读书积累-4
I’m speaking here about the traditional index fund. The TIF is broadly diversified, holding all (or almost all) of its share of the $26 trillion capitalization of the U.S. stock market in early 2017. It operates with minimal expenses and with no advisory fees, with tiny portfolio turnover, and with high tax efficiency. That traditionalindex fund—the first one tracked the returns of the Standard & Poor’s 500 Index—simply owns shares of the dominant firms in corporate America, buying an interest in each stock in the stock market in proportion to its market capitalization, and then holding it forever.
在这里谈论的是传统的指数基金。TIF广泛多元化，在2017年初持有美国股市26万亿美元资本的全部（或几乎全部）份额。它的运营费用最低，没有咨询费，投资组合周转率很小，税收效率很高。第一只跟踪标准普尔500指数回报率的传统指数基金只拥有美国企业界主要公司的股票，按市值比例购买股票市场中每只股票的权益，然后永远持有。