Vanguard的前首席执行官对替代方案有一些令人惊讶的观点

Jack Brennan wasn’t surprised by the meteoric rise and fall of GameStop stock earlier this year, which sent ripples through the market and ensnared hedge funds and other institutions. As the former chairman and CEO of Vanguard got closer to publishing a new version of his famous treatise on investing, including how to avoid the worst mistakes, individual investors were piling into the stock, in part to drive up the price and inflict damage on hedge funds that were betting on the game retailer’s fall.

“历史重复，”布伦南告诉亚博赞助欧冠。“投资者最重要的事情之一是你不能在今天的噪音中扫除。”

他指出，他的妻子最近出土了一份纸质副本II1990年代技术泡沫的文章。它质疑先锋，其积极管理和指数资金一直专注于保持成本低，可以在兴奋的科技股中保持不断增长。（超过7万亿美元，Vanguard确实继续发展。）“这是现在的模拟投资，”他说。

在他的新书中,布伦南对军队的建议of individual investors on posting on Reddit and trading on Robinhood. “While investing in stocks is not a fad, approaching it as a game to be played is dangerous. It is akin to gambling, and, as we know, the house usually wins,” he wrote in the book, “More Straight Talk on Investing.”

谈到II那Brennan added that under a “sensible” plan, “‘Do nothing’ is generally the best answer at any point in time.”

Brennan didn’t “do nothing” between the first and second versions of the book, first published in 2004. Rather than just updating his “Straight Talk” for the 2020s, the former CEO of a company that democratized investing added a chapter on alternatives, including undemocratic hedge funds.

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在另一个新的篇章中，“是”聪明的钱“聪明吗？是的，但是......“，Brennan称之为智能金钱”愚蠢“，但他为捐赠做了例外。“如果你看看最好的捐赠管理人员，他们会犯错误，”他写道。“但他们以纪律的方式投资。”

尽管禀赋的表现和他们所采取的风险量来实现这些回报has been a source of debate那Brennan’s book includes statistics that show the largest endowments have beaten common benchmarks, with a lot less risk. Large endowments outperformed both a U.S. benchmark with 60 percent in stocks and 40 percent in bonds as well as a global equity index over 20 and 30 years, according to “More Straight Talk.”

Brennan also admires endowments’ willingness to change their behavior after the 2008 financial crisis when they were hurt by their inability to sell private investments. “There is an illiquidity premium, but they got stuck when they ran out of cash,” he said in the interview.

零售投资者的“好消息/坏消息”

但与个人不同，捐赠，可以获得对冲基金和私募股权。“这是一个好消息/坏消息故事，”Brennan在这本书中写道。他担心，随着更多替代品来市场，个人将无法获得“最佳和最聪明”的人。

他很可能是对的。事实上，较小的捐赠和其他机构投资者在替代方案中投入了他们的投资组合的大部分，亚博赞助欧冠但是他们并不擅长，因为他们只能访问二流管理人员。

In his book, Brennan runs through all the negatives, such as costs, the wide gap between the best and the worst managers, high risk, and complexity. He also lays out the basics of incentive fees and calls for full and clear disclosure from managers. “I want the reader to be a smart buyer,” he explained toII。“I spend a lot of time around those alternatives. They can be valuable to them.”

A 401(k) plan, for instance, is “permanent capital,” Brennan said. “Why wouldn’t you want to have 10 percent of those assets exposed to the private market? It’s coming.”

Brennan还认为积极管理正在不断发展，并将在投资者的投资组合中发挥重要作用。“这是补充核心投资组合的好时机，真正的聪明的利基公司，真正深入研究了积极管理，”他说。“旧模型的业务方面受到黑钢笔和先锋的挑战，但致力于研究的高度才华横溢，他们可以补充核心指数基金。”

为什么投资者不应该独自一人

当被问及在书写书或多年来改变的时候给了他最逗留了什么，他可能错过了，Brennan表示简单的概念，如美元成本平均，并且建议的需要是他想到的两个地区。

例如，美元费用平均每月或每周自动投资新现金是一种自动化的方式，甚至可以重新分配。但Brennan说，在市场上涨，即使他们在短期内为投资者提供更多焦虑的投资者，团块的投资也会做得更好。“策略作品，但我想提出平衡的观点，”他说。

但布伦南最大的问题是建议的价值。

虽然这本书的前提是教人们要自己投资 - 主要是通过保持它简单 - Brennan已经到来，在某些情况下，建议可能是必不可少的，特别是在退休期间。虽然他不会评论Vanguard，但资产经理最初将其基金直接瞄准个人。它后来扩大到销售机构和提供不同级别的建议。

Brennan wrote in the book that individuals shouldn’t go it alone when trying to determine how long their money will last, how to deal with a bear market during retirement, and taxes.

布伦南讲述了一个关于他自己的父亲的故事。当他退休时，布伦安高级派遣前任首席执行官一张支票支付他的退休储蓄并告诉他“用它做点什么。”他不会详细说明，所以Brennan投入了多元化的投资组合中的一块金额。

“他又住了20年，令人难以置信的舒适，”布伦南说。“他从Vanguard开启了他的声明三次。他相信我。“

“He might have been concerned, if he knew I never looked at it either,” he laughed. “But that’s a metaphor for the way most of us should be thinking about the non-work phase of our lives.”