星阔投资：全天候策略有望成为投资者应对不确定性的关键工具

Core Insights - The All Weather Strategy is positioned as a key tool for investors to navigate uncertainty, emphasizing risk balance and reduced timing reliance [1] - Global financial markets exhibit two main characteristics: rising stock indices in Europe and the US with the lowest implied volatility since 2021, and increased volatility in the domestic A-share market [1][2] - The domestic bond market is experiencing increased volatility due to a rise in risk appetite, with some funds gradually shifting from bonds to equity assets [1] Strategy Overview - The core logic of the All Weather Strategy involves diversified asset allocation to adapt to various macroeconomic environments [2] - Ray Dalio's "risk parity" strategy categorizes macro environments based on economic growth and inflation, selecting optimal assets for each environment and employing leverage for dynamic portfolio adjustments [2] - Harry Browne's "permanent portfolio" strategy allocates funds equally among stocks, long-term bonds, gold, and cash, demonstrating higher operational transparency and strategy robustness [2] Implementation by Starry Investment - Starry Investment has developed a quant-enhanced All Weather Strategy based on Browne's "permanent portfolio" approach [2] - In equity assets, the strategy focuses on stocks with strong free cash flow, high profitability, and low valuations through enhanced index strategies [2] - For gold, long-term bonds, and short-term bonds, the strategy utilizes futures contracts and neutral strategies like hedging with index options to improve overall investment returns [2]