Core Viewpoint - The article discusses two prominent investment philosophies: Warren Buffett's focus on understanding one's own capability circle and Ray Dalio's all-weather diversified allocation strategy, questioning which approach is more beneficial for investors [1][2][3]. Group 1: Investment Philosophy - Buffett's principle of "do not invest in what you do not understand" is widely recognized, yet many investors confuse familiarity with true understanding [3][5]. - Dalio's strategy emphasizes diversification, but investors often fall into the trap of diversifying without understanding the underlying correlations, leading to ineffective risk management [5][11]. Group 2: Understanding Risk - True understanding in investing does not equate to predicting price movements; it involves comprehending potential losses and their probabilities [6][9]. - The article highlights that overconfidence stemming from cognitive biases can be more detrimental than a lack of knowledge [8][17]. Group 3: Data Insights - Historical data from 2005 to 2025 indicates that a stock-bond allocation reduces maximum drawdown by 15% compared to a pure A-share investment [16]. - Further diversification into global assets, including U.S. stocks and gold, minimizes drawdown while maintaining returns, validating both Buffett's and Dalio's investment principles [16][17]. Group 4: Bridging Understanding and Diversification - The article suggests that a balanced approach can be achieved by integrating Buffett's focus on understanding with Dalio's diversification, allowing for a more robust risk-return profile [17].

范范爱养基 . 专注基金投资分享，说人话，不拽词！不保证说的都对，但都是当下我最最真实的想法。（雪球号同 名） 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：范范爱养基 以下文章来源于范范爱养基 ，作者范范 来源：雪球 巴菲特的投资哲学，强调了投资自己能力圈以内的公司，也被很多投资者总结为"不懂不投"，但 是最近看到一个博主写的关于"不懂不投"的观点。 老实说 ， 刚看完时 ， 差点把我唬住~~ 因为乍一看 ， 觉得还挺有道理 。 他是非常唾弃 " 不懂不投 " 这句话的 ， 理由有这么3点 ： 1 、 任何事情都是从不懂到懂的 。 巴菲特也是如此 ， 如果不懂就不投 ， 那所有人这辈子都不 会在投资上迈出第一步 。 2 、 巴菲特不投BTC和黄金 ， 不是因为他简单一句 " 不懂不投 " ， 而是巴菲特足够懂美股 ， 且在美股就已经能赚足够多的钱 。 （ 他的意思是 ， 如果一个人已经有了一两项 " 足够懂又足 够赚钱 " 的事情 ， 又何必再去做分散 ， 最后还不一定有现在的收益高 。 ） 3 、 如果一个人没有足够懂且足够赚钱的投资标的 ， 这个时候还说 " ...