00:00
don't look for the needle in the H Tech just buy the H teack quote John Bogle founder of Vanguard group this is
與其在H Tech中尋找那根針，不如直接買下H teack ——Vanguard集團創辦人約翰·博格說道。
00:07
essentially what ETFs allow you to do giving you broad exposure to markets without the need for individual stock
這本質上就是ETF能為你做的事，讓你在不需要個股選股的情況下，廣泛參與市場。
00:14
picking and this explains why they are increasingly more popular among investors of all demographics with or
這也解釋了為什麼它們在各種人口統計、有無經驗的投資者中越來越受歡迎。
00:22
without experience we'll start with a popular top down approach for investing starting from the macroeconomy down to
我們從一個流行的自上而下投資法開始，從宏觀經濟到產業板塊，再到個股。
00:29
the sectors and then individual stocks you see ETFs trade like stocks but are actually collections of stocks or assets
你看，ETF雖然像股票一樣交易，但實際上是一籃子股票或資產的集合。
00:37
giving you exposure to the broader markets without focusing on individual companies like I said earlier and hence
讓你參與廣泛市場，而不用聚焦於個別公司，就像我之前說的。
00:44
it is crucial for you to have this diagram in mind before you even buy into any ETFs in simpler terms you are
因此，在你買進任何ETF之前，將這個概念牢記在心是至關重要的。
00:52
actually investing in either the country's economy or a particular sector within the economy or whichever comp
簡單來說，你實際上是在投資一個國家的經濟，或是經濟中的某個特定板塊，又或是兩者的某種組合。
00:59
combination that maybe depending on the ETF structure but it w't run too far from these two and I'm telling all this
取決於ETF的結構，但基本上不會脫離這兩者太遠。
01:06
because I don't want you to invest in ETFs for the sake of oh I heard the S&P 500 is very good H so you just buy into
我告訴你這些，是因為我不想讓你投資ETF只是因為「哦，我聽說S&P 500很好」，然後就盲目買進。
01:13
them no no the reason why you heard the S&P 500 is very good is because it covers 500 of the largest companies in
不，不，你之所以聽說S&P 500很好，是因為它涵蓋了美國市場中500家最大的公司。
01:22
the US market and that usually means high growth technology companies in the largest Capital Market in in the world
這通常意味著高成長的科技公司，位於全球最大的資本市場，資金大量匯集之處。
01:30
where most of the money flows and also where the world's Reserve currency US dollar lies in hence why you're are
也是世界儲備貨幣美元的所在地，因此你實際上主要是在投資美國經濟。
01:38
actually investing largely into the US economy instead my point is to understand what to do which ETF to
我的重點是，要了解該做什麼、該投資哪個ETF，就要知道「怎麼做」——研究和閱讀等等。
01:46
invest in this case is to know how to do it research and reading Etc but to know how to do it you'll first need to know
但要了解怎麼做，你首先需要知道當初「為什麼」要做，這就是你的投資目標。
01:54
why you are doing it in the first place which is precisely your investment objective and that brings me to the
這就引出了ETF的「說明書」（Fact Sheet）。
02:01
etf's fact sheet which is basically a PDF document that summarizes the entire ETF which you can easily find online
這基本上是一份總結該ETF所有資訊的PDF文件，你只要簡單用Google搜尋就能輕易找到。
02:09
with a simple Google search and to simplify your research you can use apps like Mumu which is a sponsor of this
為了簡化你的研究，你可以使用像Mumu這樣的App（本影片的贊助商）。
02:15
video look for them under font and click into profile and you should be able to find them over there the overview
在Font底下找到他們，點擊進入個人資料，你應該就能在那裡找到他們。
02:22
section will show you everything you need to know about the ETF all at the glance but if you want more you can also
「概覽」（Overview）區塊會讓你一目了然地看到關於該ETF所需知道的一切，但如果你想要更多資訊，你也可以...
02:27
go into their fact under the TF document section and look for this part where it says investment approach and
進入他們在 TF 文件部分的事實，並尋找標有「投資方法」的這一部分
02:35
about the Benchmark usually at a top part of any ETF fact to clearly understand and align yourself with the
以及關於基準的部分，通常在任何 ETF 事實的頂部，以清楚瞭解並讓自己與
02:42
etf's investment objective and also their strategy so in this case you can see that it's tracking the performance
ETF 的投資目標及其策略保持一致。所以在這種情況下，你可以看到它追蹤的是
02:49
of the S&P 500 Index basically large market cap Equity or companies in the US remember the top down approach from
標普 500 指數的表現，基本上是美國的大型市值股票或公司。記得之前的自上而下法，
02:57
earlier this is where it tells you what what you are investing your money into and this brings me to my next Point
這裡它告訴你你的錢投資到了什麼地方，這引出了我的下一個觀點
03:04
Geographic diversification since ETS focus on broader markets rather than on
地理分散，由於 ETF 專注於更廣泛的市場而非
03:10
individual companies I said it many times already understanding the macroeconomic and Jo political landscape
個別公司。我已經說過很多次，了解宏觀經濟和地緣政治環境
03:16
becomes ever more crucial because you are also indirectly buying into everything the nation has to offer good
變得越來越重要，因為你也間接地買入了這個國家所提供的一切，無論是
03:24
or bad let's say the S&P 500 ETF like this one which provides you exposure towards the US economy we are
好是壞。假設像這個標普 500 ETF，它讓你接觸到美國經濟，我們
03:31
essentially also buying into it diverse culture with more than 333 million people and 33 million businesses in it
實際上也是在買入它多元的文化，其中有超過 3.33 億人口和 3300 萬家企業，
03:40
its currency aka the US dollar how the Federal Reserve controls the economy how the Democrats and Republicans around the
它的貨幣也就是美元。聯準會如何控制經濟，民主黨和共和黨在全國
03:47
country how they handle incentives and also subsidies for different sectors of the economy how they handle geopolitical
如何處理激勵措施以及對不同經濟部門的補貼，他們如何處理地緣政治
03:55
tensions or even trads with different countries in the world all of these combined plus so many many more are what
緊張局勢，甚至與世界上不同國家的貿易。所有這些加起來，再加上許許多多其他因素，就是
04:03
affects the GDP of the nation look my objective here is not to tell you which country or governance structure is good
影響國家 GDP 的原因。聽著，我的目標不是要告訴你哪個國家或治理結構是好
04:11
or bad every country essentially has its own issue the European countries or the United States is no exception as well
或壞，每個國家基本上都有自己的問題，歐洲國家或美國也不例外，
04:20
it's your job as an investor to understand and way the risk you're getting yourself into and then diversify
作為投資者，你的工作是了解並權衡你即將面臨的風險，然後相應地
04:27
yourself accordingly speaking of which another category of diversification after geographical region is the sector
進行分散。說到分散，在地理區域之後的另一個類別是產業
04:35
diversification and I can't emphasize this enough because this is what makes an ETF unique as compared to individual
分散，這點我再怎麼強調也不為過，因為這正是 ETF 相對於個別
04:43
stock picking you can basically gain exposure to any individual sector that you want or even combine them or
股票挑選與眾不同的地方。你基本上可以接觸到你想要的任何個別產業，甚至可以將它們
04:51
together in the form of an index or different investment teams as well Each of which will perform differently
以指數或不同投資團隊的形式結合在一起。每一個的表現都會不同。
04:58
depending on the stock Market cycle just like the for seasons in some other countries I mean obviously other than
就像某些國家的四季更迭一樣，取決於股市的循環，當然我指的是馬來西亞以外的地方，這裡永遠是夏天。
05:05
Malaysia of course it's always summer here you see the stock market performs correspondently to how the economy is
你看到股市的表現與當前經濟狀況相呼應。
05:12
doing concurrently if the economy is doing well meaning consumers are spending more businesses are investing
如果經濟表現良好，意味著消費者支出增加，企業也在投資與擴張。
05:19
and expanding then cyclical sectors like technology consumer discretionary Industrials and financial services will
那麼像科技、非必需消費品、工業和金融服務這類循環性板塊。
05:28
tend to perform better just like how Tesla skyrocketed back in 2021 because interest rates are low and the cost of
將傾向於表現得更好，就像特斯拉在2021年飆升一樣，因為當時利率很低。
05:36
fund is getting cheaper hence people have more money to splur on buying new vehicles and vice versa when the
資金成本變得更便宜，因此人們有更多錢可以揮霍在購買新車上；反之亦然。
05:43
interest rates are high and consumers are more selective with their spending corporate revenues will decrease and
當利率很高且消費者在支出上變得更加謹慎時，企業營收將會下降。
05:51
hence cyclical stocks like Tesla will suffer but the ones outperforming in that situation would be utilities and
因此像特斯拉這樣的循環股將會受苦，但在這種情況下表現優異的會是公用事業。
05:59
Consumer Staples companies and just because you are spending less outside doesn't mean you will need less
和民生必需品公司，而且你在外面花費減少，並不意味著你對電力。
06:05
electricity or groceries or even Health Care to go by your day right hence why the defensive sectors tend to perform
或雜貨，甚至是醫療保健的需求會減少，對吧？這就是為什麼防禦性板塊在這種環境下。
06:14
better than cyclical stocks in such a climate I mean you can just use the heatmap feature on the mumu app and you
往往比循環股表現得更好。我的意思是，你只需使用Mumu App的熱圖功能。
06:20
can immediately see on days or even Seasons when the cyclical internet and software companies are down the
就可以立即看到在某些日子，甚至是季節，當循環性的網路和軟體公司下跌時。
06:27
defensive sectors like utilities and average will tend to go up it's really amazing to see it happening in real time
防禦性板塊如公用事業和平均值往往會上漲。看著它在即時發生真的很神奇。
06:34
and it doesn't get old for me even as an investor but before I move on I just want to give a quick shout out to Momo
即使作為投資者，對我來說也不會感到厭倦。但在繼續之前，我想簡單提一下Mumu。
06:40
which I'm sure by now you have seen how useful their app is for an investor be it for ETS or even for individual stocks
我相信到現在你已經見識過他們的App對投資者有多實用，無論是用於ETF還是個股。
06:47
there are actually a ton more features that I could not possibly fit it all into this video like the morning star
其實還有很多功能我無法在這個影片中全部涵蓋，像是晨星評級。
06:54
ratings which is a very reputable source of information that essentially provides the data to many sites such as Yahoo
這是一個非常有信譽的資訊來源，本質上為許多網站提供數據，例如雅虎理財。
07:01
finance themselves and did you know that I used to pay $249 annually for Morning Star subscription now with Mumu many of
你知道嗎？我以前每年要付249美元訂閱晨星，現在使用Mumu，許多這些功能都是免費的。
07:08
these features are available for free this in itself is already a huge steal for many investors like myself and
對像我這樣的許多投資者來說，這本身就是一個巨大的驚喜。
07:16
they're currently running a limited time campaign where you can get a 100 ring cash reward when you deposit 1,000 ring
他們目前正在進行限時活動，當你存入1000令吉時，可以獲得100令吉的現金獎勵。
07:23
and if you use my exclusive link down below to sign up you can get an extra 40 ring cash cash reward as well and on top
如果您使用下方我的專屬連結註冊，還可以額外獲得 40 林吉特的現金獎勵
07:31
of that you can also get extra free 400 ring cash reward when you deposit 10,000 ring but not only that to make it even
此外，當您存入 10,000 林吉特時，還能再獲得額外 400 林吉特的免費現金獎勵。但這還不只，為了讓優惠更划算
07:39
better you can also get a free Nvidia share worth around 500 each ring by depositing 30,000 ring and then buying
您只需存入 30,000 林吉特，還能免費獲得價值約 500 林吉特的 Nvidia 股票，接著進行
07:48
three trades just three trades which gives you around 3.7% return immediately or about 44% annualized return so
三筆交易，只需三筆交易，就能立即獲得約 3.7% 的報酬，年化報酬率約為 44%，所以
07:57
quickly before the promotion ends now the next thing that could make or break your ETF investment is the etf's expense
趁促銷結束前趕快行動。接下來，可能決定您 ETF 投資成敗的關鍵是 ETF 的費用
08:05
ratio basically is the fee you pay to the ETF for helping you to invest your hard earned money say if you invest
比率，基本上這是您支付給 ETF、委託其幫您投資辛苦賺來的錢的費用。舉例來說，如果您投資
08:13
$10,000 is 0.3% panum expense ratio from say the vo ETF would mean a $3 us fee
10,000 美元，假設某檔 ETF 的費用比率為 0.3%，就代表每年要支付 3 美元的
08:21
every year and this fee is automatically deducted from your investment returns so you don't have to do anything about it
費用，而這筆費用會自動從您的投資報酬中扣除，您不需要額外做任何事
08:29
but that doesn't mean you don't have to care about it at all because like I said earlier the expense ratio of an ETF can
但這並不意味著您完全不用在意，因為就像我之前說的，ETF 的費用比率
08:36
literally make or break your investment returns over the long run let's say today you want to invest $110,000 each
從長期來看，確實會決定您投資報酬的成敗。假設今天您想各投資 110,000 美元到
08:44
into two different ETFs a low fee ETF a with 0.03% expense ratio and another
兩檔不同的 ETF，一檔是低費用比率 0.03% 的低費用 ETF A，另一檔是
08:50
high fee ETF B with 0.3% expense ratio assuming it's giving you a 10% analized return just like the S&P 5 500 Index you
費用比率 0.3% 的高費用 ETF B，假設兩者都像標準普爾 500 指數一樣提供 10% 的年化報酬，您
09:00
can see that from a period of up to 30 years you will be losing more and more and more money and even go up to the
可以看到在長達 30 年的期間，您會損失越來越多的錢，甚至損失金額會達到
09:08
four and five digits even and mind you this is on a $10,000 oneoff investment what if you invest more at $50,000 at a
四位數甚至五位數，請注意，這還只是單筆投資 10,000 美元的情況。如果您一開始投資 50,000 美元，
09:17
start and let's assume you at $5,000 every year you can see that the impact of the Fe just compounds and skyrockets
並且假設您每年再加碼 5,000 美元，您可以看到費用的影響會隨時間複利並急劇擴大
09:25
so much more over the year but that's not to say a low Fe ETF is the only choice you should go for certain ETFs
但這並不是說低費用 ETF 是您唯一的選擇。某些 ETF
09:33
are actively managed and will come with a higher expense ratio they might not outperform the S&P 500 just like many
是主動管理型基金，費用比率也比較高，它們可能無法像許多
09:40
actively managed fund today but in certain rare cases some investors just want a specialized investment exposure
當今的主動管理型基金一樣擊敗標準普爾 500 指數，但在某些罕見的情況下，有些投資人就是想要一種在別處找不到的特殊投資曝險
09:48
that they couldn't find elsewhere there's no right or wrong to each of their own right and just because it
這沒有絕對的對錯，各有所好，而且僅僅因為它
09:53
underperforms against the market today doesn't mean it won't outperform the market in the future and this gives me
今天表現不如大盤，並不意味著它未來不會擊敗大盤，這讓我想到
10:00
the perfect segue for me to talk about historical performance and I'm sure you heard of this saying past performance is
這正好讓我順勢談談歷史表現，我相信你也聽過這句話：「過往表現不預示未來表現」。
10:06
not an indicator of future performance while I agree that's true to a certain extent in the case of an ETF history
我同意在某種程度上這話沒錯，但就 ETF 而言，歷史，尤其是宏觀趨勢，往往會重演。
10:16
especially the bigger picture tends to repeat itself because take the S&P 500 index for example they are structured to
以 S&P 500 指數為例，其設計旨在淘汰表現不佳者，並保留表現優異者。
10:23
eliminate under performance and then bringing out performance and since us is the world largest Capital Market and US
加上美國身為全球最大資本市場，且美元為世界儲備貨幣，
10:31
dollar being the wor Reserve currency the performance trend for a diversified investment like this tend to stay over
像這樣多元化投資的表現趨勢，往往能長期維持，
10:39
the long run until of course it's being disrupted by external factors such as a competing currency or economy in this
當然，除非受到外部因素的干擾，例如競爭貨幣或經濟體的崛起。
10:46
context I mean this chart by the IMF pretty much sums up everything you need to know even though the US dollar has
在此脈絡下，國際貨幣基金組織（IMF）的這張圖表，幾乎總結了你需要知道的一切。
10:53
been losing its share of the FX reserves or foreign currencies it still took them more than 20 20 years to go from around
儘管美元在外匯儲備中的份額一直在流失，但他們花了超過 20 年的時間，才從約 70% 降至 60% 左右。
11:00
70% each to 60 is% like it or not I would say unless there's a major shift in the world economy at this pace it
不管你喜不喜歡，我認為除非世界經濟發生重大轉變，否則按照這個速度，
11:10
would probably take more than our lifetime to see the US dollar lose its ground but anyways back to the fact
可能要花上比我們一生更長的時間，才能看到美元失去其地位。不過不管怎樣，回到事實面：
11:17
in every ETS performance history you will often see them quote their returns in two forms net asset value na return
在每個 ETF 的表現歷史中，你常會看到他們以兩種形式引用回報：淨資產價值（NAV）回報
11:25
and also the market price return now we are getting to Tech Nial nav basically reflects the actual value of their
以及市場價格回報。現在讓我們進入技術層面：NAV 基本上反映了其
11:33
underlying stocks while market price reflects the price that investors or traders that are willing to pay for them
基礎股票的實際價值，而市場價格則反映了投資者或交易者願意為其支付的價格。
11:41
basically for long-term investors you can focus on the nav return instead because this shows you the actual
基本上，對於長期投資者，你可以專注於 NAV 回報，因為這顯示了基礎股票的實際
11:47
performance of the underlying stocks but for all intents and purposes their differences are usually very marginal so
表現。但就所有意圖和目的而言，兩者的差異通常非常微小，
11:55
it's not a huge deal if you refer to the market price return instead and before you ask certain ETFs do pay dividends
所以如果你參考市場價格回報，也不是什麼大問題。在你發問之前，某些 ETF 確實會支付股息，
12:01
like in this case you can see from the dividend section under the fund tab that vo has a dividend year of about
例如在這個案例中，你可以從基金選項卡下的股息部分看到，VO 的股息殖利率約為
12:08
1.33% and they pay dividends on a quarterly basis or four times a year and yes the historical returns that you see
1.33%，他們按季度或每年四次支付股息。是的，你在簡報上看到的歷史回報
12:16
on the fact sheets are usually inclusive of their dividends meaning capital gains plus dividend paid out to shareholders
通常包含其股息，意即資本利得加上支付給股東的股息。
12:25
and since we are on the topic of return it's essential for me to remind you that all Investments do come with risk as
既然我們談到回報，我有必要提醒你，所有投資都伴隨著風險，因為
12:32
well and yes the standard valuation ratio such as the PE Ratio or the PB ratio are still important for you to
以及是的，標準的估值比率，例如本益比或股價淨值比，對您來說仍然很重要，可以
12:40
Benchmark and compare against its comparable ETS but let me take it one level deeper for you to evaluate your
用來與其可比較的ETF進行基準比較，但讓我為您深入一層，以便您更好地評估您的
12:47
ETS better introducing the beta and sharp ratios beta basically tells you how much the ETS price move as compared
ETF，介紹Beta和夏普比率。Beta基本上告訴您ETF價格相對於
12:56
to the overall market like the S&P 500 you can basically get the beta of an ETF if you tap into the indicator analysis
整體市場（如標普500指數）的波動程度。如果您點擊基金選項卡下的指標分析，基本上可以獲取ETF的Beta值，
13:03
under the fund Tab and it comes in a simple form of number so let's say if the S&P 500 is one if you look at
它以簡單的數字形式呈現。所以假設標普500指數為1，如果您查看
13:11
another ETF say the vgt ETF that tracks the US technology sector it comes with a beta of around
另一個ETF，例如追蹤美國科技板塊的VGT ETF，其Beta值約為
13:18
1.27 higher than one and therein you know this ETF is actually more volatile as compared to the S&P 500 and just by
1.27，大於1，由此可知該ETF的波動性實際上比標普500指數更高。僅需
13:27
plotting the beta of popular us ETFs against the S&P 500 we can quickly identify which ETFs have higher risk and
將熱門美國ETF的Beta值與標普500指數繪製在圖表上，我們就能快速識別哪些ETF具有更高的風險以及
13:35
also potential reward and vice versa lower R and reward that's super helpful right now on the other hand sharp ratio
潛在回報，反之亦然，風險較低則回報較低，這非常有幫助，對吧？另一方面，夏普比率
13:44
tells you the risk adjusted return of an ETF higher means better risk to reward ratio and vice versa and just like beta
告訴您ETF的風險調整後回報，數值越高意味著風險回報比越好，反之亦然。就像Beta一樣，
13:52
if I want to plot all of them in a graph you can immediately see which ETF has a better risk adjust
如果我想將所有數據繪製在圖表上，您可以立即看到哪個ETF具有更好的風險調整
13:59
return and for those with a higher Shar ratio as compared to the S&P 500 you can probably start researching on them
後回報。對於那些夏普比率高於標普500指數的ETF，您或許可以開始對其進行研究，
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instead it's a super neat way to help you filter out the winners and save you a ton of research time so I'm sure you
這是一種非常簡潔的方法，可以幫助您篩選出贏家，並節省大量的研究時間。所以我相信您
14:13
can tell by now ETF Investments are rather similar to Stock Investing but simpler if I may and coupled with the
現在應該能看出，ETF投資與股票投資相當相似，但如果您這麼說的話，它更簡單，並且配合
14:21
right tool such as the mumu app or even online platforms like Morning Star it really does make our life so much more
正確的工具，例如Moomoo App，甚至是像晨星（Morning Star）這樣的線上平台，確實讓我們的生活更加
14:29
more easier and while of course it's easy to go for the quote unquote best remember to diversify your portfolio or
更加容易，雖然當然選擇所謂「最好」的選項很容易，但請記住要分散您的投資組合，或者
14:37
not ultimately it depends or it ties back to your investment goal sometimes a concentrated portfolio with the right
不要分散，這最終取決於，或者說它回歸到您的投資目標，有時候，經過正確研究的集中型投資組合
14:44
research might work in your favor as well basically my point is don't just diversify for the sake of
也可能對您有利。基本上我的觀點是，不要為了分散而分散
14:50
diversification as Peter Lynch once said know what you own and know why you own it I hope this video helped drop a like
分散。正如彼得·林區（Peter Lynch）曾說過的：了解您擁有什麼，以及為什麼擁有它。希望這支影片對您有幫助，請按個讚
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and subscribe if you want more content like this until then if you are still unsure which ETF you should start your
並訂閱，如果您想看更多這樣的內容。在那之前，如果您仍然不確定應該從哪支 ETF 開始您的
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investment Journey with this video was made precisely for you see you over there
這支影片是專為您打造的投資旅程，我們那邊見。
