Core Viewpoint - The article discusses the relationship between asset allocation and chasing gains, highlighting that both concepts often appear intertwined in investment practices, despite their theoretical differences [2][3]. Group 1: Asset Allocation and Chasing Gains - The observation that "allocation" is often linked with "chasing gains" suggests that high perceived value in certain assets typically occurs during price increases, while assets with prolonged losses are rarely considered for allocation [2]. - Traditional investment theories, such as Markowitz's Modern Portfolio Theory (MPT), indicate that asset allocation can lead to chasing gains due to reliance on historical data for expected returns and volatility [7][12]. - The tendency to chase gains is not solely a flaw in the models but arises from using past performance to predict future outcomes, which can lead to higher allocations in assets that have recently performed well [14]. Group 2: Behavioral Finance and Subjective Expectations - Behavioral finance concepts, such as availability bias, explain why investors may chase gains based on easily accessible information rather than comprehensive data [18]. - The influence of social media and real-time information can amplify the tendency to chase gains, as investors react to trending assets without thorough analysis [18]. Group 3: Strategies to Avoid Chasing Gains - Establishing an objective analytical framework is crucial for independent judgment and avoiding the common behavior of chasing gains [20]. - Differentiating between long-term logic and short-term variables can help investors avoid misapplying long-term trends to short-term market movements [27]. - Diversifying asset allocation can provide a buffer against the pressure to chase gains, allowing investors to maintain their strategies even when market conditions are unfavorable [29]. - Understanding the distinction between style beta and alpha is essential for evaluating fund performance and avoiding the impulse to chase funds based solely on past performance [32].

但从最新披露的四季报来看，黄金配置比例下降至第三大重仓，占基金资产净值比为13.71%。 除黄金以外，把唐军的持仓掰开来看，截至2024年四季度末，前十大重仓的基金占比80.7%，除了黄金 外，股票资产有A股、港股、美股，债券有美债、短融、转债、利率债……非常标准的多元资产配置组 合。 单看组合构成，唐军跟我们多年来研究和采访过的FOF基金经理就不太一样。 很可能，他的配置方式是公 募基金当中最像桥水基金的。 以下文章来源于聪明投资者 ，作者聪明投资者 聪明投资者 . 聚焦优秀投资人和企业家，甄选高质量的内容，追求可累进的成长。更多内容可下载"聪明投资 者"APP，官网：www.cmtzz.cn 本文首发于公众号"聪明投资者"。 年初我们拉过一组数据，过去一年全球资产的表现情况。 COMEX黄金，2024年排名第二，收益率27.65%，与榜首的纳斯达克指数相差不到1个百分点。 这几年市场表现，其实把"多元资产配置"这个拗口的专业术语，具象成了真实的波动体感和收益差距。 中泰资管FOF基金经理唐军从2023年3月开始管理公募FOF产品，截至2024年三季度末，在每个季度的持仓 中，黄金都是在前二大重仓品种。20 ...