We empirically studied several cognitive and behavioral biases of Chinese security investment fund managers, such as overconfidence, disposition effect and anchoring effect. It was turned out that Chinese security investment fund managers did not exhibit these biases, differing from the empirical results of individual investors. The undeniable proof that the exuberance of Chinese security market needs to encourage institutional investors in an energetic way was put forward.In view of the rationality of the security investment fund managers, individual investors could choose security investment fund as one of their investment channels.