基民收益为何跑输基金？晨星全球高级战略顾问陈鹏：高买低卖是投资者收益的“隐形杀手”

新浪财经2025-05-22

5月22日，晨星（中国）2025年度投资峰会举行，峰会围绕“推动基金行业高质量发展，探索买方投顾新生态”主题。晨星全球高级战略顾问陈鹏出席会议并发表主题演讲。他表示，高买低卖不当择时往往导致负向“投资者回报差”。陈鹏博士将基民收益拆解为β（基准收益）、α（超额收益）、成本及Gamma（行为损失）四部分，并揭露惊人数据：中国某知名行业基金近五年年均β收益-6%，α收益+4%，但基民因频繁高买低卖，...

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