深夜食堂第十三季｜在波动市场中寻找“稳”的力量

Core Viewpoint - The concept of "stability" in investment is often misunderstood as conservatism, but it is actually about active management aimed at optimizing the holding experience and ensuring long-term investment success [1][2]. Group 1: Market Conditions - The Shanghai Composite Index successfully broke through the 4000-point mark on October 28, marking the first time since August 18, 2015, but experienced slight fluctuations on the same day [3]. - The current market is characterized as a "structural market," with only 10% to 20% of stocks doubling in value since September 24 of last year, indicating significant differentiation and a lack of widespread profit-making [4]. Group 2: Investment Strategy - The investment strategy focuses on controlling portfolio volatility to achieve stability during market fluctuations, with the current portfolio positioned at a neutral level, resulting in a significantly lower overall drawdown compared to the market average [5]. - The investment framework emphasizes macroeconomic research to identify turning points and opportunities, with recent allocations to utilities and transportation sectors based on predictions of counter-cyclical adjustments and policy support [5][6]. Group 3: Portfolio Management - The essence of left-side trading is to buy when assets are overlooked, requiring patience and a balanced portfolio to mitigate risks while waiting for market adjustments [7]. - Dynamic balance in portfolio management is crucial, with adjustments made based on market conditions and asset performance, ensuring that the portfolio remains aligned with the investor's objectives [8]. Group 4: Investor Experience - The ultimate goal of a stable investment strategy is to enhance the investor's experience by avoiding significant or prolonged losses and maintaining a smooth upward trajectory in returns [9]. - The philosophy emphasizes that a positive investment experience is achieved when the time spent in profitable conditions outweighs the time in losses, reflecting a long-term view of stability's value [9].