高风险、高收益的背后：看得见的高收益，吃不到的财富自由

Core Viewpoint - The article emphasizes that high volatility assets, often perceived as high return opportunities, can lead to significant losses for most investors due to behavioral biases and misjudgment of risk tolerance [5][6][10]. Group 1: High Volatility and Its Illusion - High returns from high volatility assets are statistical results predicated on investors holding their positions throughout market fluctuations [8]. - Most investors struggle to maintain their positions during downturns, often selling at losses due to fear and emotional decision-making [9][10]. - The reality is that high volatility leads to high perceived returns, but for ordinary investors, it often results in low or negative actual returns [10]. Group 2: Misjudgment of Risk Tolerance - Investors frequently misjudge their risk tolerance, believing they can handle high volatility when they cannot [12]. - True risk tolerance is determined by how much loss can cause emotional distress, not just by the maximum potential loss [12]. - This misjudgment can lead to significant investment errors, where investors take on more risk than they can handle, ultimately leading to panic selling [12]. Group 3: Wisdom of Low Volatility - Low volatility assets, such as high-quality fixed income and dividend-paying stocks, may offer lower annual returns (5%-8%) but are easier for investors to hold through market fluctuations [14]. - The power of compounding is more effective with stable investments, as consistent returns over time can lead to significant growth [14]. - Low volatility investments align better with human behavior, allowing for reasonable returns even amidst anxiety and mistakes [14]. Group 4: Choosing Low Volatility and Low Returns - The choice between high volatility with low returns and low volatility with low returns reflects a conscious decision; the latter ensures a more stable investment journey [16]. - It is recommended that most investors limit their equity exposure to 50% or less, with conservative investors keeping it below 20% [16]. - The article concludes that abandoning the pursuit of short-term high returns in favor of matching investments to one's risk tolerance is crucial for long-term success [17].