Core Viewpoint - Vanguard offers three exchange-traded funds (ETFs) that are considered solid investment options regardless of potential market downturns in 2026, emphasizing a long-term investment strategy [2][12]. Group 1: Vanguard S&P 500 ETF - The Vanguard S&P 500 ETF (VOO) tracks the S&P 500 index, which includes approximately 500 companies representative of the U.S. economy [3]. - Historical data shows that after every bear market, the S&P 500 index eventually reaches new highs, indicating a strong long-term upward trend [5]. - The ETF has a low expense ratio of 0.03%, making it an attractive option even when the index is near all-time highs [6]. Group 2: Vanguard Dividend Appreciation ETF - The Vanguard Dividend Appreciation ETF (VIG) focuses on stocks that have increased dividends annually for at least 10 consecutive years, eliminating the highest-yielding 25% to favor growth [7][8]. - This ETF has a low expense ratio of 0.05% and includes over 330 stocks, providing diversification and a history of price appreciation and dividend growth [9]. - The investment strategy is designed to favor financially strong companies with good business models, making it a growth-oriented choice rather than a yield-focused one [8]. Group 3: Vanguard Utilities ETF - The Vanguard Utilities ETF (VPU) is positioned to benefit from a projected 55% increase in electricity demand between 2020 and 2040, driven by advancements in AI, data centers, and electric vehicles [10]. - The ETF has a reasonable expense ratio of 0.9% and ensures portfolio diversification, with approximately 90% of its holdings exposed to the anticipated growth in electricity demand [11]. - This ETF offers a straightforward way to capitalize on long-term opportunities in the utility sector, which is expected to see significant investment and growth [10].

Market Performance - Global stock markets showed strong performance this week, with major indices rising. The Nasdaq increased by nearly 5%, while the S&P 500 and Dow Jones both rose over 3% [1] - In the Asia-Pacific region, the Nikkei index rose by 3.35%. The A-share market also performed well, with the ChiNext index leading with a 4.54% increase, and the Shenzhen Component and Sci-Tech Innovation Board both rising over 3% [1] - Interestingly, over 80% of stocks were up, but trading volume decreased, indicating that many investors are still in a wait-and-see mode [1] Sector Performance - Technology stocks were the main drivers of the market, with sectors such as telecommunications, electronics, and media all seeing gains exceeding 4%. In contrast, traditional sectors like banking and oil lagged behind [1] - The Hong Kong stock market also participated in the rally, with the technology index rising by 3.77%, and a significant decrease in short-selling data, suggesting fewer bearish sentiments [1] Commodity Market - In the commodities market, both gold and copper showed positive performance, with prices increasing [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) released a consultation draft for a pilot program on commercial real estate REITs, aiming to stimulate the market further [1]

Group 1 - The core idea of the article is to compare investing in the stock market to gambling in a casino, emphasizing the importance of probability and strategy in achieving long-term success [12][19][20]. - The article highlights the concept of "mathematical advantage" in casinos, where the odds are structured to favor the house, and this principle can be applied to investing by focusing on long-term strategies [8][11][22]. - It discusses the "law of large numbers," which states that with enough participants and time, outcomes will converge to expected probabilities, underscoring the need for investors to stay in the market long enough for their strategies to work [10][29][30]. Group 2 - The article suggests that investors should align themselves with high-probability outcomes, such as investing in fundamentally strong companies or low-cost index funds, rather than speculating on short-term price movements [21][24][27]. - It emphasizes the necessity of maintaining a long-term perspective in investing, as the probability of making a profit increases significantly over extended holding periods [22][32]. - The importance of position sizing and diversification is stressed, advising against concentrated bets on single stocks and advocating for spreading investments across multiple assets to mitigate risks [18][28][36].

智通财经获悉，东方汇理资产管理发布2026年全球投资展望指，2026年将是一个经济转型之年。全球经 济正逐步适应一个"变中有序"的新常态。科技革命正在重塑一个多极化的世界，但同时地缘政治紧张局 势及财政忧虑的持续交织。地缘政治、政策组合及高通胀已由短期扰动转为结构性因素，这些长期变化 并行发展，将深刻影响2026年经济与金融周期的演进。东方汇理资产管理集团首席投资总监Vincent Mortier表示，在股市高度集中、估值偏高的环境下，分散投资仍是最有效的防守策略。投资者需在风 格、行业、企业规模及地区之间重新平衡投资组合，以分散风险并捕捉潜在回报，特别是在新兴市场及 欧洲资产方面。 东方汇理资产管理投资研究院主管Monica Defend表示，全球经济正逐步适应当前"变中有序"的新格 局。科技主导的转型、财政刺激及产业政策为经济活动注入持续动力，造就了一批"新赢家"。与此同 时，通胀已成为结构性课题，投资者在资产配置时必须纳入考虑。 步入2026年，各主要央行预料维持偏鸽取态，加上全球在科技、国防及基建领域的投资持续增强，将为 原本可能放缓的经济周期注入动力。全球经济增长虽逐步放缓，整体表现仍具韧性，主要受 ...

近期，A股市场有所调整，相比单一满仓持股策略，定投多只股票的策略明显更有优势。既能分散投资 风险，又能通过定投的方式平均持股价格，面对市场调整更加游刃有余。 相比满仓持有单一股票，定投多只股票主要体现在两个层面，一是定投，二是多只，其优势在于分散投 资风险。单一股票受到行业周期、公司经营等诸多因素影响，价格波动往往较大，同时还有可能受到投 资者情绪的影响而出现预期之外的股价走势。 如果投资者将全部资金集中于一只股票，一旦该股票出现大幅调整，投资者可能面临较大损失。而定投 多只股票，相当于把资金分散到不同行业、不同风格的股票上。这些上市公司股价走势各异的概率远高 于走势一致的概率，这样投资者就能避免把所有鸡蛋都放在一个篮子里。 从定投这种看似简单的投资策略看，它能产生均匀成本的效果。股市行情难以精准预测，价格波动属于 常态。在市场调整阶段，投资者定投买入股票能够以相对满意的价格分批买入股票。在首次买入股票 后，如果股价持续走低，投资者的定投买入可以不断拉低平均持股成本。虽然定投买入股票不能降低投 资者的期望持股成本，但是却可以大幅降低方差，这是一个更加稳健的操作方案。 事实上，如果投资者看好的是高成长的科技公司 ...

正是由于分散买入多只股票和定投买入股票都有好处，所以定投多只股票的策略将更具优势。股价调整 是投资过程中不可避免的现象，对于采用单一满仓持股策略的投资者来说，股价调整往往带来巨大的心 理压力，容易在恐慌情绪下作出非理性的决策，例如盲目割肉离场。 定投多只股票的投资者，由于已经通过分散投资和定期投入分散了风险、平均了成本，面对市场调整时 将更能保持相对冷静，并作出最理性的投资策略。 近期，A股市场有所调整，相比单一满仓持股策略，定投多只股票的策略明显更有优势。既能分散投资 风险，又能通过定投的方式平均持股价格，面对市场调整更加游刃有余。 相比满仓持有单一股票，定投多只股票主要体现在两个层面，一是定投，二是多只，其优势在于分散投 资风险。单一股票受到行业周期、公司经营等诸多因素影响，价格波动往往较大，同时还有可能受到投 资者情绪的影响而出现预期之外的股价走势。 如果投资者将全部资金集中于一只股票，一旦该股票出现大幅调整，投资者可能面临较大损失。而定投 多只股票，相当于把资金分散到不同行业、不同风格的股票上。这些上市公司股价走势各异的概率远高 于走势一致的概率，这样投资者就能避免把所有鸡蛋都放在一个篮子里。 从定投 ...

Group 1 - Investing can be initiated with smaller amounts over time, leading to significant long-term returns [1][2] - Regular monthly investments, such as $440, can potentially grow to $1 million over 30 years due to compounding effects [2][8] - Diversified funds, particularly exchange-traded funds (ETFs), simplify the investment process and reduce the need for constant market monitoring [4][6] Group 2 - The Vanguard Total Stock Market Index ETF (VTI) is highlighted for its low expense ratio of 0.03% and broad diversification, making it suitable for risk-averse investors [5][6] - Over the past decade, VTI has generated total returns of 260%, slightly lower than the S&P 500's 279%, indicating a trade-off between safety and returns [6] - Historical data shows that the S&P 500 has averaged an annual return of around 10%, suggesting potential for strong compounded growth despite market fluctuations [9]

AI播客：换个方式听新闻 下载mp3 世界上最赚钱的对冲基金之一城堡证券（Citadel Securities）的股票策略主管Scott Rubner认为，标普500指数近期的"健康"回调已为强劲反弹奠 定基础，市场仓位和季节性趋势有望推动年末行情。Rubner是研究资金流的专家，曾是高盛集团的全球市场董事总经理兼战术专家。 Rubner在周四发给客户的报告中指出了多个利好因素：散户交易者持续的需求；机构投资者在感恩节假期前减少了对美国股票的敞口，这让他 们现在有更大的空间重新加仓；以及英伟达（NVDA）强劲的业绩，这可能会促使交易员在年底前迅速平仓对冲并重建头寸。 "年末派对并未取消，只是换了个地方举行，"Rubner在周四写道。他预计标普500指数将在年底前迈向7000点。 Rubner写道，季节性因素对股市有利，追溯到1928年的数据显示，标普500指数从现在到年底通常会上涨约4%。 Rubner还指出了他正在关注的一个关键群体：系统性投资者。这些基金根据价格趋势和波动性机械地调整敞口，它们"显然已进入去风险阶 段"，在最近的市场疲软中减少了股票持有量。对Rubner来说，这些机械性资金流出可能在未来几 ...

Group 1 - Schroders emphasizes the selection of high-quality bonds based on interest rate sensitivity and yield to provide stable income sources, while strategically increasing alternative income sources such as emerging market bonds, insurance-linked securities (ILS), and securitized credit products, which have lower correlation with traditional asset classes like stocks and fixed income, enhancing overall portfolio performance [1] - The U.S. economic growth and overall inflation outlook remain uncertain, with the top 20% of consumers experiencing increased purchasing power due to strong rebounds in stocks and other assets, raising questions about their ability to continue driving U.S. economic growth [1] - The macro environment generally supports investment despite market volatility, with certain asset classes potentially benefiting from the long-term impacts of Trump policies, while investors should be aware of global trade conflicts, geopolitical tensions, sluggish economic growth, persistent inflation, high interest rates, decarbonization costs, and uncertainties related to the evolution of artificial intelligence (AI) [1] Group 2 - In a volatile market, maintaining high correlation between stocks and bonds suggests that diversification and active investment strategies to identify securities and sectors with return potential will be crucial [2] - Long-term market trends are expected to drive global growth over the next decade, with high-growth global companies exhibiting high operating profit margins and ample free cash flow presenting good capital appreciation opportunities [2] - The development and application of AI are driving increased research spending, continuously boosting earnings growth for major U.S. tech companies, while improvements in corporate governance in Japan are enhancing local companies' profitability and potential investment returns [2] - The correlation between global small-cap and large-cap stocks is low, allowing for simultaneous growth enhancement and diversification, while companies benefiting from inflation trends, such as those in the gold-related sectors, are also worth investors' attention [2]

Portfolio Overview - Bridgewater's total portfolio value increased from $24.8 billion in 2Q25 to $25.5 billion in 3Q25, a rise of 3%[1] - The number of positions expanded significantly to 1014, up from 585 in the previous quarter[1] - The share of the top 10 holdings decreased from 36.1% to 32.5%[1] Investment Strategy - Increased allocation to S&P 500 ETFs, with iShares S&P 500 ETF (IVV) becoming the largest holding at $2.71 billion, representing 10.6% of the portfolio[1] - Combined weight of S&P 500 ETFs reached approximately 17.3%, a notable increase from the previous quarter[1] - Emerging market ETF exposure was nearly eliminated, indicating a shift in strategy[1] Sector Adjustments - Significant reductions in holdings of major tech stocks, including Nvidia (down 65%), Alphabet (down 53%), and Microsoft (down 36%) to lock in profits[1] - Full exit from SPDR Gold Trust, reflecting a tactical profit-taking move after a strong price rally[1] - The portfolio remains biased towards information technology but has shifted to a more balanced allocation across sectors[1] Notable Transactions - Major increases in positions included Lam Research (+111%), Mastercard (+191%), and Workday (+132%) among others[1] - New positions initiated in Reddit and Robinhood, contributing to a more diversified portfolio with 493 new holdings[1] Risk Management - The strategy reflects a commitment to dynamic balance and risk-aware positioning in an uncertain economic environment[1] - The overall approach aims to enhance portfolio resilience by reducing concentration and broadening holdings[1]