第二，资产属性是公共资产，首先是大家捐赠给你的，不是卖产品换来的，是用于公益事业的，还免除 了国家的税收，所以，这笔钱一定是公共资产，类似国有资产管理的方式要用在这上面。我们要对发起 人、捐赠人、受益人负责，也接受政府和群众的监督，所以这个性质就决定这些资金的风险属性肯定不 能是高风险的偏好。 第三，对流动性有要求，上午我们也分享了，北大基金会是5A级的基金会，每年支出要不能低于上年 年末净资产8%。这是流动性的下限，也有上限，上限就是不能寅吃卯粮，也得保证基金的代际平衡， 这中间有张力，每一任领导都想做很多事，都认为我现在花掉这个钱是边际效益最大的，但不能保证明 年可能有边际效益更大的项目，所以有一个代际的平衡，所以大学基金流动性有上限和下限的要求。以 上三个特点决定大学基金在资本市场风险偏好，它能够选择哪些产品，以及它的投资属性。 专题："投资·向善"——复旦管院·兴动ESG大讲堂暨高校基金会慈善资产管理研讨会 2025年9月22日，兴证全球基金、兴银理财、复旦大学管理学院携手举办的"投资·向善"复旦管院·兴动 ESG大讲堂暨高校基金会慈善资产管理研讨会圆满落幕。北京大学教育基金会秘书长李宇宁先生发表主 ...

Group 1 - The core viewpoint of the article highlights the recognition of educational initiatives in investor protection, with Oriental Red Asset Management winning awards for its anti-fraud educational projects [1][7][43] - The project "Anti-Fraud Insights from the Four Great Classical Novels" aims to educate investors on fraud prevention by using stories that illustrate human nature and fraud detection [7][8] - The "Fixed Income Practical Course" by Oriental Red Asset Management has been successfully conducted in collaboration with Fudan University for five consecutive years, focusing on enhancing students' understanding of bond investment and research [43][45][51] Group 2 - The anti-fraud educational series includes lessons that emphasize the importance of recognizing scams and maintaining a long-term investment mindset [8][10][12] - The course content covers various aspects of the fixed income market, including macroeconomic analysis and asset allocation strategies, to prepare students for careers in finance [45][47] - The collaboration with universities aims to expand financial literacy and investor education, benefiting students and enhancing the overall quality of financial education [49][51]

Core Viewpoint - The article discusses common investment pitfalls and how to avoid them, emphasizing the importance of balancing risk, return, and liquidity in investment decisions [1]. Group 1: Risk and Return - Investors often focus solely on expected returns while neglecting risks and liquidity, which can lead to significant losses, especially during market volatility [2]. - The concept of the "impossible trinity" in investing highlights that it is not possible to have high liquidity, high returns, and low risk simultaneously [2]. - It is crucial for investors to consider their risk tolerance, investment goals, and the duration of their capital commitment when selecting investment products [2]. Group 2: Trading Behavior - Frequent trading and chasing short-term gains can be detrimental, particularly in fund investments, as it requires substantial effort and can lead to increased transaction costs [3][4]. - Short-term trading may cause investors to become overly focused on market fluctuations, hindering their ability to recognize long-term trends and make rational decisions [4]. Group 3: Information and Decision-Making - Investors lacking fundamental knowledge may fall prey to market rumors, which can lead to irrational investment decisions [4]. - It is essential for investors to remain calm and rational, independently assessing the accuracy of information and its potential impact on the market [4]. - Making decisions based on thorough analysis and research is vital to avoid the risks associated with following trends blindly [4].