为什么无论牛市还是熊市，想真正赚到钱，都得做好这一点？

Core Viewpoint - The article discusses the importance of maintaining a balanced stock-bond allocation and the strategy of dynamic rebalancing to optimize investment performance during market fluctuations [4][5][6]. Group 1: Stock-Bond Allocation - The simplest form of asset allocation is the stock-bond configuration, which should be based on individual risk tolerance and investment goals, such as a 60% stock and 40% bond allocation [5]. - Maintaining a predetermined stock-bond ratio is crucial to ensure participation in market upswings, referred to as "high moments," which are essential for capitalizing on bull markets [6][8]. Group 2: Dynamic Rebalancing - Dynamic rebalancing involves adjusting the stock-bond ratio back to its original allocation when market fluctuations cause significant deviations [8][9]. - The article suggests that a deviation of 10% in stock asset value should trigger rebalancing, as this aligns with historical annualized returns of broad market indices [27][29]. Group 3: Performance Analysis - Historical data indicates that since 2019, there have been 20 opportunities for dynamic rebalancing, averaging about three times per year, with 11 instances requiring profit-taking from equities and 9 instances necessitating buying into bonds [29]. - The article emphasizes that the primary benefit of dynamic rebalancing is not maximizing profits but smoothing out volatility and maintaining a consistent equity position to capture significant market gains [31][30]. Group 4: Practical Application - The article advocates for a systematic approach to stock-bond allocation and dynamic rebalancing, which is user-friendly and effective for average investors [32]. - It also highlights the importance of adjusting the stock-bond ratio based on market conditions, such as increasing equity exposure during bear markets and locking in profits during bull markets [31].