Core Viewpoint - The article discusses the "Permanent Portfolio" investment strategy proposed by Harry Browne, emphasizing its stability and lower risk compared to traditional stock investments, while achieving a respectable return over the past decade [1][6]. Investment Strategy Summary - The investment strategy involves a 25% allocation to four asset classes: stocks, bonds, gold, and cash, using specific ETFs for each category [2]. - The backtest results over nearly ten years show a total return of 102%, with an annualized return of 7.33% and a maximum drawdown of 11.09%, indicating a stable performance [3][4]. Performance Comparison - The performance of the Permanent Portfolio is compared to the CSI 300 index, showing a smoother return curve and lower volatility [3]. - The maximum drawdown of the selected stock ETF (Boshi S&P 500) is 31.17%, significantly higher than the Permanent Portfolio's maximum drawdown of 11.09%, highlighting the risk management aspect of the strategy [5]. Investment Philosophy - The article emphasizes that most wealth is accumulated through one's profession rather than through high-risk investments, advocating for a cautious approach to investing [6][7]. - It warns against the dangers of significant losses that can erase years of hard work, suggesting that a stable and gradual increase in wealth is preferable to high-risk strategies [7]. Adaptation of the Strategy - The Permanent Portfolio concept is presented as a flexible framework that can be tailored to individual circumstances, encouraging investors to optimize asset selection and allocation based on their specific needs [7].