少赚≠亏，比尔盖茨的投资“防守法”

Core Insights - The article discusses the investment decision made by Bill Gates in 1994, where he sold a significant amount of Microsoft stock to invest in bonds, emphasizing the importance of stability in wealth management [3][4][5][6]. Investment Strategies - The narrative illustrates that investing in bonds provides a level of stability that stocks do not, as bonds have a legal obligation for repayment, making them inherently less risky [12][13]. - The article explains the risks associated with bond investments, including price fluctuation risk and credit risk, highlighting the importance of understanding these factors in investment decisions [16][18]. Market Dynamics - It is noted that bond prices are inversely related to government bond yields, meaning that when yields rise, existing bond prices fall, which is a crucial concept for investors to grasp [17][18]. - Historical data shows that while the bond market generally trends upward, it can experience periodic adjustments of 2%-3.5%, suggesting that investors should remain calm during short-term declines if their investment horizon is longer [19]. Practical Application - The article introduces the "stock-bond rebalancing" strategy, which allows investors to maintain a desired risk profile by adjusting their asset allocation based on market conditions [21][22]. - It emphasizes the need for a systematic investment approach that incorporates bonds as a stabilizing element in a diversified portfolio, enabling investors to take advantage of market opportunities while managing risk [23][28]. Educational Opportunities - The article promotes a course focused on understanding core assets, including stocks, bonds, and real estate, aimed at helping individuals navigate the complexities of investment [25][32][33].