up time to do more of the things you enjoy, or deal with those curveballs
不要经常检查您的投资。这样就可以腾出时间来做更多自己喜欢的事情,或者处理那些棘手的问题。
You probably won’t do all these steps in one go. Just make a start with one. But expect a great sense of wellbeing, akin to that from tidying your shed, emptying the attic or organising a wardrobe.
您可能无法一次性完成所有这些步骤。只需从一个步骤开始。但是,你会有一种巨大的幸福感,就像整理小屋、清空阁楼或整理衣柜一样。
With less “money stuff” to think about, you’re also clearing your mind. I’m sure once my tax bill is paid, I’ll feel a whole lot better.
由于不再需要过多考虑“金钱问题”,你的思维也会变得更加清晰。少想些“钱的事”,你的头脑也会变得清醒。我相信,一旦我的税单付清,我的心情就会好很多。
Finally, stop checking your investments so often. That will free up time to do more of the things you enjoy, or deal with those curveballs.
最后,不要再频繁检查你的投资了。这样就能腾出时间来做更多你喜欢的事情,或者处理那些棘手的问题。
You’ll also lower your risk of a heart attack. Yes, there’s real evidence for this — a Chinese study found stock market volatility is associated with increased risk of hospital admission for cardiovascular disease.
你还会降低心脏病发作的风险。是的,确实有证据表明这一点--中国的一项研究发现,股市波动与心血管疾病入院风险增加有关。
In his book, Thinking, Fast and Slow the economist Daniel Kahneman suggests glancing at your investment portfolio every three months. Anything more frequent may be hazardous to our cognitive function and mental health. Plus, the deliberate avoidance of exposure to short-term outcomes improves the quality of your decisions, meaning you’re more likely to end up richer.
经济学家丹尼尔•卡尼曼(Daniel Kahneman)在《思考,快与慢》(Thinking, Fast and Slow)一书中建议,每三个月查看一下自己的投资组合。更频繁的检查可能对我们的认知功能和心理健康有害。此外,有意避免暴露于短期结果可以提高你的决策质量,这意味着你最终更有可能变得更富有。
Moira O’Neill is a freelance money and investment writer. X: @MoiraONeill, Instagram @MoiraOnMoney, email: moira.o’neill@ft.com
莫伊拉•奥尼尔(Moira O 'Neill)是一名自由理财和投资作家。X:@MoiraONeill, Instagram@MoiraOnMoney, 电子邮件:moira.o’neill@ft.com