中泰资管天团 | 姜诚：用现实主义的方法，实现理想主义的目标

Core Viewpoint - Value investing is applicable in the A-share market, as long as there are transparent prices and assessable values for assets, and it is not limited to the stock market or specific to A-shares [2] Group 1: Concerns about Excess Returns - There is anxiety regarding the future application of value investing in asset management, including whether it can outperform the market and whether investors can trust active management again [2] - The concern about excess returns may be overblown, as it is a fact that all investors as a whole cannot achieve excess returns; total returns equal market returns minus transaction costs [2] - There will always be individuals who can achieve excess returns, which depends on their execution rather than the type of investment they make [2] Group 2: Active Management and Investor Trust - The challenge lies not only in whether fund managers can outperform the market but also in regaining investors' trust in active management [3] - Trust is asymmetric; while fund managers may remain calm during market downturns, investors often struggle to maintain composure [3][4] - The key to regaining trust in the fund industry is to align the returns of investors with the net asset value of the funds [4] Group 3: Communication and Performance - It is relatively easier for fund managers to outperform the market over a market cycle, but consistently doing so each year is challenging [6] - Effective communication during underperformance is crucial, as it is more beneficial than boasting during high-performance periods [6] - The approach of "accompanying" investors to foster long-term trust is one method being employed [6] Group 4: Volatility and Returns - Research indicates that funds with lower volatility tend to have better performance and lower chances of investor losses [7] - The relationship between short-term volatility and long-term returns in the A-share market suggests that reducing volatility does not necessarily lead to lower returns [7] - The real challenge is finding methods to reduce volatility without sacrificing returns, which varies for each fund manager [7] Group 5: Realism in Investment Strategy - Fund managers often exhibit idealistic views that can be challenged by reality, leading to errors in logic and assumptions [8] - A balanced approach that combines realism with idealism is necessary to achieve the goal of value investing and helping more people profit from it [8]