如何通过指数基金，投资全球股票市场？｜第391期精品课程

Core Viewpoint - Global investment offers more opportunities and reduces volatility risks associated with single markets, with index funds being the most suitable entry point for ordinary investors [5][94]. Group 1: Advantages of Index Funds - Index funds have six major advantages over actively managed funds, including low costs, transparency, diversified allocation, reduced human influence, low cognitive costs, and productization of investment philosophies [6][18]. - The management fee for index funds is approximately 0.2% per year, with some as low as 0.05%, compared to about 0.5% for actively managed funds [8][9]. - Index funds provide transparency by publicly disclosing their holdings, allocation percentages, and rebalancing activities, which reduces the risk of opaque operations [10]. - Index funds inherently offer diversified exposure, which mitigates individual stock risks through periodic adjustments [11]. - The performance of index funds is less affected by individual fund managers, as their primary role is to track the index [12][13]. - Indexes are based on predefined rules that are easy to understand, allowing investors to use them as long-term investment tools [14][15]. - Indexes can embody established investment philosophies, making it easier for investors to find products that meet their specific needs [16][17]. Group 2: Current Status of Global Index Funds - The global index fund market has developed a stable oligopoly with three major index providers: S&P Dow Jones, MSCI, and FTSE Russell [25]. - S&P Dow Jones is known for its U.S. indices, including the S&P 500 and Dow Jones Index [27]. - MSCI specializes in global asset allocation, with indices covering various countries and regions [29]. - FTSE Russell is recognized for its global asset allocation indices, including the FTSE A50, which tracks A-shares [31]. - The three largest index fund companies are BlackRock, State Street, and Vanguard, collectively managing over 80% of U.S. index fund assets [43]. Group 3: Historical Market Cycles - The U.S. stock market has experienced three major bull and bear market cycles since 1929, with bull markets typically lasting longer than bear markets [52][64]. - The first bear market occurred from 1929 to 1945, followed by a bull market from 1945 to 1972, characterized by significant economic recovery [54][57]. - The second bear market lasted from 1972 to 1982, while the subsequent bull market extended from 1982 to 2001, driven by declining interest rates [59][60]. - The third bear market spanned from 2001 to 2008, with a prolonged bull market emerging afterward, lasting until the present [61][62]. Group 4: Investment Strategy Recommendations - Investors are advised to use funds that are not needed for at least five years to invest during undervalued market phases [67][90]. - The global index investment strategy is recommended during 4-5 star market phases, which indicate undervaluation [84][95]. - The "Global Index Investment Portfolio" offers a diversified approach to investing in multiple countries and regions through index funds, allowing for easy access to global market performance [80][96].