普通人如何实现稳健投资？

Group 1 - The core idea of the article emphasizes that asset allocation is the "free lunch" of investing, as it significantly contributes to long-term investment returns while minimizing risks and volatility [2][11] - The article highlights that 90% of investment returns come from successful asset allocation, while timing and stock selection contribute less than 10% [2] - Common pitfalls for investors include chasing high-performing funds, being unable to withstand volatility, and over-concentration in a single asset class [2] Group 2 - The "Three Moats" of asset allocation are based on three dimensions: asset diversification, market diversification, and time diversification [3] - Asset diversification involves investing in low-correlation assets such as stocks, bonds, and commodities to optimize risk-return profiles [3] - Market diversification allows investors to bet on the future of different economies, such as China's manufacturing upgrades, the U.S.'s technological innovations, and emerging markets' demographic advantages [4][5] Group 3 - Time diversification through regular investment (e.g., dollar-cost averaging) helps investors avoid emotional decision-making and reduces trading errors [6] - The first step for ordinary investors is to clarify their goals and risk tolerance, which includes determining expected returns, maximum drawdown, and investment horizon [7] - The second step involves selecting underlying assets and funds, focusing on both beta returns from broad indices and alpha returns from quality active funds [8] Group 4 - The third step is dynamic rebalancing, which involves periodic adjustments to maintain target asset allocations and optimizing based on valuation and market sentiment [9] - The essence of asset allocation is to serve life goals, such as retirement savings and wealth growth, rather than being an end in itself [10] - The article concludes with a quote from Warren Buffett, emphasizing the importance of not putting all eggs in one basket and finding a robust framework for investment [10]