在狂飙与崩塌之间，他选择“睡得着觉”

Core Insights - The article highlights the contrasting performance in global capital markets in 2025, with significant gains in AI hardware, precious metals, and geopolitical tensions driving asset prices up, while many retail investors faced losses due to market volatility [1][2] - Investor Achen achieved impressive returns across various asset classes, emphasizing a disciplined and structured asset allocation strategy rather than speculative trading [1][3] Investment Performance - Achen's stock account yielded a 45% return, driven by a focus on the AI hardware supply chain and a strict dynamic rebalancing strategy [3] - The performance of precious metals was influenced by geopolitical events, with silver rising 140% and gold 60%, the latter being a more planned investment based on macroeconomic trends [2][19] - The 15% return from the "Anzheng Changying" fund was viewed as a stabilizing force within Achen's overall portfolio, providing a buffer against market volatility [6][31] Risk Management - Achen's investment philosophy redefines risk, focusing on the ability to preserve wealth against inflation and market downturns rather than merely avoiding losses [6][39] - The structured account system divides roles among different asset classes, with equities as the offensive component, ETFs as a defensive measure, and precious metals providing protection during market turmoil [7][26] Future Strategy - Looking ahead to 2026, Achen plans to adopt a more conservative approach, reducing exposure to precious metals and reallocating profits into lower-volatility assets to enhance portfolio resilience [11][34] - Achen emphasizes the importance of a tiered asset allocation strategy that aligns with individual financial goals and risk tolerance, advocating for a balanced approach to avoid extreme risk exposure [12][40] Conclusion - The narrative underscores the value of stability and long-term survival in investing, contrasting with the prevalent pursuit of high returns in volatile markets [14][44] - Achen's experience serves as a reminder that true investment success lies in maintaining a sustainable strategy that prioritizes wealth preservation over short-term gains [14][46]