沪深300都跑不赢，为啥还要做组合？

Core Viewpoint - The article discusses the importance of diversification and asset allocation in investment strategies, emphasizing that while pure equity indices like the CSI 300 may outperform in bull markets, a balanced portfolio is essential for long-term sustainability and risk management [5][6][10]. Group 1: Performance Comparison - The CSI 300 index has shown strong performance in the current bull market, outperforming many investors [5]. - In contrast, indices like the ChiNext and the communication index have experienced significant downturns, highlighting the risks of concentrated investments [5][6]. - The article argues that while pure equity assets can yield high returns, they also come with high volatility and long-term risks, necessitating a diversified approach [9][10]. Group 2: Risk Management - A diversified portfolio typically includes various asset classes such as bonds, dividends, and international investments, which serve to mitigate risks and reduce volatility [9]. - The article points out that the trade-off for lower volatility is a potential sacrifice in returns, making it normal for diversified portfolios to lag behind single equity indices during bull markets [10]. - The need for a balanced approach is underscored by the observation that many investors struggle to maintain their positions during market downturns, often leading to premature exits from the market [11][12]. Group 3: Psychological Factors - The article emphasizes that investment is not just a rational endeavor but also involves emotional factors, with many investors failing to stick to their strategies during market fluctuations [7][20]. - It highlights the importance of setting realistic return expectations and conducting stress tests to ensure that investors can endure market volatility [14]. - The discussion includes the notion that the greatest risk for long-term investors is not underperforming but rather being forced out of the market during critical moments [17]. Group 4: Long-term Strategy - The article advocates for a focus on the investment process rather than just the results, suggesting that a balanced portfolio can help ordinary investors navigate market challenges more effectively [15][16]. - It stresses that the true measure of investment success is the ability to remain invested and weather market fluctuations, rather than simply outperforming a benchmark like the CSI 300 [20][21]. - The article concludes by encouraging investors to reflect on their personal goals, risk tolerance, and investment duration to clarify their portfolio needs [21].