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Core Viewpoint - The article discusses the current investment landscape, emphasizing the potential risks and opportunities associated with macroeconomic trends, particularly focusing on deflation and its impact on asset allocation strategies [3][12][20]. Group 1: Investment Strategies and Risks - The current asset allocation among high-net-worth individuals is heavily skewed towards four core strategies: quantitative enhancement, sci-tech funds, all-weather strategies, and overseas assets, each carrying specific risks [6][7][8][9]. - The risks associated with these strategies include potential style shifts due to rising domestic interest rates and the possibility of an AI bubble burst in the U.S. [7][9]. - The article suggests that if deflation continues, the performance of these strategies may remain strong, but a reversal in deflation could lead to significant market corrections [12][18]. Group 2: Company Performance and Market Conditions - The company’s investment approach is characterized by a focus on undervalued assets with strong dividend yields and cyclical properties, which are expected to perform well even in a deflationary environment [15][16]. - The current portfolio includes industry leaders with low price-to-earnings (PE) ratios and high dividend yields, indicating a strategy aimed at minimizing risk while positioning for potential macroeconomic shifts [15][16]. - The company’s performance is expected to be lackluster if deflation persists, but could significantly improve if there is a reversal in economic conditions [18][19]. Group 3: Future Scenarios - Two potential future scenarios are outlined: one where deflation reverses, leading to strong performance for the company, and another where deflation continues, resulting in modest performance [18][19]. - The article encourages investors to consider diversifying their portfolios by including the company’s offerings as a hedge against the concentrated risks present in the current market [20].