什麼是指數化投資及ETF,指數化投資真的有比較好嗎?

什麼是指數?

指數基本上是根據某個規則挑選出一籃子股票,並計算出反映這一籃子股票平均市場價格的點數。在日常生活中也經常會有類似指數的概念。例如某班級英文考試分數的平均成績。我們只要把這個班級所有學生的英文考試分數加總起來再除以學生人數,就可以得到一個「英文成績指數」。追蹤這個「指數」的走勢就可以反映出這個班級英文成績是進步還是退步。這就是指數的作用。基於相同的道理,台灣股市有超過一千支股票,我們要如何知道它們今天整體股價表現是上漲還是下跌呢?股價指數就是為了這個目的而誕生的,它能呈現出整體股市走勢的漲跌,以方便投資人追蹤參考。例如台灣50指數是由台灣股市市值最大的50家公司組成。雖然0050只由50家公司組成,但這50家公司的總市值占台股總市值近七成的比重,所以台灣50指數與代表整體市場的發行量加權股價指數有很高的相關性。台灣50指數就相當於這50家公司的平均股價,這個點數下跌,就代表指數背後的公司股價整體下跌了;如果點數上漲,就代表指數背後的公司股價整體上漲了。從長期看,只要經濟持續發展,股市就會不斷上漲,所以指數的點數也是不斷上漲的。

什麼是指數化投資?

指數化投資又稱被動式投資,魔力斯認為指數化投資具有以下幾點最基本的原則:

  1. 不選股,不擇時進出市場
  2. 採用追蹤指數的方式投資整體市場,分散投資風險
  3. 取得整體市場的平均報酬
  4. 盡可能的降低投資成本
  5. 採取買入並持有的策略長期投資

什麼是ETF,為什麼現今指數化投資人大多選擇ETF作為主要的投資工具?

ETF(Exchange Traded Funds),中文翻譯為:交易所買賣基金

顧名思義就是可以在股市中交易買賣的基金,買賣方式和一般的股票交易一樣,同一個交易日價格也會變動,有別於傳統的基金是透過銀行通路進行申購或贖回交易,一個交易日也只會有一個價格的特性。

世上第一支一般投資人可以購買的指數型基金是由約翰‧柏格(John Bogle)於1976年所創立推出的,它是一檔追蹤標普500指數的共同基金(Vanguard Fund)。在這之後又過了將近20年直到1993年才誕生了SPY這世界上第一支ETF。至於台灣投資人可以使用的第一個指數化投資工具,則是台股代號0050元大台灣卓越50,此ETF成立於2003年6月25日。ETF因為流動好成本低選擇多等優勢,如今已經成為市場上指數化投資工具的主流,在2020年的當下就已經佔有總體基金市場過半的規模,而且未來還會繼續成長,預估到2030年ETF的總資產規模還將可能一舉衝上50兆美元。

另外有一個基本觀念必須要特別強調:ETF本質上是基金,是一種投資工具,所以它和基金一樣,也有各種不同的類型。但只有原型的ETF 才是指數化投資人應該選用的指數型ETF;所有槓桿跟反向的ETF,例如元大台灣50正2(00631L)或是元大台灣50反1(00632R),都不能用來當作指數化投資的工具 。

指數化投資真的有比較好嗎?

指數化投資經過40餘年來的發展實際數據已經證明是個可以樂勝80%以上市場參與者的策略,魔力斯認為指數化投資至少有以下幾個面向的明顯優勢:

1. 技術層面

指數投資之父–約翰.柏格曾說過:「如果你在大海中撈不到針,就把整個大海買下來!」,指數化投資讓投資人不必選股毋須擇時,只要一網打盡買下整個市場並長期持有,就可以極低成本獲取整體市場報酬。有指數化投資這樣先進的絕佳投資工具,讓投資人參與股市不用再靠運氣,而是百分之百可以獲取市場報酬,絕對不會錯失任何飆股。而且這是股神最推薦,適用於所有人的投資方式。

延伸閱讀:

巴菲特25年來推薦了14次的投資法:指數化投資

2. 心理層面

指數化投資讓投資人非常安心,因為當處於牛市時,投資人可以很確定自己的報酬率已經超過市場上一半的參與者; 而當處於熊市時,投資人也可以很確定市場上有一半以上的人虧損的程度比自己還多。因此再也不用患得患失,擔心賺的比人少,虧得比人多,每天都可以安心睡個好覺。此外,採用指數化投資所得到的報酬是市場給的,是指數背後所代表的那一籃子優秀的公司經年累月努力經營企業所獲取的利潤透過股票分享給投資人的甜美果實,所以投資人賺的心安理得,再也不用擔心因為自己賺了錢而害其他的投資人因此虧損了,投資人只需要持續保持信心與耐心,就可以開始慢慢變富。

延伸閱讀:

巴菲特說:「因為沒有人願意慢慢變富。」

3. 人生層面

指數化投資讓投資人可以不用再花費大量時間去研究分析挑選個股,還要判斷趨勢漲跌以決定何時該買入或是賣出股票,因為這個過程不僅耗費大量時間與精力,而且到頭來往往是徒勞無功甚至是越努力賠越多的結果。畢竟人生還有很多比投資更重要的事值得去追求,指數化投資人可以將時間拿來陪伴心愛的家人,做自己喜歡的事,無論去世界各地旅遊度假、騎單車環島,或是去看一場電影、閱讀一本好書,人生有太多除了投資以外值得去追尋的美好事物。聰明又務實的指數化投資人不會浪費大量時間去玩勝率只有不到百分之五的金錢遊戲,而是選擇將人生最寶貴的時間投資在美好的事物上。

延伸閱讀:

為什麼絕大多數的人投資都賠錢?

相對於指數化(被動)投資的就是主動式投資,其基本原則就是:經由挑選個股操作低買高賣賺取高額價差,得到遠超出市場平均報酬的投資績效。

大多數剛投入股市的新手,都會不甘於平凡,不知道敬畏市場,而想要選擇主動式投資,這就是投資和其他領域很不一樣的地方。試想一個剛學會打籃球的新手,有人會妄想他能挑戰NBA的明星球員並且擊敗他嗎?但是偏偏每個才剛踏入股市的新手,個個都會覺得主動式投資要贏過市場很簡單,只要花一點業餘時間稍加研究分析就能做到。殊不知現實是殘酷的,不要說是投資新手了,隨著現今市場已經變得越來越有效率,就算是以投資為職業而且有豐富經驗的專業經理人都是很難贏過指數的。

延伸閱讀:

為什麼要做資產配置,資產配置可以幫助我安然度過股災嗎?

魔力斯的指數化投資及資產配置計畫

來談談財務自由的關鍵~被動收入~

在〈什麼是指數化投資及ETF,指數化投資真的有比較好嗎?〉中有 144 則留言

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