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Core Viewpoint - The article emphasizes the importance of a diversified, long-term investment strategy, particularly through a "permanent investment strategy" that balances various asset classes to achieve stable returns while minimizing risk [4][5][12]. Group 1: Investment Strategy - The author advocates for a global multi-asset allocation approach, suggesting that investors should not overly concentrate on high-valuation sectors [4][5]. - A sample permanent investment portfolio is proposed, consisting of 12.5% in Nasdaq 100, 12.5% in S&P 500, 25% in gold, 25% in Chinese bonds, and 25% in U.S. bonds [6][12]. - Historical backtesting of this strategy shows a three-year return of 70.74%, outperforming the CSI 300's 18.41% and slightly lagging behind the S&P 500's 83.51% [9][12]. Group 2: Risk and Performance Metrics - The maximum drawdown for the permanent strategy is reported at 9.19%, significantly lower than the CSI 300's 24.8% and the S&P 500's 18.62% [9][12]. - The Sharpe ratio for the permanent strategy is calculated at 0.12, compared to 0.02 for the CSI 300 and 0.08 for the S&P 500, indicating better risk-adjusted returns [9][12]. - The strategy's positive return days are at 55.14%, slightly higher than the CSI 300's 49%, suggesting that while the strategy does not yield daily profits, it benefits from lower volatility [9][12]. Group 3: Long-term Performance - Over five years, the permanent strategy achieved a return of 79.1%, while the CSI 300 only returned 0.07% and the S&P 500 returned 115.36% [13]. - The article notes that rebalancing the portfolio over five years resulted in a decrease in performance from 76.3% to 66.6%, attributed to the strong upward trends in U.S. stocks and gold [17]. - The author argues that long-term rebalancing can enhance returns during market downturns by locking in profits and allowing for reinvestment at lower prices [17]. Group 4: Asset Correlation - The correlation between S&P 500 and Nasdaq 100 is very high at 0.97, indicating limited diversification benefits between these two assets [20]. - In contrast, the correlation between S&P 500 and gold is only 0.01, and between S&P 500 and U.S. bonds is 0.09, highlighting the importance of including low-correlation assets in a diversified portfolio [20]. - The article suggests that the current market is heavily concentrated in large-cap tech stocks, which may pose risks if the broader economy weakens [21].