初创团队仅有十余人，甚至一度挤在农舍办公，却孕育出颠覆行业的投资哲学，例如"绝对阿尔法"策略 旨在剥离市场波动捕捉纯超额收益，而奠基性的"全天候策略"则通过风险平价理论平衡通胀、增长等不 同类型经济环境下的风险。 图片来源：视觉中国 记者 | 章宇璠 胡颖君 近日，桥水基金（Bridgewater Associates）正式宣布完成对其创始人瑞·达利欧（Ray Dalio）剩余股权的 回购。与此同时，文莱主权财富基金——文莱投资局（Brunei Investment Agency, BIA）斥资数十亿美元 购入桥水20%的股权，成为其最大外部股东。 达利欧亦同步退出桥水董事会，他与这家由其亲手创立、执掌近半个世纪的全球最大对冲基金彻底告 别，一段金融传奇迎来终章。 8月1日，据券商中国报道，76岁的达利欧在其社交媒体上发表了对运营桥水基金50年的反思，重温了他 对生活、工作和投资的原则。他说："从我和一个打橄榄球的家伙在一间两居室的公寓里一起创建桥水 开始，到把桥水打造成全球最大的对冲基金，拥有一支由大约1500人组成的优秀团队，再到我们为客户 赚的钱远超任何其他对冲基金——到现在又完成了最后一步，把桥水的接 ...

Core Viewpoint - The article emphasizes the importance of having a clear investment plan and understanding three fundamental questions: maximum loss tolerance, expected annual return, and investment duration. These questions serve as the foundation for successful investing and help avoid blind chasing of market trends [1][18]. Group 1: Maximum Loss Tolerance - Understanding maximum loss tolerance is crucial for risk management, which is the cornerstone of investing. Investors often focus on potential gains without considering how much loss they can endure [2][8]. - Risk tolerance directly influences investment strategy and asset allocation. Different individuals have varying levels of comfort with market fluctuations based on their financial situations and psychological resilience [8][9]. - Establishing a clear maximum loss threshold provides a safety net for investors, allowing them to make informed asset choices and weight allocations without succumbing to panic during market downturns [8][9]. Group 2: Expected Annual Return - Setting realistic return expectations is essential and should be based on the investor's risk tolerance. Many investors aim for unrealistic returns without understanding the associated risks [9][12]. - Historical data suggests that a balanced asset allocation can yield reasonable returns with manageable volatility. For instance, a balanced portfolio of stocks and bonds has shown an annualized return of approximately 7.8% over five years with a volatility of 7.3% [12][13]. - Unrealistic return expectations can lead to disappointment and frequent portfolio adjustments, ultimately resulting in suboptimal outcomes. Aligning return goals with risk tolerance is vital for effective investment planning [13][19]. Group 3: Investment Duration - The investment horizon significantly impacts risk and return dynamics. Longer investment periods generally allow for better risk smoothing and the benefits of compounding [14][17]. - Short-term investments are often subject to high volatility, while long-term holdings tend to stabilize returns. For example, the probability of positive returns on the CSI 300 index increases from 60% over one year to nearly 100% over ten years [17]. - Understanding the investment timeline helps avoid liquidity issues and ensures that investors are not forced to liquidate positions prematurely, which can hinder potential gains [17][18]. Group 4: Application to Gold Investment - The article applies the three fundamental questions to the current inquiry about investing in gold. It suggests that if an investor can tolerate a maximum loss of 10%, gold may not be suitable for a significant allocation due to its historical volatility [21]. - Expected annual returns from gold are projected at 5%-6%, making it challenging to achieve an 8%-10% return solely from gold investments. Instead, gold should be part of a diversified portfolio [21][22]. - A proposed investment strategy for a hypothetical investor with a medium risk tolerance includes a 45% allocation to stocks, 50% to bonds, and 5% to commodities, including gold, to balance risk and return [21][32].