Market Overview - The market experienced a brief fluctuation last week, with some assets showing slight corrections after a strong prior performance, indicating a technical adjustment at high levels [1] - Overall, global markets maintain good resilience, with notable structural differentiation; gold and US stocks continue to lead, while bonds face slight pressure, and dividend sectors along with some emerging markets see minor declines [1] September Market Review - In September, the global market continued its strong performance, with most indices rising, except for the dividend sector, Germany, and Vietnam, which saw slight declines [2] - Gold was the standout performer, surging approximately 11% for the month, while Chinese bonds weakened, dropping about 0.6% [2] Investment Strategies Rui Ding Global Version - The Rui Ding Global Version portfolio achieved a monthly return of 4.41% in September, with a cumulative return of 15.98% year-to-date as of the end of September [5] - This portfolio has consistently delivered positive returns over the past three years, with an average annual return exceeding 10%, ranking in the top 9% among similar public funds [5] Lazy Balanced Portfolio - The Lazy Balanced Portfolio, which increases the proportion of bonds and cash to reduce volatility, recorded a monthly return of 2.84% in September, with an annual target return of 5.13% for 2024 [8] - Despite slightly lower returns compared to the Rui Ding Global Version, it exhibited significantly lower volatility, making it suitable for risk-averse investors [8] Performance Metrics - The Rui Ding Global Version has a maximum drawdown of -35.21% and an annualized volatility of 18.23%, with a Sharpe ratio of 0.77 [10] - The Lazy Balanced Portfolio has a maximum drawdown of -27.45% and an annualized volatility of 11.01%, with a Sharpe ratio of 0.02 [12] Market Sentiment - Recent US-China trade tensions are viewed as a temporary shock rather than a trend reversal, with expectations for supportive measures from the upcoming "Fourteenth Five-Year Plan" [11] - The overall market resilience remains strong, with potential for short-term adjustments due to geopolitical factors, but opportunities for strategic accumulation are anticipated [11]

Core Insights - The Nobel Prize fund has grown from 31 million kronor to nearly 6.8 billion kronor by the end of 2024, achieving a growth of nearly 220 times since its inception in 1901 [1][2] - The Nobel Foundation employs a careful investment strategy that includes external management, diversified asset allocation, and responsible investment principles to ensure the sustainability of the prize fund [1][6] Investment Performance - The Nobel Foundation's total asset value reached 67.97 billion kronor by the end of 2024, an increase of 5.64 billion kronor from 62.33 billion kronor at the end of 2023 [2] - The annualized investment return over the past five years was 9.2%, with a return of 11.6% in 2024 [2][5] - The foundation aims for an average annual return of at least 3% after inflation adjustments to cover its expenses [2] Asset Allocation - As of the end of 2024, the Nobel Foundation's investment portfolio consisted of 66 billion kronor in various assets, including equity funds (56%), real estate and infrastructure funds (9%), fixed income and cash (12%), and alternative assets (24%) [2][3] - The foundation's investments are managed by external institutions, including BlackRock, Swedish Commercial Bank, Sequoia Capital, and several top hedge funds [3][4][5] Governance and Management - The Nobel Foundation's investment committee is responsible for asset allocation decisions and selecting external managers, focusing on their investment philosophy, performance history, and risk management [6] - The foundation adheres to the United Nations-supported Principles for Responsible Investment (PRI), integrating environmental, social, and governance (ESG) considerations into its investment processes [6][7] Future Outlook - The foundation's CFO expressed confidence in the long-term sustainability of the fund, emphasizing a balanced approach to risk and investment goals [7] - The potential integration of advanced systems and AI in investment management is anticipated to enhance decision-making and efficiency in the future [7]

Core Viewpoint - The central theme highlights the impact of excessive money printing by central banks, leading to the dilution of purchasing power and the necessity for individuals to rethink asset allocation to combat currency devaluation [1][3]. Group 1: Logic of Currency Overproduction - The primary goal of central banks' money printing is to stimulate economic growth and maintain market liquidity, but the newly created money does not distribute evenly across society [3][4]. Group 2: Strategies Against Devaluation - To outperform currency devaluation, investment portfolios must meet two criteria: scarcity and growth potential [5]. Scarcity Anchors - Asset price inflation occurs as new funds preferentially flow into financial markets and quality assets, driving up prices of stocks, real estate, and gold [7]. - Gold serves as a historical defense against fiat currency devaluation due to its limited supply and independence from government credit [7]. - Quality real estate in core cities retains value due to land scarcity, acting as a stabilizing asset for ordinary families amidst currency overproduction [7]. Embracing Growth - Investment in technology and innovation-driven companies, such as those in AI, biotechnology, and renewable energy, can yield excess profits that counteract currency devaluation [7]. - Core asset index funds, like the Nasdaq 100, allow indirect investment in high-growth companies, benefiting from their premium valuations [7]. Group 3: Strategies for Ordinary Individuals - Responding to central bank actions requires discipline rather than speculation [9]. - Transitioning from cash holders to owners of quality assets is essential, as central banks redistribute rather than create wealth [10]. - Implementing a disciplined dollar-cost averaging strategy can help mitigate the effects of market volatility and ensure consistent investment in quality assets [10]. - Global diversification of assets can reduce risks associated with single currency devaluation by investing in overseas markets or global bond funds [10]. - Investing in personal skills and knowledge remains the most reliable form of "hard currency," as it is least affected by currency devaluation [10].