基金产品设置清盘线的初衷,是希望在控制损失的前提下,能尽可能地享受高收益。在私募产品的管理上,风险的控制主要交由管理人,打个比方:风险有如细菌,管理人有如白细胞,而清盘线则相当于抗生素,在白细胞不能消灭细菌的时候,抗生素进场,把细菌和白细胞全部消灭掉。然而,从产品的角度讲,清盘线的设置对投资者造成了幻觉。 The original intention of setting up liquidation of fund products is to expect to enjoy high returns as much as possible under the premise of controlling losses. In the management of private equity, the risk control is mainly by the manager, for example: the risk is like bacteria, managers like leukocytes, while the liquidation line is equivalent to antibiotics, when the white blood cells can not eliminate bacteria, antibiotics approach, the Bacteria and white blood cells all destroyed. However, from a product perspective, the liquidation line set the illusion for investors.