什么样的策略，选产品会更省心？

Core Viewpoint - The article discusses the concept of "hardcore strategies" in private equity investment, emphasizing the importance of selecting strategies that are less dependent on individual managers and more reliant on stable market conditions [8][10]. Group 1: Strategy Selection - Investors often face challenges in selecting from thousands of products, making it crucial to find strategies that simplify the selection process [4][6]. - A proposed solution is to identify strategies with low variance in management and higher success rates, termed "hardcore strategies" [7][8]. Group 2: Characteristics of Hardcore Strategies - Hardcore strategies are defined by two main characteristics: reliance on stable market environments and reduced dependence on individual capabilities [9]. - A truly effective strategy is rooted in long-term market principles that remain unchanged, ensuring its continued effectiveness [9]. Group 3: Examples of Hardcore Strategies - Quantitative Long-Only Strategy: This strategy utilizes mathematical models to identify mispriced opportunities in the market, significantly reducing reliance on individual fund managers [12][13]. - Quantitative strategies have shown substantial returns, with examples indicating gains of 40% to 50% during favorable market conditions, outperforming subjective long strategies [13][14]. - The A-share market, characterized by a high percentage of retail investors, provides ample mispricing opportunities for quantitative strategies [16][17]. - Macro Hedge Strategy: This strategy focuses on creating a multi-asset portfolio that is less affected by economic cycles, ensuring profitability regardless of market conditions [18]. - The most robust form of macro hedge strategy is the allocation-based approach, which avoids reliance on precise economic predictions and instead builds a resilient portfolio [19][20]. Group 4: Non-Hardcore Strategies - Market-neutral strategies, while often perceived as stable, have significant weaknesses due to their dependence on both quantitative models and the volatile costs of hedging [21][22]. - The performance of market-neutral strategies can be fragile, as they rely solely on excess returns, which can be severely impacted by market fluctuations and hedging costs [25].