教你一招：闭眼选私募，收益也不差

Core Viewpoint - The article emphasizes the importance of finding a suitable asset allocation strategy rather than chasing after high-performing investment products, highlighting that a well-structured portfolio can yield better results than focusing solely on individual product performance [20][44]. Group 1: Investment Strategies - The article references the legendary trader Jesse Livermore, who experienced both immense wealth and significant losses throughout his life, illustrating the volatility of investment strategies [5][7]. - It contrasts Livermore's approach with that of Ray Dalio, who has successfully navigated market cycles through a diversified "All Weather" strategy, which includes cross-asset, cross-country, and cross-industry allocations [9][48]. - The narrative suggests that most investors, like Livermore, often spend excessive energy searching for the next big investment opportunity, which can lead to poor timing and decisions [12][18]. Group 2: Asset Allocation Importance - The article argues that asset allocation is more critical than selecting individual products, stating that even average-performing products can yield satisfactory results when combined effectively [20][45]. - It provides a mathematical example showing that a balanced portfolio of three average-performing strategies could achieve a return of nearly 60% over three years, despite individual products experiencing significant drawdowns [32][35]. - The text emphasizes that the maximum drawdown of a well-allocated portfolio can be significantly lower than that of individual high-performing products, which can lead to better overall investment experiences [39][41]. Group 3: Tailoring Asset Allocation - The article outlines the importance of aligning asset allocation with individual risk tolerance, return expectations, and liquidity needs, providing examples of different investor profiles [51][56]. - It suggests that a well-considered asset allocation strategy is akin to a balanced diet, where the focus should be on the overall structure rather than specific components [58][60].