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时隔近3年半的意外降息令人纠结:降为GDP,不降为CPI。在降息背景下的基金投资者该如何选择不同的基金产品?为此,笔者回顾了自2003年以来(开放式基金面世后)我国不同利率调整周期中不同类型的基金产品业绩表现情况,并试图解释其业绩差异表现背后的主要原因。传统理论认为,任何资产的内在价值取决于持有资产可能带来的未来现金流收入,而未来现金流取决于投资者的预测,需
Accidental rate cuts, which lasted nearly three and a half years, were entangled: reduced to GDP and not reduced to CPI. Therefore, the author reviews the performance of different types of fund products in different interest rate adjustment cycles in China since 2003 (after the open-end funds are available), and tries to find out how the fund investors choose different fund products. Explain the main reason behind the performance difference. Traditional theory argues that the intrinsic value of any asset depends on the likely future cash flow from holding the asset, and future cash flows depend on the investor’s projections