Core Viewpoint - The article discusses the volatility of gold prices and provides strategies for investors who experience price declines after purchasing gold, emphasizing the importance of maintaining a calm and informed approach to investment decisions [4][5]. Group 1: Reasons for Gold Price Fluctuations - Gold prices have been influenced by geopolitical events, such as Trump's comments on the Federal Reserve and interest rate policies, leading to significant price swings [4]. - The recent price drop of gold, which fell sharply after reaching a historical high of 830 yuan per gram, illustrates the sensitivity of gold prices to market sentiment and political statements [4]. Group 2: Strategies for Investors - Investors are advised to remain calm and avoid hasty decisions to sell when prices drop, as short-term fluctuations do not necessarily indicate long-term trends [7]. - It is crucial for investors to assess their investment goals and risk tolerance, as those investing for the long term may not need to react to short-term price changes [8]. - The option to average down by purchasing more gold at lower prices is discussed, but investors should be cautious and ensure that the price drop is temporary before committing additional funds [9]. - Diversifying investments across different asset classes, such as stocks, bonds, and real estate, can help mitigate risks associated with gold price declines [12]. - Staying informed about market dynamics, including global economic conditions and central bank policies, is essential for making informed investment decisions regarding gold [13]. Group 3: Specific Considerations for Gold Jewelry - For those who purchased gold jewelry, the article notes that the value is not solely based on the gold price, as it also includes craftsmanship and brand premiums, making it less sensitive to gold price fluctuations [16].

咱们中国呢，更是当仁不让。一方面，加快推进金融市场的改革，进一步开放市场，吸引了更多的外资 流入。这些外资的进入，为市场注入了新的活力，就像一股清泉，让金融市场更加生机勃勃。另一方 面，在科技创新领域持续发力，5G、人工智能、新能源汽车等产业发展得如火如荼。中国的科技企业 在国际舞台上大放异彩，不断突破技术瓶颈，推出具有竞争力的产品和服务。比如说，中国的 5G 技术 已经广泛应用于各个领域，极大地提高了生产效率和生活便利性；新能源汽车的销量也在全球遥遥领 先，为环保事业做出了巨大贡献。 嘿，朋友们！最近这金融市场啊，就像坐过山车一样刺激。一觉醒来，好家伙，美股居然崩了！这事儿 可真是在全球金融圈里掀起了惊涛骇浪。 咱们先来看看这美股，那跌得叫一个惨不忍睹啊。各大指数就跟断了线的风筝似的，一路俯冲。股票价 格那是哗哗地往下掉，好多投资者都被这突如其来的暴跌给砸懵了，简直欲哭无泪。原本热热闹闹的美 股市场，瞬间就像被泼了一盆冷水，一片死寂。这暴跌的原因呢，也是错综复杂。有经济数据不理想的 因素，一些关键经济指标的下滑，让大家对美国经济的前景忧心忡忡；还有地缘政治的不稳定，各种国 际关系的摩擦不断，就像一颗定时炸弹 ...

Core Viewpoint - The article emphasizes the importance of diversification in investment strategies to reduce risk and enhance the stability of returns [1][2] Group 1: Diversification Strategy - Diversification is a key strategy in modern investment theory aimed at reducing risk through the allocation of assets across different categories [1] - Different asset classes often do not perform in sync, allowing for a balanced investment portfolio [1] - Stocks are influenced by macroeconomic factors and corporate earnings, while bonds are more stable and tied to interest rates [1] Group 2: Dimensions of Diversification - Diversification can occur across multiple dimensions, including cross-asset class, cross-industry, and cross-geography [2] - Cross-asset class diversification involves investing in various assets such as stocks, bonds, funds, and real estate [2] - Cross-industry diversification prevents concentration in a few sectors, spreading investments across finance, technology, consumer goods, and energy [2] - Cross-geography diversification mitigates the impact of economic fluctuations in a single region by investing in different countries and areas [2] Group 3: Benefits of Diversification - By employing a diversification strategy, investors can effectively lower risks associated with single assets or asset classes [2] - This approach helps avoid significant losses during adverse market conditions due to over-concentration in specific investments [2] - Diversification aligns with long-term wealth growth objectives for investors [2]

Core Viewpoint - In 2024, major asset classes generally recorded positive returns, but performance varied significantly among them, with large-cap stocks outperforming small-cap stocks and gold showing substantial gains [1][3][6]. Summary by Sections Asset Performance - Large-cap stocks achieved a return of 18.24%, significantly higher than the 2.79% return of small-cap stocks [2][4]. - Long-term government bonds yielded 9.38%, with approximately 6.9% of this return attributed to price increases from declining interest rates [4]. - Newly included gold assets saw a remarkable increase of 28.19% [5][6]. Long-term Return Effectiveness - The report addressed concerns regarding the long-term return calculations from 2005 to 2024, confirming that the historical returns are stable and provide valuable reference for investors [8][10][11]. - The current price-to-earnings (PE) and price-to-book (PB) ratios are lower than those at the end of 2004, indicating that the long-term return rates of the Chinese stock market are objectively stable [10][11]. Gold's Long-term Returns - From 2003 to 2024, Shanghai gold had an annualized return of 8.98%, while London gold from 1969 to 2024 had a return of 7.66% [13]. - Gold's performance is highly cyclical, with significant returns during periods of high inflation and geopolitical risk, but underperforming during stable economic conditions [14][15][16]. Diversification Benefits - The report illustrated the advantages of diversification, showing that as the number of stocks in a portfolio increases, the average return becomes more concentrated and predictable, reducing the risk of individual stock failures [18][19]. - Holding more than 10 stocks leads to diminishing returns in terms of average yield improvement, while the volatility approaches the market's systemic risk [19]. Risk Premium Analysis - The report decomposed the long-term risk premiums of various asset classes, indicating that all risk premiums are positive, with stocks offering the highest risk premium [22][23]. - The characteristics of risk premiums in China are similar to those in the U.S., suggesting that higher risks are compensated with higher returns over the long term [23].

Core Viewpoint - The article discusses the historical performance of China's A-share market and its underlying patterns, comparing them with the U.S. stock market, and emphasizes the importance of long-term data in guiding investment decisions [1][2][16]. Group 1: Historical Performance and Patterns - The historical annualized return of China's A-share market from 2004 to 2023 is reported at 9.61%, which some believe is inflated due to the low starting point in 2004 [10]. - The analysis shows that 2004 was not the historical low point for A-share valuations, as both P/E and P/B ratios were higher in 2004 than in 2024, indicating that returns from valuation changes were negative [13][16]. - The article asserts that long-term returns across various asset classes can outpace inflation, with stocks yielding the highest returns, closely tied to economic growth [16][18]. Group 2: Investment Opportunities and Risks - The current low performance of the stock market may represent a cyclical undervaluation, presenting a potential investment opportunity if historical patterns hold true [2]. - In 2024, large-cap stocks, long-term government bonds, long-term credit bonds, and gold have shown significantly higher returns compared to historical averages, while small-cap stocks and short-term government bonds have underperformed [19][20]. - The article highlights that 70% of the 9.38% return from long-term government bonds in 2024 was due to price appreciation from declining interest rates, raising questions about future bond yield expectations [22]. Group 3: Individual Stock Investment Insights - The analysis of investing in individual stocks reveals that concentrating on a single stock yields an average return of only 3.92%, significantly lower than the overall market return [28]. - Diversifying by increasing the number of stocks held improves average returns and reduces volatility, suggesting that reducing reliance on individual stock selection can enhance investment outcomes [28][32]. - The article emphasizes that many investors overestimate their knowledge of specific companies and the market, leading to suboptimal investment results [30][31].

老婆昨天和我说，之前投城投债2年期的产品到期了，本金1000加利息（6.7%）已收到，暂时买了个3% 的理财过十一，节后我就要重新规划这笔钱的去向。 之前零星的聊过我有给家庭做财务配置规划，很多读者好奇，那今天正好说说这个。 我们家房产的比例不高，一共就北京一套，临海一套，不算投资，纯自住 ， 现在房价跌了，加起来也 不到2000。剩下资产都是金融资产，股票、债券、期货、港美、股权、信托、黄金、加密货币，甚至还 投了一点非标玩票。 看似种类不少，但本质上还是可以根据风险级别来划分。比如年化预期收益在6%以下的算低风险资 产，6-15%的算中风险资产，15%以上的算高风险资产。 行情好的时候策略比较积极，按照1:3:6配置，行情不好的时候就保守一下，改为2:4:4，或者2:5:3。资 金会在同一个风险级别的不同项目里互通，但不会随意跨风险级别流动，比如a股减仓了可以加仓美 股，但债券赎回来的钱不会买股票。 所以最近赎回来的这笔钱也肯定是找债券类的标的，不会说看到a股行情好就往里加仓，只是这几年债 券资产收益率跌的很厉害，现在只能买到5%左右的，所以我会从这笔钱里抽出一部分去增持链上资 产，以提升整体的收益率。 ...

"2018 年之后，就没见钱回来过。" 文丨高洪浩 宋玮 制图丨黄帧昕 编辑丨宋玮 "凭运气赚的钱，再凭实力亏掉"，这句话常被用来调侃这样一类典型：加入某家不被看好的创业公司，没 想到风口到来，公司蒸蒸日上，此后期权变现，经朋友推荐把钱丢进几个明星项目，不出意外，亏掉了。 过去二十年，腾飞的中国 TMT 行业让一批人白手起家便赚得不菲财富。 2022 年之前，他们出手阔绰。有人做天使投资，热衷于 winner picking（挑选赢家）；有人像买包一样投 基金；有人下股市搏杀，分别买入美团、拼多多和快手的股票以分散风险，却忘了它们都在同一只叫 "中 国 TMT" 的篮子里。 一位公司创始人，本着 "分散" 精神，把钱给了 10 个他认识的基金经理，这 10 个基金经理本着 "共识" 的 原则，又把钱都投到了一家公司里，结果就是这个创始人自己的公司。 上一笔财富的获得方式和体验，决定了他们相信什么。 整整一代创业者和投资人都是在长达 13 年的牛市中被教育起来的，2022 年当这个惊人的牛市结束之后， 他们看起来集体进入了一个价值混乱期。 "价值投资是不是不存在了？基本面是不是不存在了？" 一位被美元 VC 机 ...