为什么你定投越久，收益越平庸？

Group 1 - The core argument of the article is that while index ETF dollar-cost averaging (DCA) is a popular method for novice investors, it has limitations that can lead to significant losses if not managed properly [3][5][7] - DCA primarily serves to smooth out buying costs and reduce timing risks rather than to enhance expected returns [9][12] - The article emphasizes that many investors tend to enter the market at high points, which can lead to losses despite the overall market rising [10][11] Group 2 - DCA helps mitigate the risks associated with market volatility by allowing investors to buy in increments, thus avoiding the pitfalls of investing a large sum at a market peak [12][13] - Research indicates that DCA investors have a lower rate of loss or redemption compared to those who invest a lump sum, leading to returns that are closer to the index itself [14] - The article suggests that DCA can be improved by adjusting investment amounts based on market conditions, such as increasing contributions when prices are below the annual average [16][18] Group 3 - The article discusses the diminishing effectiveness of DCA over time, as the ratio of incremental investments to existing investments changes, making the cost-averaging effect less significant [25][26] - To maintain the benefits of DCA, investors are encouraged to either increase their investment amounts or integrate DCA funds into a broader asset management strategy [27][28] - The concept of asset allocation is introduced, highlighting the importance of diversification to manage risk effectively [30][35] Group 4 - The article concludes that DCA is suitable for incremental funds, while asset allocation strategies should be prioritized for existing wealth, especially for high-net-worth individuals [36]