Name: 正確な投資情報を得る方法｜カウントするチャート (How to get accurate investing information | Charts that Count)
Uploaded: 2021-01-14T08:30:23.000Z
Duration: 4 min
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

00:00:05,550 --> 00:00:06,930 Let me ask you this.

to 不定詞

relying on to make investment decisions is accurate?

00:00:18,460 --> 00:00:20,270 OK, today we're talking about a paper.

It was done by professors Chen, Cohen and Gurun.

And it looks at these things called the US fixed income

It's just a pooled investment into bonds.

that some of the information intermediaries, i.e.

the people that are giving you data about what to buy

And Morningstar is one of those information intermediaries

that gives you data on this pool of investments.

And they looked at what Morningstar was using to rate

the funds, which was self-reported survey data.

So in other words, a fund says, yeah, you know,

And by the way, AAA is the least risky kind of bond

But what they found is that, in reality, they

went and looked at, okay, what bonds are actually

And it was strategic, because if you're a fund

right, because that's going to attract more investor

But if you say, you know, we have some of these more risky B

So this is a chart of the actual data that they looked at.

The red bars are the Morningstar statistics.

So they're saying, yes, this is the percentage of AAA

And this is the percentage of B, and everything in between.

But the blue bars are actually the things

that the researchers found are in those underlying bond

they found that there were actually bonds

00:02:29,050 --> 00:02:33,150 Now, Morningstar, for its part, they stand by their analysis.

They say, we don't think that this is true.

But if it is true, and you do go look at these underlying brand

holdings and find that they're riskier than they're

being reflected as in these Morningstar ratings,

That's essentially misleading an investor.

And when somebody is putting their money into something,

you want them to have the full information that they can have,

And they deserve to know what they're putting it into.

And so that's why it's really important for every investor

- and I want to stress this - to understand what exactly you're

We got into trouble with this in the financial crisis.

And I think it happens a lot more often than people think,

which is that, you may have a really reliable source telling

you, here's what's in this fund, but I really

do think it's important to go look at the holdings.

And that will help investors to make more informed decisions.

So I just want to leave you with this concept that,

actually, self-reported data, it's not always reliable.

And go and look at the underlying holdings.

And you're going to have a much better picture of what