Core Viewpoint - The article emphasizes the importance of building a robust asset allocation strategy that can withstand market fluctuations, rather than merely chasing high returns during a bull market [4][5]. Group 1: Understanding Market Behavior - In a bull market, investors often feel anxious about whether to chase opportunities or hold back, leading to a binary mindset [7][8]. - The most dangerous behavior in a rising market is to remain completely inactive, as this can erode purchasing power over time [10]. - The distinction between a professional investor and an emotional trader lies in having a clear financial goal and understanding one's risk tolerance [11]. Group 2: Risk Management - True risk in investing often stems from asset misallocation rather than market downturns [12][13]. - Investors must align their investment horizon with the lifecycle of their funds to avoid mismatches that can lead to financial strain [15][17]. - A well-structured investment portfolio should clearly indicate the purpose and timeline for each allocation, serving as a protective measure against risks [17]. Group 3: Asset Allocation Strategy - Asset allocation should be viewed as an art of harvesting rather than merely a defensive strategy [24]. - A successful asset allocation consists of a stable foundation ("keel") and a dynamic growth component ("sail") [25][26]. - Regularly rebalancing the portfolio by taking profits from high-performing assets and reallocating them to safer investments is crucial for maintaining balance [29][31]. Group 4: Conclusion and Reflection - The journey of investing is continuous, reflecting not only market dynamics but also personal emotions and decision-making processes [35][36]. - The ultimate goal of asset allocation is to create a financial order that allows for a more fulfilling life, rather than just maximizing returns [35].