入市五年，还是很迷茫

Investment Journey - The individual started investing in July 2020, initially focusing on mutual funds like Zhongou Medical and E Fund Blue Chip, while learning technical analysis [2] - After experiencing significant losses, the individual shifted focus to dividend yield and invested in bank stocks and low-volatility indices, which provided some emotional relief during market downturns [2] - In 2023, the individual expressed a loss of interest in the market due to a prolonged bear market but maintained some dollar-cost averaging strategies, which helped recover some losses [2] Market Outlook - The individual anticipates a bull market in 2025 but acknowledges a cautious approach, achieving only 12.85% returns due to a significant portion of the portfolio allocated to government bonds [3] - The rise of AI is recognized as a potential threat to job security, prompting the individual to focus on developing sustainable investment skills to secure stable returns before potential job displacement [3] Investment Strategy - The individual has a liquid capital of 1 million and plans to add 300,000 annually for the next few years, aiming for higher returns with minimal drawdown [4] - A backtest of the CSI Dividend and Low Volatility indices suggests a potential annualized return of 10% with a maximum drawdown of 18% [4] - The proposed asset allocation includes 20% in CSI Dividend, 20% in Low Volatility, and 20% in convertible bond rotation strategies based on yield to maturity [4] Risk Considerations - The individual is exploring low-risk, stable return strategies, including stock index futures, but is advised that such strategies may carry higher risks than anticipated [5][7] - Concerns about the tax implications of holding dividend ETFs versus direct stock ownership are raised, highlighting a potential annual net value loss of 2.5%-3% due to taxation [6] General Advice - The importance of gradual learning and strategy development is emphasized, with suggestions to start with simple strategies and gradually expand investment capabilities [9][10] - The individual is encouraged to prioritize personal happiness and family stability alongside financial pursuits, indicating a holistic approach to life and investment [10]