基金常被戏称为“超级散户”,原因是它们钱多而不做庄,而且多半无法依靠积极投资以战胜市场。其实基金与散户的区别很大。比方说,基金拥有强大的研究力量,能够对各行各业的景气变化进行跟踪、预测。借此,基金在2003年成功地“发现”钢铁、石化、电力、汽车等行业的投资价值,在这些行业盈利迅猛上升的周期中建仓相关蓝筹股,获取了15％的平均收益率。但进入2004年后,行业前景预测难度大增,多数基金净值出现负增长。 Funds are often dubbed “super retail investors” because they are more money-rich and less profitable than most, and most of them can not rely on active investment to beat the market. In fact, the difference between funds and retail investors. For example, the fund has a strong research force that tracks and predicts changes in business across all industries. As a result, the fund succeeded in “discovering” the investment value of steel, petrochemical, electric power and automobile industries in 2003 and gained 15% of the average return on the blue chips in the sectors where the industry’s profit soared. However, after entering into 2004, the prospect of the industry is more difficult to forecast, and the net value of most funds shows negative growth.