新年投资不吃面 顿顿满汉席

Core Concept - The article emphasizes the importance of macro strategies in investment, likening them to a well-balanced meal that can adapt to various market conditions, ensuring consistent performance regardless of market volatility [1][7]. Group 1: Macro Strategy Overview - Macro strategy is compared to a Michelin chef preparing a diverse meal, focusing on risk budgeting and adjusting asset proportions based on the macro environment [2][8]. - Traditional investment approaches are likened to single dishes, which can be either too risky or too conservative, while macro strategies provide a balanced and nutritious investment portfolio [2][8]. Group 2: Asset Allocation - The foundation of macro strategy involves static allocation of major asset classes, ensuring a balanced risk profile with a target overall volatility of 15%-20% [3][9]. - Stocks are considered the main dish, making up nearly half of the portfolio, while bonds serve as a stable base, and commodities add flavor and diversification [3][9]. Group 3: Seasonal Adjustments - Macro strategies should adapt to changing market conditions, akin to a chef updating the menu based on seasonal ingredients [4][10]. - In times of inflation, commodities should be favored, while economic growth calls for increased stock exposure, with adjustments made for unpredictable market conditions [4][10]. Group 4: Additional Alpha Opportunities - The strategy includes opportunities for extra returns, such as incorporating unique stock selections or capitalizing on sudden market events, enhancing overall portfolio performance [5][11]. - The approach aims to maintain a balanced diet of investments, ensuring resilience in various market scenarios without requiring constant management [5][11].