Elanso

 

Recently, there is a interview about me online. Originally, it was an interview conducted by Fund Watch magazine, but after online reproduction for numerous times, most frequently appeared title online is "Star of fund investors Ji Kaifan expressed that ChinaAMC large-cap fund resembled to an adventure car".

In fact, there was only a small paragraph that included my comments on ChinaAMC large-cap fund in the entire interview, which was to respond to a reporter's question: What was the most regretful investment in 2007?

"Unfortunately, I hadn't start to invest in ChinaAMC large-cap fund in early 2007. Although it was in my fund list at that time, I have many concerns about it. These concerns still exist at the moment, so it 's hard to say whether it is a regret or not. Like an exploration car, lays particular stress on small-cap stock, taking a narrow and riksy hill road. If the right path is chosen, it's most probably to discover a mountain retreat; otherwise, it will be very risky."

This was not the theme of the interview, which, however, was about my investment experiences and viewpoints talked about for countless times. But this subject is easily to be misunderstood, so I would like to explain more on the subject topic. 

At the end of 2006, I wrote a blog titled "Get ready to buy only sick chicken next year". At that time, many friends took part in the discussion, during which we had mentioned the ChinaAMC fund. During that period, the overall trend for small-cap funds was not good, and I wrote several blogs about small-cap funds.

At that time, the ChinaAMC large-cap fund has not yet been closed, and I really had had impetus to purchase some, but purchase opportunities were soon missed due to delay by my hesitation. Of course, it was a regrettable thing to miss the champion fund of 2007. The reason why I hesitated is that, for one thing, I was not sure about its investment style. I wanted a small-cap fund, but actually ChinaAMC large-cap fund was a small-cap fund opposite to the surface meaning of its name. (Later, they changed the recruitment statement that it could invest in stocks of any style); another reason was that preference of small-cap stocks made it too close to the China Securities 500 index, which was a smaller in the small-cap fund. Moreover, I had bought the fund of Guangdong Development Bank, therefore, gave up ChinaAMC large-cap fund.

After that, the ChinaAMC large-cap fund has been closed and unable to buy. However, if it is open, I would not necessarily buy, so it can not be regarded as a regret. This is highly related to my personal risk preference. The risk must be high in the long-term for the fund with so small scale of capitals, with rapid rise and dramatic drop, which seemed a bit too radical. WANG Yawei is indeed an excellent fund managers, who is able to stabilize the growth of his fund, so he has brought fund investors lots of profits. In particular, his situation is still not bad in spite of recent large-scale adjustment. Therefore, I am very envious of those who have invested in this fund. 

In addition, let's not to consider the question of regret. It will be regrettable either purchase late or sell it, so it is difficult to have any perfect thing. Always quest for perfectness will make your life hard to live on. 

Let's consider more of future and less about past.