Cov nyiaj no me me ntawm Vanguard tau tsoo nws - yog, txawm tias hauv khw no

Bogle cov lus qhia ib txwm muaj rau ib tus neeg ua lag luam zoo tib yam yog ua raws li tus nqi qis hauv Teb Chaws Asmeskas cov khoom lag luam index fund rau kev loj hlob mus ntev, zoo li Vanguard Total Stock Market Index Fund Admiral Shares
VTSAX,
-0.81%
nyiaj.

Tab sis ntawm no, me ntsis paub thiab tsis tshua tham txog, yog Vanguard khiav dab tsi zoo li qhov tsis txaus ntseeg zoo li cov nyiaj tiv thaiv. Thiab nws yog crushing nws.

Vanguard Market Neutral Fund
VMNFX,
+ 0.83%
txawm tshaj tawm qhov nce me me rau hnub Thursday, thaum Dow poob 1,000 cov ntsiab lus thiab zoo nkauj npaum li txhua yam poob sib nrug.

Cov nyiaj tau nce ib feem peb ntawm qhov feem pua ​​​​ntawm cov hnub. (Nasdaq Composite
COMP,
-1.40%
: down 5%.)

Lub Vanguard Market Neutral Fund yog nce 9.5% stellar txog rau xyoo no, txawm tias cov khoom lag luam thiab cov ntawv cog lus muaj ob qho tib si tanked. (Lub Vanguard Balanced Index Fund
VBAIX,
-0.63%,
uas yog 60% US stocks thiab 40% US daim ntawv cog lus, tau poob 12%.)

Thiab Vanguard Kev Lag Luam Nruab Nrab tau nce siab 26% hauv 12 lub hlis dhau los, thaum cov nyiaj sib npaug tau poob 5%.

Zoo siab heev, nws tseem ua tau zoo tshaj nws cov nqi kim, tshwj xeeb hedge-fund cov neeg sib tw. Raws li cov tuam txhab hedge-fund index HFRI, qhov nruab nrab "kev lag luam kev lag luam nruab nrab" hedge fund tau ua phem dua li Vanguard cov nyiaj ntau dua ib thiab peb xyoos thiab txog rau tam sim no xyoo no, ib yam nkaus.

Kuv txaus siab heev los ntawm qhov tsis yog-Vanguard Vanguard cov nyiaj no uas kuv tau hu rau lub tuam txhab thiab xaus lus nrog Matthew Jiannino, tus thawj coj ntawm kev tswj cov khoom lag luam rau Vanguard's Quantitative Equity Group.

Thawj qhov uas yuav tsum nco ntsoov yog tias Vanguard yog qhov tsis txaus ntseeg txog kev hu qhov no "cov nyiaj tiv thaiv," vim tias tag nrho cov ntsiab lus uas cov kab lus muaj: kev pheej hmoo siab thiab lwm yam. Qhov no yog kev tswj hwm kev muag khoom sib koom ua lag luam, thiab cov nqi khiav lag luam yog qhov tsawg heev, Bogle-phooj ywg heev 0.25% ib xyoos. Nws tsis siv leverage thiab lub hom phiaj los "tswj kev pheej hmoo," Jiannino hais.

Ntawm qhov tod tes, yog tias nws zoo li duck, taug kev zoo li duck thiab quacks zoo li duck, nws yog duck, thiab cov nyiaj no yog qhov classic, thawj "hedged" nyiaj zoo li. Nws yog "ntev-luv," txhais tau hais tias nws twv ntawm qee cov khoom lag luam nce mus ("ntev" hauv Tshuag lag luam jargon) thiab lwm tus mus nqis ("luv"). Jiannino hais tias phau ntawv yog qhov sib npaug, nrog rau cov thawj koom ruam nce thiab nqis ntawm qhov loj tib yam, yog li ntawd qhov kev ua tau zoo tsis cuam tshuam nrog cov khoom lag luam indexes.

Cov nyiaj tau txais txiaj ntsig zoo tsis ntev los no ua raws li lub sijhawm ntau xyoo thaum nws ua tsis tau zoo. Zoo li ntau tus tub ua lag luam, nws tau tso tseg los ntawm kev nce siab ntawm cov cuab yeej thev naus laus zis loj hauv xyoo 2010s.

Jiannino hais tias cov nyiaj feem ntau ua rau muaj txiaj ntsig zoo ntawm cov npe zoo dua. Nws tsis yog "tus nqi" cov tub ua lag luam uas tsuas yog yuav cov khoom lag luam hauv kev sib raug zoo nrog cov ntsiab lus niaj hnub no, tab sis nws tab tom saib cov tuam txhab nrog kev loj hlob zoo kev lag luam ntawm tus nqi tsim nyog. Jiannino hais rau kuv tias "Peb zoo li muaj kev loj hlob qaij, tab sis nws yog qhov kev loj hlob qaij uas tau txhawb nqa los ntawm qhov zoo," Jiannino hais rau kuv. Cov khoom lag luam raug xaiv los ntawm ib pab pawg me me hauv tsev, uas pom tau tias ua haujlwm zoo dua li ntau pawg Ferrari hauv Greenwich, Conn., ua.

Qhov no puas yog nyob rau hauv ib tug raug investor cov ntaub ntawv portfolio? Tej zaum tsis yog. Feem ntau, ib tus neeg uas xav tau kev ruaj ntseg ntau dua hauv lawv cov ntaub ntawv feem ntau yog qhia kom khaws tej yam yooj yim thiab muab qee cov nyiaj rau hauv qee yam xws li daim ntawv cog lus luv luv. Vanguard hais txog tias Kev Lag Luam Tsis Muaj Nyiaj Txiag yog tsom rau "cov tub ua lag luam zoo", uas tuaj yeem faib "5 txog 10%" ntawm cov ntaub ntawv rau cov nyiaj. Nws tuaj yeem siv tau, tshwj xeeb tshaj yog nyob rau lub sijhawm zoo li xyoo dhau los.

Ntawm qhov tod tes, kuv pom tias Market Neutral fund tau tsim qhov kev ua tau zoo 10 xyoo dua li Vanguard Short Term Bond Fund.
VBIRX,
-0.30%,
thiab tshwj xeeb tshaj yog nyob rau xyoo no. Cov nqi qis yog qhov xav tsis thoob, qhov kev siv nyiaj hauv xov tooj ntau dua 1%, tab sis nws yog tus lej me me uas cuam tshuam txog tus nqi luv luv lossis "down" bets. Cov nqi khiav haujlwm yog 0.25%.

Kuv xav tau qhov no dua li feem ntau ntawm cov kaus mom saum toj kawg nkaus, uas them ib caj npab thiab txhais ceg thiab xa bupkis. Thaum koj saib cov nyiaj Vanguard koj xav paub tias lwm tus thawj tswj hwm tau ploj mus li cas nrog lawv cov nqi.