看着别人狂欢，手里的红利怎么办？

Core Viewpoint - The article discusses the performance and positioning of dividend indices in the current market environment, emphasizing their defensive characteristics and the importance of maintaining a balanced investment strategy during different market cycles [5][19][35]. Group 1: Performance of Dividend Indices - The article reviews the performance of various dividend indices over the past decade, highlighting their relatively lower volatility compared to growth indices during market downturns [12][16]. - In the bull market phases, dividend indices tend to lag behind high-growth indices, as seen in the years 2019 and 2020, where dividend indices had single-digit returns while growth indices performed significantly better [18][28]. - The defensive value of dividend indices becomes apparent during bear markets, as they exhibit less severe drawdowns compared to broader market indices [17][24]. Group 2: Positioning of Dividend Indices in Portfolios - Dividend indices are characterized as defensive assets within an investment portfolio, primarily composed of stable, mature companies that do not achieve high valuation premiums during bull markets [20][21]. - The article suggests that investors should adjust their expectations for dividend indices, recognizing their role as stabilizers rather than high-growth assets [22][28]. - Maintaining a balanced portfolio that includes dividend indices can help mitigate risks associated with high-volatility investments, especially in a fluctuating market environment [25][31]. Group 3: Strategies for Utilizing Dividend Indices in Bull Markets - In a bull market, the article recommends using dividend indices as part of a broader investment strategy to manage risk and maintain portfolio stability [30][35]. - Investors are encouraged to implement rebalancing strategies to ensure that their portfolios do not become overly concentrated in high-risk assets as market conditions change [33][34]. - The article emphasizes that understanding the role of dividend indices can help investors avoid emotional decision-making and maintain a long-term investment perspective [36].