文 | 银行螺丝钉 （转载请注明出处） 吵佚,云匹拴伯值低的版示纳入边术。 指数自带「低买高卖」，每次指数调仓 后，红利类指数的估值会降低。 所以，历史上红利指数比较少到高估。 这种特点，也存在于红利、价值、低波 动、自由现金流等价值风格指数上。 以沪港深红利低波动为例，代表A股港股 红利类品种。2019-2024这几年，各年 度分别上涨3.25%、-4.66%、14.39%、 1.65%、7.71%和27.18%； 2025年到11 月中旬，上涨13%。2019年以来，累计 上涨77%。 除了2020年，因为疫情缘故，导致全球 能源价格大跌，红利中有一些高分红的 能源股，当年受到了影响，略微下跌。 其他年份里，大多数时候是上涨。 红利指数基金净值=估值*盈利+分红。红 利背后公司每年盈利平均增长6%-7%， 外加4%-5%的股息率。这基本解释了红 比如咱们在2018年低估定投的500低波 动。从2018年到2025年11月，这个指数 基金上涨近1倍。但期间确实也没出现高 估。指数每年调仓，把上涨之后的估值 重新变得低了一些。 (2) 红利类指数除了高估止盈之外，本 身也适合另一种投资方式: 低估买入, 持股 ...

Core Viewpoint - The article discusses Ray Dalio's investment strategies, particularly the All Weather strategy, and how his life experiences shaped his investment philosophy [3][5][8]. Group 1: Ray Dalio's Background and Investment Journey - Ray Dalio graduated high school in 1966 and invested heavily in the stock market, but faced significant losses during the market downturn in the late 1960s [13][14]. - After suffering losses in the stock market, Dalio shifted his focus to commodities, particularly gold, during the 1970s bull market [16][20]. - The price of gold surged from $37 per ounce in 1971 to a peak of $850 per ounce in 1980, leading to substantial profits for Dalio initially [18][20]. - However, by the early 1980s, gold prices collapsed, and Dalio's heavy investment in commodities resulted in significant losses [21][24]. Group 2: Development of the All Weather Strategy - Dalio's investment losses prompted him to diversify his portfolio, leading to the creation of the All Weather strategy, which aims to balance risk across various asset classes [27][28]. - The All Weather strategy involves allocating different assets, including stocks, bonds, gold, and real estate, based on their risk profiles [29][30]. - This strategy is also known as the "risk parity" strategy, where each asset class contributes equally to the overall portfolio risk [32][31]. Group 3: Performance and Implementation of the All Weather Strategy - The effectiveness of the All Weather strategy improves with a broader range of asset classes, particularly those with low correlation [41][44]. - Bridgewater Associates, Dalio's firm, offers both private and public versions of the All Weather strategy, with the private fund generally performing better [45][46]. - In 2025, Bridgewater launched a public ETF for the All Weather strategy in the U.S. market [47]. - The All Weather strategy has also been applied in the Chinese market, with a similar ETF strategy yielding approximately 60% returns over nine years [50][51]. Group 4: Advantages and Usage of the All Weather Strategy - The All Weather strategy is recognized for its stability and strong risk management, especially during periods of high asset valuation [61][62]. - It serves as a robust investment approach during the late stages of bull markets when single assets may experience significant volatility [64].