Core Viewpoint - The article discusses three classic asset allocation strategies between stocks and bonds, emphasizing their historical significance and application in investment practices. Group 1: Asset Allocation Strategies - The first strategy is the "Valuation Allocation Strategy," used by Graham and Buffett, where cash and bonds are favored when the stock market is overvalued, allowing for opportunistic buying during market downturns [9][10][12]. - Buffett's cash holdings reached $140-150 billion in 2021 during a high valuation period, which decreased to around $100 billion in 2022 as he made investments during a market decline, and by 2023-2024, his cash and short-term treasury holdings grew to a record high of $334.2 billion [14]. - The second strategy is the "Target Risk Strategy," which maintains a fixed ratio of stocks to bonds, such as 50:50 or 40:60, and involves rebalancing when the allocation deviates significantly from the target [20][22]. - The third strategy is the "Target Lifecycle Strategy," introduced by Fidelity in the 1990s, which allocates assets based on age, typically following the formula "100 - age" for stock allocation, ensuring a minimum of 30% in stocks even in older age [32][34][36]. Group 2: Performance Metrics - The article presents a backtest of different stock-bond ratios, showing that higher stock allocations lead to higher annualized returns but also increase volatility and maximum drawdown [30]. - For example, a 90:10 stock-bond ratio had a maximum drawdown of -42.49% with an annualized return of 9.7%, while a 10:90 ratio had a maximum drawdown of -4.81% with a return of 5.2% [30]. Group 3: Importance of Rebalancing - The article emphasizes that asset allocation and rebalancing are crucial for optimizing investment returns, with rebalancing being referred to as a "free lunch" in investment [41][44].

以下文章来源于清科沙丘投研院 ，作者覃韦杰 以资产配置和再平衡为核心的 投资管理模式在方向上依然是正确的，机构投资者应该坚持这一 点。 当然，更重要也更难做到的是如何根据外部市场环境变化，及时进行动态资产再平衡和货币再 平衡。 — — 《 机 构 投 资 的 创 新 之 路 》 [ 著] " 真正伟大的 投 资 者 " 、 耶 鲁 大 学 教 授 大 卫 · 斯 文 森 由大卫·斯文森（Da v i d F. Swe n s e n）领衔的耶鲁捐赠基金会，是全球长期业绩最好的机构投 资者之一。他打造的"耶鲁模式"，也成为被投资界称道的标杆与圭臬。 "耶鲁模式"的核心亮点在于对多种资产类别的重新界定，并依据资产配置的理念，每年进行再 平衡调整。这一策略确保了耶鲁捐赠基金能够在不断变化的投资环境中，持续实现投资收益。 据统计，截至2 0 2 0年6月的十年间，该基金取得了1 0 . 9%的年回报率，这一成绩在八所常春藤 盟校中独占鳌头。而他在任的二十余年里，其年回报率也达到了9 . 9%。 清科沙丘投研院 . 清科创业（1945.HK）旗下高端投资培训品牌，致力于培养拥有全球视野、擅于捕捉中国市场机会、具 有超强 ...